Occidental Petroleum Corporation (NYSE:OXY) announced that it has completed the spin-off of its subsidiary California Resources Corporation (NYSE:CRC) as an independent oil and natural gas exploration and production company operating exclusively in California.

“We spent more than 15 years building a California company, and we expect it to provide significant value to California Resources Corporation stockholders,” said Stephen I. Chazen, President and Chief Executive Officer.

To effect the spin-off, the companies were separated on November 30, 2014, through the distribution of approximately 80.5 percent of the outstanding shares of California Resources to holders of Occidental common stock.

Each Occidental shareholder received 0.4 shares of California Resources common stock for every one share of Occidental common stock held at the close of business November 17, 2014, the record date for the distribution, for a total of approximately 310 million shares. Occidental retained 71.5 million shares of the California company.

Headquartered in Houston, Occidental Petroleum is one of the largest U.S. oil and gas companies, based on equity market capitalization, with operations in the United States, Middle East/North Africa and Latin America.