Occidental Petroleum announced today that it would slash its dividend from 79 cents per quarter to 11 cents. : If this is your first time registering, please check your inbox for more information about the benefits of your Forbes account and what you can do next! Occidental Petroleum announced today that it would slash its dividend on common shares from 79 cents per quarter to 11 cents, for an annual savings of $2.4 billion. Oxy will also reduce capital spending this year by about $1.7 billion. Under its old payout schedule Oxy’s implied dividend yield was 23% at today’s price.