Occidental Petroleum Announces Regular Quarterly Dividend
Occidental Petroleum Corporation (NYSE: OXY) said that its Board of Directors has declared a regular quarterly dividend as well as a special stock dividend for the common stock of California Resources Corporation (NYSE: CRC).
The Board declared a regular quarterly dividend of $.75 per share on common stock payable on April 15, 2016, to stockholders of record as of March 10, 2016, the record date for the cash dividend. Occidental has paid quarterly cash dividends continuously since 1975 and has increased its dividend each year since 2002. The current annual rate is $3.00 per share.
The Board also declared a special stock dividend of all 71,500,000 shares of common stock of CRC owned by Occidental as the final step of the spin-off of CRC. The special stock dividend will be made on March 24, 2016, to stockholders of record as of February 29, 2016. Occidental estimates that stockholders will receive 0.094 shares of CRC common stock for each share of Occidental common stock owned, though the final ratio will not be known until February 29, 2016. Fractional shares of CRC common stock will not be issued, and will instead be aggregated and sold in the open market, with the net cash proceeds to be distributed ratably to stockholders who would have otherwise received fractional shares.
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