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Occidental Petroleum Gushes Red in Q2 as Low Oil Prices Torpedo Its Results

Occidental Petroleum Gushes Red in Q2 as Low Oil Prices Torpedo Its Results

The second quarter was a horrendous one for the energy sector as crude oil prices and demand cratered because of COVID-19. Overall, it wrote down $6.6 billion in assets during the quarter, with some of that attributed to its high-priced acquisition of Anadarko Petroleum.