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Occidental Petroleum (OXY) USD

Occidental Petroleum Corporation explores for, develops, and produces oil, natural gas liquids, and natural gas, and also engages in the gathering, processing, transportation, and marketing of these commodities.

At a glance: strengths & risks
✓Revenue growing (+53% y/y, Q2 2026)✓Profit growing (+540% y/y, Q2 2026)✓Margins improving (48%→66%, Q2 2026)✓Commodity price +48% vs 1-yr · +6% vs 3-yr✓Cheaper than own history (EV/EBITDA 5.1 vs avg 6.7)✗Only 9 years of reserves

Sector: Oil & gas

Geography: United States

COMM_OXY

Price chart

62.5 USDDay -0.32%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
62.5 USD · -0.32%
Market cap
61.6 bn USD

Growth

Δ revenue y/y
53.4%
Δ EBITDA y/y
109.7%

Multiples

P/E (LTM)
8.4x
3y avg: 16.8x
P/B (FY)
1.7x
P/E (ann.)
5.1x
EV/EBITDA (LTM)
5.1x
3y avg: 6.7x
EV/EBITDA (ann.)
3.4x

Cash return

Dividend yield
1.7%
FCF yield (LTM)
8.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-9.0%
↓ details

Liquidity

Daily turnover (listing)
505.7 mln USD

Shares: yahoo_fundamentals_timeseries/OXY

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK8.1
y/y 53.4%
3.4 *
y/y 392.8%
1.8
y/y 1.3%
5.3 *
y/y 109.7%
3.0
y/y 540.2%
5.1-1.680.4
y/y -4.7%
41.7
y/y 16.9%
29.7%11.2Yahoo Finance
2026-03-31Q1 2026 (3M)OK5.2
y/y -8.3%
1.7 *
y/y 33.3%
1.8
y/y -0.6%
3.5 *
y/y 13.4%
3.4
y/y 255.4%
1.3-1.680.5
y/y -5.3%
38.9
y/y 12.2%
35.8%13.3Link
2025-12-31Q4 2025 (3M)OK5.1
y/y 148.9%
0.6 *
y/y 356.3%
2.0
y/y 25.8%
2.5 *
y/y 87.0%
0.1
y/y 195.0%
2.6-0.884.2
y/y -1.5%
36.0
y/y 5.5%
6.6%19.6Link
2025-09-30Q3 2025 (3M)OK5.5
y/y -23.1%
1.0
y/y -38.6%
1.9
y/y 1.1%
2.9
y/y -16.9%
0.8
y/y -26.1%
2.8-1.883.5
y/y -2.7%
36.3
y/y 4.6%
3.1%19.9Link
2025-06-30Q2 2025 (3M)OK5.3
y/y -22.9%
0.7
y/y -57.3%
1.8
y/y 2.7%
2.5
y/y -26.1%
0.5
y/y -60.0%
3.0-2.284.4
y/y 10.7%
35.7
y/y 11.4%
5.3%22.2Link
2025-03-31Q1 2025 (3M)OK5.7
y/y -4.5%
1.3 *
y/y 25.4%
1.8
y/y 6.6%
3.1 *
y/y 13.6%
0.9
y/y 6.4%
2.1-1.785.0
y/y 14.4%
34.7
y/y 12.7%
11.0%22.6Link
2024-12-31Q4 2024 (3M)OK2.1
y/y -0.8%
-0.2
y/y -3.4%
1.6
y/y 19.1%
1.3
y/y 22.1%
-0.1
y/y -110.0%
3.4-1.885.4
y/y 15.5%
34.2
y/y 12.9%
8.9%23.7Link
2024-09-30Q3 2024 (3M)OK7.2
y/y 0.2%
1.6
y/y -11.9%
1.9
y/y 12.5%
3.5
y/y -0.0%
1.1
y/y -17.1%
3.7-9.185.8
y/y 19.5%
34.7
y/y 18.3%
4.6%26.5Link
2024-06-30Q2 2024 (3M)OK6.8
y/y 1.7%
1.6
y/y 23.2%
1.8
y/y 3.9%
3.4
y/y 12.3%
1.2
y/y 36.0%
2.4-1.976.2
y/y 7.0%
32.1
y/y 10.1%
14.9%19.6Link
2024-03-31Q1 2024 (3M)OK6.0
y/y -17.3%
1.0
y/y -41.8%
1.7
y/y -1.6%
2.7
y/y -21.8%
0.9
y/y -29.7%
2.0-1.874.3
y/y 3.7%
30.8
y/y 4.2%
11.6%19.1Link
2023-12-31Q4 2023 (3M)OK2.1
y/y —
-0.2
y/y —
1.3
y/y —
1.1
y/y —
1.2
y/y —
3.2-2.474.0
y/y —
30.2
y/y —
15.8%18.3Link
2023-09-30Q3 2023 (3M)OK7.2
y/y —
1.8
y/y —
1.7
y/y —
3.5
y/y —
1.4
y/y —
3.1-1.671.8
y/y —
29.3
y/y —
6.3%19.6Link
2023-06-30Q2 2023 (3M)OK6.7
y/y —
1.3
y/y —
1.7
y/y —
3.0
y/y —
0.9
y/y —
3.1-1.971.2
y/y —
29.1
y/y —
11.7%20.8Link
2023-03-31Q1 2023 (3M)OK7.2
y/y —
1.7
y/y —
1.7
y/y —
3.5
y/y —
1.3
y/y —
2.9-1.671.6
y/y —
29.6
y/y —
—20.0Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)580
Long-term debt (incl. LT leases)14 786
− Cash & equivalents4 150
Net debt11 216

