Occidental Petroleum Corp. reversed losses posted in...
Occidental Petroleum Corp. reversed losses posted in the same period a year ago when it adopted new accounting rules for recording retiree health benefits.
Not counting the extraordinary charges mandated by the accounting change, the companies still showed improved results.
Los Angeles-based Occidental reported a first-quarter profit of $80 million, or 25 cents per share, on revenue of $2.2 billion. During the January-March period in 1992, the company lost $137 million, or 46 cents per share, on sales of $2 billion.
Occidental cited higher prices worldwide for crude oil and domestically for natural gas, plus the effects of a cost-cutting plan.
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