NYSE: OXY · Oil & Gas Exploration & Production
Occidental Petroleum
Occidental Petroleum, based in Houston, is an international oil and gas producer with assets mainly in the United States (Permian and DJ Basins, offshore Gulf of America), the Middle East and North Africa; it is the largest independent oil producer in Oman. It also runs a midstream and marketing segment that includes Oxy Low Carbon Ventures (direct air capture, carbon sequestration and lithium). Proved reserves from continuing operations were 4,603 MMboe at year-end 2025. On January 2, 2026 it sold its chemical business, OxyChem, to Berkshire Hathaway for $9.7 billion in cash, so OxyChem is reported as discontinued operations; from continuing operations, 2025 net sales were $21,593 million, and net income attributable to common stockholders was $1,594 million after preferred dividends. Occidental repaid or discharged $5.4 billion of debt after year-end. Richard Jackson succeeded Vicki Hollub as CEO on June 1, 2026. Higher oil prices (Q2 2026 realized oil $96.78/bbl versus $69.91 in Q1) lifted second-quarter net income attributable to common stockholders to $2,807 million.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 31, 2026 02:04 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-1810-Q (quarter ended 2026-06-30) · filed 2026-08-05Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- -3.4%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 4.45x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 2 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 7.9x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.38
Higher than 2% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 93% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-06-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$58.53close on 2026-11-04
Market cap$57.71B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 7.9x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.6x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 7.1%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.6%
At FY2025 year-end: 25.5x
Earnings: trailing 12 months to 2026-06-30
At FY2025 year-end: 1.1x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 10.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jun 30, 2026.
- Revenue$5.26B → $8.07B (vs. a year earlier)↑ +53.4%$5.26B → $8.07B (vs. a year earlier)
- Net income$468M → $3B (vs. a year earlier)↑ +540.2%$468M → $3B (vs. a year earlier)
- Diluted EPS$0.26 → $2.75 (vs. a year earlier)↑ +957.7%$0.26 → $2.75 (vs. a year earlier)
- Cash$3.81B → $4.15B (vs. previous quarter-end)↑ +8.9%$3.81B → $4.15B (vs. previous quarter-end)
- Long-term debt$14.71B → $12.8B (vs. previous quarter-end)↓ −13.0%$14.71B → $12.8B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 13, 2026.
Key changes
Q3 production within its guidance range. Source sentence
Total company production for the third quarter of 2026 is within Occidental's guidance range and includes the temporary Gulf of America downtime described below.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- OCCIDENTAL PETROLEUM CORP /DE/
- Headquarters
- HOUSTON, TX
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: OXY
- Industry
- Oil & Gas Exploration & Production
- CIK
- 797468
- Website
- https://www.oxy.com/ ↗
Workforce (as of FY2025 year-end)
Employees
10,412
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 45–49 days after quarter end (Feb 18, 2026; Feb 18, 2025; Feb 14, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 35–49 days after quarter end over the last 13 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | — | Oct 13, 2026 | Not yet filed |
| Q2 FY2026 | Jun 30, 2026 | Aug 5, 2026 (+36 days) | Aug 5, 2026 10-Q (+36 days) |
| Q1 FY2026 | Mar 31, 2026 | May 5, 2026 (+35 days) | May 5, 2026 10-Q (+35 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 18, 2026 (+49 days) | Feb 18, 2026 10-K (+49 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 10, 2025 (+41 days) | Nov 10, 2025 10-Q (+41 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 6, 2025 (+37 days) | Aug 6, 2025 10-Q (+37 days) |
| Q1 FY2025 | Mar 31, 2025 | May 7, 2025 (+37 days) | May 7, 2025 10-Q (+37 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 18, 2025 (+49 days) | Feb 18, 2025 10-K (+49 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 12, 2024 (+43 days) | Nov 12, 2024 10-Q (+43 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 7, 2024 (+38 days) | Aug 7, 2024 10-Q (+38 days) |
| Q1 FY2024 | Mar 31, 2024 | May 7, 2024 (+37 days) | May 7, 2024 10-Q (+37 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 14, 2024 (+45 days) | Feb 14, 2024 10-K (+45 days) |
| Q3 FY2023 | Sep 30, 2023 | Nov 7, 2023 (+38 days) | Nov 7, 2023 10-Q (+38 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Oil and gas
Permian Basin
Unconventional and enhanced oil recovery operations; 34 active CO2 floods.
Oil and gas
Rockies and Gulf of America
DJ Basin and deep-water Gulf of America (8 operated floating platforms).
Oil and gas
International
Oman, UAE (Al Hosn, Dolphin), Algeria and others.
