Occidental Petroleum (OXY)
Market Price (12/23/2025): $40.31 | Market Cap: $39.8 BilSector: Energy | Industry: Oil & Gas Exploration & Production
Occidental Petroleum (OXY)
Market Price (12/23/2025): $40.31Market Cap: $39.8 BilSector: EnergyIndustry: Oil & Gas Exploration & Production
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3%, FCF Yield is 9.6% | Weak multi-year price returns2Y Excs Rtn is -74%, 3Y Excs Rtn is -110% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 52% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 11 Bil, FCF LTM is 3.8 Bil | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.6%, Rev Chg QQuarterly Revenue Change % is -7.7% | |
| Low stock price volatilityVol 12M is 37% | Key risksOXY key risks include [1] a substantial debt burden from its Anadarko acquisition, Show more. | |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and US Energy Independence. Themes include Carbon Capture & Storage, Geothermal Energy, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3%, FCF Yield is 9.6% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 11 Bil, FCF LTM is 3.8 Bil |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and US Energy Independence. Themes include Carbon Capture & Storage, Geothermal Energy, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -74%, 3Y Excs Rtn is -110% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 52% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.6%, Rev Chg QQuarterly Revenue Change % is -7.7% |
| Key risksOXY key risks include [1] a substantial debt burden from its Anadarko acquisition, Show more. |
Why The Stock Moved
Qualitative Assessment
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Occidental Petroleum (OXY) experienced a notable decline of 14.5% in its stock price during the period from August 31, 2025, to December 23, 2025, influenced by a confluence of company-specific actions, broader market trends, and shifting analyst sentiment. Here are five key points explaining this movement: **1. Weakening Crude Oil Prices and Oversupply Concerns.** Crude oil prices experienced a slide in mid-December 2025 due to fears of an oversupplied market and weakening global demand. Brent crude oil, for instance, fell, extending a bearish trend. The U.S. Energy Information Administration (EIA) also projected Brent crude oil prices to decline to an average of about $58 per barrel in the fourth quarter of 2025, further anticipating averages just above $50 per barrel in 2026. This decline in oil prices negatively impacts the profitability and cash flows of oil producers like Occidental Petroleum, which does not hedge its price risk, making its revenues highly susceptible to oil price volatility.**2. OxyChem Divestiture for Debt Reduction.** Occidental Petroleum announced a definitive agreement to sell its entire chemical business, OxyChem, to Berkshire Hathaway Inc. for $9.7 billion in an all-cash transaction, expected to close in the fourth quarter of 2025. This strategic divestiture was primarily driven by the company's commitment to substantially reduce its significant debt load, accumulated from major acquisitions like the $38.7 billion takeover of Anadarko Petroleum in 2019 and the $12 billion acquisition of Permian producer CrownRock in August 2024. While the sale aims to enhance capital flexibility and improve shareholder returns by facilitating debt repayment, the immediate market reaction could reflect concerns about shedding a stable asset during a period of volatility or the valuation of the sale itself.
**3. Mixed Analyst Sentiment and Price Target Adjustments.** Throughout late 2025, analyst ratings for OXY showed a mixed to "Hold" consensus, with a significant portion recommending "Hold," and some recommending "Sell" or "Strong Sell" alongside "Buy" recommendations. As of December 21, 2025, 20 analysts maintained a Hold consensus rating. Price targets for OXY varied, with an average 12-month price target around $47.56 to $50.05. However, there was a downgrade by JP Morgan from "Neutral" to "Underweight" on December 8, 2025, which could have contributed to negative sentiment.
**4. Concerns Regarding Future Earnings and Revenue Growth.** Analysts forecast Occidental Petroleum's earnings per share (EPS) for 2025 to be around $2.32, with revenue growth forecast at a rate of -6.03%. This negative revenue growth forecast is not expected to beat the US Oil & Gas E&P industry's average forecast revenue growth rate of 3.48% or the US market's average of 25.68%. While the company beat Q1 2025 earnings estimates, its Q2 2025 reported EPS of $0.26 per diluted share fell short of the estimated $0.32 per share, and revenue, though exceeding consensus, represented a 6.1% decrease year-over-year. Such forecasts and performance indicate potential challenges in revenue and earnings growth, which can weigh on investor confidence.
