Carl Icahn Exits Occidental Petroleum After Nearly Three Years

Carl Icahn exited a big bet on Occidental Petroleum Corp. , selling the last of what was once a roughly 10% stake in the oil-and-gas producer as its shares surge.

Mr. Icahn, who had been cutting the position, in recent days sold the remainder of it, according to a letter he sent to Occidental’s board Sunday. The move brings to a close one of Mr. Icahn’s most dramatic recent clashes, which began when he criticized Occidental for outbidding larger rival Chevron Corp. to strike a $ 38 billion deal to buy Anadarko Petroleum Corp. in May 2019.