OCCIDENTAL PETROLEUM CORP /DE/ (OXY)

Occidental Petroleum Corporation is an international energy company headquartered at 5 Greenway Plaza in Houston, Texas, with assets primarily in the United States, the Middle East and North Africa. It is among the largest oil and gas producers in the U.S., with leading positions in the Permian and DJ Basins and offshore Gulf of America, and it is the largest independent oil producer in Oman. In October 2025 it agreed to sell OxyChem, its former chemical segment, to Berkshire Hathaway for $9.7 billion in cash. The sale closed on January 2, 2026, and OxyChem is reported as a discontinued operation.

The company reports two main segments: oil and gas, and midstream and marketing. The oil and gas segment produces oil, NGL and natural gas using conventional and unconventional development, along with waterflood and tertiary recovery methods such as CO2 and steam flood. At year-end 2025 it had total proved reserves of 4,603 million barrels of oil equivalent and 2025 sales volumes of 523 million Boe. The midstream and marketing segment supports the oil and gas business through gathering, processing, transportation, storage and marketing. It holds equity investments in WES in the U.S. and DEL, a natural gas pipeline in the Middle East, and it includes Al Hosn Gas, a UAE gas processing facility. The segment also includes Oxy Low Carbon Ventures (OLCV), which works on direct air capture, carbon sequestration, CCUS and lithium development. Its STRATOS direct air capture facility is designed to capture up to 500,000 tons of CO2 per year, with operations expected to begin in 2026. OLCV also has a 16.8 megawatt solar facility, an equity investment in a power generation demonstration facility, and five CO2 sequestration hubs under development in Texas and Louisiana.

Oil and gas operations are mainly in Texas, New Mexico, Colorado and the Gulf of America, with international assets in Algeria, Oman, Qatar and the UAE. The company sells oil, NGL and natural gas into domestic and international markets. Its midstream and marketing business serves Occidental's subsidiaries and third parties, selling products at market prices or on a forward basis to refiners, end users and other market participants. Occidental has about 10,412 employees in continuing operations, mostly in North America and the Middle East.

Occidental competes with public, private and state-owned producers in oil and gas. Its midstream and marketing businesses operate in competitive, highly regulated markets and compete for infrastructure capacity and on exchange platforms and in bilateral transactions. OLCV faces a broad range of competitors in nascent low-carbon markets that are subject to evolving regulation. The company cites its expertise in CO2 separation, transportation, utilization, recycling and storage for enhanced oil recovery as a competitive advantage, and it relies on a skilled workforce and quality service providers.