Oil Major Slashes Spending After Reporting Massive Losses

Occidental Petroleum will cut spending for 2020 by 40 percent, the company said during its third-quarter earnings call, after it reported a net loss for the first quarter after its acquisition of Anadarko. This means Oxy will spend some $5.3-5.5 billion versus $9 billion budgeted for this year. The company booked a net loss of $912 million for the third quarter of the year, down from a profit of $1.87 billion for the same period of 2018. Oxy’s management is facing heat from investors, led by Carl Icahn, who disapprove of its acquisition of…