You might also like
Occidental Petroleum Corporation (OXY) is a multinational energy company engaged in the exploration, development, and production of oil, natural gas liquids (NGL), and natural gas, with operations in the United States, the Middle East, and North Africa . The company also manufactures and markets basic chemicals and vinyls through its chemical segment, Occidental Chemical Corporation (OxyChem) . Additionally, Occidental is involved in midstream and marketing activities, which include optimizing transportation and storage capacity and advancing low-carbon ventures .
- Oil and Gas - Engages in the exploration, development, and production of oil, natural gas liquids (NGL), and natural gas, with significant operations in the United States, the Middle East, and North Africa .
- Chemical - Manufactures and markets basic chemicals and vinyls, including chlorine, caustic soda, and polyvinyl chloride (PVC), through Occidental Chemical Corporation (OxyChem) .
- Midstream and Marketing - Supports the oil and gas and chemical businesses by optimizing transportation and storage capacity, and includes low-carbon ventures focused on carbon capture, utilization, and storage (CCUS) projects .
- Low-Carbon Ventures - Focuses on reducing greenhouse gas emissions and developing new low-carbon technologies .
| Revenue by Segment - in Millions of USD | FY 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | FY 2015 | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | FY 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | FY 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Oil and Gas | 5,424 | 21,284 | 4,915 | 5,469 | 5,697 | 5,624 | 21,705 | 5,683 | |||||||||||||||||||||||||||||||||||||||||||||||||
| - Oil | 4,602 | 17,950 | 4,121 | 4,772 | 4,930 | 4,721 | 18,544 | 4,505 | |||||||||||||||||||||||||||||||||||||||||||||||||
| - NGL | 494 | 1,991 | 515 | 500 | 592 | 648 | 2,255 | 674 | |||||||||||||||||||||||||||||||||||||||||||||||||
| - Gas | 322 | 1,305 | 274 | 158 | 151 | 292 | 875 | 465 | |||||||||||||||||||||||||||||||||||||||||||||||||
| - Other | 6 | 38 | 5 | 39 | 24 | -37 | 31 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Chemical | 1,232 | 5,321 | 1,186 | 1,274 | 1,246 | 1,214 | 4,920 | 1,187 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Midstream and Marketing | 632 | 2,551 | 99 | 282 | 440 | 832 | 1,653 | 312 | |||||||||||||||||||||||||||||||||||||||||||||||||
| - Gas Processing | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| - Marketing | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| - Power and Other | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate and Eliminations | -116 | (899) | (225) | (208) | (210) | -222 | (865) | (271) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total Revenue | 7,172 | 28,257 | 5,975 | 6,817 | 7,173 | 7,448 | 27,413 | 6,911 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue by Geography - in Millions of USD | FY 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | FY 2015 | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | FY 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | FY 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
| United States | 6,286 | 24,736 | 5,832 | 5,895 | 6,139 | 5,985 | 23,851 | 6,115 | |||||||||||||||||||||||||||||||||||||||||||||||||
| - Oil | - | - | 772 | - | - | - | 2,940 | 675 | |||||||||||||||||||||||||||||||||||||||||||||||||
| - NGL | - | - | 99 | - | - | - | 390 | 96 | |||||||||||||||||||||||||||||||||||||||||||||||||
| - Natural Gas | - | - | 87 | - | - | - | 361 | 84 | |||||||||||||||||||||||||||||||||||||||||||||||||
| - Midstream and Marketing | - | - | 96 | 96 | - | - | 413 | 138 | |||||||||||||||||||||||||||||||||||||||||||||||||
| - Chemical | - | - | 70 | 70 | - | - | 292 | 73 | |||||||||||||||||||||||||||||||||||||||||||||||||
| International | 1,168 | 4,488 | 1,124 | 1,115 | 1,091 | 1,066 | 4,396 | 1,067 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Middle East/North Africa | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Latin America | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Oman | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Qatar | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Colombia | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| United Arab Emirates | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other Foreign | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Eliminations | -116 | (899) | (225) | (208) | (210) | -222 | (865) | ($271) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total Revenue | 7,338 | 28,325 | 6,731 | 6,802 | 7,020 | 6,86 | 27,413 | 6,911 | |||||||||||||||||||||||||||||||||||||||||||||||||
