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 .
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| 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. |
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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?
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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?
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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?
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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?
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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?
Research analysts who have asked questions during OCCIDENTAL PETROLEUM CORP /DE/ earnings calls.
Neil Mehta
Goldman Sachs
6 questions for OXY
Paul Cheng
Scotiabank
5 questions for OXY
Arun Jayaram
JPMorgan Chase & Co.
4 questions for OXY
Leo Mariani
ROTH MKM
4 questions for OXY
Doug Leggate
Wolfe Research
3 questions for OXY
Betty Jiang
Barclays
2 questions for OXY
Douglas George Blyth Leggate
Wolfe Research
2 questions for OXY
James West
Evercore ISI
2 questions for OXY
Marron Guillermo Martin
JPMorgan Chase & Co.
2 questions for OXY
Matt Portillo
TPH
2 questions for OXY
Neal Dingmann
Truist Securities
2 questions for OXY
Roger Read
Wells Fargo & Company
2 questions for OXY
Scott Gruber
Citigroup
2 questions for OXY
Devin Mcdermott
Morgan Stanley
1 question for OXY
Jean Ann Salisbury
Bank of America
1 question for OXY
John Abbott
Wolfe Research
1 question for OXY
Kevin MacCurdy
Pickering Energy Partners
1 question for OXY
Matthew Portillo
Tudor, Pickering, Holt & Co.
1 question for OXY
Neal Dingnann
William Blair
1 question for OXY
Nitin Kumar
Mizuho Securities USA
1 question for OXY
Paul Chang
Scotiabank
1 question for OXY
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 agreed to sell OxyChem, generating $8 billion in net proceeds, of which $6.5 billion will be used to reduce debt toward a sub-$15 billion principal target and cut annual interest expense by over $350 million.
- In Q3 2025, the company produced 1.47 million BOE/day (including a record 800 K BOE/day in the Permian), drove $3.2 billion of operating cash flow and $1.5 billion of free cash flow before working capital.
- Reported earnings were $0.65 per diluted share; the company repaid $1.3 billion of debt in the quarter (YTD $3.6 billion), lowering principal debt to $20.8 billion.
- Q4 production guidance was raised to 1.46 million BOE/day, full-year midstream and marketing income is expected to be ~$400 million above prior guidance, and OxyChem will be classified as discontinued operations starting Q4.
- Since 2023, Occidental has realized $2 billion in annualized U.S. onshore cost savings, cut 2025 capex by $300 million and opex by $170 million, and added 2.5 billion BOE of Permian resources (now 70% of its 16.5 billion BOE portfolio).
- Occidental agreed to sell OxyChem, generating $8 billion net proceeds, of which $6.5 billion will reduce debt to a target below $15 billion, strengthening the balance sheet.
- Q3 operating cash flow was $3.2 billion and free cash flow before working capital $1.5 billion; the company repaid $1.3 billion of debt, bringing year-to-date repayments to $3.6 billion and reducing total debt to $20.8 billion.
- Full-year 2025 guidance was raised with Q4 production now expected at 1.46 million BOE/d, and midstream pre-tax income forecast $400 million above original guidance.
- 2026 capital expenditures are planned at $6.3 – $6.7 billion, with up to $400 million flexibly allocated to short-cycle Permian projects to preserve optionality.
- Since 2015, total resources have more than doubled to 16.5 billion BOE, driven by Permian expansion and unconventional EOR development.
- Announced sale of OxyChem yielding $8 billion in net proceeds, with $6.5 billion earmarked for debt reduction to reach a principal debt target below $15 billion.
- Generated $3.2 billion in operating cash flow and $1.5 billion in free cash flow before working capital, delivering $0.65 of profit per diluted share.
- Domestic production exceeded guidance, lease operating expense dropped to $8.11 per BOE (the lowest since 2021), and realized $2 billion in annualized cost savings since 2023.
- Upgraded Q4 production guidance to a midpoint of 1.46 million BOE/d and expect midstream & marketing pre-tax income to be $400 million above original guidance.
