OREANDA-NEWS. October 15, 2014. Occidental Petroleum Corporation (NYSE: OXY) announced that its Board of Directors declared a regular quarterly dividend, authorized the spin-off of its California oil and gas business and increased the company’s share repurchase program.

The Board declared a regular quarterly dividend of USD.72 per share on common stock payable on January 15, 2015, to stockholders of record as of December 10, 2014. Occidental has paid quarterly dividends continuously since 1975 and has increased its dividend each year since 2002. The current annual rate is USD 2.88 per share.

The Board approved the spin-off of subsidiary California Resources Corporation through the distribution of approximately 80.1 percent of the outstanding shares of California Resources to holders of Occidental common stock. Subject to the satisfaction of the conditions to the spin-off, the distribution is expected to occur on November 30, 2014. Occidental shareholders will receive 0.4 shares of California Resources common stock for every one share of Occidental common stock held at the close of business November 17, 2014, the record date for the distribution. Fractional shares of California Resources common stock will not be distributed. Any fractional shares of California Resources common stock will be aggregated and sold in the open market and the aggregate net proceeds of the sales will be distributed ratably in the form of cash payments to Occidental stockholders of record who would otherwise be entitled to receive a fractional share of California Resources common stock.

The Board also authorized the repurchase of an additional 60 million shares of the company’s common stock, leaving the program with 76 million shares, as of September 30, 2014. Share repurchases will continue to be funded from available cash from operations, excess cash on hand and proceeds from asset sales as part of the previously announced strategic review, including a dividend of approximately USD6 billion from California Resources to Occidental. The program does not require purchases to be made within a particular timeframe.