Occidental Petroleum Corp., the largest onshore crude oil producer in the continental U.S., cut its first-quarter production forecast, citing disruptions in Libya and Yemen and slower capital spending in Iraq.

Stephen Chazen, the chief operating officer who will become CEO in May, said at a New Orleans conference on Tuesday that Oxy expected output to be 29,000 barrels of oil equivalent per day (boed) lower in the quarter, with half of that decline due to the effects of winter weather on U.S. production and oil price movements.

Daily output of oil and natural gas will average the equivalent of 711,000 to 721,000 barrels of oil, 29,000 barrels a day less than previously expected for the quarter.

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