At A Glance

Occidental Petroleum Corporation is an international oil and gas exploration and production company, and our OxyChem subsidiary is a major North American chemical manufacturer.

Oxy's business strategy is driven by a disciplined financial philosophy that balances profitability and growth while maintaining a strong balance sheet. Oxy is committed to using advanced technology to produce more oil and natural gas, while being a responsible steward of the environment.

Key business strategy elements:

• Focus on large, long-lived oil and gas assets with long-term growth potential – We focus on large, long-lived, “legacy” oil and gas assets in our core geographic regions, such as those in California and the Permian Basin, where Oxy can enhance production. We seek to add new oil and natural gas reserves at a pace ahead of production while minimizing cost incurred for finding and development.
• Maintain financial discipline and a strong balance sheet – At Oxy, maintaining financial discipline means investing capital in those projects we expect will generate above-cost-of-capital returns through their life cycle.
• Manage the chemical segment to operate in a safe and environmentally sound way, sustain production capacity and generate cash flow – Our capital expenditures for the chemical segment focus on projects designed to improve the competitiveness of OxyChem assets. OxyChem is not managed with a growth strategy but to generate cash flow exceeding its normal capital expenditure requirements.
• Manage the midstream and marketing segment to generate returns in excess of cost of capital – To generate these returns, the segment provides low-cost services to other segments as well as to third parties and operates gas plants, oil, gas and CO₂ pipeline systems and storage facilities. In addition, the marketing and trading group markets Oxy’s and third-party oil and gas, trades around the midstream and marketing segment assets and engages in commodities and securities trading.

For Oxy quarterly financial data, click here.

Market Capitalization

$66 billion (market close on 12/31/09)

Financial Performance

For 2009, Oxy achieved net income of $2.9 billion, with progressive increases from the first to the fourth quarter. In 2009, diluted earnings per share were $3.58.

Selected Financial Data

In millions, except per-share amounts

(1) Net income represents amounts attributable to common stock, after deducting noncontrolling interest amounts.

(2) Amounts have been adjusted to reflect a two-for-one stock split in the form of a stock dividend to stockholders on August 1, 2006.

Oil and Gas Highlights

Oxy's oil and gas assets are concentrated in three core areas — the United States, Middle East/North Africa and Latin America.

Oil and Gas Sales Volumes

MBOE per day

Oil and Gas Reserves

MMBOE