Oxy profit chopped

The logo on the Occidental Petroleum building fronts Wilshire Boulevard in the Westwood district of Los Angeles, Monday, July 23, 2007. Oil producer Occidental Petroleum Corp. on Tuesday, July 24, 2007 said profits rose 64 percent in the second quarter on gains from the sale of noncore assets. (AP Photo/Kevork Djansezian)

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Kevork Djansezian

Eoin O'Cinneide

 31 January 2013 13:07 GMT

Lower gas prices, higher costs and a large impairment hit slashed the bottom line at US independent giant Occidental Petroleum (Oxy) last year.

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