Occidental Petroleum (OXY.US) Q3 profits exceed expectations, with production growth offsetting the impact of falling oil prices.

According to the Wisdom Financial APP, Occidental Petroleum (OXY.US) announced that its third-quarter profits exceeded Wall Street expectations, as the increase in production by this American shale oil producer offset the impact of falling oil prices. According to data compiled by LSEG, the company, headquartered in Houston, Texas, reported an adjusted earnings per share of 64 cents for the three months ending on September 30, compared to the expected 52 cents per share. However, revenue decreased by 6% year-on-year to $6.72 billion, slightly below expectations.