Occidental Petroleum
American multinational energy company focused on oil and gas production, chemicals, pipelines, and carbon-management technologies.
Last updated November 4, 2026
AI crawler reads
4requests
1companies- Anthropic4
- Profile
- 2
- Controversies
- 2
- JSON · MD
- 0
- First read
- Nov 4, 2026
- Latest read
- Nov 4, 2026
From this site's server log
Overview
Occidental Petroleum Corporation, commonly known as Oxy, is a publicly traded American energy company headquartered in Houston, Texas. Founded in Los Angeles in 1920, it has developed from a diversified natural-resources and industrial group into a company centered primarily on hydrocarbon exploration and production, chemical manufacturing, and carbon-management technologies. Its ticker symbol, OXY, is also the origin of the Oxy shorthand used in the company’s branding. The company’s upstream business is concentrated in the United States and the Middle East, with additional interests in selected Latin American projects. The Permian Basin is its most important operating region and has been expanded through acquisitions, asset exchanges, unconventional drilling, and enhanced oil recovery using injected carbon dioxide. Occidental has also maintained production-sharing and joint-venture interests in Oman, Qatar, and the United Arab Emirates. Historically, it operated or held interests in countries including Libya, Colombia, Peru, Venezuela, Bolivia, Trinidad, and the United Kingdom. Occidental’s chemical activities were built through the 1968 acquisition of Hooker Chemical Company and later expanded through businesses producing chlor-alkali products, vinyls, solvents, polymers, and other industrial chemicals. The inherited Hooker operations made the company closely associated with the Love Canal contamination controversy and with broader questions concerning industrial environmental responsibility. Chemical operations have also generated remediation obligations at sites such as Copper Basin in Tennessee and the Bayou Corne sinkhole area in Louisiana. Armand Hammer’s leadership from 1957 until his death in 1990 shaped Occidental’s international expansion, political profile, and diversification. During the 1980s and 1990s, the company disposed of several non-core businesses, including meatpacking and coal, and progressively returned its focus to energy. Under Ray R. Irani, Occidental emphasized oil and gas and grew substantially, although executive compensation became a subject of shareholder criticism. Stephen I. Chazen succeeded Irani as chief executive in 2011, followed by Vicki Hollub in 2016. Hollub became the first woman to lead a major United States oil and gas company. A defining strategic move was the 2019 acquisition of Anadarko Petroleum. The transaction increased Occidental’s exposure to the Permian Basin and brought additional international and midstream interests, but it also substantially increased debt and created significant integration and financing challenges. Berkshire Hathaway provided $10 billion in preferred-equity financing connected with the transaction and received associated warrants. Occidental subsequently pursued asset sales and debt-reduction measures. Alongside conventional oil and gas production, Occidental has promoted carbon capture, utilization, and storage. It has used carbon dioxide injection for enhanced oil recovery and has invested in direct-air-capture technology through its subsidiary 1PointFive. In 2023, it acquired Carbon Engineering, a direct-air-capture developer. The company has also explored lower-carbon power options for carbon-removal facilities, including a memorandum of understanding with TAE Technologies concerning potential fusion-generated electricity and heat. Occidental remains an active integrated energy company whose identity combines large-scale petroleum production, industrial chemicals, and carbon-management ambitions. Its present strategic tension is between maintaining substantial fossil-fuel production, particularly in the Permian Basin, and developing technologies intended to reduce or remove atmospheric carbon dioxide. The company’s history also includes major acquisitions, international expropriation disputes, environmental liabilities, and the Piper Alpha disaster, which occurred on a platform operated by an Occidental subsidiary in 1988 and remains one of…
History
Occidental Petroleum was established in Los Angeles in 1920. Its major transformation began in 1957, when Armand Hammer acquired a controlling interest and became president and chief executive. During the 1960s, Occidental expanded internationally and entered countries including Peru, Venezuela, Bolivia, Trinidad, the United Kingdom, and Libya. The 1961 discovery of the Lathrop Gas Field in California helped establish the company as a significant exploration business. In 1965, it obtained exploration rights in Libya, where its operations later became subject to nationalization and United States sanctions. Occidental diversified beyond petroleum during the late 1960s. In 1968, it acquired Hooker Chemical Company, inheriting chemical manufacturing assets and extensive environmental liabilities associated with the Love Canal disposal site in New York. The company also explored oil shale and pursued large international commercial initiatives. In the 1970s, Hammer-linked companies negotiated a proposed phosphate and natural-gas trade with the Soviet Union. Occidental also planned an oil refinery at Canvey Island in England, but the project was abandoned during the energy crisis. Libya nationalized part of Occidental’s assets in 1973. A subsequent long-term agreement gave the Libyan government the dominant share of production, while Occidental retained a minority interest. The company suspended Libyan operations in 1986 after United States sanctions, and it returned to the country after the lifting of the United States embargo, winning exploration acreage with partner Liwa in 2005. The company continued to diversify in the 1980s. It acquired IBP, a large United States meat producer, and later bought Cain Chemical. Disputes with investor David H. Murdock led to a share repurchase often described as greenmail. In 1983, Occidental and Colombia’s Ecopetrol discovered the large Caño Limón oilfield. The 1988 Piper Alpha disaster, involving an