Occidental Petroleum reported strong Q2 earnings, outperforming peers with robust upstream operations and overall performance. Positive Q2 earnings results enhance OXY financial outlook and short-term market performance.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | 1 | — | — | — | — | — | 1 | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡‡‡ |
|
| 2026 | 1.02 |
—
—
—
|
| 2025 | 0.96 |
—
—
—
—
|
| 2024 | 0.88 |
—
—
—
—
|
| 2023 | 0.72 |
—
—
—
—
|
| 2022 | 0.52 |
—
—
—
—
|
| 2021 | 0.04 |
—
—
—
—
|
| 2020 | 0.82 |
—
—
—
—
|
| 2019 | 3.14 |
—
—
—
—
|
| 2018 | 3.10 |
—
—
—
—
|
| 2017 | 3.06 |
—
—
—
—
|
| 2016 | 3.02 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 1,426.00 | 2,125.00 | 1,968.00 | 4,150.00 |
| Receivables | 4,097.00 | 3,559.00 | 3,259.00 | 4,044.00 |
| Inventory | 2,022.00 | 1,756.00 | 1,823.00 | 2,185.00 |
| Other | 830.00 | 1,630.00 | 1,777.00 | 753.00 |
| 8,375.00 | 9,070.00 | 8,827.00 | 11,132.00 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 3,646.00 | 3,472.00 | 3,285.00 | 3,572.00 |
| ST’ Debt | 1,202.00 | 1,138.00 | 1,773.00 | 203.00 |
| Other | — | 663.00 | 778.00 | — |
| 9,148.00 | 9,521.00 | 9,428.00 | 7,892.00 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 5,230.00 | 8,065.00 | — | — |
—
|
| ’25 | 5,704.00 | 5,258.00 | 6,624.00 | 4,007.00 |
21,593.00
|
| ’24 | 5,975.00 | 6,817.00 | 7,173.00 | 2,054.00 |
22,019.00
|
| ’23 | 7,225.00 | 6,702.00 | 7,158.00 | 2,071.00 |
23,156.00
|
| ’22 | 8,349.00 | 10,676.00 | 9,390.00 | 8,219.00 |
36,634.00
|
| ’21 | 5,293.00 | 5,958.00 | 6,792.00 | 7,913.00 |
25,956.00
|
| ’20 | 6,613.00 | 2,928.00 | 4,108.00 | 4,160.00 |
17,809.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1,281.00 | 4,271.00 | — | — |
—
|
| ’25 | 2,148.00 | 2,960.00 | 2,790.00 | 2,634.00 |
10,532.00
|
| ’24 | 2,007.00 | 2,394.00 | 3,682.00 | 3,356.00 |
11,439.00
|
| ’23 | 2,870.00 | 3,070.00 | 3,129.00 | 3,239.00 |
12,308.00
|
| ’22 | 3,239.00 | 5,329.00 | 4,267.00 | 3,975.00 |
16,810.00
|
| ’21 | 910.00 | 3,314.00 | 3,118.00 | 3,092.00 |
10,434.00
|
| ’20 | 1,339.00 | 360.00 | 852.00 | 1,404.00 |
3,955.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (216.00) | 2,696.00 | — | — |
—
|
| ’25 | 1,772.00 | 1,399.00 | 1,283.00 | 1,929.00 |
6,383.00
|
| ’24 | 322.00 | 673.00 | 3,513.00 | 2,341.00 |
6,849.00
|
| ’23 | 1,463.00 | 1,370.00 | 1,915.00 | 2,311.00 |
7,059.00
|
| ’22 | 2,381.00 | 4,357.00 | 3,682.00 | 2,477.00 |
12,897.00
|
| ’21 | 827.00 | 2,623.00 | 2,964.00 | 2,774.00 |
9,188.00
|
| ’20 | 39.00 | (15.00) | 606.00 | 3,071.00 |
3,701.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 3.13 | 2.75 | — | — |
—
|
| ’25 | 0.77 | 0.26 | 0.65 | (0.07) |
1.61
|
| ’24 | 0.75 | 1.03 | 0.98 | (0.32) |
2.44
|
| ’23 | 1.00 | 0.63 | 1.20 | 1.08 |
3.90
|
| ’22 | 4.65 | 3.47 | 2.52 | 1.74 |
12.40
|
| ’21 | (0.36) | (0.10) | 0.65 | 1.37 |
1.58
|
| ’20 | (2.49) | (9.12) | (4.07) | (1.41) |
(17.06)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 29.15 | 55.12 | 45.17 | 34.78 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 77.13 | 67.93 | 71.19 | 53.20 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11,973 | 12,570 | 13,323 | 10,412 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.06 | 1.84 | 1.65 | 2.07 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 36,634.00 | 23,156.00 | 22,019.00 | 21,593.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 67.07% | 64.27% | 69.22% | 69.82% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 14,117.00 | 4,662.00 | 4,024.00 | 3,128.00 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 38.54% | 20.13% | 18.28% | 14.49% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13,304.00 | 4,696.00 | 3,078.00 | 2,369.