Oxy names leadership team for California spinoff

HOUSTON — Occidental Petroleum Corp. today named two of its executives to leadership posts at California Resources Corp., a spinoff company that will focus on oil and gas exploration and production in California.

Todd Stevens, Oxy’s vice president for corporate development, will serve as president and chief executive officer of the new company.

William Albrecht, vice president of Occidental and president of Occidental Oil and Gas – Americas, will serve as chairman of the board.

“Todd and Bill are eminently qualified to lead CRC,” said Steve Chazen, Oxy’s president and CEO. “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.”

Los Angeles-based Occidental announced in February that it would move its California business into a separate company and move its headquarters to Houston. The new company is expected to complete its seperation from Oxy by the end of the year.

Stevens, 47, has worked for Occidental for 19 years. Albrecht, 62, has been with the company since 2007.

Company officials say they’re continuing to select the rest of California Resources Corp.’s board.