Navigate this market better. Subscribe for FREE stock alerts and information.

Friday, February 14, 2014

Occidental Petroleum to spin off California assets, (NYSE: OXY)

Oil and gas producer Occidental Petroleum Corp said it would spin off its California assets into a separately traded company, creating the state's largest natural gas producer. Occidental said the new company, which would hold 2.3 million net acres, would have major operations in the state's high-potential oil and gas basins, including Los Angeles, San Joaquin, Ventura and Sacramento.

Occidental Petroleum Corporation (Occidental) conducts its operations through various subsidiaries and affiliates. Shares of OXY traded higher by 0.09% or $0.08/share to $92.27. In the past year, the shares have traded as low as $77.21 and as high as $99.42. On average, 3844620 shares of OXY exchange hands on a given day and today's volume is recorded at 3713102.