What Occidental Petroleum does

Occidental Petroleum is an international oil and gas exploration and production company headquartered in Houston, Texas. Its operations are concentrated in the Permian Basin, with additional production from the Middle East (notably Oman, the UAE, and Qatar), North Africa, and Latin America including Colombia and Trinidad and Tobago. The company produces crude oil, natural gas, and natural gas liquids, and operates an integrated midstream and enhanced oil recovery (EOR) business anchored by 50-plus years of CO2 flooding experience. Production averaged 1.43 million BOE/day in Q1 2026 against a 16.5 billion BOE resource base.

The company organizes its portfolio into two segments: Performance Production (upstream plus midstream and EOR) and Carbon Innovation, which includes 1PointFive (direct air capture via the STRATOS facility in the Permian), Oxy Low Carbon Ventures (CCUS infrastructure), and TerraLithium (direct lithium extraction). The go-to-market is enterprise/B2B: crude oil and gas are sold at WTI/Brent-linked benchmarks to refiners, traders, and integrated energy companies; carbon removal and CCUS services are contracted with corporates and governments seeking high-quality, verifiable carbon dioxide removal credits.

The business model is commodity-revenue-driven at the upstream level, supplemented by emerging carbon removal revenues. Pricing tracks benchmark crude and natural gas indices, with limited direct price negotiation. Permian acquisitions, including the $12 billion CrownRock transaction (December 2023), have expanded inventory and unit economics. Strategic portfolio reshaping — most notably the $9.7 billion divestiture of OxyChem to Berkshire Hathaway in January 2026 — has materially deleveraged the balance sheet and refocused capital on upstream and carbon innovation.

Name

Occidental Petroleum

Legal name

Occidental Petroleum Corporation

Website

https://oxy.com

Company type

Public

Founded year

1947

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Occidental Petroleum is a Houston-based international oil and gas exploration and production company operating primarily in the Permian Basin and the Middle East, with adjacent carbon innovation businesses spanning direct air capture, CCUS, and direct lithium extraction for enterprise and government customers.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration & Production

NAICS

Oil and Gas Extraction (2111), Crude Petroleum Extraction (21112), Natural Gas Extraction (211130)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Services, Nec (1389), Oil & Gas Field Machinery & Equipment (3533)

akta.pro primary industry

Drilling & Well Construction (E&P Operator-led) (EUALAAAD)

akta.pro secondary industries

Production Operations & Well Optimization (Artificial Lift, Flow Assurance) (EUALAAAF), Field Development & EOR/IOR for Gas (Compression, Refracturing, Reservoir Management) (EUAAAAAM), CO2 Gathering & Compression (for EOR/CCUS feed) (EUALACAJ), Onshore Natural Gas E&P (Conventional Fields) (EUAAAAAG), Offshore Natural Gas E&P (Shallow & Deepwater) (EUAAAAAF)

Keywords

• Oil and gas production
• Crude oil exploration
• Carbon capture storage
• Direct air capture
• Lithium extraction

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Crude Oil Production and Sales: Occidental produces crude oil primarily from the Permian Basin (dominating its upstream portfolio after the Anadarko and CrownRock acquisitions) and international assets in the Middle East (Oman, UAE). Revenue is realized through commodity market sales at prevailing oil prices (WTI/Brent). The company is highly sensitive to crude price fluctuations, requiring oil above $40-45/barrel to sustain capital expenditures and dividends.
2. Natural Gas and NGL Production: Production and sale of natural gas and natural gas liquids alongside crude oil production, contributing to revenue diversification within the upstream segment.
3. Midstream and Marketing: Midstream operations including CO2 management, gathering, compression, and pipeline infrastructure supporting EOR programs and third-party volumes. Revenue generated from transportation and processing fees.
4. Low Carbon Ventures (CCUS/DAC): Revenue from carbon capture, utilization and storage (CCUS) services, direct air capture operations (via 1PointFive subsidiary), and potential carbon credit or net-zero oil product sales. ADNOC is evaluating investment in Occidental's 1PointFive DAC project.
5. Lithium Extraction (TerraLithium): Direct lithium extraction from oilfield brine via TerraLithium's patented DLE process, producing high-purity lithium carbonate for battery supply chains.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Occidental Petroleum is an international oil and gas exploration and production company that produces crude oil, natural gas, and natural gas liquids primarily from the Permian Basin and Middle East assets. The company complements its upstream business with midstream services, CO2-based enhanced oil recovery, and emerging low-carbon ventures including direct air capture (via 1PointFive/STRATOS), carbon capture utilization and storage (via Oxy Low Carbon Ventures), and direct lithium extraction (via TerraLithium).

