Occidental's U.S. business is focused in the Permian Basin of West Texas and southeast New Mexico, 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.
We are one of the largest operators and oil producers in the Permian Basin, producing approximately 9 percent of the total oil in the basin. With nearly 2.5 million net acres, Occidental produces from every producible formation in the Permian Basin. Occidental's Permian oil and gas production accounted for nearly 50 percent of our 2017 total ongoing worldwide production.
Occidental manages operations in the Permian Basin through two businesses: Permian Resources, which consists of growth-oriented unconventional opportunities, and Permian EOR, which utilizes enhanced oil recovery (EOR) techniques, such as carbon dioxide flooding and waterfloods.
Additionally in the Permian, Occidental's Midstream and Marketing segment gathers, processes, transports, stores, purchases and markets hydrocarbons and other commodities.
The synergies between our Permian Resources and EOR operations allow us to optimize production, while our marketing operations provide key gathering and takeaway access to multiple markets. This gives Occidental a unique competitive advantage in the Permian Basin.