Exclusive: Occidental offering employees voluntary buyouts over next two weeks – document
FILE PHOTO: The logo of Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid
May 13, 2020
(Reuters) – Occidental Petroleum Corp <OXY.N> is offering its employees voluntary buyouts over the next two weeks, according to a document seen by Reuters on Tuesday, after the company said last week it was looking at several options to shore up its impaired balance sheet.
The Houston-based company last week posted a $2 billion quarterly loss and has had to slash capital spending drastically to preserve cash amid the worst oil-and-gas industry downturn in 40 years. The company declined to comment.
(Reporting by Devika Krishna Kumar in New York; Editing by Sandra Maler)