Occidental slashes budget, salaries in bid to cope with falling oil prices
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HOUSTON (Reuters) - 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.Global oil prices have dropped 60% since January as fuel supply piles up because of the coronavirus pandemic that threatens to cause a global recession and as Saudi Arabia and Russia plan to pump more oil to grab market..