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.