Occidental Petroleum said its dividend is safe.

In financial reports to the Securities and Exchange Commission, Occidental Petroleum of Los Angeles said that if current oil prices continued for a “prolonged period,” it would probably have to make deeper cuts in exploration spending and, “if necessary,” would sell more assets to cover its fixed costs and the dividend. Occidental added in a later statement that such steps wouldn’t be necessary unless currently depressed prices continued into 1987, which it doesn’t expect to happen, and said it is able to cover its “normal dividend requirements” of $2.50 per share annually. Also, Occidental said it completed its acquisition of Midcon Corp.