Oxy cuts 2010 capex on natural gas retreat

摘要

New York-Occidental Petroleum plans to cut its 2010 capital spending program by $100 million to $4.4 billion, down from an earlier $4.5 billion, as the company retreats from natural gas drilling in the Rockies and elsewhere in the US due to soft gas prices. “It’s likely we’ll slow up our gas drilling and shift to an oilier base,” Chief Operating Officer Steve Chazen said October 19 on a third quarter earnings call.