History edit
Occidental was founded in 1920. In 1957, Dr. Armand Hammer was elected president and CEO. In 1961, the company discovered the second largest natural gas field in California in the Arbuckle area of the Sacramento basin at Lathrop. Over the next 10 years, Occidental expanded internationally with operations in Libya, Peru, Venezuela, Bolivia, Trinidad, and the United Kingdom. Occidental won exploration rights in Libya in 1965 and operated there until all activities were suspended in 1986 after the United States imposed economic sanctions on Libya. On July 6, 1988, an explosion and subsequent fire on the Piper Alpha platform, operated by Occidental Petroleum (Caledonia) Ltd in the UK North Sea, resulted in 167 fatalities in what remains the world's most deadly offshore disaster.[1]
Occidental entered the chemical business with the acquisition of Hooker Chemicals in 1968, 26 years after the contamination at Love Canal. Today, Dallas-based Occidental Chemical is a leading chemical manufacturer with interests in basic chemicals, vinyls and other chemical products.[2]
In 1990, Dr. Ray R. Irani became Occidental Petroleum Corporation's Chairman and CEO. He held the additional title of President from 2005 to 2007.[3][4] In 2011, Dr. Irani became Executive Chairman and Stephen I. Chazen was named president and CEO.[3] Since 1990, Occidental has gone from a collection of unrelated businesses to one that focuses on oil and gas.[5] During Irani's tenure as CEO, Occidental’s market capitalization increased to more than $80 billion from $5.4 billion.[6]
In 2005, Occidental was among 53 entities which contributed the maximum of $250,000 to the second inauguration of President George W. Bush.[7][8][9] In 2008, Oxy contributed $301,579 to Democratic candidates and $204,587 to Republican candidates.[10]
References edit
- ^ Duff, Steven. "Remembering Piper Alpha disaster". BBC. Retrieved 2011-7-26.
{{cite web}}: Check date values in:|accessdate=(help) - ^ "Occidental Chemical Corporation". Hoovers. Retrieved 2011-7-26.
{{cite web}}: Check date values in:|accessdate=(help) - ^ a b "Oxy Director Bios". Retrieved 2011-7-11.
{{cite web}}: Check date values in:|accessdate=(help) - ^ "Occidental Petroleum Corporation (OXY.N) People". Reuters. Retrieved 29 December 2010.
{{cite news}}: Text "Reuters.com" ignored (help) - ^ Michael Corkery (08-03-2010). "Is Occidental's Irani Worth His Big Pay Check?". Wall Street Journal. Retrieved 5 January 2011.
{{cite news}}: Check date values in:|date=(help) - ^ Groom, Nichola. "Occidental stockholders want say on pay every year". Reuters. Retrieved 2011-7-25.
{{cite web}}: Check date values in:|accessdate=(help) - ^ Drinkard, Jim (2005-01-17). "Donors get good seats, great access this week". USA Today. Retrieved 2008-05-25.
- ^ "Financing the inauguration". USA Today. 2005-01-16. Retrieved 2008-05-25.
- ^ "Some question inaugural's multi-million price tag". USA Today. 2005-01-14. Retrieved 2008-05-25.
- ^ "Occidental Petroleum's campaign contribution stats". Political Base. Retrieved 2009-04-16.