Occidental Petroleum Company News
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Oxy Faces Investor Lawsuit Over Anadarko Acquisition
Friday, May 29, 2020Investors claim they lost billions when Oxy overleveraged itself after its Anadarko acquisition.
Total Ditches Ghana Oil Deal With Occidental
Monday, May 18, 2020Losing the sale is a setback for Oxy, which had earmarked the proceeds to reduce debt after buying Anadarko for $37B last year.
Oxy Seeks Federal Lifeline For US Oil Industry
Thursday, April 09, 2020Employees are being urged to send a pre-written wish list to Congress members.
Oxy Shuffles Leadership, Appoints New CFO
Wednesday, April 08, 2020While the company did not name reasons for the management change, it did note that Cedric Burgher will transition to another Oxy role.
Oxy Elects Stephen Chazen to Board as Chairman
Wednesday, March 25, 2020Chazen has more than 30 years of oil and gas experience, and he was CEO of Oxy from 2011 to 2016.
Texas Layoffs Adding Up
Friday, March 20, 2020Tens of thousands of Texans are being laid off, says state oil and gas regulator.
Icahn Anticipates Strong Bids to Emerge for Oxy on Oil Rebound
Thursday, March 12, 2020Activist investor Carl Icahn expects oil prices will rebound in the near to medium term and that "strong bids" will emerge for Oxy.
Occidental Confirms Dividend and Capex Cuts
Wednesday, March 11, 2020The large shale producer is cutting its quarterly dividend by 86 percent and capex by approximately one-third.
Occidental to Slash Spending After Oil Crash
Monday, March 09, 2020Shares of Occidental dropped as much as 48 percent Monday amid a broad market sell-off.
Crestwood Starts Commercial Ops at Bucking Horse
Thursday, March 05, 2020The company has also teamed up with Oxy to provide wellhead services for its 2020 delineation program in the Powder River Basin.
Occidental's Anadarko Buy Yields 2019 Loss
Monday, March 02, 2020The company took a hit of $965 million in 2019, versus $4.1 billion in profit the year before.
Investors Tightening the Screws on Oil, Gas Acquisitions
Monday, February 17, 2020M&A activity in oil and gas has almost ground to a halt after a flurry of deals last autumn.
Oxy to Cut $7.8B Debt With Pipeline Split
Monday, January 06, 2020Occidental plans to make the pipeline business it acquired as part of last year's takeover of Anadarko a stand-alone company, removing about $7.8 billion of debt from its balance sheet.
Oxy Elects Former Schlumberger CEO to Board
Thursday, January 02, 2020Occidental Petroleum Corporation announced the election of former Schlumberger Ltd. CEO Andrew Gould to its board of directors.
Oxy Forms Permian JV with Ecopetrol
Wednesday, November 13, 2019Occidental has closed its previously announced Permian Basin joint venture with Colombia-based Ecopetrol S.A.
Oxy to Sell Permian Campus After Anadarko Acquisition
Monday, November 11, 2019Occidental plans to sell a four-story office building in the heart of the Permian Basin and move employees into a nearby one owned by Anadarko.
Icahn to Plan Proxy Fight at Occidental
Friday, November 08, 2019Carl Icahn plans to launch a proxy fight at Occidental following cuts to the company's budget that may put its dividend at risk because of debt incurred in its $37 billion takeover of Anadarko.
Fracking Could Revive Colombia's Oil and Gas Game
Thursday, November 07, 2019Fracking could give Colombia's oil industry a new lease on life.
Shale Oil Pioneers Say the Boom is Ending
Wednesday, November 06, 2019Two shale pioneers think the days of relentless production growth from US unconventional oil fields are ending.
Blackstone, Apollo Eye Bid for Western Midstream Stake
Thursday, September 19, 2019Blackstone Group Inc. and Apollo Global Management Inc. are reportedly interested in bidding for a majority stake in Western Midstream Partners LP.
Oxy Completes Anadarko Acquisition
Thursday, August 08, 2019Occidental Petroleum Corporation has successfully completed its $38 billion acquisition of Anadarko Petroleum Corporation.
Oxy Begins Bond Sale to Fund Anadarko Deal
Tuesday, August 06, 2019Occidental is selling $13 billion of debt to help finance its acquisition of Anadarko after receiving over $75 billion in orders for the deal at the peak, according to people familiar with the matter.
Is the US Shale Boom Winding Down?
Tuesday, August 06, 2019US shale producers are dialing back growth in the face of challenges that are killing returns and keeping skeptical investors away.
Oxy and Ecopetrol Pair Up in the Permian
Thursday, August 01, 2019Occidental will operate the 51/49 JV with Ecopetrol.
Icahn Slams Oxy, CEO's Warren Buffet Deal
Monday, July 22, 2019Occidental's leaders hastily put together its $38B deal for Anadarko in a job-preserving bid to stave off a takeover itself, according to activist investor Carl Icahn.
Icahn Ups Oxy Board Battle After CEO Talks Fail
Friday, July 19, 2019Billionaire Carl Icahn formally asked Occidental investors to help him replace four of the company's 10 directors and potentially push for a sale.