**5. Broader Energy Sector Headwinds and Production Outlook.** The energy sector faced ongoing debates about long-term oil prices and capital discipline across the sector. Despite some E&Ps foreseeing little change in capital expenditure plans, crude oil price erosion over the past two years has led to declining earnings and cash flows for many, impacting their ability to sustain generous shareholder return programs. While Occidental Petroleum's production in Q3 2025 was expected to be 1% higher than Q2 2025 estimates, the overall market sentiment regarding the energy sector, coupled with forecasts for significantly lower oil prices in 2026, could have contributed to investor caution towards OXY. Show more
Stock Movement Drivers
Fundamental Drivers
The -11.5% change in OXY stock from 9/22/2025 to 12/22/2025 was primarily driven by a -10.8% change in the company's Net Income Margin (%).| 9222025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 45.50 | 40.27 | -11.49% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 27150.00 | 26601.00 | -2.02% |
| Net Income Margin (%) | 8.84% | 7.88% | -10.82% |
| P/E Multiple | 18.67 | 18.94 | 1.44% |
| Shares Outstanding (Mil) | 985.10 | 986.40 | -0.13% |
| Cumulative Contribution | -11.49% |
Market Drivers
9/22/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| OXY | -11.5% | |
| Market (SPY) | 2.7% | 16.3% |
| Sector (XLE) | 0.9% | 75.4% |
Fundamental Drivers
The -7.3% change in OXY stock from 6/23/2025 to 12/22/2025 was primarily driven by a -30.0% change in the company's Net Income Margin (%).| 6232025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 43.46 | 40.27 | -7.35% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 27553.00 | 26601.00 | -3.46% |
| Net Income Margin (%) | 11.27% | 7.88% | -30.02% |
| P/E Multiple | 13.18 | 18.94 | 43.72% |
| Shares Outstanding (Mil) | 941.30 | 986.40 | -4.79% |
| Cumulative Contribution | -7.56% |
Market Drivers
6/23/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| OXY | -7.3% | |
| Market (SPY) | 14.4% | 12.2% |
| Sector (XLE) | 3.7% | 79.9% |
Fundamental Drivers
The -12.7% change in OXY stock from 12/22/2024 to 12/22/2025 was primarily driven by a -51.2% change in the company's Net Income Margin (%).| 12222024 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 46.11 | 40.27 | -12.67% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 27137.00 | 26601.00 | -1.98% |
| Net Income Margin (%) | 16.14% | 7.88% | -51.17% |
| P/E Multiple | 9.76 | 18.94 | 94.03% |
| Shares Outstanding (Mil) | 927.50 | 986.40 | -6.35% |
| Cumulative Contribution | -13.03% |
Market Drivers
12/22/2024 to 12/22/2025| Return | Correlation | |
|---|---|---|
| OXY | -12.7% | |
| Market (SPY) | 16.9% | 50.7% |
| Sector (XLE) | 8.6% | 86.0% |
Fundamental Drivers
The -33.8% change in OXY stock from 12/23/2022 to 12/22/2025 was primarily driven by a -77.8% change in the company's Net Income Margin (%).| 12232022 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 60.85 | 40.27 | -33.82% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 36328.00 | 26601.00 | -26.78% |
| Net Income Margin (%) | 35.55% | 7.88% | -77.82% |
| P/E Multiple | 4.34 | 18.94 | 336.02% |
| Shares Outstanding (Mil) | 922.00 | 986.40 | -6.98% |
| Cumulative Contribution | -34.14% |
Market Drivers
12/23/2023 to 12/22/2025| Return | Correlation | |
|---|---|---|
| OXY | -31.2% | |
| Market (SPY) | 47.7% | 43.8% |
| Sector (XLE) | 10.2% | 85.1% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| OXY Return | -57% | 68% | 119% | -4% | -16% | -18% | 5% |
| Peers Return | -37% | 81% | 62% | -0% | 3% | -1% | 90% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 113% |
Monthly Win Rates [3] | |||||||
| OXY Win Rate | 33% | 58% | 58% | 50% | 42% | 58% | |
| Peers Win Rate | 32% | 73% | 60% | 53% | 55% | 63% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| OXY Max Drawdown | -78% | 0% | 0% | -11% | -23% | -27% | |
| Peers Max Drawdown | -64% | -0% | 0% | -15% | -7% | -14% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: CVX, XOM, COP, EOG, FANG. See OXY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)
How Low Can It Go
| Event | OXY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -33.3% | -25.4% |
| % Gain to Breakeven | 49.9% | 34.1% |
| Time to Breakeven | 49 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -81.2% | -33.9% |
| % Gain to Breakeven | 432.2% | 51.3% |
| Time to Breakeven | 490 days | 148 days |
| 2018 Correction | ||
| % Loss | -56.2% | -19.8% |
| % Gain to Breakeven | 128.2% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -58.4% | -56.8% |
| % Gain to Breakeven | 140.3% | 131.3% |
| Time to Breakeven | 769 days | 1,480 days |
Compare to XOM, CVX, IMO, CVE, BSM
In The Past
Occidental Petroleum's stock fell -33.3% during the 2022 Inflation Shock from a high on 6/25/2021. A -33.3% loss requires a 49.9% gain to breakeven.
