for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Bonds News

Occidental warns of up to $9 bln impairment hit on bleak oil price outlook

June 25 (Reuters) - Occidental Petroleum Corp said on Thursday it expects to take impairment charges of up to $9 billion in the second quarter related to the value of its assets as the oil producer forecast crude price to remain lower for a long period of time.

The company separately said it would buy back up to $1.5 billion worth of senior notes due in 2021 and 2022 as it tries to reduce its debt, which ballooned to $40 billion after an ill-timed acquisition of Permian producer Anadarko last year. (Reporting by Shradha Singh in Bengaluru; Editing by Arun Koyyur)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up