US Occidental spin-off to be named California Resources Corporation

05 June 2014 20:49 Source:ICIS News

HOUSTON (ICIS)--The California assets being spun off by Occidental Petroleum will be contained in a new company called California Resources Corp, Occidental said on Thursday in a regulatory filing.

Stock in California Resources is expected to trade on the New York Stock Exchange (NYSE) under the ticker symbol “CRC”. Occidental currently trades on the NYSE under the symbol “OXY”.

Occidental announced the spin-off in February, saying that the new California company would rank as the state’s largest oil and natural gas producer. Last year, the California business had pre-tax earnings of about $1.5bn.

Occidental expects to complete the separation by early 2015.

Also, Occidental plans to move its headquarters from Los Angeles to Houston. It will have exploration and production operations Texas, the Middle East and Colombia, and it will include a midstream and marketing segment and Occidental’s chemical subsidiary, OxyChem

By Jeremy Pafford