UPDATE: Occidental Will Separate California Business, Create Two Publicly-Traded Entities
February 14, 2014 at 07:09 AM EST
Occidental Petroleum Corporation (NYSE: OXY ) today announced the next phase of its strategic review. The Board of Directors has authorized the separation of Occidental's California assets into an independent and separately traded company. (See Attachment). The new California company will have 8,000 employees and contractors and will establish its headquarters in the state.