Oxy-Anadarko Deal Anchors Muted M&A Rebound in 2Q
Wednesday, July 03, 2019Drillinginfo analysis finds that U.S. M&A deal value rebounded to $65 billion in the second quarter, driven largely by the Oxy-Anadarko deal.
Anadarko Green Lights Mozambique LNG Project
Wednesday, June 19, 2019Anadarko Petroleum Corp. has given the final go ahead to begin construction of its Area 1 Mozambique LNG project.
Will Occidental's $38B Gamble Be a Shale Win?
Friday, June 07, 2019Oxy is aiming for billions of dollars' worth of cost savings and productivity gains from the Anadarko deal, but many investors remain skeptical.
US Firm Wins UAE Onshore Concession
Monday, February 04, 2019Occidental's Vicki Hollub and ADNOC's Sultan Ahmed Al Jaber at the signing ceremony. PHOTO SOURCE: ADNOC
Occidental Wants to Keep Rigs Running amid Oil Price Drop
Friday, December 14, 2018Occidental Petroleum will look for ways to cut costs other than dropping rigs, CEO Vicki Hollub says.
Exxon, Chevron and Occidental Join Oil and Gas Climate Group
Thursday, September 20, 2018Supermajors Exxon and Chevron along with Occidental Petroleum are the latest three companies to join group committed to addressing climate change.
Permian Producer Occidental Raises CAPEX Budget, Investors Balk
Thursday, August 09, 2018Occidental Petroleum says it was raising its capital spending sharply but it maintained a tepid production forecast for the year.
Oil Boom Bottleneck Costs Permian Investors $1B a Day
Thursday, June 07, 2018More than $1B a day. That's how much value a Permian pipeline crunch wiped out from the explorers most focused on the booming shale region in two weeks.
Ex-Occidental Chief in $2.66B Deal for EnerVest Shale
Tuesday, March 20, 2018Steve Chazen, who transformed Occidental Petroleum Corp. into a heavyweight of the US shale boom, is looking to replicate that success in south Texas with a $2.66 billion deal.
What Women Really Want on the Job? Ask Big Oil's Only Female CEO
Friday, February 23, 2018Flexible working hours and maternity leave are all well and good, but what women really want is...
Media: Cleanup Underway After Centurion Pipeline Oil Spill In Oklahoma
Monday, February 19, 2018A cleanup is underway after oil spilled into a pond from a pipeline that burst near a neighborhood in Yukon, Oklahoma.
Occidental Petroleum Profit Matches Street Forecast; Shares Slip
Tuesday, February 13, 2018Occidental Petroleum Corp posted a quarterly profit that met - but did not exceed - Wall Street's expectations.
Buying Texas Oil at New Mexico Prices: Majors Go West for Shale
Tuesday, November 14, 2017Oil producers discouraged by the rising cost of accessing the vast deposits of the Permian Basin are sneaking into a geological back door, through neighboring New Mexico.
Occidental 3Q Profit Beats Forecasts On Rising Oil Prices
Wednesday, November 01, 2017Occidental Petroleum Corp posts a better-than-expected quarterly profit as rising commodity prices offset Hurricane Harvey's impact on operations.
HOW COOL IS THAT! Young West Texas Plant Manager
Tuesday, October 24, 2017Occidental West Texas plant manager's job includes collaboration, innovation.
Buyers Eye Sinopec's Argentina Oil Assets in Sale Worth Up to $1B - Sources
Monday, October 09, 2017Two sources said the Sinopec assets would be a tough sell.
Occidental Petroleum's Profit Beats As Prices For Chemicals Jump
Wednesday, August 02, 2017Occidental Petroleum Corp posts a better-than-expected quarterly profit.
Hess To Sell Permian EOR Assets To Occidental For $600 Million
Monday, June 19, 2017Hess says it will sell its stake in enhanced oil recovery (EOR) projects in the Permian Basin of West Texas and New Mexico.
Occidental Profit Beats; Shares Fall On Weak Output Forecast
Thursday, May 04, 2017Occidental Petroleum's quarterly profit beats estimates but the company's shares fall to a near eight-year low.
US Shale Firms Go Back To Work Buoyed By OPEC Deal, Trump Victory
Monday, November 14, 2016US shale producers are redeploying cash, rigs and workers, cautiously confident the energy sector has turned a corner after Donald Trump's election victory and OPEC's recent output curb pledge.
Occidental Petroleum Loss Misses Street Forecast As Output Drops
Tuesday, November 01, 2016Oxy posts a larger-than-expected quarterly loss, as the Houston-based company curtailed production due to the slump in oil prices.
US Frackers Surprise Themselves As Tweaks Keep Adding Barrels
Wednesday, August 03, 2016Nimble US shale oil producers continue to show an uncanny ability to squeeze more and more crude from new wells, allowing them to do more with less.
ADNOC, OMV, Occidental Sign Exploration Agreement in UAE
Monday, March 21, 2016ADNOC, OMV, and Occidental Petroleum sign an agreement to conduct a four-year seismic, drilling and engineering work program for exploration, appraisal and potential field developments in Abu Dhabi.
ConocoPhillips Cannibalizes Dividend as Occidental Holds Firm
Thursday, February 04, 2016ConocoPhillips joins the ranks of oil explorers curtailing dividend payouts after suffering its steepest quarterly loss in almost a decade.