Occidental Petroleum

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Fortune 500

Industries included in the sector are mining, oil and gas exploration and services, pipelines, refining, and utilities.

Fortune Sector Leaders: Energy

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The 25th Fortune World’s Most Admired Companies list suggests that tech giants’ peers respect them as much as ever.

World's Most Admired Companies

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

Fortune Global 500

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

This year’s Fortune 500 marks the 68th running of the list.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-183-Occidental Petroleum

Also known as "Oxy," Occidental Petroleum is an international oil producer and petrochemical manufacturer.

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-148-Occidental-Petroleum

The oil and gas exploration and production company is headquartered in Houston.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 65th running of the list.

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Sector

Industry

Industry Rank

Previous Industry Rank

Overall Score

Innovation

People Management

Use of Corporate Assets

Social Responsibility

Quality of Management

Financial Soundness

Long-Term Investment Value

Quality of Products/Services

Global Competitiveness

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

One of the largest oil and gas producers in the U.S., Houston-based Occidental Petroleum is so much more. While the heart of Oxy’s business lies in the Permian Basin in West Texas and New Mexico, Oxy also churns out volumes from the Gulf of Mexico, the Rockies, and internationally in Oman, Algeria, and the United Arab Emirates. Oxy recently doubled down on the Permian with the $12 billion acquisition of CrownRock. But the 105-year-old company is also focused on petrochemicals with its OxyChem business, and it is branching out heavily into the energy transition. By the end of 2025, Oxy will have launched the world’s largest direct air capture facility, in West Texas, designed to literally suck CO2 out of the sky.

Q2 2025

Q1 2025

Q4 2024

Occidental Petroleum (OXY): Company Profile, Stock Price, News, Rankings

legacy

occidental petroleum

Companies

Occidental Petroleum | Fortune

Occidental Petroleum (OXY): Company Profile, Stock Price, News, Rankings | Fortune

Vicki Hollub says her company is uniquely positioned to build a successful carbon capture business.

Leadership Next: Occidental Petroleum CEO, Vicki Hollub

Leadership

Had never aspired to be CEO. I loved what I did. I'm an engineer. I love engineering. I love operations. What did you say when he said that? I thought he was joking. I laughed and he didn't laugh. Ok. Welcome to leadership. Next, the podcast about the changing rules of business leadership. I'm Alan Murray and I'm Ellen mcguirt. First of all, for those that don't know that there's about 50% more co two in the atmosphere today than there was in pre industrial times. So the storms we're seeing today is caused by that level of, of CO two that we have in the atmosphere. If you could shut down emissions from every facility that emits co two in the world, we would still need to take co two out of the atmosphere. So we're, we're a company that building what's going to be the largest direct air capture facility in the world. We've been working it for a couple of years and um just when we thought we were over the hump and about to, to make the deal happen, heard on C NBC that the deal had been done and it had been done with one of our competitors went back and debated, it looked back over all the numbers and the deal just made so much more sense for us. And so we made the decision that we would then make an offer. And I was there when, um, another CEO of a major bank called and he said, Vicky, if you need additional cash, he said, call Warren Buffett and he gave me his number. And so I'm thinking, I'll call him. Did you roll your eyes a little bit? I was like, ok. Yeah. Right. I'll call him and I'm thinking he's gonna go, he's not gonna answer his phone. I'm gonna leave a message and he's gonna like, who is this crazy person calling me on a Saturday morning? And so he answered the phone and which was very surprising. So we set a meeting for the next day. I got the additional funds that I needed from, from uh Mr Buffett and the rest of the rest of its history when I took over in 2016 today is a lot different than 2016, because um. when, uh, when the George Floyd, uh murder occurred, um, I had not ever gotten an employee from an email from any of our employees asking me to take a stand on anything external prior to that. So we did take a stand on that and we took a stand when the senseless attacks on, on the Asian community started in a big way. So we don't take, we don't take political stances, um, about everything but, but we do take stances when it's, when it's a violation of, of human rights.

