Occidental Petroleum Corporation has completed the spin-off of its subsidiary California Resources Corporation. California Resources, which begins 'regular way' trading today 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.

'We spent more than 15 years building a California company, and we expect it to provide significant value to California Resources Corporation stockholders,' said Stephen I. Chazen, President and Chief Executive Officer. 'The steps we have taken during our strategic review will result in a greater ability to concentrate Occidental's resources in areas where we have key competitive advantages.'

Tags: Occidental Petroleum Corporation