Occidental to Spin off CA Assets into separate company | Russell T. Rudy Energy LLC
“Rigzone” reports that Occidental Petroleum Corp.’s board has approved a plan to form a separate unit, California Resources Corp., which will hold all Occidental’s oil and gas assets in the state. The new entity would be owned by Occidental shareholders and would be the largest natural gas producer in California. Wall Street analysts speculate that the new company would be worth $19-22 billion.
The move is part of Occidental’s shift to Texas. The company is already moving its headquarters to Houston, and its operational focus is increasingly on the Permian Basin of West Texas and Southeastern New Mexico.
To read the article in its entirety, please go to www.rigzone.com/news/oil_gas/a/135282/Occidentals .