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Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas. Its Chemical segment manufactures and markets basic chemicals, including chlorine, caustic soda, chlorinated organics, potassium chemicals, ethylene dichloride, chlorinated isocyanurates, sodium silicates, and calcium chloride; vinyls comprising vinyl chloride monomer, polyvinyl chloride, and ethylene. The Midstream and Marketing segment gathers, processes, transports, stores, purchases, and markets oil, condensate, NGLs, natural gas, carbon dioxide, and power. This segment also trades around its assets consisting of transportation and storage capacity; and invests in entities. Occidental Petroleum Corporation was founded in 1920 and is headquartered in Houston, Texas.
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Here are 1-2 brief analogies for Occidental Petroleum (OXY):
- A major U.S. oil and gas producer, similar to Chevron, but without the large refining and retail presence.
- A large energy company that primarily extracts oil and also produces industrial chemicals, much like a more concentrated version of ExxonMobil.
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- Crude Oil: Occidental extracts, processes, and markets crude oil from its global operations.
- Natural Gas and NGLs: The company produces and sells natural gas and natural gas liquids (NGLs) to various markets.
- Chemical Products: Through its OxyChem subsidiary, Occidental manufactures and markets essential chemicals, including chlorine, caustic soda, and PVC.
- Carbon Management Services: Occidental offers solutions for carbon capture, utilization, and sequestration (CCUS) to reduce emissions.
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Occidental Petroleum (NYSE: OXY) primarily sells its products to other companies, not directly to individuals. As a major producer of crude oil, natural gas, and commodity chemicals, its customer base consists of industrial purchasers.
It is generally not customary for commodity producers like Occidental Petroleum to publicly name their "major customers" unless a single customer represents a significant portion (e.g., 10% or more) of their revenue, which is rarely the case due to the diversified nature of commodity markets. Instead, OXY sells its products to a broad range of industrial customers across various sectors. The primary categories of customers and examples of public companies operating in those sectors that typically purchase OXY's products include:
-
Oil Refiners and Marketers: These companies purchase crude oil from OXY to process into refined products such as gasoline, diesel, and jet fuel.
- Valero Energy Corporation (NYSE: VLO)
- Marathon Petroleum Corporation (NYSE: MPC)
- Phillips 66 (NYSE: PSX)
-
Natural Gas Utilities, Industrial Users, and Traders: These customers purchase natural gas and natural gas liquids for power generation, industrial feedstock, heating, or for trading and distribution purposes.
- Large industrial complexes
- Power generation companies
- Energy trading firms
- Example: Cheniere Energy, Inc. (NYSE: LNG) (as a major purchaser of natural gas for liquefaction and export)
-
Industrial Chemical Manufacturers: Through its OxyChem segment, OXY sells basic chemicals like chlorine, caustic soda, and PVC to a wide array of industrial customers for use as raw materials in their own manufacturing processes. These customers operate in sectors such as:
- Plastics manufacturing
- Construction materials
- Automotive
- Pharmaceuticals
- Water treatment
- Example: Westlake Corporation (NYSE: WLK) (a large diversified chemical company that uses similar basic chemicals as inputs)
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Vicki Hollub President and Chief Executive Officer
Vicki Hollub became President and CEO of Occidental Petroleum in April 2016, making her the first woman to lead a major American oil company. She has been an employee of Occidental since 1981, having started her career with Cities Service, which was acquired by Occidental in 1982. Throughout her more than 40-year career with Oxy, Ms. Hollub has held various management and technical positions across three continents, including roles in the United States, Russia, Venezuela, and Ecuador. Prior to her CEO appointment, she served as President and Chief Operating Officer, overseeing the company's oil and gas, chemical, and midstream operations. Ms. Hollub was instrumental in leading Occidental's expansion in the Permian Basin in West Texas and southeastern New Mexico.
