Occidental Petroleum Corp OXY

EnergyOil & GasUnited States of America

Last close 64.00 USD on Nov 1, 2026, +57.8% year to date

Quant rating

Quant rating B Rank 27 of 167 in Energy

Growth C 99 of 167
Valuation B 45 of 167
Quality C 71 of 167
Revisions A 13 of 167
Momentum B 55 of 167

Wall Street consensus Buy (2.45)Average target 71.79 USD +12.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 64.0B
Enterprise value: 82.5B
52-week range: 38.80 – 67.44
3-year range: 36.11 – 69.26
Dividend yield: 1.75%
Beta (5 years): 0.19
Shares outstanding: 1,000M
Next earnings: Nov 9, 2026

About the company

Occidental Petroleum Corporation is an international energy company with assets primarily in the United States, the Middle East and North Africa. The Company is an oil and gas producer in the United States, including a producer in the Permian and DJ basins, and the offshore Gulf of Mexico. It operates through two segments, which include oil and gas and midstream and marketing. The oil and gas segment explores for, develops and produces oil (which includes condensate), natural gas liquids (NGL) and natural gas. The midstream and marketing segment purchases, markets, gathers, processes, transports and stores oil (which includes condensate), NGL, natural gas, carbon dioxide (CO2) and power. It also optimizes its transportation and storage capacity and invests in entities that conduct similar activities. The midstream and marketing segment provides flow assurance and maximizes the value of its oil and gas.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	21,593	22,019	23,156	36,634	25,956	–
Revenue growth	−1.9%	−4.9%	−36.8%	41.1%	45.7%	3.9%
EPS (basic, normalized)	2.21	3.46	3.69	9.35	2.55	–
EPS growth	−36.1%	−6.2%	−60.5%	266.7%	–	–
Gross margin	69.8%	69.2%	64.3%	67.7%	64.7%	67.1%
Net margin	6.3%	9.8%	10.3%	34.1%	7.7%	13.6%
ROE	5.9%	8.8%	11.0%	52.8%	14.3%	18.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	4,150
Current ratio	1.41x
Long-term debt (mil)	13,540
Net debt (mil)	18,515
Total equity (mil)	41,746
Net debt / equity	0.44x
Net debt / EBITDA	1.46x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	21,593	−1.9%	3.8x	12,705	−9.1%	6.5x	2.21	−36.1%	29.0x
2026	27,607	+27.9%	3.0x	17,807	+40.2%	4.6x	6.85	+210.0%	9.3x
2027	25,842	−6.4%	3.2x	15,631	−12.2%	5.3x	5.16	−24.7%	12.4x
2028	24,934	−3.5%	3.3x	14,772	−5.5%	5.6x	4.53	−12.1%	14.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	27,607	+4.3%	+9.9%	+11.1%	6.85	+10.4%	+27.2%	+58.1%
2027	25,842	+5.6%	+6.9%	+6.3%	5.16	+19.9%	+37.3%	+40.1%
2028	24,934	+2.0%	+2.9%	+0.7%	4.53	+9.6%	+19.8%	+16.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	6,010	6,879	7,154	6,837	6,843	6,456	6,717	5,423	5,109	8,327
Sales mean (mil)	6,694	6,804	7,232	7,054	6,894	6,276	6,679	5,664	5,412	7,094
Surprise	−10.2%	+1.1%	−1.1%	−3.1%	−0.7%	+2.9%	+0.6%	−4.3%	−5.6%	+17.4%
EPS reported	0.63	1.03	1.00	0.80	0.87	0.39	0.64	0.31	1.06	2.40
EPS mean	0.60	0.77	0.74	0.70	0.77	0.29	0.52	0.18	0.59	1.84
Surprise	+5.5%	+33.0%	+35.5%	+14.8%	+13.3%	+36.5%	+24.2%	+69.9%	+79.3%	+30.5%

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
OXY Occidental Petroleum Corp	64.0B	1.46x	6.3%	1.53x	9.3x	12.4x	4.6x	5.3x
XOM Exxonmobil Holdings Corp	770.0B	0.43x	8.9%	2.97x	14.2x	15.2x	8.0x	8.1x
CVX Chevron Corporation	465.3B	0.85x	6.7%	2.45x	13.3x	14.9x	6.9x	7.5x
SHEL Shell plc	308.3B	0.73x	6.7%	1.56x	9.0x	9.9x	4.4x	4.8x
COP ConocoPhillips	185.0B	0.62x	12.8%	2.83x	13.8x	14.8x	5.9x	6.2x
MPC Marathon Petroleum Corporation	124.9B	2.65x	3.0%	6.60x	7.1x	8.5x	5.2x	6.2x
Mean		1.12x	7.4%	2.99x	11.1x	12.6x	5.9x	6.4x
Median		0.79x	6.7%	2.64x	11.3x	13.6x	5.6x	6.2x

