November 5, 2019 / 5:25 PM / 15 days ago

Occidental Petroleum production will miss post-Anadarko merger target in 2020

Nov 5 (Reuters) - Occidental Petroleum Corp on Tuesday projected oil and gas production would grow just 2 percent next year, missing the target for 5% growth of the combined business with Anadarko Petroleum.

The company said it would slash capital spending next year by 40% to generate cash and help pay down new debt taken on with the deal.

It plans 2020 spending of about $5.4 billion and a 2021 budget of $6.6 billion, Chief Executive Officer Vicki Hollub said Tuesday on a call with analysts. The company expects 5% annual production growth in 2021. (Reporting by Jennifer Hiller; Editing by David Gregorio)

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