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Encyclopedia > Occidental Petroleum
Occidental Petroleum Corporation
Type Public (NYSE: OXY)
Founded 1920
Headquarters Los Angeles, California
Key people Dr. Ray R. Irani, Chairman, President and CEO
Industry Oil and gas
Products Oil, Natural gas, Petrochemicals
Employees 8,886
Website www.oxy.com
Oxy headquarters in Westwood, CA
Oxy headquarters in Westwood, CA

Occidental Petroleum Corporation ("Oxy") NYSEOXY is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. The company nickname “Oxy” began in 1964 in reference to Occidental’s NYSE stock ticker. Headquartered in Los Angeles, California, Oxy is the fourth largest U.S. oil and gas company, based on equity market capitalization. Oxy is the largest oil producer in Texas and the largest natural gas producer in California, with additional operations in Kansas, Oklahoma, Colorado and New Mexico. Image File history File links Oxy_logo. ... This article does not cite any references or sources. ... New York Stock Exchange (June 2003) The New York Stock Exchange (NYSE) is one of the largest stock exchanges in the world. ... 1920 (MCMXX) was a leap year starting on Thursday. ... Los Angeles and L.A. redirect here. ... Ray R. Irani (January 13, 1935) is the current Chairman, President and Chief Executive Officer of Occidental Petroleum. ... Wikipedia does not yet have an article with this exact name. ... Pumpjack pumping an oil well near Lubbock, Texas Ignacy Łukasiewicz - inventor of the refining of kerosene from crude oil. ... This article is about the fossil fuel. ... A petrochemical is any chemical derived from fossil fuel. ... This article is about work. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos and other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... Image File history File links Size of this preview: 752 × 600 pixelsFull resolution (1444 × 1152 pixel, file size: 495 KB, MIME type: image/jpeg) The headquarters of Occidental Petroleum Corporation in Westwood, Los Angeles, California. ... Image File history File links Size of this preview: 752 × 600 pixelsFull resolution (1444 × 1152 pixel, file size: 495 KB, MIME type: image/jpeg) The headquarters of Occidental Petroleum Corporation in Westwood, Los Angeles, California. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Synthetic motor oil An oil is any substance that is in a viscous liquid state (oily) at ambient temperatures or slightly warmer, and is both hydrophobic (immiscible with water, literally water fearing) and lipophilic (miscible with other oils, literally fat loving). This general definition includes compound classes with otherwise unrelated... For other uses, see Gas (disambiguation). ... Los Angeles and L.A. redirect here. ...


Oxy's wholly owned subsidiary, OxyChem, manufactures and market chlor-alkali products and vinyls.

Contents

Company History

Oxy was founded in 1920. In 1957 Dr. Armand Hammer was elected president and CEO. In 1961, Oxy discovered California's second largest natural gas field in the Arbuckle area of the Sacramento basin at Lathrop. Over the next 10 years, Oxy expanded worldwide operations with efforts in Libya, Peru, Venezuela, Bolivia, Trinidad and the United Kingdom. Occidental won exploration rights in Libya in 1965 and achieved exploration and development success until all activities were suspended in 1986 as the result of economic sanctions imposed by the United States government. In 1968, Oxy entered the chemical business with the acquisition of Hooker Chemicals. This was 26 years after the contamination at Love Canal. On July 6, 1988 a fire on Piper Alpha, an oil platform in the North Sea, caused the biggest disaster in offshore oil industry's history. Today Occidental Chemical Corporation (OxyChem) is a leading chemical manufacturer with interests in basic chemicals, vinyls and performance chemical products. In 1994, Dr. Ray Irani became President and CEO of Oxy. Dr. Armand Hammer Armand Hammer (May 21, 1898 – December 10, 1990) was an enigmatic Jewish-American industrialist and art collector. ... Love Canal is a neighborhood in Niagara Falls, New York, United States of America (USA). ... The Piper Alpha was a North Sea oil production platform operated by Occidental Petroleum (Caledonia) Ltd. ...


Operations

Oil and Gas Operations

In today’s rapidly changing global business environment, Occidental’s oil and gas growth strategy relies on three components: Enhanced Oil Recovery (EOR), Exploration and Acquisitions. This three-part strategy allows Occidental to focus on adding new reserves at a pace ahead of its production while simultaneously ensuring that finding and development costs remain among the lowest in the industry.


This growth model is driven by opportunity, balanced by strict financial discipline and achieved through the efforts of a highly skilled team of geoscientists, engineers and financial experts. Occidental’s lean, entrepreneurial structure and fast-track decision-making process allow the company to respond quickly to new opportunities.


