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Thursday, January 29, 2015

Occidental to close Philbro trading arm by April, (NYSE: OXY)

Occidental Petroleum Corp said on Thursday it will close its Philbro proprietary trading arm by April. The company closed Philbro's domestic trading book during the fourth quarter of 2014 and plans to close down the entire business by the end of the first quarter, Chris Stavros, Oxy's chief financial officer, said on a conference call with investors.Occidental bought Philbro, a Connecticut-based hedge fund and trading house, from Citigroup in 2009.Occidental first announced plans in early 2014 to shutter Philbro, citing a preference to streamline operations and focus on developing oil and gas reserves.

Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company with its operations in the United States, Middle East/North Africa and Latin America. Shares of OXY fell by 0.66% or $-0.507/share to $75.99. In the past year, the shares have traded as low as $72.32 and as high as $101.38. On average, 6417790 shares of OXY exchange hands on a given day and today's volume is recorded at 1549833.