Los Angeles-based Occidental Petroleum Corp. said third-quarter net income fell 33 percent in the absence of a one-time gain for the same period a year ago.

The nation’s fourth-largest U.S. oil company reported on Wednesday that net income fell to $1.17 billion, ($1.36 a share) from a record $1.75 billion ($2.12) a year ago, when the company reported a tax benefit, wrote off some chemical plants, and sold its 10 percent stake in Premcor Inc. to Valero Energy Corp. The consensus of analysts surveyed by Thomson First Call were earnings of $1.34 a share on revenue of $4.16 billion.

Sales rose 17 percent to $4.52 billion from $3.86 billion. Third-quarter profit from Occidental’s oil and gas business, rose 15 percent to $1.88 billion on higher oil prices and increased production. Occidental said it was paid an 8.2 percent more for its oil worldwide, an average $60.52 a barrel.

Profit from continuing operations, excluding earnings from an Ecuadorean oil field seized by the government in May, fell 30 percent to $1.16 billion.

Shares of Occidental were up 1.25 percent to $46.96 in early afternoon trading.