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.

The company did, however, manage to boost production both globally and in the US, but the oil & gas segment took a series of hits including the effect of lower natural gas and NGL prices.

Net profit for the 12 months to the end of December slumped to $4.6 billion from $6.77 billion a year earlier.

This was despite net sales climbing from $23.94 billion to $24.17 billion as total production rose 5% to 766,000 barrels of oil equivalent per day.

Domestic production was also up, by 9%, to 475,000 boepd with domestic oil…

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