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Occidental Petroleum Cuts Pay for Staff, Executives

Occidental Petroleum Corp. is cutting salaries for its U.S. employees by up to 30% in a bid to slash expenses, according to an internal email reviewed by The Wall Street Journal. The Houston company is facing plunging oil prices, high debt from an ill-timed acquisition and falling demand due to a halt in economic activity…

Occidental Petroleum Cuts Pay for Staff, Executives

Occidental Petroleum Corp. is cutting salaries for its U.S. employees by up to 30% in a bid to slash expenses, according to an internal email reviewed by The Wall Street Journal.

The Houston company is facing plunging oil prices, high debt from an ill-timed acquisition and falling demand due to a halt in economic activity because of the new coronavirus.

Chief…

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