Midstream and marketing
Midstream, marketing and OLCV
Gas processing, pipelines, marketing, and Oxy Low Carbon Ventures.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
Occidental says it ranks among the largest U.S. oil and gas producers, is the largest independent oil producer in Oman and the fourth-largest producer in the deep-water Gulf of America.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
Second quarter 2026
Net sales $8,065M versus $5,258M; net income attributable to common stockholders $2,807M versus $288M; realized oil price $96.78/bbl.
Source: Form 10-Q (quarter ended 2026-06-30)
OxyChem sale
Completed January 2, 2026 for $9.7B; six-month 2026 EPS includes $3.12 from discontinued operations.
Source: Form 10-Q (quarter ended 2026-06-30)
Dividend
Quarterly dividend raised to $0.26 per share in February 2026 (+8%).
Source: Form 10-K (FY2025)
Capex ÷ D&A (FY2025)
0.85x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$6,427M ÷ $7,533M = 0.85x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $5.7B in FY2023 to $6.43B in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
08
Key figures at a glanceFrom SEC data
FY2023–FY2025, 3 years.
Revenue (FY2025)
$21.59B
As reported in the 10-K
Revenue CAGR (2 years)
-3.4%▼caution
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($21,593M ÷ $23,156M) ^ (1÷2) − 1 = -3.4%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
6.7%
3-year average: 10.6%
As reported in the 10-K
P/B (FY2025 end)
1.13x
formulafiscal year-end closing price ÷ book value per share
e.g.$41.12 ÷ $36.54 = 1.13x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▼
Revenue grew -3.4% a year over 2 years (a shrinking trend)
From $23.16B in FY2023 to $21.59B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Equity ratio is 42.8% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 3 of 3 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 10.6% over 3 years (latest: 6.7%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Berkshire Hathaway
07 · what it does
Key activities
- Oil and gas exploration and production
- Midstream, marketing and gas processing
- Low-carbon ventures (direct air capture, sequestration, lithium)
06 · what it draws on
Key resources
- 10,412 employees in continuing operations (Dec 31, 2025)
- Proved reserves of 4,603 MMboe (year-end 2025)
- Permian EOR CO2 floods and Gulf of America platforms
02 · why customers buy
Value propositions
- Oil, NGLs and natural gas, plus midstream and low-carbon ventures.
04 · how it keeps them
Customer relationships
- Sales agreements with buyers.
03 · how it reaches them
Channels
- Sells to refiners, marketers and other energy buyers.
01 · who it serves
Customer segments
- Refiners, marketers and other buyers of oil, NGL and gas
09 · where money goes
Cost structure
FY2025, share of revenue ($21.59B)
- Selling, general & administrative4.6%
Depreciation & amortization (inside the costs above): $7.53B. Capital spending: $6.43B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Oil, NGL and natural gas sales
- Midstream and marketing revenue
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Produces and sells crude oil, NGLs and natural gas, mainly from U.S. onshore and offshore basins and the Middle East, and markets and transports hydrocarbons and CO2; earnings move with commodity prices.
01 what it draws on
Inputs & resources
- 10,412 employees in continuing operations (Dec 31, 2025)
- Proved reserves of 4,603 MMboe (year-end 2025)
- Permian EOR CO2 floods and Gulf of America platforms
02 what it does
Activities
- Oil and gas exploration and production
- Midstream, marketing and gas processing
- Low-carbon ventures (direct air capture, sequestration, lithium)
03 who it serves
Customers
- Refiners, marketers and other buyers of oil, NGL and gas
04 how money comes in
How it earns
- Oil, NGL and natural gas sales
- Midstream and marketing revenue
How the business makes money
- OxyChem sold to Berkshire Hathaway for $9.7B (closed January 2, 2026).
- Largest independent oil producer in Oman.
- Fourth-largest producer in the deep-water Gulf of America.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Occidental pursues CERCLA claims against other parties and reports environmental proceedings.
Environmental rules
CERCLA litigation
Filed a 2018 CERCLA complaint seeking contribution from other potentially responsible parties.
Supports and constrainsTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Oil and gas
20,902 (94%)Midstream and marketing
1,279 (6%)
Source: Form 10-K (FY2025) Segment sales before eliminations of $588M; total $21,593M (continuing operations). Segment earnings: oil and gas $4,586M, midstream and marketing $252M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Business partnership
Berkshire Hathaway
Sold all equity interests in OxyChem for $9.7 billion in cash, completed January 2, 2026.
Source: Form 8-K (2026-01-02) — Item 2.01 Completion of OxyChem sale to Berkshire Hathaway
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Refiners, marketers and other energy buyers.
