Occidental Petroleum Increase Earnings and Production But Impacted By Lower Gas Prices


Oil Sector route Begins:

Occidental Shares halted – announces cuts dividend and capital spending

Occidental Petroleum announced that it’s cutting its dividend to 11-cents from 79-cents and cut capital spending by nearly $2 billion.

The Occidental buy of Anardarko was one of the worst corporate moves in history and dragged Warren Buffett into it. paying 55% premium seven months ago.