Occidental Petroleum (NYSE:OXY) is one of the largest oil and gas companies in the U.S. with operations spread across geographies. At present, it has operations in three main regions, i.e., the U.S, the Middle East and Latin America. It is planning to expand its operations further through acquisitions and new contracts in countries, such as Oman and Libya. However, Occidental is only involved in exploration and production of oil and gas reserves, while large players such as ConocoPhillips are involved in refining oil and selling it through retail gas stations in addition to exploration and production of oil and gas reserves.

International operations of the company provide it with access to more oil and gas reserves as well as new markets. For example, as the global demand for oil and gas increases, the reserves available in the Middle East are becoming more valuable, especially considering the fact that the Middle East accounts for 61 percent of the world’s proven recoverable oil reserves and 41 percent of world’s gas reserves. Further, with the Middle East now consuming one-fifth of the oil it produces, it is also emerging as a potential market.

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