Occidental’s road to Texas dates back nearly 60 years. Founded in California in 1920, Occidental began investing in Texas in 1963, growing its oil and gas, midstream and chemicals businesses and employing thousands of residents over the decades. In 2014, Occidental relocated its global headquarters to Texas to be closer to its base of U.S. operations, following the spin-off of its California business into a separate publicly traded company.
Today, Occidental has grown to become one of the top oil producers in Texas and the largest producer in the Permian Basin of West Texas and southeast New Mexico, producing approximately 11 percent of total oil in the basin. Occidental also has production assets in the Rockies, Gulf of Mexico, the Middle East, Latin America and Africa.
Occidental’s chemical subsidiary, OxyChem, is based in Dallas and has seven chemical plants across Texas in the Houston area, Dallas and Ingleside. A major North American chemical company, OxyChem manufactures the building blocks for life-enhancing products.
Permian Resources, one of Occidental’s industry-leading domestic operations, has more than 40 years of experience using carbon dioxide (CO2) for enhanced oil recovery (EOR), a process that permanently stores CO2 underground while increasing production by up to 25 percent from maturing oil fields. Occidental is now the largest injector of CO2 for EOR in the Permian Basin, and among the largest in the world.
“Never underestimate the ingenuity of Texas businesses. In Texas, one thing you can count on is certainty around doing businesses in our state. When you have that certainty, you can plan for the future.” Vicki Hollub, Occidental President and CEO, Vice Chair, Texas Economic Development Corporation Board
This experience in carbon management makes Occidental a natural leader in its vision for a low-carbon economy to address climate change. In 2018, Occidental started Oxy Low Carbon Ventures (OLCV) to develop carbon capture, utilization and storage projects that source human-made CO2 to grow Occidental’s EOR business while reducing emissions. The OLCV team is now working with other organizations to decarbonize the value chain and produce a carbon-neutral barrel of oil. The team progressed its vision for reducing carbon intensity in EOR operations with the startup of the Goldsmith solar facility in 2019, the first-of-its-kind facility in Texas to directly power oil and gas operations.
Occidental is dedicated to strengthening local communities in its operational areas and continues to do so across Texas. Through partnerships with an extensive network of food banks, Occidental helps provide food assistance to families living in remote areas. Occidental also provides grants to first responders to buy equipment in support of their work to keep communities safe. Occidental’s relocation of its headquarters to Texas was a testament to Occidental’s commitment to enhancing the lives of its employees and the local community.