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Occidental posts $8 billion loss, outlines oil production cuts

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Occidental Petroleum Corp on Monday posted a $8.35 billion second-quarter loss on lower energy prices and write-downs as the U.S. oil producer has been trying to reduce debt amid a pandemic that has sapped fuel demand and prices. 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.

FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid

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 year, it said. The average price Occidental received for crude oil plummeted about 61% to $23.17 per barrel in the second quarter as oil prices crashed. It has cut jobs, slashed its dividend, reduced spending plans and sold assets to shore up its finances.Among the assets Occidental is trying to sell is a package of land and minerals in Wyoming and Colorado. The company has said that it hopes to close that sale in the fourth quarter.

 

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WeAreOxy they deserve all that for stealing and cheating countries like Ecuador. I am glad you are suffering occidental. That is how Ecuador was suffering. Can't wait to see you broke.

oops

Perhaps that was accidental? 🤷🏿‍♂️

I guess they won't be paying taxes for a few years...🙄

how do you not point out that the company appears to be insolvent and has hired an advisor already? get these retail folks out of this stock before their equity gets wiped out

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