Summary
Occidental Petroleum Corporation (OXY) has filed a Form 8-K on June 5, 2014, to disclose the filing of a registration statement on Form 10 by its subsidiary, California Resources Corporation (CRC). This filing is a crucial step towards the previously announced spin-off of OXY's California oil and gas business into a new, publicly traded entity. Investors should note that the registration statement has not yet been declared effective by the SEC and remains subject to completion, meaning the spin-off is still in progress.
Key Highlights
- 1OXY's subsidiary, California Resources Corporation (CRC), filed a registration statement on Form 10 with the SEC.
- 2This filing is in preparation for the previously announced spin-off of OXY's California oil and gas business.
- 3The spin-off is intended to create a standalone, publicly traded company for the California operations.
- 4The Form 10 registration statement has not yet been declared effective by the SEC.
- 5The registration statement is subject to completion, indicating the spin-off process is ongoing.
- 6A press release dated June 5, 2014, regarding the Form 10 filing is included as an exhibit.