Occidental
Petroleum Corporation (NYSE: OXY) today announced the leadership
team for its subsidiary California Resources Corporation (CRC),
appointing Todd A. Stevens as President and Chief Executive Officer, and
William E. Albrecht as Executive Chairman of the Board. CRC will be an
independent oil and natural gas exploration and production company
focused on high-growth, high-return conventional and unconventional
assets exclusively in California.
“Todd and Bill are eminently qualified to lead CRC,” said Stephen I.
Chazen, President and Chief Executive Officer. “They bring proven
leadership abilities and more than 50 years of combined industry
experience. Both have played an important part in building and managing
our California operations for over 15 years.”
Mr. Stevens, 47, a 19-year veteran of Occidental, has served as Vice
President, Corporate Development, since August 2012. In this role, he
has led the company’s growth-focused initiatives including mergers and
acquisitions, land management and worldwide exploration, and has played
a key role in the capital allocation process. From 2008 to 2012, Mr.
Stevens was Vice President, Acquisition and Corporate Finance, and Vice
President, California Operations, for Occidental.
Mr. Albrecht, 62, has been President, Occidental Oil and Gas - Americas,
and Vice President, Occidental Petroleum Corporation, since 2011. With
more than 35 years of industry experience, Mr. Albrecht was responsible
for Occidental’s oil and gas operations in North and South America,
including its Health, Environment and Safety, government relations and
social responsibility activities. He joined the company in 2007 as Vice
President, California Operations.
Occidental will continue planning for the separation of the businesses,
including determining the board of directors for CRC, and will continue
to disclose material developments as they occur.
The spin-off of CRC from Occidental is subject to market conditions,
customary regulatory approvals, receipt of an affirmative IRS ruling,
execution of separation and intercompany agreements, acceptance of the
new company’s stock for listing and final approval by the board of
directors.
About Occidental Petroleum
Occidental
Petroleum Corporation is an international oil and gas exploration
and production company with operations in the United States, Middle
East/North Africa and Latin America regions. Occidental is one of the
largest U.S. oil and gas companies, based on equity market
capitalization. Occidental’s wholly owned subsidiary OxyChem
manufactures and markets chlor-alkali products and vinyls. Occidental is
committed to safeguarding the environment, protecting the safety and
health of employees and neighboring communities and upholding high
standards of social responsibility in all of the company's worldwide
operations.
Forward-Looking Statement
Portions of this press release contain forward-looking statements and
involve risks and uncertainties that could materially affect expected
results of operations, liquidity, cash flows and business prospects.
Actual results may differ from anticipated results sometimes materially,
and reported results should not be considered an indication of future
performance. Factors that could cause results to differ include, but are
not limited to: delay of, or other negative developments affecting the
spin-off; inability to obtain new financing for CRC; regulatory
approvals or receipt of an affirmative IRS ruling; completion of a
review by the SEC of the Form 10 filed by CRC; execution of separation
and intercompany agreements; approval of the final terms by our board of
directors; inability of the separated businesses to operate
independently; global commodity pricing fluctuations; supply and demand
considerations for Occidental’s products; higher-than-expected costs;
the regulatory approval environment; reorganization or restructuring of
Occidental’s operations; not successfully completing, or any material
delay of, field developments, expansion projects, capital expenditures,
efficiency projects, acquisitions or dispositions; lower-than-expected
production from development projects or acquisitions; exploration risks;
general economic slowdowns domestically or internationally; political
conditions and events; liability under environmental regulations
including remedial actions; litigation; disruption or interruption of
production or manufacturing or facility damage due to accidents,
chemical releases, labor unrest, weather, natural disasters, cyber
attacks or insurgent activity; failure of risk management; changes in
law or regulations; or changes in tax rates. Words such as "estimate",
"project", "predict", "will", "would", "should", "could", "may",
"might", "anticipate", "plan", "intend", "believe", "expect", "aim",
"goal", "target", "objective", "likely" or similar expressions that
convey the prospective nature of events or outcomes generally indicate
forward-looking statements. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. Unless legally required, Occidental does not undertake any
obligation to update any forward-looking statements, as a result of new
information, future events or otherwise. Material risks that may affect
Occidental’s results of operations and financial position appear in Part
1, Item 1A "Risk Factors" of the 2013 Form 10-K. Occidental posts or
provides links to important information on its website at www.oxy.com.
Copyright Business Wire 2014