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MarketScreener Homepage  >  Equities  >  Nyse  >  Occidental Petroleum Corporation    OXY

OCCIDENTAL PETROLEUM CORPORATION

(OXY)
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Occidental Petroleum : Top Occidental Petroleum Executive Out as Company Grapples With Oil Rout

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04/01/2020 | 05:44pm EDT

By Rebecca Elliott

A top Occidental Petroleum Corp. executive has been forced out of the company as it deals with the repercussions of an ill-timed acquisition, a precipitous decline in crude prices and hefty debt, according to people familiar with the matter.

Oscar Brown, a former Bank of America Corp. banker, was a key lieutenant of Chief Executive Vicki Hollub and played a substantial role in the company's $38 billion deal to buy rival Anadarko Petroleum Corp. last year. He served as Occidental's senior vice president over strategy, business development and supply chain.

The Houston-based company didn't explicitly disclose his ouster Wednesday, but a proxy filed by the company noted that Mr. Brown "was an employee of Occidental from 2016 to March 2020."

An Occidental spokeswoman declined to comment.

Occidental came under renewed pressure from activist investor Carl Icahn, a fervent critic of the Anadarko deal, last month as oil prices plummeted due to the new coronavirus pandemic and a Saudi-Russian oil-price war. The company reached a deal with Mr. Icahn that resulted in him replacing several members of the company's board of directors.

The company also has slashed its dividend, cut planned capital spending for this year by nearly half and reduced salaries for executives and employees in response to the plunge in prices.

 

Stocks mentioned in the article
ChangeLast1st jan.
OCCIDENTAL PETROLEUM CORPORATION -0.84% 14.13 Delayed Quote.-65.71%
WTI 0.62% 34.095 Delayed Quote.-44.63%
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Financials (USD)
Sales 2020 18 990 M
EBIT 2020 -2 176 M
Net income 2020 -4 974 M
Debt 2020 35 277 M
Yield 2020 11,0%
P/E ratio 2020 -2,49x
P/E ratio 2021 -6,72x
EV / Sales2020 2,53x
EV / Sales2021 2,56x
Capitalization 12 717 M
Chart OCCIDENTAL PETROLEUM CORPO
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Occidental Petroleum Corpo Technical Analysis Chart | OXY | US6745991058 | MarketScreener
Technical analysis trends OCCIDENTAL PETROLEUM CORPO
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 25
Average target price 13,93 $
Last Close Price 14,13 $
Spread / Highest target 76,9%
Spread / Average Target -1,40%
Spread / Lowest Target -64,6%
EPS Revisions
Managers
NameTitle
Vicki A. Hollub President, Chief Executive Officer & Director
Stephen I. Chazen Chairman
Robert Lee Peterson Chief Financial Officer & Senior Vice President
E. Spencer Abraham Independent Director
Avedick Baruyr Poladian Independent Director
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