We are committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility in all of the company’s worldwide operations
Occidental Petroleum Corporation (NYSE: OXY) is an international oil and gas exploration and production company, and its OxyChem subsidiary is a major North American chemical manufacturer. Oxy is the third-largest U.S. oil and gas company, based on equity market capitalization. With approximately 11,000 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.
Oxy is an industry leader in applying advanced technology to boost production from mature fields and access hard-to-reach reserves. In the United States, Oxy is the No. 1 oil producer in Texas and New Mexico, and California’s largest natural gas producer and largest oil and gas producer on a gross operated basis. In the Middle East, Oxy is the largest independent oil producer in Oman and the second-largest oil producer offshore Qatar.
Oxy’s midstream and marketing segment gathers, treats, processes, transports, stores, purchases and markets crude oil (including natural gas liquids and condensate), natural gas, carbon dioxide (CO2) and power. The marketing and trading businesses earn margins from trading oil, gas and other commodities and marketing the oil and gas segment’s products. The segment also trades around its assets and purchases, markets and trades oil and gas, power, other commodities and commodity-related securities.
A safety leader in its industry, OxyChem manufactures and markets chlor-alkali products, vinyls and other chemicals with numerous beneficial applications. For every product it makes, OxyChem’s market position is No. 1 or 2 in the U.S. and No. 1, 2 or 3 in the world. In 2010, Oxy increased its worldwide production by 5 percent to a company-record 753,000 barrels of oil equivalent per day (BOEPD)1 and replaced 150 percent of the volumes it sold with finding and development (F&D)2 costs of $20.25 per BOE. The U.S. provided 51 percent of Oxy’s 2010 production, Middle East/North Africa 38 percent and Latin America 11 percent. Oxy exited 2010 with net income of $4.5 billion, $2.5 billion in net debt after cash and a debt-to-capitalization ratio of 14 percent.
Headquartered in Los Angeles, California, Oxy has been publicly traded on the New York Stock Exchange since 1964.
1 Includes production volumes of 42,000 BOEPD related to Argentine operations, which have been classified as held for sale and were divested in February 2011, and 5,000 BOEPD related to the noncontrolling interest in a Colombian subsidiary.
2 F&D costs means exploration, development and proved and unproved acquisition costs incurred during the year, divided by total proved reserves additions. Consistent with industry practice, future capital costs to develop proved undeveloped reserves are not included. Additional information regarding reserves and reserves development is available in our 2010 10-K.