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.
Occidental entered the chemical business with the acquisition of Hooker Chemicals in 1968, 26 years after the contamination at Love Canal. On July 6, 1988, a fire at Piper Alpha, an oil platform operated by Occidental Petroleum (Caledonia) Ltd in the North Sea, caused the biggest accident in the history of the offshore oil industry resulting in the death of 167 people.Close Up of Vignette
Common Stock, specimen, late 1900’sPrinter: Security-Columbian / United States Bank Note Company Dimensions:
8” (h) x 12” (w)State: CA-California Subject Matter: Oil Companies
| Specimen Pieces Vignette Topic(s): Male Subject
| Hemispheres Featured Condition:
No fold lines, punch hole cancels in signature areas and bodies. Very crisp.
This piece features the printed signature
of Michael Hammer as the company Vice President and Secretary. Hammer is the grandson of Armand Hammer. Before becoming involved with his grandfather's company, Occidental Petroleum, Hammer served in many different roles at the New York City securities and investment banking firm Kidder, Peabody & Co.
, which later was sold to PaineWebber
, which ultimately merged with UBS AG in November 2000. He joined Occidental Petroleum in 1982 and served in various capacities in the company's outposts in Texas, Oklahoma, London, and the country of Oman. In 1985, he moved to the corporation's headquarters in Los Angeles where he became a vice president; as well, he became a member of the Board of Directors and the Executive Committee and served in those capacities until his departure from the company in 1991, not long after the death of Armand Hammer.