Named by the company
No customer concentration is disclosed as material.
Suppliers
Oilfield services and equipment suppliers.
Named by the company
No supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K says its marketing business and Oxy Low Carbon Ventures face many competitors but names none.
Competitors named in the 10-K
Peer group the company chose
2025 compensation and performance peers, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Energy and chemical companies (2026 proxy); peers may change after the OxyChem divestiture.
- BPsite ↗
- Chevronsite ↗
- ConocoPhillipssite ↗
- Diamondback Energysite ↗
- Dowsite ↗
- EOG Resourcessite ↗
- ExxonMobilsite ↗
- Halliburtonsite ↗
- LyondellBasellsite ↗
- Marathon Petroleumsite ↗
- Phillips 66site ↗
- SLB (Schlumberger)site ↗
- Shellsite ↗
- TotalEnergiessite ↗
- Valero Energysite ↗
- Williams Companiessite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
| Line item | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|
| Income statement ($M) | |||
| Revenue | 23,156 | 22,019 | 21,593 |
| Pretax income | 4,662 | 4,024 | 3,128 |
| Net income (attributable) | 4,696 | 3,078 | 2,369 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | -4.9% | -1.9% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 20.3% | 14.0% | 11.0% |
| Balance sheet ($M) | |||
| Total assets | 74,008 | 85,445 | 84,186 |
| Total equity | 30,349 | 34,480 | 36,598 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 19,001 | 25,324 | 21,397 |
| Equity ratio | 40.9% | 40.0% | 42.8% |
| ROE | 15.6% | 9.6% | 6.7% |
| Cash flow ($M) | |||
| Operating CF | 12,308 | 11,439 | 10,532 |
| Investing CF | -6,980 | -14,590 | -5,799 |
| Financing CF | -4,890 | 3,844 | -4,844 |
| Free cash flowcalccash flow from operations − capital expenditures | 6,612 | 5,176 | 4,105 |
| Cash and equivalents | 1,426 | 2,125 | 1,968 |
| Per share & other | |||
| EPS ($) | 3.90 | 2.44 | 1.61 |
| BVPS ($) | 34.40 | 36.40 | 36.54 |
| Dividend per share ($) | 0.72 | 0.88 | 0.96 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 18.5% | 36.1% | 59.6% |
| P/E (x) | 15.3 | 20.3 | 25.5 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.74 | 1.36 | 1.13 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-06-30 | $8.07B+53.4% | $3B+540.2% | $2.75 |
| 2026-03-31 | $5.23B-8.3% | $3.36B+255.4% | $3.13 |
| 2025-12-31 † | $4.01B+95.1% | $114M | — |
| 2025-09-30 | $6.62B-7.7% | $842M-26.1% | $0.65 |
| 2025-06-30 | $5.26B | $468M | $0.26 |
| 2025-03-31 | $5.7B | $945M | $0.77 |
| 2024-12-31 † | $2.05B | −$120M | — |
| 2024-09-30 | $7.17B | $1.14B | $0.98 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
Data left out of this analysis
- FY2020, FY2021, FY2022: Not comparable: the FY2025 10-K restates only 2023–2025 to present OxyChem (sold to Berkshire Hathaway, closed January 2, 2026) as discontinued operations; older years still include the chemical business.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
0.5%
Perpetual FCF growth: g = r − FCF ÷ EV = 5.8% − 5.3%
Past FCF growth (FY2023–FY2025)
-21.2%
Compound annual rate, 2 years
Past revenue growth (FY2023–FY2025)
-3.4%
Compound annual rate, 2 years
Inputs (FY2025): free cash flow $4.11B (operating CF − capex); enterprise value $77.14B = market cap $57.71B (latest close, 2026-11-04) + debt $21.4B − cash and short-term investments $1.97B; r = WACC of 5.8% using this page’s default assumptions (β 0.38, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$77.45B
FCF $4.11B ÷ (5.8% − 0.5%)
Theoretical ÷ actual enterprise value
1.00x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 3.8% | 4.8% | 5.8% | 6.8% | 7.8% |
|---|---|---|---|---|---|
| 0% | 1.40x | 1.11x | 0.92x | 0.78x | 0.68x |
| 2% | 2.96x | 1.90x | 1.40x | 1.11x | 0.92x |
| 4% | — | 6.65x | 2.96x | 1.90x | 1.40x |
| 6% | — | — | — | 6.65x | 2.96x |
| 8% | — | — | — | — | — |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 3.59x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -9.6%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 50 → 46 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$10,532M ÷ $2,369M = 4.45x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($2,839M + $2,575M) ÷ 2 ÷ $21,593M × 365 = 46 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 83.6%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 16.4%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 278 of 416
- Beta (adjusted)
- 0.38
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 67% of covered companies have more
above 1 = swings more than the market
- 835.4M shares reported by 1,235 13F filers ÷ 999.6M shares outstanding on 2026-07-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-19 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
19
Strengths & weaknessesSite analysis
Strengths
1. Large U.S. producer
Ranks among the largest U.S. oil and gas producers with leading positions in the Permian, DJ Basin and Gulf of America.
