Petrochemical company: Occidental Petroleum (OXY) (1920)

Occidental Petroleum Corporation (NYSE:OXY) was founded in 1920 and is headquartered in Houston, Texas. It has 11,100 full-time employees. It is the fourth largest oil and gas company in the United States. It is mainly engaged in oil and gas exploration. Its business scope includes the United States and the Middle East. , North Africa and South America.

Occidental Petroleum OXY Logo

Occidental Petroleum (OXY):

Occidental Petroleum is an American multinational and comprehensive oil monopoly. In the 1960s, it successively merged with Signet Oil and Gas Company, Jefferson Lake Sulfur Company, Island Creek Coal Company and Hooker Chemical Company. In the 1970s and 1980s, several companies were acquired and their strength increased greatly. Not only has the oil and natural gas resources been greatly expanded, with a series of oil refineries, but also the diversification of products and the production of a variety of chemicals.

Occidental Petroleum’s business is divided into four main divisions: oil and gas, chemical products (OxyChem subsidiary is responsible for operation), coal and agricultural enterprises. It operates coal mines in China, produces, sells and transports crude oil and petroleum products, manufactures and sells industrial chemical products, plastics, agricultural chemical products, fertilizers and beef processing, etc.; it is mainly engaged in the exploration and production of oil and natural gas abroad.

Occidental Petroleum has its own oil and gas production plant, Altura Energy, and owns 76% of Oxy Vinyls and 30% of Equistar Chemicals. Occidental Petroleum’s chemical business is operated by a subsidiary of OxyChem based in Dallas. OXYCHEM has factories in the United States and six overseas countries. The main products are basic chemicals, vinyl petrochemicals and specialty chemicals. Oxychem is the largest caustic soda and chlorine market operator in the United States, the largest manufacturer of dichromium chemicals and the second largest producer of PVC resin in the United States. It is also the world’s largest producer of potassium hydroxide and chlorinated polyurethane, resorcinol products, the world’s largest marketer of dichloroethane, the world’s second largest producer of antimony oxide, and the second largest sodium silicate and phenolic molding in the United States Material manufacturer. In addition, Oxychem also owns 76% of OxyVinyls, the largest producer of PVC resin and VCM in North America ; it owns 29.5% of Ecuadorian Chemical Company, the largest producer of vinyl and its derivatives in North America .

A brief history of Occidental Petroleum:

  • In 1920, Occidental Petroleum was founded in Los Angeles, USA. In the early days, it was mainly engaged in oil exploration and exploitation activities there;
  • In 1959, Occidental Petroleum acquired all the assets of California Jene Reid Drilling Inc.;
  • In 1963, Occidental Petroleum merged with International Oreand Fertilizer;
  • In 1964, Occidental Petroleum acquired Jefferson Lake Sulphur Company and entered the chemical industry;
  • In 1968, Occidental Petroleum acquired IslandGreekCoal;
  • In 1968, Occidental Petroleum acquired Hooker Chemical Company;
  • In 1974, Occidental Petroleum and the Soviet government reached a 20-year agrochemical trade agreement;
  • In 1979, Hamer led a delegation of Occidental Petroleum Corporation to visit China and was received by Deng Xiaoping (the then Vice Premier);
  • In 1981, Occidental Petroleum purchased the American IBP Meat Processing Company for US$746 million, and established a joint venture with Italy’s Eni, a coal and chemical company-ENOXY;
  • In 1982, Occidental Petroleum merged with the largest oil company in the Morgan Consortium—U.S. City Service Corporation for US$4.1 billion;
  • In 1987, Occidental Petroleum reorganized its business and established three subsidiaries: OXY American Oil and Gas Company (responsible for domestic business), Occidental International Exploration and Development Company (responsible for foreign operations), and Occidental Crude Oil Sales Company (responsible for the company’s crude oil sales business);
  • In early 1998, Occidental Petroleum acquired 78% of the US government’s share of the ELKHILL oil and gas field in California;
  • In 1998, Occidental Petroleum sold its subsidiary MidconCorp., which operates natural gas transportation and sales, for US$532 million, as well as various non-strategic oil and gas assets in the United States, Venezuela and the Netherlands;
  • In 1998, it had an asset swap transaction with Anglo-Dutch Shell .
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