Occidental is an international energy company with assets in the United States, Middle East, Africa and Latin America. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products.
- Among the Largest Producers – Occidental is the No. 4 producer in the deepwater Gulf of Mexico with expansive infrastructure that includes 10 operated deepwater facilities strategically located 600 miles across the Outer Continental Shelf. Our operations in the Gulf of Mexico go back to 1947, when our predecessor drilled the first well out of sight of land.
- Large Leaseholder – Occidental is one of the largest leaseholders in the Gulf of Mexico, covering more than 1 million gross acres, with working interests in more than 180 blocks. This position provides a vast inventory for future development opportunities.
- Record Production – Our Gulf of Mexico assets set a company record in August 2019 with average monthly net oil production of more than 145,000 barrels of oil equivalent per day, reflecting exceptional well performance.
- Industry-leading Efficiency – Our Gulf of Mexico business continues to focus on lower drilling and completion times and improving time to market. In 2020, it took just 68 days to deliver first production from a new subsea well near the Lucius spar — one of the fastest spud-to-first production timeframes in our industry.
- Competitive Advantage – Our infrastructure in the Gulf of Mexico provides a competitive advantage that enables us to tieback new discoveries and development opportunities in a more efficient and cost effective manner.
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- Long-term Planning – Our technical teams continuously evaluate near- and long-term development opportunities, as well as the application of new technologies to maximize recovery and to execute our Gulf of Mexico 10-Year Plan. Our exploration team uses science and cutting–edge techniques to safely identify and find new resources.
- Focus on Safety and the Environment – Occidental conducts business in a manner that protects the health and safety of people and the environment. We are dedicated to maintaining asset integrity, minimizing risk, and creating and maintaining safe work environments. Additionally, our Gulf of Mexico team holds an annual safety drill with the U.S. Coast Guard, Bureau of Safety and Environmental Enforcement and Bureau of Ocean Energy Management to ensure our people and platforms are prepared for emergencies.
- Optimized Turnarounds – In 2020, Occidental successfully developed and executed an optimized maintenance plan for each of its offshore facilities that reduced the total number of days the platforms were offline by more than 50 percent from previous years, while significantly reducing health, safety and environmental risk. Developing the plan and engaging our workers early in the process were the key drivers for this success.
- Protecting Natural Resources – Occidental uses technology and industry partnerships to produce oil and natural gas in a manner that protects the Gulf’s natural resources. The company participates in several industry response and containment organizations, including the Marine Well Containment Company, Clean Gulf Associates, Marine Spill Response Corporation and the Marine Preservation Association.
Oxy Additional News
Occidental’s Milestone Achievements in Water Recycling: Doubling Volumes and Enhancing Sustainability in the Permian Basin
Occidental Petroleum has made significant strides in water recycling within their Permian Basin operations. By doubling the volume of water ...
Stratos: Occidental Petroleum moves forward on more than $1 billion direct air capture project in the Permian Basin
Stratos is operational, it reportedly will capable of capturing 500,000 metric tons of carbon dioxide a year and become the ...
Occidental Petroleum Highlights Strong Permian Performance and Strategic Growth in Q2 2024
The Occidental Petroleum Corporation’s (OXY) second-quarter earnings conference call slides provide detailed insights into the company's activities and performance in ...
Occidental Petroleum: Strategic Moves and Long-Term Positioning in the Permian Basin
Occidental’s extensive acreage in the Permian Basin and the technological advancements that are driving efficiency and long-term profitability. By examining ...
“Why Investing in Occidental Petroleum Could Be a Smart Move Right Now”
Occidental Petroleum has demonstrated a remarkable turnaround and presents a strong case for potential future gains, driven by strategic debt ...
Occidental Q1/2024 Results – Permian 567 thousand barrels of oil equivalent per day (Mboed).
Occidental's operational excellence and strategic execution across all business segments. Vicki Hollub, President and CEO, is quoted highlighting the fundamental ...
Occidental explores sale of Permian assets worth over $1 billion, sources say
Occidental Petroleum (OXY.N), is exploring a sale of a part of its operations in the Permian Basin that could fetch ...
Occidental Petroleum Overview
Occidental Petroleum Corporation is a US based oil and gas producer with 1.2mm barrels per day produced in 2023 predominantly ...
CrownRock acquisition a ‘perfect fit’ for growth plan: Oxy CEO
Occidental Petroleum's "large position" in the Delaware Basin allowed the oil giant to achieve "efficiencies" of scale while expanding to ...
