Despite a big boost from its recently acquired pipeline company, Occidental Petroleum said weak prices for oil and gas drove profits down 62% for the October-December quarter and 74% for all of last year.
Even so, Occidental reported a sharp improvement in earnings from operations during the fourth quarter, a period in which its new Chicago-based MidCon subsidiary earned $208.5 million.
Overall, Occidental earned $20.1 million during the quarter versus $52.7 million in the year-earlier period. For the year, the Los Angeles-based oil, gas, pipeline, chemicals and agriculture conglomerate earned $181.1 million, compared to $696 million in 1985.
Revenue, bolstered by the acquisitions of MidCon and Diamond Shamrock Chemicals, rose 10% for the quarter to $4.17 billion and rose 6% for all of 1986, to $15.34 billion.