UK markets closed

Occidental slashes budget again amid oil price rout

FILE PHOTO: The Occidental Petroleum Corp headquarters in Los Angeles

(Reuters) - Occidental Petroleum Corp <OXY.N> on Wednesday slashed its spending forecast for the year, the second cut this month by the debt-laden oil producer amid tumbling crude prices.

The company said it now forecasts full-year capital spending to be in a range of $2.7 billion (2.3 billion pounds) to $2.9 billion, down from the revised forecast of $3.5 billion (2.9 billion pounds) and $3.7 billion it had provided on March 10.

Initially, Occidental had slotted a spending budget of up to $5.4 billion for the year.


(Reporting by Shariq Khan in Bengaluru, Editing by Sherry Jacob-Phillips)