Occidental Petroleum doesn’t plan oil, drilling growth after $8.4B loss

Occidental Petroleum Corp. (NYSE: OXY) isn’t looking to bring oil and gas production back to where it was before the Covid-19 pandemic and oil price collapse hit, the company said after posting an $8.4 billion second-quarter loss.

The Houston-based company’s production has fallen companywide in 2020, and its spending plans are meant to maintain the current of level of oil and gas output through 2021.

“I really don’t see us drilling next year” for growth, said Vicki Hollub, CEO of Occidental,…