Occidental Petroleum (OXY) is one of the largest oil and gas exploration and production companies in the United States. The company has a long history of paying dividends to its shareholders, dating back to its founding in 1920. In this article, we will take a look at Occidental Petroleum’s dividend history and how it has evolved over the years.
A Brief History of Occidental Petroleum
Occidental Petroleum was founded in 1920 by Armand Hammer and is headquartered in Houston, Texas. The company has operations in the United States, Canada, Egypt, the Middle East, South America, and Africa. It is one of the largest oil and gas exploration and production companies in the world and is a major player in the global energy market.
Due to its size and diversified operations, Occidental Petroleum has been able to generate substantial profits for its shareholders over the years. It has also been a generous dividend payer, having paid out dividends for more than a century. Let’s take a look at Occidental Petroleum’s dividend history.
Occidental Petroleum’s Dividend History
Occidental Petroleum has been paying dividends since 1920, when it paid out its first dividend of $0.10 per share. Since then, the company has steadily increased its dividend payout, with the exception of a few years during the Great Depression and World War II. The company’s dividend payout has grown from $0.10 per share in 1920 to its current level of $1.80 per share.
In the early 2000s, Occidental Petroleum increased its dividend payout significantly, from $0.90 per share in 2000 to $2.00 per share in 2003. This increase was mainly due to the company’s successful exploration and production activities, which generated substantial profits for the company. However, in 2008, the company announced that it would be reducing its dividend payout to $1.50 per share due to the global financial crisis.
Since then, Occidental Petroleum’s dividend payout has remained relatively stable. In 2012, the company increased its dividend payout to $1.76 per share, and in 2016, it increased it again to its current level of $1.80 per share. The company has also announced plans to increase its dividend payout in the future.
Conclusion
Occidental Petroleum has a long and impressive dividend history, having paid out dividends for more than a century. The company’s dividend payout has grown over the years, and it currently stands at $1.80 per share. The company has also announced plans to increase its dividend payout in the future.
Overall, Occidental Petroleum is a great dividend stock for investors looking for consistent income and long-term capital appreciation. The company has a strong balance sheet and a diversified portfolio of operations that should ensure consistent dividend payouts in the years to come.