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Occidental Petroleum has cut its quarterly dividend to $.01 per share yesterday, this is after a 85% cut back in March. Shares fell (-5%) in after market trading.
Oxy has been trying a confluence of things in an effort to rein in cost and shore its its liquidity position. As you might remember the company has some $11 billion coming due in 2021 with the planned asset sales not going according to the plan and the equity markets pretty much shut down the company seems to be running out of options.
Source : Oxy, via Presentation Manager
The company has outlined a few strategy it plans to embrace which includes apply its Free cash, and asset sales as well as seek debt exchanges and also the company might look to refinance the debt as well.
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