قالب وردپرس درنا توس
Home / Business / Oxy reports nearly $ 1B loss under Anadarko agreement; Sharpen usage

Oxy reports nearly $ 1B loss under Anadarko agreement; Sharpen usage



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.

CLICK HERE TO READ MORE ON CHRON.COM.

&version=v2.8&appId=462729160578650"; fjs.parentNode.insertFor (js, fjs); } (document, & # 39; script & # 39 ;, & # 39; facebook-jssdk & # 39;));
Source link