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OCCIDENTAL PETROLEUM CORP /DE/OXY

Sector
Energy
Industry
Crude Petroleum & Natural Gas
Exchange
NYSE

Stock Price $OXY

Latest filings

You are here#16 of 25 in Energy by market cap

Filing record · 2016–202610-K1210-Q328-K158

OXY filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 158 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’18Mar ’18
  2. Leadership change8-K · Apr ’20Apr ’20
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Deal closed8-K · Jan ’26Jan ’26

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $21.59B
YoY changeLargest recent move+45.8%in FY21Latest −1.9%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All OXY Financial Metrics60 metrics

Income Statement13

Balance Sheet27

Cash Flow15

Per Share5

02—Overview

OCCIDENTAL PETROLEUM CORP /DE/ Financial Overview 2021–2025

Updated Jul 10, 2026

Occidental Petroleum's strategic transformation culminated in a $9.7 billiona sale of its OxyChem segment to Berkshire Hathaway in FY2025, generating an estimated $3.2 billion gain. This divestiture highlights a relentless multi-year push to de-lever the balance sheet, allowing the company to absorb its aggressive Permian Basin expansion and pivot entirely toward core oil operations and emerging low-carbon technologies.

The company’s commodity-driven profitability came full circle over the last five years. Earnings per share shifted from $1.58b in FY2021 up to a peak of $12.40 in FY2022, before normalizing back to $1.61 in FY2025 as WTI crude prices cooled to an average of $64.81 per barrel. Despite this volatile pricing environment, management systematically engineered a stronger capital structure. Occidental executed a $12.4 billion acquisition of CrownRock in FY2024 to solidify its upstream footprint, then immediately applied its chemical divestiture proceeds to drive total outstanding principal debt down to $15 billion. Alongside balance sheet repair, the company boosted its quarterly dividend by 8% to $0.26 per share in FY2025.

The market has digested these structural shifts with some hesitation as global energy benchmarks soften. At the close of FY2025, Occidental traded at $41.12c per share, commanding a $40.5 billion market cap. Priced at 25.5x trailing earnings, the valuation reflects the financial weight of recent debt-funded acquisitions and investor caution as the business transitions to a pure-play energy and carbon management model.

Recent Developments (Q4 2025 and Q1 2026)

Occidental Petroleum is entering a major leadership transition, with Vicki Hollub retiring and Richard A. Jackson taking over as CEO on June 1, 2026. Underlying operations faced headwinds in Q1 2026, as income from continuing operations dropped to $236 milliond from $830 million in Q1 2025. Lower commodity prices and $339 million in crude oil collar derivative losses heavily pressured core results. Still, operations produced $1.28 billion in operating cash flow, leaving the firm with $3.8 billion in liquidity. Management aggressively optimized liabilities, completing an upsized $1.2 billion debt tender offer and retiring $6.7 billion in total obligations during the quarter.

Bulls view this rapid debt reduction and robust cash buffer as vital downside protection in a volatile energy market. Conversely, bears worry that core profitability is eroding too quickly, making shares look stretched at 36.9xe trailing earnings as of the Q1 2026 reporting date.

What to watch: strategic adjustments under incoming CEO Richard A. Jackson; operating cash flow resilience against fluctuating commodity pricing.

