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Occidental Petroleum quarterly earnings down 48%, misses estimates

HOUSTON (Reuters) -U.S. oil and gas producer Occidental Petroleum Corp on Tuesday reported a 48% decline in first-quarter earnings that fell well short of analyst estimates as global economic growth concerns led to a decline in oil prices. Global energy prices in the quarter pulled back from last year's peaks triggered by Russia's invasion of Ukraine. The company, in which billionaire investor Warren Buffett's Berkshire Hathaway Inc owns a 24% stake, reported adjusted income dropped 48% from the prior year to $1.1 billion as it accelerated investments and shareholder returns.