Occidental Petroleum Corp (N:OXY) will cut employee salaries by up to 30%, according to an internal memo reviewed by Reuters, as the debt-laden U.S. oil producer tries to save cash amid tumbling energy prices.
Global oil prices have dropped 60% since January as fuel demand has plunged because of the coronavirus pandemic that threatens to cause a global recession and as Saudi Arabia and Russia plan to increase supply to grab market share.
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