Occidental Petroleum profit falls on low gas prices, derivative contracts

Occidental Petroleum Corp, which is battling activist investor Carl Icahn over its $38 billion purchase of Anadarko Petroleum, reported a 14% fall in core profit on Wednesday, as higher crude prices and volumes were offset by adjustments to derivatives contracts and lower natural gas prices.

Core income fell to $729 million, or 97 cents per share, in the second quarter, from $848 million, or $1.10 per share, a year earlier.

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