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…