Oxy makes $1B spending cut, slashes dividend after oil prices plunge

Houston-based Occidental Petroleum Corp. (NYSE: OXY) has cut its planned spending for the year by more than $1 billion.

The company will spend between $3.5 billion and $3.7 billion in 2020, down from previous estimates between $5.2 billion and $5.4 billion, according to a March 10 press release.

Rapidly plunging oil prices this week and concerns around the ongoing global coronavirus outbreak sent many energy companies’ stock prices into a deep dive March 9, and Occidental was no exception —…

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