Occidental Petroleum Corporation (Oxy) Is a U.S based international oil & gas exploration & production company .whose operations are spread around U.S, Middle East, North Africa, and South America. Oxy. Whosehead quarter is in Los angles established in 1920. Company is fourth largest oil producer of U.S. Mr. Martin occident L is global head, president & CEO the company. In year 2007 Company’s market capital was $49.93 MN USD. 8846 employees are working under this organization

Histor y
Oxy was founded in 1920. In 1957 Dr. Armand Hammer was elected president and CEO. In 1961, Oxy discovered California's second largest natural gas field in the Arbuckle area of the Sacramento basin at Lathrop. Over the next 10 years, Oxy expanded worldwide operations with efforts in Libya, Peru, Venezuela, Bolivia, Trinidad and the United Kingdom. Occidental won exploration rights in Libya in 1965 and achieved exploration and development success until all activities were suspended in 1986 as the result of economic sanctions imposed by the United States government. In 1968, Oxy entered the chemical business with the acquisition of Hooker Chemicals. This was 26 years after the contamination at Love Canal. On July 6, 1988

a fire on Piper Alpha, an oil platform in the North Sea, caused the biggest disaster in offshore oil industry's history. Today Occidental Chemical Corporation (OxyChem) is a leading chemical manufacturer with interests in basic chemicals, vinyls and performance chemical products. In 1994, Dr. Ray Iranibecame President and CEO of Oxy. in 2005, Oxy was among 53 entities that contributed the maximum of $250,000 to the second inauguration of US President George W. Bush.

Oper ation s & pr oduct ions
Occidental’s oil and gas growth strategy relies on three components: Enhanced Oil Recovery (EOR), Exploration and Acquisitions. Oil and Gas operations are focused in three core areas, the United States, the Middle East/North Africa and South Americas. Oxy made its first major discovery in California's Sacramento Valley in 1961. Today, Oxy is the largest natural gas producer in the state. Most of the company's worldwide production – 63 percent in 2007 – continues to come from U.S. operations in California, Colorado, Kansas, New Mexico and Texas, where Oxy is the largest oil producer. Oxy has been an active investor in the Middle East and North Africa for more than 40 years, with current operations in Libya, Oman, Qatar, United Arab Emirates and Yemen. This increasingly important region accounted for 24 percent of Oxy's worldwide production in 2007. Latin America operations – in Argentina, Bolivia and Colombia – accounted for 13 percent of Oxy's 2007 total production. 2008 marks the 25th anniversary of Colombia's Caño Limón field, discovered by Oxy in 1983.

The fourth-largest American oil and gas company by market capitalization, Occidental Petroleum is one of the industry's unqualified success stories. Oxy's success is a direct outcome of the company's visionary leadership and ongoing commitment to enhance stockholder value. • 2006: Oxy acquired production assets from Vintage Petroleum in Latin America, California and the Middle East.

2005: Oxy signed an agreement with Libya's National Oil Company to reenter the country to participate in exploration and production operations after the U.S. ended nearly 20 years of economic sanctions. 2004: Oxy signed a new production-sharing contract for the Mukhaizna oil field, one of the largest in Oman. 2002: Oxy became a partner in the Dolphin Project in Qatar and United Arab Emirates, one of the largest energy initiatives undertaken in the Middle East. 2000: The purchase of Altura Energy, Ltd., in the Permian Basin of southwest Texas and southeast New Mexico made Oxy the largest oil producer in Texas. 1998: Oxy became the largest natural gas producer in California with the purchase of the U.S. Department of Energy's 78-percent interest in Elk Hills Naval Petroleum Reserve. 1986: Oxy purchased MidCon Corp., the parent company of a diversified group of natural gas pipelines and energy-related companies. 1982: Oxy acquired Cities Service Company, which was principally engaged in oil and natural gas exploration, development, production, refining, marketing and transportation.

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Oxy has been publicly traded on the New York Stock Exchange since 1964. Oxy stock has split twice: a 2-for-1 stock split on July 20, 2006, and a 3-for-1 stock split on January 29, 1968. Total return to stake holder was 60 percent in 2007, a company record. In May 2008, the Board of Directors approved Oxy's seventh dividend increase since 2002. A disciplined financial strategy and focusing on high-potential oil and gas assets in Oxy's core geographic regions; Oxy consistently achieve top-quartile results on the key metrics watched by the investment community. For example: • • • • Since 2002 Employing, cumulative total return to stockholders has outpaced Oxy's oil and gas industry peers as well as the S&P 500 Index; Since 2003, net income has increased by 251 percent and total debt has decreased by more than 60 percent; market capitalization of any company in the Los Angeles area, where we are headquartered; Since 1999, Oxy has led its industry peers as the most profitable oil and natural gas producer on a per-barrel basis

Income f or Second

Quar ter and 2008

Fir st Si x Mon ths of

Occidental Petroleum Corporation (NYSE: OXY) announced net income of $2.297 billion ($2.78 per diluted share) for the second quarter of 2008, compared with $1.412 billion ($1.68 per diluted share) for the second quarter of 2007. Core results for the second quarter of 2008 were $2.300 billion ($2.79 per diluted share), compared with $943 million ($1.12 per diluted share) for the second quarter of 2007.. Oxy's record net income for the second quarter of 2008 beat the previous record set during the first quarter of 2008 by 24 percent. Occidental's first six months of 2008 net income was 58 percent higher than our previous record first six month income achieved in 2007. Oxy’s production grew by 5 percent for the second quarter, and nearly 7 percent for the first six months compared to last year, and we plan to increase capital expenditures to $4.7 billion in 2008 to accelerate growth. The additional capital funds will be used to drill and recomplete approximately 400 wells, mainly in California, Texas and Colorado, as well as in Argentina, Colombia and Libya.


Oil and gas segment earnings were $3.806 billion for the second quarter of 2008, compared with $1.658 billion for the same period in 2007. The $2.1 billion increase in the second quarter 2008 segment earnings reflected $2.2 billion of increases from

record crude oil and higher natural gas prices, higher oil and gas production and lower exploration expense, partially offset by increased DD&A rates and higher operating ex.

For the second quarter of 2008, daily oil and gas production averaged 588,000 barrels of oil equivalent (BOE), compared with 558,000 BOE per day produced in the second quarter of 2007. The bulk of the production increase was the result of 46,000 BOE per day from the Dolphin project, which began production in the third quarter of 2007, and 11,000 BOE per day from recently acquired domestic assets, partially offset by lower production from Argentina as a result of a strike in May and by 19,000 BOE per day lower production caused by higher oil prices affecting our production sharing contracts. Argentina production was impacted by 15,000 BOE per day from the strike which lasted approximately five weeks and also halted all drilling programs. Production is now backing at approximately pre-strike levels. Oxy's realized price for worldwide crude oil was $110.12 per barrel for the second quarter of 2008, compared with $59.11 per barrel for the second quarter of 2007. Domestic realized gas prices increased from $7.07 per MCF in the second quarter of 2007 to $9.99 per MCF for the second quarter of 2008.

En vir onmenta l reco r d
Researchers at the University of Massachusetts Amherst have identified Occidental Petroleum as the 47th-largest corporate producer of air pollution in the United States, with roughly 1.2 million pounds of toxic chemicals released annually into the air. Major pollutants indicated by the study include chlorine, antimony compounds, benzotrichloride, and hydrochloric acid. The Environmental Protection Agency has named Occidental as a potentially responsible party for at least six Superfund toxic waste sites.

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