Evidence: Form 10-K (FY2025)
2. Debt reduction
Repaid or discharged $5.4B of debt after December 31, 2025 using OxyChem proceeds.
Evidence: Form 10-K (FY2025)
3. Cash flow
Operating cash flow of $10–17B a year in 2021–2025.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Commodity exposure
Net income fell from $13,304M (2022) to $2,369M (2025) as oil prices declined.
Evidence: Form 10-K (FY2025)
2. Debt load
Long-term debt of $22.4B at end-2025 including current maturities.
Evidence: Form 10-K (FY2025)
3. Environmental legacy
Responsible for about 85% of cleanup costs at the Diamond Alkali Superfund Site OU2 and OU4 per the 2024 court order.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
25.5x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.33%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
60%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
10.1%
(Operating CF − capex) ÷ market cap
1. Oil price leverage
Large liquids production with low-cost Permian assets.
- What has to hold
- Higher oil prices lift earnings sharply.
- The other side
- Prices can fall.
Evidence: Form 10-Q (quarter ended 2026-06-30)
2. Balance sheet repair
OxyChem proceeds cut debt.
- What has to hold
- Lower interest cost frees cash for shareholders.
- The other side
- Lost chemical earnings diversification.
Evidence: Form 10-K (FY2025)
2020–2022 are hidden because they include OxyChem while 2023–2025 are restated for continuing operations. EPS is after preferred dividends to Berkshire Hathaway.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
1.1x
$1.97B vs. $1.77B
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
2.6x
$4.11B vs. $1.59B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -4.9% in FY2024 ($23.16B → $22.02B) | Not yet, as of FY2025 |
Covers only the 3 fiscal years on record (FY2023–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Recent profitability
Net income positive every year 2023–2025 (low $2,369M in 2025).
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
The main matter is the Diamond Alkali Superfund Site in New Jersey, where a 2024 court order made Occidental responsible for about 85% of OU2/OU4 cleanup costs (under appeal); there is also an Anadarko tax dispute.
2 open matters (1 flagged as major)
Diamond Alkali Superfund Site (Alden Leeds)
On appealEnvironmentalMajorU.S. EPA/DOJ, Alden Leeds parties and Occidental subsidiaries
In December 2024 the District Court approved the Amended Consent Decree and accepted the EPA’s determination that Occidental is responsible for about 85% of OU2 and OU4 cleanup costs; the remediation liability rose by $925M. ERH appealed in February 2025; briefing completed January 2026.
- Amounts
- $925M reserve increase (Q4 2024)
Source: Form 10-K (FY2025) — Note on Lawsuits, Claims, Commitments and Contingencies
Anadarko Tronox tax refund dispute
PendingTax disputeAnadarko v. IRS
Anadarko received an $881M tentative refund in 2016 related to its $5.2B Tronox settlement; the IRS disallowed it and Anadarko petitioned the U.S. Tax Court in November 2018.
- Amounts
- $881M refund at issue
Source: Form 10-K (FY2025) — Note on Lawsuits, Claims, Commitments and Contingencies
Based on Form 10-K (FY2025) — Note on Lawsuits, Claims, Commitments and Contingencies, reviewed 2026-10-31. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Oil and gas prices
- Company disclosure (summarized from the 10-K)
- Earnings and cash flow depend on volatile commodity prices.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Environmental liabilities
- Company disclosure (summarized from the 10-K)
- Diamond Alkali Superfund Site remediation and other environmental obligations.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 3Geopolitics & supply chain
International operations
- Company disclosure (summarized from the 10-K)
- Operations in the Middle East and North Africa are exposed to political risk.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Competition & technology shift
Low-carbon ventures
- Company disclosure (summarized from the 10-K)
- Nascent markets for CO2 removal credits and low-carbon products may not develop as expected.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 5Governance & key people
CEO transition
- Company disclosure (summarized from the 10-K)
- Richard Jackson became CEO on June 1, 2026.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
24
What to watch going forwardSite analysis
- Oil prices and realized prices.
- Debt reduction after the OxyChem sale.
- Direct air capture (STRATOS) progress.
- Diamond Alkali appeal.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 31, 2026 02:04 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-18Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Occidental Petroleum’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.