Occidental Won’t Drill Where Not Wanted in California
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Occidental Petroleum Corp. Chief Executive Officer Steve Chazen said the company’s California spinoff will have plenty of places to drill that won’t be hindered by a growing anti-fracking movement in the state.
The new company, which will be spun off to shareholders as California Resources Corp. by year end, won’t drill in communities that oppose oil and gas activity or hydraulic fracturing, known as fracking, Chazen said in a call with investors today. Occidental can avoid communities such as Beverly Hills, which have passed limits on fracking, he said.