Occidental Petroleum Corp., commonly known as Oxy, operates oil and gas fields, gas processing plants, pipelines, petrochemical plants, and power plants. Operations are organized into three business units: Oil & Gas, Midstream & Marketing, and Chemicals (OxyChem). Ordinary shares are listed on the NYSE (OXY) exchange. Occidental means western which refers to the company's origins in California.
Occidental Petroleum was established in Los Angeles in 1920. Armand Hammer bought a controlling share of the company in 1957 with the intention to use it as a tax shelter. Hammer abandoned this plan when the company made large oil and natural gas discoveries soon after the acquisition. Anadarko Petroleum was spun off from Panhandle Eastern in 1986 to form an independent company. Oxy acquired pipeline operator Midcon in 1986 and combined its chemical activities into Dallas-based OxyChem in 1987 which acquired Cain Chemical in 1988. In 2000, Oxy acquired Altura Energy with assets in the Permian basin. Anadarko acquired Union Pacific Resources in 2000 and Berkeley Petroleum in 2001. Oxy moved its headquarters from Los Angeles to Houston in 2004. In 2006, Anadarko acquired Western Gas Resources and Kerr-McGee.
Latigo Petroleum was founded by Randy Foutch in 2002 and sold to Pogo Producing in 2006. Pogo was then sold to Plains E&P in 2007. Oxy acquired a 50% interest in Plains' Permian and Piceance Basin assets in February 2008, acquiring the remaining share in December 2008. The company outbid Chevron to acquire Anadarko Petroleum in 2019.