At a glance
Occidental Petroleum Corporation is worth $60.70B, about 38 times its fiscal 2025 earnings. Revenue fell 1.9% to $21.59B in fiscal 2025, with 7.5% kept as profit. It pays a 1.71% dividend yield, raised every year for at least 4 years, and returned $11.36B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +50.3% over the past year with dividends reinvested and +13.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 76.0% in the 2020 crash (S&P 500: 33.7%) and 22.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 22 months and 1 month after the lows.
The business in plain English
Occidental Petroleum mainly produces crude oil, natural gas and NGLs (natural gas liquids, such as propane) for U.S. and overseas buyers. In the U.S., it works mainly in Texas, New Mexico and Colorado. It holds leading positions in the Permian and DJ Basins and offshore in the Gulf of America. Abroad, its assets are mainly in Algeria, Oman, Qatar and the UAE, and it is Oman's largest independent oil producer.
Its second segment, midstream and marketing, covers the steps between the well and the buyer: gathering, processing, storing and shipping oil and gas for Occidental and outside customers. It holds stakes in WES, a listed U.S. pipeline partnership, and DEL in the Middle East. Oxy Low Carbon Ventures, part of this segment, works on direct air capture (pulling carbon dioxide from the air), carbon storage and lithium.
On January 2, 2026, Occidental completed the $9.7 billion cash sale of its chemical unit, OxyChem, to Berkshire Hathaway. OxyChem's results are reported separately as discontinued operations, outside the roughly $21.6 billion of fiscal 2025 revenue. Earnings hinge on oil, NGL and gas prices, and the company says the sale raises that exposure. It had no hedges (contracts that lock in prices) as of December 31, 2025. On that date, 6,793 of its 10,412 employees in continuing operations worked in North America and 3,441 in the Middle East.
Price history
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OXY +50.3% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $8.06B, up 53.4% from a year earlier, and net income was $2.79B (+967.8%).
- For fiscal 2025, revenue was $21.59B (-1.9% year over year) with a 7.5% net margin.
Financial health check
| Free cash flow margin | 19% good |
|---|---|
| Return on equity (FY2025) | 4.5% weak |
| Return on assets (FY2025) | 1.9% weak |
| Net cash (cash minus debt) | $-8.65B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $17.81B | $-14.83B | $1.42B |
| FY2021 | $25.96B | $2.32B | $7.56B |
| FY2022 | $36.63B | $13.30B | $12.31B |
| FY2023 | $23.16B | $4.70B | $6.61B |
| FY2024 | $22.02B | $2.36B | $5.18B |
| FY2025 | $21.59B | $1.61B | $4.11B |
Valuation snapshot
| Market value | $60.70B |
|---|---|
| P/E ratio | 37.7 |
| Dividend yield | 1.71% |
Rank among 1514 US companies
Market value at each year end
Occidental Petroleum’s market value went from $54.43B at the end of 2016 to $60.70B on Nov 2, 2026, up 12%; since the end of 2025 it is up 50%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $60.70B | +49.8% |
| 2025 | $40.51B | -12.6% |
| 2024 | $46.36B | -11.8% |
| 2023 | $52.57B | -8.2% |
| 2022 | $57.25B | +111.5% |
| 2021 | $27.08B | +68.0% |
| 2020 | $16.12B | -56.2% |
| 2019 | $36.81B | -20.6% |
| 2018 | $46.34B | -17.8% |
| 2017 | $56.37B | +3.6% |
| 2016 | $54.43B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OXY price data to Nov 2, 2026 | +49.8% | +50.3% | +0.5% | +13.7% | +2.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +49.8% |
| 2025 | -15.0% |
| 2024 | -15.9% |
| 2023 | -4.1% |
| 2022 | +119.1% |
| 2021 | +67.7% |
| 2020 | -55.3% |
| 2019 | -28.2% |
| 2018 | -13.0% |
| 2017 | +8.6% |
| 2016 | +9.9% |
| 2015 | -12.6% |
| 2014 | -9.1% |
| 2013 | +27.8% |
| 2012 | -16.1% |
| 2011 | -2.6% |
| 2010 | +22.8% |
| 2009 | +38.3% |
| 2008 | -20.7% |
| 2007 | +60.2% |
| 2006 | +23.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 22.6% over that stretch · deepest drop along the way 58.1%, back to its old high 24.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 75.8% over that stretch · deepest drop along the way 76%, back to its old high 22.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 110.9% over that stretch · deepest drop along the way 22.9%, back to its old high 1.4 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 1 open-market purchases ($250K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 23, 2026 | Richard A. Jackson President and CEO, Director | buy | $250K |
Who owns it
Large shareholders (13G filings)
| Warren E. Buffett | 32.7% | Jun 30, 2025 |
| Dodge & Cox | 7.5% | Mar 31, 2026 |
| Vanguard Capital Management | 5.51% | Mar 31, 2026 |
| BlackRock, Inc. | 5.2% | Jun 30, 2026 |
ETFs with the most weight in OXY
| OILT Texas Capital Texas Oil Index ETF | 8% |
| FTXN First Trust Nasdaq Oil & Gas ETF | 6.85% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 4.2% |
| FCG First Trust Natural Gas ETF | 4.01% |
| DRLL Strive U.S. Energy ETF | 2.79% |
| WEEI Westwood Salient Enhanced Energy Income ETF | 2.7% |
| EQRR ProShares Equities for Rising Rates ETF | 2.5% |
| NBET Neuberger Berman Energy Transition & Infrastructure ETF | 2.32% |
What could go wrong
- Inherited Anadarko tax case could cost $2.3 billion. If the US Tax Court rules Anadarko's $5.2 billion Tronox settlement was not tax-deductible, Oxy may have to repay an $881 million refund plus other benefits and interest: about $2.3 billion at December 31, 2025.
