Houston-based Occidental Petroleum Corp. (NYSE: OXY) is cutting pay for employees and executives in an effort to weather the drastic drop in oil prices.
That’s according to the Wall Street Journal, which reviewed an internal memo from the oil and gas company.
Meanwhile, Occidental also announced another spending cut of nearly $1 billion on March 25.
CEO Vicki Hollub’s salary will be slashed by 81 percent, while the other top executives will receive pay cuts averaging 68 percent, the WSJ reports.…