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Occidental Petroleum's Path to Easy Oil

FORBES.COM -- By Christopher Helman

Occidental Petroleum is the untrendiest of the big oil companies. Unlike its bigger rivals, Oxy has no refineries and no interest in Canadian oil sands, liquefied natural gas or deepwater prospects. The Los Angeles company is unabashedly partial to oil, with 73% of its reserves in crude; most operators are more than half natural gas.

Now Occidental ( OXY - news - people ) is breaking ranks in another way, by upsetting the commonplace view that the days of "easy oil" in the U.S. are over. Last year Oxy announced a new find outside Bakersfield, in Kern County, Calif., which is shaping up to be the biggest onshore oil discovery the U.S. has seen in three decades. It likely holds more than 1 billion barrels of oil (and natural gas equivalents) that will be easy and


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Submitted Mar 13, 2010 By: UncleCurt
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REPLIES (newest first) Post a Reply
RobRD
Champion Author Alberta

Posts:3,828
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Message Posted: Mar 13, 2010 9:30:19 PM

The secret to Oxy's success: no wildcatting. "We're in the oil recovery business, not in the oil discovery business,"
divebomber
Champion Author Nebraska

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Message Posted: Mar 13, 2010 7:42:55 PM

Go OXY Go.....:)
subnuke
Champion Author Atlanta

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Message Posted: Mar 13, 2010 6:35:55 PM

Good for OXY and good for the USA. Need more like this.
brus282
Champion Author North Carolina

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Joined:Aug 2007
Message Posted: Mar 13, 2010 6:25:04 PM

buy shares in their stock if you can
LoneGuy
Champion Author Lansing

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Joined:Aug 2005
Message Posted: Mar 13, 2010 6:20:22 PM

It seems we need to continue with oil until the alternatives are ready.
Houckster
Champion Author Atlanta

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Message Posted: Mar 13, 2010 6:05:56 PM

One billion barrels . . . a nice little puddle. Assuming they actually get that much, that's about 50 days of US oil consumption.
scrounger
Champion Author Vancouver

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Message Posted: Mar 13, 2010 5:48:37 PM

hmmmmmmmmmm.............better buy some of their shares
greywolves
Champion Author Las Vegas

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Message Posted: Mar 13, 2010 5:44:55 PM

it is very hard to argue against results.
RockCity
Champion Author Denver

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Message Posted: Mar 13, 2010 5:37:04 PM

We need more and bigger drills, so the planet can show just how big the quakes can get.
dollarwatcher
Champion Author Wisconsin

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Message Posted: Mar 13, 2010 5:32:49 PM

Oh but all the tree huggers it'l have to go thru. May be years from now.
valvestem
Champion Author Maine

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Message Posted: Mar 13, 2010 5:31:54 PM

Good news if true.
bbud69
All-Star Author Albany

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Message Posted: Mar 13, 2010 5:31:31 PM

go for it buy it all
danreino
Champion Author Twin Cities

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Message Posted: Mar 13, 2010 5:27:48 PM

Lets hope this turns out to be good news for the State of California. Good Luck.
swlincdrv
Veteran Author Lincoln

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Message Posted: Mar 13, 2010 5:27:31 PM

Drill.
TAT36
Champion Author Florida

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Message Posted: Mar 13, 2010 5:24:55 PM

Strange isn't this the company once controlled by Armmand Hammer who had a different idea how business should be done in the U.S. with friends outside the country. Oh well I could be wrong.
MG_Sputnik
Champion Author Philadelphia

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Message Posted: Mar 13, 2010 5:16:34 PM

Right! Use what we know we can get here.
pliskin
Champion Author Syracuse

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Message Posted: Mar 13, 2010 5:10:48 PM

Everyone talks of easy oil but let's see someone come up with something that they can bring to fruition, something the people of North America can use to free ourselves from the grip of OPEC!
paulydel
Champion Author Delaware

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Message Posted: Mar 13, 2010 3:28:50 PM

Just like I've been saying all along that we have alot of oil to go yet. We our kids our grandkids and the kids after that will not live to see the oil run out. we still need to look to conserve becasue its not going to last forever.
Wolfwings
Champion Author Delaware

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Message Posted: Mar 13, 2010 3:26:50 PM

There is enough crude oil between ANWR and THE BAKKEN FORMATION to supply our ENTIRE COUNTRY for MANY GENERATIONS to come.

Were we ALLOWED to use it, the price of fuel would DROP TO A FRACTION OF CURRENT PRICES, since we would not pay for transportation or the ships to move the crude.
badbonita
Champion Author Syracuse

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Message Posted: Mar 13, 2010 3:23:01 PM

What excellent news for Occidental and for the Bakersfield economy. Mr. Gore likely didn't think of this type of oilfield recycling.
katiejayWV
Champion Author West Virginia

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Message Posted: Mar 13, 2010 3:03:03 PM

dbatw must stand for "Ding Bat"
georgeo
Champion Author California

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Message Posted: Mar 13, 2010 2:57:41 PM

Good news for Bakersfield area. More jobs and more money.
bbreff
Champion Author Atlanta

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Message Posted: Mar 13, 2010 2:55:45 PM



Good for them. How will the environmentalists behave?

