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CM - Oxy cuts dividend, slices capex as new market conditions unfold - March 2020
Occidental Petroleum slashed its dividend by 86% and its 2020 spending plans by 32% in response to the recent crash in oil prices. It plans to cut its quarterly dividend to $0.11/share beginning with July, down from the current $0.79/share payout ($3.16 annual), and it adjusted capex guidance to the $3.5-3.7 billion range from its earlier $5.2-5.4 billion. With a $41 billion-plus debt load on her shoulders, CEO Vicki Hollub said the company’s actions......
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