- Adjusted EPS of $0.64 and net income of $661 million in Q3 2025, surpassing Wall Street expectations
- Production of 1.465 million barrels of oil equivalent per day, exceeding guidance across Permian, Rockies and international segments
- Operating cash flow of $2.8 billion and free cash flow of $1.5 billion before working capital in the quarter
- Sale of OxyChem to Berkshire Hathaway for $9.7 billion and $1.3 billion of debt repaid, bringing total principal debt to $20.8 billion
- Average realized oil price rose to $64.78 per barrel (+2% QoQ) and natural gas to $1.48 per Mcf (+11% QoQ)
- Net income attributable to common stockholders was $661 million, or $0.65 per diluted share, with adjusted EPS of $0.64.
- Operating cash flow reached $2.8 billion, and free cash flow before working capital was $1.5 billion (capital spending of $1.8 billion and $39 million from noncontrolling interest).
- Total average production of 1,465 Mboe/d exceeded the high end of guidance.
- The company repaid $1.3 billion of debt, reducing its principal balance to $20.8 billion.
- Record segment performance: Land and Resource Management revenues of $122.3 million, Water Services and Operations revenues of $80.8 million, and oil and gas royalty production of 36.3 thousand Boe/day drove consolidated net income of $121.2 million ($5.27 diluted) in Q3 2025.
- Strong cash generation: Adjusted EBITDA of $173.6 million and free cash flow of $122.9 million in the quarter.
- Strategic acquisitions: Executed purchase agreement for 17,306 net royalty acres and acquired 8,147 surface acres in the Permian Basin for a combined $505 million in cash.
- Balance sheet enhancement: Completed a new $500 million revolving credit facility on October 23, 2025, and paid a $1.60 per share quarterly dividend on September 16, 2025.
- Corporate action approved: Board authorized a three-for-one stock split, subject to final determination of the effective date.
- Net production averaged 65,500 boepd, up 3% QoQ, with sales of ~59,900 boepd; 6.8 gross LNG cargos lifted from the GTA project in Q3 2025.
- Revenues were $311 million ($56.39/boe); the Company posted a net loss of $124 million (–$0.26 per diluted share) and an adjusted net loss of $72 million (–$0.15 per diluted share).
- Production expense totaled $148 million ($19.51/boe), down 39% QoQ; capital expenditures were $67 million, and full-year capex is now expected to be < $350 million (over 60% lower YoY).
- Entered a senior secured term loan facility with Shell for up to $250 million, funding the first $150 million tranche post-quarter to partially redeem 2026 notes; reserve-based lending facility re-determined with a borrowing base > $1.35 billion.
- First producer well of the 2025/26 Jubilee drilling campaign came online in July, contributing ~10,000 bopd on average during the quarter.
- Occidental Petroleum released preliminary earnings considerations for Q3 2025, noting estimates are subject to change upon finalization of its financial reporting process.
- Average diluted shares outstanding for the quarter were 1,003.1 million, forming the basis for EPS calculations.
- Q3 2025 average realized prices were $64.78/Bbl for oil, $19.60/Bbl for NGL and $1.57/Mcf for natural gas, compared to index prices of $64.93/Bbl WTI, $68.14/Bbl Brent and $3.28/Mcf NYMEX gas.
- Occidental Petroleum subsidiaries entered into a Purchase and Sale Agreement with Berkshire Hathaway on October 1, 2025 to sell its chemical business, OxyChem, for $9.7 billion in an all-cash transaction, subject to customary cash, debt and working capital adjustments.
- The transaction requires HSR Act clearance, FERC authorization and other regulatory approvals, with a closing scheduled by March 30, 2026 (plus a potential 90-day extension).
- At closing, the parties will execute a Transition Services Agreement, a Remediation Management Agreement and Occidental will provide a Guaranty to support indemnification obligations.
- Occidental will indemnify Berkshire Hathaway for pre-closing liabilities and inaccuracies in representations, while ERH retains and indemnifies for environmental liabilities related to legacy sites.
- Occidental Petroleum will sell its chemical business, OxyChem, to Berkshire Hathaway for $9.7 billion in cash, with the transaction expected to close in Q4 2025 pending regulatory approvals.
- Proceeds will include $6.5 billion for immediate debt reduction toward its sub-$15 billion target and $1.5 billion (after tax) to bolster the balance sheet, driving > $350 million in annual interest savings.
- The transaction enables a renewed focus on Occidental’s core oil and gas portfolio, accelerating low-cost resource development, cost efficiencies, and advanced recovery technologies to boost free cash flow growth.
- Occidental plans to enhance shareholder returns through a sustainable dividend, an opportunistic multi-year share repurchase program, and future preferred equity redemption.