Vicki Hollub, President & CEO, Occidental Petroleum
Interviewer: Alan Murray, FORTUNE


Impact Initiative 2022 - Realizing The Energy Transition

Conferences

Impact Initiative 2022 - Realizing The Energy Transition


oil and gas producers have a central role to play in addressing climate change among them. Occidental Petroleum recently announced a big expansion into its carbon capture program if we're focusing on emissions. A carbon neutral barrel of oil is possible if we're extracting C. 02 from the air and pumping Co two underground as part of the oil recovery process. We'll sit down with the head of Occidental and explore how carbon credits and greater collaboration can help us reach Net Zero. Please welcome Vicky Hello, President and Ceo of Occidental Petroleum for a conversation with Alan Murray. Fortune Ceo. Thank you Vicky. Thank you so much for joining us. I was really eager to have this conversation because as an observer, it seems to me that you're getting hit by everybody, right? The environmentalists don't like the fact that you're drilling oil and feel you're gonna be drilling oil way into the future. Uh, the uh, the the oil industry isn't happy about the fact that you're spending so much time talking about carbon capture and direct air capture and and I think you're alone in the oil industry in endorsing scope three goals in the US oil in the U. S. Uh, so you're getting hit on all sides. Why? Well, I think that we as an industry definitely need to change. We need to evolve and unfortunately we haven't been able to or felt like we weren't able to be as transparent about what we're doing as we would like to be um saying anything in the US usually creates an opportunity for someone to sue you. So we were worried about that, but we get sued anyway. So now we've decided we just need to do the right thing and be as open and transparent about it as we can be. So I talk about a lot and 11 of the things I'm trying to do is help people outside our industry and especially those who, who have a passion about the planet and who are uh really engaged in trying to make sure that we're doing the right thing. I wanna, I wanna help everybody understand exactly what we're doing and why it is the right path for the industry to take and why if we don't take this path that we're on, I don't believe we'll ever be able to cap global warming yet. Um, not only 51.5 degrees, but not even at two degrees. It would be too expensive. It would be almost technically impossible to do, uh, to do it by 2050. So we believe we have the right story, the right strategy, the right pathway to do it. And we're trying to get others to um, to buy into that and to help us with it Past clearly. But let's, let's talk about that story. First on the energy side of it. You see oil, fossil fuels as being part of the energy picture for a long time into the future. Maybe indefinitely into the future. Yeah, I would say that a lot of models are showing that even by 2040, If you tried to do your best in terms of building renewables and other things and alternatives that even by 2040, the demand for oil would still be around 67-70 million barrels were at 100 million today. Um, unfortunately if you don't invest in the oil industry, uh, the by then the supply would be 27. So when we talk about a just transition, we have to remember that there are places around the world that have tremendous oil and gas resources. But if they can't develop those, they're the ones that will get left behind those. They are the ones that will suffer. They're the ones that won't be able to achieve the quality of life that we have today. So we have to figure out how do we continue to develop oil and gas reserves? But doing it stood in a way where we can get everybody focused on the emissions and not the source. For example, only 15% of greenhouse gasses are generated by, By the actual production of oil and gas. That's 15%. The rest is generated by the use of the products. And when I say use of products, there's a lot of things in this room that wouldn't be here today if we didn't have oil and gas. Our company in particular, we produce the products that make the I. V. Bags and tubes for hospitals that make a lot of the medical equipment for hospitals that make the products that go into building cars and building homes and chlorine for water PVC to transport clean water. We do a lot of things that make build a lot of things that make our quality of life a lot better. So it's the it's building those things that causes the basically the rest of the emissions along with the electrical generation. So we've gotta do, we gotta understand what the impact would be too. Is that so hard? I mean you're talking about simple math basically. Why is that so hard to get across the smart people? I happen to have been at the uh Harvard Yale football game and I did not go to either school by the way but I was at the football game where students from both schools sat down in the middle of the field at halftime and said we're not gonna leave until both schools agree to disinvest from any fossil fuel company. Why is it so hard to get smart people to understand that to solve this? Well I think part of it's our fault. Um Part of it is we didn't make the transition start making the transition soon enough. We started, yeah we we should have started years ago and doing what we're doing today and that is trying to find ways to further reduce methane, methane is about 11% of the greenhouse gasses. Um C. 02 80%. So both of those together, the two things that we have to attack the most. Um So trying to completely and dramatically change our industry is something that we're now trying to push and get others to get on board to do uh completely changing the way we we produce it and trying to ensure that it's a closed loop system and um and progressing in terms of ensuring that we do the right things to capture emissions from point sources like from cement plants, steel plants, electrical generation plants. And then we're doing um one thing that Uh that nobody else has done yet and that is to to build a facility that will have the capability to extract one million tons of co two from the atmosphere