Occidental Petroleum Corp will cut employee salaries by up to 30%, according to an internal memo reviewed by Reuters, as the debt-laden U.S. oil producer tries to save cash amid tumbling energy prices. Global oil prices have dropped 60% since January as fuel demand has plunged because of the coronavirus pandemic that threatens to cause a global recession and as Saudi Arabia and Russia plan to increase supply to grab market share. Occidental has pared spending on production, cut its shareholder dividend, dismissed staff and sold assets to avoid being overwhelmed by the debt taken on to …read more
Source:: Yahoo Finance
