Company Overview
About Occidental Petroleum
Occidental Petroleum is an integrated oil and gas company with leading positions in the Permian Basin, Middle East, and Latin America, founded in 1920 in Los Angeles and now headquartered in Houston, Texas, trading on NYSE (OXY). The company generated approximately $26.2 billion in revenues for FY2024 under CEO Vicki Hollub, who has established Occidental as the oil and gas industry's most ambitious carbon management company through its STRATOS Direct Air Capture facility—the world's largest operational DAC plant, opened in Ector County, Texas in 2024 with capacity to remove 500,000 metric tons of CO2 annually. Berkshire Hathaway, led by Warren Buffett, has accumulated approximately 29% of Occidental's common shares and holds warrants to acquire an additional 83.9 million shares, representing one of Buffett's largest concentrated investments and a strong endorsement of Occidental's Permian Basin strategy.
Business Model & Competitive Advantage
The December 2023 acquisition of CrownRock L.P. for approximately $12 billion added approximately 94,000 net Permian acres and 170,000 BOE/day of production in the Midland Basin, solidifying Occidental's position as one of the top three Permian producers. OxyChem (Occidental Chemical Corporation) is the world's largest producer of chlorovinyls—feedstocks for PVC pipe and construction materials—providing a countercyclical cash flow stream that partially offsets oil price volatility. Occidental Low Carbon Ventures (OLCVc) is developing a portfolio of carbon capture utilization and storage (CCUS) projects and enhanced oil recovery (EOR) using CO2 that Hollub positions as a future business segment generating carbon credit revenues.
Competitive Landscape 2025–2026
In 2025-2026, Occidental is executing on its CrownRock integration while managing the debt incurred in the acquisition. The STRATOS DAC facility is the visible embodiment of Hollub's "net zero oil" vision—using captured CO2 to produce synthetic fuels and generate high-value carbon credits—though the economics of DAC at scale remain dependent on carbon credit market development and government incentives under the Inflation Reduction Act's 45Q tax credits. Competitors ConocoPhillips (post-Marathon) and Diamondback Energy (post-Endeavor) have increased Permian scale, while Chevron's Hess acquisition adds Guyana deepwater to compete for investor capital. OXY's carbon management narrative sets it apart strategically if carbon markets develop as projected.
Company Timeline
Major milestones in Occidental Petroleum's journey
Leadership Team
Meet the leaders behind Occidental Petroleum
Vicki Hollub
Vicki Hollub has served as president and CEO of Occidental Petroleum since April 2016, making history as the first woman to lead a major American oil company. As of 2024, she has led Occidental for 9.83 years through a period of dramatic transformation and strategic repositioning. Hollub's most significant achievement was engineering the $38.7 billion takeover of Anadarko Petroleum in 2019, which established Occidental as the dominant player in the Permian Basin. In a dramatic eleventh-hour bidding war, Hollub successfully outmaneuvered the much larger Chevron Corporation by securing a $10 billion cash infusion from Warren Buffett's Berkshire Hathaway, demonstrating her strategic vision and ability to execute complex deals. Under her leadership, Occidental has pursued an ambitious dual strategy: maximizing production and cash flow from traditional oil and gas operations while simultaneously positioning the company as a leader in carbon capture and direct air capture technologies. This forward-looking approach addresses the energy transition while maintaining strong near-term financial performance. Hollub has driven operational improvements, achieving the company's best-ever safety performance with a 0.16 Total Recordable Incident Rate in 2024, and leading environmental initiatives including achieving zero routine flaring in U.S. operations and reducing global routine flaring by 80% from 2020 levels. She has also focused intensely on debt reduction following the Anadarko acquisition, successfully repaying $7.5 billion since July 2024 and divesting approximately $4 billion in non-core assets. In 2024, Hollub was elected to the National Academy of Engineering for leadership in energy company management and advocating for carbon management solutions, and was recognized as a 2024 GRIT Lifetime Achievement Award winner. She serves on several influential boards including the American Petroleum Institute, Khalifa University for Science and Technology in Abu Dhabi, Lockheed Martin, and chairs the U.S. Secretary of Energy Advisory Board. Her total yearly compensation is $18.54 million, comprised of 8.4% salary and 91.6% bonuses including company stock and options. Hollub directly owns 0.087% of Occidental's shares, worth approximately $36.51 million, aligning her interests with shareholders. Her leadership style emphasizes disciplined capital allocation, operational excellence, safety, environmental performance, and strategic positioning for the long-term energy transition while delivering near-term results.
Sunil Mathew
Sunil Mathew was appointed Senior Vice President and Chief Financial Officer of Occidental Petroleum effective August 9, 2024, succeeding Robert Peterson who had served as CFO since April 2020. As CFO, Mathew oversees accounting, tax, treasury, internal audit, and investor relations functions during a critical period of debt reduction and portfolio optimization following major acquisitions. His appointment came as Occidental executed its strategy to divest non-core assets and reduce debt levels, with the company having signed agreements to divest approximately $4 billion in assets since announcing the CrownRock acquisition in December 2023. Mathew's primary focus includes managing the company's capital structure, optimizing cash flow allocation between debt reduction and shareholder returns, and maintaining strong relationships with investors and credit rating agencies. He oversees financial reporting for a complex global energy company with operations spanning the United States, Middle East, and Latin America, as well as emerging carbon capture ventures.
Robert Peterson
Robert L. Peterson served as Senior Vice President and Chief Financial Officer of Occidental Petroleum from April 2020 until August 9, 2024, when he transitioned to a senior vice president role as Sunil Mathew assumed the CFO position. During his tenure as CFO, Peterson led Occidental through the challenging period following the Anadarko acquisition, managing significant debt levels and navigating commodity price volatility during the COVID-19 pandemic and subsequent recovery. He was instrumental in developing and executing Occidental's debt reduction strategy, which became a key priority for the company and its shareholders. Peterson joined Occidental in 2014 and held various roles before becoming CFO, most notably leading Occidental's Permian EOR (Enhanced Oil Recovery) business as senior vice president from September 2019. His experience with Permian operations provided valuable insight during the integration of Anadarko's assets and the subsequent CrownRock acquisition. Peterson's 2024 base salary was $770,314 with total compensation of $5,518,237, reflecting his continued importance to the organization even after stepping down from the CFO role.
Armand Hammer (Historical)
Armand Hammer transformed Occidental Petroleum from a nearly bankrupt company into a major international oil corporation during his 33-year tenure as president and CEO from 1957 until his death in 1990 at age 92. A Renaissance businessman with diverse interests spanning art collecting, international trade, and industry, Hammer initially acquired Occidental as a tax shelter but pivoted to aggressive growth when the company struck oil in southern California. His bold leadership, international connections, and willingness to pursue opportunities in challenging markets defined Occidental's corporate culture for decades. Hammer's most significant achievement was personally negotiating and securing oil concessions in Libya in 1967, catapulting Occidental onto the world stage. He diversified the company through major acquisitions including Hooker Chemical (1968) and Cities Service Company ($4 billion, 1982), making Occidental the eighth-largest U.S. petroleum company. His diplomatic skills and international relationships, particularly with Soviet leaders, enabled Occidental to pursue opportunities unavailable to competitors. Hammer's legacy of transformative acquisitions, international focus, and bold risk-taking continues to influence Occidental's strategy under current leadership.
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Key Differentiators
Market Leader
Occidental Petroleum is recognized as a market leader in the Energy & Utilities sector, demonstrating strong industry presence and customer trust.
Enterprise Scale
With $26200M in revenue, Occidental Petroleum operates at enterprise scale with proven market validation.
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