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February 17, 2014
Occidental Petroleum Tells California "GTT"
OXY is moving their HQ to Houston Texas from Los Angeles after a century in California. They announced their intention to spin off California operations and focus on their highly productive west Texas Permian Basin holdings in a state that welcomes shale production because Black Gold Texas Tea has propelled Texas into the number one state for oil and gas production. Which means high paying good jobs (over a half million and growing in the past five years), and pumped billions of dollars into our economy and state budget.
California conversely has been very stingy with permits, even though they may be sitting on even larger fields than Eagle Ford, Permian Basin and North Dakota/Montana/Saskatchewan/Manitoba Bakken deposits.
Which is why they are spinning off their California operations.
A move to Houston will allow the company to focus on its operations in the Permian Basin in Texas and spin off its less productive California division. The new California company, which will employ about 8,000 people, will be the state's biggest natural gas producer and "establish its headquarters" in the Golden State, the statement said. It will continue operations in oil and gas basins including Los Angeles and San Joaquin.
I'm going to make a crazy prediction here. The environmentalists will lose an argument against billions of dollars in new state revenues. They'll put up a fight, it'll be ugly. But when the dust settles the lure of the money will be too much. And in five to ten years California will experience a surge in energy production that will bring jobs back.
Nothing else will do that.
America is on the verge of oil and gas energy independence. Something we were told could never happen.
Well (SWIDT?). Technology unlocks potential and prosperity. Like a boss.
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