Occidental Petroleum (Oxy) is a U.S.-focused oil and gas producer. Its core business is exploring for, developing, and producing crude oil, NGLs, and natural gas, with total production around 1.47 million BOE/day. The Permian Basin is Oxy's dominant asset, producing roughly 800,000 BOE/day, spanning both the Delaware and Midland Basins (the latter expanded via the 2024 CrownRock acquisition). Oxy also produces in the DJ/Rockies and offshore Gulf of America, with international operations in Oman, Algeria, Qatar, and the UAE. Following the 2026 sale of its chemical subsidiary OxyChem to Berkshire Hathaway for $9.7B, Oxy is now a pure-play E&P company. Oxy's midstream segment supports its upstream business through gathering, processing, and gas marketing, and consistently generates incremental earnings by capturing Permian-to-Gulf Coast gas price spreads. A key differentiator is Oxy's CO2 enhanced oil recovery (EOR) expertise — Oxy owns extensive CO2 pipeline infrastructure in the Permian and has over 50 years of EOR experience, producing lower-decline, long-lived barrels at competitive costs. Oxy is now extending CO2 EOR to unconventional shale wells, where pilots show meaningful production uplift. Oxy also operates STRATOS, the world's first commercial-scale direct air capture (DAC) facility in West Texas, which is designed to supply CO2 for EOR while generating carbon removal credits sold to corporate buyers.