Occidental Petroleum
Los Angeles, 1920 marked the birth of Occidental Petroleum. Armand Hammer took control in 1957 and steered the company through a decade of rapid growth. The 1960s saw operations expand into Peru, Venezuela, Bolivia, Trinidad, and the United Kingdom. In 1961, geologists discovered the Lathrop Gas Field near Lathrop, California. This find provided early momentum for the firm's exploration efforts. By 1965, Occidental secured rights to explore oil reserves in Libya. The company operated there until economic sanctions forced a suspension in 1986. Diversification arrived in 1968 when Occidental bought Hooker Chemical Company following the Love Canal contamination incident. A refinery project on Canvey Island in Essex, England began in 1971 but halted construction by 1975 due to the energy crisis. Only concrete foundations and a river jetty remain at that site today.
August 1983 brought a major discovery in Colombia with Ecopetrol. They found the Caño Limón oilfield in Arauca. July 1996 saw the sale of three Congo oilfields to the Congolese government for $215 million. The following year, Occidental paid $3.65 billion to acquire the Elk Hills Oil Field. December 2010 marked an entry into shale oil properties in North Dakota's Williston Basin for $1.4 billion. These assets were sold five years later for $600 million. January 2011 initiated a partnership with Abu Dhabi's state oil company to develop the Shah Field. This joint venture known as Al Hosn Gas became operational in 2015. September 2014 moved headquarters to Houston, Texas. November 2014 involved selling a 50% interest in BridgeTex Pipeline Company for $1.075 billion. August 2019 saw the acquisition of Anadarko Petroleum for $57 billion. This deal ranked as the world's fourth largest oil and gas acquisition ever recorded. December 2023 added CrownRock, a Permian producer, for $12 billion.
the 6th of July 1988 witnessed the destruction of the Piper Alpha platform in the North Sea. A gas leak triggered an explosion that killed 167 workers. It remains the deadliest offshore disaster in history. The inquiry blamed inadequate maintenance and safety procedures by Occidental. No criminal charges followed the tragedy. the 11th of October 2008 brought an oleum spill at a facility in Petrolia, Pennsylvania. Over 2,000 residents evacuated due to toxic gas clouds. the 14th of June 1997 marked an explosion at the Magurchhaqra gas field in Bangladesh. The blast damaged 28 tea gardens and caused estimated damages between 90 and 140 billion BDT. the 10th of May 2007 initiated legal action by 25 Achuar Peruvians regarding drilling in Block 1-AB. They claimed dumping of toxic oil by-products caused health issues. A 2006 study found cadmium levels above safe limits in nearly all tested individuals. March 2015 concluded with a settlement funding health projects in five Achuar communities. the 13th of December 1998 involved a bombing in Santo Domingo, Colombia where 17 civilians died after misidentification by AirScan.
Armand Hammer maintained a long friendship with Senator Albert Gore, Sr. Gore served on the company board before becoming head of Island Creek Coal Company in September 1972. Much coal production occurred in Tennessee, the state Gore represented. The company liquidated these assets in 1993 after Hammer's death. Vice President Al Gore inherited shares upon his father's death in 1998 but sold them immediately. In 2005, Occidental contributed $250,000 to George W. Bush's second inauguration. Donations between $10,000 and $25,000 went to the Clinton Foundation. August 1984 saw billionaire David H. Murdock receive greenmail payments for his shares. The company paid $40.09 per share while market value sat at $28.75. January 2024 introduced a class action lawsuit accusing Occidental of price-fixing shale oil production. This scheme allegedly raised gasoline prices for American drivers. February 2011 involved investigations into the Libyan Investment Authority regarding bribery laws.
May 2016 brought Vicki Hollub as the first female CEO of a major U.S. oil and gas company. She had worked at Occidental since 1981. June 2024 established a memorandum with TAE Technologies to explore nuclear fusion for direct air capture projects. DAC removes carbon from the atmosphere using energy-intensive processes. October 2025 finalized the sale of OxyChem subsidiary to Berkshire Hathaway for $9.7 billion. Proceeds included $6.5 billion used to lower debt. The company retained all legacy environmental liabilities for OxyChem. December 2023 added CrownRock, a Permian producer, for $12 billion. March 2017 began operations of an ethylene cracker in Ingleside, Texas. This facility produces 1.2 billion pounds annually alongside pipelines and storage at Markham. August 2023 saw the acquisition of Carbon Engineering for $1.1 billion to advance direct air capture technology. July 2024 marked a partnership to use clean electricity for these decarbonization efforts.
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Common questions
When was Occidental Petroleum founded and who took control in 1957?
Los Angeles, 1920 marked the birth of Occidental Petroleum. Armand Hammer took control in 1957 and steered the company through a decade of rapid growth.
What major oil field did Occidental discover near Lathrop California in 1961?
In 1961 geologists discovered the Lathrop Gas Field near Lathrop California. This find provided early momentum for the firm's exploration efforts.
How much did Occidental pay to acquire Anadarko Petroleum in August 2019?
August 2019 saw the acquisition of Anadarko Petroleum for $57 billion. This deal ranked as the world's fourth largest oil and gas acquisition ever recorded.
Who became the first female CEO of Occidental Petroleum in May 2016?
May 2016 brought Vicki Hollub as the first female CEO of a major U.S. oil and gas company. She had worked at Occidental since 1981.
When did Occidental move its headquarters to Houston Texas?
September 2014 moved headquarters to Houston Texas. November 2014 involved selling a 50% interest in BridgeTex Pipeline Company for $1.075 billion.