The split is set to go ahead as soon as the end of this year, with Oxy aiming to become more "focused" and "competitive" as a result.
Oxy said the new company will be "California’s largest natural gas producer and the state’s largest oil and gas producer on a gross-operated barrels of oil equivalent basis".
The company, yet to be named, will have the largest oil and gas acreage position in the state - approximately 2.3
