Oxy to Trim Costs: Occidental Petroleum Corp. will cut $150 million from its operating costs in 1994 by merging departments, eliminating managers and streamlining procedures, Chairman Ray R. Irani said at the annual shareholders meeting in Santa Monica. The Los Angeles-based oil company said net international production rose 18% during 1993 and is expected to increase more than 25% during 1994. Occidental reported a first-quarter loss of $40 million last week, blaming depressed oil and chemical prices. It took a $7-million charge to cover severance pay and related costs for workers laid off under the cost-cutting program.
From Times Staff and Wire Reports