Oxy reduces its dividend to $0.01 per share

By Joe Carroll on 5/29/2020

HOUSTON (Bloomberg) --Occidental Petroleum cut its quarterly dividend by 91% to cope with 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 payout compares to the 11-cent dividend announced in March.

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