Oxy Gets Big Settlement.Occidental Petroleum Occidental Petroleum Corporation ("Oxy") NYSE: OXY is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Corp. said its Oxy USA subsidiary will get a cash payment of $775 million from Chevron USA Inc. to settle a longstanding Oklahoma case over a terminated merger. The breach-of-contract case dates back to 1982 and involved a merger that never took place between Gulf Oil Corp. and Cities Service Co. The Oklahoma Supreme Court The Supreme Court of Oklahoma is one of the two highest judicial bodies in the U.S. state of Oklahoma and leads the Oklahoma Court System, the judicial branch of the Oklahoma state government. affirmed a lower court judgment in the case. Ray R. Irani Ray R. Irani (January 13, 1935) is the current Chairman, President and Chief Executive Officer of Occidental Petroleum. According to Forbes.com, his five-year total compensation between 2001-2005 was $127,447,000. , chairman and chief executive of Occidental oc·ci·den·tal or Oc·ci·den·tal adj. Of or relating to the countries of the Occident or their peoples or cultures; western. n. A native or inhabitant of an Occidental country; a westerner. Noun 1. , said the company will use the proceeds primarily to pay down debt. |
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