Occidental Petroleum Corp is offering its employees voluntary buyouts over the next two weeks, according to a document seen by Reuters on ...
REUTERS: Occidental Petroleum Corp is offering its employees voluntary buyouts over the next two weeks, according to a document seen by Reuters on Tuesday, citing the sharp decline in oil prices and the coronavirus pandemic for"severe dislocations" in its business.
The Houston-based company last week posted a US$2 billion quarterly loss and has had to slash capital spending drastically to shore up its balance sheet amid the worst oil-and-gas industry downturn in 40 years. Occidental said that if spending cuts are not met, it will have"serious potential consequences" to the company, the document said.
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