Occidental Petroleum Corp on Tuesday said sharp reductions in capital spending next year will result in oil and gas production growth of just 2 percent, missing the target for 5% growth of the combined business with Anadarko Petroleum. Occidental plans to slash spending by 40% and cut back on production goals in order to meet dividend and debt payments, it disclosed Monday when it released third quarter financial results. It plans 2020 spending of about $5.4 billion and a 2021 budget of $6.6 billion, Chief Executive Officer Vicki Hollub said Tuesday on a call with analysts. …read more
Source:: Yahoo Finance
