Occidental cuts 2016 capex by 48 pct, reports bigger qtrly loss

Thu Feb 4, 2016 7:11am EST
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Feb 4 (Reuters) - Occidental Petroleum Corp said its 2016 capital budget is expected to be not more than $3 billion, nearly half its 2015 levels, and reported a bigger loss for the fourth quarter.

The company expects to grow oil and gas production by 2-4 percent this year from ongoing operations.

Occidental's net loss widened to $5.18 billion, or $6.78 per share, in the quarter ended Dec. 31, from $3.41 billion, or $4.41 per share, a year earlier. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Maju Samuel)