dbatw
Champion Author St. Louis

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Message Posted: Mar 13, 2010 2:55:29 PM

drill, OXY, drill; and may your rewards be wind farms everywhere and nobody to soak up your crude.
Romey08
Champion Author Virginia

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Message Posted: Mar 13, 2010 2:46:40 PM

The CA tree huggers will find a way stop the drilling
johnrb
Champion Author Michigan

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Message Posted: Mar 13, 2010 2:46:19 PM

Hope they can get past CARB to get the oil refined!
Ken2OD
Champion Author Grand Rapids

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Message Posted: Mar 13, 2010 2:42:42 PM

Good! Keep it domestic. Avoid OPEC like the plague.
mattgaz
Sophomore Author Hamilton

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Joined:Nov 2008
Message Posted: Mar 13, 2010 2:35:46 PM

It would be surprising to allow a new oil well in CA - isnt oil (processing, usage, et al) a potential health hazard in that state?

I am quite surprised they allow cars or even electricity there ...
judgemobile
Champion Author Ohio

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Message Posted: Mar 13, 2010 2:34:04 PM

the oil industry was given a big boon when Bush said DRILL in 2008--oil prices collapsed form 147 to 32. Then the blind voters put this UNDOCUMENTED je*k into office in the 2008 election. He said NO DRILL, and oil went from 32 to 82. Anyone see a connection ?
CarrottopNe
Champion Author Lincoln

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Message Posted: Mar 13, 2010 2:28:31 PM

Its one thing to find oil, its another to be allowed to drill for it.
PissedCanuck
Champion Author Toronto

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Message Posted: Mar 13, 2010 2:26:17 PM

With the state of the economy that is happening in California, the Governator needs all the revenues he can find, even if he has to muscle his way into these deals.
Zuman
Champion Author New York

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Message Posted: Mar 13, 2010 2:25:09 PM

Lets see if left coast lets em drill ......................
no_monkey2002
Champion Author Tallahassee

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Message Posted: Mar 13, 2010 2:19:41 PM

let's here it for california
ladyaglow
Veteran Author Atlanta

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Message Posted: Mar 13, 2010 2:14:27 PM

Yes, drill baby drill.
suzyq2007
Champion Author Dallas

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Message Posted: Mar 13, 2010 2:13:16 PM

there is a lot of oil around if the liberals would just let them drill for it
ILANGE9
Champion Author Illinois

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Message Posted: Mar 13, 2010 2:08:30 PM

Great news.
HybridPete
Champion Author Detroit

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Message Posted: Mar 13, 2010 2:05:21 PM

I have to 2nd the Occidental, "We do love you man"!
Daveyfudd
All-Star Author Jackson

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Message Posted: Mar 13, 2010 2:00:22 PM

Occidental, "We love you man"!
nigelb
Champion Author Virginia

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Message Posted: Mar 13, 2010 1:21:20 PM

Good news but it will take a few years to become productive. In the meantime we need to develop alternative energy. The more competition the better it will be for the consumer.
Jo120
Champion Author Arizona

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Message Posted: Mar 13, 2010 1:21:20 PM

Their only interest is making a HUGE profit...
DustyHorse
Champion Author Virginia

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Message Posted: Mar 13, 2010 1:20:38 PM

I'm sure the speculators will find a way to run up prices based on this information.
LanguageMan1
Champion Author Tampa

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Message Posted: Mar 13, 2010 1:15:35 PM

Well, I'm glad that Oxy found oil at home. That's something we'll need but it'll take a year or so for it to become productive. By that time, gas will be back up over $3.25 to $4 a gallon. If it doesn't come into production until 2012 or later, we'll see $4.50 to $6 a gallon gas by then or more.
investmentdr
Champion Author Cleveland

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Message Posted: Mar 13, 2010 1:15:15 PM

no such thing as easy oil
DirtDauber
Champion Author San Antonio

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Message Posted: Mar 13, 2010 1:10:15 PM

Lower prices?

Maybe, without the speculators.

[Edited by: DirtDauber at 3/13/2010 3:10:30 PM EST]
lgwhitlock
Champion Author Chico

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Message Posted: Mar 13, 2010 1:05:02 PM

And thus far they have been prohibited from drilling. Let's hope our lawmakers allow the drilling and make enough money of of it to ease the budget crunch...
ttwiw
Champion Author Austin

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Message Posted: Mar 13, 2010 12:59:48 PM

Drill, baby, drill!
NewfieGasMan
All-Star Author Newfoundland

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Message Posted: Mar 13, 2010 12:46:12 PM

Marking??????
julius1st4
Champion Author Ontario

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Message Posted: Mar 13, 2010 12:36:38 PM

BUT; Will they get that OIL to Market???
NavyEOD
Champion Author Los Angeles

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Message Posted: Mar 13, 2010 12:34:18 PM

We need alternative fuels and quick.
oldiesman
Champion Author New York

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Message Posted: Mar 13, 2010 12:34:17 PM

Good for them.
thinkaboutit
Champion Author Colorado

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Message Posted: Mar 13, 2010 12:31:14 PM

Drill OXY drill, as if there was a bonanza to be had. Per OXY, the gross amounts of Kern county crude are 150 to 250 million barrels, last time I checked, that was 1 two 2 weeks of current US oil consumption. (A billion barrels would be 1 to 2 months worth!)
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