# Occidental Petroleum

**Source:** https://geo.sig.ai/brands/occidental-petroleum  
**Vertical:** Energy & Utilities  
**Subcategory:** Enterprise  
**Tier:** Leader  
**Website:** oxy.com  
**Last Updated:** 2026-04-14

## Summary

Permian-led integrated E&P with $26.2B FY2024 revenue; Berkshire Hathaway ~29% stake; $12B CrownRock acquisition 2023; STRATOS world's largest DAC plant opened 2024; OxyChem countercyclical.

## Company Overview

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.

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.

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.

## Frequently Asked Questions

### What does Occidental Petroleum do and what are its main business segments?
Occidental Petroleum Corporation (Oxy) is an international energy company engaged in oil and gas exploration, production, and marketing, with pioneering investments in carbon management technologies. The company operates primarily through two main segments as of 2025. The Oil and Gas segment focuses on exploration and production activities in the United States (particularly the Permian Basin, DJ Basin, and Gulf of America) and the Middle East (Oman, Qatar, and United Arab Emirates) through production sharing agreements, with some operations in South America. As of December 31, 2024, Occidental's worldwide proved reserves totaled 4.6 billion barrels of oil equivalent (BOE), with production averaging 1,463 thousand barrels of oil equivalent per day (Mboed) in Q4 2024. The Midstream and Marketing segment provides flow assurance, maximizes value of oil and gas production, and includes Oxy Low Carbon Ventures, which is advancing direct air capture and carbon management technologies. Occidental previously operated a Chemical segment through subsidiary OxyChem, which manufactured industrial chemicals and building block materials, but sold this business to Berkshire Hathaway for $9.7 billion in October 2025.

### Who is Vicki Hollub and what has she accomplished at Occidental?
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. Her most significant achievement was engineering the $38.7 billion acquisition of Anadarko Petroleum in 2019, outbidding the much larger Chevron with an eleventh-hour $10 billion cash infusion from Warren Buffett's Berkshire Hathaway. This deal established Occidental as the dominant player in the Permian Basin. Hollub has led Occidental's dual strategy of maximizing traditional oil and gas production while positioning the company as a leader in carbon capture technologies, including developing STRATOS, the world's largest direct air capture facility. She has focused intensely on debt reduction, with Occidental repaying $7.5 billion since July 2024 and divesting approximately $4 billion in non-core assets. Under her leadership, Occidental achieved its best-ever safety performance (0.16 TRIR in 2024), zero routine flaring in U.S. operations, and 80% reduction in global routine flaring from 2020 levels. In 2024, Hollub was elected to the National Academy of Engineering and received the GRIT Lifetime Achievement Award. She serves on multiple influential boards including Lockheed Martin and chairs the U.S. Secretary of Energy Advisory Board.

### What is Occidental's STRATOS project and direct air capture technology?
STRATOS is Occidental's groundbreaking direct air capture (DAC) facility being developed in the Permian Basin of Texas through the company's subsidiary 1PointFive. When completed, STRATOS will be the world's largest direct air capture plant, designed to capture up to 500,000 tonnes of CO2 per year directly from the atmosphere. As of late 2024, construction is 94% complete with commissioning efforts underway. Trains 1 and 2 were finalized in December 2024, with remaining central processing facilities set for completion by Q2 2025. The technology, licensed from Carbon Engineering (which Occidental acquired for $1.1 billion in 2023), separates carbon dioxide from other particles in the air and processes it for permanent underground storage or utilization. In 2024, Occidental also purchased Holocene and its innovative DAC technology to combine with Carbon Engineering's solution, aiming to improve efficiency, reduce CO2 capture costs, and accelerate DAC deployment. The project received investment from BlackRock through a joint venture. Occidental is also developing the South Texas DAC Hub on the King Ranch in Kleberg County, designed to remove and store up to 1 million metric tons of CO2 annually with potential to scale to 30 million metric tons per year. Most of Occidental's planned $600 million investment in emerging low-carbon ventures for 2024 went to STRATOS. The company also signed a memorandum of understanding with TAE Technologies in June 2024 to explore using nuclear fusion technology to provide clean electricity and heat for DAC projects.

### What major acquisitions has Occidental Petroleum completed?
Occidental has a history of transformational acquisitions dating back to the Armand Hammer era. Major acquisitions include Cities Service Company (1982) for $4 billion, making Occidental the eighth-largest U.S. petroleum company; Elk Hills Oil Field (1998) purchased from the U.S. government for $3.65 billion; Anadarko Petroleum (2019) for $38.7 billion, the most significant deal, which established Occidental as the dominant Permian Basin player with backing from Warren Buffett's $10 billion investment; CrownRock (2024) for $12 billion, completed in August 2024, adding 623 million BOE to proved reserves primarily in the Permian Basin; Carbon Engineering (2023) for $1.1 billion to secure advanced direct air capture technology; and Holocene (2024) to acquire additional DAC technology. These acquisitions reflect Occidental's strategy of consolidating position in core producing areas while investing in carbon management technologies.

