03-10-2020, 11:13 AM
No surprise here, OXY slashes the dividend.
Occidental Petroleum (NYSE:OXY) says it is cutting its quarterly dividend to $0.11/share from $0.79/share and reducing capital spending, citing the sharp decline in crude oil prices.
Occidental plans to cut FY 2020 capex to $3.5B-$3.7B from its previous plan for $5.2B-$5.4B, a 32% reduction at the midpoint, and to implement additional operating and corporate cost reductions.
"These actions lower our cash flow breakeven level to the low $30s WTI, excluding the benefit of our hedges, positioning us to succeed in a low commodity price environment," the company says.
Trading remains halted.
Occidental Petroleum (NYSE:OXY) says it is cutting its quarterly dividend to $0.11/share from $0.79/share and reducing capital spending, citing the sharp decline in crude oil prices.
Occidental plans to cut FY 2020 capex to $3.5B-$3.7B from its previous plan for $5.2B-$5.4B, a 32% reduction at the midpoint, and to implement additional operating and corporate cost reductions.
"These actions lower our cash flow breakeven level to the low $30s WTI, excluding the benefit of our hedges, positioning us to succeed in a low commodity price environment," the company says.
Trading remains halted.