{"id":42555,"date":"2019-11-11T08:42:36","date_gmt":"2019-11-11T13:42:36","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=42555"},"modified":"2019-11-11T03:46:53","modified_gmt":"2019-11-11T08:46:53","slug":"occidental-nyseoxy-cuts-spending-to-manage-its-losses","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/occidental-nyseoxy-cuts-spending-to-manage-its-losses-42555","title":{"rendered":"Occidental (NYSE:OXY) Cuts Spending To Manage Its Losses"},"content":{"rendered":"<p><strong>Occidental Petroleum Corp (NYSE:OXY)<\/strong> announced that it would be putting on its big projects by 40% next year. This comes after its acquisition of Anadarko Petroleum for $38 billion.<\/p>\n<p>This deal contributed to Occidental not meeting its revenue targets, hence, the decision to cut on the spending the coming year. Moreover, the Anadarko deal led to Occidental increasing its total debt to $40 billion, which has increased by four times. Investors, as well as analysts, have been pressuring the company to reduce its debt load. Carl Icahn is an example of an activist who has been pressuring Occidental to sell off some of its assets to settle part of the debt.<\/p>\n<p>Occidental reported that the costs of its projects are estimated to decrease from $ 9 billion this year to $5.5 next year. These cuts will affect the U.S shale field and Permian Basin, whose spending will drop to $2.2 billion, as well as cut Colorado&#8217;s shale fields by a third.<\/p>\n<p><strong>Occidental Consistent Losses<\/strong><\/p>\n<p>In the third quarter, Occidental reported a loss of $912 million, which mostly accounted for impairment charges and acquisition costs. This is a huge drop from last year\u2019s profit of $1.87 billion.<\/p>\n<p>Vicki Hollub, the Chief Executive, said that in spite of the situation, the company would stick to the strategy of focusing on deleveraging and giving the excess free cash flow to its shareholders.<\/p>\n<p>Although the company met its target of producing 1.16 million barrels of gas and oil, the price per barrel dropped by more than $6 to $56.26 compared to last year\u2019s. Its Oxychem business revenue dropped to $207million, a 36% drop compared to last year. On the other hand, Midstream and marketing dropped from $1.7 billion last year to $266 million.<\/p>\n<p>These losses have gotten the investors worried and are now pressuring the company to stabilize their cash flows to meet their capital spending and dividends.<\/p>\n<p>The company\u2019s adjusted earnings are at $93 million, down from $1.36 million, which means the share price dropped from $1.77 to $11 cents. Although the company has not shared the per-share forecast, analysts project that the share price is most likely to decrease from its current value.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Occidental Petroleum Corp (NYSE:OXY) announced that it would be putting on its big projects by 40% next year. This comes after its acquisition of Anadarko [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":42556,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[698,14101,14100],"stock_ticker":[14099],"class_list":["post-42555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-nyseoxy","tag-occidental-petroleum-corp","tag-occidental-petroleum-corp-nyseoxy","stock_ticker-oxy","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Occidental (NYSE:OXY) Cuts Spending To Manage Its Losses - Wall Street PR<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cablemanpro.com\/wallstreetpr\/occidental-nyseoxy-cuts-spending-to-manage-its-losses-42555\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Occidental (NYSE:OXY) Cuts Spending To Manage Its Losses - Wall Street PR\" \/>\n<meta property=\"og:description\" content=\"Occidental Petroleum Corp (NYSE:OXY) announced that it would be putting on its big projects by 40% next year. 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