|Traded as||NYSE: OXY
S&P 500 Component
|Industry||Oil and gas|
|Headquarters||5 Greenway Plaza, Suite 110
Houston, Texas, 77046
President & CEO
|Products||Oil, Natural gas, Petrochemicals|
|Revenue||US$ 19.312 billion (2014)|
|US$ 616 million (2014)|
Number of employees
|Over 40,000 employees and contractors (2013)|
"Oxy" is one of the largest oil producers in Texas, and has additional operations in North Dakota, Colorado, and New Mexico. The company nickname began in 1964 in reference to Occidental's NYSE stock ticker (OXY). Oxy is one of the largest US oil and gas companies, based on 2014 year-end equity market capitalization. As of 2015, the company has more than 40,000 employees and contractors worldwide.
Oxy's role in oil and natural gas exploration and production, to which they have pledged a commitment to responsibility, has also been a source of criticism. The company states that it is "committed to respecting the environment, protecting safety and upholding high standards of social responsibility throughout its worldwide operations." Critics have raised concerns about Occidental's historical operations in these areas.
Oxy's subsidiaries include wholly owned chemical manufacturers Occidental Chemical Corporation (OxyChem), OxyVinyls, and INDSPEC Chemical Corporation. Oxy indirectly owns Armand Products Company with Church & Dwight Co., Inc. Oxychem sold its investment in Carbocloro S.A. Indústrias Químicas, a joint venture between OxyChem and UNIPAR in Brazil.
- 1 History
- 2 Financial performance
- 3 Operations
- 4 Corporate social responsibility
- 5 Businesses
- 6 See also
- 7 References
- 8 External links
Occidental was founded in 1920 in California. In 1956 Occidental Petroleum came to the attention of Armand Hammer. At Hammer's first association with Occidental, the company was run by Dave Harris, Roy Roberts, and John Sullivan. In 1957, Dr. Armand Hammer was elected president and CEO. In 1961, the company discovered the Lathrop Gas Field in the Arbuckle area of the Sacramento basin at Lathrop. Over the next 10 years, Occidental expanded internationally with operations in Libya, Peru, Venezuela, Bolivia, Trinidad, and the United Kingdom. Occidental won exploration rights in Libya in 1965 and operated there until all activities were suspended in 1986 after the United States imposed economic sanctions on Libya.
Occidental entered the chemical business with the acquisition of Hooker Chemical Company in 1968, 26 years after the contamination at Love Canal. It added to its chemical industries portfolio in 1988 with the outright purchase for $2bn of Cain Chemical. On July 6, 1988, an explosion and subsequent inferno on the Piper Alpha platform, operated by Occidental Petroleum (Caledonia) Ltd in the Scottish North Sea, resulted in 167 fatalities in what remains the world's most deadly offshore disaster.
In 1990, Dr. Ray R. Irani became Occidental Petroleum Corporation's Chairman and CEO. He held the additional title of President from 2005 to 2007. Occidental Petroleum's compensation policies came under scrutiny in 2007 after it was announced that CEO Ray Irani collected $460 million in stock shares and salary in 2006. In May 2011, Irani retired as CEO after the California State Teachers' Retirement System and Relational Investors, two major institutional Occidental Investors, objected to the company's compensation policies for top executives. President Stephen I. Chazen was named CEO of Occidental to replace Irani. Since 1990, Occidental has gone from a collection of unrelated businesses to one that focuses on oil and gas. During Irani's tenure as CEO, Occidental's market capitalization increased to more than $80 billion from $5.4 billion.
In 2005, Occidental was among 53 entities which contributed the maximum of $250,000 to the second inauguration of President George W. Bush. In 2008, Oxy contributed $301,579 to Democratic candidates and $204,587 to Republican candidates.
In February 2014, Occidental announced that it would spin off all of its California operations into a separate company, and move the rest to Houston; this reorganization was completed in December 2014.
Today, Dallas-based Occidental Chemical is a leading chemical manufacturer with interests in basic chemicals, vinyls and performance chemical products.
At year-end 2014, Occidental was one of the largest U.S. oil and gas companies measured by market capitalization, with a market capitalization of approximately $62 billion at that date. At year-end 2014, Occidental was ranked No. 73 on the Standard & Poor's 500 Index.
Oil and gas
Occidental's growth strategy in oil and gas relies on three components: enhanced oil recovery (EOR), exploration and acquisitions. Occidental's oil and gas operations are focused in three core areas, the United States, Latin America, and the Middle East region. Occidental had approximately 2.8 billion barrels of oil equivalent net proved reserves at December 31, 2014. In 2014, the company had average daily production of 591,000 barrels of oil equivalent (BOE).
