Occidental Petroleum Corporation
Occidental's principal businesses
consist of two industry segments. The oil and gas segment explores for, develops,
produces and markets crude oil and natural gas. The chemicals segment manufactures
and markets basic chemicals, vinyls and performance chemicals.
OxyChem's products
are sold to industrial users or distributors located in the United States, largely
by its own sales force and in certain export markets.
OxyChem sells its products at current market or market-related prices through
short- and long-term sales agreements.
No significant portion of OxyChem's business is dependent
on a single third-party customer. OxyChem generally does not manufacture its
products against a backlog of firm orders.
As a producer of crude oil and natural gas,
Occidental competes with numerous other domestic and foreign producers. Crude
oil and natural gas are commodities that are sensitive to prevailing global
conditions of supply and demand and are sold at "spot" or contract
prices or on futures markets to refiners and other market participants. Occidental
competes by developing and producing its worldwide oil and gas reserves cost-effectively
and acquiring contracts to explore in areas with known oil and gas deposits.
Occidental also competes by increasing production through enhanced oil recovery
projects in mature and underdeveloped fields and making strategic acquisitions.
Occidental focuses on operations in its core areas of the United States, the
Middle East and Latin America.
Occidental's chemical business
competes with numerous producers. Since most of OxyChem's products are commodity
in nature, they compete primarily on the basis of price. Because OxyChem's products
generally do not occupy proprietary positions, OxyChem endeavors to be an efficient,
low-cost producer.
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