Occidental warns of up to $9 billion impairment hit on bleak oil price outlook

(Reuters) – Occidental Petroleum Corp said on Thursday it expects to take impairment charges of up to $9 billion in the second quarter related to the value of its assets as the oil producer forecast crude price to remain lower for a long period of time.

The company separately said it would buy back up to $1.5 billion worth of senior notes due in 2021 and 2022 as it tries to reduce its debt, which ballooned to $40 billion after an ill-timed acquisition of Permian producer Anadarko last year.

(Reporting by Shradha Singh in Bengaluru; Editing by Arun Koyyur)