Occidental Petroleum’s Revenue by Segment (2016-2022)

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This statistic highlights Occidental Petroleum’s Revenue by Segment, split between Chemical, Marketing, and other midstream, and Oil and Gas, reported from 2016 onwards.
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This statistic highlights Occidental Petroleum’s Revenue by Segment, split between Chemical, Marketing, and other midstream, and Oil and Gas, reported from 2016 onwards.

Occidental Petroleum Corp is an American multinational company that is engaged in hydrocarbon exploration in the United States, the Middle East, and Colombia as well as petrochemical manufacturing in the United States, Canada, and Chile.

Occidental Petroleum’s Revenue by Segment

Segment Q1 2020 Q2 2020 Q3 2020 Revenue Share in Q3 2020
Chemical $0.96 $0.85 $0.93 22%
Marketing and other midstream $0.79 $0.20 $0.36 8%
Oil and Gas $4.86 $2.04 $2.99 70%
Total $6.61 $3.09 $4.28 100%

(All figures in billions, except percentages)

Chemical

Occidental Petroleum Corp manufactures chlorine, sodium hydroxide (caustic soda), and polyvinyl chloride (PVC) resins used in pharmaceuticals, water treatment chemicals, and plastics. Other products manufactured by the company include chlorinated organics, sodium silicates, calcium chloride, caustic potash, and chlorinated cyanuric. Occidental Petroleum has manufacturing facilities in the United States, Canada, and Chile. Occidental Petroleum owns Armand Products Company, which sells potassium carbonate and potassium bicarbonate, in a joint venture with Church & Dwight.

During Q3 2020, the Chemical segment contributed about 22% of the company’s total revenue. There was a 10% increase in the company’s revenue from this segment, from $0.85 billion in Q2 2020 to $0.93 billion in Q3 2020. But there was a 3% decrease compared to Q1 2020 when $0.96 billion was earned.

Marketing and other midstream

The midstream and marketing operations of Occidental Petroleum are largely used to support and enhance the company’s oil and gas and chemical industries. By maximizing the utilization of its gathering, processing, transportation, storage, and terminal commitments, as well as providing access to local and international markets, the midstream and marketing division aims to maximize realized value. This segment assesses opportunities across the value chain and leverages its assets to deliver services to Occidental subsidiaries and third parties in order to create returns. The midstream and marketing division owns and runs gathering lines, gas plants, cogeneration facilities, and storage facilities, as well as invests in companies that do the same.

Marketing and other midstream contributed 8% of total revenue in Q3 2020 amounting to $0.36 billion. There was a 78% increase in revenue compared to Q2 2020 where the revenue generated was $0.20 billion. But there was a 53% decrease compared to Q1 2020 when $0.79 billion was earned.

Oil and Gas

The Oil and Gas assets of Occidental Petroleum Corp comprise a favorable mix of short-cycle and long-cycle high-return development prospects. Occidental Petroleum conducts its ongoing exploration and production activities in the United States, the Middle East, and Africa. Within the United States, Occidental Petroleum has operations in Texas, New Mexico, and Colorado, as well as offshore operations in the Gulf of Mexico. Internationally, Occidental Petroleum conducts operations primarily in Oman, United Arab Emirates (UAE), and Algeria. Operations in Ghana are classified as held for sale as of December 31, 2020.

A majority of Occidental Petroleum revenue comes from Oil and Gas, which contributed about 70% of total revenue in Q3 2020 amounting to $2.99 billion. There was a 46% increase in revenue compared to Q2 2020 where the revenue generated was $2.04 billion. But there was a 38% decrease compared to Q1 2020 when $4.86 billion was earned.

Due to the COVID-19, the total revenue of Occidental Petroleum has decreased from $6.61 billion to $4.28 billion, between Q1 2020 and Q3 2020, which was a 35% decrease.

Company Overview

Occidental Petroleum Corp is a public limited company founded in 1920. It is headquartered in Greenway Plaza Houston, Texas. As of 2020, the number of employees of the company worldwide was 11,800. Occidental Petroleum Corp’s key managerial persons are Vicki Hollub (President and CEO), Eugene L. Batchelder (Chairman), and Cedric W. Burgher (CFO). The stocks of Occidental Petroleum Corp are listed on the New York Stock Exchange under the ticker symbol “OXY”. Occidental Petroleum is ranked 669th on the Forbes Global 2000 and 167th on the Fortune 500. The competitors of Occidental Petroleum are Williams Companies, Pioneer Natural Resources, Saudi Aramco, ExxonMobil, Pemex,  MOL Group, and ConocoPhillips. Occidental Petroleum acquired Anadarko Petroleum in 2019 for $57 billion. Occidental Petroleum sold $600 million worth of land in the Permian Basin and used the cash to buy additional assets in the area. In Hobbs, New Mexico, Occidental completed the first phase of a $500 million carbon dioxide flooding project.

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