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Occidental Stock Drops After Mixed Results. What’s Dragging on Buffett’s Favorite.
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Occidental Petroleum shares were slipping after hours on Tuesday after the company posted mixed fourth quarter results. The oil and gas producer reported fourth-quarter adjusted profit of 80 cents a share and cited declining crude oil prices and an environmental liability that affected earnings. The adjusted per-share number beat expectations, but Occidental missed on revenue, reporting a 9% drop in the quarter to $6.8 billion compared with $7.17 billion last year.
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