Occidental beats 3Q estimates on higher output

Adjusted earnings fell by more than half to US$1.13bil compared to the same quarter last year. — Reuters

HOUSTON: Occidental Petroleum beats analysts’ third quarter profit estimates on strong US oil production, but its results are well below a year ago due to lower energy prices and weaker chemical and pipeline results.The oil and gas company reported a US$1.18 a share profit compared to average Wall Street analyst forecasts for an 84 US cents a share profit, according to London Stock Exchange Group data.

Adjusted earnings fell by more than half to US$1.13bil compared to the same quarter last year.