OXY CUTS TO $5.8 BLN
In the midst of falling oil prices, Occidental Petroleum Corp., Houston, expects to reduce its total capital spending for 2015 to $5.8 billion from $8.7 billion in 2014.
Oil and gas capital spending is expected to total $4.5 billion. Following a portfolio review, the company reduced the carrying values of assets in areas where it's minimizing development activity, resulting in an aftertax charge of $5.1 billion.
"Although we have a large inventory of opportunities as well as the financial capacity to spend more capital, we think it is imprudent to accelerate some of these opportunities in the current low product…
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