Occidental Petroleum Corp.

Company Overview

Occidental Petroleum Co. was founded in 1920 and made its first major natural gas discovery in California’s Sacramento Valley in 1961. A majority of Occidental’s worldwide oil production is in the U.S., concentrated in the Permian Basin (where Occidental is the largest oil producer), California, Colorado and Kansas. Occidental’s international oil and gas exploration and production activities are concentrated in the Middle East (Bahrain, Libya, Oman, Qatar, UAE, Yemen) and South America (Argentina, Bolivia, Colombia). Other operating segments besides oil and gas E&P include midstream transportation and marketing of crude oil, natural gas, natural gas liquids and CO₂; and the production of chemicals and materials from petroleum stocks (through the company OxyChem). As of 2021, Occidental has around 11,678 employees worldwide. In 2014, the company completed a spin-off of its California oil and gas business into an independent, publicly traded company, California Resources Corp. In 2019, company acquired Anadarko Petroleum Corp. for $55 billion.

Occidental Petroleum Co.’s Midstream, Marketing and Other business segments include operations relating to the gathering, treatment, processing, transportation, storage, marketing and sale of crude oil, natural gas, natural gas liquids, condensates, carbon dioxide and electrical power generated through its operations. Occidental’s Energy Marketing department manages the company’s CO₂ natural source fields, source-related facilities and supply pipelines, which Occidental heavily relies upon for oil production in its Permian Basin assets. Occidental is also a supplier of CO₂ to other regional CO₂-EOR project operators.

Financial Highlights (FY 2024)

Company's Business Segments

• Oil and Gas : This segment focuses on long-term value creation in the key performance of total spend per barrel, field operability, daily production, leadership through the company's HSE, and sustainability initiatives.
• Chemicals : This segment concentrates on the chlorovinyls chain, beginning with the co-production of caustic soda and chlorine. 
• Midstream and Marketing : This segment strives to maximize value by optimizing the usage of its gathering, processing, transportation, storage, and terminal commitments by offering the oil and gas segment access to domestic and international markets.