Occidental Petroleum Corp.(OXY) reported Thursday that its first-quarter income was $78 million or $0.10 per share, compared to loss of $218 million or $0.28 per share last year.
Core results for the first quarter of 2016 were a loss of $426 million or $0.56 per share, compared to profit of $31 million or $0.04 per share a year ago.
On average, 23 analysts polled by Thomson Reuters expected loss of $0.40 per share for the quarter. Analysts' estimates typically exclude special items.
Total oil and gas results reflected a loss of $388 million, compared to loss of $22 million last year.
Total net sales declined to $2.28 billion from last year's $3.10 billion. Analysts were looking for revenues of $2.35 billion.
Looking ahead, for fiscal 2016, the company production growth outlook increased to 4 to 6 percent with the same capital budget of $3.0 billion.
Previously, production growth was expected to be 2 to 4 percent from ongoing operations.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.