U.S. Oil Companies With the Most Exposure to Iraq

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Occidental Petroleum Corp. (NYSE: OXY) is part of a consortium that in 2010 signed a 20-year contract with Iraq’s South Oil Company to develop the 4-billion barrel Zubair field. The company’s share of production in 2013 was approximately 17,000 barrels a day, about 2% of its worldwide production.

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Royal Dutch Shell PLC (NYSE: RDS-A) owns 45% and is the operator of southern Iraq’s Majnoon field, which is holds 12.6 billion barrels of proved reserves. Production was restarted at Majnoon in September of last year, and when Shell lifted its first shipment for export in April, production was running at 210,000 barrels a day.

Chevron Corp. (NYSE: CVX) holds an 80% stake and is the operator of the Qara Dagh block in the Kurdistan region of Iraq. The project is still in the exploratory phase and there is no production. Because of its commitments in Kurdistan, Chevron is banned from bidding on projects in the rest of Iraq.

Oil field services companies could also be affected by the current fighting in Iraq. Schlumberger Ltd. (NYSE: SLB) posted nearly a quarter of its revenues in its Middle East & Asia sector, where revenues rose 23% year-over-year in 2013. Halliburton Co. (NYSE: HAL) posted about 34% of its revenues from its Middle East & Asia sector, and the company experienced double-digit growth in all its operating groups in that sector. About 18% of Baker Hughes Inc.’s (NYSE: BHI) 2013 revenues came in its Middle East & Asia Pacific sector, a jump of 24% year-over-year. None of these companies breaks out its Iraqi exposure in any more detail.

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