Occidental Petroleum Corporation is an international oil and gas exploration and production company, as well as a major North American chemical manufacturer.
Oxy's business strategy is driven by a disciplined financial philosophy that balances profitability and growth while maintaining a strong balance sheet. Oxy is committed to using advanced technology to produce more oil and natural gas, while being a responsible steward of the environment.
Key business strategy elements:
- Focus on large, long-lived oil and gas assets with long-term growth potential – We focus on large, long-lived, “legacy” oil and gas assets in our core geographic regions, such as those in California and the Permian Basin, where Oxy can enhance production. We seek to add new oil and natural gas reserves at a pace ahead of production while keeping our finding and development costs among the lowest in the industry.
- Maintain financial discipline and a strong balance sheet – At Oxy, maintaining financial discipline means investing in those projects we expect will generate above-cost-of-capital returns throughout the business cycle.
- Manage the chemical segment to operate in a safe and environmentally sound way, sustain production capacity and generate cash flow – Our capital expenditures for the chemical segment focus on projects designed to improve the competitiveness of OxyChem assets. Historically, OxyChem has generated cash flow exceeding its normal capital expenditure requirements.
For Oxy quarterly financial data, click here.
Quarterly Fact Sheet
Q3 2008
Market Capitalization
$63.6 billion (market close on 12/31/07)
Financial Performance
For 2007, Oxy achieved record net income of $5.4 billion, compared with $4.2 billion for 2006. In 2007, diluted earnings per share were $6.44 compared to $4.87 in 2006. Net income for the fourth quarter of 2007 was $1.45 billion compared with $930 million for the fourth quarter of 2006.
Selected Financial Data
In millions, except per-share amounts
| |
2007 |
2006 |
2005 |
2004 |
2003 |
| Net sales |
$18,784 |
$17,175 |
$14,153 |
$10,400 |
$8,598 |
| Net income |
5,400 |
4,191 |
5,293 |
2,574 |
1,410 |
| EPS (diluted) |
6.44 |
4.87 |
6.47 |
3.21 |
1.98 |
| Dividend paid per share |
0.94 |
0.80 |
0.645 |
0.55 |
0.52 |
Oil and Gas Highlights
Oxy's oil and gas assets are concentrated in three core areas — the United States, Middle East/North Africa and Latin America.
Oil and Gas Production
MBOE per day
| |
2007 |
2006 |
2005 |
% of
2007
Total |
| United States |
359 |
354 |
331 |
63% |
| Middle East/North Africa |
135 |
119 |
103 |
24% |
| Latin America |
76 |
72 |
32 |
13% |
| Total |
570 |
545 |
466 |
|
Oil and Gas Reserves
MMBOE
| |
2007 |
2006 |
2005 |
% of
2007
Total |
| United States |
2,152 |
2,064 |
2,006 |
75% |
| Middle East/North Africa |
468 |
547 |
522 |
16% |
| Latin America |
244 |
253 |
44 |
9% |
| Total |
2,864 |
2,864 |
2,569 |
|