The United States accounted for 53 percent of Oxy's worldwide oil and gas production for 2013. Occidental was previously the largest producer of natural gas and largest gas producer on a gross-operated barrels of oil equivalent basis in California, for example operating the THUMS Islands in the San Pedro Bay. However, in 2014 Occidental spun off all of its California operations into a separate company, moving the rest to Houston.
Occidental also has significant oil and natural gas holdings in the Permian Basin of West Texas and southeast New Mexico. Occidental is the largest oil producer in the Permian Basin, where it produced roughly 222,000 barrels of oil equivalent per day in 2014. In the Permian Basin, Oxy is the largest operator of EOR oil projects that inject carbon dioxide into underground formations to extract the oil and gas that remains after primary recovery operations.
In 2014, the company's 33 CO2 projects produced over 88,000 barrels of oil per day as a result of EOR, according to Oil & Gas Journal's biennial EOR survey.
Occidental's mid-continent operations are concentrated in Colorado, South Texas and North Dakota. These operations produced approximately 90,000 barrels of oil equivalent per day in 2014. In 2010, Oxy announced the acquisition of new shale oil properties in Williston Basin in North Dakota as well as natural gas and oil properties in South Texas.
Occidental's Middle East and North Africa operations accounted for 42 percent of its worldwide production in 2014, producing approximately 250,000 barrels of oil equivalent. The region also holds 28 percent of the company's proved reserves. In the Middle East, Occidental has operations in Libya, Oman, Qatar, Bahrain, Iraq, the United Arab Emirates and Yemen. Oxy is the largest independent oil producer in Oman. In Qatar, it is a partner in the giant Dolphin natural gas project, which delivers gas to Oman and the United Arab Emirates. The company's only North African operation is in Libya. In 2005, Occidental and partner Liwa won eight out of 15 exploration spots on the EPSA-4 auction, making both companies among the first to enter the Libyan market since the United States lifted its embargo on that country. In early 2011, Occidental won a contract to join Abu Dhabi's state oil company in developing the Shah natural-gas project, one of the largest natural gas fields in the Middle East.
In Latin America, Occidental operates in Bolivia and Colombia. Occidental's share of production from its Latin America assets was approximately 29,000 barrels of oil per day in 2013. In Colombia, Occidental and Ecopetrol, the state-owned oil company, discovered the giant Caño Limón oilfield in 1983. It proved to be the largest discovery in Colombia's oil history and helped return the country to oil-exporter status.
In 2010, Occidental announced the sale of its oil and gas operations in Argentina to Sinopec, a subsidiary of China Petrochemical Corporation; the transaction was completed in early 2011. Occidental formerly operated in Ecuador, but the government ended the company's interests in block 15 in the Ecuadorian Amazon in 2006.
Oxy's subsidiaries include wholly owned chemical manufacturers Occidental Chemical Corporation (OxyChem), OxyVinyls, and INDSPEC Chemical Corporation. OxyChem is a Dallas, Texas-based manufacturer of polyvinyl chloride (PVC) resins, chlorine and caustic soda used in plastics, pharmaceuticals and water treatment chemicals. Other products manufactured by the company include caustic potash, chlorinated organics, sodium silicates, chlorinated isocyanurates and calcium chloride. OxyChem has manufacturing facilities in the United States, Canada and Chile.
Through joint ventures, Oxy indirectly owns Armand Products Company, with OxyChem and Church & Dwight Co., Inc., which sells potassium carbonate and potassium bicarbonate.
On October 11, 2008, an accidental spill of oleum, a chemical similar to sulfuric acid, occurred at INDSPEC's facility in Petrolia, Pennsylvania. The accident caused contamination of the ventilation system and a cloud of toxic gas in the Petrolia sky. 2,500 residents of the area were asked to evacuate.
In October 2013, OxyChem and Mexichem announced the formation of a 50/50 joint venture, Ingleside Ethylene LLC, to build a 1.2-billion-pound per year capacity ethylene cracker at the OxyChem plant in Ingleside, Texas, along with pipelines and storage at Markham, Texas. Construction began in mid-2014 and is expected to be completed in 2017.
Starting in 1972, Occidental Oil Shale, Inc., a subsidiary of Occidental Petroleum, began research on a shale oil extraction process, ending research in 1991. The company conducted the first modified in situ oil shale experiment in 1972 at Logan Wash, Colorado. The process used explosives to create underground chambers (retorts) of fractured oil shale. About 20% was mined out after which blasting was used to fracture oil shale. The commercial-sized retort covered 333 by 166 feet (101 by 51 m) area and had height of 400 feet (120 m). Oil shale was then ignited on the top by external fuel, and air or steam was injected to control the process. As a result, combustion moved from the top to the bottom of retort.
