OCCIDENTAL PETROLEUM CORP /DE/

Overview

Occidental Petroleum Corporation (Oxy) is an international energy company focused on oil and gas exploration and production. Its continuing business includes Oil and Gas and Midstream and Marketing, which handles activities such as gathering, processing, transportation, storage and marketing. The company’s products include crude oil, natural gas liquids and natural gas; its operations are concentrated in the United States, the Middle East and North Africa.[1]+2

Oxy also pursues carbon-management and lower-carbon businesses, including carbon capture and sequestration, direct air capture and lithium development. Its stated mission is “We dare to do what others won’t.” [4][5] Oxy reported $21.593 billion in net sales from continuing operations for fiscal 2025; its corporate fact sheet lists 13,000 employees, a 2024 figure.[6][7] [1]+8

Products & services

Occidental’s principal oil-and-gas products are oil and condensate, natural gas liquids (NGLs), and natural gas. Its midstream and marketing services include purchasing, gathering, processing, transporting, storing and marketing oil, NGLs, natural gas, carbon dioxide (CO₂) and power, as well as optimizing transportation and storage capacity.[8]

Its carbon-management offerings include carbon capture, utilization and storage (CCUS), direct-air capture, and CO₂ transport and storage. The STRATOS direct-air-capture facility is designed to capture up to 500,000 metric tonnes of atmospheric CO₂ annually.[9][10] Occidental also provides CO₂ enhanced-oil-recovery services, drawing on more than 50 years of experience, and identifies itself as the Permian’s largest CO₂ EOR operator.[11]

Occidental’s 2026 second-quarter filing reports oil, NGL, gas, other oil-and-gas, and midstream-and-marketing revenue categories in dollar amounts; it does not provide a product-mix percentage in that table.[12] OxyChem is not included among current offerings here: Occidental completed its sale on January 2, 2026, and classified the business as discontinued operations.[13] [8]+8

Geographic presence

In its FY2025 reporting, Occidental Petroleum’s oil-and-gas operations were concentrated in the United States, the Middle East and North Africa. U.S. activity was primarily in Texas, New Mexico and Colorado, as well as offshore in the Gulf of America; international assets were primarily in Algeria, Oman, Qatar and the UAE.[14] In 2025, the oil-and-gas segment reported $17.478 billion of U.S. revenue and $3.424 billion of international revenue—approximately 83.6% and 16.4% of that segment’s total, respectively.[15] [14]+2

Business segments

For the year ended December 31, 2025, Occidental Petroleum reported two continuing operating segments: Oil and gas, and Midstream and marketing. On gross segment sales before eliminations, Oil and gas contributed about 94% ($20.902 billion of $22.181 billion) and Midstream and marketing about 6% ($1.279 billion). By segment earnings, their respective shares were approximately 95% and 5% ($4.586 billion and $252 million of $4.838 billion total segment earnings). These percentages are calculated from segment totals before unallocated corporate items and, for sales, before eliminations.[16]

Oil and gas explores for and produces oil, natural gas liquids and natural gas, using conventional and unconventional development and primary, secondary and tertiary recovery methods.[17] Midstream and marketing provides gathering, processing, transportation, storage, terminal and market-access services, and markets Occidental’s and third parties’ oil, gas and NGL volumes; it also includes low-carbon ventures focused on carbon removal, carbon capture, utilization and storage, and direct air capture.[2][4] OxyChem is not included in this continuing-segment breakdown: Occidental reported it as discontinued operations following the agreement to sell the business in October 2025; the sale closed on January 2, 2026.[18] [16]+7

Company history

Founded in 1920, Occidental Petroleum grew from a small California oil company after Armand Hammer invested in it in 1956 and became president in 1957. Its expansion included obtaining oil concessions in Libya in 1965 and making a major discovery there in 1966.[19]+2

Occidental completed its merger with Cities Service in 1982, a major expansion of its business, and acquired Diamond Shamrock Chemicals in 1986. In 2016, Vicki Hollub became president and CEO. The company completed its acquisition of Anadarko in 2019, then agreed to acquire CrownRock in 2023 and completed that transaction in 2024, expanding its Permian Basin portfolio.[https://www.upi.com/Archives/1982/12/03/Oxy-completes-Cities-Service-merger/7312407739600/][https://www.epa.gov/enforcement/case-summary-165-million-settlement-start-cleanup-work-passaic-river-new-jersey][https://www.businesswire.com/news/home/20160429005770/en/Occidental-Petroleum-Names-Vicki-A.-Hollub-Chief][httpshttps://www.oxy.com/siteassets/documents/investors/2019-Attachment-to-IRS-Form-8937.pdf][https://www.oxy.com/news/news-releases/occidental-completes-acquisition-of-crownrock/]

In 2022, Occidental announced plans for a large-scale direct-air-capture facility in the Permian Basin, marking a prominent step in its carbon-management activities. It agreed in 2025 to sell its chemical subsidiary, OxyChem, to Berkshire Hathaway; the sale closed in January 2026. In May 2026, the company announced that Hollub would retire and that Richard Jackson would succeed her as president and CEO effective June 1.[26]+2 [18]

Sources

• OCCIDENTAL PETROLEUM CORP /DE/ — Full financial report (2025 Y)
  10 citations

  [1][2][3][4][6][14][15][16][17][18]
• www.oxy.com[5]
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• OCCIDENTAL PETROLEUM CORP /DE/ — Full financial report (2026 Q 2)
  3 citations

  [8][12][13]
• www.oxy.com[9]
• www.oxy.com[10]
• www.oxy.com[11]
• www.oxy.com[19]
• www.hbs.edu[20]
• www.encyclopedia.com[21]
• www.upi.com[22]
• www.epa.gov[23]
• www.businesswire.com[24]
• www.oxy.com[25]
• www.oxy.com[26]
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