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Occidental Petroleum
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Sustainable oil and gas production and management
Occidental Petroleum
Work Here?
Sustainable oil and gas production and management
About Occidental Petroleum
Industries
Energy
Company Size
10,001+
Company Stage
IPO
Total Funding
$632.3M
Headquarters
Houston, Texas
Founded
1920
Overview
Occidental Petroleum focuses on sustainable and low-cost operations in the energy sector, primarily in oil and gas. The company uses advanced technology to enhance efficiency and is a leader in carbon management, aiming for net zero emissions in its operations by 2040 and from its products by 2050. Unlike many competitors, Occidental invests in renewable energy sources, such as solar power, to reduce costs and carbon footprints. Their goal is to lead in sustainable energy practices while serving a diverse range of clients globally.
Simplify's Take
What believers are saying
- Partnership with TAE Technologies could lead in emissions-free energy solutions.
- Joint venture with Berkshire Hathaway opens new revenue streams in lithium production.
- Acquisition of CrownRock assets strengthens position in the $3 trillion CCS market.
What critics are saying
- Potential repeal of the Inflation Reduction Act threatens DAC project funding.
- CrownRock asset acquisition may increase debt burden amid oil price volatility.
- Nuclear fusion partnership with TAE Technologies is speculative and may not succeed.
What makes Occidental Petroleum unique
- Occidental is a leader in carbon management with ambitious net zero targets by 2050.
- The company is pioneering in adopting ESG metrics, setting industry standards.
- Occidental's diverse global asset portfolio enhances its operational resilience.
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Funding
Total Funding
$632.3M
Above
Industry Average
Funded Over
2 Rounds
Benefits
Professional Development Budget
Conference Attendance Budget
Company News
DENVER, Oct. 31, 2024 (GLOBE NEWSWIRE) - IOTA Software Inc., a leading developer of industrial and business data visualization software, announced today that it has secured $10.4 million in Series A2 funding led by the Altira Group with participation from Oxy Technology Ventures and existing investors, including Aramco Ventures and Second Avenue Partners.
Occidental Petroleum is relying on IRA funding to develop direct air capture (DAC) technology, which will be needed to capture and sequester the hardest-to-reach GHG emissions from jet travel.
Occidental Petroleum recently acquired high-margin assets from CrownRock and aims to lead the carbon capture and storage (CCS) market, a sector potentially worth $3 trillion.
Occidental Petroleum has signed a memorandum of understanding to work with nuclear fusion player TAE Technologies on potential applications of the emissions-free power source in the oil company's direct air capture (DAC) projects.
On June 7, 2024, Warren Buffett (Trades, Portfolio)'s Berkshire Hathaway made a significant addition to its investment portfolio by acquiring 2,565,477 shares of Occidental Petroleum Corp (NYSE:OXY). This move further solidifies Berkshire Hathaway's position as a major stakeholder in the oil and gas sector.
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About Occidental Petroleum
Industries
Energy
Company Size
10,001+
Company Stage
IPO
Total Funding
$632.3M
Headquarters
Houston, Texas
Founded
1920
Occidental Petroleum is Hiring for 0 Jobs on Simplify!
Find jobs on Simplify and start your career today