Shares in Occidental Petroleum slid Thursday after reporting lower earnings due to a fall in oil prices.
Occidental reported fourth quarter net income of $928 million ($1.09 per share), a 19 percent fall from $1.15 billion ($1.40 per share) for the same period a year earlier, beating analysts expectations of 90 cents per share, according to Thompson Financial.
Sales for the Los Angeles-based oil company also fell slightly to $4.14 billion due to lower oil prices, which dropped close to 70 cents a barrel over the past 12 months.
For the year, net income was down 20 percent to $4.18 billion ($4.86 per share) while sales were up 20 percent to $17.7 billion.
Shares of Occidental slipped 75 cents to $45.45 in Thursday trading on the New York Stock Exchange.
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