Occidental Petroleum (OXY) today announced it has completed the spin-off of its subsidiary California Resources Corporation (CRC). CRC will operate as an independent oil and natural gas exploration and production company focused exclusively in, you guessed it, California. Interestingly enough, the company could not spinoff at a worse time given that crude fell today to its lowest level in more than five years. After its first trading day, its market cap is ~$2.7bn, far from the $19bn that analysts estimated in February. Source
Spin-Off
