NEW YORK (Bloomberg) -- Occidental Petroleum Corp.’s California spinoff is being valued at about $3.27 billion based on early trading last week, less than analysts had expected, amid falling crude prices. So-called when-issued shares in California Resources Corp. closed on Nov. 14 at $8.45 in New York, with more than 12 million shares traded. The Los Angeles-based company’s stock is scheduled to begin trading publicly on Dec. 1 on the New York Stock Exchange under the symbol CRC. There will be about 387 million shares outstanding, based on company comments last month.
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Occidental spinoff trades indicate lower-than-expected value
![Occidental spinoff trades indicate lower-than-expected value]()
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