annually. And that's critically important because right now 37 billion tons goes into the atmosphere annually so that we need to start the process of reducing CO two from the atmosphere. That that's huge. You and it's a big investment for you. A lot of people say never gonna work just a waste of time. You're just doing that to cover up your fossil fuel story. Uh Tell us why you believe direct air capture because that's a game changer. If you can actually take carbon out of the atmosphere, that's a complete game changer. Tell us why you believe it can work. Well I would say we would not be spending $1.2 billion dollars for a greenwashing campaign. I can assure you that uh but we feel like that we have the unique capability to make it work. And a lot of others have said it won't work. So a lot of others have walked away from it. But what what gives us the confidence to do it is that there are so many synergies between what we're trying to do and what we've always done. We're leveraging our core confidence of using CO two for enhanced oil recovery for almost 50 years, were the largest handler of C. 02 for that in the world. So we've got the experience with CO two and the way we'll extract CO two out of the atmosphere is using a a fluid that are chemicals department of chemical business makes. And it's potassium hydroxide and we're the largest marketer of potassium hydroxide in the U. S. Second largest in the world. So that's the synergy. So we'll we'll take these huge radial fans will pull air uh and push it through a contact tower within that contact tower. The potassium hydroxide will be mixed with the air and um the diffuser in there to make that mixing better is PVC and we're a marketer and maker and marketer PVC as well. So those synergies will put it in the premium basin where we already have the infrastructure to put it in a pipeline, get it uh to question either in a saline reservoir or in our enhanced oil recovery uh projects. So if there's anybody that can do this and if there's any then make it commercial, it's it's occidental because of all that experience and all those synergies. And so the way we look at it is it's not something that that we have the choice to do or not, it's something that we feel like we should do and need to do to help the world advances technology and then share it with others. Some of the critics say, oh, but it's a it's a very energy intensive technology, so you just burning up a lot of energy in order to do this. Is that true? That's that's one of the reasons we have now invested in another technology which could which could be game changing for the power industry. And it's called Net Power. It was developed by a company called 88 rivers. And they're a bunch of guys from Duke who are really smart and developed a process that will combust hydrocarbon gasses with oxygen instead of air. And by doing that, you you eliminate all the volatile organic emissions and you capture the CO two as a part of the process because it's actually what drives the turban and to generate the electricity. So some of that CO two is recirculated to drive the turbine, some of it comes off as a pure stream of CO two that we get can then convert to products or saline reservoirs and put in the O. R. So that according to some of the power industry people, I've talked to former Ceo of Nrg told me he believes this is the game changing technology for the industry. So that will be the technology that we use to use our hydrocarbon gasses from the Permian to generate that electricity for our direct air capture facilities. And we'll use solar as a part of it as well. I want to go back to this scope three issue because every I think everybody in this room to some degree is wrestling with scope three. You know, am I how how do I become responsible for my consumers use of my product or for all of my suppliers? Why did you and Occidental alone in the U. S. Petroleum industry agree to take on this responsibility because we think we're going to have the capability to do it, others um you can't have that capability to do it unless you have a way to provide the users of your product and opportunity to get CO two offsets. And we believe that with the technology that we're using will be able to do that. And and the problem with that the world is facing that many of you are probably going to face to is there there won't be enough um biomass to um to offset the emissions that we have today. There's just not enough, there's not enough trees, there's not enough natural sinks. Um And the trees are some of the trees are shorter term but we need that to happen anyway because we've got to have something to help us get to 2050. So we have to have everything happen. We have to have E. V. S. Um solar wind, nuclear uh carbon capture and the by biomass projects to work to make this happen. But there's just not gonna be enough biomass. So our process is like a mechanical tree. It's pulling CO two out of the atmosphere. We're just having to build it to make it do it. The good thing about it it will never decay. So it'll it'll always be it will be able to sequester that Co two permanently. I want to open it up to anybody who has questions or or comments. Please raise your hand and we'll get a microphone to you. Um And I will say I I so appreciate being here because I've never talked to a group like this before and so please don't worry if you about offending me. I really want to know what you think and I really want to know what about what we're doing? You might not like or you might think I should talk about differently. Go ahead right here. Hello. Ben jorgensen from combatant boards. Just a question how much does the board actually discussing this and what's the discussion that you're having with the board? Well the our board has come along on this it's um what their concern was. How do we make sure our shareholders are on board with it. And so you ultimately to to make it work for everybody. We have to make a business out of it too. So we have to at some point uh generate cash for some of the CO two credits that will that will sell to those industries that are hard to to carbon eyes. For example, we already have in place