OCCIDENTAL PETROLEUM CORP /DE/ (OXY)

Occidental Petroleum Corporation is a Delaware-incorporated international energy company headquartered in Houston, Texas, with premier diversified assets concentrated in the United States, the Middle East and North Africa. The company ranks among the largest oil and gas producers in the U.S., holding leading positions in the Permian and DJ Basins and offshore Gulf of America, and is the largest independent oil producer in Oman; its U.S. operations are centered in Texas, New Mexico, Colorado, and offshore Gulf of America, while international assets are located in Algeria, Oman, Qatar and the UAE. The company employs conventional and unconventional field development along with primary, secondary (waterflood) and tertiary (CO2/steam flood) recovery methods, leveraging expertise in CO2 separation, transportation, utilization, recycling and storage for enhanced oil recovery.

As of year-end 2025, total proved reserves were approximately 4,603 MMBoe (2,162 MMbbl oil, 1,150 MMbbl NGL, 7,745 Bcf gas), with total sales volumes of 523 MBoe/d. The midstream and marketing segment supports the oil and gas business through gathering, processing, transportation, storage and terminal operations, including equity investments in Western Midstream Partners (WES) in the U.S. and Dolphin Energy Limited (DEL) in the Middle East, as well as the Al Hosn Gas sulfur-processing facility in the UAE. This segment also houses Oxy Low Carbon Ventures (OLCV), which advances decarbonization technologies including direct air capture (DAC), carbon capture, utilization and storage (CCUS), and lithium development; OLCV's flagship STRATOS DAC facility is designed to capture up to 500,000 tons of CO2 annually, with initial operations expected in 2026.

In October 2025, Occidental agreed to sell all equity interests in its OxyChem chemical business to Berkshire Hathaway for $9.7 billion in cash, a transaction completed January 2, 2026, resulting in an estimated $3.2 billion after-tax gain; as a result, OxyChem is now reported as discontinued operations, and the chemical business is no longer a reportable segment. As of December 31, 2025, the company employed 10,412 people in continuing operations (excluding OxyChem), primarily in North America (6,793) and the Middle East (3,441), with a workforce composed largely of non-union employees (10,003) and a smaller unionized segment (409, entirely in the Middle East). The company emphasizes talent development through programs such as the Science and Technology Employee Program (STEP) for petrotechnical professionals, flexible work arrangements including a Balanced Workplace Program, and comprehensive health, wellness, and retirement benefits, all guided by core values of leading with passion, outperforming expectations, delivering results responsibly, and unleashing opportunities.