Net debt / LTM EBITDA: 0.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 00010 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%150%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-10 000-5 00005 00010 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

010 00020 00030 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 3.72x of reported net profit; after capex, 1.68x.
year20212022202320242025
cash flow / profit4.49x1.26x2.62x3.72x4.45x
accruals, % of assets-10.8%-4.8%-10.3%-9.8%-9.7%
Last twelve months (to 2026-06-30): 1.61x of profit came back as operating cash flow.
net debt / EBITDA 1.8x · capex 0.7x of depreciation · dividends 18% of free cash flow · share count +1.1% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
4 603 mln boe
2025
Reserve life (R/P)
8.8 yrs
reserves ÷ annual output
Annual production
523.41 mln boe
2025

Production, mln boe

64920216092022446.3920234862024523.412025

Proved reserves

YearReserves, mln boe
20254 603
20244 612
20233 982
20226 350
20215 850
20205 019

Production

YearProduction, mln boeper day, mln boe
2026270.36 * (9M)
−30.2%		0.99
2025523.41
+7.7%		1.43
2024486
+8.9%		1.33
2023446.39
−26.7%		1.22
2022609
−6.2%		1.67
20216491.78
2020114.30 * (3M)1.25

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Brent

Current 113spot vs LTM +37%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -9.0% ▲ +2.3 pp 1d

Main driver: Brent +48% vs LTM; revenue ×1.29 vs costs ×1.04; EBITDA 14 205→17 738; at 5.7× EV/EBITDA → -9%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+51%112.9376.5181.15+48%+6%
Propane (Texas, USD/gallon) (rev)+10%1.130.700.78+61%+10%
Henry Hub Gas (rev)+7%2.783.383.12-18%-8%
Henry Hub Gas (cost)-5%2.783.383.12-18%-8%
US Diesel Index (EIA) (cost)-3%6.284.264.23+47%-1%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue23 926
LTM EBITDA14 205
LTM cash costs (revenue − EBITDA)9 721
2 · Revenue projection
Revenue multiplier — spot×1.290 (+29%)
= Spot revenue30 872
Revenue multiplier — 3y price×1.035 (+4%)
= 3-year-price revenue24 772
3 · Costs projection
Cost multiplier — spot×1.042 (+4%)
= Spot cash costs10 130
Cost multiplier — 3y price×1.033 (+3%)
= 3-year-price cash costs10 039
4 · EBITDA projection (revenue − costs)
= Spot EBITDA20 742
= 3-year-price EBITDA14 734
Conservative EBITDA = min(spot, avg)17 738
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)5.7x
Target EV = EV/EBITDA × conservative EBITDA101 638
Net debt11 416
Target market cap = EV − net debt89 943
Current market cap62 477

Upside = target market cap ÷ current − 1 = -9.0%

Life of mine: 9 yrs — before haircut +44.0%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q37 1587 392-3.2%3 5213 702-4.9%
2023 Q42 0717 132-71.0%1 0993 545-69.0%
2024 Q15 9755 768+3.6%2 7032 726-0.9%
2024 Q26 8175 554+22.7%3 4102 616+30.3%
2024 Q37 1735 286+35.7%3 5202 421+45.4%
2024 Q42 0545 359-61.7%1 3422 442-45.1%
2025 Q15 7045 661+0.8%3 0712 759+11.3%
2025 Q25 2585 145+2.2%2 5212 454+2.7%
2025 Q35 5194 777+15.5%2 9252 286+28.0%
2025 Q45 1124 355+17.4%2 5102 112+18.9%
2026 Q15 2305 689-8.1%3 4832 987+16.6%
2026 Q28 0656 378+26.5%5 2873 891+35.9%

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

Prod. CAGR (2 yr): +8.3%

14341381132812761223202320242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves CAGR (2 yr): +7.5% · Reserves life (R/P): 8.8 yr

46124454429741403982202320242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-311,4344,603——
2024-12-311,3274,612——
2023-12-311,2233,982——

2025-12-31 · FY

Production & proved reserves

FY2025 worldwide oil-equivalent net production and year-end total proved reserves. R/P 8.8 yr.

