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...
April 15, 2013 |
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.
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.
January 31, 2013 |
Occidental Petroleum Corp. reported better-than-expected fourth-quarter earnings on Thursday, sending its stock up on Wall Street. The Westwood-based company, already the biggest producer of oil inside the U.S., said its domestic production of oil and natural gas rose to the equivalent of 475,000 barrels of oil a day, setting a record for the ninth straight quarter. Occidental's fourth-quarter net income, reduced by $1.1 billion in after-tax charges, fell 79% to $336 million, or 42 cents a share, from $1.63 billion, or $2.01 a share, a year earlier.
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.
August 14, 2012 |
In a computer room crammed with students, freshman George-Michael Bluth is conferring with his dad, Michael, about his ambitious plans to create a social media website. The scene, featuring actors Michael Cera and Jason Bateman, was set at UC Irvine but played out on the campus of Occidental College, where the crew of the TV series “Arrested Development” spent two days last week filming around the campus. Occidental College is perhaps best known as the school once attended by President Obama.
July 26, 2012 |
Crude prices fell by more than 29% between late February and late June, and that was enough to ensure that the oil companies would see lower second-quarter profits compared with 2011. But in an economy that is still struggling to gain momentum, the industry is still posting numbers that many other businesses would love to have. Occidental Petroleum, for example, posted a second-quarter net profit of $1.3 billion, or $1.64 a share, the company announced in a statement. That was a decline of 27.7% compared with the $1.8 billion, or $2.23 a share, the company earned a year earlier.
July 26, 2012 |
Exxon Mobil Corp.andOccidental Petroleum Corp.said second-quarter earnings took a hit from lower oil and natural gas prices, a pattern that analysts expect to be repeated throughout the energy industry. But in an economy that is struggling to gain momentum, the oil business is still posting numbers that many others would love to have. Exxon Mobil, in fact, reported record profits, but it needed the help of asset sales to do it. Analysts said the stage for this week's earnings reports was set when oil declined nearly 9% and natural gas plunged 46% during the quarter compared with year-earlier prices.
July 20, 2012 |
Occidental Petroleum on Friday announced that former Goldman Sachs managing director Cynthia L. Walker will officially become an executive vice president and its chief financial officer on Aug 6. Walker, 35, in a 12-year stint with Goldman Sachs provided clients with strategic advice in high-profile energy industry transactions as a senior member of the Global Natural Resources Group located in Houston. Walker also served as a member of Goldman Sachs' Mergers and Acquisitions Group.
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.