Oxy's California spinoff names CFO

New exec: Oxy looks outside for spinoff CFO

Occidental Petroleum's California spinoff has added another executive to its leadership core, appointing a chief financial officer from outside the company's ranks.

Mark Smith, formerly of Ultra Petroleum, will take over as senior executive vice president and chief financial officer for California Resources following its separation from Oxy.

The appointment follows news last week that Oxy had named company veterans Todd Stevens and William Albrecht to the roles of chief executive and executive chairman of the board, respectively.

Smith has spent 32 years in the oil and gas industry, most recently working as the senior vice president and chief financial officer at Houston-based Ultra. A petroleum engineer by trade, he has spent his career working in operations, strategic planning, corporate finance and business development, as well as mergers, acquisitions and corporate finance advisory.

He served as vice president of upstream business development at Constellation Energy from 2004 to 2005 and as vice president of business development at JM Huber Energy for the two years before that.

"His background in corporate finance combined with expertise in petroleum engineering and deep understanding of operating independent oil and gas companies will be a tremendous asset to the company," Stevens said in a statement.

California Resources 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.

The spin-off from Occidental is subject to market conditions and regulatory approval. Oxy will move its headquarters to Houston from Los Angeles once the California separation is complete.

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