Occidental Petroleum Reaches Truce with Activist Investor Carl Icahn – USA DAILY NEWS

Occidental Petroleum Reaches Truce with Activist Investor Carl Icahn

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Occidental Petroleum Corp., the largest oil producer in the giant Permian Basin, has ceded to activist investor Carl Icahn’s demands and announced deep spending cuts in a bid to survive the steepest crude-price plunge in decades.

The truce with Mr. Icahn, unveiled Wednesday, is the culmination of a monthslong battle that began last year after Occidental outbid Chevron Corp. for Anadarko Petroleum Corp.

Two…