April 9, 2013 |
For several days, Occidental Petroleum Corp. has been roiled by speculation that its CEO search was really a power play by Executive Chairman Ray Irani to push out his onetime protege, Chief Executive Stephen Chazen. On Monday the Westwood company's board of directors took the unusual step of saying there is "no fight at the top" of the oil and gas producer, but made clear that the two men who have run Occidental for the last decade were on their way out in one way or another. The board's statement, billed as unanimous, went on to say that the 78-year-old Irani played no role in the February decision by independent directors to identify a successor for Chazen, 66. Chazen acknowledged Monday that he didn't ask to leave Occidental but said, "I respect the board's decision to seek a new generation of leadership.
April 8, 2013 |
Occidental Petroleum Corp.'s board of directors issued an unusual statement Monday, deploring what it called "inaccurate speculation" and saying that there was "no fight at the top" involving the company's senior management. Analysts said that the statement was unlikely to quell questions and confusion among shareholders over the Westwood company's succession plans -- including reports that Chairman Ray R. Irani was trying to force out Chief Executive Stephen I. Chazen. The statement by the Occidental board mentioned that last year "presented challenges, including disappointing stock performance.
October 5, 2012 |
A World Bank arbitration panel ordered Ecuador to pay Occidental Petroleum Corp. $1.77 billion to settle a contract dispute. The International Center for Settlement of Investment Disputes, known as ICSID, said Ecuador breached Los Angeles-based Occidental's contract by failing "to accord fair and equitable treatment. " Ecuador Atty. Gen. Diego Garcia said Friday that the South American country "categorically rejects" the decision and may seek its annulment. Ecuador stripped Occidental of its oil concession in 2006 over an alleged contract breach, prompting the company's complaint to the panel.
May 3, 2012 |
When it comes to creating value, Occidental Petroleum Corp. Chief Executive Stephen I. Chazen beats out other Southern California business leaders, according to a new report from Pepperdine University. Chazen helped his Los Angeles company pull in $3.4 billion in so-called economic profit in 2011, an increase of $1.6 billion from 2010, according to the self-funded report from the university's Graziadio School of Business and Management along with management consultant SCCO International.
July 28, 2011
Occidental Petroleum: An article in the July 27 Business section about Occidental Petroleum Corp.'s second-quarter earnings gave an incorrect name for the company's chief financial officer. He is James M. Lienert, not Jim Leonard. FAA funding: An article in the July 26 Section A about funding for the Federal Aviation Administration erred in describing a House of Representatives bill to temporarily extend the funding. The bill did not include a provision that would make it harder for airline and rail workers to unionize, and the legislation passed July 20, not July 22.
July 27, 2011 |
Occidental Petroleum Corp. rode a wave of higher oil prices to a second-quarter profit of $1.82 billion, up 71% from the same period last year, the company said Tuesday. The Westwood oil exploration and production company was among the first in the industry to announce quarterly results, which included earnings per share of $2.23, compared with $1.31 a year earlier. The results beat Wall Street expectations of $2.17 a share, according to a survey of analysts by Thomson Reuters.