Occidental Permian is all about oil, Texas Tea. The company is the largest oil producer in Texas and has proved reserves in the Permian Basin of 1.2 billion barrels of oil equivalent. Nearly 60% of the oil Occidental Permian obtains comes from CO2 flooding, a procedure that is used when pumping and water injection no longer works. The company is a subsidiary of Occidental Oil and Gas (itself a subsidiary of Occidental Petroleum), and became the major player in the Permian Basin with the parent's acquisition of Altura Energy in 2000 for a reported $3.6 billion.
The company pursues a strategy of growth through the drill-bit, developing partnerships, and making complementary acquisitions. In 2005 Occidental Permian acquired Exxon Mobil's interests in the Dollarhide, Salt Creek, and Sharon Ridge fields.
In 2008 the company announced an deal with
SandRidge Energy to develop a hydrocarbon gas processing plant and pipeline infrastructure in West Texas that will provide CO2 for use by Occidental Permian in its enhanced oil recovery projects