About OCCIDENTAL PETROLEUM CORPORATION OF CALIFORNIA

It is not an accident that Occidental Oil & Gas Corporation is one of the largest independent oil and gas producers in the world. The company, a subsidiary of Occidental Petroleum, has a three-pronged approach to making money from gas and oil -- acquisitions, exploration, and enhanced oil recovery. Occidental Oil & Gas has large, long-lived assets concentrated in the US, the Middle East, and Latin America. The company is the top oil producer in the Permian Basin (Kansas, New Mexico, Oklahoma, and Texas), the largest natural gas producer in California, and a major player in Piceance Basin and a handful of US shale plays.

Geographic Reach

The company has oil and gas assets in the US, the Middle East, and Latin America. It holds 8.2 million net acres of properties in the US (74 % leased, 25% owned subsurface mineral rights, and 1% owned land with mineral rights), including 2.2 million net acres in California.

Its US operations are located in California, Colorado, Kansas, New Mexico, North Dakota, Oklahoma and Texas. Occidental has interests that are operated under PSCs or similar contracts in Bahrain, Iraq, Libya, Oman, Qatar and Yemen. Occidental Oil & Gas is investing heavily in the Dolphin Project, the leading cross-border natural gas project in the Middle East/Gulf region (Qatar and the UAE). It also has active projects in Abu Dhabi and Yemen.

Operations

The company operates as a part of the oil and gas segment of Occidental Petroleum. The segment contributed about 78% of the total revenues of the parent company in 2013.

Occidental Oil & Gas manages its Permian Basin operations through two business units: Permian EOR (enhanced oil recovery), which includes CO2 and waterfloods, and Permian Resources, which includes growth-oriented unconventional opportunities. The company's share of production in the Permian Basin was 212,000 barrels of oil equivalent per day in 2013.

Its California operations include interests in the San Joaquin Valley, the Wilmington and other fields in the Los Angeles Basin, and the Ventura and Sacramento Basins (154,000 barrels of oil equivalent per day in 2013). Occidental holds more than 2.3 million net acres in the Midcontinent region (including 1.4 million net acres in n the Hugoton area and  168,000 net acres in the Piceance area). It holds 176,000 net acres in South Texas (including 4,000 net acres in the Eagle Ford Shale). In addition Occidental Oil & Gas holds 335,000 net acres of oil-producing and unconventional properties in the Williston Basin's Bakken, Three Fork, and Pronghorn formations.

The company's average daily oil and gas production volumes were 763,000 barrels of oil equivalent in 2013, compared to 766,000 barrels of oil equivalent in 2012. 

Strategy

Occidental Oil & Gas looks to increase its oil and gas production profitably and add new reserves while minimizing costs incurred for finding and development of such reserves. It is focused on providing capital to fully develop areas where reserves are known to exist and increase production from mature and underdeveloped fields and from unconventional acreage.

The company is reducing its drilling capital for gas in light of higher oil prices and lower gas prices in recent years. Reflecting a commitment to produce higher priced commodities (oil and NGLs), in 2013 its US oil and NGL production increased by 11,000 barrels of oil equivalent and 4,000 barrels of oil equivalent, respectively, while gas production decreased by 33 billion cu ft. of natural gas equivalent.

Mergers and Acquisitions

Looking to strengthen its position in prolific US oil gas basins, in 2012 the company paid $2.3 billion for properties in the Permian Basin, the Williston Basin, California, and South Texas.

Company Background

Expanding internationally, in 2011 Occidental Oil & Gas acquired 40% of the Al Hosn gas project in Oman, teaming up with Abu Dhabi National Oil Company (ADNOC) in a 30-year joint venture deal. Occidental Oil & Gas’ 2012 capital expenditures for this oil and gas project were $1.2 billion.

The company has been divesting smaller, widely-dispersed non-core assets and acquiring several major assets in California and the Permian Basin. In 2008 it also acquired $1.2 billion of assets in the Permian and Piceance basins from Plains Exploration & Production.

Occidental Oil & Gas was founded in 1977.

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OCCIDENTAL PETROLEUM CORPORATION OF CALIFORNIA

10889 Wilshire Blvd
Los Angeles, CA 90024-4213
Phone: 1 (310) 208-8800
Fax: 1 (310) 322-7457
www.oxy.com/Our_Businesses/oil_and_gas/Pages/default.aspx

Stats

  • Employer Type: Subsidiary
  • Chief Accountant: Olga Martinez
  • President, Eastern Hemisphere: R. Casey Olson
  • Managing Director: Gilbert Ruegg

Major Office Locations

  • Los Angeles, CA

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