Occidental Petroleum’s $20 Billion Bet on a California Revival (DividendChannel)
Oil and gas explorer, Occidental Petroleum (OXY), plans to separate its California-based, crude exploration assets in yet another move to return the state to the top of America’s energy production heap. Once on its own, this $20 billion exploration company will maintain a workforce of 8,000 employees and produce almost one-fifth of the state’s oil by focusing on the vast Monterey shale deposit. This area is the size of Delaware and boasts double the natural resources of Texas and North Dakota combined. Perhaps in anticipation of the profit ahead, OXY just increased its dividend to 72 cents a share – a 12 percent increase over the previous dividend yield. You may want to tap into this revenue stream now, so when OXY takes off in the coming year, you’re there to collect every drop of profit.
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