Occidental cuts dividend for first time in 30 years after oil rout
The oil explorer slashes its payout 86% due to sharp decline in global commodity prices
10 March 2020 - 20:34
Houston — Occidental Petroleum cut its dividend for the first time in 30 years as the oil explorer and producer opts to conserve cash to cover debt incurred in its $37bn takeover of Anadarko Petroleum.
The company trimmed its quarterly payout to 11c from 79c, according to a statement on Tuesday. Occidental also reduced capital spending for the year by 32% to about $3.6bn...
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