Occidental Petroleum Corporation (NYSE:OXY) Executive Chairman Dr. Ray R. Irani and Oxy President and Chief Executive Officer Stephen I. Chazen reported the company’s 2010 operational, financial and long-term achievements at the company’s annual stockholders’ meeting today in Santa Monica, California.
“Today marks a noteworthy moment for the future of the company. As announced last October, consistent with the Board’s long-established succession plan, Steve Chazen was elected as President and Chief Executive Officer. I will continue as full-time Executive Chairman. The Board believes that Occidental will benefit from the continuation of our long and successful partnership,” said Dr. Irani.
“For 17 years I have had the pleasure of working with Steve. He is widely recognized as one of the best financial minds in the industry. Steve has served in a number of important posts at Oxy, from head of business development, to Chief Financial Officer, to President and Chief Operating Officer.”
Mr. Chazen noted, “Ray and I have worked side by side during these years. Oxy’s achievements have been impressive: record profits, record market capitalization, recurring increases in production, significant reserve replacement, high credit ratings, and a very strong performance in total shareholder return. Oxy’s cumulative stockholder return was 914 percent over the past 10 years. It has been a challenging and successful past and we now look forward to a challenging and even more successful future.”In reviewing Oxy’s 2010 performance, Dr. Irani said, “Oxy delivered record production, a strengthened asset base and solid profitability in 2010, building value for our stockholders while positioning the company for continued growth and top-tier performance.” Oxy increased worldwide production by 5 percent in 2010 to a company-record of 753,000 barrels of oil equivalent (BOE) per day. In addition, the company replaced 150 percent of its production in 2010, adding a total of 409 million BOE in proved reserves.
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