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Occidental Petroleum Corporation
S&P 500
$55.2B
Market Cap
25.5
P/E
1.26
PEG
3.6%
ROCE
5.9%
ROE
0.56
D/E
18.7%
OPM
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🌏 Global Investor Returns
Currency-adjusted total returns for OXY including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally.

Key Ratios Snapshot
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📈 Growth Pattern
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⭐ Superinvestors Holding OXY
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Manager Shares Value % of Fund Period
Warren Buffett Berkshire Hathaway Inc 264.94M $17.2B 6.55% Mar 2026
Steve Cohen Point72 Asset Management 2.68M $174.2M 0.22% Mar 2026
Li Lu Himalaya Capital Management 1.47M $95.3M 2.98% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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🎙 Management Tone Mixed → Stable 4 quarters Full tone analysis in Intelligence →
Good quarter Investor Presentation One-Pager? Q1 2026
Net Income
$3.2B
N/A (prior quarter not comparable due to OxyChem sale)
Adjusted EPS
$1.06
N/A
Operating Cash Flow (continuing ops)
$1.4B
+52% YoY (vs Q1 2025 $0.9B)
Free Cash Flow before Working Capital
$1.7B
N/A
Total Production
1,426 Mboed
-1% YoY (from 1.44M in Q1 2025)
What Went Right
  • Production of 1,426 Mboed exceeded high-end guidance by 21,000 boe/d
  • Domestic LOE improved to $7.85/BOE, 5% below Q1 guidance
  • Principal debt reduced by $7.5B since Q3 2025 to $13.3B
What to Watch
  • Middle East disruptions impacting Al Hosn volumes and PSC net production
  • EOR portfolio optimization will lower production modestly in Q2
  • Stratos phase I commissioning identified non-process component issue; repair timeline being assessed
Management Guidance
  • Full-year 2026 production midpoint adjusted to 1.44 Mboed
  • Full-year 2026 capital maintained at $5.5-$5.9 billion
  • Full-year 2026 midstream pre-tax adjusted income guidance raised by ~$800M to $1.1B
Investor Lens
The thesis strengthened this quarter. Oxy delivered a strong operational beat, continued aggressive deleveraging (debt down to $13.3B, targeting $10B), and reported $1.7B in free cash flow before working capital. Cost savings are on track, with $2B achieved since 2023 and $500M more targeted in 2026. However, Middle East disruptions and modest hedging (100k bbl/d $55 floor) introduce near-term uncertainty. The long-term resource base and improved decline profile support durable cash flow growth even at lower prices.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Solid execution with production beat and debt reduction
Revenue
Revenue not explicitly disclosed in the call. Oil and gas segment pre-tax income was $1.0B, up from $0.7B in Q4 2025, driven by higher crude prices. Midstream and marketing segment generated $400M above guidance midpoint, helped by gas marketing optimization and higher sulfur prices.
Profitability
Reported net income of $3.2B ($3.13 EPS) included a large gain from OxyChem sale. Adjusted income from continuing operations was $1.1B, or $1.06 per diluted share. Free cash flow before working capital from continuing operations was $1.7B.
Margins
Operating margin not explicitly given. Domestic LOE improved 5% vs Q1 guidance to $7.85/BOE due to maintenance optimization and higher production. Since 2023, Oxy has delivered $2B in annual cost savings, targeting an additional $500M in 2026.
Balance Sheet
Unrestricted cash at quarter-end exceeded $3.8B. Principal debt reduced to $13.3B (from $20.8B at Q3 2025). Free cash flow before working capital was $1.7B. Capital spending in Q1 was $1.6B, in line with the $5.5-$5.9B full-year plan.
Key Risks
Middle East conflict causing operational constraints at Al Hosn and lower PSC net production. EOR portfolio optimization will reduce Q2 production. Stratos phase I commissioning identified a non-process component issue impacting schedule. Hedging of 100k bbl/d at $55 floor limits upside if prices rally.
Outlook
Full-year 2026 production midpoint reduced to 1.44 Mboed due to Middle East disruptions and EOR actions. Full-year capital maintained at $5.5-$5.9B. Midstream guidance raised to $1.1B. Oxy targets $10B principal debt milestone as near-term priority.
Generated by AI · Q1 2026 results · Not investment advice
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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