Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > California > Los Angeles
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-14-2014, 12:19 PM
 
20 posts, read 28,657 times
Reputation: 19

Advertisements

Occidental Petroleum, the Los Angeles based Fortune 500 oil & gas company founded in this city in 1920 will relocate its headquarters to Houston, TX and spin off all California held assets into a separate California company to be headquartered "in the Golden State." The split marks the end of Occidental's long history in Los Angeles.

The California operations have been lagging on Oxy's financial performance and Oxy's shares. The new California company will have 8,000 of the 40,000 current Oxy employees and be California's largest natural gas producer and oil producer on a gross-operated barrels of oil equivalent basis

Occidental's former CEO Armand Hammer is the namesake for the UCLA Hammer Museum on the ground floor of their headquarters building in Westwood Village. Occidental Occidental is Los Angeles' 3rd largest publicaly traded firm headquartered in the region with over $24 billion in revenue.

Chevron in the Bay Area will be the lone major oil company headquartered in California.

Occidental Petroleum to Separate its California Business, Creating Two Independent, Publicly Traded Energy Companies - Yahoo Finance
Reply With Quote Quick reply to this message

 
Old 02-14-2014, 05:56 PM
 
Location: East Bay, San Francisco Bay Area
23,528 posts, read 24,011,889 times
Reputation: 23956
This is what happens when the politicians that run California tax the hell out of businesses.

Businesses are in existence to make profits, but cannot, due to the unfavorable business climate here.

I wonder how many more jobs are lost?
Reply With Quote Quick reply to this message
 
Old 02-14-2014, 09:13 PM
 
374 posts, read 721,651 times
Reputation: 359
Very surprising to see a business leaving CA...







Said nobody ever.
Reply With Quote Quick reply to this message
 
Old 02-14-2014, 09:27 PM
 
10,097 posts, read 10,008,466 times
Reputation: 5225
For Texas even less a surprise
Reply With Quote Quick reply to this message
 
Old 02-14-2014, 11:15 PM
 
Location: South Bay
7,226 posts, read 22,193,073 times
Reputation: 3626
Let's be realistic here, the oil business is based out of houston just like the entertainment industry is based out of LA. this is not a shocker. similar to northrop grumman leaving for DC a few years ago, companies go where they fit in best. additionally, Oxy is an international firm, who probably had a limited number of jobs in their corporate offices here in LA. Plus it sounds like they are going to spin off the LA offices into a new company. While LA may not be able to claim to be the home for Oxy much longer, I doubt this will have that big of an effect on the city's economy.
Reply With Quote Quick reply to this message
 
Old 02-16-2014, 08:15 PM
 
Location: Eugene, Oregon
1,413 posts, read 1,515,385 times
Reputation: 1205
Quote:
Originally Posted by BRinSM View Post
Let's be realistic here, the oil business is based out of houston just like the entertainment industry is based out of LA. this is not a shocker. similar to northrop grumman leaving for DC a few years ago, companies go where they fit in best. additionally, Oxy is an international firm, who probably had a limited number of jobs in their corporate offices here in LA. Plus it sounds like they are going to spin off the LA offices into a new company. While LA may not be able to claim to be the home for Oxy much longer, I doubt this will have that big of an effect on the city's economy.
Oxy probably had more jobs here when the local oil extraction business was bigger, but that was many decades ago.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > California > Los Angeles
View detailed profiles of:

All times are GMT -6. The time now is 01:51 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top