Company Overview

Occidental Petroleum Corporation (OXY) is a U.S.-based energy company primarily engaged in the exploration and production of oil and natural gas, with additional operations in chemicals, midstream infrastructure, and low-carbon technologies. The company operates across the upstream, midstream, and downstream portions of the energy value chain, with revenue primarily driven by hydrocarbon production and commodity sales. OXY serves global energy markets, supplying crude oil, natural gas, natural gas liquids, and chemical products to industrial, commercial, and utility customers.

Founded in 1920, OXY evolved from a regional oil producer into a diversified international energy company through decades of organic development and acquisitions. A defining milestone was the 2019 acquisition of Anadarko Petroleum Corporation, which significantly expanded OXY’s asset base, particularly in U.S. shale plays. The company positions itself as a low-cost operator with a strong focus on operational efficiency, carbon management, and long-term asset development, distinguishing itself through early investments in carbon capture and sequestration technologies.

Business Operations

OXY reports three primary operating segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment is the dominant revenue driver and includes exploration, development, and production activities across U.S. onshore shale basins, conventional assets, and selected international operations. The Chemical segment operates through its majority-owned subsidiary Occidental Chemical Corporation (OxyChem), which manufactures basic chemicals and vinyl products used in construction, consumer goods, and industrial applications.

The Midstream and Marketing segment supports upstream operations by providing transportation, storage, processing, and marketing services for hydrocarbons. OXY controls extensive technical capabilities in enhanced oil recovery, CO₂ management, and reservoir engineering. The company maintains strategic commercial relationships with refining, petrochemical, and utility customers, and operates through wholly owned subsidiaries rather than material joint ventures for its core businesses.

Strategic Position & Investments

OXY’s strategic direction emphasizes disciplined capital allocation, debt reduction, shareholder returns, and leadership in carbon management. A central growth initiative is the expansion of Occidental Low Carbon Ventures, which focuses on carbon capture, utilization, and storage (CCUS), including the development of direct air capture facilities. These initiatives align with OXY’s strategy to monetize its extensive CO₂ handling expertise while supporting global decarbonization efforts.

The company’s most significant recent acquisition remains Anadarko Petroleum Corporation, which reshaped its portfolio and scale. OXY continues to invest in enhanced oil recovery projects, digital optimization of upstream operations, and low-carbon technologies, while selectively divesting non-core assets to strengthen its balance sheet. Its portfolio strategy prioritizes long-life, low-decline assets with competitive breakeven costs.

Geographic Footprint

Occidental Petroleum is headquartered in Houston, Texas, and operates primarily in North America, with its largest presence in the Permian Basin, DJ Basin, and Gulf of Mexico. The United States accounts for the majority of production, reserves, and capital investment, making it the company’s core geographic market.

Internationally, OXY maintains operations and interests in the Middle East, including Oman, the United Arab Emirates, and Qatar, as well as assets in Latin America. Its chemical business operates manufacturing facilities across the United States, Canada, and Latin America, giving the company a diversified but U.S.-centric global footprint.

Leadership & Governance

Occidental Petroleum’s leadership emphasizes operational discipline, safety, long-term value creation, and integration of environmental considerations into core strategy. The company is known for a centralized management approach and a strong technical culture rooted in engineering and subsurface expertise.

Key executives include:

• Vicki A. Hollub – President and Chief Executive Officer
• Robert J. Peterson – Senior Vice President and Chief Financial Officer
• Richard Jackson – President, Operations
• Kenneth T. Jensen – Senior Vice President, Legal and General Counsel
• Cynthia L. Walker – Senior Vice President, Carbon Management and Low Carbon Ventures