Occidental Petroleum Slashes Dividend 86% and Will Cut Capex After Oil-Price Decline [TheStreet.com]
Occidental Petroleum Corporation (OXY)
Last occidental petroleum corporation earnings: 2/27 04:13 pm
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Source: TheStreet.com
Occidental Petroleum ( OXY Get Report The Houston oil major plans to cut 2020 capital spending to between $3.5 billion and $3.7 billion from previous expectations between $5.2 billion and $5.4 billion. The company also said it would implement additional operating- and corporate-cost reductions. "Due to the sharp decline in global commodity prices, we are taking actions that will strengthen our balance sheet and continue to reduce debt," Chief Executive Vicki Hollub said in a statement. prices have been under heavy pressure this week. They saw their single largest daily decline in nearly 30 years after Saudi Arabia and Russia both stated that they would pump more oil into the market in a battle for market share after failing to reach an agreement. Saudi Arabia cut its official crude pricing while also threatening to flood the market with record output. Meanwhile, Russia's largest producer also said that it would ramp up production next month. prices were showing signs of recovery on
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OXY
Earnings
- 11/12/24 - Beat
OXY
Sec Filings
- 11/12/24 - Form 8-K
- 11/12/24 - Form 10-Q
- 11/12/24 - Form 8-K
- OXY's page on the SEC website