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Occidental Petroleum was established in 1920 by a group of small oil companies in California. Initially focused on exploring and producing oil in California, the company gradually expanded its operations.

1956, Armand Hammer took control of the organization, ushering in a transformative era. Under his leadership, the enterprise launched an aggressive growth and expansion strategy. In 1961, it made its first major discovery in California, significantly strengthening its market position.

The company began its international expansion in the mid-1960s by acquiring assets in Libya, where it discovered several substantial oil fields. These discoveries significantly boosted production and reserves. In 1968, the acquisition of Hooker Chemical Company marked its entry into the chemical industry.

The 1970s were a period of rapid growth. The business expanded into South America and the Middle East, making notable discoveries in Peru in 1972. By 1976, operations had begun in the North Sea. During this time, the enterprise also solidified its position in the chemical sector through strategic acquisitions.

The 1980s saw further expansion, highlighted by the $4 billion acquisition of Cities Service Company in 1982, significantly broadening its oil and gas portfolio. Heavy investments were also made in developing advanced oil extraction and refining technologies.

In the 1990s, the company underwent restructuring and asset optimization. After Armand Hammer’s passing in 1990, Ray Irani became CEO and initiated efforts to modernize operations and improve performance. In 1994, most North Sea assets were sold to focus on more profitable regions.

During the early 2000s, the organization continued to grow through strategic acquisitions. In 2005, it purchased Vintage Petroleum for $3.8 billion, which enhanced its presence in Latin America. Operations across the Middle East also expanded significantly.

The 2010s were marked by a focus on expanding domestic operations, particularly in the Permian Basin. In 2011, the company sold its assets in Argentina for $2.5 billion to prioritize high-potential markets. In 2014, California assets were spun off, creating California Resources Corporation.

In 2019, the $38 billion acquisition of Anadarko Petroleum was pivotal. This deal, one of the largest in the oil and gas industry, significantly strengthened the company’s position in the Permian Basin and the offshore Gulf of Mexico.

As of 2023, the enterprise remains one of the largest oil and gas producers in the United States, with substantial assets in key production regions. It continues to invest in upstream and downstream technologies while expanding its operations domestically and internationally.

Throughout its history, the organization has evolved from a small California oil company to a global enterprise with a diverse portfolio of assets. It remains focused on innovation and adapting to changing market conditions while maintaining high operational excellence.