Occidental Petroleum Corporation

Occidental Petroleum Corporation

▪ American company
      major American oil- and gas-producing company. Headquarters are in Los Angeles.

      Founded in 1920, Occidental Petroleum was for many years a small, largely unprofitable California driller. It was precisely its bleak prospects that first attracted the attention of Armand Hammer (Hammer, Armand), a successful international businessman who hoped to use the ailing company as a tax shelter. Hammer had formed ties with the new Soviet government and had thus made his fortune trading American wheat for Russian furs in the 1920s.

      In 1957 Hammer bought a controlling interest in Occidental but quickly abandoned his tax shelter plan when its rigs struck a rich oil deposit in southern California. Hammer thereupon acquired a number of oil-related companies and in 1961 won an oil concession from Libya following a major oil discovery in that country, a deal that propelled the growth of “Oxy,” as the firm came to be called, into a major international oil company. Libya nationalized its oil production in the 1970s, however, and in 1982 Occidental acquired Cities Service Company to help replenish its dwindling domestic oil and natural gas reserves. In 1986 Occidental acquired the Midcon Corporation, which had one of the largest natural gas pipelines in the United States. The move marked the decisive shift of Occidental to domestic, rather than foreign, energy ventures. The company is also involved in coal mining and the manufacture of chemicals and plastics, agricultural chemicals, fertilizers, and the processing and marketing of meat.

* * *

Universalium. 2010.

Look at other dictionaries:

  • Occidental Petroleum Corporation — est une entreprise pétrolière et gazière américaine opérant aux États Unis, au Moyen Orient, en Afrique du Nord et en Amérique du Sud. Historique Surnommée Oxy d après son code au New York Stock Exchange, l entreprise a été fondée en 1920 et est… …   Wikipédia en Français

  • Occidental Petroleum Corporation — Este artículo o sección necesita referencias que aparezcan en una publicación acreditada, como revistas especializadas, monografías, prensa diaria o páginas de Internet fidedignas. Puedes añadirlas así o avisar …   Wikipedia Español

  • Occidental Petroleum — Corporation Type Public (NYSE: OXY) Industry Oil and gas …   Wikipedia

  • Occidental Petroleum — Corporation Rechtsform Corporation ISIN US6745991058 …   Deutsch Wikipedia

  • Occidental Petroleum — Corporation Тип Публичная компания …   Википедия

  • China National Petroleum Corporation — 中国石油天然气集团公司 Type Government owned corporation Industry Oil Gas Founded Beijing, PR China (1988 …   Wikipedia

  • Nigerian National Petroleum Corporation — Type public Industry Oil and gas Founded 1977 Headquarters Abuja, Nigeria …   Wikipedia

  • PETROLEUM AND OIL PRODUCTS — In modern times Jews took part in the development of the oil industry, some in pioneering the extraction of oil and trade in its products in their respective countries, and some in financing the industry abroad. Eastern Galicia Oil prospecting… …   Encyclopedia of Judaism

  • Petroleum industry — The distribution of oil and gas reserves among the world s 50 largest oil companies. The reserves of the privately owned companies are grouped together. The oil produced by the supermajor companies accounts for less than 15% of the total world… …   Wikipedia

  • Petroleum — For other uses, see Petroleum (disambiguation). Proven world oil reserves, 2009 …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.