HOUSTON, Tx (BY: JORDAN BLUM, CHRON.COM) – Occidental Petroleum said it would cut its spending by almost 40 percent next year after reporting a quarterly loss of nearly $ 1 billion in the wake of the $ 38 billion acquisition of Anadarko Petroleum.
Houston-based Oxy said it estimates $ 5.4 billion in capital expenditure next year after the combined Oxy-Anadarko will spend an estimated $ 8.6 billion this year. The megadeal to absorb the Woodlands-based Anadarko and its crown jewel Permian Basin area closed in the middle of the third quarter on August 8.
Oxy on its own had planned to spend just under $ 5 billion this year before the Anadarko deal, but the reductions are still much larger than expected.
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