Oil and Gas operations are focused in three core areas, the United States, the Middle East/North Africa and Latin America.


Chemical Operations

Dallas-based Oxy Chemical Corporation is a leading North American manufacturer of basic chemicals, vinyls and performance chemicals directly and through various affiliates (collectively, OxyChem). OxyChem is also North America's largest producer of sodium chlorite.


As a Responsible Care® company, OxyChem's global commitment to safety and the environment exceeds compliance standards. OxyChem's Health, Environment and Safety philosophy is a positive motivational force for the company's employees, and helps create a strong culture for protecting human health and the environment.


Controversies

Involvement at Love Canal

Further information: Love Canal

In 1942, Hooker Chemical and Plastics Corporation began disposing chemical waste in the Love Canal region. Other companies and the US military had used it as a chemical disposal site since the 1920s. In 1947, Hooker Chemicals became the owner and sole user of the land. In 1952 the site was filled to capacity and closed off. Later in the 1950s the local school board convinced Hooker, after threatening to use eminent domain, to sell the land to them with the intent of building a school on an unused area of the dump. Hooker Chemical sold the land to the school board for $1, with the formal caveat that the site contained waste products resulting from the manufacturing of chemicals, and disclaiming all subsequent liability. The school was built on the site and later a middle-class residential district was built upon land adjacent to the site; the associated construction broke through the 4 foot (1.2 meter) clay seal containing the waste. In 1968, Hooker Chemical was purchased by Occidental Petroleum. In 1978, residents became concerned about unusual health issues in the Love Canal region, including high rates of cancer and birth defects. Soon after it became a national issue, and in 1980 then president Jimmy Carter declared a federal emergency in the area. Residents of the area were eventually relocated and Occidental paid $129 million in restitution.[1] Love Canal is a neighborhood in Niagara Falls, New York, United States of America (USA). ... Year 1942 (MCMXLII) was a common year starting on Thursday (the link will display the full 1942 calendar) of the Gregorian calendar. ... Love Canal is a neighborhood in Niagara Falls, New York, United States of America (USA). ... The 1920s is a decade that is sometimes referred to as the Jazz Age or the Roaring Twenties, usually applied to America. ... Year 1947 (MCMXLVII) was a common year starting on Wednesday (link will display full 1947 calendar) of the Gregorian calendar. ... Year 1952 (MCMLII) was a leap year starting on Tuesday (link will display full calendar) of the Gregorian calendar. ... Eminent domain (United States), compulsory purchase (United Kingdom, New Zealand, Republic of Ireland), resumption/compulsory acquisition (Australia) or expropriation (Canada, South Africa) in common law legal systems is the inherent power of the state to seize a citizens private property, expropriate property, or rights in property, without the owner... Year 1968 (MCMLXVIII) was a leap year starting on Monday (link will display full calendar) of the Gregorian calendar. ... Year 1978 (MCMLXXVIII) was a common year starting on Sunday (link displays the 1978 Gregorian calendar). ... Cancer is a class of diseases or disorders characterized by uncontrolled division of cells and the ability of these to spread, either by direct growth into adjacent tissue through invasion, or by implantation into distant sites by metastasis (where cancer cells are transported through the bloodstream or lymphatic system). ... A congenital disorder is a medical condition or defect that is present at or before birth (for example, congenital heart disease). ... For other persons named Jimmy Carter, see Jimmy Carter (disambiguation). ...


Piper Alpha disaster

Further information: Piper Alpha

In July 6, 1988 Occidental's Alpha offshore production platform in the Piper oilfield in the North Sea exploded after a gas leak. 167 workers lost their lives in the world's worst offshore disaster. All the worker's salaries were calculated up to the moment of the explosion; thus the survivors and the families of those who were killed were only paid a very small amount of the salary owed. The Piper Alpha was a North Sea oil production platform operated by Occidental Petroleum (Caledonia) Ltd. ... is the 187th day of the year (188th in leap years) in the Gregorian calendar. ... Year 1988 (MCMLXXXVIII) was a leap year starting on Friday (link displays 1988 Gregorian calendar). ... The Piper Alpha was a North Sea oil production platform operated by Occidental Petroleum (Caledonia) Ltd. ... The North Sea is a sea of the Atlantic Ocean, located between the coasts of Norway and Denmark in the east, the coast of the British Isles in the west, and the German, Dutch, Belgian and French coasts in the south. ...


