The fourth-largest American oil and gas company based on equity market capitalization, Occidental Petroleum is a market leader in many respects. Oxy's success is a direct outcome of the company's visionary leadership and ongoing commitment to enhance stockholder value.
Employing a disciplined financial strategy and focusing on high-potential oil and gas assets in our core geographic regions, we have consistently achieved top-tier results on the key metrics watched by the investment community. For example:
- As of year-end 2009, Oxy led its peer group in total stockholder return over the past three-, five- and 10-year periods – with returns averaging 76 percent, 204 percent and 870 percent, respectively;
- Oxy's stockholder equity has increased 167 percent since the beginning of 2005;
- Since year-end 2005, Oxy’s debt-to-capitalization ratio has decreased nearly 44 percent;
- From year-end 1999 to year-end 2009, Oxy’s market capitalization increased 730 percent to $66 billion;
- Oxy has continuously paid quarterly dividends to its stockholders since 1975. In May 2010, the annual dividend was increased 15 percent to an annual rate of $1.52 per share, the company's ninth increase since 2002.
The largest oil producer in Texas and New Mexico and the largest natural gas producer and second-largest oil producer in California, Oxy was founded in California in 1920. Oxy made its first major discovery in California's Sacramento Valley in 1961. Most of the company's worldwide production – 58 percent in 2009 – continues to come from U.S. operations, primarily in Texas and New Mexico, where Oxy is the largest oil producer, as well as California, Colorado and Kansas.
Oxy has been an active investor in the Middle East and North Africa for more than 40 years, with operations in Bahrain, Libya, Oman, Qatar, United Arab Emirates and Yemen. This consistently important region accounted for 29 percent of Oxy's worldwide production in 2009.
Latin America operations – in Argentina, Bolivia and Colombia – accounted for 13 percent of Oxy's 2009 total production. The 25th anniversary of Colombia's Caño Limón field, discovered by Oxy in 1983 was celebrated in 2008.
Occidental Chemical Corporation and related subsidiaries, collectively known as OxyChem, is a leading North American manufacturer of basic chemicals, vinyls and other chemicals; for every product it makes OxyChem’s market position is No. 1 or No. 2 in the U.S. and No. 1, 2 or 3 in the world. OxyChem was established in 1987.
Over the years, a number of milestones have propelled the company's growth. These include:
- 2010: Eni, Oxy and Korea Gas announced the signing of a contract with Iraq’s state-owned South Oil Company and Missan Oil Company as State Partner, to redevelop the Zubair Field, near Basra in southern Iraq.
- 2009: Oxy announced that it made a significant discovery of oil and gas reserves in Kern County, California, that is believed to be the state’s largest oil and gas discovery in 35 years. Oxy estimates that gross potential reserves identified in the area could total 500 million BOE by the end of 2010.
Oxy and Mubadala Development Company (Mubadala) signed a Development and Production Sharing Agreement with the National Oil and Gas Authority of Bahrain (NOGA) for the further development of the Bahrain Field. Field operations began on December 1, 2009.
Also in 2009, Oxy acquired the commodities investment company Phibro from Citigroup for approximately net asset value, and OxyChem acquired Dow Chemical Company’s calcium chloride operations, the world’s largest.
- 2008: Oxy signed agreements for various projects in the Middle East/North Africa region, including an agreement to develop gas fields and to explore for potential new discoveries in the Sultanate of Oman. In the U.S., Oxy purchased interests in the Permian and Piceance basins.
- 2007: The giant Dolphin Project, one of the largest energy projects ever undertaken in the Middle East, became fully operational and currently delivers natural gas to customers in the United Arab Emirates and Oman. Oxy has been a partner in the Dolphin Project since 2002.
- 2006: Oxy acquired production assets from Vintage Petroleum in Latin America, California and the Middle East. OxyChem acquired chemical assets in the U.S. from Vulcan Materials Company.
- 2005: Oxy signed an agreement with Libya's National Oil Company to re-enter the country to participate in exploration and production operations.
- 2004: Oxy signed a new production-sharing contract for the Mukhaizna oilfield, one of the largest in Oman.
- 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.
View an expanded timeline of key events in Oxy's history
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. In May 2010, the Board of Directors approved Oxy's ninth dividend increase since 2002.