Occidental Petroleum Corporation, Mubadala Development Company and National Oil and Gas Authority of Bahrain announced the creation of a new joint operating company, Tatweer Petroleum-Bahrain Field Development Company (Tatweer Petroleum), which will serve as the operator for the Bahrain Field. The company will operate under the Development and Production Sharing Agreement signed in April 2009 by all three partners, approved by the Bahraini parliament in May 2009 and ratified by His Majesty King Hamad bin Isa Al Kalifa. Tatweer Petroleum will begin production and development activities immediately with its team largely comprised of individuals from the Bahrain Petroleum Company (Bapco), in addition to employees from Oxy and Mubadala. The company also plans to hire additional local employees.

Occidental Petroleum Corporation reported consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net sales of $4,104 million against $7,060 million a year ago. Income from continuing operations was $929 million or $1.14 diluted earnings per share against $2,272 million or $2.77 diluted earnings per share a year ago. For the nine months, the company reported net sales of $10,864 million against $20,196 million a year ago. Income from continuing operations was $1,984 million or $2.44 diluted earnings per share against $6,391 million or $7.74 diluted earnings per share a year ago.

Occidental Petroleum Corp is in talks with Abu Dhabi about Mubadala Development Company, sharing in the company's stake in Zubair field, Occidental said on October 22. "We're going to share part of our share probably with Abu Dhabi and there may be others coming along," Chief Executive Ray Irani told analysts on a conference call. The specific details regarding the Zubair consortium have not yet been finalized, but the head of the group, Eni SpA said in an interview with the Financial Times last week that it would require $10 billion in investments. Irani said Occidental Petroleum would shoulder somewhere between 25% and 30% of the Zubair costs, and an Occidental spokesman said Mubadala would share part of that if a deal was finailzed. Korea Gas Corp. is also a part of the consortium, which won the rights to the Zubair field last week and believes there are 6.6 billion barrels of oil reserves there, compared with current estimates of about 4 billion.