Occidental Petroleum Corporation (Oxy) is one of the largest U.S. oil and gas companies based on equity market capitalization, and a market leader in many respects. Oxy’s success is a direct outcome of the company’s leadership and ongoing commitment to enhance stockholder value.
Employing a disciplined financial strategy and focusing on high-potential oil and gas assets in our core geographic regions, Oxy has consistently achieved top-tier results, including:
- In 2012, Oxy achieved record average worldwide oil and gas production of 766,000 barrels of oil equivalent per day (BOEPD) — up about 5 percent from last year.
- Oxy replaced 143 percent of its oil and gas production in 2012.
- Using core results*, return on equity (ROE) was 14.6 percent and return on capital employed (ROCE) was 12.6 percent in 2012.
- Oxy returned $2.3 billion to shareholders in 2012 in the form of dividends (excluding an accelerated fourth-quarter payout) and share repurchases.
- Oxy's market cap at year-end 2012 was $61.7 billion.
- Oxy has paid quarterly dividends to its stockholders continuously since 1975. Effective February 2013, the annual dividend was increased 18.5 percent to an annualized rate of $2.56 per share.
Oxy is the largest onshore producer of oil and liquids combined in the 48 contiguous United States, according to industry research firm Wood MacKenzie. It is the No. 1 oil producer in Texas and California’s largest natural gas producer and largest oil and gas producer on a gross-operated barrels of oil equivalent basis. Oxy was founded in California in 1920 and made its first major discovery in the Sacramento Valley in 1961. Nearly two-thirds of the company’s worldwide production continues to come from its U.S. operations.
Oxy has been an active investor in the Middle East region for more than 40 years, with interests in Bahrain, Iraq, Libya, Oman, Qatar, United Arab Emirates and Yemen. The region accounts for more than a third of Oxy’s worldwide production.
Oxy also has operations in Latin America, primarily in Colombia. More than a billion barrels of oil have been produced at Colombia’s Caño Limón field since it was discovered by Oxy in 1983.
Occidental Chemical Corporation (OxyChem) is a leading North American manufacturer of basic chemicals and vinyls used in products essential to public health and modern life. For every product it markets in the U.S., OxyChem’s market position is No. 1 or No. 2. OxyChem was established in 1987.
Over the years, a number of milestones have propelled Oxy’s growth. These include:
- 2012: Oxy’s cryogenic gas plant at Elk Hills came online in July, improving operational efficiency and production, and enhancing liquids yields. Oxy announced a joint venture with Magellan Midstream Partner, L.P., for the BridgeTex Pipeline Project, a new crude oil pipeline system that will extend from Colorado City, Texas, to the Houston Gulf Coast area. Oxy purchased from the Port of Corpus Christi the site of the former U.S. Naval Station in Ingleside, Texas, expanding its current operations in the area. OxyChem began construction on a membrane cell chlor-alkali plant in Tennessee, expected to be completed by the fourth quarter of 2013.
- 2011: Oxy acquired a 40-percent participating interest in the Al Hosn Gas Project. Oxy is working with Abu Dhabi National Oil Company (ADNOC) in a 30-year joint venture agreement to develop one of the largest gas fields in the Middle East.
- 2010: Oxy announced the acquisition of assets in South Texas and North Dakota and the selling of its assets in Argentina. Eni, Oxy and Korea Gas signed a contract with Iraq’s state-owned South Oil Company and Missan Oil Company as State Partner, to redevelop the Zubair Field, near Basra in southern Iraq.
- 2009: Oxy and Mubadala Development Company (Mubadala) with the National Oil and Gas Authority of Bahrain (NOGA) started operations for the further development of the Bahrain Field. Oxy also acquired the commodities investment company Phibro from Citigroup and OxyChem acquired Dow Chemical Company’s calcium chloride operations, the world’s largest.
- 2008: Oxy signed agreements for various projects in the Middle East region, including an agreement to develop gas fields and to explore for potential new discoveries in the Sultanate of Oman. In the U.S., Oxy purchased interests in the Permian and Piceance basins.
- 2007: The Dolphin Gas Project, one of the largest energy projects ever undertaken in the Middle East, became fully operational. It currently delivers natural gas to customers in the United Arab Emirates and Oman. Oxy has been a participant in the Dolphin Gas Project since 2002.
- 2006: Oxy acquired production assets from Vintage Petroleum in Argentine, Bolivia, California and the Middle East. OxyChem acquired chemical assets in the U.S. from Vulcan Materials Company.
- 2004: Oxy signed a new production-sharing contract for the Mukhaizna Field, one of the largest in Oman.
- 2000: The purchase of Altura Energy, Ltd., in the Permian Basin of West Texas and southeast New Mexico made Oxy the largest oil producer in Texas.
- 1998: Oxy became the largest natural gas producer in California with the purchase of the U.S. Department of Energy’s 78-percent interest in Elk Hills Naval Petroleum Reserve.
Oxy has been publicly traded on the New York Stock Exchange since 1964. Oxy stock has split twice: a 2-for-1 stock split on July 20, 2006, and a 3-for-1 stock split on January 29, 1968. In February 2013, the Board of Directors approved Oxy’s twelfth dividend increase since 2002.
*See GAAP-reconciliation.oxy.com for a reconciliation of ROE and ROCE using core results to the most comparable GAAP measure.