HOUSTON (AP) _ Occidental Petroleum Corp. (OXY) on Tuesday reported a first-quarter loss of $2.01 billion, after reporting a profit in the same period a year earlier.
The Houston-based company said it had a loss of $2.49 per share. Losses, adjusted for non-recurring costs, were 52 cents per share.
The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 50 cents per share.
The oil and gas exploration and production company posted revenue of $6.45 billion in the period, which beat Street forecasts. Five analysts surveyed by Zacks expected $5.22 billion.
Occidental shares have fallen 63% since the beginning of the year, while the Standard & Poor's 500 index has fallen 11%. In the final minutes of trading on Tuesday, shares hit $15.32, a decline of 74% in the last 12 months.