HOUSTON — Occidental Petroleum Corp. Friday announced its plans to move the company to Houston and spin off another business that will be based in California.
Occidental is currently based in Los Angeles, though it has a large presence in Houston.
It’s not yet clear how many jobs may be relocated to Houston as part of the shift. The existing company will have exploration and production operations in the Permian Basin and elsewhere in Texas, as well as the Middle East and Colombia. It also will include the firm’s midstream and marketing business, as well as its chemical subsidiary OxyChem.
The new company will have 8,000 employees in California and focus on its major operations in potential oil and gas basins in Los Angeles, San Joaquin, Ventura and Sacramento.