Net income drops 59.7% to $927 million in the third quarter compared with a year earlier, when crude prices were near record highs. The company's Kern County oil discovery boosts output. Its production already bolstered by the biggest oil discovery in California in the last 35 years, Occidental Petroleum today announced a third-quarter net income of $927 million, or $1.14 per diluted share, based on overall sales of just over $4.1 billion.