Occidental Petroleum names California Resources Corp leadership team

Posted on 11 July 2014

Occidental Petroleum Corp has announced the leadership team for its subsidiary, California Resources Corp (CRC), and named Todd A. Stevens as President and CEO and William E. Albrecht as Executive Chairman of the Board. CRC will be an independent oil and natural gas exploration and production company focused on high-growth, high-return conventional and unconventional assets exclusively in California. “Todd and Bill are eminently qualified to lead CRC,” said Stephen I. Chazen, President and CEO for Occidental Petroleum. “They bring proven leadership abilities and more than 50 years of combined industry experience. Both have played an important part in building and managing our California operations for over 15 years.”

Mr Stevens, a 19-year veteran of Occidental, has served as VP of Corporate Development since August 2012. In this role, he led the company’s growth-focused initiatives, including mergers and acquisitions, land management and worldwide exploration, and has played a key role in the capital allocation process. From 2008 to 2012, Mr Stevens was VP of Acquisition and Corporate Finance and VP of California Operations for Occidental.

Mr Albrecht has been President of Occidental Oil and Gas – Americas and VP of Occidental Petroleum Corp since 2011. With more than 35 years of industry experience, Mr Albrecht was responsible for Occidental’s oil and gas operations in North and South America, including its HSE, government relations and social responsibility activities. He joined the company in 2007 as VP of California Operations.

Occidental will continue to plan for the separation of the businesses. The spinoff of CRC from Occidental is subject to market conditions, customary regulatory approvals, receipt of an affirmative IRS ruling, execution of separation and intercompany agreements, acceptance of the new company’s stock for listing and final approval by the board of directors.

Leave a Reply

*

FEATURED MICROSITES


Recent Drilling News

  • 30 January 2015

    Chevron, BP, ConocoPhillips advancing Paleogene discoveries in deepwater GOM

    Chevron and BP will collaborate with ConocoPhillips to explore and appraise 24 jointly-held offshore leases in the northwest portion of Keathley Canyon...

  • 29 January 2015

    PetroQuip deploys BigFoot toe sleeve in Anadarko Basin

    PetroQuip Energy Services successfully implemented its revolutionary toe sleeve, BigFoot, in a recent horizontal completion for an independent operator...

  • 27 January 2015

    US EIA: Lower 48 oil production outlook stable despite expected rig count reduction

    The sharp decline in oil prices over Q4 2014, which has continued in January, is already having a significant effect on drilling activity in the US, according...

  • 27 January 2015

    Hess announces 2015 capital, exploratory budget

    Hess Corp announced a 2015 capital and exploratory budget of $4.7 billion, a 16% reduction from its 2014 actual spend of $5.6 billion. Of this, $2.1 billion (45%) is budgeted for unconventional shale resources...

  • 26 January 2015

    Young professionals program at SPE/IADC Drilling Conference to target future leaders of the industry

    The oil and gas industry is constantly looking to the future. Whether this comes in the form of pushing the limits of pressure...

  • Read more news