Occidental Petroleum Profile
Occidental Petroleum Corporation (Occidental), through its various subsidiaries and affiliates, engages in the oil and gas, chemical and midstream and marketing businesses.
Segments
Oil and Gas
The Oil and Gas segment explores for, develops and produces oil (which includes condensate), NGL and natural gas.
Chemical
The Chemical segment primarily manufactures and markets basic chemicals and vinyls.
Midstream and Marketing
The Midstream and Marketing segment purchases, markets, gathers, processes, transports and stores oil, NGL, natural gas, CO2 and power. It also optimizes its transportation and storage capacity, and invests in entities that conduct similar activities, such as Western Midstream Partners, LP.
The Midstream and Marketing segment also includes Occidental’s low-carbon ventures businesses (OLCV). OLCV seeks to leverage Occidental’s legacy of carbon management expertise to develop CCUS projects, including the commercialization of DAC (direct air capture) technology, and invests in other low-carbon technologies intended to reduce GHG (greenhouse gas) emissions from its operations and strategically partner with other industries to help reduce their emissions.
Oil and Gas Operations
Occidental primarily conducts its ongoing exploration and production activities in the United States, the Middle East, and North Africa. Within the United States, Occidental has operations primarily in Texas, New Mexico, and Colorado, as well as offshore in the Gulf of Mexico. Internationally, Occidental primarily conducts operations in the U.A.E., Oman and Algeria.
Chemical Operations
OxyChem (Occidental Chemical Corporation and its consolidated subsidiaries) owns and operates manufacturing plants at 21 domestic sites in Alabama, Georgia, Illinois, Kansas, Louisiana, Michigan, New Jersey, Ohio, Tennessee and Texas; and at two international sites in Canada and Chile. OxyChem produced the following products:
Basic Chemicals: Chlorine, caustic soda, chlorinated organics, potassium chemicals, EDC (ethylene dichloride), chlorinated isocyanurates, sodium silicates, and calcium chloride.
Vinyls: VCM (vinyl chloride monomer), PVC (polyvinyl chloride), and ethylene.
Midstream and Marketing Operations
Occidental’s midstream and marketing operations primarily support and enhance its oil and gas and chemical businesses. The Midstream and Marketing segment strives to optimize the use of its gathering, processing, transportation, storage and terminal commitments; and to provide access to domestic and international markets. To generate returns, the segment evaluates opportunities across the value chain to provide services to Occidental subsidiaries, as well as third parties. The Midstream and Marketing segment operates or contracts for services on gathering systems, gas plants, co-generation facilities and storage facilities and invests in entities that conduct similar activities, such as WES and DEL (Dolphin Energy Limited), which are accounted for as equity method investments.
WES owns gathering systems, plants and pipelines and earns revenue from fee-based and service-based contracts with Occidental and third parties. DEL owns and operates a pipeline that connects its gas processing and compression plant in Qatar and its receiving facilities in the U.A.E., and uses its network of DEL-owned and other existing leased pipelines to supply natural gas across the U.A.E. and to Oman. The Midstream segment includes Al Hosn Gas, a processing facility in the U.A.E. that removes sulfur from natural gas and processes the natural gas and sulfur for sale. The Midstream and Marketing segment also includes OLCV businesses.
Low-Carbon Businesses
Leveraging Occidental’s carbon management expertise, OLCV primarily focuses on advancing carbon removal and CCUS (carbon capture, utilization and storage) projects, including developing and commercializing DAC technology. OLCV also invests in third-party entities that are developing technologies to advance other low-carbon initiatives, including NET Power, a clean energy technology company. In 2023, Occidental acquired Carbon Engineering Ltd., a developer of DAC technology, and entered into a joint venture with BlackRock Inc. on the construction of STRATOS, Occidental’s first large-scale DAC facility in Ector County, Texas.
History
Occidental Petroleum Corporation, a Delaware corporation, was founded in 1920. The company was incorporated in 1986.
