Armand Hammer (May 21, 1898 – December 10, 1990) was an American business magnate, art collector, and philanthropist. He is best known for his role as the CEO and chairman of Occidental Petroleum, an international oil and gas exploration and production company.
Born in New York City to Russian-Jewish immigrant parents, Hammer pursued a medical degree from Columbia University, graduating in 1921. However, his career path shifted dramatically when he traveled to the Soviet Union in the early 1920s. There, he started a successful trading business and established various enterprises, including pencil manufacturing. His business activities eventually led him to develop connections with high-ranking Soviet officials.
In the 1950s, Hammer entered the oil industry by investing in the California-based company, Occidental Petroleum. Over time, he increased his stake in the company and became its CEO in 1957. Under Hammer's leadership, Occidental Petroleum saw significant growth and expansion. He made several strategic acquisitions, including the acquisition of the Hooker Chemical Company (which later became the center of the Love Canal environmental disaster).
One of Hammer's most notable accomplishments as CEO was the 1972 negotiation of a major natural gas deal with the Soviet Union. This deal, one of the first of its kind between a Western company and the Soviet government, granted Occidental Petroleum access to vast natural gas reserves in Western Siberia. The agreement significantly boosted the company's profits and helped solidify its position as a major player in the global oil and gas industry.
Armand Hammer was also a passionate art collector and philanthropist. He acquired an extensive collection of European and American artworks, which he later donated to the University of California, Los Angeles (UCLA). The Armand Hammer Museum of Art and Culture Center at UCLA was subsequently established to showcase these works. Additionally, Hammer donated millions of dollars to various charitable causes, including medical research and education.
Hammer's business dealings occasionally courted controversy, and he faced scrutiny for his close relationships with Soviet leaders, as well as allegations of illegal campaign contributions in the U.S. Nevertheless, his impact on the oil and gas industry and his philanthropic efforts remain an important part of his legacy. Armand Hammer passed away in 1990, leaving behind a remarkable life story marked by entrepreneurship, international diplomacy, and a commitment to the arts.
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