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Oxy Axes $1.7B from 2020 Capex as WTI Tanks; Down 60% from 2019
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Occidental Petroleum Corp. has approved a reduction of its 2020 capital spending to between $3.5-$3.7 billion from $5.2-$5.4 billion.
This is a 32% decrease from its original plan ($1.7 billion less) and a substantial 60% drop from 2019 spending levels.
Additionally, Oxy will implement additional operating and corporate cost reductions.
Oxy CEO Vicki Hollub said: “Due to the sharp decline in global commodity prices, we are taking actions that will strengthen our balance sheet and continue to reduce debt. These actions lower our cash flow breakeven level to the low $30s WTI, excluding the benefit of our hedges, positioning us to succeed in a low commodity price environment.”
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