Occidental Petroleum Corp. (NYSE: OXY) has completed the spin-off of its subsidiary California Resources Corp. (NYSE: CRC). California Resources, which began “regular way” trading on Dec. 1 on the New York Stock Exchange as a stand-alone company, is an independent oil and natural gas exploration and production company focused on high-growth, high-return conventional and unconventional assets exclusively in California.
To affect the spin-off, the companies were separated on Nov. 30 through the distribution of 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 Nov. 17, the record date for the distribution, for a total of 310 million shares. Occidental retained 71.5 million shares of the California company.