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6,926.00 | 6,449.00 | 6,951.00 | 7,533.00 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 39.55 | 26.04 | 24.15 | 22.14 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | 13.41 | 4.22 | 2.59 | 1.65 | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18.15 | 13.84 | 12.55 | 10.80 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (4.22) | (5.90) | (5.03) | (4.25) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13.92 | 7.94 | 7.51 | 6.54 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 32.48 | 34.13 | 37.82 | 37.52 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 926.20 | 889.20 | 911.80 | 975.50 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 4.57 | 14.23 | 18.86 | 24.48 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.54 | 2.31 | 2.05 | 1.86 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.78 | 2.42 | 1.72 | 1.42 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.06 | 3.10 | 3.14 | 2.80 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.85 | 10.16 | 10.08 | 9.48 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16,810.00 | 12,308.00 | 11,439.00 | 10,532.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3,913.00) | (5,249.00) | (4,590.00) | (4,149.00) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12,897.00 | 7,059.00 | 6,849.00 | 6,383.00 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,129.00 | (773.00) | (451.00) | (601.00) | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19,835.00 | 19,738.00 | 26,117.00 | 22,396.00 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18,851.00 | 18,312.00 | 23,992.00 | 20,428.00 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 30,085.00 | 30,349.00 | 34,480.00 | 36,598.00 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.83% | 5.12% | 2.97% | 1.90% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.63% | 5.99% | 4.30% | 3.43% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 80.46% | 17.69% | 9.80% | 5.92% | — | — | — |
ROE
|
Occidental Petroleum (OXY) is poised for a thrilling rebound in early 2026, trading near recent lows despite its proven resilience through oil market tempests—from the 2020 crash to the explosive 2021-2022 recovery that sent revenue soaring 105% and ROE to an eye-popping 80.5%. Anchored by Warren Buffett’s Berkshire Hathaway, which amassed over 400 million shares at sub-$50 costs, OXY’s fundamentals scream cyclical powerhouse: free cash flow per share halved to $6.68 by 2024 but remains robust enough to fund buybacks and dividends, with debt profiles now manageable post-CrownRock acquisition and Permian efficiencies adding firepower.
Looking ahead, valuation metrics like EV/FCF at 11x and forward multiples offer juicy asymmetry—consensus targets imply 4% upside, but bullish oil scenarios above $70/barrel unlock 41% potential, fueled by 170k BOE/d from CrownRock, carbon capture innovations for ESG tailwinds, and projected FCF of $5-7 billion annually. Insider buys signal confidence amid zero sells, and with 55% odds of 10%+ annualized returns through 2027, OXY’s data-driven profile positions it as a high-conviction bet on energy’s next upcycle.
While oil volatility and recession risks loom (72% stock variance tied to WTI), OXY’s cost discipline, ROIC above peers, and Buffett’s steadfast hold make it an optimistic growth play with explosive convexity—perfect for patient investors eyeing disruptive upstream gains.
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