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Occidental Petroleum quarterly earnings down 48%, misses estimates

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U.S. oil and gas producer Occidental Petroleum Corp on Tuesday reported a 48% decline in first-quarter earnings that fell well short of analyst estimates as global economic growth concerns led to a decline in oil prices.

from the prior year to $1.1 billion as it accelerated investments and shareholder returns.

Occidental increased its year-end production guidance by 20,000 barrels of oil and gas to 1.22 million barrels per day.

 

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