America’s oil production will never again reach the record 13 million barrels a day set earlier this year, just before the pandemic devastated global demand, according to Occidental Petroleum Corp.
Occidental Petroleum intends to keep production flat in 2021 but one bright spot for the company is Algeria.
Occidental Petroleum Corp. took a $1.4 billion writedown related to an investment in a pipeline affiliate, cut capital spending and withdrew its guidance for the year after a historic collapse in oil prices.
Occidental Petroleum Corp. cut its dividend for the first time in 30 years as the oil producer opts to conserve cash to cover debt incurred in its $37 billion takeover of Anadarko Petroleum Corp. last year.
The world's first ultra-sour gas project has been officially opened by the Abu Dhabi National Oil Company(ADNOC) in a joint venture with Occidental Petroleum.