(Bloomberg) -- Occidental Petroleum Corp. said it will cut capital spending and reduce executives’ salaries, the latest company to scale back as the coronavirus outbreak and a battle for oil-market share between Saudi Arabia and Russia pummel crude prices.

Occidental will lower 2020 capital spending almost 50% to between $2.7 billion and $2.9 billion from original guidance of $5.2 billion to $5.4 billion, according to a statement.

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