Third largest US oil and gas company by equity
Home based in Los Angeles, California, USA, Occidental Petroleum Corporation (Oxy) is listed in New York Stock Exchange since 1964 and is operating as an international oil company.
With more than 40,000 employees, Oxy focuses its oil and gas operations in three core regions of the world:
- USA
- Middle East/North Africa
- Latin America.
On upstream, Oxy competitive advantage relies on its unique expertise to explore hard-to-reach reserves and to enhance production from maturing and depleting oil and natural gas fields.
Based on this know-how, Oxy manages to consistently replace and expand its proven reserves through improved oil recovery (IOR), strategic acquisitions and selective exploration.
Oxy is the largest natural gas producer in California and mobilized its expertise to become the first producer of oil in the Permian basin across Texas and New Mexico.
In the Middle East Oxy is developing heavy crude oil in Oman and is the second largest oil producer in Qatar Arabo-Persian Gulf.
In addition to its oil and gas exploration and production company, Oxy owns large Midstream activities and runs petrochemical operation through its subsidiary Oxychem.
Oxy’s Midstream and Marketing businesses covers all the value chain to gather, treat, store, transport and trade energies such as crude oil,natural gas, condensate, CO² and power.
Oxy’s Midstream also trades pipeline and storage capacities, commodities and securities.
Among its key Midstream assets, Oxy is partnering in the giant Dolphin gas project connecting Qatar to the UAE and Oman, one of the longest pipeline across Middle East.
In petrochemicals, Oxychem is a major player in North America with a leading position in:
- Vinyl Chloride Monomer (VCM) and Polyvinyl chloride (PVC) resins
- Chlorine and caustic soda
- Other key building blocks for plastics, pharmaceuticals and water treatment chemicals.
In every product of its portfolio, Oxychem strategy is to be market leader or second best.
Oxychem is the world’s largest producer of caustic potash and calcium chloride.
Occidental Petroleum Key Figures
- 2011 Revenues: $23,9 billion
– 2010 Revenues: $19 billion
- 2009 Revenues: $14,8 billion
- 2011 Earnings: $6,7 billion
- 2010 Earnings: $4,5 billion
- 2009 Earnings: $2,9 billion
- 2011 Capital Expenditure: $7,5 billion
- 2010 Capital Expenditure: $3,9 billion
- 2009 Capital Expenditure: $3,2 billion
Occidental Projects and Business Highlights
Oxy maintains a high level of capital expenditure based on solid financial performances and a development programs focused on large, long-lived oil and gas assets with long term growth potential, and acquisitions.
These financial performances are supported by an advanced expertise in oil and gas field development pushing beyond the common practices the recovery rates in its assets.
In this area, Oxy intends to continue to invest into key differentiating technologies:
- Reservoir description and modeling
- New well drilling
- Field automation
- Artificial Lift
- CO² based Enhanced oil recovery (EOR) techniques
In addition, to these operational aspects Oxy selects oil and gas fields in low risk areas such as North America, Middle East, South America, yielding superior results.
In that respect, Oxy took 40% interest in the $10 billion Al Hosn Gas project in Abu Dhabi, UAE, in joint venture with Abu Dhabi National Company (ADNOC).
This project is not only critical by it size, one of the largest gas field in Middle East, but is also strategic for Abu Dhabi running short of natural gas and for Oxy to position itself in the perspective of the renewal of the onshore concessions in 2014.
In USA, Oxy is launching a four years program to develop the Californian shale gas in the Ventura basin and the San Joaquin basin containing 20 billion barrels of oil equivalent (boe) in place.
On the petrochemical side, Oxychem is working on the feasibility study of a $1 billion ethane cracker expansion on its site of Ingleside, Texas, in joint venture with Mexichem.
