Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 3-Occidental offering voluntary job buyouts, citing need for spending cuts -document

Wed, 13th May 2020 01:35

(Adds context, background, share price)

By Devika Krishna Kumar

May 12 (Reuters) - Occidental Petroleum Corp is
offering its employees voluntary buyouts over the next two
weeks, according to a document seen by Reuters on Tuesday,
citing the sharp decline in oil prices and the coronavirus
pandemic for "severe dislocations" in its business.

Occidental bet heavily on the continued growth in U.S. shale
oil, taking on heavy debts for its controversial purchase of
Anadarko Petroleum last year for $38 billion. That bet has
proved ill-timed following the coronavirus outbreak, which has
cut fuel demand worldwide by about 30% and is responsible for
the worst oil-and-gas-industry downturn in 40 years.

Energy companies worldwide, including Exxon Mobil Corp
and Royal Dutch Shell PLC, have slashed capital
expenditures and oil output to reckon with the pandemic.

Houston-based Occidental last week posted a $2 billion
quarterly loss and has slashed capital spending drastically to
shore up its balance sheet. The company said that if spending
cuts are not met, it will have "serious potential consequences"
to the company, the document said.

Interested employees can submit a resignation offer to
Occidental through May 26, specifying the number of months of
base salary that they will accept for voluntary separation,
according to the document. Employees can amend or withdraw
offers unless the company has already accepted them by then, the
document said. Offers not accepted will expire automatically on
June 12.

Occidental declined to comment.

The company's shares are down 64% on the year, making it one
of the worst-performing stocks in the Standard & Poor's 500
stock index.

Occidental has been cutting expenses to deal with its
debt-laden balance sheet and had been laying off workers and
selling assets to pare down debt even before the fall in oil
prices.

The company said last week it is considering raising new
cash, swapping debt for stock or refinancing existing debt due
to shrinking oil demand. It withdrew its outlook for 2020.

It cut its 2020 capex budget on three separate occasions
this year, most recently to $2.5 billion from an original plan
of $5.3 billion.
(Reporting by Devika Krishna Kumar in New York and additional
reporting by Shariq Khan in Bangalore; Writing by David Gaffen;
Editing by Sandra Maler and Leslie Adler)

More News
17 Nov 2021 14:52

EXECUTIVE CHANGES: Deliveroo adds Flutter CEO to board; new Quarto CEO

EXECUTIVE CHANGES: Deliveroo adds Flutter CEO to board; new Quarto CEO

Read more
17 Nov 2021 10:07

UPDATE 1-LNG industry launches 'carbon neutral’ framework

(Adds context, rics to wider audience)By Susanna Twidale and Marwa RashadLONDON, Nov 17 (Reuters) - An international liquefied natural gas (LNG) body on Wednesday launched a framework for rules to declare cargoes carbon neutral as it seeks to make ...

Read more
17 Nov 2021 08:01

Russia's Rosneft acquires Shell's 37.5% stake in German refinery PCK Schwedt

MOSCOW, Nov 17 (Reuters) - Russian oil giant Rosneft has acquired Shell's 37.5% stake in German refinery PCK Schwedt, it said on Wednesday, exercising an option to buy and taking its shareholding to 91.67%.Italy's Eni holds a 8.33% stake in the re...

Read more
15 Nov 2021 18:56

North American natgas traders form company to better process trades

Nov 15 (Reuters) - A group of North American natural gas trading firms said on Monday they formed a new company called Eleox to manage post-trade processes more efficiently.The firms include units of BP PLC, Castleton Commodities International LLC...

Read more
15 Nov 2021 18:22

North Sea Crude-Forties steady, Brent diff edges lower

LONDON, Nov 15 (Reuters) - The North Sea Forties crude differential held steady on Monday while Brent slipped after two deals.* Royal Dutch Shell said on Monday it would scrap its dual share structure and move its head office to Britain from the ...

Read more
15 Nov 2021 17:10

LONDON MARKET CLOSE: Miners weigh on FTSE 100; Shell simplifies

LONDON MARKET CLOSE: Miners weigh on FTSE 100; Shell simplifies

Read more
15 Nov 2021 13:41

Shell shake-up leaves Dutch royally hacked off

By Toby SterlingAMSTERDAM, Nov 15 (Reuters) - Royal Dutch Shell's decision https://www.reuters.com/world/uk/shell-proposes-single-share-structure-tax-residence-uk-2021-11-15 to move its corporate headquarters and tax base to London may win over sha...

Read more
15 Nov 2021 12:37

GLOBAL MARKETS-Upbeat China data bolsters sentiment, oil tumbles

* China data lifts sentiment, boosts Aussie dollar* Sentiment in Europe tempered by rising COVID infections* Oil prices down more than 1%* Graphic: Global asset performance http://tmsnrt.rs/2yaDPgn* Graphic: World FX rates http://tmsnrt.rs/2egbfVh (...

Read more
15 Nov 2021 12:16

Shell to move head office to the UK, drop dual share structure

(Sharecast News) - Royal Dutch Shell is to overhaul its complex corporate structure, including shifting its headquarters to the UK and changing its name.

Read more
15 Nov 2021 12:04

LONDON MARKET MIDDAY: Caution sets in ahead of UK inflation, jobs data

LONDON MARKET MIDDAY: Caution sets in ahead of UK inflation, jobs data

Read more
15 Nov 2021 11:05

TOP NEWS SUMMARY: Shell simplifies; BBVA and Heineken buy

TOP NEWS SUMMARY: Shell simplifies; BBVA and Heineken buy

Read more
15 Nov 2021 10:43

UPDATE 2-European stocks clock fresh record highs; miners slide

* STOXX 600, DAX, CAC 40 hit record highs* Airbus boosts French stocks* BBVA drags down Spanish benchmark index (Adds comments, updates prices throughout)By Anisha Sircar and Shreyashi SanyalNov 15 (Reuters) - European shares hit another record peak...

Read more
15 Nov 2021 10:07

UPDATE 2-Cineworld, CMC markets help UK midcaps outperform bluechip FTSE 100

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Shell climbs on plans for single-share structure* CMC soars on plans to split into two* Cineworld jumps on box office revenue recovery* FTS...

Read more
15 Nov 2021 09:37

UPDATE 1-Dutch government 'unpleasantly surprised' by Shell HQ move to Britain

(Updates with details of Dutch tax issues)AMSTERDAM, Nov 15 (Reuters) - The Dutch government said on Monday it was "unpleasantly surprised" by news that Royal Dutch Shell PLC is planning to move its headquarters to London from The Hague."The Cabin...

Read more
15 Nov 2021 09:01

Key takeaways from the Shell restructuring plan

Nov 15 (Reuters) - Royal Dutch Shell will simplify its business by scrapping its dual share structure and change its name to Shell Plc, the company said on Monday, also shifting its tax residence to Britain from the Netherlands.** Shareholders wil...

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.