Line itemAmount
Crude oil equivalent (net, Mboe/d)1,434
Proved reserves (net, MMboe)4,603

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 worldwide oil-equivalent net production and year-end total proved reserves. R/P 9.5 yr.

Line itemAmount
Crude oil equivalent (net, Mboe/d)1,327
Proved reserves (net, MMboe)4,612

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

FY2023 worldwide oil-equivalent net production and year-end total proved reserves. R/P 8.9 yr.

Line itemAmount
Crude oil equivalent (net, Mboe/d)1,223
Proved reserves (net, MMboe)3,982

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth steady →
Last-year revenue growth -2% vs -5% the year before — a +3.0 pp move. 3-year CAGR -16%.
revenue growth by year: 2023 -37% · 2024 -5% · 2025 -2%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 4.5x · target 75th pct (3y) 5.7x · LTM avg 6.7x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Oil & gas. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Aker BPglobal26.03.2x3.2x
LukoilRussia43.62.5x5.2x
GazpromRussia32.02.9x5.9x
TatneftRussia17.62.9x6.0x
RosneftRussia49.63.3x6.9x
ConocoPhillipsglobal182.47.4x7.4x
Gazprom NeftRussia33.04.2x8.7x
Chevronglobal420.88.7x8.7x
SantosAustralia20.99.6x9.1x
Whitecap Resourcesglobal17.49.1x9.1x
Exxon Mobilglobal744.210.5x10.5x
NovatekRussia42.68.5x17.7x
Group median5.8x8.0x
Group average6.1x8.2x
This companyglobal61.85.1x5.1x

Group median 5.8x as traded, 8.0x adjusted; this company 5.1x — a 36% discount.

Group average 6.1x as traded, 8.2x adjusted; against the average this company is at a 37% discount.

At the adjusted group median the market cap would be +75% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-100.28 USDEx-dividend: 0.28 USD per sharePaidYahoo Finance (ex-div)
2026-06-100.26 USDEx-dividend: 0.26 USD per sharePaidYahoo Finance (ex-div)
2026-03-100.26 USDEx-dividend: 0.26 USD per sharePaidYahoo Finance (ex-div)
2025-12-100.24 USDEx-dividend: 0.24 USD per sharePaidYahoo Finance (ex-div)
2025-09-100.24 USDEx-dividend: 0.24 USD per sharePaidYahoo Finance (ex-div)
2025-06-100.24 USDEx-dividend: 0.24 USD per sharePaidYahoo Finance (ex-div)
2025-03-100.24 USDEx-dividend: 0.24 USD per sharePaidYahoo Finance (ex-div)
2024-12-100.22 USDEx-dividend: 0.22 USD per sharePaidYahoo Finance (ex-div)
2024-09-100.22 USDEx-dividend: 0.22 USD per sharePaidYahoo Finance (ex-div)
2024-06-100.22 USDEx-dividend: 0.22 USD per sharePaidYahoo Finance (ex-div)
2024-03-070.22 USDEx-dividend: 0.22 USD per sharePaidYahoo Finance (ex-div)
2023-12-070.18 USDEx-dividend: 0.18 USD per sharePaidYahoo Finance (ex-div)
2023-09-070.18 USDEx-dividend: 0.18 USD per sharePaidYahoo Finance (ex-div)
2023-06-080.18 USDEx-dividend: 0.18 USD per sharePaidYahoo Finance (ex-div)
2023-03-090.18 USDEx-dividend: 0.18 USD per sharePaidYahoo Finance (ex-div)
2022-12-090.13 USDEx-dividend: 0.13 USD per sharePaidYahoo Finance (ex-div)
2022-09-090.13 USDEx-dividend: 0.13 USD per sharePaidYahoo Finance (ex-div)
2022-06-090.13 USDEx-dividend: 0.13 USD per sharePaidYahoo Finance (ex-div)
2022-03-090.13 USDEx-dividend: 0.13 USD per sharePaidYahoo Finance (ex-div)
2021-12-090.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Occidental Petroleum (OXY) — from primary filings.

Frequently asked questions

What is Occidental Petroleum (OXY)'s P/E ratio?
Occidental Petroleum (OXY) trades at a P/E of 8.4x (price to trailing 12-month earnings).
What is Occidental Petroleum (OXY)'s EV/EBITDA?
Occidental Petroleum (OXY) trades at 5.1x EV/EBITDA.
What is Occidental Petroleum (OXY)'s P/B ratio?
Occidental Petroleum (OXY) trades at a P/B of 1.7x.
What is Occidental Petroleum (OXY)'s dividend yield?
Occidental Petroleum (OXY)'s trailing 12-month dividend yield is 1.7%.
What is Occidental Petroleum (OXY)'s return on equity (ROE)?
Occidental Petroleum (OXY)'s ROE is 29.7%.
What is Occidental Petroleum (OXY)'s market capitalization?
Occidental Petroleum (OXY)'s market cap is 61.6 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map