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.
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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.
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.
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.
The Permian Basin in West Texas is the main engine driving Occidental Petroleum Corp. (Oxy) to record oil/gas production levels as its overseas operations continue to struggle in the Middle East/North Africa and Colombia, CEO Stephen Chazen said Thursday.
With an emphasis on oil over natural gas, Los Angeles-based Occidental Petroleum Corp. (Oxy) continued to shatter company production records in barrels of oil equivalent (boe) globally and domestically, Oxy senior executives said Thursday. At 755,000 boe Oxy’s daily oil/gas production was the highest in its history; and its U.S. totals of 455,000 boe set a record for the sixth straight quarter.
A unit of Occidental Petroleum Corp. (Oxy) has a tentative agreement with Port of Corpus Christi, TX, administrators to acquire a major portion of the former U.S. Naval Station Ingleside. Oxy’s Ingleside Property Holdings LLC would acquire more than 1,200 acres for $82.1 million. Completion of the deal is subject to approval of the Port Corpus Christi commission and the company’s board. “Definitely, Eagle Ford Shale is part of the opportunity that plays into this strategic investment,” Paul Thomas, manager of Oxy Chem’s existing Ingleside, TX, plant told the Corpus Christi Caller Times. An Oxy spokesman would not provide additional information when contacted by NGI’s Shale Daily.
Occidental Petroleum Corp. (Oxy) CEO Stephen Chazen last Wednesday said the permitting process to drill in California has been streamlined, and he credited Democratic Gov. Jerry Brown for the turnaround.
Los Angeles-based Occidental Petroleum Corp. (Oxy) intends to stick with plans it announced last year to cut natural gas production in the Midcontinent because low prices continue to be “horrible,” CEO Stephen Chazen said Wednesday.