Monday, February 17, 2014

Occidental Petroleum to move HQ to Houston, spin off California assets

And the biggest news so far:

Occidental Petroleum, the longtime Los Angeles-based energy giant, announced Friday that it would move its headquarters to Houston and spin off its California assets into a separate company.

The latest move is part of the company's strategic overhaul as it seeks to bolster its profitability and share price after falling behind competitors in recent years.

The move signals the end of a storied run for Occidental in Los Angeles, where it was founded nearly a century ago and grew into the nation's fourth-largest oil company.

"Creating two separate energy companies will result in more focused businesses that will be competitive industry leaders," Occidental Chief Executive Stephen Chazen said in a Friday statement.

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