Good times on the markets in 2016-2020 were supported by #OPEC+ deals and strong #oil. Now when Russia is not supporting production cuts and OPEC+ looks like over oil may stay very low in 2020-22. Distress in US oil producers > turmoil in stocks and HY markets > US recession #bearish
Ray McNamara 08:42 AM 03/01/2020
$OXY After already slashing spending on new projects by 40%, Occidental Petroleum Corp is ready to cut deeper this year if oil markets continue to be roiled by global coronavirus fears, Chief Executive Vicki Hollub said on Friday. #bearish
Occidental Petroleum Corporation explores for, develops, produces, and markets crude oil and natural gas. The Company also manufactures and markets a variety of basic chemicals, vinyls and performance chemicals. Occidental also gathers, treats, processes, transports, stores, trades and markets crude oil, natural gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.