Occidental subsidiary’s North Sea platform, killed 167 workers and had lasting consequences for offshore safety regulation and the company’s public reputation. After Hammer died in 1990, Ray R. Irani became chairman and chief executive. Occidental sold its stake in IBP in 1991 and exited its remaining coal operations in 1993, concentrating increasingly on oil, gas, and chemicals. It acquired the Elk Hills oilfield in California in 1997 and expanded through international acquisitions, including Vintage Petroleum in 2005 and selected assets from Plains Exploration & Production. The company also briefly operated the Phibro energy-trading business after acquiring it from Citigroup in 2009; the unit was later wound down. Occidental’s international portfolio encountered further legal and political difficulties. Ecuador seized the company’s Block 15 interest in 2006. Arbitration later awarded compensation, and a 2016 settlement provided $980 million. Occidental also sold assets in the Republic of the Congo, Argentina, Colombia, and other jurisdictions while reallocating capital toward North American production. It developed positions in the Williston Basin, South Texas, and the Permian Basin, although some Williston assets were later sold. In 2011, shareholder criticism of executive compensation contributed to Irani’s retirement as chief executive, and Stephen Chazen succeeded him. Under Chazen, the company continued simplifying its portfolio and separated California Resources Corporation through distributions to shareholders. Vicki Hollub became chief executive in 2016 after a long career at Occidental and board service beginning in 2015. Her appointment made her the first female chief executive of a major United States oil and gas company. Occidental expanded its Middle Eastern operations through Al Hosn Gas, a joint venture with Abu Dhabi’s state oil company focused on the Shah gas field. The venture began operations in 2015. In the United States, Occidental developed enhanced oil recovery projects that inject carbon dioxide into reservoirs. It completed the first phase of a $500 million carbon-dioxide flooding project in Hobbs, New Mexico, in 2015. The company also expanded its chemical platform, including an ethylene cracker in Texas that began operating in 2017 with Mexichem. The largest modern turning point was the 2019 Anadarko acquisition. Berkshire Hathaway supplied $10 billion of preferred-equity financing associated with the transaction. The deal made Occidental one of the largest producers in the Permian Basin but increased leverage and exposed the company to integration and commodity-price risk. Occidental subsequently sold selected international, midstream, and other assets and emphasized debt reduction. In the 2020s, Occidental made carbon removal a more prominent part of its strategy. It acquired Carbon Engineering in 2023 and continued developing direct-air-capture projects through 1PointFive. It also acquired CrownRock in 2024, reinforcing its Permian position, and explored possible low-carbon energy supplies for carbon capture with TAE Technologies. The company therefore remains a petroleum producer while presenting carbon capture, utilization, storage, and direct air capture as potential long-term growth areas.
- 2024
CrownRock acquired
[1]Occidental acquired Permian producer CrownRock.
- 2023
Carbon Engineering acquired
[1]Occidental acquired Carbon Engineering to advance direct-air-capture technology.
- 2019
Anadarko acquisition completed
[1]Occidental completed its approximately $57 billion acquisition of Anadarko Petroleum.
- 2017
Texas ethylene cracker begins operations
[1]Occidental and Mexichem began operating a large ethylene cracker at Ingleside, Texas.
- 2016
Vicki Hollub becomes CEO
[1]Vicki Hollub became chief executive, the first woman to lead a major United States oil and gas company.
- 2014
Headquarters move to Houston
[1]Occidental relocated its headquarters from Los Angeles to Houston, Texas.
- 2011
Al Hosn Gas partnership
[1]Occidental partnered with Abu Dhabi’s state oil company to develop the Shah gas field.
- 1997
Elk Hills acquisition
[1]Occidental paid $3.65 billion to acquire the Elk Hills Oil Field.
- 1988
Piper Alpha disaster
[1]An explosion and fire on the Piper Alpha platform killed 167 people.
- 1983
Caño Limón discovery
[1]Occidental and Ecopetrol discovered the Caño Limón oilfield in Colombia.
Products and positioning
A large independent oil and gas producer with a dominant Permian Basin presence, established industrial-chemical operations, and a strategic emphasis on carbon capture and carbon removal.
upstream energy
Oil and gas production
Occidental explores for and produces crude oil, natural gas, and natural gas liquids. Its United States portfolio is heavily concentrated in the Permian Basin, where the company combines horizontal and directional drilling with established enhanced-oil-recovery operations. Its international production has included assets in Oman, Qatar, and the United Arab Emirates, generally through production-sharing agreements or joint ventures.
industrial chemicals · 1968
OxyChem products
OxyChem manufactures industrial chemicals used in water treatment, construction, plastics, pharmaceuticals, food processing, and other industrial applications. Its portfolio has historically included chlor-alkali products, vinyls, solvents, and related chemical materials. The business originated substantially from Occidental’s acquisition of Hooker Chemical Company and became one of the company’s principal operating segments.
oilfield technology
Enhanced oil recovery
Occidental uses injected carbon dioxide and water to improve recovery from mature oil reservoirs. This approach supports additional hydrocarbon production while providing a potential utilization pathway for captured carbon dioxide. The company has applied the technology in the Permian Basin and in projects around Hobbs, New Mexico.
carbon management · 2023
Direct-air capture
Through its carbon-management platform and 1PointFive business, Occidental is developing facilities designed to remove carbon dioxide directly from ambient air. The company acquired Carbon Engineering in 2023 and has positioned direct-air capture as a future business connected to carbon storage, utilization, and emissions-management markets.
