Occidental Petroleum will cut spending for 2020 by 40 percent, the company said during its third-quarter earnings call, after it reported a net loss for the first quarter after its acquisition of Anadarko. This means Oxy will spend some $5.3-5.5 billion versus $9 billion budgeted for this year. The company booked a net loss of $912 million for the third quarter of the year, down from a profit of $1.87 billion for the same period of 2018. Oxy’s management is facing heat from investors, led by Carl Icahn, who disapprove of its acquisition of Anadarko. Occidental offered $33 billion for Anadarko plus the assumption of $15 billion in debt, beating Chevron’s offer. The tie-up angered Carl Icahn, who started an offensive against the management, proposing the replacement of four members of the board of directors in a bid to prevent future deals of the magnitude of the Anadarko takeover. […]