03—Filings

Recent SEC Filings

  1. 8-KOCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Oct 13, 2026)Occidental Petroleum (OXY) filed an 8-K on October 13, 2026 under Item 2.02 (Results of Operations and Financial Condition), furnishing Exhibit 99.1, a preliminary "Third Quarter 2026 Earnings Considerations" document. The filing is not a full earnings release: it does not report net income, EPS, or total revenue, and it explicitly states the figures are preliminary, not comprehensive, and not an estimate of third-quarter earnings. Its main purpose is to flag factors that management believes will affect Q3 2026 results, so investors should treat it as a partial, unaudited data set ahead of the full report. The key operational issue is a temporary September curtailment at certain Gulf of America facilities, caused by a third-party gas pipeline constraint and maintenance. Gulf of America net sales volumes for the quarter were about 110 Mboed, and domestic lease operating cost rose to $8.54/boe. Total company production remained within guidance, and the company said partial restoration has occurred with the rest expected once the pipeline constraint is resolved. Oil made up 48.8% of total company production. On pricing and cash flow, realized worldwide oil averaged $85.91/Bbl against WTI of $85.79 and Brent of $91.62, implying roughly 100% of WTI and 94% of Brent. Crude oil collar settlements reduced operating cash flow before working capital by $94 million. Average diluted shares were 1,012.8 million. Realized domestic natural gas was $1.61/Mcf, about 54% of NYMEX, and worldwide NGL realizations were $24.63/Bbl, about 29% of WTI.
  2. 8-KOCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Aug 5, 2026)Occidental Petroleum (OXY) reported second quarter 2026 results on August 5, 2026, with net income attributable to common stockholders of $2.8 billion, or $2.75 per diluted share, and adjusted EPS from continuing operations of $2.40. The quarter was driven by a sharp rise in realized prices: worldwide realized oil averaged $96.78 per barrel, up 38% from the first quarter, against WTI and Brent marker prices of $92.79 and $97.06. Oil and gas pre-tax income was $2.8 billion and midstream and marketing pre-tax income was $1.3 billion, a swing from an $87 million loss in the prior quarter. Production of 1,433 Mboed exceeded the high end of guidance, with the Permian and Gulf of America outperforming. Domestic realized gas prices were negative at -$1.48 per Mcf, a notable weak spot in the quarter. Cash generation and balance sheet repair were the other main themes. Operating cash flow from continuing operations was $5.1 billion, and operating cash flow before working capital was $4.6 billion. Free cash flow before working capital from continuing operations was $3.0 billion, the highest since the third quarter of 2022, on capital expenditures of $1.6 billion. Management reduced principal debt by $1.9 billion to $11.8 billion and is working toward a $10.0 billion target. The company also raised its quarterly dividend by roughly 8% this year to $0.28 per share, payable October 15, 2026. The quarter's reported results were flattered by items affecting comparability, including a $3.1 billion gain from discontinued operations, which is why reported EPS ($2.75) is above adjusted EPS ($2.40) on a continuing-operations basis. Management frames the outlook around resource organic improvement, cost efficiency, and significant free cash flow growth by 2030. Investors should weigh the strong Q2 cash flow against commodity-price sensitivity, since realized oil prices in this quarter were far above the first quarter's $69.91 per barrel.
  3. 8-KOCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Jul 10, 2026)On July 10, 2026, Occidental Petroleum (OXY) furnished an 8-K (Item 2.02, Exhibit 99.1) providing a preliminary set of "Earnings Considerations" for the second quarter of 2026. The document is explicitly not a full earnings release or an estimate of Q2 2026 earnings; it is a partial, preliminary summary of factors management expects to affect results, and it may not capture all adjustments or charges. The information is furnished rather than filed, so it is not subject to Section 18 liability and is not incorporated into Securities Act filings unless specifically referenced. The most notable quantitative disclosures are realized prices and hedging drag. Worldwide realized oil averaged $96.78/Bbl (U.S. $96.93, International $95.83), closely tracking Brent at $97.06 and WTI at $92.79, with worldwide oil realizations at 104% of WTI and 100% of Brent. Crude collar settlements reduced operating cash flow before working capital by $156 million in the quarter. Diluted weighted-average shares were 1,012.2 million. The gas and NGL data are the most striking. U.S. natural gas realized a negative $1.48/Mcf, equal to about negative 51% of NYMEX ($2.89/Mcf), and worldwide gas averaged $(0.80)/Mcf, implying significant negative price realizations, likely from transportation, processing, or marketing costs exceeding sales value in some regions. U.S. NGL realized $23.79/Bbl (about 27% of WTI), while international NGL realized $33.49/Bbl. Investors should view these figures as preliminary and watch the full Q2 release for final results, reconciliation of these items, and management's commentary on the domestic gas realization gap.
  4. 8-KOCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (May 5, 2026)Occidental Petroleum (OXY) reported first quarter 2026 results on May 5, 2026, with reported net income attributable to common stockholders of $3.2 billion, or $3.13 diluted EPS, driven largely by the gain on the sale of OxyChem within discontinued operations. Adjusted EPS from continuing operations was $1.06, versus $0.87 in the first quarter of 2025, reflecting strong operational performance: production of 1,426 Mboed exceeded the high end of guidance, and midstream and marketing adjusted results beat the top of guidance. Higher realized crude prices ($69.91/bbl, up 18% sequentially) lifted oil and gas pre-tax income to $1.0 billion, partially offset by lower volumes and a $369 million pre-tax domestic crude derivative loss that is excluded from adjusted results. The central investor theme is deleveraging. The company repaid $7.1 billion of principal debt through May 5, reducing principal debt to $13.3 billion and moving toward a $10.0 billion target. Long-term debt on the balance sheet fell from $20.6 billion at year-end 2025 to $15.2 billion at March 31, 2026, and cash rose to $3.8 billion. Free cash flow before working capital from continuing operations was $1.7 billion, while reported operating cash flow from continuing operations was $1.4 billion after a $1.8 billion working capital build driven by higher receivables from the March commodity price spike and seasonal first-quarter outflows. Investors should weigh the quality of the earnings headline. Reported EPS is inflated by the $3.1 billion of discontinued operations income tied to the OxyChem sale, while continuing operations contributed only $0.05 per diluted share on a reported basis due to $1.0 billion of after-tax items affecting comparability, including derivative losses, early debt extinguishment costs of $237 million pre-tax, and midstream asset charges. The debt paydown and lower interest burden are the key positives, while the rise in trade receivables and the Middle East-related operating environment remain points to monitor.
  5. 8-KOCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Executive Changes (May 4, 2026)Occidental Petroleum (OXY) announced a planned CEO transition in an 8-K filed May 4, 2026. President and CEO Vicki Hollub will retire effective June 1, 2026, after leading the company since 2016. The Board unanimously appointed Richard A. Jackson, 50, currently Senior Vice President and Chief Operating Officer, as her successor as President, CEO and Board member, also effective June 1, 2026. Hollub's retirement is treated as an eligible retirement under the company's Retirement Policy, and she will remain on the Board. The filing describes the change as part of management succession planning, with Hollub citing the completion of a decade-long portfolio transformation as the reason for the timing. For investors, the key points are continuity and a shift in emphasis. Jackson has been with Occidental since 2003 and has run U.S. onshore operations and the Permian Delaware Basin, and his stated priorities are organic resource improvement, cost efficiency, and operational execution rather than acquisitions. His compensation rises to a $1.4 million base salary, a 150% target annual cash incentive, and a $6 million RSU grant vesting over three years, which ties his pay to continued service. Hollub's continued board seat provides institutional continuity during the handover. Shareholder approval at the May 1, 2026 Annual Meeting was broadly supportive. All ten director nominees were elected, with each receiving roughly 96.7% to 99.2% support. The say-on-pay advisory vote passed with 94.34% in favor, and KPMG was ratified as auditor for 2026 with 97.70% support. Investors may want to monitor how Jackson's operating priorities affect capital allocation and production guidance after the transition.
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04—See also

Related Companies

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