Colorado’s biggest oil and gas producer is cutting employee salaries — including its CEO’s — and reducing more capital spending more to manage the downturn in oil and gas.
Houston-based Occidental Petroleum Corp. (NYSE: OXY) is steeply cutting pay for employees and executives in an effort to weather the drastic drop in oil prices, according to a company regulatory filing. Occidental also announced another spending cut of nearly $1 billion Wednesday.
Occidental is Colorado’s largest oil…
The system, known as NeuFuel, differs from compressed natural gas because it can be used at a lower pressure than CNG.
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