Occidental Cuts Dividend to a Penny With Debt Woes Mounting
- Second payout cut in four months follows boardroom upheaval
- CEO Vicki Hollub retains directorship after shareholders vote
Photographer: Javier Blas/Bloomberg
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Occidental Petroleum Corp. cut its quarterly dividend by 91% to the lowest since at least the 1970s amid the pandemic-driven collapse in energy demand that has strained the oil explorer’s ability to shoulder its debt.
Occidental shareholders will receive a penny per share on July 15, the Houston-based company said in a statement Friday. The move extends a cut announced in March when it trimmed the payout to 11 cents from 79 cents.