OXY Could Spin Off California Assets; Misses on 2Q13 Earning

Reuters is reporting:

Chief Executive Steve Chazen indicated in April that Occidental's Middle East operations might be put up for sale , and analysts also expect the California division to be spun off.

Also, in the report:

Occidental Petroleum Corp posted a smaller-than-expected quarterly profit on Tuesday, hurt by lower oil prices in the Middle East and North Africa, where the fourth-largest U.S. oil company is considering an exit. 

Quarterly profit was $1.58 vs $1.60. 

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