Occidental Petroleum

Last edited by lenazun on November 25, 2009 - 8:18pm
Company Snapshot: 

Occidental Petroleum Corporation's principal activity is sell crude oil and natural gas. The company's operations are carried out through many subsidiaries and affiliates. Two major subsidiaries are Occidental Chemical Corporation and Occidental Oil and Gas Corporation. The company also owns 76% of OxyVinyls, the primary maker of PVC in North America. The company controls over two billion barrels of oil and 4 billion barrels of natural gas in 2007.

Number of employees worldwide: 
9,700
Chief executive officer: 
Ray R. Irani
Global Fortune 500 rank: 
365
Tel: 
310-208-8800
Fax: 
310-443-6690
Net Income: 
$5,400 (Mil)
Total revenue: 
$18,784 (Mil)
Corporate accountability
Environment and product safety: 

In 1997, Oxy and three other companies (AMVAC, Dow and Shell) together agreed to pay $41.5 million as part of an out-of court settlement following a joint action lawsuit brought by banana workers in Central America and the Philippines. The workers had been exposed to a pesticide called dibromochloropropane (DBCP), which was developed in the 1940s and used in banana fields in Central America and other places since at least the 1960s until the 1980s. Production of DBCP was suspended by the EPA in 1977 after a third of the workers at Occidental's manufacturing plant in Lathrop, Calif., were found to be sterile. EPA made the ban permanent in 1979, finding that the pesticide caused sterility in humans and an increased risk of cancer and genetic damage.

Before that, DBCP was a very popular nematocide, a pesticide that kills microscopic worms in the soil. It was used in the pineapple plantations in Hawaii and all the banana plantations in Central America, Ecuador, the Philippines and Africa. It was used extensively in California, Florida, Texas and other states growing fruits and vegetables. In addition to exposed workers, the town of Sanger in California's Central Valley won a $15 million settlement in 1993 from Dow, Shell and Occidental for contaminated well water.

A special issue of the International Journal of Occupational and Environmental Health in 1999 included papers from symposium on DBCP and worker sterility (IJOEH, Vol 5, No 2, April/June 1999).

On January 10, 2007, residents living near Occidental's Muscle Shoals facility filed a class action lawsuit against the company, alleging that the plant contaminated their property with mercury used to manufacture chlorine.

Human rights: 

Twenty-five indigenous Achuar plaintiffs from the Peruvian Amazon filed suit against Oxy in early 2007, alleging egregious harm caused by Oxy over a thirty-year period in the Corrientes River basin during which Oxy contaminated the rivers and lands of the indigenous Achuar communities, causing death, widespread poisoning and destruction of their way of life. For more information go to Earth Rights Interantional.

Anti-competitive and consumer protection: 

In 1987, a Federal judge affirmed a $412 million damage award to a subsidiary of the Coastal Corporation in its lawsuit against a unit of the Occidental Petroleum Company.

The United States Dept. of Energy formally accepted a $275 million settlement of an overcharging case against one of Occidental's subsidiaries on August 19, 1995. The settlement ended a case involving allegations that Occidental's OXY USA Inc. unit violated Federal price controls on crude oil by overcharging some $254 million between 1979 and 1981.

On June 3, 2005, the Federal Trade Commission approved Oxy's purchase of some of Vulcan Chemicals' assets, under the condition that it sell off some of Vulcan's assets.

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Financial information
Stock ticker symbol: 
OXY
Fiscal year: 
2007
Fiscal year: 
2007
Major lines of business/segments: 

5,400

Additional descriptive data
Geographic breakdown of revenues (sales and profits), assets, employees: 

Occidental’s US oil and gas operations are in the Permian Basin of Texas and New Mexico; Elk Hills in California; the Hugoton field in Kansas and Oklahoma Utah and western Colorado. International operations are in Argentina, Bolivia, Colombia, Libya, Oman, Qatar, the United Arab Emirates (UAE) and Yemen.