(Bloomberg) — Occidental Petroleum Corp. cut its quarterly dividend by 91% to the lowest since at least the 1970s amid the pandemic-driven collapse in energy demand that has strained the oil explorer’s ability to shoulder its debt.Occidental shareholders will receive a penny per share on July 15, the Houston-based company said in a statement Friday. The company has been reeling in dividends since March, when it trimmed the payout to 11 cents from 79 cents.The surprise cut came the same day Chief Executive Vicki Hollub and the rest of the board of directors won re-election at Occidental’s annual shareholders’ meeting. …read more
Source:: Yahoo Finance
