Overview
Occidental Petroleum is an international energy company focused on producing oil, natural gas and natural gas liquids. Its principal oil and gas operations are in the United States, the Middle East and North Africa. Its midstream and marketing business gathers, processes, transports, stores and markets hydrocarbons, while Oxy Low Carbon Ventures develops carbon-management activities. The company states its purpose as responsibly delivering energy and essential products to advance a sustainable future.[1][2][3][4][5]
Occidental traces its origins to 1920. It reported approximately $21.6 billion in net sales for 2025. Its former chemicals business, OxyChem, was sold in January 2026 and is no longer part of its continuing operations.[6][7][8] [1][2][3][4][7][8][5][6]
Products & services
Occidental produces crude oil, condensate, natural gas liquids (NGLs) and natural gas. Its production capabilities include conventional and unconventional development, waterflooding and enhanced oil recovery using injected CO₂ or steam. At its Al Hosn operation, sour gas is processed into salable natural gas, condensate, NGLs and sulfur.[9][10][11]
Its midstream business markets oil, condensate, NGLs, natural gas, CO₂ and power, and provides gathering, processing, transportation, storage and terminal services to Occidental operations and third parties. Its low-carbon business develops carbon-capture, utilization and storage projects and direct-air-capture technology; its STRATOS facility is designed to capture up to 500,000 tons of CO₂ annually when complete.[12][3][4] Occidental sold its OxyChem chemicals business in January 2026, so chlorine, caustic soda and PVC are no longer products of its continuing operations.[13][14] [9][10][11][12][3][4][13][14]
Geographic presence
Occidental Petroleum’s principal oil and gas operations are in the United States, particularly Texas, New Mexico and Colorado, as well as offshore in the Gulf of America. Its Permian Basin operations span West Texas and southeastern New Mexico. International operations and investments are concentrated in Algeria, Oman, Qatar and the United Arab Emirates. Its Dolphin investment includes natural gas production in Qatar and a pipeline carrying gas from Qatar to the UAE and Oman.[2][15][16][17]
In 2025, Occidental reported $18.0 billion in U.S. customer revenue and $4.1 billion in international customer revenue, before $0.6 billion of eliminations. The reported geographic split is U.S. versus international, rather than by individual country.[18] At year-end 2025, it had 6,793 employees in North America, 3,441 in the Middle East, 67 in Latin America and 111 elsewhere. Its principal executive offices are in Houston, Texas.[19][20] [2][15][16][17][18][18][18][19][19][19][19][20]
Business segments
Occidental reports two continuing business segments: **Oil and Gas** and **Midstream and Marketing**. Oil and Gas explores for, develops and produces oil, natural gas liquids and natural gas, primarily in the United States, the Middle East and North Africa. Midstream and Marketing gathers, processes, transports, stores and markets hydrocarbons and other commodities for Occidental’s operations and third parties. It also includes Occidental’s low-carbon ventures, whose activities include carbon removal and carbon capture, utilization and storage.[21][9][2][3][12][4]
In 2025, Oil and Gas generated approximately **94%** of the combined revenue reported for the two segments ($20.9 billion of $22.2 billion), while Midstream and Marketing generated approximately **6%** ($1.3 billion). These are shares before intersegment eliminations, not shares of consolidated third-party revenue. OxyChem, Occidental’s former chemicals business, is excluded from the continuing segments following its sale in January 2026 and is reported as a discontinued operation.[18][13] [21][9][2][3][12][4][18][18][13]
Company history
Occidental Petroleum was founded in 1920. Armand Hammer took control in 1957 and led its expansion from a small California oil producer into an international oil and chemicals company. Oil discoveries in Libya during the 1960s helped drive its overseas growth, while the 1968 acquisition of Hooker Chemical expanded its chemicals business.[22][23][24]
Occidental completed its acquisition of Cities Service in 1982 and acquired Altura Energy in 2000, strengthening its position in the Permian Basin. It spun off California Resources Corporation in 2014, then completed its acquisition of Anadarko Petroleum in 2019.[25][26][27][28] [22][23][24][25][26][27][28]
Sources
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