| KPIs - Metric (Unit, Scale) | FY 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | FY 2015 | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | FY 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | FY 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
| Average daily sales volumes of Oil in the United States (Mbbl per day) | - | 534 | 487 | 553 | 611 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average daily sales volumes of Oil in International operations (Mbbl per day) | - | 106 | 109 | 104 | 100 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average daily sales volumes of NGL in the United States (Mbbl per day) | - | 248 | 242 | 249 | 307 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average daily sales volumes of NGL in International operations (Mbbl per day) | - | 34 | 38 | 39 | 37 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average daily sales volumes of Natural Gas in the United States (MMcf per day) | - | 1,309 | 1,284 | 1,371 | 1,608 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average daily sales volumes of Natural Gas in International operations (MMcf per day) | - | 489 | 511 | 518 | 525 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total average daily sales volumes (oil, NGL, and gas combined) (Mboe per day) | - | 1,222 | 1,175 | 1,260 | 1,411 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average realized price of Oil in the United States ($/Bbl) | - | 76.42 | 75.54 | 79.79 | 74.81 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average realized price of Oil in International operations ($/Bbl) | - | 79.03 | 78.29 | 80.40 | 78.54 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average realized price of Oil worldwide ($/Bbl) | - | 76.85 | 76.04 | 79.89 | 75.33 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average realized price of NGL in the United States ($/Bbl) | - | 20.19 | 21.17 | 20.19 | 19.50 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average realized price of NGL in International operations ($/Bbl) | - | 29.35 | 28.33 | 28.11 | 28.48 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average realized price of NGL worldwide ($/Bbl) | - | 21.32 | 22.14 | 21.23 | 20.47 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average realized price of Natural Gas in the United States ($/Mcf) | - | 2.04 | 1.61 | 0.54 | 0.40 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average realized price of Natural Gas in International operations ($/Mcf) | - | 1.88 | 1.87 | 1.91 | 1.90 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average realized price of Natural Gas worldwide ($/Mcf) | - | 2.00 | 1.68 | 0.92 | 0.76 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average index price of WTI oil ($/Bbl) | - | 77.64 | 76.96 | 80.56 | 75.09 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average index price of Brent oil ($/Bbl) | - | 82.80 | 81.83 | 84.95 | 78.41 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average index price of NYMEX natural gas ($/Mcf) | - | 2.94 | 2.35 | 1.99 | 2.37 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Worldwide oil as a percentage of average WTI (percentage) | - | 99 | 99 | 99 | 100 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Worldwide oil as a percentage of average Brent (percentage) | - | 93% | 93% | 94% | 96% | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Worldwide NGL as a percentage of average WTI (percentage) | - | 27% | 29% | 26% | 27% | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Domestic natural gas as a percentage of average NYMEX (percentage) | - | 69% | 68% | 27% | 17% | - | - | - |
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Vicki Hollub ExecutiveBoard | President and Chief Executive Officer | Board member at Lockheed Martin; Chair of the World Economic Forum’s Oil and Gas Community; Member of the Oil and Gas Climate Initiative; Board member of the American Petroleum Institute. | Joined OXY over 40 years ago; became CEO in April 2016; led OXY to record financial performance, including $12.5 billion net income in 2022; spearheaded low-carbon initiatives. | View Report → |
