The Board of Occidental Petroleum Corporation (NYSE:OXY) announced the spin-off of California Business to the shareholders of Occidental Petroleum Corporation on February 14, 2014. As of year ended December 31, 2013, EBIT of $1.49 billion, EBITDA of $2.62 billion and revenues of $4.3 billion were reported for California business. The transaction has been authorized by the Board of Directors of Occidental Petroleum and the separation is subject to market conditions, customary regulatory approvals including the sufficiency of a Form 10 filing with the SEC, Occidental Petroleum shall have received cash dividends, execution of intercompany agreements, acceptance of the new company's stock for listing, Registration Statement on Form 10 for California Resources common stock being declared effective by the U.S. Securities and Exchange Commission and final approval by the Board of Directors. The management team for the California business is expected to be announced in the third quarter of 2014 and the separation completed by the end of 2014 or the early part of 2015. On June 18, 2014, California Resources Corporation filed form 10. As on July 10, 2014, Occidental Petroleum announced the leadership team for California Resources Corporation appointing Todd A. Stevens as President and Chief Executive Officer, and William E. Albrecht as Executive Chairman of the Board.

As on September 3, 2014, California Resources Corporation plans to offer $5 billion in aggregate principal amount of its senior notes in a private placement in order to raise funds to make a cash distribution to Occidental with respect to the transaction. As on February 14, 2014, Occidental Petroleum Corporation's Board of Directors has approved the spin-off of its California Resources Corporation. Occidental shareholders will receive 0.4 shares of California Resources common stock for every one share of Occidental common stock held at the close of business November 17, 2014, the record date for the distribution. Occidental will retain approximately 19.9%ownership interest in California Resources for a period of up to 18 months. California Resources has been approved to list its shares of common stock on the New York Stock Exchange under the symbol “CRC”. Other Board members will include Justin A. Gannon, Ronald L. Havner, Harold M. Korell, Richard W. Moncrief, Avedick B. Poladian and Robert V. Sinnott. Distribution is expected to occur on November 30, 2014. An agreement was signed on November 25, 2014.

Art Robinson, Lesley Peng, Justin Hoffman, Lia Toback, Xavier Kowalski, Chinh Vo, Robert Rabalais, Brian Minyard, Roald Nashi, Matthew Farrell, David Teigman, Joo Hyun Lee, Jonathan Cantor, Andrew Purcell, Noah Metz, Jodie Sopher Pimentel, Tim Mulvihill, Linda Daugherty, Stanley Mitchell and Jennie Getsin of Simpson Thacher & Bartlett LLP acted as legal advisors to Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, other lead arrangers, JPMorgan Chase Bank, N.A. and other lenders. Evercore Partners Inc. acted as financial advisor to Occidental Petroleum. Vinson & Elkins LLP acted as legal advisor for Occidental Petroleum. JPMorgan Chase & Co. acted as financial advisor for Occidental Petroleum Corporation. BofA Merrill Lynch acted as financial advisor for the transaction.

The Board of Occidental Petroleum Corporation (NYSE:OXY) completed the spin-off of 80.5% stake in California Business to the shareholders of Occidental Petroleum Corporation for $2.6 billion on November 30, 2014.