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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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RobRD Champion Author Alberta Posts:3,828 Points:896,020 Joined:Jul 2007	Message Posted: Mar 13, 2010 11:30:19 PM Ignore RobRD Report Abuse 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 Posts:3,729 Points:1,348,340 Joined:Jun 2007	Message Posted: Mar 13, 2010 9:42:55 PM Ignore divebomber Report Abuse Go OXY Go.....:)
subnuke Champion Author Atlanta Posts:5,228 Points:1,052,525 Joined:Sep 2008	Message Posted: Mar 13, 2010 8:35:55 PM Ignore subnuke Report Abuse Good for OXY and good for the USA. Need more like this.
brus282 Champion Author North Carolina Posts:4,659 Points:953,210 Joined:Aug 2007	Message Posted: Mar 13, 2010 8:25:04 PM Ignore brus282 Report Abuse buy shares in their stock if you can
LoneGuy Champion Author Lansing Posts:6,168 Points:1,860,680 Joined:Aug 2005	Message Posted: Mar 13, 2010 8:20:22 PM Ignore LoneGuy Report Abuse It seems we need to continue with oil until the alternatives are ready.
Houckster Champion Author Atlanta Posts:7,797 Points:657,450 Joined:Sep 2003	Message Posted: Mar 13, 2010 8:05:56 PM Ignore Houckster Report Abuse 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 Posts:9,636 Points:2,650,765 Joined:Mar 2003	Message Posted: Mar 13, 2010 7:48:37 PM Ignore scrounger Report Abuse hmmmmmmmmmm.............better buy some of their shares
greywolves Champion Author Las Vegas Posts:6,437 Points:1,993,020 Joined:Dec 2004	Message Posted: Mar 13, 2010 7:44:55 PM Ignore greywolves Report Abuse it is very hard to argue against results.
RockCity Champion Author Denver Posts:5,325 Points:966,510 Joined:Mar 2009	Message Posted: Mar 13, 2010 7:37:04 PM Ignore RockCity Report Abuse We need more and bigger drills, so the planet can show just how big the quakes can get.
dollarwatcher Champion Author Wisconsin Posts:5,575 Points:1,071,345 Joined:Mar 2007	Message Posted: Mar 13, 2010 7:32:49 PM Ignore dollarwatcher Report Abuse Oh but all the tree huggers it'l have to go thru. May be years from now.
valvestem Champion Author Maine Posts:1,596 Points:110,025 Joined:Feb 2006	Message Posted: Mar 13, 2010 7:31:54 PM Ignore valvestem Report Abuse Good news if true.
bbud69 Sophomore Author Albany Posts:118 Points:597,490 Joined:Dec 2008	Message Posted: Mar 13, 2010 7:31:31 PM Ignore bbud69 Report Abuse go for it buy it all
danreino Champion Author Twin Cities Posts:6,297 Points:1,147,190 Joined:Mar 2008	Message Posted: Mar 13, 2010 7:27:48 PM Ignore danreino Report Abuse Lets hope this turns out to be good news for the State of California. Good Luck.
swlincdrv Veteran Author Lincoln Posts:375 Points:219,115 Joined:Oct 2008	Message Posted: Mar 13, 2010 7:27:31 PM Ignore swlincdrv Report Abuse Drill.
TAT36 Champion Author Florida Posts:4,448 Points:848,420 Joined:Sep 2009	Message Posted: Mar 13, 2010 7:24:55 PM Ignore TAT36 Report Abuse 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 Posts:5,164 Points:1,504,880 Joined:Apr 2006	Message Posted: Mar 13, 2010 7:16:34 PM Ignore MG_Sputnik Report Abuse Right! Use what we know we can get here.
pliskin Champion Author Syracuse Posts:4,374 Points:1,350,040 Joined:Apr 2005	Message Posted: Mar 13, 2010 7:10:48 PM Ignore pliskin Report Abuse 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 Posts:6,804 Points:688,845 Joined:Jan 2008	Message Posted: Mar 13, 2010 5:28:50 PM Ignore paulydel Report Abuse 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 Posts:6,418 Points:1,316,115 Joined:May 2004	Message Posted: Mar 13, 2010 5:26:50 PM Ignore Wolfwings Report Abuse 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 Posts:3,856 Points:890,630 Joined:Jul 2008	Message Posted: Mar 13, 2010 5:23:01 PM Ignore badbonita Report Abuse 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 Posts:1,858 Points:713,225 Joined:Nov 2008	Message Posted: Mar 13, 2010 5:03:03 PM Ignore katiejayWV Report Abuse dbatw must stand for "Ding Bat"
georgeo Champion Author California Posts:4,172 Points:178,965 Joined:May 2009	Message Posted: Mar 13, 2010 4:57:41 PM Ignore georgeo Report Abuse Good news for Bakersfield area. More jobs and more money.
bbreff Champion Author Atlanta Posts:7,662 Points:2,131,990 Joined:Jun 2005	Message Posted: Mar 13, 2010 4:55:45 PM Ignore bbreff Report Abuse Good for them. How will the environmentalists behave?
dbatw Champion Author St. Louis Posts:1,686 Points:341,165 Joined:Apr 2009	Message Posted: Mar 13, 2010 4:55:29 PM Ignore dbatw Report Abuse drill, OXY, drill; and may your rewards be wind farms everywhere and nobody to soak up your crude.
Romey08 Champion Author Virginia Posts:4,252 Points:1,028,250 Joined:Apr 2008	Message Posted: Mar 13, 2010 4:46:40 PM Ignore Romey08 Report Abuse The CA tree huggers will find a way stop the drilling
johnrb Champion Author Michigan Posts:6,041 Points:1,555,655 Joined:Oct 2006	Message Posted: Mar 13, 2010 4:46:19 PM Ignore johnrb Report Abuse Hope they can get past CARB to get the oil refined!
