# Occidental Petroleum Corporation (OXY) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/OXY/thesis · /stocks/OXY/memo

## Financial Snapshot

---
ticker: OXY
step: 04
generated: 2026-05-12
source: quick-research
---

### Occidental Petroleum (OXY) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|--------|--------|--------|--------|--------|----------|
| Revenue | $36.6B | $28.4B | $26.7B | $25.0B | -6% |
| Production (MBOE/d) | 1,180 | 1,236 | 1,330 | 1,380 | +4% |
| Realized Crude Price | $93/bbl | $74/bbl | $75/bbl | $66/bbl | -12% |
| Adj EBITDA | $19.5B | $13.5B | $13.0B | $11.0B | -15% |
| Net Income | $13.3B | $4.7B | $3.6B | $2.5B | -31% |
| Adjusted EPS | $11.41 | $5.18 | $4.18 | $2.40 | -43% |
| Free Cash Flow | $13.6B | $5.5B | $4.9B | $4.1B | -16% |

Note: FY25 adj EPS compressed Q1 $0.87 → Q4 $0.31 as crude price fell $71 → $59/bbl. Production growing post-CrownRock. OxyChem sale (closed Q4 25) = $9.7B cash from Berkshire.

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$11B |
| Free Cash Flow | ~$4.1B |
| Capex | ~$7B |
| Cash & Equivalents | ~$2B + OxyChem $9.7B |
| Total Debt | ~$20.8B (Q3 25) → ~$14B post-OxyChem proceeds |
| Net Debt/EBITDA | ~1.8x → ~1.2x post-OxyChem |

#### Key Ratios (approximate)
- P/E: ~18x | EV/EBITDA: ~6x | FCF Yield: ~9%
- Revenue Growth (TTM): -6% | Op Margin: ~25%
- Dividend Yield: ~2.0% | Dividend: $0.96/share
- Berkshire 28% stake = "Buffett Floor"

#### Growth Profile
Post-deleveraging (debt <$15B target), free cash flow available for dividends + buybacks + DAC investment. STRATOS DAC commercial validation (target 500K MT/yr) + future plants. Production growth ~3-5%/yr from CrownRock + Permian inventory. Long-term thesis: low-cost Permian production + DAC monetization at scale.

#### Forward Estimates
- **FY 2026**: Revenue ~$24B; adj EPS $2.50-3.50 (oil price dependent); FCF $4-5B
- **FY 2027**: Adj EPS $3.50-4.50 with debt reduction + STRATOS scaling
- Oil price sensitivity: ~$1/bbl WTI = ~$200M annual EBITDA
- $115 bull DCF target vs $55 commodity trap bear case

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/OXY/fundamental

## Navigation

- Overview: /stocks/OXY
- Financials (this page): /stocks/OXY/financials
- Thesis: /stocks/OXY/thesis
- Investment Memo: /stocks/OXY/memo
- Coverage universe: /stocks