Occidental Petroleum

Occidental Petroleum Corporation, commonly known as Oxy, is one of the largest and most prominent American oil and gas exploration and production companies with a rich history dating back to 1920. Headquartered in Houston, Texas, and incorporated under the Delaware General Corporation Law, Occidental is engaged in hydrocarbon exploration primarily in the United States and the Middle East, as well as petrochemical manufacturing. The company operates as a leading energy producer with particular strength in the Permian Basin and DJ basins, and maintains a significant offshore presence in the Gulf of America (formerly Gulf of Mexico). As of December 31, 2024, Occidental's worldwide proved reserves totaled 4.6 billion barrels of oil equivalent (BOE), representing a substantial increase from 4.0 billion BOE in the prior year, driven primarily by the strategic acquisition of CrownRock and extensions and discoveries in the Permian Basin. The company's total average global production reached 1,463 thousand barrels of oil equivalent per day (Mboed) in the fourth quarter of 2024, exceeding guidance and demonstrating operational excellence. Occidental operates through multiple business segments including Oil and Gas operations concentrated in the United States and Middle East with ventures in South America, a Midstream and Marketing segment providing flow assurance and value maximization, and until recently a Chemical operations segment through subsidiary OxyChem (sold to Berkshire Hathaway in October 2025 for $9.7 billion). The company's operations in the Middle East include production sharing agreements in Oman, Qatar, and the United Arab Emirates. What truly distinguishes Occidental in the modern energy landscape is its pioneering leadership in carbon capture, utilization, and storage (CCUS) technologies through its subsidiary Oxy Low Carbon Ventures. The company is developing STRATOS, designed to be the world's largest direct air capture (DAC) facility capable of capturing up to 500,000 tonnes of CO2 annually, with construction 94% complete as of late 2024. Occidental acquired Carbon Engineering for $1.1 billion in 2023 to secure advanced DAC technology, and subsequently acquired Holocene in 2024 to further improve efficiency and reduce costs. This strategic focus on carbon management positions Occidental uniquely among traditional oil and gas companies, enabling it to participate in the energy transition while continuing to provide essential energy resources. Under the leadership of CEO Vicki Hollub, who became the first woman to lead a major American oil company when appointed in April 2016, Occidental has pursued an ambitious strategy including the transformative $38.7 billion acquisition of Anadarko Petroleum in 2019 (with backing from Warren Buffett's Berkshire Hathaway) and the more recent $12 billion acquisition of CrownRock completed in August 2024. These acquisitions established Occidental as the dominant player in the Permian Basin. However, the debt load from major acquisitions prompted a strategic focus on deleveraging, with the company successfully repaying $7.5 billion of debt since July 2024 and divesting approximately $4 billion in non-core assets. Occidental achieved its best-ever employee safety performance in 2024 with a Total Recordable Incident Rate (TRIR) of 0.16, sustained zero routine flaring in U.S. oil and gas operations, and reduced routine flaring in global operations by 80% compared to the 2020 baseline, demonstrating commitment to operational excellence and environmental performance. The company generated $4.9 billion in free cash flow before working capital in 2024 and increased its quarterly dividend by 9% to $0.24 per share in 2025. With experience and leadership in both conventional oil and gas production and cutting-edge carbon management technologies, Occidental is positioning itself to deliver the energy and materials crucial to advancing a lower-carbon world while navigating the complex dynamics of the global energy transition.