Occidental Petroleum Corp. (Oxy) Chairman Ray Irani on Friday withdrew as a nominee to serve another term on the board of directors, and he was a no-show for the company’s annual meeting in Santa Monica, CA, Oxy said.
Tag / Occidental
SubscribeOccidental
Articles from Occidental
Oxy Reports Record U.S. Output; No Word on CEO
Los Angeles-based Occidental Petroleum Corp. (Oxy) set a record U.S. production at 478,000 boe/d in 1Q2013, its 10th consecutive record quarter, the management team said last week.
Oxy’s Focus on the Permian, Bakken and California
There are three major plays that have the full attention of Occidental Petroleum Corp.’s (Oxy) strategy to significantly grow its U.S. drilling operations — California, the Permian Basin and the Bakken — and they each have their different timetables and challenges, said Oxy CEO Stephen Chazen.
Oxy Reports Record U.S. Production; CEO Silent on Future
Los Angeles-based Occidental Petroleum Corp. (Oxy) set a record U.S. production at 478,000 boe/d in 1Q2013, its 10th consecutive record quarter, Oxy officials reported Thursday during a conference call with analysts. Income from continuing operations during the quarter was down slightly from the same period last year ($1.4 billion, or $1.69/diluted share, vs. $1.6 billion, or $1.92/diluted share, in 1Q2012), they said.
Cline Shale Spurs Pipeline Capacity Restart
As producers’ interest in the Permian Basin’s Cline Shale oil play continues to grow, Occidental Petroleum Corp. unit Centurion Pipeline LP is reactivating and expanding an existing pipeline system overlying the Cline, the company said.
People
Occidental Petroleum Corp.’s (Oxy) board has launched a search for a new CEO as part of the company’s management succession planning process. The board has formed a search committee to review both internal and external candidates to replace current President and CEO Stephen Chazen, 65. No timetable has been set for the completion of the search. As previously announced, Oxy Executive Chairman Ray Irani, who is in his late 70s, will retire at the end of 2014.
Oxy CEO: Permian, California High on Radar
The Permian Basin remains Occidental Petroleum Corp.’s (Oxy) go-to area for exploration and production, and beginning in 2014 there should be a sharp increase in oil production in California, according to CEO Steve Chazen.
People
Los Angeles-based Occidental Petroleum Corp. named a new executive vice president/CFO, Cynthia Walker, a managing director with Goldman, Sachs & Co. Walker starts her new job Aug. 6, replacing James Lienert, who will move to the position of executive vice president for business support after two years as CFO. Walker has had a 12-year career with Goldman Sachs, during which she advised clients on energy industry transactions as a senior member of the natural resources group based in Houston. She also was a member of Goldman’s mergers and acquisitions group.
Oil and Gas Operators Prepared for Colorado Wildfires, COGA Says
One of the newer, smaller wildfires raging in Colorado sparked concerns Thursday about natural gas exploration and production (E&P) activities along the Western Slope in the Piceance Basin, but industry sources said there was no cause for alarm among citizens or fire-fighting officials. Any dangers are minimal because facilities can be shut in with the push of a button, an oil and gas official said.
People
Los Angeles-based Occidental Petroleum Corp. (Oxy) has named a new vice president/treasurer, Christopher Stavros, 48, who has been the oil/gas exploration and production (E&P) company’s director of investor relations since 2006. Stavros will continue to oversee the investor relations function in his new capacity, according to Oxy CEO Stephen Chazen, who said Stavros has a comprehensive understanding of both the financial and operational aspects of Oxy and its E&P business. Before joining Oxy in 2005, Stavros held positions with Ernst & Young, Bristol-Meyers Squibb, Prudential Securities and UBS. He holds a bachelor’s degree in accounting from Boston University and an MBA from the University of Rochester’s Simon School of Business.