The company has been aggressively cutting costs by laying off staff and selling assets to pay down its $38.54 billion debt pile following its $38 billion acquisition of Anadarko Petroleum. Occidental had also previously lowered its spending plans for the year and trimmed production goals to safeguard its dividend at a time when investors have been pressuring oil and gas companies to boost shareholder returns. Occidental reported fourth quarter production of 1.42 million barrels of oil equivalent per day (boepd), in line with its preliminary expectations announced earlier this month. …read more
Source:: Yahoo Finance
