Canadian Occidental Petroleum Unveils Ambitious Strategy Under New Leadership

Canadian Occidental Petroleum's new president and chief executive officer, David A. Hentschel, has outlined a three-pronged strategy to maximize value for shareholders, building on the company's successful history and assets in Canada, the United States, Yemen, and the North Sea. Hentschel emphasized the importance of maximizing the value of existing assets, expanding into new production bases in developing countries, and aggressively pursuing high-potential exploration opportunities. The company aims to leverage its strong technical and management personnel to drive growth and prosperity.

Key Takeaways:

• David A. Hentschel has outlined a three-pronged strategy to maximize value for shareholders, focusing on existing assets, new production bases, and exploration opportunities.
• The company will prioritize increasing production, optimizing costs, and adding to core interests within established areas.
• New production bases will be established in developing countries to support future growth.
• High-potential exploration will continue to be pursued, seeking to replicate the success of the Yemen discovery.
• Bernard Isautier, Hentschel's predecessor, played a significant role in reshaping the company's strategy and investing in high-quality assets.
• Canadian Occidental Petroleum has undergone significant success in the 1990s, driven by its quality assets, modern chemical business, and dedicated personnel.

Statistics:

• 1990s: Canadian Occidental Petroleum achieved significant success driven by quality assets, a modern chemical business, and dedicated personnel.
• North Sea: The company operates oil and gas assets in the North Sea as part of its global portfolio.
• Yemen: The company's success in Yemen led to a sound strategy and a growing portfolio of high-quality investment opportunities.
• Shareholder value: Hentschel's mandate is to maximize value for all shareholders.
• Existing assets: The company aims to increase production and optimize costs within its existing areas.

Sources:

• Business Wire, Canadian Occidental Petroleum, "Following his election as president and chief executive officer", December 12, 1995.
• Business Wire, Canadian Occidental Petroleum, "CONTACT: Canadian Occidental Petroleum Kevin Finn John McWilliams", December 12, 1995.