Sunil Mathew Senior Vice President and Chief Financial Officer
Sunil Mathew was appointed Senior Vice President and Chief Financial Officer of Occidental Petroleum effective August 9, 2023. He brings 25 years of experience in the oil and gas industry. Mr. Mathew joined Occidental in 2004 and has held positions within the planning group in Qatar and the Corporate Planning and Analysis function in Los Angeles and Houston. Before becoming CFO, he served as Vice President, Strategic Planning, Analysis and Business Development, where he directed the company's planning and global business development functions. Prior to joining Occidental, he worked for Schlumberger in the Middle East and Asia.
Richard A. Jackson Senior Vice President and Chief Operating Officer
Richard A. Jackson was promoted to Senior Vice President and Chief Operating Officer of Occidental Petroleum on October 1, 2025. In this role, he oversees global oil and gas operations, low-carbon integrated technologies, and the midstream and marketing functions, as well as health, safety, and environment. Mr. Jackson has been an employee of Occidental since 2003 and has over 25 years of experience in the oil and gas industry. He previously served as Senior Vice President and President, U.S. Onshore Resources and Carbon Management, Operations, since 2020. His prior roles include President and General Manager of the Permian Delaware Basin and EOR, Vice President of Investor Relations, and Vice President of Drilling Americas. He has also been a leader in Oxy Low Carbon Ventures since its inception, advancing technologies such as Direct Air Capture and lithium extraction.
Robert L. Peterson Executive Vice President, Essential Chemistry
Robert L. Peterson was appointed Executive Vice President, Essential Chemistry, of Occidental Chemical Corporation (OxyChem), a subsidiary of Occidental, on August 9, 2023. In this role, he has executive oversight for OxyChem and operational readiness for Occidental Petroleum Corporation's Direct Air Capture (DAC) facilities, including Stratos, and other Occidental Low Carbon Ventures projects. He holds a Bachelor's degree in Mechanical Engineering and a Master of Business Administration in Corporate Finance from the University of Florida.
Kenneth Dillon Senior Vice President and President, International Oil and Gas Operations
Kenneth Dillon serves as Senior Vice President and President, International Oil and Gas Operations at Occidental Petroleum. Specific details about his background are not extensively provided in the search results, but his role indicates leadership in Occidental's international exploration and production activities.
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Here are the key risks to Occidental Petroleum (symbol: OXY):- Commodity Price Volatility: Occidental Petroleum's financial performance is highly susceptible to fluctuations in the market prices of oil, natural gas, and natural gas liquids (NGLs). The company has historically been exposed to these market prices, and the recent sale of its OxyChem subsidiary, which previously provided a cash flow buffer, is noted to make OXY even more vulnerable to commodity price swings. This lack of hedging means that adverse movements in energy prices can significantly impact the company's margins, cash flows, and overall valuation.
- High Debt Burden: The substantial debt incurred from the acquisition of Anadarko Petroleum remains a significant financial risk for Occidental. This elevated leverage can constrain the company's flexibility for strategic investments, limit dividend growth, and increase its vulnerability during economic downturns or periods of weakened cash flow. While Occidental has made efforts to reduce its debt, it continues to be a concern for financial stability.
- Regulatory and Environmental Risks, including Climate Change Initiatives: Occidental Petroleum faces considerable risks stemming from new or amended governmental laws and regulations, particularly those related to environmental protection and climate change. Government actions aimed at reducing greenhouse gas emissions could lead to increased operational costs or a decreased demand for the company's products. Furthermore, the success of Occidental's carbon capture initiatives, which are a cornerstone of its decarbonization strategy, relies heavily on government incentives such as tax credits, which could be subject to policy changes. The company also has a history of environmental liabilities and infractions, underscoring the ongoing regulatory scrutiny and potential for significant fines and penalties.
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The rapidly accelerating adoption curve and increasing cost-competitiveness of renewable energy sources (solar, wind) and related technologies (battery storage, electric vehicles). This trend directly threatens the long-term demand for Occidental Petroleum's core products (crude oil, natural gas) by offering increasingly viable, cleaner alternatives for power generation, transportation, and industrial processes.
