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CALIFORNIA / News and Insight on Business in the Golden
State | THE STATE / ENERGY

Occidental Petroleum to Cut 500 More Jobs

November 20, 1998|Bloomberg News

Occidental Petroleum Corp., expecting oil prices to remain low, said it will cut 500 more jobs over the next two years and reduce its capital spending by 21% next year. Oil prices, near their lowest level in more than a decade, will reduce Occidental's earnings this year by about $850 million, the Los Angeles-based company said. The latest action brings three-year total job cuts to more than 1,000. The oil, gas and chemicals company will cut exploration spending to $650 million next year from $740 million this year, Occidental President Dale Laurance said. It also will cut its investment in chemicals to $175 million next year from $310 million. Occidental said in September it had fired 80 workers and would eliminate 180 positions from its oil and gas production unit. Last month, the company said third-quarter earnings fell 98% from a year ago. Occidental shares were unchanged at $20.44 on the NYSE.

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