(Adds details, background)
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.
The Houston-based company last week posted a $2 billion
quarterly loss and has had to slash capital spending drastically
to shore up its balance sheet amid the worst oil-and-gas
industry downturn in 40 years. Occidental said that if spending
cuts are not met, it will have "serious potential consequences"
to the company, the document said.
The company declined to comment.
Energy companies worldwide, including Exxon Mobil Corp
and Royal Dutch Shell PLC, have slashed capital
expenditures and oil output to reckon with the collapse in fuel
demand due to the coronavirus pandemic.
(Reporting by Devika Krishna Kumar in New York; Editing by
Sandra Maler)
