Occidental posts $8 billion loss, outlines oil production cuts

Occidental Petroleum Corp on Monday posted a $8.35 billion secondquarter loss on lower energy prices and writedowns as the U.S. oil producer has been trying to reduce debt amid a pandemic that has sapped fuel demand and prices. Occidental, which borrowed heavily to finance last year's $38 billion purchase of rival Anadarko Petroleum, cut the value of its oil and gas properties by $6.6 billion, joining BP, Chevron and Total in massive writedowns as the industry now expects energy prices to stay low for years.

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