OCCIDENTAL PETROLEUM Business Summary

Occidental Petroleum Corporation (Oxy) is an integrated energy major that generates revenue primarily through the exploration, production, and sale of crude oil, natural gas, and natural gas liquids (NGLs). The company operates through three high-density business segments: Oil and Gas, which focuses on unconventional and Permian Basin assets; Chemical (OxyChem), a global leader in the manufacturing of PVC resins, chlorine, and caustic soda; and Midstream and Marketing, which handles commodity optimization and the company’s Low Carbon Ventures (OLCV). Oxy differentiates itself from its peers by leveraging its position as a leader in Enhanced Oil Recovery (EOR) and its aggressive investment in Direct Air Capture (DAC) technology via its 1PointFive subsidiary. Its primary competitors include Chevron, ExxonMobil, ConocoPhillips, and EOG Resources; relative to these peers, Oxy occupies a unique market niche as a Permian-dominant producer with the industry's most ambitious industrial-scale carbon management strategy. The leadership team is headed by President and CEO Vicki Hollub, a career veteran of the company who became the first woman to lead a major U.S. oil company in 2016. Supporting her is Sunil Mathew, who serves as Executive Vice President and Chief Financial Officer, and Richard Jackson, who leads the critical Operations and Low Carbon Ventures divisions. While the company’s historical growth was famously driven by the late Armand Hammer, its modern institutional profile is defined by the significant backing of Warren Buffett’s Berkshire Hathaway, which remains the company’s largest shareholder with a stake exceeding 28%. The board of directors is further bolstered by high-level expertise, including former U.S. Secretary of Energy Ernest Moniz, reflecting Oxy’s strategic focus on navigating the intersection of traditional hydrocarbon production and global energy transition policy.