Occidental Petroleum’s Vicki Hollub fended off a shareholder revolt led by Carl Icahn. Lifted by rising crude prices, she now has the confidence of Warren Buffett.
U.S. prosecutors said the settlement followed “a multiyear scheme to manipulate benchmarks used to set prices for oil at two of our country’s busiest ports.”
The deal will reduce output by 9.7 million barrels a day. While significant, the cut falls far short of what is needed to bring oil production in line with demand.
