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Occidental Permian is all about oil, Texas Tea. The company is the largest oil producer in Texas and has proved reserves in the Permian Basin of 1.2 billion barrels of oil equivalent. Nearly 60% of the oil Occidental Permian obtains comes from CO2 flooding, a procedure that is used when pumping and water injection no longer works. The company is a subsidiary of Occidental Oil and Gas (itself a subsidiary of Occidental Petroleum), and became the major player in the Permian Basin with the parent's acquisition of Altura Energy in 2000 for a reported $3.6 billion.