OCCIDENTAL PETROLEUM CORP /DE/OXY
OCCIDENTAL PETROLEUM CORP /DE/ Financial Overview 2021–2025
Updated Jul 10, 2026Occidental Petroleum's strategic transformation culminated in a $9.7 billion 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 $1.58 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 $41.12 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 million 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 36.9x 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.
Rev
$21.59B
FY2025
NI
$2.37B
FY2025
EPS$OXY
$1.65
FY2025
OCF
$10.53B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (May 5, 2026)
Occidental Petroleum Corporation (OXY) filed a Form 8-K on May 5, 2026, to report its financial condition and results of operations for the first quarter ended March 31, 2026. The company released its earnings via a press release, which is furnished as Exhibit 99.1 to this filing. This report primarily serves to formally submit the earnings announcement to the SEC, with detailed financial performance metrics and operational highlights contained within the referenced press release. Investors should refer to Exhibit 99.1 for specific figures related to revenue, earnings, cash flow, and any forward-looking guidance provided by OXY for the period.
OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Executive Changes (May 4, 2026)
Occidental Petroleum Corporation (OXY) announced significant leadership changes via an 8-K filing on May 4, 2026. Effective June 1, 2026, current President and CEO Vicki Hollub will retire from her executive role but will continue to serve on the Board of Directors. This transition marks the end of Ms. Hollub's tenure as CEO, and she will receive retirement benefits as per Occidental's policy, coupled with a separation and release agreement. The Board has appointed Richard A. Jackson, currently Senior Vice President and Chief Operating Officer, as the new President and CEO. Mr. Jackson, who has been with Occidental since 2003 and possesses over 25 years of industry experience, will assume his new responsibilities on the same effective date. His compensation package has been updated to reflect his new role, including an increased base salary, a higher target annual cash incentive, and a significant restricted stock unit grant designed to vest over three years.
OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Apr 10, 2026)
Occidental Petroleum Corporation (OXY) has filed a Form 8-K on April 10, 2026, to provide investors with management's perspective on factors expected to influence its first quarter 2026 financial results. This filing serves as a pre-release or advisory notice, furnishing details on what the company anticipates will shape its upcoming earnings report, rather than announcing finalized figures. Investors should consult the furnished Exhibit 99.1, titled 'Occidental Petroleum Corporation First Quarter 2026 Earnings Considerations,' for specific insights into these influencing factors. While this report does not contain definitive financial results, it is crucial for investors seeking to understand the potential drivers behind OXY's performance in the first quarter of 2026. The information provided is intended to offer a forward-looking view on key operational and financial elements that management deems significant. It's important to note that the content furnished under Item 2.02 is not considered 'filed' for regulatory purposes under Section 18 of the Exchange Act, nor is it automatically incorporated into other SEC filings unless explicitly referenced.
OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Material Agreement (Mar 9, 2026)
Occidental Petroleum Corporation (OXY) has filed an 8-K report detailing significant actions regarding its outstanding debt. The company announced the early results and amendments to its cash tender offers for several series of its senior notes and debentures, collectively referred to as the "Subject Notes." Notably, OXY has increased the maximum aggregate principal amount it intends to purchase from $700 million to $1.2 billion, signaling a substantial debt reduction effort. Furthermore, the filing specifies a Fifth Supplemental Indenture related to its 6.125% Senior Notes due 2031. This amendment becomes operative on March 9, 2026, and importantly, it eliminates certain covenants and reduces the minimum notice period for redemption to 5 business days. These actions suggest a strategic move by Occidental to enhance its financial flexibility and potentially optimize its capital structure.
OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Regulation FD Disclosure (Feb 19, 2026)
Occidental Petroleum Corporation (OXY) announced on February 19, 2026, the commencement of cash tender offers for up to an aggregate principal amount of $700.0 million of its outstanding senior notes. These offers include specific series of Zero Coupon Senior Notes due 2036, and various Senior Notes and Debentures maturing between 2029 and 2031. A sub-cap of $58.0 million applies to the 0.000% 2036 Notes, though these caps are subject to Occidental's discretion to increase them. Concurrently, Occidental is soliciting consents to amend the indentures governing certain of these notes to eliminate specific covenants. The company intends to fund these repurchase obligations using existing cash on hand, bolstered by proceeds from the recent sale of its chemical subsidiary. The tender offers and consent solicitations will expire on March 19, 2026, with an early tender deadline of March 4, 2026, which would entitle participating holders to an early tender premium.
View all 8-K filings →