Product overview

Occidental Petroleum operates as an integrated energy company with core operations in oil and gas exploration, production, and processing across the Permian Basin, Middle East, and North Africa. The company offers a portfolio of complementary products and services organized around two strategic pillars: Performance Production (upstream oil and gas operations, midstream and power, and enhanced oil recovery using CO2) and Carbon Innovation (low-carbon technologies including the STRATOS/1PointFive Direct Air Capture facility, Oxy Low Carbon Ventures CCUS projects, and TerraLithium direct lithium extraction). The company also maintains supporting functions including the HSE Coach AI-powered safety observation system and operates renewable energy assets like the Goldsmith Solar Facility.

Differentiator

Problem solved

Functional benefit

Brands

• STRATOS: World's largest planned Direct Air Capture facility in the Permian Basin, designed to capture 500,000 metric tons of CO2 annually
• 1PointFive
• Oxy Low Carbon Ventures (OLCV)
• TerraLithium (TLi)

Products and services

• Crude Oil Production Production and sale of crude oil, primarily from the Permian Basin and international Middle East assets in Oman and UAE. Sold to refiners, trading houses, and integrated energy companies at prevailing WTI/Brent benchmark prices. Production reached 1.43 million BOE per day in Q1 2026.
• Natural Gas and NGL Production Production and sale of natural gas and natural gas liquids alongside crude oil, contributing to revenue diversification within the upstream segment. Includes the Al Hosn gas joint venture (40% stake) in the UAE.
• CO2 Enhanced Oil Recovery (EOR) CO2-based enhanced oil recovery technology built on more than 50 years of CO2 management experience. Enables incremental oil recovery of up to 20% from mature fields while securely storing CO2 underground. Serves both Occidental's own fields and third-party Permian producers via midstream tolling arrangements.
• STRATOS Direct Air Capture (1PointFive) First-of-its-kind Direct Air Capture facility in the Permian Basin designed to capture 500,000 metric tons of CO2 annually, developed through Occidental's 1PointFive subsidiary using Carbon Engineering's DAC technology. Sells carbon removal services to corporate offtake partners and industrial emitters.
• Oxy Low Carbon Ventures (OLCV) CCUS Services Business unit that develops carbon capture, utilization and storage (CCUS) projects and invests in low-carbon technologies. Offers CO2 separation, transportation, and storage services to industrial emitters (power, cement, steel, chemicals) seeking decarbonization and emissions reductions.
• TerraLithium Direct Lithium Extraction Patented direct lithium extraction (DLE) process that selectively extracts lithium from oilfield brine and uses electrolysis to produce high-purity lithium products. Supplies lithium to battery manufacturers and electric vehicle supply chain participants with a smaller environmental footprint than traditional hard-rock mining or evaporation methods.
• Midstream and Marketing Services CO2 gathering, compression, and pipeline infrastructure offered to third-party oil producers in the Permian Basin as tolling customers. Includes gathering, processing, and transportation of natural gas, NGLs, and crude oil, plus industrial gas and power services for third parties.

Quantifiable outcome

• Incremental oil recovery of up to 20% via CO2 EOR
• +4 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core, major and minor.