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Occidental Petroleum (OXY) operates in three primary business segments: Oil and Gas Exploration and Production, Chemical Manufacturing (OxyChem), and Midstream and Marketing. The company is also significantly involved in Carbon Capture, Utilization, and Storage (CCUS) initiatives.
Addressable Market Sizes for Occidental Petroleum's Main Products and Services:
- Oil and Gas (Crude Oil, Natural Gas, Natural Gas Liquids): The global oil and gas market was valued at approximately USD 7.97 trillion in 2024 and is projected to reach USD 8.33 trillion in 2025.
- Chemicals (Basic Chemicals, Vinyls, Specialty Chemicals): The global chemical industry size was valued at USD 6,182 billion in 2024 and is projected to reach USD 6,324 billion by 2025.
- Carbon Capture, Utilization, and Storage (CCUS): The global Carbon Capture, Utilization, and Storage market size was valued at USD 4.1 billion in 2024 and is expected to reach USD 5.1 billion in 2025. North America is a dominant region in the CCUS market.
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Occidental Petroleum (OXY) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market factors:
- Optimized Oil and Gas Production: Occidental aims to maintain and enhance its oil and gas production, particularly through operational efficiencies in its U.S. onshore assets, such as the Permian Basin, and through international outperformance. The company has a track record of improving well performance and profitability, with ongoing efforts to optimize acreage and utilize advanced drilling technology to reduce development costs and unlock opportunities.
- Growth in Chemical and Midstream Segments: The company's integrated portfolio positions it for growth across its OxyChem and Midstream segments. Occidental projects a significant cash flow inflection from its non-oil and gas businesses, with approximately $1 billion in incremental free cash flow expected by 2026 from increased EBITDA and capital roll-off in these areas, along with corporate cost improvement initiatives.
- Advancement of Carbon Capture and Storage (CCS) Projects: Occidental is aggressively pursuing its carbon capture and storage (CCS) initiatives, with the STRATOS direct air capture (DAC) project setting the foundation for long-term, contracted revenue in carbon markets. The majority of STRATOS carbon removal volumes through 2030 are already contracted, indicating strong demand and a new revenue stream diversifying beyond traditional oil and gas.
- Favorable Commodity Prices: While subject to volatility, rising oil and gas prices remain a crucial factor for Occidental's revenue growth. The company is well-positioned to benefit from upward trends in crude oil prices due to its relatively low production costs.
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Share Repurchases
- Occidental Petroleum had a $3.0 billion share repurchase program authorized in February 2023.
- The company repurchased approximately $3.099 billion in 2022 and $1.798 billion in 2023.
- As of December 31, 2024, $1.2 billion remained of the $3.0 billion share repurchase program. Following the announced sale of OxyChem to Berkshire Hathaway in October 2025, share repurchases are expected to accelerate.
Share Issuance
- In April 2025, Occidental issued 41.9 million shares of common stock, generating approximately $890 million, with proceeds used to repay near-term debt maturities.
- On July 28, 2025, the company announced a follow-on equity offering of 31,990,880 common shares priced at US$22 per share, totaling around $703.8 million.
- The Board adopted an Amended Long-Term Incentive Plan (LTIP) on February 12, 2025, subject to shareholder approval, which would increase the number of shares authorized for issuance under the LTIP by 55,000,000 shares for equity-based compensation.
Inbound Investments
- Warren Buffett's Berkshire Hathaway has steadily increased its stake in Occidental Petroleum since 2019, holding approximately 28.2% of OXY's outstanding shares, valued at $11 billion, as of August 18, 2025.
- BlackRock committed $550 million to the Stratos direct air capture (DAC) project, covering approximately 40% of the $1.3 billion project cost.
- The U.S. Department of Energy provided up to $650 million in funding for the Stratos DAC project. ADNOC's investment firm, XRG, is also evaluating a potential joint venture for a DAC facility in South Texas, considering an investment of up to $500 million.
Outbound Investments
- Occidental acquired Carbon Engineering in 2023 for approximately $1.1 billion to secure advanced direct air capture (DAC) technology. It further acquired Holocene in 2025 to enhance its DAC capabilities.
- In 2024, Occidental acquired CrownRock for approximately $12 billion, which added 170 thousand barrels of oil equivalent per day to its production and 94,000 acres in the Midland Basin.
