Occidental Petroleum Corp OXY

Occidental Petroleum Corp. is an oil and gas exploration and production company that operates internationally. The company primarily conducts business within the United States, the Middle East, Africa, and Latin America. Founded in 1920, Occidental Petroleum has its headquarters in Houston, Texas.

Occidental Petroleum is focused on carbon dioxide enhanced oil recovery and carbon capture, utilisation, and storage, in addition to emission-reducing technologies. The company operates its business through four segments: Oil and Gas, Oxy Low Carbon Ventures, Midstream and Marketing, and Chemicals. Its Midstream and Marketing segment is responsible for the purchase, marketing, gathering, processing, transporting, and storing of hydrocarbons and other commodities.

Oxy Low Carbon Ventures, LLC, is a subsidiary of Occidental Petroleum. In 2019, Oxy Low Carbon Ventures partnered with Carbon Engineering Ltd., a Canadian clean energy company, to engineer and design the world’s largest Direct Air Capture (DAC) and sequestration facility. On 28 January 2021, Occidental Petroleum partnered with Reliance Industries in India to deliver the first major carbon-neutral oil shipment. Greenhouse gas emissions associated with the entire crude lifecycle were offset for this shipment, from the well head through to the combustion of end products.

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