Live news: Occidental profits plunge 83% on weaker oil price

Occidental Petroleum has become the latest oil producer to report a hefty decline in earnings as commodity prices, which soared in the wake of Russia’s invasion of Ukraine, receded to normal levels.

The company, which in 2022 was the best performer on the S&P 500, posted net income of $605mn for the second quarter, down 83 per cent from last year and shy of analyst estimates. Shares slipped just under 3 per cent in after-market trading. 

Occidental’s profit decline was largely because of a decision to write off some assets in Wyoming, where it has abandoned exploration plans. Still, the company raised its full-year production guidance, with chief executive Vicki Hollub touting “a strong second half of 2023”.