Occidental Petroleum to Cut 500 More Jobs

Occidental Petroleum Corp., expecting oil prices to remain low, said it will cut 500 more jobs over the next two years and reduce its capital spending by 21% next year. Oil prices, near their lowest level in more than a decade, will reduce Occidental’s earnings this year by about $850 million, the Los Angeles-based company said. The latest action brings three-year total job cuts to more than 1,000. The oil, gas and chemicals company will cut exploration spending to $650 million next year from $740 million this year, Occidental President Dale Laurance said. It also will cut its investment in chemicals to $175 million next year from $310 million. Occidental said in September it had fired 80 workers and would eliminate 180 positions from its oil and gas production unit. Last month, the company said third-quarter earnings fell 98% from a year ago. Occidental shares were unchanged at $20.44 on the NYSE.