Occidental Petroleum Corporation (Oxy) is a leading independent oil and gas exploration and production company. The company's core business model focuses on the acquisition, exploration, and development of oil and gas properties, generating the vast majority of its revenue from upstream operations. Oxy's geographic footprint is anchored in the United States—where it is one of the largest producers in the Permian Basin, the DJ Basin, and the offshore Gulf of Mexico—complemented by significant international assets in Oman, the United Arab Emirates, and Algeria. Historically, Occidental operated a diversified business that included a major chemical segment (OxyChem), which manufactured basic chemicals and vinyls. However, following a strategic transformation, the company sold OxyChem to Berkshire Hathaway in early 2026 to focus entirely on its upstream and midstream operations, as well as its low-carbon initiatives. Today, the company's operations are divided into its dominant Oil and Gas segment and its Midstream and Marketing segment, which gathers, processes, transports, and markets crude oil, natural gas, and natural gas liquids. A distinctive element of Occidental's competitive position is its pioneering role in carbon management. Through its Oxy Low Carbon Ventures (OLCV) subsidiary, the company is investing heavily in direct air capture (DAC) technology, including the development of STRATOS, a commercial-scale DAC facility in Texas. This strategy not only supports its enhanced oil recovery (EOR) operations but also positions the company to capitalize on the energy transition by offering carbon sequestration services.
