Occidental Petroleum Corp. reported virtually break-even earnings...
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Occidental Petroleum Corp. reported virtually break-even earnings of $77 million before taxes in the fourth quarter. That amounted to a loss of 6 cents a share after preferred dividends for the final quarter of 1994, compared to net income of $57 million for the fourth quarter of 1993.
“The impact of increased prices in several of our chemical products resulted in significant improvement in chemical operating earnings,” the company said. “We expect further earnings improvements in 1995 as a result of product price increases announced in 1994.”
For the full year, Occidental’s net loss totaled $36 million, or 36 cents a share, compared to net income of $283 million, or 80 cents a share, in 1993. Sales were $9.2 billion for 1994, compared to $8.1 billion for 1993.
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