Oxy Earnings Down 74% in ’86

Occidental Petroleum Corp. said today that its earnings were down by 62% for the fourth quarter and 74% for the year, primarily because of depressed oil and natural gas prices.

Occidental netted $20.1 million, or 5 cents per share, on revenues of $4.17 billion for the three months ending Dec. 31, compared to a year earlier when it earned $52.7 million, or 27 cents per share, on sales of $3.78 billion. For the full year, its earnings plunged to $181.1 million compared to 1985 when it earned $696 million.