Occidental Petroleum Cuts Spending Even Deeper Due to Oil Price Pressures

Oil giant Occidental Petroleum (NYSE: OXY) today announced a further reduction in its 2020 capital spending program following the continued slide in crude oil prices. The company now expects to invest between $2.7 billion and $2.9 billion, which is about $600 million lower than its recently revised budget range. Meanwhile, it's 47% below its initial spending plan.  

Occidental's deeper budget cut will have a meaningful impact on its production this year. The company expects output to be between 1.275 million and 1.305 million barrels of oil equivalent per day (BOE/D), which is about 6% below its prior guidance range.

Image source: Getty Images.

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