Technical analysis

1M+14.1%
3M+19.2%
1Y+59.9%
3Y+8.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Occidental Petroleum Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	21,593	22,019	23,156	36,634	25,956	17,809
Cost of revenue	6,517	6,777	8,274	11,829	9,172	7,911
Gross profit	15,076	15,242	14,882	24,805	16,784	9,898
Selling, general & administrative expenses	2,016	1,999	2,074	2,727	2,355	2,043
Research & development	249	275	441	216	252	132
Depreciation/amortization	7,533	6,951	6,449	6,926	8,447	8,097
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	73.0	440	235	89.0	457	11,422
Other operating expenses	1,556	1,319	1,165	1,271	1,065	884
Operating income	3,649	4,258	4,518	13,576	4,208	−12,680
Net interest income (expense)	−521	−234	144	541	−503	−3,025
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	3,128	4,024	4,662	14,117	3,705	−15,705
Provision for taxes	1,021	1,158	1,330	813	915	−2,172
Minority interest	−43.0	−22.0	0	–	0	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,064	2,844	3,332	13,304	2,790	−13,533
Extraordinary items	262	212	1,364	0	−468	−1,298
Net income	2,326	3,056	4,696	13,304	2,322	−14,831
EBIT, normalized	3,722	4,698	4,753	13,665	4,665	−1,258
EBITDA, normalized	11,255	11,649	11,202	20,591	13,112	6,839
Basic EPS, normalized	2.21	3.46	3.69	9.35	2.55	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Occidental Petroleum Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,968	2,132	1,426	984	2,764	2,008
Receivables	3,259	4,246	3,195	4,281	4,208	2,115
Total inventory	1,823	2,095	2,022	2,059	1,846	1,898
Prepaid expenses	–	–	–	–	–	–
Other current assets	1,777	597	1,732	1,562	1,393	2,798
Total current assets	8,827	9,070	8,375	8,886	10,211	8,819
Property, plant & equipment	64,551	70,315	59,659	59,287	60,656	66,951
Goodwill	–	–	668	–	–	–
Intangibles	–	–	960	–	–	–
Long-term investments	2,475	3,159	3,224	3,176	2,938	3,250
Note receivable	2,972	2,887	1,105	1,244	1,216	1,028
Other long-term assets	5,361	14.0	17.0	16.0	15.0	16.0
Total assets	84,186	85,445	74,008	72,609	75,036	80,064
Liabilities
Accounts payable	3,285	3,753	3,646	4,029	3,899	2,987
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2,552	2,970	3,993	3,274	3,844	3,854
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,773	1,138	1,202	165	186	440
Other current liabilities	1,818	1,660	307	289	395	942
Total current liabilities	9,428	9,521	9,148	7,757	8,324	8,223
Long-term debt	20,623	24,978	18,536	19,670	29,431	35,745
Minority interest	564	321	99.0	–	–	–
Other liabilities	17,537	16,466	15,975	15,097	16,954	17,523
Total liabilities	48,152	51,286	43,758	42,524	54,709	61,491
Shareholders' equity
Preferred stock	8,287	8,287	8,287	9,762	9,762	9,762
Common stock	243	233	222	220	217	216
Additional paid-in capital	21,008	19,868	17,422	17,181	16,749	16,552
Retained earnings (accumulated deficit)	21,891	21,189	19,626	16,499	4,480	2,996
Treasury stock	−15,597	−15,597	−15,582	−13,772	−10,673	−10,665
Other equity	202	179	275	195	−208	−288
Total equity	36,034	34,159	30,250	30,085	20,327	18,573
Total liabilities & shareholders' equity	84,186	85,445	74,008	72,609	75,036	80,064

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Occidental Petroleum Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,369	3,078	4,696	13,304	2,322	−14,831
Depreciation, depletion & amortization	7,533	7,371	6,865	6,926	8,447	8,097
Deferred taxes	127	−461	57.0	−1,644	46.0	−2,517
Non-cash items	1,570	1,429	30.0	−451	1,045	14,484
Changes in working capital	−1,067	22.0	660	−1,325	−1,426	−1,278
Cash from operations	10,532	11,439	12,308	16,810	10,434	3,955
Investing activities
Capital expenditures	−6,427	−7,018	−6,270	−4,497	−2,870	−2,535
Other investing cash flows	628	−7,572	−710	−375	1,617	1,716
Cash from investing	−5,799	−14,590	−6,980	−4,872	−1,253	−819
Financing activities
Financing cash flow items	−462	−365	−179	−241	−922	−813
Cash dividends paid	−1,594	−1,446	−1,365	−1,184	−839	−1,845
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,788	5,655	−3,346	−12,290	−6,811	−1,858
Cash from financing	−4,844	3,844	−4,890	−13,715	−8,572	−4,516
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−111	693	438	−1,777	609	−1,380
Free cash flow	4,105	4,421	6,038	12,313	7,564	1,420

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.