### What was Occidental's financial performance in 2024?
Occidental's 2024 financial performance reflected the impact of major acquisitions offset by debt reduction efforts. Revenue for 2024 was $26.72 billion, a decrease from $28.25 billion in 2023. For the full year, the company reported a net loss attributable to common stockholders due to a $1.1 billion after-tax charge from a long-term environmental liability, but generated adjusted income of $792 million. In the fourth quarter alone, Occidental reported adjusted earnings of $0.80 per diluted share, surpassing analyst estimates of $0.69 per share. The company earned $4.9 billion in free cash flow before working capital in 2024 and paid approximately $800 million in common dividends. Operating cash flow reached $3.6 billion in Q4 with operating cash flow before working capital of $3.1 billion for the quarter. Total company production reached 1,463 Mboed in Q4, exceeding guidance by 13 Mboed. Occidental achieved its near-term debt repayment target of $4.5 billion ahead of schedule in Q4 2024. Since July 2024, the company has repaid $7.5 billion in debt and divested approximately $4 billion in non-core assets. The company increased its quarterly dividend by 9% to $0.24 per share, payable April 15, 2025.

### How is Occidental addressing debt from the Anadarko acquisition?
Occidental has made debt reduction a top strategic priority following the $38.7 billion Anadarko acquisition in 2019, which significantly increased the company's debt load. The company achieved its near-term debt repayment target of $4.5 billion in Q4 2024, ahead of schedule. Since July 2024, Occidental has repaid $7.5 billion of debt. The company has pursued an aggressive asset divestiture program, signing agreements to divest select Permian Basin assets generating approximately $950 million in proceeds in August 2025, bringing total divestitures since the December 2023 announcement of the CrownRock acquisition to approximately $4 billion. In Q1 2025, Occidental signed two additional agreements to divest upstream assets for a combined $1.2 billion. The sale of OxyChem to Berkshire Hathaway for $9.7 billion in October 2025 provided the most significant deleveraging opportunity, with Occidental planning to use $6.5 billion of the proceeds to reduce principal debt below $15 billion. The company balances debt reduction with maintaining production growth and returning capital to shareholders through dividends.

### What is Occidental's environmental and safety performance?
Occidental has achieved industry-leading environmental and safety performance in 2024. The company recorded its best-ever employee safety performance with a Total Recordable Incident Rate (TRIR) of 0.16, tying its previous record from 2020. Occidental sustained zero routine flaring in U.S. oil and gas operations and reduced routine flaring in global oil and gas operations by 80% compared to the 2020 baseline. The company's sustainability strategy is organized around four pillars and emphasizes strong environmental, social, and governance (ESG) performance as central to operations. Occidental is at the forefront of carbon capture and storage (CCS) technologies through investments in direct air capture, positioning the company as a progressive leader in the energy transition. The company's experience and leadership in both oil and gas production and carbon management enable it to deliver energy and materials crucial to advancing a lower-carbon world. Through its Diversity, Inclusion and Belonging (DIB) program, Occidental strives to be a place for everyone to learn, work, and grow, valuing diversity that enriches culture and contributes to an innovative business model.

### Where does Occidental operate geographically?
Occidental's oil and gas operations are concentrated in two primary geographic regions with high-quality, low-cost production opportunities. In the United States, Occidental is one of the largest oil and gas producers, with particular strength as the largest operator and oil producer in the Permian Basin (Texas and New Mexico), operations in the DJ Basin (Colorado), and offshore operations in the Gulf of America. The company's U.S. operations represent its largest production base and strategic focus area. In the Middle East, Occidental operates through production sharing agreements in Oman, Qatar, and the United Arab Emirates, providing long-term production and geographic diversification. The company also maintains some operations in South America, including in Peru where subsidiary Anadarko Peru completed a 3D marine seismic acquisition project in northern Peruvian waters in 2024. Occidental previously had significant operations in Libya from 1965-1986 until U.S. economic sanctions suspended activities. The company's chemical operations (prior to the OxyChem sale) were located in the United States, Canada, and Chile.

