The Permian Basin of West Texas and southeast New Mexico is one of the largest and most active oil basins in the United States, accounting for approximately 16 percent of the total U.S. oil production. Occidental is the largest operator and largest producer of oil in the Permian Basin, with an approximate 13 percent net share of total oil produced. Occidental also produces and processes natural gas and natural gas liquids (NGL) in the basin.
The Permian Basin is home to Occidental’s domestic core asset. We have nearly 5.4 million gross acres with over 13,000 Occidental-operated gross oil and gas wells, and we produce from every producible formation in the Basin. Occidental’s Permian oil and gas production accounted for nearly 39 percent of our 2015 total worldwide production.
Occidental has been operating and producing in the Permian for more than 30 years. Over that time, we have amassed considerable knowledge through our experience, which we have successfully applied to our Enhanced Oil Recovery (EOR) operations, and more recently to our unconventional reservoirs.
Occidental manages its Permian Basin production operations through its Permian Resources and Permian EOR business units. Additionally in the Permian, Occidental's Midstream and Marketing segment gathers, processes, transports, stores, purchases and markets hydrocarbons and other commodities.
With synergies between our Permian Resources and EOR operations to optimize production, and our significant midstream infrastructure and marketing operations providing key gathering and takeaway access to multiple markets, Occidental has a unique competitive advantage in the Permian Basin.