Christopher O. Champion Executive | Vice President, Chief Accounting Officer, and Controller | None | Joined OXY in August 2019; previously held senior roles at Anadarko Petroleum, including Chief Accounting Officer; oversees accounting and financial reporting. | |
Jeff F. Simmons Executive | Senior Vice President and Chief Petrotechnical Officer | None | Joined OXY over 23 years ago; leads technical excellence programs and exploration efforts; increased Gulf of Mexico leasehold by 70% since 2021. | |
Kenneth Dillon Executive | Senior Vice President and President, International Oil and Gas Operations | None | Joined OXY over 30 years ago; oversees operations in the Middle East, North Africa, South America, and the Gulf of Mexico; led major projects like Al Hosn expansion and Gulf of Mexico developments. | |
Richard A. Jackson Executive | Senior Vice President and President, U.S. Onshore Resources and Carbon Management, Operations | None | Joined OXY over 19 years ago; leads U.S. onshore operations and carbon management; advanced Direct Air Capture (DAC) technology and achieved zero routine flaring in U.S. operations. | |
Sunil Mathew Executive | Senior Vice President and Chief Financial Officer | None | Joined OXY in 2004; became CFO in August 2023; previously led strategic planning and business development; instrumental in $10 billion divestiture program and CrownRock acquisition. | |
Sylvia J. Kerrigan Executive | Senior Vice President and Chief Legal Officer | None | Joined OXY in October 2022; previously EVP and General Counsel at Marathon Oil; focuses on legal and corporate governance. | |
Andrew Gould Board | Director | Partner at CSL Capital Management; Chairman of Kayrros Advisory Board and BJ Energy Services; Director at McDermott International. | Former CEO of Schlumberger; joined OXY's board in 2020; provides expertise in energy services and corporate strategy. | |
Avedick B. Poladian Board | Director | Director at Public Storage and Western Asset Management; Trustee at YMCA of Metropolitan Los Angeles. | Former COO of Lowe Enterprises; joined OXY's board in 2008; chairs Governance Committee. | |
Carlos M. Gutierrez Board | Director | Co-Founder and CEO of EmPath, Inc.; Director at PwC U.S.; Member of George W. Bush Institute Human Freedom Advisory Council. | Former U.S. Secretary of Commerce; joined OXY's board in 2009; brings global business and policy expertise. | |
Claire O’Neill Board | Director | Co-Chair of Global Imperatives Advisory Board at WBCSD; Chair of International Advisory Council at Climate Impact X. | Former UK Minister of State for Energy and Clean Growth; joined OXY's board in 2023; focuses on sustainability and energy transition. | |
Jack B. Moore Board | Independent Chairman of the Board | Director at KBR Inc. and ProPetro Holding Corp.; Partner at Genesis Investments; Board member at University of Houston System. | Former CEO of Cameron International; became Independent Chairman of OXY in 2022; oversees governance and strategic initiatives, including low-carbon strategies. | |
Kenneth B. Robinson Board | Director | Director at Abercrombie & Fitch, Paylocity, and Morgan Stanley U.S. Banks; Trustee at IFRS Foundation. | Former SVP at Exelon Corporation; joined OXY's board in 2023; brings expertise in finance, risk management, and compliance. | |
Robert M. Shearer Board | Director | None | Former Managing Director at BlackRock; joined OXY's board in 2019; chairs Audit Committee. | |
Vicky A. Bailey Board | Director | Director at Equitrans Midstream Corporation and PNM Resources; Chair of United States Energy Association; Trustee at Resources for the Future. | Former Assistant Secretary at U.S. Department of Energy; joined OXY's board in 2022; brings extensive energy policy and governance expertise. | |
William R. Klesse Board | Director | Trustee at University of Dayton and Texas Biomedical Research Institute; Advisory Board member at San Antonio Food Bank. | Former CEO of Valero Energy; joined OXY's board in 2013; chairs Environmental, Health, and Safety Committee. |
-
Given the current volatility in oil prices and a macro environment where oil demand may not increase significantly, how do you justify maintaining or increasing capital expenditure in your U.S. onshore portfolio, particularly with the integration of CrownRock assets?
