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Market Chatter: Occidental Petroleum Chief Outlines Cost-Cutting Measures; Shares Rise 2%

Reuters is reporting that Occidental Petroleum Corp ( OXY ) spelled out some of the early results of its cost-cutting efforts.

"With regards to the reduction in our cash operating costs, we are running well ahead of plan," said one slide accompanying a presentation by Chief Executive Stephen Chazen on Tuesday. "This should be noticeable in our 4Q12 results and become very visible in 1Q13."

Chazen began talking aggressively about costs in October alongside the company's third-quarter results, according to the report.

OXY shares are up 2.4% at $81.78.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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