Caño Limón massacre

On December 13, 1998, Seventeen civilians, including 7 children, were killed as a result of the bombing of the hamlet of Santo Domingo, Colombia. The attack was carried by a Colombian Air Force helicopter using a U.S. cluster bomb. The L.A. Times documented the attack and showed that this bombing was carried out at the behest of Occidental Petroleum which provided the skymaster plane utilized by its security contractor (AirScan) to give the coordinates for the bombing and which hosted the planning of the bombing raid at its offices in Caño Limón, Colombia.[2] A law suit was attempted in April, 2003 against Occidental Petroleum by Luis Alberto Galvis Mujica, a witness and survivor of the massacre.[3] Caño Limón is an oil field in the municipalities of Arauca and Arauquita in Arauca Department, Colombia, on the border of Venezuela. ... Year 1998 (MCMXCVIII) was a common year starting on Thursday (link will display full 1998 Gregorian calendar). ... Overview AirScan Inc. ... Caño Limón is an oil field in the municipalities of Arauca and Arauquita in Arauca Department, Colombia, on the border of Venezuela. ...


Recent opportunities and resistance

From 1992 to 2001, Occidental Petroleum incurred substantial resistance in its attempts to drill for oil in the territory of the U'wa people in northeast Colombia. The resistance was apparently over concern for environmental damage, tribal beliefs (the group believe that oil is the "blood of the earth" and should not be removed) and fear that development would bring strangers and violence to their region. They believe oil infrastructure will be a target for violent leftist guerillas in the country. After years of shareholder resolutions, legal battles, extensive civil disobedience and a failed test well, the company abandoned the project, which is now continued by Repsol YPF. Year 1992 (MCMXCII) was a leap year starting on Wednesday (link will display full 1992 Gregorian calendar). ... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... The Uwa people (also known as the Tunebo people) are an indigenous people living in the cloudforests of northeast Colombia. ... Repsol YPF is an integrated oil and gas company with operations in 29 countries, principally Spain and Argentina. ...


In 1998, the US Government sold the Elk Hills Naval Petroleum Reserve to Occidental Petroleum for USD 3.65 billion. The advertised purpose of this sale was to reduce the national debt, and reduce the size of government, as the Reserve was no longer strategically necessary. Critics of government cited Vice President Al Gore's involvement with the company as proof of graft.[4] Year 1998 (MCMXCVIII) was a common year starting on Thursday (link will display full 1998 Gregorian calendar). ...


In 2005, Occidental Petroleum and partner Liwa won eight out of fifteen exploration spots on the EPSA-4 auction, making both companies among the first to enter the Libyan market since the United States lifted its embargo on that country. Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... Liwa is a chemicals and petroleum company in Liwa, United Arab Emirates. ...


In August of the same year, the company was accused of 42 legal violations in Ecuador, including environmental destruction and espionage. As a result the Ecuadorian government refused to renew a contract for oil field exploration. Ecuadorian protestors in the northeast part of the country are calling for the withdrawal of Occidental.[citation needed] Spy and Secret agent redirect here. ...


Outstanding lawsuits

On May 10, 2007, a group of 25 indigenous Achuar Peruvians filed suit against Occidental Petroleum, demanding cleanup and reparations for environmental damages allegedly caused by Occidental over a period of 30 years, during which time the company ignored industry standards and environmental regulations by dumping a total of 9 billion barrels of toxic oil byproducts in watersheds used by the Achuar people for fishing, drinking, and bathing. The Achuar are represented by Los Angeles-based EarthRights International (ERI) and the law firm Schonbrun DeSimone Seplow Harris & Hoffman LLP (SDSHH).[5] The term indigenous people has no universal, standard or fixed definition, but can be used about any ethnic group who inhabit the geographic region with which they have the earliest historical connection. ... Shuar, in the Shuar language, means people. ...


The Greenmail case

In 1984, David Murdoch owned about 5% of Occidental Petroleum's stock, and he put pressure on Occidental's management to take action to improve the value of its stock. The firm chose to pay greenmail to buy back shares from David Murdoch at $40.10 while the market price was $28.75. Greenmail or greenmailing is a corporate acquisition strategy for generating large amounts of money from the attempted hostile takeover of large, often undervalued or inefficient companies. ...


