Oxy cut its 1987 capital spending to $780 million.

That is 20% below last year’s $980 million and and 1985’s $1.2 billion, Los Angeles-based Occidental Petroleum reported. Spending for oil exploration and production will drop even more sharply to 31.6% below its 1986 level and 56.2% below 1985. Occidental cited the continuing depression of oil prices for the reductions. Separately, Occidental said it intends to increase its common stock by about 19% by offering 30 million new shares next month. Proceeds from the sale will be used to reduce long-term debt.