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Occidental Petroleum caps 2021 spending as COVID-19 hits prices

Nov 10 (Reuters) - Occidental Petroleum Corp will not spend more than $2.9 billion on new projects in 2021, an amount that would keep its oil and gas output flat, the company said on Tuesday.

It targets $2 billion to $3 billion in asset sales to be announced by first half of 2021, which “will continue to be applied towards debt reduction,” Chief Executive Vicki Hollub said on a call with analysts.

Occidental is returning drilling rigs to work in the Permian Basin and Colorado this quarter, and returned a drillship to the Gulf of Mexico in early October, the company said. (Reporting by Jennifer Hiller in Houston, Editing by Franklin Paul)

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