Occidental Petroleum’s oil and gas drilling subsidiary laid off80 employees in Bakersfield, CA, on Wednesday, and will eliminateanother 130 jobs as part of a restructuring triggered by low crudeoil prices and its poor stock price performance. The subsidiary’swork force at its Bakersfield headquarters will be pared down to135 by eliminating 210 jobs and transferring another 50 employees.The company’s stock price plummeted last month to a new 52-week lowof 17 3/4 from a high of 30 3/4. It’s stock closed up 9/16 onWednesday following the announcement, but fell 1/8 Thursday to 221/8.
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