Occidental, which borrowed heavily to finance last year’s $38 billion purchase of rival Anadarko Petroleum, cut the value of its oil and gas properties by $6.6 billion, joining BP, Chevron and Total in massive write-downs as the industry now expects energy prices to stay low for years. Its oil and gas production will fall 13% this quarter over last, and another 5% in the fourth quarter, to 1.16 million barrels of oil and gas per day, the company said. In the Permian, where it became the largest operator through the Anadarko purchase, shale output will drop 37% this …read more
Source:: Yahoo Finance
