California Resources FAQs
California Resources Reverse Stock Split
Effective May 31, 2016, California Resources Corporation (CRC) completed a reverse stock split. Every 10 shares issued and outstanding were automatically combined into one share of common stock. Trading on a post-split basis commences on June 1, 2016. Stockholders who hold their stock directly with our transfer agent, American Stock Transfer, and would otherwise receive fractional shares as a result of the reverse stock split will receive cash instead of such fractional share interests.
Our Compensation Committee approved proportionate adjustments to the number of shares, exercise price, grant price or purchase price relating to any award under our Long-Term Incentive Plan for CRC, using the same reverse split ratio.
More information on tax treatment of the Reverse Stock Split and IRS Form 8937 may be found below.
|2016 IRS Form 8937 for Reverse Stock Split|
California Resources Spin-Off
Effective November 30, 2014, Occidental Petroleum (OXY) completed a spin-off of the stock of California Resources Corporation (CRC), into an independent, publicly traded corporation. The spin-off was effectuated by way of a pro rata distribution of just over 80 percent of CRC’s outstanding common stock to holders of OXY common stock as of the November 17, 2014 record date. Each OXY stockholder received 0.4 shares of CRC common stock for each share of OXY common stock held by such stockholder on the record date. More information on the spin the 2014 cost basis calculation and IRS form 8937 may be found below.
The final share distribution in the spin-off of California Resources from our former-parent occurred on March 24, 2016 when Occidental Petroleum (OXY) distributed 71,500,000 shares to OXY stockholders of record as of February 29, 2016. Occidental estimated that stockholders would receive 0.094 shares of CRC for each share of OXY held on the record date. More information on the spin and special dividend fact sheet and tax basis may be found below.
|OXY Information 2016 Statement Special Dividend|
|2016 Guidelines for Cost Basis|
|2014 Guidelines for Cost Basis|
|2016 IRS Form 8937|
|2014 IRS Form 8937|