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An oil company reporting a sharp drop in quarterly earnings? It happened to L.A.-based Occidental Petroleum, the result of oil fields that were seized by Equador. The nationalization of natural resources seems like the thing to do in Latin America these days (Bolivia just nationalized its oil fields). Oxy said it was optimistic about recovering its assets, but warned that it could take a while. For earnings watchers, second-quarter net was $857 million, down from $1.54 billion a year earlier.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.