For The Archives: OXY USA Spin-Off Of California Assets Approved -- October 2, 2014
Occidental Petroleum Corporationannounced today that its Board of Directors has approved the spin-off
of its California oil and gas business into an independent and
separately traded company, California Resources Corporation.
The companies will be separated through the distribution of
approximately 80.1 percent of the outstanding shares of California
Resources to holders of Occidental common stock. Subject to the
satisfaction of the conditions to the spin-off, the distribution is
expected to occur on November 30, 2014. Occidental shareholders will
receive 0.4 shares of California Resources common stock for every one
share of Occidental common stock held at the close of business November
17, 2014, the record date for the distribution.
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