- The company pledged $3 billion to modernize Sonatrach's gas production and export infrastructure in Algeria, with a focus on expanding LNG capacity and advancing carbon capture.
Capital Expenditures
- Occidental's annual capital expenditures were $4.497 billion in 2022, $6.27 billion in 2023, and $7.018 billion in 2024.
- For 2025, net capital expenditures are forecasted to be between $7.2 billion and $7.4 billion, initially guided higher but then reduced due to operational efficiencies.
- The primary focus of capital expenditures for 2025 is on high-return, short-cycle assets within oil and gas operations, particularly in the U.S. onshore portfolio (75% to Permian Basin), and low-carbon ventures including the Stratos direct air capture project.
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Trade Ideas
Select ideas related to OXY. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WHD | Cactus | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 12.1% | 12.1% | 0.0% |
| 10172025 | OVV | Ovintiv | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 6.1% | 6.1% | 0.0% |
| 10102025 | COP | ConocoPhillips | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 7.5% | 7.5% | -2.3% |
| 10102025 | HAL | Halliburton | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 29.1% | 29.1% | -0.7% |
| 10102025 | OXY | Occidental Petroleum | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -3.9% | -3.9% | -7.1% |
| 01312025 | OXY | Occidental Petroleum | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -5.9% | -11.8% | -22.2% |
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Peer Comparisons for Occidental Petroleum
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 110.78 |
| Mkt Cap | 86.1 |
| Rev LTM | 43,194 |
| Op Inc LTM | 10,044 |
| FCF LTM | 5,490 |
| FCF 3Y Avg | 7,038 |
| CFO LTM | 15,594 |
| CFO 3Y Avg | 16,296 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.8% |
| Rev Chg 3Y Avg | -6.4% |
| Rev Chg Q | -1.9% |
| QoQ Delta Rev Chg LTM | -0.5% |
| Op Mgn LTM | 19.5% |
| Op Mgn 3Y Avg | 22.8% |
| QoQ Delta Op Mgn LTM | -0.9% |
| CFO/Rev LTM | 37.8% |
| CFO/Rev 3Y Avg | 39.2% |
| FCF/Rev LTM | 10.1% |
| FCF/Rev 3Y Avg | 12.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 86.1 |
| P/S | 1.8 |
| P/EBIT | 8.6 |
| P/E | 15.0 |
| P/CFO | 5.7 |
| Total Yield | 10.1% |
| Dividend Yield | 3.4% |
| FCF Yield 3Y Avg | 6.7% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.4% |
| 3M Rtn | -0.3% |
| 6M Rtn | 3.9% |
| 12M Rtn | 0.0% |
| 3Y Rtn | -7.9% |
| 1M Excs Rtn | -4.9% |
| 3M Excs Rtn | -4.8% |
| 6M Excs Rtn | -6.4% |
| 12M Excs Rtn | -17.9% |
| 3Y Excs Rtn | -80.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Oil and gas | 21,284 | 27,165 | 18,941 | 13,066 | 13,941 |
| Chemical | 5,321 | 6,757 | 5,246 | 3,733 | 4,102 |
| Midstream and marketing | 2,551 | 4,136 | 2,863 | 1,768 | 4,132 |
| Corporate and eliminations | -899 | -1,424 | -1,094 | -758 | -1,264 |
| Total | 28,257 | 36,634 | 25,956 | 17,809 | 20,911 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Oil and gas | 53,786 | 54,058 | 56,132 | 62,931 | 80,093 |
| Midstream and marketing | 13,327 | 12,076 | 11,132 | 9,856 | 14,915 |
| Chemical | 4,682 | 4,558 | 4,671 | 4,326 | 4,361 |
| Corporate and eliminations | 2,213 | 1,917 | 3,101 | 2,951 | 7,821 |
| Total | 74,008 | 72,609 | 75,036 | 80,064 | 107,190 |
Price Behavior
Price Behavior
| Market Price | $40.27 | |
| Market Cap ($ Bil) | 39.7 | |
| First Trading Date | 12/31/1981 | |
| Distance from 52W High | -21.9% | |