-
Can you provide more details on your deleveraging strategy, specifically how you plan to achieve your medium-term principal debt target of $15 billion while also investing heavily in projects like STRATOS and the OxyChem expansion?
-
With the increased capital budget of approximately $900 million in 2025 for OxyChem, up from $200 million this year, what assurances can you offer that the expected $325 million uplift in earnings will materialize, especially given potential market uncertainties?
-
The integration of CrownRock assets is expected to bring synergies and operational efficiencies; can you quantify these synergies and explain how they will impact your cost structure and production targets in the near term?
-
Considering the substantial investment in your Direct Air Capture (DAC) projects like STRATOS, can you elaborate on the risks associated with the technological advancements and the phased construction approach, and how these might affect your timelines and returns?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
CrownRock, L.P. | 2024 | Occidental’s acquisition of CrownRock, L.P. closed on August 1, 2024 for a total consideration of approximately $12.4 billion—comprised of $9.4 billion in cash, 29.6 million shares of common stock, and the assumption of $1.2 billion in debt. The deal was financed with $9.7 billion of new debt (including senior notes and term loans) and strategically strengthens its oil and gas portfolio in the Permian Basin, with additional options for Ecopetrol. |
Carbon Engineering Ltd. | 2023 | Occidental acquired the remaining 67.83% interest in Carbon Engineering Ltd. for approximately $1.1 billion in a deal structured with three roughly equal annual payments—the first of $355 million made on November 3, 2023—resulting in a wholly owned subsidiary and reflecting a business combination accounted for using the acquisition method. |
Anadarko Petroleum Corporation | 2019 | Although referenced as a 2022 item, the acquisition was actually completed on August 8, 2019 through a merger of a wholly owned subsidiary with Anadarko. This move significantly expanded Occidental’s portfolio across the Permian Basin, DJ Basin, Gulf of Mexico, and Algeria, while also including an interest in Western Midstream Partners, L.P. |
Recent press releases and 8-K filings for OXY.
- Occidental Petroleum delivered strong Q1 2025 results with $3.0B operating cash flow and $1.2B free cash flow, with production aligning with guidance .
- Significant debt reduction advanced deleveraging by repaying $2.3B year-to-date as part of $6.8B over 10 months, retiring all 2025 maturities except $284MM due in the near term .
- Operational efficiencies included reducing well costs by over 10% in the Permian and improving drilling efficiency in the Delaware Basin that enabled reducing 2 rigs .
- Strategic developments feature advanced negotiations for a 15-year Block 53 contract extension in Oman and progress in low-carbon initiatives (STRATOS) .
- Company production reached 1,391 Mboed .
- Net income of $766 million and diluted EPS of $0.77; adjusted income reached $860 million with EPS of $0.87, highlighting solid financial performance.
- Closed asset sales of $1.3 billion and repaid $2.3 billion in debt year-to-date, underscoring ongoing debt reduction efforts.
- Delivered strong operating cash flow of $2.1 billion and generated $1.2 billion in free cash flow before working capital, driven by operational efficiencies.
- Achieved average production of 1,391 Mboed with midstream and marketing pre-tax results surpassing guidance by $127 million, and OxyChem exceeding guidance with $215 million pre-tax adjusted income.
- Occidental Petroleum Corporation held its 2025 Annual Meeting of Shareholders on May 2, 2025, addressing key proposals through proxy voting.
- Key proposals approved included the election of 10 board nominees, an advisory vote on executive compensation, the ratification of KPMG as independent auditor, and approval of the Amended and Restated 2015 Long-Term Incentive Plan.
- Management outlined preliminary factors expected to impact Q1 2025 results, including adjustments yet to be finalized.
- The report states average diluted shares outstanding for Q1 2025 were 982.9 million shares.
- Detailed information on realized prices for oil, natural gas liquids, and natural gas—including both domestic and international figures—is provided for the quarter.