### What is Occidental's company culture and employee benefits?
Occidental's mission, vision, and values unify its global workforce and drive innovation and operational excellence. Strong environmental, social, and governance (ESG) performance is central to everything the company does. Through its Diversity, Inclusion and Belonging (DIB) program, Occidental strives to be a place for everyone to learn, work, and grow, valuing the ability to communicate and work effectively with people from diverse backgrounds. The company believes this diversity enriches culture and contributes to an innovative and effective business model. Employees lead and innovate for the acceleration of a successful transition to a lower-carbon future while providing reliable energy and chemicals essential to society. Occidental offers competitive salaries, generous bonuses, and comprehensive benefits including healthcare, 401(k) plans, and paid time off. The company provides various training programs, mentorship, and professional development opportunities, with employees able to take advantage of leadership development programs and technical training that help advance careers. In June 2024, U.S. News & World Report recognized Occidental as one of its 2024-2025 Best Companies to Work For, with Occidental among only 18% of companies that rated 'Best' status out of 3,000 large, publicly traded companies considered. Occidental's dedication to safety is reflected in its best-ever employee safety performance in 2024 with a TRIR of 0.16.

### Who are Occidental's main competitors?
Occidental competes with major integrated and independent oil and gas companies in both upstream exploration and production and midstream operations. Key competitors include ExxonMobil and Chevron, the largest U.S. integrated oil companies with global operations and superior scale; ConocoPhillips, a major independent E&P company with strong Permian Basin presence competing directly with Occidental; BP (British Petroleum), particularly in exploration and production operations with diverse global assets; and Royal Dutch Shell with its diverse portfolio and strong presence in upstream and downstream operations. In the Permian Basin specifically, where Occidental is the largest operator and oil producer, competitors include Pioneer Natural Resources (acquired by ExxonMobil), Diamondback Energy, Devon Energy, and Continental Resources. In the emerging carbon capture and direct air capture space, Occidental faces different competition from both traditional energy companies investing in CCUS (like ExxonMobil and Chevron) and specialized carbon capture technology companies. Occidental's market capitalization of approximately $46.97 billion USD as of October 2025 positions it as the 37th largest oil and gas company by market cap. The company's competitive advantages include its position as the dominant Permian Basin operator, its pioneering investments in direct air capture technology, strong operational capabilities, and backing from Warren Buffett's Berkshire Hathaway (which owns a significant equity stake).

### What is Warren Buffett's involvement with Occidental Petroleum?
Warren Buffett and Berkshire Hathaway have played a crucial role in Occidental's recent history and strategy. In 2019, when CEO Vicki Hollub was pursuing the acquisition of Anadarko Petroleum in competition with Chevron, Buffett provided a critical $10 billion cash infusion that enabled Occidental to outbid the much larger Chevron. This investment came in the form of preferred stock with favorable terms for Berkshire Hathaway, demonstrating Buffett's confidence in Hollub's leadership and Occidental's Permian Basin assets. Berkshire Hathaway has continued to increase its stake in Occidental over the years, becoming one of the company's largest shareholders. The relationship deepened further in October 2025 when Berkshire Hathaway acquired Occidental's chemical subsidiary OxyChem for $9.7 billion, providing Occidental with substantial capital for debt reduction. Buffett's involvement has provided Occidental with financial flexibility, strategic support, and credibility with investors during a period of significant transformation. The relationship reflects Buffett's conviction in traditional energy assets, Occidental's Permian Basin position, and potentially the company's carbon capture investments as complementary to energy production.

### What industry trends are affecting Occidental Petroleum?
Occidental faces several major industry trends shaping its strategy and operations. The global energy transition toward renewable energy and sustainability is creating pressure to reduce carbon footprints and invest in cleaner energy alternatives, driving Occidental's substantial investments in direct air capture and carbon management technologies. The company views carbon capture as both an environmental imperative and a business opportunity. Oil and gas price volatility significantly impacts profitability, influenced by geopolitical events (Middle East conflicts, Russia-Ukraine war), supply and demand dynamics, OPEC+ production decisions, and global economic conditions. This volatility drove Occidental's focus on low-cost production in the Permian Basin and operational efficiency. The shift toward electric vehicles and improved fuel efficiency is moderating long-term demand growth for transportation fuels, though petrochemical demand and jet fuel continue to support oil demand. Technological advancement in drilling and completion techniques (particularly in shale formations) has dramatically improved well productivity and economics, benefiting Occidental's Permian operations. ESG and regulatory pressure from investors, regulators, and society is increasing focus on methane emissions reduction (Occidental achieved zero routine flaring in U.S. operations), safety performance, governance, and climate-related disclosures. Consolidation in the oil and gas industry through mega-mergers (ExxonMobil-Pioneer, Chevron-Hess) is reshaping competitive dynamics, with Occidental participating through the CrownRock acquisition. The growing importance of carbon capture, utilization, and storage (CCUS) in climate strategies creates opportunities for Occidental's leadership position in DAC technology. Finally, geopolitical factors including U.S.-Middle East relations, energy security concerns following the Ukraine conflict, and U.S. domestic production policy all influence Occidental's operating environment and strategic opportunities.

## Tags

b2b, energy, fortune500, public

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*Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*