Occidental Petroleum Corporation Overview
Occidental Petroleum Corporation is engaged in the business of the exploration and production of oil and gas. It operates through three business segments, namely, oil and gas, chemical, and midstream and marketing. The company offers pipelines under the midstream and marketing segment. It also offers marketing, purchasing, processing, and storage facilities for oil and gas, CO2, and power. Moreover, under the midstream and marketing segment, the company develops technologies for capturing and storing CO2. Furthermore, its pipeline business consists of 11% interest in the general partner, which owns nearly 40 percent of Plains All American Pipeline, LP (US) and Dolphin Energy (UAE). Dolphin Energy contributes to the pipeline transportation business of the Occidental Petroleum Corporation, which has a 24.5 percent interest in Dolphin Energy. In July 2018, Occidental Petroleum Corporation announced its plans to divest its pipeline assets to invest more in the exploration and production of oil and gas.
Occidental Petroleum Corporation has a presence across the world, including the US, Oman, the UAE, Qatar, and Mexico. Oxy Low Carbon Ventures LLC, OxyChem, Oxy Low Carbon Ventures, and Diamond Shamrock Chemicals Company are some of its subsidiaries.