• Abu Dhabi National Oil Company (ADNOC)coreStrategic or Co-development PartnerADNOC and Occidental maintain active partnerships including exploration blocks. ADNOC is reviewing potential investment in Occidental's 1PointFive direct air capture project in the U.S. as part of XRG's $80 billion international energy investment strategy. UAE's OPEC exit in April 2026 creates potential expanded collaboration opportunities.
• ExxonMobilmajorStrategic or Co-development PartnerOccidental acquired a 10% stake in ExxonMobil's ultra-deepwater exploration block TTUD-1 offshore Trinidad and Tobago, with ExxonMobil retaining operatorship at 90%. The block has high upside potential given proximity to the Stabroek block in Guyana where Exxon has made major discoveries.
• Kosmos EnergymajorStrategic or Co-development PartnerKosmos and Occidental are joint development partners on the Tiberius project in the Gulf of America, with FID taken in March 2026 and first oil expected in H2 2028. Shell and Kosmos are also planning the Trailblazer prospect in the U.S. Gulf under a strategic alliance.
• 1PointFivecoreStrategic or Co-development Partner1PointFive is a subsidiary development company created by Occidental to finance and deploy Carbon Engineering's large-scale DAC technology. It is developing the STRATOS facility in the Permian Basin, which when complete will be the world's largest DAC plant, designed to capture 500,000 metric tons of CO2 annually. ADNOC/XRG is evaluating investment in 1PointFive.
• Cemvita FactoryminorStrategic or Co-development PartnerOccidental is partnering with Cemvita Factory to develop advanced chemistry that will prevent CO2 from being emitted by using it as a feedstock for sustainable production of vital chemicals and polymers. The pilot plant will employ an alternate bio-ethylene production process using CO2, water and light.
• Carbon EngineeringcoreTechnology or IntegrationOccidental formed 1PointFive to finance and deploy Carbon Engineering's large-scale Direct Air Capture technology for the groundbreaking STRATOS project in the Permian Basin.
• Western (Produced Water Treatment)minorStrategic or Co-development PartnerWestern's Pathfinder project has Occidental as an anchor customer with a committed $400-450 million investment, on track for 1Q27 service. The project provides produced water treatment and reclamation services in the Permian Basin.
• Oil and Gas Climate Initiative (OGCI)majorStrategic or Co-development PartnerOccidental is a member of OGCI, a 12-member CEO-led initiative focused on leading the industry's response to climate change. OGCI member companies contribute to Climate Investment, a $1 billion-plus fund investing in decarbonization solutions. Occidental participates in OGMP 2.0 (methane reporting) and OGDC (decarbonization charter).

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Chevron: Integrated oil major with significant Permian exposure, Middle East/NOC partnerships, and active CCUS programs. Closely comparable operational and capital allocation profile.
• ExxonMobil: Largest U.S. integrated oil major with overlapping Permian, Middle East, and Gulf of Mexico assets plus major CCUS investments. Most direct comparable to Oxy across upstream E&P and carbon-capture strategy.
• APA Corporation: Independent E&P with significant Permian acreage, Permian-focused drilling program, and complementary international assets. Comparable scale and capital-return discipline.
• Hess Corporation: Independent E&P with major Bakken and Guyana (Stabroek) exposure, recently acquired by Chevron. Comparable international upstream profile and similar pure-play E&P focus.
• EOG Resources: Large-cap independent with premier Permian, Eagle Ford, and other unconventional positions. Comparable operational efficiency and direct competitor for Permian drilling economics.
• ConocoPhillips: Independent E&P with major Permian and Lower 48 unconventional positions plus international assets. Closely aligned pure-play upstream model focused on free cash flow and capital returns.
• Devon Energy: Permian-focused independent E&P with significant Delaware Basin overlap and similar free cash flow orientation. Closely comparable production profile and capital-return philosophy.
• Coterra Energy: Permian-focused independent with complementary Marcellus gas exposure. Closely aligned production mix and operational footprint in the Delaware Basin.
• Pioneer Natural Resources: Premier Permian pure-play acquired by ExxonMobil in 2024. Highly comparable operational profile and Permian inventory; historic direct competitor to Oxy in the Delaware Basin.
• Diamondback Energy: Pure-play Permian Basin operator with comparable acreage exposure and operational metrics. Direct competitor for Permian inventory and infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/oxy
• Xx.com/WeAreOxy
• Facebookfacebook.com/WeAreOccidental

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries4 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A12 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Occidental Petroleum