Occidental Petroleum of Houston completes spinoff


HOUSTON (AP) — Oil and gas exploration and production company Occidental Petroleum has completed its spinoff of subsidiary California Resources Corp.

California Resources is an independent oil and natural gas exploration and production company focused on assets in California.

Holders of Occidental common stock got about 80.5 percent of the outstanding shares of California Resources in November. That distribution amounted to about 310 million shares. Houston-based Occidental Petroleum Corp. kept 71.5 million shares of California Resources.

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It had announced plans for the spinoff in June.

California Resources will start trading on Monday on the New York Stock Exchange under the symbol CRC.