"We believe Oxy is a good company with good assets," Icahn said in a statement. "We are pleased to have reached this settlement and can now focus on working with Steve Chazen to enhance value for all Oxy stockholders." In a separate release, Occidental also announced another round of deep spending cuts despite already reducing its budget and decreasing its shareholder dividend earlier this month in response to the oil market collapse. Occidental now plans to spend about $2.8 billion in 2020, almost half of its original budget for the year of $5.3 billion. As a result, the company expects its oil and gas production to fall 6% compared to prior guidance. Additionally, Occidental expects to save another $600 million this year through salary and operating cost cuts. Reuters reported this includes a pay cut of 81% to the salary of CEO Vicki Hollub. Salaries of other top executives will be reduced by an average of 68%, according to a memo reviewed by Reuters.