Occidental Petroleum's ( OXY) profit tumbled 80% in the first quarter but managed to beat Wall Street estimates.

Net income for the quarter was $368 million, or 45 cents a share, compared with $1.85 billion, or $2.22 a share, a year ago. Excluding items, earnings were 50 cents a share. Revenue fell 49% to $3.1 billion.

Analysts polled by Thomson Reuters expected earnings of 37 cents a share from the Los Angeles-based oil and gas exploration and production company.

ConocoPhillips ( COP) also reported an 80% drop in first-quarter profit but also beat estimates. Like Conoco, Occidental also suffered from substantially lower oil prices.

"In the first quarter, Occidental achieved a nearly 8% growth in year-over-year oil and gas production," said Dr. Ray R. Irani, chairman and CEO. "In addition, we have made significant progress in our continuing cost reduction efforts and we will continue to invest in the long-term growth of the company. I am pleased with our effectiveness in adjusting to the ongoing volatile market conditions.''