Occidental Petroleum's principal businesses consist of three segments: oil and gas, which explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas; chemical, which mainly manufactures and markets basic chemicals and vinyls; and midstream, marketing and other, which gathers, processes, transports, stores, purchases and markets oil, condensate, NGLs, natural gas, carbon dioxide and power. As of Dec 31 2012, Co. had 3.30 billion barrels of oil equivalent of proved reserves, which consisted of 2.04 billion barrels of oil, 332.0 million barrels of NGLs and 5.57 trillion cubic feet of natural gas.
It's easy for articles about the shale boom to get lost in the shuffle.
After being flooded with articles (each more optimistic than the last), it's no wonder some investors have started to become desensitized to any oil-related news. After all, we've already learned that the U.S. is on track to become the world's top oil producer -- you can't have a much larger revelation than that.
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