Earnings

Occidental Petroleum (OXY) earnings Q3 2019

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Occidental Petroleum 

Jay L. Clendenin | Los Angeles Times | Getty Images

Occidental Petroleum said on Monday it would slash spending on big projects by 40% next year, as it missed earnings estimates in its first results after closing its $38 billion purchase of rival Anadarko Petroleum.

Analysts and activist investors have been pushing the company to reduce expenses and pay down debt faster. It quadrupled its debt to $40 billion with the Anadarko deal.

Occidental’s spending on new projects next year will fall to $5.3 billion to $5.5 billion, down from a $9 billion budget this year. In the Permian Basin, the top U.S. shale field, spending will drop by half to $2.2 billion, and by a third in…



Source cnbc.com

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