March 25, 2020 / 12:24 PM / 14 days ago

Occidental slashes budget again amid oil price rout

FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid

(Reuters) - Occidental Petroleum Corp on Wednesday slashed its spending forecast for the year, the second cut this month by the debt-laden oil producer amid tumbling crude prices.

The company said it now forecasts full-year capital spending to be in a range of $2.7 billion to $2.9 billion, down from the revised forecast of $3.5 billion and $3.7 billion it had provided on March 10.

Initially, Occidental had slotted a spending budget of up to $5.4 billion for the year.

Reporting by Shariq Khan in Bengaluru, Editing by Sherry Jacob-Phillips

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