to contract with Airbus. Airbus is going to buy 100,000 tons per year from our first direct air capture facility. They've committed for four years and now we haven't recently announced a contract because right now people are starting to realize that there is a deficiency of CO two credits. So now the prices are starting to go up on C. 02 credits. And so we uh we believe that we can generate value for our shareholders and doing this as well. It's it's pretty amazing to think of an oil company selling uh selling C. 02 credits. Other questions or comments. Peter so peter Peter van executive editor. I just want to know, do you have any fans at this point you're talking about for the director capture. We have the radial fans that will use are used in other industries supporters know those kind of not the big one. Actually I do. We we do. We've had recent endorsements. I will say uh Warren Buffett recently came into our in our stock in March in a big way and and um Berkshire now owns more than 20%. I like to call him a fan. I'm not sure if he would view that to be a correct assessment, but he he's investing in us, he um he's investing in us because we're also really good operator. We have great people and we have amazing people that got us through the the pandemic the transition and all of that to uh to never lose focus on our technical excellence and our ability to make things happen. Hey, it's Kathleen Mclaughlin from walmart. Thank you so much for being here. Um I think the scenario that you've laid out is really interesting and I'm wondering if you've had a collaboration with some of the organizations who specialize in climate scenarios and new climate economy and so on. So like World Resources Institute or Environmental Defense Fund to to put that together with their scientists. Well, we have with the carbon capture coalition with the Clean Air Task Force with the Environmental Defense Fund. We're working with a lot of those agencies who support what we're doing and understand what we're doing and and to to help them become supporters and collaborate with us. We do have to let them in and see the data and we have to be transparent with them and we have them uh and we've worked with the D. F. Two on methane regulations because we believe that um we believe that we've just helped with with their help put together the most stringent, uh, methane regulations that were adopted by new Mexico actually in the, in the US. And so we're trying to do everything we can with with those uh, kinds of agencies that have their expertise to ensure that we're advancing forward. And we have and we have some certification from others on what, on what our plan. Is there another question over there? Yeah, Go ahead. Quick question, Jeremy Hansen from hydrogen struggles. How do you, you have to collaborate across, collaborate and compete across the energy sector. How are you managing that? Uh, you know, across your traditional hydrocarbon, competitors, renewables, the whole sector because it really takes an integrated whole to get where we're going. Yeah, well, we've, we've gained a lot of ground, I would say over the past, um, a couple of years, I'm now the first, um, us chair of the world Economic forum, oil and Gas governors community. And so we, that's a, that's an organization working with West where we're able to collaborate beyond our, our peers, um, here in the US and, and with the Europeans who act quite frankly have been ahead of us for a few years, but they're doing things a little differently. They're buying and selling or buying um, solar and wind companies and, and building that. And what we felt like is we, we didn't want to deviate and get away from our core confidence. and so we're using our core confidence in our strategy, I proud what they're doing, they're pouring capital more capital into the building of solar and wind and we're just leveraging our core confidence to to do a different kind of strategy. But somebody's got to pull the CO two out of the atmosphere because right now we have 50% more C. 02 in the atmosphere than in pre industrial times. Even if we shut down all emissions today, we would still need to reduce CO two from the atmosphere. Vicki last last quick question. Uh you feel the political polarization around all these issues more than most people do, but everybody's feeling it to some degree. Uh you know, as I said, you're getting it from, from both sides, you've got democrats who think you shouldn't exist. You know, the President has been particularly kind of oil companies on on the, on the other side, you've got people who think you're, you're awoke oil uh Baron, what's your advice to people on how to deal with the political situation in the United States in particular. It's the most challenging that I've ever seen in my career. But I would say take the best from all that you can get. I love President biden's commitment to try to reduce emissions and to try to get us in a better place with respect to climate. So that part of it we're talking with the Republic with democrats and we're trying to work with them and the I. R. A. Bill that was pushed through um you know, by Senator Manchin, that was amazing for us. It's gonna be very helpful to to advance our technologies. Um and then we work with the republicans on on other things around making sure that we don't shut down the industry in the United States because we don't want to become your uh we want to ensure that we not only maintain the quality of life here in the United States, but that we maintain our energy security and that's critically important. Remember we're the largest producer of oil in the world and to lose that status, makes us lose leverage. And if you recall, you know, losing, not only do you have the european case study, but in World War Two, part of what happened to uh to end that war was that the evil aggressive back then ran out of fuel and that wasn't the complete reason they lost. But it helped accelerate the end of that war. And if you don't have oil or fuel then in this world, then you're putting yourself at risk. Vicky, thank you. Great to hear someone telling it straight, thank you for being here and speaking

