Occidental Petroleum Corporation (NYSE: OXY) is an international oil and gas exploration and production company, as well as a major North American chemical manufacturer.
Oxy is the fourth-largest U.S. oil and gas company, based on equity market capitalization of more than $48 billion at the end of 2008. With more than 10,000 employees worldwide, Oxy engages in oil and gas exploration and production in three core regions: the United States, Middle East/North Africa and Latin America. In 2008, Oxy established a Midstream, Marketing and Other segment, which encompasses operations that gather, treat, process, transport, store, trade and market crude oil, natural gas, natural gas liquids, condensate and CO2, and generate and market power. Assets are located primarily near Oxy’s oil and gas activities. OxyChem, a wholly owned subsidiary, manufactures and markets chlor-alkali products and vinyls.
In 2008, Oxy achieved record net income of $6.9 billion, compared with $5.4 billion for 2007. At year-end, the company had less than $1 billion in net debt. Oxy’s 2008 return on equity was 27 percent, and return on capital employed (ROCE) 25 percent.*
Oxy’s worldwide oil and gas production increased 5.4 percent over 2007, reaching 601,000 barrels of oil equivalent per day (BOEPD). U.S. operations account for approximately 60 percent of the company’s total oil and gas production, with 361,000 BOEPD. Middle East/North Africa operations provide approximately 164,000 BOEPD, or 27 percent, of total production. Oxy’s operations in Latin America account for approximately 13 percent — 76,000 BOEPD — of the company’s worldwide production.
Oxy is headquartered in Los Angeles, California. The company has been publicly traded on the New York Stock Exchange since 1964.
*ROCE is net income, taking into account cost of capital, divided by the average of stockholders' equity plus total debt.