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Occidental Petroleum to spin off California assets

Feb 14 (Reuters) - Oil and gas producer Occidental Petroleum Corp said it would spin off its California assets into a separately traded company, creating the state's largest natural gas producer.

Occidental said the new company, which would hold 2.3 million net acres, would have major operations in the state's high-potential oil and gas basins, including Los Angeles, San Joaquin, Ventura and Sacramento.