Occidental’s Oil and gas segment earnings too have seen a decline from $2.5bn in 2012 Q1 to $1.9bn in 2013 Q1.
The company said the results are a reflection of higher domestic liquids volumes and lower operating costs, which were compensated by lower year-over-year oil and NGL prices, lower sales volumes in the Middle East/North Africa and higher DD&A rates.
Chemical segment earnings for the first quarter of 2013 have been reported to be $159m, while it was $184m in the first quarter of 2012.
Occidental has registered an increase in its midstream segment earnings to $215m for the first quarter of 2013 from $131m for the first quarter of 2012.
Occidental Petroleum president and chief executive officer Stephen I Chazen said, "Our total company production of 763,000 barrels of oil equivalent in the first quarter of 2013 was 8,000 barrels higher than production in first quarter of 2012."
