(Adds earnings comparisons, stock, unit info)
By Ernest Scheyder
July 30 (Reuters) - Occidental Petroleum Corp reported an 85 percent drop in quarterly profit on Thursday that met Wall Street’s expectations despite a more-than 50 percent drop in crude oil prices from last year’s levels.
The company, which operates in Oman, Texas, North Dakota and elsewhere, posted second-quarter net income of $165 million, or 21 cents per share, compared with $1.08 billion, or $1.38 a share, a year earlier.
The quarterly profit met analyst expectations, according to Thomson Reuters I/B/E/S.
Production surged 13 percent to 658,000 barrels of oil equivalent per day (boe/d), with much of the increase from Oxy’s operations in the Permian shale in Texas.
“We continue to focus on managing our business to be profitable in this current environment by improving margins and increasing production through improved well performance,” Stephen Chazen, Oxy’s chief executive, said in a statement.
The company’s chemical unit saw profit rise slightly to $135 million from $133 million.
Shares of Houston-based Oxy rose 0.5 percent to $71.19 in premarket trading. The stock has lost 12 percent of its value so far this year.
Reporting by Ernest Scheyder; Editing by Franklin Paul and Bernadette Baum