Leadership named for Oxy California independent spinoff

Occidental Petroleum Corp. has appointed Todd A. Stevens as president and chief executive officer and William E. Albrecht as executive chairman of its independent spinoff California Resources Corp. (CRC).

The spinoff, formation of which was first reported in February, will be an oil and natural gas exploration and production company focused on conventional and unconventional assets exclusively in California, where it will hold 2.3 million net acres (OGJ Online, Feb. 14, 2014).

Stevens, a 19-year veteran of Oxy, has served as vice-president, corporate development, since August 2012, overseeing mergers and acquisitions, land management, and worldwide exploration. During 2008-12, he served as vice-president, acquisition and corporate finance, and vice-president, California operations.

Albrecht joined the company in 2007 as vice-president, California operations, and has been president of Occidental Oil & Gas-Americas, and vice-president of Oxy since 2011. He was responsible for Oxy’s operations in North and South America, including its health, environment, and safety; government relations; and social responsibility activities.

Oxy says it will determine CRC’s board at a later date.