Occidental Profit Falls as Oil Decline Outstrips Output Jump

Occidental Petroleum Corp., the largest onshore crude producer in the continental U.S., said second-quarter profit fell 27 percent as new output in California and Texas failed to make up for declining oil prices.

Net income fell to $1.33 billion, or $1.64 a share, from $1.82 billion, or $2.23, a year earlier, Los Angeles-based Occidental said in a statement. Sales fell 6.6 percent to $5.77 billion.