Controversies
2018
Bayou Corne sinkhole responsibility
Occidental was found partially responsible, alongside Texas Brine and Vulcan Materials, for the Bayou Corne sinkhole in Louisiana.
2007
Executive compensation controversy
Shareholders and commentators criticized the compensation paid to chief executive Ray Irani, including reported compensation of $460 million for 2006. The issue contributed to pressure for governance and leadership changes.
1988
Piper Alpha offshore disaster
A fire and explosion on the Piper Alpha platform in the North Sea killed 167 people. The disaster became a landmark offshore-safety case and one of the deadliest accidents in the petroleum industry.
Love Canal environmental liabilities
Hooker Chemical, later acquired by Occidental, used the Love Canal site in Niagara Falls, New York, for chemical-waste disposal. The contamination became one of the best-known United States environmental crises and left Occidental with legacy remediation responsibilities.
Marketing campaigns
- 2024Fusion power exploration for carbon capture
United States
Occidental and TAE Technologies signed a memorandum of understanding to examine whether fusion technology could supply electricity and heat for energy-intensive direct-air-capture facilities.
Outcome. Exploratory partnership; commercial deployment remained subject to future development.
- 2023Direct-air-capture expansion
United States
Occidental used the Carbon Engineering acquisition and the 1PointFive platform to promote direct-air capture as a strategic growth area alongside its petroleum operations.
Outcome. Technology and project-development platform expanded.
Brand decisions
2024
Acquire CrownRockM&ABackground
Occidental continued consolidating its position in the Permian Basin.
Action taken
The company acquired CrownRock, a Permian oil producer, for approximately $12.4 billion.
Aftermath
The transaction added producing acreage and operations in Occidental’s core United States region.
acquisition value. approximately $12.4 billion (2024)
2023
Acquire Carbon EngineeringM&ABackground
Occidental aimed to strengthen its direct-air-capture and carbon-removal capabilities.
Action taken
Occidental acquired Carbon Engineering, a direct-air-capture technology company.
Aftermath
The acquisition expanded Occidental’s technology platform for planned carbon-removal projects.
2019
Acquire Anadarko PetroleumM&ABackground
Occidental sought to expand its Permian Basin position and increase its scale in upstream oil and gas.
Action taken
The company completed the acquisition of Anadarko Petroleum in a transaction valued at approximately $57 billion, with Berkshire Hathaway providing $10 billion in preferred-equity financing associated with the deal.
Aftermath
The transaction significantly expanded Occidental’s asset base but increased debt and prompted subsequent asset sales and debt-reduction efforts.
transaction value. approximately $57 billion (2019)
Recent events
Reported
GNPC acquires interests in Jubilee and TEN fields[3]
GNPC acquired commercial interests in the Jubilee and TEN fields, taking over part of Occidental Petroleum's interest. The transaction took effect on April 1, 2021.
Reported
GNPC acquires interests in Jubilee and TEN blocks from Occidental Petroleum[4]
Ghana National Petroleum Corporation acquired a 7% commercial interest in the Jubilee and TEN blocks from Occidental Petroleum for $199 million; the acquisition took effect on April 1, 2021. The acquired interests were to be transferred to GNPC's subsidiary GNPC Explorco.
Total discontinues planned acquisition of Occidental Petroleum’s Ghana assets[5]
Total decided not to pursue completion of its planned purchase of Anadarko’s Ghana assets from Occidental Petroleum. The transaction had been conditional on completion of the Algeria asset sale.
- Unconfirmed
Reported
Occidental donates surface access rights to the Pilot Hill Project[6]
Occidental announced a partnership with the Pilot Hill Project and donated a quitclaim deed covering surface access rights to minerals underlying the Pilot Hill parcel.
Sources8 sources
- 1Occidental Petroleumen.wikipedia.org
- 2Occidental Petroleum official websiteoxy.com
- 3GNPC收购Jubilee和TEN油田权益graphic.com.gh
- 4GNPC从西方石油收购Jubilee和TEN区块权益modernghana.com
- 5Total discontinues planned acquisition of Occidental Petroleum’s Ghana assetsoilreviewafrica.com
- 6Occidental 向 Pilot Hill Project 捐赠地表通行权kowb1290.com
- 7Pilot Hill Project Announces Partnership with Occidental Petroleuy95country.com
- 8Total Discontinues the Acquisition of Occidental Petroleum's Assets in Ghanafinanznachrichten.de
Cite this profile: Cite the canonical profile. /brand-wiki/occidental-petroleum · Editorial policy · How profiles are compiled