Occidental Shares Tumble on California City Drill Ban
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Occidental Petroleum Corp., the oil producer planning to spin off its California business by early next year, fell the most in two months after a city in Los Angeles County imposed a moratorium on new drilling.
The city council of Carson, California, on March 18 unanimously voted to impose a 45-day hold on oil and natural gas activity and halt negotiations on development of about 200 wells until Occidental completes the spinoff. Carson is the third local government in the state since September to seek restrictions on drilling.