Occidental vows to slash spending after profit falls short of forecasts
05 November 2019 - 17:28
Houston — Occidental Petroleum pledged to cut spending by 40% in 2020 after quarterly profit fell short of forecasts due in part to the oil explorer’s $37bn takeover of Anadarko Petroleum.
Shale drilling in the US Permian Basin will account for the biggest chunk of cuts as the company merges duplicate operations. Still, overall output will increase by 2% in 2020, the Houston-based company said on Monday...
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