- Profits rise and fall with oil prices. Results follow oil prices closely, and natural gas and natural gas liquids prices less so. Oxy had no hedges (contracts that lock in prices) at December 31, 2025, and selling OxyChem leaves it more exposed.
- Low-carbon bets carry extra uncertainty. Through Oxy Low Carbon Ventures, the company is pursuing direct air capture, carbon storage and lithium. It warns these newer businesses carry significant risks and uncertainties and may not pay off as planned.
- Production depends on CO2, water and sand. Some older fields use enhanced oil recovery, which pumps carbon dioxide underground to push out more oil, and new wells need water and sand. Shortages, or limits on disposing of waste fluids, could cut output.
- Political and regulatory risk across its regions. Oxy operates in Oman, Algeria, Qatar and the UAE as well as the US. Instability, armed conflict, government seizure of assets, or new environmental and climate rules could disrupt operations and raise costs.
- Debt limits flexibility in downturns. Total debt was $12.8 billion against $4.15 billion of cash and investments as of June 30, 2026. The company warns its debt could limit financial flexibility and leave it more vulnerable in a downturn.
Recent events
- Quarterly results released
- Quarterly results released
- Quarterly results released
- Quarterly results released
- Executive or board change; Shareholder vote results; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; Change to shareholder rights; Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Quarterly results released
For income and retirement investors
Occidental pays a dividend, but the record is uneven. Dividends per share were $0.82 in fiscal 2020 and fell to $0.04 in fiscal 2021. They then rose four straight years to $0.96 in fiscal 2025. In fiscal 2025, dividends paid equaled 99% of net income but 39% of free cash flow (cash left after capital spending). The yield was 1.65% as of October 28, 2026. The company repurchased $4.9 billion of its own stock over fiscal 2021–2025, mostly in 2022 and 2023, and none in fiscal 2025. The share count still rose about 7% between September 2021 and July 2026.
The stock fell hard in the 2008 and 2020 crashes. It lost 58% between May and November 2008 and took about 25 months from the low to recover. It lost 76% in about a month in early 2020 and took about 22 months to recover. In the 2022 bear market, it rose 111% while the broad market fell. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Occidental Petroleum make money?
Mostly by producing crude oil, natural gas liquids and natural gas and selling them at market prices. Its main US operations are in the Permian Basin, Colorado's DJ Basin and the offshore Gulf of America, and it is the largest independent oil producer in Oman. Its midstream and marketing segment gathers, processes, stores and ships oil and gas for Oxy and outside customers. Revenue from continuing operations was $21.6 billion in fiscal 2025, and net income was $1.6 billion.
Does Occidental Petroleum raise its dividend every year?
Not every year, though it raised the payout in each of the four fiscal years through 2025. Dividends per share were $0.82 in fiscal 2020 and dropped to $0.04 in fiscal 2021. They then climbed to $0.52, $0.72, $0.88 and $0.96 by fiscal 2025. Dividends paid equaled 99% of fiscal 2025 net income but 39% of free cash flow, which is the cash left after capital spending. The dividend yield was 1.65% as of October 28, 2026.
Does Warren Buffett own Occidental Petroleum stock?
Yes. A Schedule 13G filing listed Warren E. Buffett with 32.7% of Occidental's shares as of June 30, 2025. Investors file this disclosure once they own more than 5% of a company. Other large holders include Dodge & Cox with 7.5% and Vanguard Capital Management with 5.51% as of March 31, 2026, and BlackRock with 5.2% as of June 30, 2026. Separately, Berkshire Hathaway acquired OxyChem, Occidental's chemicals business, for $9.7 billion in cash.
What happened to OxyChem?
Occidental sold its chemicals business, OxyChem, to Berkshire Hathaway. The companies agreed in October 2025 to an all-cash deal worth $9.7 billion, and it closed on January 2, 2026. Occidental estimated an after-tax gain of $3.2 billion, subject to post-closing adjustments. OxyChem's results are reported separately as discontinued operations. That leaves oil and gas plus midstream and marketing as the company's segments. The company says the sale leaves it more exposed to swings in oil, natural gas liquids and natural gas prices.
How has Occidental Petroleum stock performed?
Unevenly. As of October 28, 2026, its price-based return was 55% year to date and 57% over one year. Over longer periods it was an annualized 14.8% over five years and 1.5% a year over ten years. Calendar-year results have swung widely: a 119% gain in 2022 was followed by declines of about 4% in 2023, 16% in 2024 and 15% in 2025. On October 28, 2026, the shares traded at about 39 times fiscal 2025 earnings (the price-to-earnings ratio).