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Occidental was founded in 1920. In 1957, Dr. Armand Hammer was elected president and CEO. In 1961, the company discovered the second largest natural gas field in California in the Arbuckle area of the Sacramento basin at Lathrop. Over the next 10 years, Occidental expanded internationally with operations in Libya, Peru, Venezuela, Bolivia, Trinidad, and the United Kingdom. Occidental won exploration rights in Libya in 1965 and operated there until all activities were suspended in 1986 after the United States imposed economic sanctions on Libya. On July 6, 1988, an explosion and subsequent fire on the Piper Alpha platform, operated by Occidental Petroleum (Caledonia) Ltd in the UK North Sea, resulted in 167 fatalities in what remains the world's most deadly offshore disaster.{{cite web|last=Duff|first=Steven|title=Remembering Piper Alpha disaster|url=http://news.bbc.co.uk/2/hi/uk_news/scotland/7438774.stm|publisher=BBC|accessdate=2011-7-26}}

Occidental entered the chemical business with the acquisition of Hooker Chemicals in 1968, 26 years after the contamination at Love Canal. Today, Dallas-based Occidental Chemical is a leading chemical manufacturer with interests in basic chemicals, vinyls and other chemical products.{{cite web|title=Occidental Chemical Corporation|url=http://www.hoovers.com/company/Occidental_Chemical_Corporation/rfckfhi-1.html|publisher=Hoovers|accessdate=2011-7-26}}

In 1990, Dr. Ray R. Irani became Occidental Petroleum Corporation's Chairman and CEO. He held the additional title of President from 2005 to 2007.{{cite web |url=http://www.oxy.com/InvestorRelations/Governance/BoardofDirectors/Pages/DirectorBios.aspx |title=Oxy Director Bios |author= |date= |work= |publisher= |accessdate=2011-7-11}}{{cite news |url=http://www.reuters.com/finance/stocks/companyOfficers?symbol=OXY.N&viewId=bio |title=Occidental Petroleum Corporation (OXY.N) People | Reuters.com |author= |date= |work= |publisher=Reuters |accessdate=29 December 2010}} In 2011, Dr. Irani became Executive Chairman and Stephen I. Chazen was named president and CEO. Since 1990, Occidental has gone from a collection of unrelated businesses to one that focuses on oil and gas.{{cite news |url=http://blogs.wsj.com/deals/2010/08/03/is-occidentals-irani-worth-his-big-pay-check/ |title=Is Occidental’s Irani Worth His Big Pay Check? |author=Michael Corkery |date=08-03-2010 |work= |publisher=Wall Street Journal |accessdate=5 January 2011}} During Irani's tenure as CEO, Occidental’s market capitalization increased to more than $80 billion from $5.4 billion.{{cite web|last=Groom|first=Nichola|title=Occidental stockholders want say on pay every year|url=http://www.reuters.com/article/2011/05/06/occidentalpetroleum-idUSN0618328020110506|publisher=Reuters|accessdate=2011-7-25}}

In 2005, Occidental was among 53 entities which contributed the maximum of $250,000 to the second inauguration of President George W. Bush.{{cite news |first=Jim |last=Drinkard |title=Donors get good seats, great access this week |url=http://www.usatoday.com/news/washington/2005-01-16-inauguration-donors_x.htm |publisher=USA Today |date=2005-01-17 |accessdate=2008-05-25 }}{{cite news |title=Financing the inauguration |url=http://www.usatoday.com/news/washington/2005-01-16-inaugural-donors_x.htm |publisher=USA Today |date= 2005-01-16|accessdate=2008-05-25 }}{{cite news |title=Some question inaugural's multi-million price tag |url=http://www.usatoday.com/news/washington/2005-01-14-price_x.htm |publisher=USA Today |date=2005-01-14 |accessdate=2008-05-25 }} In 2008, Oxy contributed $301,579 to Democratic candidates and $204,587 to Republican candidates.{{cite news |title=Occidental Petroleum's campaign contribution stats |url=http://www.politicalbase.com/groups/occidental-petroleum/13309/&electionYear=2008 |publisher= Political Base |date= |accessdate=2009-04-16 }}

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