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E&P major, Occidental Petroleum yesterday reported a first-quarter loss on writedowns and charges, as it reduced its budget for the third time since March owing to demand destruction. Occidental slipped to a net loss of $2.23 billion for the first quarter, compared with a profit of $631 million last year. Chief Executive Officer Vicki Hollub said that Occidental is “taking aggressive action to ensure our long-term financial stability”.
