Occidental focuses on large, long-lived oil and gas assets with long-term growth potential. We invest only in opportunities that we believe will complement existing assets in our core producing areas and will meet the company’s threshold for returns on invested capital.
Occidental operates in three core areas, primarily in the United States, but also in the Middle East region and Latin America.
Our U.S. operations are concentrated in the Permian Basin of West Texas and southeast New Mexico; California; the Midcontinent region, primarily in the Piceance Basin in Colorado, the Williston Basin in North Dakota, and South Texas. Through 2013, Occidental's U.S. operations have accounted for more than 60 percent of Occidental's total worldwide oil and gas production and worldwide proved reserves.
Occidental's Middle East region operations in Bahrain, Iraq, Libya, Oman, Qatar and Yemen currently provide more than one-third of the company’s total worldwide production and proved reserves. Latin America operations — primarily in Colombia — account for the balance of Occidental's production and proved reserves.
Regional highlights include:
- Largest onshore producer of oil and liquids combined in the 48 contiguous United States,
- Largest operator and the largest producer of oil in the Permian Basin of West Texas and southeast New Mexico
- Largest producer of natural gas and the largest oil and gas producer in California on a gross-operated barrels of oil equivalent basis
- Largest independent oil producer in Oman and the second-largest oil producer offshore Qatar
- Participating in the transborder Dolphin Gas Project – one of the largest energy initiatives ever undertaken in the Middle East
- Working with the Abu Dhabi National Oil Company (ADNOC) on the Al Hosn Gas Project to develop one of the largest natural gas fields in the Middle East
Occidental consistently replenishes and expands reserves through improved recovery and enhanced recovery techniques, strategic acquisitions, and focused exploration.
Occidental invests in state-of-the-art equipment and tools to find, develop, produce and deliver energy resources.
In both domestic and international operations, Occidental is an acknowledged leader in cost-effectively increasing production from mature oil and gas fields and accessing hard-to-recover reserves through the application of enhanced oil recovery (EOR) techniques. Among these is carbon dioxide (CO2) flooding, commonly known as CO2 EOR, which can increase ultimate oil and associated gas recovery by 10 to 25 percent in the fields where it is employed. Circulating in a "closed loop" process, over time virtually all of the CO2 is safely and securely sequestered in the reservoir. Thus, in addition to boosting oil and gas production, this technology provides environmental benefits.