Occidental Petroleum Corp.
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+ FollowMarket Cap$57.15B
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Earnings Call Q2 2026
August 6, 2026 - AI Summary
Strong Q2 execution + cash flow delivered
- Production 1.43 MM BOE/day, exceeding the midpoint of guidance by 23k BOE/day.
- Adjusted EPS $2.40; reported EPS $2.75 (difference driven by marketing/crude hedges mark-to-market and equity investment dilution gains).
- Generated ~$3B free cash flow in the quarter (highest since Q3 2022), driven by strong ops, cost discipline, and higher commodity prices.
- Ended quarter with ~$4.2B unrestricted cash (financial flexibility).
Dividend increased; clear capital allocation priorities
- Quarterly dividend raised 8% to $0.28/share, supported by balance sheet progress and cash flow durability.
- Capital priorities emphasized as: (1) sustainable dividend + (2) deleveraging, with share repurchases opportunistic.
- Communication from management: continuous/large buybacks are lower priority until the preferred equity redemption in Aug 2029.
Key forecast: ~$4B annual sustainable cash flow improvement by 2030
- Plan targets +$4B annual sustainable cash flow by 2030 vs 2025 (~95% annualized growth).
- Management claims no required production growth for baseline delivery; ~85% of the improvement expected even at lower oil prices (durability via structural changes, not just commodity tailwinds).
- Expected attribution/milestones:
- > $1.2B of free cash flow improvement in 2026 (vs 2025), with ongoing execution already “in flight”.
- ~$900M lower sustaining capital by 2030 via capital efficiency + reduced decline rate (decline rate target ~25% → ~20% by 2030).
- Corporate savings from deleveraging: interest run-rate improvements and expected principal debt milestone (principal debt to $10B, with interest expense guidance roughly $740M lower vs 2025 once fully realized).
- Low Carbon Ventures (LCV) capital roll-off: ~$400M fully rolls off starting next year as Stratos moves from development to operations.
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$84.47
47.4% upside
Current Fair Value
47.4% upsideUndervalued by 47.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $57.15 Billion |
|---|---|
| Enterprise Value | $53.00 Billion |
| Annual dividend | $1.04 |
| Dividend yield | 1.63% |
| Earnings per Share | $1.69 |
| Beta | 0.16 |
| Outstanding Shares | 997,100,000 |
Return
| Return on Equity | NaN% |
|---|---|
| Return on Assets | 9.03% |
| Return on Invested Capital | 7.34% |
Valuation & Multiples
| P/E Ratio | 9.62 |
|---|---|
| PEG | 1.63 |
| Price to Sales | 2.29 |
| Price to Book Ratio | 0.72 |
| Enterprise Value to Revenue | 2.1 |
| Enterprise Value to EBIT | 8.99 |
| Enterprise Value to Net Income | 7 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | - |
Revenue Sources
No data
Last Earnings Call
Report Date
August 5, 2026
EPS Estimate
$1.83
Consensus analyst estimateRevenue Estimate
$7.07 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 9, 2026
EPS Estimate
$1.45
Consensus analyst estimateRevenue Estimate
$6.80 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.86, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.8560▲ 21.21% |
|---|---|
| Total Calls | 29,672▼ 99.91% |
| Total Puts | 25,400▼ 99.87% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.43%▼ 83.62% |
|---|---|
| Total Invested | $1.34B▼ 96.72% |
| Investors Holding | 484▼ 841.00% |
About Occidental Petroleum Corp.
11,800 employees
CEO: Vicki Hollub
Occidental Petroleum Corporation, along with its affiliated companies, is engaged in the acquisition, exploration, and development of petroleum and natural gas resources across the United States, the Middle East, Africa, and Latin Americ...