Company News

Occidental to slash dividend, spending as oil prices crash

March 10 (Reuters) - Occidental Petroleum Corp said on Tuesday it would cut its dividend by over 86% and lower spending, as oil producers scramble to reassure investors that they can remain profitable in one of the worst oil slumps in history.

Occidental, which is sitting on a debt pile of around $40 billion taken on in its purchase of rival Anadarko Petroleum Corp, said it would slash its quarterly dividend to 11 cents per share.

The company said it will lower 2020 capital spending to between $3.5 billion and $3.7 billion, from its earlier forecast of between $5.2 billion and $5.4 billion and will implement additional cost-cutting measures. (Reporting by Shariq Khan in Bengaluru; Editing by Maju Samuel)