During the process four major zones could be identified. In the pre-heat zone air contacted processed hot shale (spent shale) which pre-heated air. In the combustion zone, oxygen in air was used to burn carbon residue in the spent shale. Below this zone, heated gas caused retorting process converting kerogen in oil shale to oil shale gas and shale oil vapors. In the final zone oil and gas were cooled and collected through separation sump and collecting well. All together, six retorts have been burned at the site.
Then-CFO Stephen Chazen led Occidental's October 12, 2009 acquisition of Citigroup's controversial Phibro energy-trading business, paying $250 million for the unit and the services of Phibro chief Andrew J. Hall. Hall's compensation of $100 million in 2009 was seen as a problem for troubled Citibank which struggled with continuing losses before selling the unit. Occidental suffered significant trading losses in 2010, causing the company to fall short of analyst expectations, and landed in the red again in the second quarter of 2011 despite Chazen's public support of Hall. Phibro has since announced it is winding down its US operations.
Occidental's role in oil and natural gas exploration and production has also been a source of criticism. The company states that it is "committed to respecting the environment, maintaining safety and upholding high standards of social responsibility throughout the company's worldwide operations." Critics have raised concerns about Occidental's historical operations in these areas.
Occidental Petroleum is a signatory participant of the Voluntary Principles on Security and Human Rights.
Occidental Petroleum began operations in Libya in 1965 and operated there until U.S. sanctions were imposed in 1986 by President Ronald Reagan and was one of the first American company to resume negotiations in Libya after U.S. sanctions were lifted in 2004. Subsequently, Occidental Petroleum, along with five other oil companies, has been criticized for lobbying to exempt Libya from a law written by U.S. Senator Frank Lautenberg (D-NJ) to assist American terror victims in seizing assets of countries found culpable in terror attacks, such as the Libyan bombing of the Pan Am flight in Lockerbie in 1988. In 2008, the company hired Hogan & Hartson, a Washington, D.C., law firm as its lobbyist. In early 2011, Oxy ceased exploration activities and production operations due to the growing civil unrest in the country and U.S. sanctions. Production operations have since resumed and U.S. sanctions have been lifted.
In June 2011, the U.S. Securities and Exchange Commission (SEC) requested information from Occidental, ExxonMobil and ConocoPhillips related to the Libyan Investment Authority (LIA), an investment firm controlled by Libyan leader Muammar Gaddafi. United Kingdom prosecutors, in cooperation with the SEC, have undertaken similar investigations of multiple oil companies during this same period to determine if there were any violations of international bribery laws. The Libyan Investment Authority's investments were frozen by the U.S. government in early 2011 following the Gaddafi regime's attacks on Libyan civilians.
Oxy has been noted within the oil and gas industry as being among the first to employ carbon dioxide (CO2) injection for enhanced oil recovery; this technique is a means of long-term geologic storage of CO2, which could stall the accumulation of CO2 in the atmosphere by instead injecting it into the ground.
Occidental was recognized by the EPA in 2008 as Production Partner of the Year and in 2009 for Continuing Excellence (5 Years). Occidental is a member of the Wildlife Habitat Council (WHC). The WHC has certified the habitat conservation and education programs at eight of the company's sites.
Researchers at the University of Massachusetts Amherst identified Occidental Petroleum as the 47th-largest corporate producer of air pollution in the United States, with about 1.2 million pounds of toxic chemicals released annually into the air.
In 1942, Hooker Chemical and Plastics began disposing chemical waste in the Love Canal region. Other companies as well as the military had used it as a chemical disposal site since the 1920s. In 1947, Hooker Chemicals became the owner and the sole user of the land. In 1952, the site was filled to capacity and closed off. Later in the 1950s, the local school board requested Hooker, after threatening to resort to eminent domain, sell the land. The school board intended to build a school on an unused area of the dump. Hooker Chemical sold the land to the school board at $1, with the warning that the site contained waste products from the manufacturing of chemicals, and disclaimed all subsequent liability.
A school was built on the site, and later a middle-class residential district was built upon the land adjacent to the site. The construction broke through the 4-foot (1.2 m) clay seal containing the waste. In 1968, Hooker Chemical was purchased by Occidental Petroleum. In 1978, residents became concerned about unusual health issues in the Love Canal region, including high rates of cancer and birth defects. This subsequently became a national news story, and in 1980, president Jimmy Carter declared a federal emergency in the area. Residents were eventually relocated, and Occidental paid $129 million in restitution.
