HOUSTON: Occidental Petroleum Corp on Wednesday unveiled a new round of deep spending cuts, slashing budget for a second time this month and sharply reducing salaries, as the debt-laden U.S. oil producer tries to save cash amid tumbling energy prices.
Occidental now plans to spend about US$2.8 billion on production in 2020, almost half its original budget of about US$5.3 billion. Some of Occidental's U.S. workers will have their pay cut by 30per cent and others, including those covered by the Anadarko acquisition agreement, will see smaller cuts, according to a memo reviewed by Reuters.Chief executive officer Vicki Hollub, who championed the company's ill-timed US$38 billion Anadarko acquisition, will take a pay cut of 81per cent. Salaries of other top executives will be reduced by an average of 68per cent, according to the memo.
The company said it expects the latest round of cuts to lower domestic operating costs to US$7 per barrel of oil equivalent .
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