CEO Vicki Hollub tells how AI is growing the oil company's business

Oxy CEO: "If you're not using AI you're missing an opportunity"

Oxy CEO: "If you're not using AI you're" missing out

Vicki Occidental petroleum invested early on in artificial intelligence technology. Tell us why, what was the attraction. What we realized is that the only gas industry has so much data that we weren't really using for for all that we knew that we could do with it. So we formed a data analytics group and started expanding our use of of that. And we started with trying to help us with our oil and gas production in the, in the field operations and then expanded that to the other things that we're doing. Talk about the data side because the oil and gas business is very data rich. How has A I technology helped you to add value to all that data that wasn't possible before you had a I technology well without A I technology, we would have never been able to develop the subsurface models that we have today, There's a lot of information that we can gain from every way that we touch the subsurface when we're drilling the wells where we're producing the wells, there's data created with all of those activities. So to take all of that data and to combine it in a model and then use artificial intelligence to help us understand the subsurface better and then predict what wells should be doing. And then if they're not doing what our predictions are, then we just have to find out why. And so that's enabled us to not only recover more hydrocarbons out of the reservoirs, but also to produce a more optimal rate and to know when there's an issue. So that's amazing. Tell us a little bit about the people's side of using artificial intelligence. Did you get any pushback along the way as you expand it into a i from your executive team or from your employees? Because um a I could make their jobs redundant. They were worried about losing their jobs. What was the feedback you got initially? There was there was concern about losing their jobs, but as we started implementing it on a larger scale, what they realized is that enabled them to do more of their job and to do it better and to also bring in other responsibilities. So many of our employees are happy that their jobs have actually expanded, they've learned more, they've been able to use and develop better skills than in different skills than they had before. So I think it's actually caused some excitement and those that have been able to be a part of this transition, we're seeing so many new capabilities that we can get from A. I technology as you look ahead in what way do you see that ai is advancing innovation occidental in the future? Maybe you can give us an example, I would say that in our steam flood in Oman and in our artificial lift our gas lift, our production processes in the premier Basin, we've automated a lot of that and it's perfect timing too because the generation that's coming in to work for us now, they're very accustomed to using computer technology and to use computers to do all of their work. So it's fitting really well with the way that the new workforce needs to work and it's more comfortable working. So we're actually able to optimize our operations all around the world with what we're doing now. We know that investing in Ai is very expensive. There are legal, legal and reputational risks of using AI in some businesses. And we also see new regulations are coming surrounding um Ai technology and and those are just some of the reasons that uh C. E. O. S are not ready to get on the ai bandwagon. You're a big believer in using Ai. So make a case of why it makes sense to do. So I think the benefits of AI far outweighs the risk. We have created so much value and we have not only created value in our operations, but the value in analyzing how we work on a daily basis. So I believe that the value, although you can't calculate it before you try to use it once you're using it, you see the value for it and then you see the other things that that you can expand it into. So I think Ai is definitely something that if you're not using very aggressively today, you're missing an opportunity

Occidental Petroleum's Vicki Hollub says Warren Buffett, her largest shareholder, "loves our strategy."

