Occidental’s Phibro Energy-Trading Business Has Loss
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Occidental Petroleum Corp., the largest oil producer in Texas, said its Phibro energy-trading business acquired from Citigroup Inc. last year had a $104 million loss in the second quarter.
The loss was incurred as Occidental adjusted its valuation of Phibro’s holdings to reflect market prices at the end of the quarter, Chief Financial Officer Stephen I. Chazen told investors today on a conference call.