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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, and vinyls.. It boasts proved reserves of around 3.8 billion barrels of oil equivalent, primarily from assets in the US, the Middle East, North Africa, and Latin America. Subsidiary Occidental Chemical (OxyChem) produces caustic soda, chlorine, and chlorinated isocyanurates, and ranks in the top three producer of polyvinyl chloride (PVC) resin in the United States. Occidental Petroleum's midstream and marketing units purchase, gather, process, transport, store, and market crude oil, natural gas, NGLs, condensate, and CO2, and generate and market power. In 2019, it acquired Anadarko for $55 billion.


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

The Oil and Gas segment accounts for more than 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 includes growth-oriented unconventional opportunities, and Permian EOR, which utilizes enhanced oil recovery techniques such as CO2 floods and waterfloods. Of its around 3.8 million BOE proved reserves, around 50% is oil, about 20% is NGLs (natural gas liquids), and more than 15% is natural gas. Its most significant assets are in the Permian Basin in Texas and in the Middle East.

The chemical segment (OxyChem) accounts for around 20% of sales and makes, and markets basic chemicals and vinyls. It owns and operates manufacturing plants at more than 20 domestic and two international sites in Canada and Chile. Products produced include chlorine, caustic soda, chlorinated organics, potassium chemicals, vinyl chloride monomers (VCM), and polyvinyl chloride (PVC).

The midstream and marketing segment brings in the remaining around 20% and gathers, processes, transports, stores, purchases, and markets oil, condensate, NGLs, natural gas, carbon dioxide (CO2) and power.

Geographic Reach

Occidental's strength is in its home US market, which accounts for over 75% of company sales, but it also has a significant international presence.

The company's US presence is focused on Texas and New Mexico, particularly the Permian Basin, which is the US' largest and most active oil basin and receives over 85% of Occidental's annual capital expenditures. Internationally, Occidental's strength is in the Middle East, which conducts operations in Oman, Qatar, UAE, and Colombia.

OxyChem owns and operates more than 20 manufacturing plants in Alabama, Georgia, Illinois, Kansas, Louisiana, Michigan, New Jersey, New York, Ohio, Tennessee, and Texas, and at two international sites in Canada and Chile.

The Midstream business has gas plants in Texas, New Mexico, Colorado, Pennsylvania, Rocky Mountains, and the UAE, pipelines and gathering systems in Texas, New Mexico, and Colorado, as well as Qatar, the UAE, Oman, and United States. It also has a power generation facilities in Texas and Louisiana.

The company's executive offices are in Houston, Texas.

Financial Performance

After declining in 2016, Occidental's revenue has been consistently rising. It has an overall growth of 63% for the last five years.

In 2019, the company's sales grew 14% to $20.4 billion. The increase in net sales in 2019 compared to 2018 was primarily due to higher domestic volumes related to the Acquisition, which added approximately $3.5 billion in net sales as well as increased production activity in Occidental's Permian Resources operations, partially offset by oil, NGL and natural gas prices in the oil and gas segment and lower realized caustic soda prices in the chemical segment.

The company suffered a $985 million net loss compared to the $4.1 billion profit from the previous year.

Occidental's coffers swelled by $541 million during 2019, ending the year at $3.6 billion. The company's operations generated $7.4 billion, while its investing activities used $29 billion and its financing activities generated $22.2 billion.


Occidental is focused on delivering a unique shareholder value proposition through continual enhancements to its asset quality, organizational capability and innovative technical applications that provide competitive advantages. Occidental's integrated business provides conventional and unconventional opportunities through which to grow value. Occidental aims to maximize shareholder returns through a combination of: Maintaining a sustainable and sector-leading dividend; Allocating capital to high-return, short-cycle and long-cycle, cash-flow generating opportunities across its integrated business; Generating free cash flow growth to reduce debt and return cash to shareholders; Achieving production growth rates of up to 5% over the long-term; and Maintaining a strong balance sheet to secure business and enhance shareholder value.

Occidental conducts its operations with a focus on sustainability, health, safety and environmental and social responsibility. Capital is employed to operate all assets in a safe and environmentally sound manner. Price volatility is inherent in the oil and gas business, and Occidental's strategy is to position the business to thrive in an up- or down-cycle commodity price environment.

In 2019, Occidental closed on its acquisition of Anadarko. The Acquisition added to Occidental's oil and gas portfolio, primarily in the Permian Basin, DJ Basin and Gulf of Mexico, as well as a significant economic interest in WES.

Mergers and Acquisitions

In 2019 Occidental acquired Woodlands-based, Anadarko Petroleum in a deal worth a total of $55 billion, displacing a bid from the much-larger Chevron. Occidental and Chevron were attracted by Anadarko's global portfolio and its Permian Basin holdings (640,000 net acres), one of the most productive oil regions in the world. The deal, when completed, would make Occidental the biggest player in the Permian. Occidental had wooed Anadarko for a stock-and-cash deal, before Chevron stepped in and offered more cash. Occidental regrouped and raised more cash (including $10 billion from Warren Buffett) to sweeten its bid. It also arranged the sale of Anadarko assets in Africa to total, raising a further $9 billion.

Occidental Petroleum Corporation

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

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: OXY
Stock Exchange: , NYSE
Chairman: Eugene L. Batchelder
SVP and CFO: Cedric W. Burgher
President, CEO, and Director: Vicki A. Hollub
Employees (This Location): 1,000
Employees (All Locations): 14,400

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
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
Houston, 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