Oxy Cuts More Capex, Reduces Pay

摘要

Occidental Petroleum is further reducing its capital expenditures for 2020 and initiating salary cuts among its executive leadership as a means of managing during the current commodity price downturn. Oxy halted trading of its shares on the New York Stock Exchange on Mar. 10 to announce a cut to its quarterly dividend of 86% from 79c/share to 11c/share (OD Mar.11’20). At the same time, Oxy reduced its capital spending plans by around 30% from $5.2 billion-$5.4 billion this year to a range of $3.5 billion-$3.7 billion.