Oxy Plans $9B Writedown on Bleak Oil Price Outlook

Occidental Petroleum Corp will write down the value of its oil and gas properties by up to $9 billion this quarter and restructure some debts to avoid a possible default, the company said on Thursday.

The U.S. oil producer is trying to shed nearly $40 billion in debt from its purchase of rival Anadarko Petroleum last year, an ill-timed bet on rising oil prices ahead of a historic market crash.

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