Ken2OD Champion Author Grand Rapids Posts:6,694 Points:1,510,000 Joined:Dec 2005	Message Posted: Mar 13, 2010 4:42:42 PM Ignore Ken2OD Report Abuse Good! Keep it domestic. Avoid OPEC like the plague.
mattgaz Sophomore Author Hamilton Posts:210 Points:402,430 Joined:Nov 2008	Message Posted: Mar 13, 2010 4:35:46 PM Ignore mattgaz Report Abuse 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 Posts:5,265 Points:1,987,145 Joined:Nov 2005	Message Posted: Mar 13, 2010 4:34:04 PM Ignore judgemobile Report Abuse 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 Posts:1,025 Points:368,415 Joined:Jan 2009	Message Posted: Mar 13, 2010 4:28:31 PM Ignore CarrottopNe Report Abuse Its one thing to find oil, its another to be allowed to drill for it.
PissedCanuck Champion Author Toronto Posts:5,145 Points:1,194,750 Joined:Nov 2006	Message Posted: Mar 13, 2010 4:26:17 PM Ignore PissedCanuck Report Abuse 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 Posts:3,908 Points:1,446,630 Joined:May 2005	Message Posted: Mar 13, 2010 4:25:09 PM Ignore Zuman Report Abuse Lets see if left coast lets em drill ......................
no_monkey2002 Champion Author Tallahassee Posts:6,233 Points:1,624,775 Joined:Mar 2006	Message Posted: Mar 13, 2010 4:19:41 PM Ignore no_monkey2002 Report Abuse let's here it for california
ladyaglow Veteran Author Atlanta Posts:308 Points:162,855 Joined:Jun 2009	Message Posted: Mar 13, 2010 4:14:27 PM Ignore ladyaglow Report Abuse Yes, drill baby drill.
suzyq2007 Champion Author Dallas Posts:5,040 Points:1,223,975 Joined:Oct 2007	Message Posted: Mar 13, 2010 4:13:16 PM Ignore suzyq2007 Report Abuse there is a lot of oil around if the liberals would just let them drill for it
ILANGE9 Champion Author Illinois Posts:5,208 Points:1,135,610 Joined:Sep 2008	Message Posted: Mar 13, 2010 4:08:30 PM Ignore ILANGE9 Report Abuse Great news.
HybridPete Champion Author Detroit Posts:7,122 Points:1,396,340 Joined:Jan 2008	Message Posted: Mar 13, 2010 4:05:21 PM Ignore HybridPete Report Abuse I have to 2nd the Occidental, "We do love you man"!
Daveyfudd All-Star Author Jackson Posts:873 Points:259,125 Joined:May 2008	Message Posted: Mar 13, 2010 4:00:22 PM Ignore Daveyfudd Report Abuse Occidental, "We love you man"!
nigelb Champion Author Virginia Posts:6,304 Points:962,495 Joined:Feb 2008	Message Posted: Mar 13, 2010 3:21:20 PM Ignore nigelb Report Abuse 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 Posts:4,242 Points:1,475,430 Joined:Mar 2005	Message Posted: Mar 13, 2010 3:21:20 PM Ignore Jo120 Report Abuse Their only interest is making a HUGE profit...
DustyHorse Champion Author Virginia Posts:4,036 Points:981,590 Joined:Oct 2008	Message Posted: Mar 13, 2010 3:20:38 PM Ignore DustyHorse Report Abuse I'm sure the speculators will find a way to run up prices based on this information.
LanguageMan1 Champion Author Tampa Posts:9,155 Points:1,200,185 Joined:Apr 2008	Message Posted: Mar 13, 2010 3:15:35 PM Ignore LanguageMan1 Report Abuse 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 Posts:1,816 Points:1,001,260 Joined:Sep 2008	Message Posted: Mar 13, 2010 3:15:15 PM Ignore investmentdr Report Abuse no such thing as easy oil
DirtDauber Champion Author San Antonio Posts:4,435 Points:1,166,250 Joined:Nov 2005	Message Posted: Mar 13, 2010 3:10:15 PM Ignore DirtDauber Report Abuse Lower prices? Maybe, without the speculators. [Edited by: DirtDauber at 3/13/2010 3:10:30 PM EST]
lgwhitlock Champion Author Chico Posts:5,150 Points:1,227,370 Joined:Jun 2008	Message Posted: Mar 13, 2010 3:05:02 PM Ignore lgwhitlock Report Abuse 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 Posts:2,166 Points:1,301,910 Joined:Sep 2005	Message Posted: Mar 13, 2010 2:59:48 PM Ignore ttwiw Report Abuse Drill, baby, drill!
NewfieGasMan All-Star Author Newfoundland Posts:617 Points:649,875 Joined:Oct 2009	Message Posted: Mar 13, 2010 2:46:12 PM Ignore NewfieGasMan Report Abuse Marking??????
julius1st4 Champion Author Ontario Posts:3,137 Points:1,026,070 Joined:Jul 2003	Message Posted: Mar 13, 2010 2:36:38 PM Ignore julius1st4 Report Abuse BUT; Will they get that OIL to Market???
NavyEOD Champion Author Los Angeles Posts:7,717 Points:1,568,875 Joined:Jul 2007	Message Posted: Mar 13, 2010 2:34:18 PM Ignore NavyEOD Report Abuse We need alternative fuels and quick.
oldiesman Champion Author New York Posts:4,231 Points:1,766,800 Joined:May 2006	Message Posted: Mar 13, 2010 2:34:17 PM Ignore oldiesman Report Abuse Good for them.