Occidental cuts dividend by 86 percent after Monday's price plunge

The major drop in oil prices seen Monday now prompts Occidental Petroleum to lower its quarterly dividend by 86 percent to USD 0.11 per share from USD 0.79 as of July.
Photo: ERNEST SCHEYDER/REUTERS / X06012
Photo: ERNEST SCHEYDER/REUTERS / X06012
BY RITZAU FINANS

Monday's steep oil price decline now makes Occidental Petroleum lower its dividend by 86 percent. Effective as of July, the company reduces its quarterly dividend to USD 0.11 per share from USD 0.79, according to a statement issued Tuesday.

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