Business Strategy and Outlook
| Dave Meats |Occidental Petroleum has cut the chaff from its upstream portfolio in the past few years, shedding noncore assets to focus on core holdings in the U.S. and Middle East. The portfolio was further transformed by the 2019 acquisition of Anadarko Petroleum. This transaction bolstered the firm's unconventional footprint in the Permian Basin and augmented its U.S. midstream portfolio with a stake in WES Midstream (which it subsequently reduced to 51%). It also gave the firm entry into the DJ Basin, where Anadarko was a leading operator, as well as adding assets in the Gulf of Mexico and Algeria.