June 25, 2020 / 1:31 PM / 14 days ago

Occidental warns of up to $9 bln impairment hit on bleak oil price outlook

June 25 (Reuters) - Occidental Petroleum Corp said on Thursday it expects to take impairment charges of up to $9 billion in the second quarter related to the value of its assets as the oil producer forecast crude price to remain lower for a long period of time.

The company separately said it would buy back up to $1.5 billion worth of senior notes due in 2021 and 2022 as it tries to reduce its debt, which ballooned to $40 billion after an ill-timed acquisition of Permian producer Anadarko last year. (Reporting by Shradha Singh in Bengaluru; Editing by Arun Koyyur)

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