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Occidental Petroleum Corp

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CALIFORNIA | LOCAL
September 19, 1988 | TED VOLLMER, Times Staff Writer
A few weeks before Ronald Reagan was elected governor of California on Nov. 8, 1966, Occidental Petroleum Corp. discovered oil not far from his Pacific Palisades home. On the same day 22 years later, when they will help choose President Reagan's successor, Los Angeles voters may decide once and for all if Occidental will finally get to extract the first drop of oil from that same find. Competing city Propositions O and P on the Nov.
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NEWS
May 2, 2013 | By Maeve Reston
In the sort of appearance destined to fan speculation about her presidential aspirations in 2016, Hillary Rodham Clinton will speak in Beverly Hills next week at a gala hosted by the Pacific Council on International Policy. The nonpartisan group, which focuses on international affairs, plans to honor Clinton on Wednesday night with its inaugural Warren Christopher Public Service Award. Christopher, who served as secretary of State under President Clinton, was involved in the council for many years and chaired its board of directors.
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BUSINESS
September 27, 1991 | From Times Staff and Wire Reports
Occidental Sells Bolivia Oil and Gas Interests: Occidental Petroleum Corp. has sold its Bolivian gas and oil operations as part of its ongoing effort to reduce debt by $3 billion. Occidental Boliviana Inc. was sold to Diamond Sol, a U.S. company jointly held by Diamond Shamrock Inc. and Sol Petroleo of Argentina, Los Angeles-based Occidental said.
BUSINESS
April 29, 2013 | By Shan Li
Occidental Petroleum Corp. said Monday that Chief Executive Steve Chazen would remain at the helm through 2014 as the company restricted compensation packages and tightened requirements for serving on its board. The Los Angeles oil-and-gas producer said stock grants for directors who are not Occidental employees will be slashed and the "discretionary portion" of the chief executive's bonus would also be reduced, Occidental said in a Monday statement. The company also set the mandatory retirement age for the CEO at 68. Former Occidental CEOs will be barred from serving on the board.
BUSINESS
May 27, 1994 | From Times Staff and Wire Reports
Oxy Will Drill Off Vietnam: Los Angeles-based Occidental Petroleum Corp. said Vietnam has granted it permission to drill for oil in the South China Sea. It will be the first U.S. company to drill in Vietnam since trade sanctions were lifted. The project is set to begin in early July. Occidental has a 45% interest in the project; APN Petroleum Ltd. of Indonesia has a 55% interest. Terms of the deal were not disclosed.
BUSINESS
April 15, 2013
The company: Occidental Petroleum Corp. Headquarters: Westwood Ticker: OXY Employees: 12,300 Leadership: Executive Chairman Ray R. Irani, Chief Executive Stephen I. Chazen 2012 revenue: $24.2 billion 2012 net income: $4.6 billion Stock price: $83.39 at Friday's close 52-week range: $72.43 to $93.78 P/E ratio: 12, based on 2013 earnings estimates Dividend: 64 cents a...
BUSINESS
April 15, 2013 | By Ronald D. White, Los Angeles Times
The nation's fourth biggest oil company, Occidental Petroleum Corp., is primarily involved in oil and natural gas exploration and production. It is also a major manufacturer of oil-related chemicals. The Westwood company said its domestic production of oil and natural gas rose to the equivalent of 475,000 barrels of oil a day at the end of 2012, setting a record for the ninth straight quarter. But Occidental's stock performance hasn't been as good as that of others in the industry.
BUSINESS
April 9, 2013 | By Ronald D. White, Los Angeles Times
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.
AUTOS
April 8, 2013 | By Ronald D. White
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.
BUSINESS
October 5, 2012 | Bloomberg News
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.
BUSINESS
May 3, 2012 | By Tiffany Hsu
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.
BUSINESS
April 29, 2011 | By Ronald D. White, Los Angeles Times
Occidental Petroleum Corp. rode a wave of higher oil prices to one of the best quarterly earnings performances since 2008. The Westwood company said Thursday that it earned $1.55 billion in the first quarter, or $1.90 a share, up nearly 46% from the same period last year. Revenue rose more than 24% to $5.73 billion. Also Thursday, Exxon Mobil Corp. posted first-quarter net income of $10.65 billion, up 69%. Royal Dutch Shell reported $8.78 billion in first-quarter profit, up 60%. Occidental said it got $92.14 a barrel for its oil during the first quarter of 2011, compared with $74.09 per barrel for the first quarter of 2010.
BUSINESS
December 10, 2010 | By Ronald D. White, Los Angeles Times
Occidental Petroleum Corp., the nation's fourth-largest oil and gas exploration company, announced agreements for major acquisitions of more than $3.2 billion in crude and natural gas assets in North Dakota and South Texas. The Westwood-based company also announced a $2.5-billion sale of its operations in Argentina and said it would be increasing its dividends to shareholders. Occidental also said it will buy out Sempra Generation's 50% in its Elk Hills Power Plant in California, bringing its ownership to 100%, in what may signal a flurry of major oil company interest in building up domestic production.
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