Oxy names CEO of California spinoff

Spinoff: Oxy names execs of California subsidiary

Occidental Petroleum has appointed a couple of company veterans to head the planned spinoff of its California business unit.

The subsidiary, which will be known as California Resources, will be helmed by new chief executive Todd Stevens. The 47-year-old has been with Oxy for 19 years and has served as vice president of corporate development since August 2012.

He previously worked as the company's vice president of California operations.

Oxy also named 62-year-old William Albrecht the executive chairman of the board. Albrecht, a 35-year oil and gas veteran, served as president of Occidental's Americas unit since 2011. He joined Occidental in 2007 as vice president of California operations.

Chief executive Stephen Chazen said the two are "eminently qualified" to lead the spinoff.

"They bring proven leadership abilities and more than 50 years of combined industry experience," Chazen said. "Both have played an important part in building and managing our California operations for over 15 years."

Oxy announced the spinoff of its California assets in February this year, and plans to relocate the parent's headquarters from Los Angeles to Houston.

Had it been its own company last year, California Resources would have pumped an average of 154,000 barrels of oil equivalent per day from its total 2.3 million-acre land position.

The California company will focus on "high-growth, high-return conventional and unconventional assets" exclusively in the Golden State.

The spinoff still awaits regulatory approval.

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