Summary
Occidental Petroleum Corporation (OXY) has filed an 8-K report detailing the final step in the spin-off of its subsidiary, California Resources Corporation (CRC). On March 1, 2016, Occidental issued an Information Statement concerning a special stock dividend of all its 71,500,000 shares of CRC common stock. This dividend is scheduled to be distributed on March 24, 2016, to shareholders of record as of February 29, 2016. The Information Statement provides crucial details for investors regarding the terms of the distribution, potential tax implications, and further information about CRC and its stock.
Key Highlights
- 1Occidental Petroleum is completing the spin-off of California Resources Corporation (CRC) through a special stock dividend.
- 2All 71,500,000 shares of CRC common stock owned by Occidental will be distributed.
- 3The distribution date for the special stock dividend is March 24, 2016.
- 4Shareholders of record on February 29, 2016, are eligible to receive the CRC shares.
- 5An Information Statement has been issued, providing detailed terms of the distribution.
- 6The Information Statement covers important aspects like tax consequences and information about CRC.
Frequently Asked Questions
The main purpose is to inform investors about the final step in Occidental Petroleum's spin-off of California Resources Corporation (CRC), which is being executed through a special stock dividend of CRC shares to Occidental shareholders.
Shareholders of Occidental Petroleum who were record holders as of February 29, 2016, will receive the special stock dividend of CRC shares on March 24, 2016.
The Information Statement provides a comprehensive overview of the distribution, including the specific terms of the dividend, important tax consequences for shareholders, and additional details about California Resources Corporation and its common stock.
Occidental Petroleum is distributing all 71,500,000 shares of California Resources Corporation common stock that it owns.