Major oil and gas producer in the Permian cuts spending by $1 billion

A Houston-based energy company that ranks among the leading oil and gas producers in the Permian Basin plans to cut its capital spending for the year by more than $1 billion.

Occidental Petroleum Corp. will spend between $3.5 billion and $3.7 billion in 2020, down from previous estimates between $5.2 billion and $5.4 billion, according to a March 10 press release.

The decrease was reported by our sister company the Houston Business Journal.

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Source: The Business Journal