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Occidental’s California Unit Falls in Debut Amid Oil Rout

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For California Resources Corp., the Occidental Petroleum Corp. spinoff focused on producing oil and natural gas in that state, today wasn’t the best day to make its official trading debut.

The stock fell 12 percent to $7.11 at 3:31 p.m. in New York, giving the company a market capitalization of about $2.7 billion. Analysts estimated in February that the Los Angeles-based producer could be worth as much as $19 billion.