Occidental Petroleum

Main article: Occidental Petroleum

Occidental Petroleum Corporation, often called Oxy, is a big American company that searches for oil and gas in the United States and the Middle East. It also makes products from oil and gas in the United States, Canada, and Chile. The company is based in Houston and follows laws from Delaware.

In 2021, Oxy was ranked 183rd on the Fortune 500 list. This list ranks the biggest companies in the United States by how much money they make. It was also ranked 670th on the Forbes Global 2000 list, which looks at big companies all around the world. This shows that Occidental Petroleum is an important company in the energy business.

History

Occidental Petroleum was founded in Los Angeles, California, in 1920. In 1957, Armand Hammer became the company's president and CEO after buying a big part of it. In the 1960s, the company began work in Peru, Venezuela, Bolivia, Trinidad, and the United Kingdom. In 1961, it found the Lathrop Gas Field in Lathrop, California.

Later, Occidental got rights to explore in Libya but stopped in 1986 because of rules from the United States. In 1968, it started making chemicals by buying Hooker Chemical Company. The company tried to build an oil refinery in England in 1971 but stopped in 1975 because of energy problems.

Over the years, Occidental made many deals. It made a big trade with the Soviet Union in the 1970s, swapping phosphate for natural gas. In 1983, it found a huge oil field in Colombia. In 2006, the government of Ecuador took some of its land, but later paid money to fix things.

Armand Hammer died in 1990, and Ray R. Irani took over. In 2007, people talked about how much Irani was paid. In 2011, Stephen I. Chazen became CEO. In 2016, Vicki Hollub became the first woman to lead a big U.S. oil company as its CEO.

In 2019, Occidental bought Anadarko Petroleum in a very big deal. In 2023 and 2024, it bought companies working on new ways to catch carbon from the air.

Acquisitions

In 1981, Occidental bought IBP, Inc., a big meat company. In 1988, it bought Cain Chemical for $2 billion. In 2005, it bought Vintage Petroleum for $3.8 billion. In 2008, it got a part of Plains All American Pipeline and bought some assets from Plains Exploration & Production for $1.3 billion. In 2009, it bought Citigroup’s Phibro energy-trading business for about $250 million. In August 2019, it bought Anadarko Petroleum for $57 billion. In August 2023, it bought Carbon Engineering, a company that works on catching carbon from the air, for $1.1 billion. In December 2023, it bought CrownRock for $12 billion, finishing in August 2024.

Divestitures

In October 2025, Occidental sold its OxyChem part to Berkshire Hathaway for $9.7 billion. The company plans to use some of the money to pay down debt. It will still be responsible for any old environmental problems from OxyChem.

On March 26, 2026, it was reported that CEO Vicki Hollub will retire. She will be replaced by Richard Jackson, the current COO, and will stay on the board to help out.

Operations

Occidental Petroleum works in two main areas: oil and gas, and chemicals.

For oil and gas, the company operates mainly in the United States and the Middle East, with some work in South America. In the United States, it focuses on areas like the Permian Basin. In the Middle East, it works in countries such as Oman, Qatar, and the United Arab Emirates. In South America, it has projects in Colombia and Peru.

OxyChem, a part of Occidental, makes useful chemicals such as plastics, medicines, and water treatment products. It has factories in the United States, Canada, and Chile.

In June 2024, Occidental started working with TAE Technologies to use new nuclear fusion technology. This could help power their projects that take carbon dioxide out of the air, known as direct air capture.

Controversies

Lobbying to do business in Libya

Occidental Petroleum started working in Libya in 1965 but stopped in 1986 because the United States put trade limits on the country. The company began talks again in Libya after those limits ended in 2004. In 2008, it faced criticism for trying to change laws to help people affected by terrorist attacks. In 2011, the company stopped working in Libya because of unrest and sanctions. In 2016, the company said it would leave Libya and sold its remaining operations there in 2017.

Environmental record

In 2017, Occidental was listed among companies that produced a lot of greenhouse gases between 1988 and 2015. The company says it tries to reduce emissions by using special methods to get more oil out of wells.

2016: Copper Basin, Tennessee, United States of America

In 1982, Occidental bought land in Copper Basin in Tennessee, where mining had happened before. In 2016, the company agreed to spend money to clean up the area and improve the water in local streams.

1942-1952: chemical waste disposal in Love Canal, New York, United States of America

Further information: Love Canal

Since the 1920s, several companies and the United States Armed Forces used Love Canal in Niagara Falls, New York, to dispose of chemicals. In 1942, a company that later became part of Occidental started dumping waste there. By 1952, the site was full and closed. A school and homes were later built there, and in 1978, people noticed health problems. In 1980, the government declared an emergency, and the company paid money to help fix the problem.

2008: Oleum spill in Petrolia, Pennsylvania, United States of America

In 2008, a mistake at a facility in Pennsylvania owned by a company linked to Occidental caused a spill of oleum, a mix of sulfuric acid and sulfur trioxide. The spill created a toxic cloud, and over 2,000 people had to leave their homes for the day. The accident happened because a pump did not have safety features to prevent it from overflowing.

1997: Explosion in Kamalganj Upazila, Bangladesh

In 1997, an explosion at a gas field in Bangladesh damaged a national park and nearby tea gardens. Occidental was drilling there at the time. The government asked for compensation, but the company left the country.

1992-2001: Drilling in U'wa lands, Colombia

From 1992 to 2001, Occidental tried to drill for oil in the land of the U'wa people in Colombia. The U'wa resisted because they were worried about damage to their environment and culture. After many years of protests and legal battles, the company stopped and left the project.

1998: bombing of Santo Domingo, Colombia

In 1998, a bomb dropped by the Colombian Air Force on a village in Colombia killed 17 people, including 7 children. The bombing was based on wrong information from a security company working for Occidental. A survivor sued Occidental, but the courts decided the company was not responsible.

1971-2000: Drilling in Peru and Maynas Carijano v. Occidental Petroleum

In 2007, people from the Achuar community in Peru sued Occidental for damaging their environment while drilling for oil from 1971 to 2000. They said the company dumped harmful waste that made people sick. In 2015, the company agreed to a settlement to help the community with health, education, and nutrition.

2019: Acquisition of Anadarko Petroleum

In 2019, Occidental bought Anadarko Petroleum, which had a history of environmental problems.

Political record

Contributions

Occidental has shared information about money it gave to political groups on its website. In 2005, the company gave a large amount of money to support a U.S. president’s inauguration. It also gave money to a charity linked to a former U.S. vice president.

Gore family

A former leader of Occidental was a friend of a former U.S. senator, whose son later became vice president. After the senator died, the vice president briefly owned shares in the company before selling them.

Safety record

In 1999, Occidental’s chemical division was recognized for having very safe work practices.

Greenmail

In 1984, the company paid to buy back shares from a businessman who owned a large part of the company after they disagreed.

Price-fixing lawsuit

In January 2024, drivers in three U.S. states accused Occidental and other oil companies of working together to keep oil prices high, which made gasoline more expensive for everyone.