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Occidental Petroleum News
About Occidental...
founded in 1920 in California. Its early years as an oil-finding entity were largely undistinguished, with the company almost bankrupt by the mid-1950s. It was Occidental Petroleum's early difficulties, however, that laid the groundwork for its later success. In 1956 Occidental Petroleum came to the attention of Armand Hammer, a millionaire well-known for his savvy and success in business dealings with the Soviet Union in the 1920s. In 1956 Hammer and his wife Frances each invested $50,000 in two oil wells that Occidental planned to drill in California. When both wells struck oil, Hammer, nearly 60, took an active interest in further Occidental oil exploration. At Hammer's first association with Occidental, the company was run by Dave Harris, Roy Roberts, and John Sullivan. Hammer's increased involvement, his strong personality, and his ability to raise money for oil drilling propelled him more and more into the limelight. By July 1957 Hammer had become company president.