Gore family ties

Occidental's coal interests were represented for many years by attorney and former U.S. Senator Albert Gore, Sr., among others. Gore, who had a long-time close friendship with Hammer, became the head of its subsidiary Island Creek Coal Company upon his election loss in the Senate. Much of Oxy's coal and phosphate production was from Tennessee, the state Gore represented in the Senate, and Gore owned shares of stock in the company. Because the stock passed to his estate after his death, his son and executor at the time, former Vice President Albert Gore, Jr. received much criticism from environmentalists.[4][6] However, Al Gore Jr. did not exercise control over the stock, which was eventually sold when the estate closed.[7][8] An attorney is someone who represents someone else in the transaction of business: For attorney-at-law, see lawyer, solicitor, barrister or civil law notary. ... The United States Senate is the upper house of the U.S. Congress, smaller than the United States House of Representatives. ... Albert Arnold Gore, Sr. ... Type Upper House President of the Senate Richard B. Cheney, R since January 20, 2001 President pro tempore Robert C. Byrd, D since January 4, 2007 Members 100 Political groups Democratic Party Republican Party Last elections November 7, 2006 Meeting place Senate Chamber United States Capitol Washington, DC United States... Official language(s) English Capital Nashville Largest city Memphis Largest metro area Nashville Metropolitan Area Area  Ranked 36th  - Total 42,169 sq mi (109,247 km²)  - Width 120 miles (195 km)  - Length 440 miles (710 km)  - % water 2. ... The Vice President of the United States (sometimes referred to as VPOTUS[1] or Veep) is the first in the presidential line of succession, becoming the new President of the United States upon the death, resignation, or removal of the president. ... Albert Arnold Gore Jr. ...


Environmental record

Researchers at the University of Massachusetts Amherst have identified Occidental Petroleum as the 47th-largest corporate producer of air pollution in the United States, with roughly 1.2 million pounds of toxic chemicals released annually into the air.[9] Major pollutants indicated by the study include chlorine, antimony compounds, benzotrichloride, and hydrochloric acid. [10] The Environmental Protection Agency has named Occidental as a potentially responsible party for at least six Superfund toxic waste sites.[11] The University of Massachusetts Amherst (otherwise known as UMass Amherst or UMass) is a research and land-grant university in Amherst, USA. The University of Massachusetts Amherst offers over 90 undergraduate and 65 graduate areas of study. ... Air pollution is a chemical, particulate matter, or biological agent that modifies the natural characteristics of the atmosphere. ... General Name, symbol, number chlorine, Cl, 17 Chemical series halogens Group, period, block 17, 3, p Appearance yellowish green Standard atomic weight 35. ... This article is about the element. ... R-phrases S-phrases Except where noted otherwise, data are given for materials in their standard state (at 25 Â°C, 100 kPa) Infobox disclaimer and references Benzotrichloride, is an organic compound which is a chlorinated derivative of toluene. ... The chemical compound hydrochloric acid is the aqueous (water-based) solution of hydrogen chloride gas (HCl). ... EPA redirects here. ... Checking the status of a cleanup site Superfund is the common name for the United States environmental law that is officially known as the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), 42 U.S.C. §§ 9601 to 9675, which was enacted by the United States Congress on December 11...


Businesses

Occidental Oil & Gas Corporation


Occidental Chemical Corporation


External links

References

  1. ^ Occidental to pay $129 Million in Love Canal Settelment. U.S. Department of Justice (December 21, 1995). Retrieved on 2007-10-20.
  2. ^ Santo Domingo massacre in Colombia. Retrieved on 2007-10-20.
  3. ^ Occidental Petroleum Faces Lawsuit for Its Role in Massacre in Colombia. Retrieved on 2007-10-20.
  4. ^ a b Gore's Oil Money. Retrieved on 2007-10-20.
  5. ^ http://amazonwatch.org/view_news.php?id=1388
  6. ^ THE 2000 CAMPAIGN: THE VICE PRESIDENT; Gore Family's Ties to Oil Company Magnate Reap Big Rewards, and a Few Problems. Retrieved on 2007-10-20.
  7. ^ Campaigner's finances Where the presidential hopefuls have invested their fortunes may reveal something about each's character. Retrieved on 2007-10-20.
  8. ^ Gore may be flawed, but message is sincere. Retrieved on 2007-10-20.
  9. ^ Political Economy Research Institute Toxic 100 (Study released May 11, 2006) retrieved 15 Aug 2007
  10. ^ [http://www.rtknet.org/new/tox100/toxic100.php?company1=17549&chemfac=chem&advbasic=bas Toxics Release Inventory courtesy rtknet.org]
  11. ^ [http://www.publicintegrity.org/Superfund/SiteResults.aspx?act=occidental%20petroleum EPA database courtesy Center for Public Integrity]

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