Occidental misses first-quarter earnings estimates after Anadarko deal

HOUSTON (Reuters) - Occidental Petroleum Corp on Monday missed earnings estimates in its first results after closing its $38 billion (£29.46 billion) purchase of rival Anadarko Petroleum, and said it would slash spending on big projects by 40% next year. Occidental, which is battling pressure from activist investor Carl Icahn to accelerate asset sales to pay off debt, reported a third-quarter net loss of $912 million (£706.98 million) after a year-ago profit of $1.87 billion.

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