Occidental’s Profits Up 16.7%

Occidental Petroleum Corp., the nation’s ninth-largest oil company, said today that its profit rose 16.7% in the quarter ending June 30 despite a drop in world oil prices over the last year.

Occidental, based in Los Angeles, attributed its improved performance to higher profits from chemicals and agricultural products and one-time-only gains from a tax benefit and the sale of 25% of its Libyan holdings. It said earnings in the second quarter climbed to $145.9 million, or 75 cents a share.