Occidental Petroleum completes spinoff of California Resources Corp

Occidental Petroleum Corp has completed the spinoff of its subsidiary California Resources Corp. California Resources is an independent oil and natural gas E&P company focused on high-growth, high-return conventional and unconventional assets exclusively in California.

“We spent more than 15 years building a California company, and we expect it to provide significant value to California Resources Corporation stockholders,” Stephen I. Chazen, President and CEO of Occidental, said. “The steps we have taken during our strategic review will result in a greater ability to concentrate Occidental’s resources in areas where we have key competitive advantages.”

The companies were separated on 30 November 2014, through the distribution of approximately 80.5% of the outstanding shares of California Resources to holders of Occidental common stock. Each Occidental shareholder received 0.4 shares of California Resources common stock for every one share of Occidental common stock held at the close of business 17 November 2014, the record date for the distribution, for a total of approximately 310 million shares. Occidental retained 71.5 million shares of the California company.