Oxy gets back to California

摘要

California-based Occidental Petroleum (Oxy) is showcasing its home state assets in a precursor to unveiling eagerly awaited plans for a wider restructuring. In his first public comments since winning a power struggle against former board chairman Ray Irani, Oxy chief executive Stephen Chazen this week gave broad hints about what is in store for the firm beyond revisiting its upstream plans in California, signalling its openness to hive them off as a stand-alone company or offer them for sale. With its 2.1mn acres (8,500km2) in California, Oxy claims to be the state’s largest oil and gas producer on a gross barrel of oil equivalent (boe) basis.