July 31, 2019 / 9:21 PM / 4 months ago

Occidental Petroleum profit falls on low gas prices, derivative contracts

July 31 (Reuters) - Occidental Petroleum Corp, which is battling activist investor Carl Icahn over its $38 billion purchase of Anadarko Petroleum, reported a 14% fall in core profit on Wednesday, as higher crude prices and volumes were offset by adjustments to derivatives contracts and lower natural gas prices.

Core income fell to $729 million, or 97 cents per share, in the second quarter, from $848 million, or $1.10 per share, a year earlier. (bit.ly/32VraOa)

The company also said it has formed a partnership with Colombia's state-run oil company Ecopetrol SA to develop its acreage in the Midland basin in the prolific Permian shale field for up to $1.5 billion.

In its last earnings report before shareholders vote on the sale on Aug. 8, Anadarko beat analysts' estimates for quarterly profit as higher production offset lower prices for its oil. (Reporting by Arathy S Nair in Bengaluru; Editing by Shinjini Ganguli)

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