| 50 Days | 200 Days | |
| DMA Price | $41.20 | $42.92 |
| DMA Trend | down | down |
| Distance from DMA | -2.3% | -6.2% |
| 3M | 1YR | |
| Volatility | 29.7% | 36.5% |
| Downside Capture | 31.80 | 70.59 |
| Upside Capture | -31.62 | 46.36 |
| Correlation (SPY) | 14.8% | 50.9% |
OXY Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.23 | 0.57 | 0.41 | 0.26 | 0.95 | 0.80 |
| Up Beta | 0.20 | 1.05 | 0.99 | 0.38 | 1.03 | 0.87 |
| Down Beta | 1.34 | 1.55 | 1.52 | 1.12 | 1.38 | 1.16 |
| Up Capture | 22% | -44% | -51% | -5% | 32% | 15% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 11 | 19 | 29 | 64 | 122 | 364 |
| Down Capture | -2% | 45% | 4% | -24% | 79% | 91% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 8 | 22 | 33 | 61 | 125 | 383 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of OXY With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| OXY | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -11.6% | 5.5% | 14.7% | 67.3% | 6.8% | -0.5% | -16.6% |
| Annualized Volatility | 36.5% | 24.6% | 19.7% | 19.3% | 15.2% | 17.6% | 35.4% |
| Sharpe Ratio | -0.27 | 0.17 | 0.57 | 2.54 | 0.23 | -0.18 | -0.25 |
| Correlation With Other Assets | 85.5% | 50.8% | 8.1% | 67.5% | 43.0% | 25.8% | |
ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of OXY With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| OXY | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 17.4% | 22.0% | 15.0% | 18.9% | 11.8% | 5.1% | 35.8% |
| Annualized Volatility | 42.5% | 26.7% | 17.1% | 15.5% | 18.7% | 18.9% | 48.9% |
| Sharpe Ratio | 0.51 | 0.75 | 0.71 | 0.98 | 0.51 | 0.18 | 0.63 |
| Correlation With Other Assets | 82.7% | 34.6% | 13.7% | 59.4% | 23.9% | 17.5% | |
ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of OXY With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| OXY | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -2.1% | 8.1% | 14.9% | 14.9% | 6.7% | 5.5% | 69.9% |
| Annualized Volatility | 48.4% | 29.8% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.15 | 0.32 | 0.71 | 0.84 | 0.30 | 0.23 | 0.90 |
| Correlation With Other Assets | 81.9% | 46.2% | 2.4% | 54.3% | 38.5% | 10.0% | |
ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/10/2025 | 0.1% | -0.3% | -0.9% |
| 8/6/2025 | 2.5% | 5.2% | 7.9% |
| 5/7/2025 | 6.2% | 12.3% | 9.0% |
| 2/18/2025 | 4.4% | 0.1% | -1.3% |
| 11/12/2024 | 1.7% | 0.4% | -3.7% |
| 8/7/2024 | 4.3% | 1.5% | -7.3% |
| 5/7/2024 | -2.1% | -3.1% | -7.7% |
| 2/14/2024 | 4.9% | 5.6% | 9.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 11 |
| # Negative | 10 | 10 | 11 |
| Median Positive | 2.1% | 4.1% | 9.0% |
| Median Negative | -3.2% | -1.2% | -7.3% |
| Max Positive | 6.2% | 22.7% | 58.6% |
| Max Negative | -9.2% | -15.6% | -62.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11102025 | 10-Q 9/30/2025 |
| 6302025 | 8062025 | 10-Q 6/30/2025 |
| 3312025 | 5072025 | 10-Q 3/31/2025 |
| 12312024 | 2182025 | 10-K 12/31/2024 |
| 9302024 | 11122024 | 10-Q 9/30/2024 |
| 6302024 | 8072024 | 10-Q 6/30/2024 |
| 3312024 | 5072024 | 10-Q 3/31/2024 |
| 12312023 | 2142024 | 10-K 12/31/2023 |
| 9302023 | 11072023 | 10-Q 9/30/2023 |
| 6302023 | 8022023 | 10-Q 6/30/2023 |
| 3312023 | 5092023 | 10-Q 3/31/2023 |
| 12312022 | 2272023 | 10-K 12/31/2022 |
| 9302022 | 11082022 | 10-Q 9/30/2022 |
| 6302022 | 8022022 | 10-Q 6/30/2022 |
| 3312022 | 5102022 | 10-Q 3/31/2022 |
| 12312021 | 2242022 | 10-K 12/31/2021 |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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