Occidental Petroleum Names Todd Stevens CEO Of California Resources

(RTTNews) - Occidental Petroleum Corp (OXY) Thursday named Todd Stevens as president and chief executive offficer of its subsidiary California Resources Corp, and William Albrecht as executive chairman of the board.

California Resources, the company said, would 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 California Resources," said Stephen Chazen, president and CEO of Occidental Petroleum. "They bring proven leadership abilities and more than 50 years of combined industry experience."

Stevens, a 19-year veteran of Occidental, has served as vice president, Corporate Development, since August 2012.

Albrecht has been president, Occidental Oil and Gas - Americas, and Vice President, Occidental Petroleum, since 2011. He joined the company in 2007 as VP, California Operations.

Occidental said it would continue planning for the separation of the businesses, including determining the board of directors for California Resources.