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Bloomberg
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. The move extends a cut announced in March when it trimmed the payout to 11 cents from 79 cents.
The surprise cut came the same day under-fire Chief Executive Vicki Hollub and the rest of the board of directors won re-election at Occidental’s annual shareholders’ meeting. The company will announce the final vote tallies in a regulatory filing later. Hollub has weathered extreme pressure from shareholders ever since outbidding Chevron Corp to win the purchase of Anadarko Petroleum Corp last year.