Occidental met with substantial resistance from 1992 to 2001 when it tried to drill for oil in the territory of the U'wa people in northeast Colombia. The locals were concerned about environmental damage and feared that development would bring strangers and invite violence to the region. There also were tribal beliefs that oil is the "blood of the earth" and should not be removed. They believed that oil infrastructure would be a target for violent leftist guerillas in the country. After years of shareholder resolutions, legal battles, protests, and a failed test well, the company abandoned the project. Repsol YPF took over the project and continues to work on it.
On December 13, 1998, seventeen civilians, including 7 children, were killed when the Colombian Air Force (CAF) dropped a cluster bomb in the hamlet of Santo Domingo, Colombia, after AirScan, Occidental's security contractor, from a private aircraft, incorrectly identified it as a hostile guerrilla target. Groups such as FARC and the National Liberation Army were active in the area. Three employees of AirScan were flying the Skymaster plane from which they provided the Colombian military with the coordinates to drop the bombs. The operation had been planned by the CAF and AirScan at Occidental's complex in Caño Limón. A lawsuit was attempted in April 2003 against Occidental by Luis Alberto Galvis Mujica, a witness and survivor of the accident. Plaintiffs claims were dismissed by the trial court. The dismissal was appealed to 9th U.S. Circuit Court of Appeals, which sent the case back to the trial court to resolve a single issue. The trial court declined to reconsider the case, thereby reinstating the dismissal. The case is once again on appeal.
Maynas Carijano v. Occidental Petroleum
On May 10, 2007, a group of 25 indigenous Achuar Peruvians filed suit against Occidental, demanding clean-up and reparations for environmental damages allegedly caused by Occidental over 30 years. The plaintiffs claimed that the company violated the industry standards and the environmental regulations by dumping a total of 9 billion barrels (1.4×109 m3) of toxic oil by-products in watersheds used by the Achuar people to fish, drink, and bathe. This environmental damage was alleged to have caused premature deaths and birth defects. A 2006 study by Peru's health ministry tested 199 people in seven affected communities, and found that all but two had levels of cadmium in their blood above safe levels.
The Achuar were represented by Los Angeles-based EarthRights International and the law firm Schonbrun DeSimone Seplow Harris & Hoffman LLP.
On March 3, 2010, EarthRights International (ERI) argued to the Ninth Circuit Court of Appeals that the landmark environmental and public health case brought by indigenous Peruvian Achuar and the U.S. NGO Amazon Watch against Los Angeles-based oil giant Occidental Petroleum (Oxy), Maynas Carijano v. Occidental Petroleum, should be litigated in Los Angeles, where Oxy is headquartered. The appeals court overturned the prior decision and in 2013, the United States Supreme Court refused to hear the company’s arguments against a domestic trial.
In March 2015, Occidental Petroleum made an out-of-court settlement for an undisclosed sum. The funds will be used for health, education and nutrition projects in five Achuar communities (Antioquía, José Olaya, Nueva Jerusalén, Pampa Hermosa and Saukí) in the Corrientes river basin in Peru’s northern Amazon.
In 1984, David Murdock owned about 5% of the company's shares. When Murdock called on the management to take measures to increase the share price, it chose to pay greenmail to buy back shares from him at $40.10, while the market price was $28.75.
Occidental's coal interests were represented for many years by attorney and former U.S. Senator Albert Gore, Sr., among others. Gore, who had a long-time close friendship with Hammer, became the head of the subsidiary Island Creek Coal Company, upon his election loss in the Senate. Much of Occidental's coal and phosphate production was in Tennessee, the state Gore represented in the Senate, and Gore owned shares in the company. Former Vice President Albert Gore, Jr. received much criticism from environmentalists, when the shares passed to the estate after the death of Albert Gore Sr., and Albert Gore Jr. was a son and the executor of the estate. Albert Gore Jr. did not exercise control over the shares, which were eventually sold when the estate closed. Island Creek Coal was sold to Consol Energy in 1993.
In 1998, the U.S. government sold the Elk Hills naval petroleum reserve to Occidental for $3.65 billion. According to the government, the reserve was no longer strategically necessary, and the reserve was sold to reduce the national debt and the size of the government. To ensure competition, the field was sold in segments and offered to multiple bidders. Critics cited Vice President Al Gore's involvement with the company as evidence of graft.
On July 6, 1988 Occidental's Piper Alpha offshore production platform in the UK North Sea was destroyed when an out of service gas condensate pump was started with its pressure safety valve removed. The subsequent gas leak, explosion and fire resulted in the deaths of 167 workers in what remains the world's most deadly offshore disaster.
- Occidental Oil & Gas Corporation
- Occidental Chemical Corporation (OxyChem)
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- Occidental Petroleum Corporation
- Occidental Chemical Corporation
- Maynas Carijano v. Occidental Petroleum