Occidental Petroleum Corporation
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- Occidental Petroleum Corporation (OXY) is an American energy company engaged in hydrocarbon exploration and production, petrochemical manufacturing, and midstream activities primarily in the United States, Middle East, Latin America, and select international markets; founded in 1920 and headquartered in Houston, Texas. The company operates through three main segments: Oil and Gas, which explores for, develops, and produces oil, condensate, natural gas liquids (NGLs), and natural gas, with key assets concentrated in the U.S. Permian Basin (including Midland and Delaware sub-basins), DJ Basin, Gulf of Mexico, Colorado, California, Oman, Qatar, United Arab Emirates, Colombia, and Peru; Chemical, via wholly owned subsidiary OxyChem, which manufactures polyvinyl chloride (PVC) resins, chlorine, caustic soda, caustic potash, chlorinated organics, sodium silicates, chlorinated cyanuric acid, and calcium chloride at facilities in the United States, Canada, and Chile, including a joint venture with Church & Dwight for potassium carbonate and bicarbonate production through Armand Products Company; and Midstream and Marketing, which gathers, processes, and transports hydrocarbons while marketing products and optimizing commodity portfolios. Recent developments include the August 2024 completion of the $12 billion acquisition of CrownRock LP, expanding its Permian Basin footprint by 25% on the Midland side and quadrupling eastern basin production to support raised 2024 output guidance of 1.32 million barrels of oil equivalent per day alongside increased capital spending to $6.9 billion; a February 2025 extension of its joint venture with Ecopetrol Permian LLC for 34 additional wells in the Midland Basin through June 2026 under Rodeo Midland Basin LLC; April 2025 acquisition of direct air capture (DAC) startup Holocene to bolster carbon removal technologies following the prior purchase of Carbon Engineering; June 2024 partnership with TAE Technologies to explore fusion-powered DAC facilities; May 2025 joint venture discussions with ADNOC's XRG for a South Texas DAC plant; March 2025 divestiture of $905 million in DJ Basin assets; ongoing debt reduction through $7.5 billion in cuts including Permian asset sales and infrastructure divestments; and a planned October 2025 $9.7 billion sale of OxyChem to Berkshire Hathaway to further lower leverage while retaining environmental liabilities.
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