Oxy unveils California operations spinoff plan

摘要

Houston—Occidental Petroleum sprung two back-to-back announcements on the market late last week, unveiling a plan to separate its California business and also disclosing a sale of its Hugoton operation to an undisclosed buyer for $1.4 billion of pretax proceeds. In addition, the company “plans to reduce [our] exposure to proprietary trading activities related to crude oil and other commodities,” Los Angeles-based Oxy said in a statement Friday that also announced the California spinoff. These activities are currently conducted through its Phibro trading arm.