Production Rates | Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020
Oxy Cuts Capex Deeper; Capex Down -69% Y/Y; $2.8 Billion
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Occidental Petroleum today further reduced its planned 2020 capital spending to between $2.7 billion and $2.9 billion from its original 2020 guidance of $5.2 billion to $5.4 billion, a midpoint reduction of 47 percent.
At current commodity prices, 2020 annual production from continuing operations is expected to be 1,275,000 to 1,305,000 BOEPD, a reduction of 6 percent compared to prior guidance of 1,360,000 to 1,390,000 BOEPD.
The Company also announced it will reduce 2020 operating and corporate costs by at least $600 million compared to the original 2020 plan, including significant salary reductions for executive leadership.
"We are making solid progress with additional cost reductions to help withstand the low commodity price environment and other macroeconomic pressures impacting…
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