Why This Big Oil CEO is Fighting for Climate Change

Vicki. So good to see you again. Especially since you've been getting a lot of attention recently as you talk about a big plan for a sustainable future for your company? Occidental Petroleum And it's really surprising because not too many oil company ceo talk about sustainability, Why did you decide to tackle climate change and in a big way? Well, thank you, Susie. I'm so happy to see you again and to be here to talk to you. Um I would say that I'm an environmentalist too and I just happened to be the Ceo of an oil and gas company. I care about the environment and we have the unique capabilities and skills and assets to be able to help mitigate climate change. That's what got us into the where we are and the strategy that we've developed to not only help ourselves to become not carbon neutral but to help others. Well you said not only have a strategy, but you actually have a roadmap to get there. Tell us in simple terms, what are you going to do and um so that we can understand it, our roadmap is to capture CO two before it gets into the atmosphere from industrial site and to also extract co two out of the atmosphere by doing those two things and doing it on a larger scale and doing it across the globe. We believe that we can help mitigate climate change and advanced the technologies that others can use to do it as well. So let me see if I understand this right that once the CO two emissions have been captured, they're going to be stored and perhaps use later to extract more oil from the ground. How is this better for the environment? Well, when we inject CO two into enhanced oil recovery reservoirs to produce more oil, A lot of that co two is sequestered underground as we cycle it through. So ultimately C. 02 is is sequestered but and more C. 02 is to question than what the oil in this when it's actually produced. So it becomes a net zero carbon barrel of oil. You've told investors that you are ready to move fast. So when is your first plant going to be operational? So you can do all these things were very excited that we're going to start construction of it by the end of this year, it will be up and running by 2024. And you've said that you're going to use this technique just not just for occidental, but you'd like to open it up. Two organizations all around the world so that they can achieve net negative emissions. And I understand that United Airlines Shopify are on board for all this. It sounds like you're building an entirely new industry. We certainly believe that we are, we believe that exists because it will happen because many corporations around the world are wanting to become carbon neutral And they don't have any other way to make it happen except to use and by CO2 credits and we can provide that to them with the process that we're developing in the strategy that we're implementing. But that's a big thing. I mean on top of your oil and gas business, your chemical business and all the other things you're doing, you're creating a completely new industry, right, aviation, maritime technology. All of those companies need to have a way to become carbon neutral. We can provide that means for them and we will provide it in a way that creates value for our shareholders too. So it will ultimately create a new industry. Well, for all your optimism, Vicki, a lot of people say that the oil business is a sunset industry. So What occidental going to look like over the next 7-10 years, are we still going to be calling it an oil and gas company or is it going to become a carbon capture technology company? Well, I think we'll be both. We will continue to be produced oil and gas, so we'll continue to do that. But we'll also be um growing our carbon management business. So, ultimately, I think our carbon management business will be larger than our chemicals business and ultimately, maybe even larger than our oil and gas business, but will continue both chemicals and oil and gas development as well. Well, the last sidle up to your oil and gas business with some producing something like almost $20 billion in revenues. And you're saying this new uh carbon neutral business will match that or more? Yes, ultimately. And how does Anadarko Petroleum fit into this vision that you're describing? Uh, it was a very controversial deal when you bought it three years ago. Is that $38 billion price tag paying off now? I certainly believe that it is, um, the Anadarko acquisition brought to us the scale that we needed to, to ensure that we could execute on this strategy plus the scale that we needed in the United States to minimize our geopolitical, um, exposure in our international operations. So the bulk of the value of the company now is in the United States and it's delivering a lot of cash flow and income for us now. Well, it looks like Warren Buffett, the billionaire investor, believes on, on what you're doing. And recently he's been buying up a lot of oxy stock. He's now your largest shareholder in your discussions with him. What has he told you about why he's so interested in Occidental? He loves our strategy. He said, told me he likes everything that we're doing and focused on the fact that we are strong in the US, we're continuing to lower our debt. We're continuing to now start the growth of a dividend again, which is a part of our core value proposition. And also we will buy back chairs and so were we have multiple ways to return value to shareholders and that's just with the kind of company that he liked? You've said that Warren Buffett agrees with your whole strategy. I mean, what does he see as the future for Occidental? I don't want to put words in his mouth, but I, I know that he's committed to, uh, to wanting us to be as environmentally friendly and focused on mitigating our emissions, both methane and CO two and becoming carbon neutral. He appreciates that about us and appreciates the operational excellence with which we can do that Vicky. You're really taking on a huge project here. How has your experience from your years with you as an engineer? Um, and all the many years that you've had leadership roles at Occidental prepared you for this bold direction that you're moving into my engineering experience and my operations exposure as I come up through Occidental helped prepare me to understand what it really takes to be successful in our industry. And while we have taken bold steps and we have taken on some risks, all those steps and all those risks are, are very calculated. It may seem bold to some people, but we, we go into a lot of detail to evaluate these things and I feel very comfortable with the direction that we're headed and excited about what we can do because I know that the technology is going to be advanced and we can make that happen? Well, when you became Ceo of Occidental, you made big news because you were the first woman to head up an american oil company. Now, six years later, um, you've been, you've been described as a gutsy leader, a risk taker and you've really proven your leadership abilities. What do you want to be known for? How do you want people to describe your legacy? I'd really rather my legacy be focused on how I enable others to do what they can do best. I would say that when you believe in people and when you trust people and when you and then empower them to to do the things that they're capable of doing, that's when you can get the most out of any organization, it's all about trust and it's all about respect and helping employees be whatever they feel like they can be and even more.

Occidental Petroleum

Occidental Petroleum in Fortune Rankings

Occidental Petroleum stock chart

Videos