Occidental Petroleum Corp.’s plan to separate its $16 billion oil and natural gas business in California as part of a restructuring effort may have hit a snag: some shareholders aren’t that interested.
Occidental Petroleum Corp., the largest oil producer in the contiguous U.S., will sell a minority stake in its Middle East and North Africa operations and dispose of other assets to boost shareholder value.
Occidental Petroleum Corp.’s proposal to split its U.S. and foreign businesses is pressuring more oil companies to follow suit, as the allure of breakups to create more than $100 billion of market value entices investors.
Occidental Petroleum Corp., the largest oil producer in the continental U.S., has begun looking for suitors to take a minority stake in its Middle East unit for as much as $8 billion, said people with knowledge of the matter.
Hess Corp.’s shareholder revolt is taking aim at long-time directors with close ties to the company’s founding family, including two executors of the estate of Leon Hess, who led the oil producer for six decades.
Refiners including Tesoro Corp. and Valero Energy Corp. fell on speculation by Deutsche Bank that a win by Republican presidential candidate Mitt Romney may threaten restrictions on U.S. crude exports.
Occidental Petroleum Corp., transformed by longtime leader Ray Irani into a global oil powerhouse from a hodgepodge of businesses that included movies and meatpacking, is set to undergo another makeover after the chairman’s ouster by shareholders.