Occidental Petroleum splintering and moving its headquarters to Houston

Houston Business Journal reports:

Los Angeles-based Occidental Petroleum Corp. (NYSE: OXY) announced early Friday that it is splintering off into two companies and moving its headquarters to Houston.

The oil and gas exploration and production company is separating to create a new company that will oversee its existing California assets as the state's largest natural gas producer.

Occidental is reportedly the largest oil producer in Texas and already maintains its oil and gas operations and energy marketing offices in Houston at Greenway Plaza. The company extended its lease in Greenway Plaza in March of 2013.

But the change announced Friday will move the overall headquarters from Los Angeles to Houston.

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