About Occidental Petroleum Corporation

Harnessing its heritage of Western technical know-how, Occidental Petroleum engages in oil and gas exploration and production and makes basic chemicals, plastics, and petrochemicals. It boasts proved reserves of 2.4 billion barrels of oil equivalent, primarily from assets in the US, the Middle East, North Africa, and Latin America. Subsidiary Occidental Chemical (OxyChem) produces acids, chlorine, and specialty products, and owns Oxy Vinyls, the #1 maker of polyvinyl chloride (PVC) resin in North America. Occidental Petroleum's midstream and marketing units gather, treat, process, transport, store, trade, and market crude oil, natural gas, NGLs, condensate, and CO2 , and generate and market power.


Occidental's principal businesses consist of three segments: Oil and Gas, Chemical, and Midstream and Marketing.

The Oil and Gas segment accounts for some 60% of total sales and explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas. It operates through two units: Permian Resources, which exploits unconventional resources, and Permian EOR, which uses techniques such as CO2 floods and waterfloods. Of its 2.4 million boe proved reserves, around 55% is oil, over 25% natural gas, and over 15% NGLs (natural gas liquids). Its most significant assets are in the Permian Basin in Texas and in the Middle East.

The chemical segment (OxyChem) accounts for about 35% of sales and makes and markets basic chemicals and vinyls. It owns and operates manufacturing plants at 23 domestic and two international sites. Products produced include chlorine, caustic soda, chlorinated organics, potassium chemicals, vinyl chloride monomers, and PVC.

The midstream and marketing segment brings in the remaining +5% and gathers, processes, transports, stores, purchases, and markets oil, condensate, NGLs, natural gas, carbon dioxide (CO2) and power. It has gas plants in Texas, New Mexico, and the UAE, pipelines in Texas, New Mexico, Oklahoma, and Colorado, as well as Qatar, the UAE, and Canada. It also has a crude terminal in Texas and power and steam generation facilities in Texas and Louisiana.

Geographic Reach

Occidental's strength is in its home US market, which accounts for over 60% of company sales, but it also has a significant international presence.

The company's US presence is focused on Texas and New Mexico. Internationally, Occidental's strength is in the Middle East, particularly Oman and Qatar, which both account for over 10% of revenue, and the UAE, which brings in over 5%. Occidental also makes 5% of total sales in Colombia.

OxyChem owns and operates 23 manufacturing plants in Alabama, Georgia, Illinois, Kansas, Louisiana, Michigan, New Jersey, New York, Ohio, Pennsylvania, Tennessee, and Texas, and at two international sites in Canada and Chile.

Sales and Marketing

From time to time, Occidental purchases oil, NGLs, power, steam and chemicals from (and sells oil, NGLs, gas, chemicals and power) to certain of its equity investees and other related parties at market-related prices.

Financial Performance

Occidental's revenue has nearly halved since the oil price collapsed in 2014.

In fiscal 2016, sales fell a further 19% to $10.1 billion largely due to lower average oil prices and production across the year versus 2015.

The company lost $574 million in 2016, a significant improvement on the eye-watering loss of $7.8 billion the previous year. The primary difference was the absence from the books of $3.5 billion and $5.0 billion impairments of producing assets in the US and Middle East. Also factored into the results are net income of $571 million in the Chemicals segment, a 5% increase on the previous year, due to gains on asset sales; and a loss of $381 million in Midstream and Marketing due to contract terminations and lower sales.

Cash from operations was largely unchanged at $3.4 billion as lower sales was offset by lower operating costs and $325 million in federal and state tax refunds.


As with many of its industry peers, Occidental's finances were hit hard by the oil price crash, with the company incurring consecutive years of heavy losses.

However, its response was somewhat different -- while Texas alone has seen about 100,000 jobs cut in the oil and gas industry, Occidental retained the vast majority of its workforce in the hope that it will be in a far stronger position once oil prices rise than its competitors. It reduced its use of contractors and sent out employees that would otherwise be in line for cuts to work in their stead. Occidental made cutbacks in other ways: it cut capital spending, capped bonuses, and sold land in North Dakota, Colorado, and the Middle East. It sold Pieceance Basin in Colorado for $153 million and its South Eagle Ford non-operated properties for $63 million

Mergers and Acquisitions

In 2016, Occidental spent $2.0 billion on interests in several enhances oil recovery and CO2 properties in the Permian Basin. The acquisition further strengthens its position in the oil-rich region.

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Occidental Petroleum Corporation

5 Greenway Plz Ste 110
Houston, TX 77046-0521
Phone: 1 (713) 215-7000
Fax: 1 (310) 443-6340


  • Employer Type: Public
  • Stock Symbol: OXY
  • Stock Exchange: NYSE
  • President, CEO, and Director: Vicki A. Hollub
  • SVP and CFO: Cedric W. Burgher
  • President, CEO, and Director: Vicki A. Hollub
  • 2016 Employees: 11,000

Major Office Locations

  • Houston, TX

Other Locations

  • Chickasaw, AL
  • Muscle Shoals, AL
  • Bakersfield, CA
  • Augusta, GA
  • Columbus, GA
  • Chicago, IL
  • Lisle, IL
  • Sauget, IL
  • Liberal, KS
  • Ulysses, KS
  • Wichita, KS
  • Convent, LA
  • Hahnville, LA
  • Luling, LA
  • Ludington, MI
  • Castle Hayne, NC
  • Dickinson, ND
  • Carlsbad, NM
  • Hobbs, NM
  • Lovington, NM
  • Grand Island, NY
  • New York, NY
  • Niagara Falls, NY
  • North Tonawanda, NY
  • Cincinnati, OH
  • Medina, OH
  • El Reno, OK
  • Guymon, OK
  • Tulsa, OK
  • Chalfont, PA
  • Downingtown, PA
  • Gibsonia, PA
  • Pittsburgh, PA
  • Pottstown, PA
  • Columbia, TN
  • Ducktown, TN
  • New Johnsonville, TN
  • Addison, TX
  • Andrews, TX
  • Austin, TX
  • Big Spring, TX
  • Corpus Christi, TX
  • Cypress, TX
  • Dallas, TX
  • Deer Park, TX
  • Denver City, TX
  • Gregory, TX
  • Ira, TX
  • La Porte, TX
  • Laredo, TX
  • Levelland, TX
  • Loop, TX
  • Mcallen, TX
  • Midland, TX
  • Navasota, TX
  • Odessa, TX
  • Pasadena, TX
  • Seminole, TX
  • Snyder, TX
  • Sundown, TX
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