Occidental Petroleum Corp. OXY, +14.62% shares were halted in Tuesday trading after the energy company announced that it was slashing its dividend to 11 cents per share from 79 cents per share, effective July 20.
Read the full article here: http://www.marketwatch.com/story/occidental-petroleum-stock-halted-after-dividend-slashed-2020-03-10
The press release issued by Occidental is also given below.
Occidental Reduces Dividend and Capital Spending
HOUSTON – March 10, 2020 – Occidental Petroleum Corporation (NYSE:OXY) announced today that its Board of Directors approved a reduction in the company’s quarterly dividend to $0.11 per share from $0.79 per share, effective July 2020. The company also announced it will reduce 2020 capital spending to between $3.5 billion and $3.7 billion from $5.2 billion to $5.4 billion and will implement additional operating and corporate cost reductions.
“Due to the sharp decline in global commodity prices, we are taking actions that will strengthen our balance sheet and continue to reduce debt,” said Vicki Hollub, Occidental’s President and Chief Executive Officer. “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.”