Occidental Petroleum Corp.
OXY - Insider Information
Get informed when a big investor buys or sells
+ FollowMarket Cap$59.05B
Close$
Earnings Call Q3 2026
November 10, 2026 - AI Summary
Strong Q3 execution + cash generation
- Production: 1.43 million BOE/day, ~7,000 BOE/day above the midpoint of guidance (overall guidance beat).
- Financials: Adjusted earnings $1.91/share vs reported earnings $1.61/share (difference driven mainly by mark-to-market losses on marketing/crude hedges).
- Cash flow: Generated ~$2.8B free cash flow in the quarter.
- Segment highlight: Midstream adjusted pretax income >$300M, helped by stronger sulfur pricing and sales volumes (Al Hosn) and improved marketing margins (timing offsets mark-to-market).
Balance sheet milestone achieved; $6B principal debt target sets up future capital returns
- $10B principal debt milestone reached in Q3; Oxy repaid $1.8B of principal debt in the quarter, $10.4B year-to-date, ending with $3.9B unrestricted cash.
- CFO framed the new $6B principal debt milestone as a leverage target: roughly debt-to-EBITDA ≈ 1 at ~50 WTI, intended to be maintained long-term; at that level, balance sheet strength is described as “strongest in a decade.”
- 2027 trajectory expectation: management wouldn’t pin an exact month, but indicated there is opportunity to make meaningful progress toward $6B in 2027 (mid-cycle / even current strip), potentially net cash position in 2027.
- Capital return plan: after preferred redemption (Aug 2029) they expect opportunistic share repurchases; until then, they’ll remain more limited/“opportunistic.”
Guidance + 4Q expectations: Gulf of Mexico constraints are the main near-term headwind
- Q4 production guidance: 1.43–1.47 million BOE/day.
- Key reason for Q4 variability: GOA curtailments from a third-party gas pipeline constraint extended into Q4, plus hurricane impact in early October; management noted production fully restored by late October.
- Full-year 2026 adjusted pretax income: $2B expected (based on strong Q3 and improved Q4 guidance).
- Capex: Q4 ~$1.3B; full-year 2026 capex held within original guidance range.
- Cost guidance nuance: Domestic LOE expected to increase in Q4 due to higher CO2 costs and more short-cycle high-return workovers.
Exclusive for Stockcircle Pro members
Sign up
$87.26
48.5% upside
Current Fair Value
48.5% upsideUndervalued by 48.5% based on the discounted cash flow analysis.
Insider Trades
Loading insider trades…
Congress Trades
Loading congress trades…
Share Statistics
| Market cap | $59.05 Billion |
|---|---|
| Enterprise Value | $67.00 Billion |
| Annual dividend | $1.04 |
| Dividend yield | 1.77% |
| Earnings per Share | $1.69 |
| Beta | 0.17 |
| Outstanding Shares | 1,001,100,000 |
Return
| Return on Equity | 19.07% |
|---|---|
| Return on Assets | 10.31% |
| Return on Invested Capital | 9.65% |
Valuation & Multiples
| P/E Ratio | 7.72 |
|---|---|
| PEG | 6.56 |
| Price to Sales | 2.35 |
| Price to Book Ratio | 1.37 |
| Enterprise Value to Revenue | 2.64 |
| Enterprise Value to EBIT | 9.66 |
| Enterprise Value to Net Income | 8 |
| Total Debt to Enterprise | 0.18 |
| Debt to Equity | 0.27 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 9, 2026
EPS
$1.91
Est. $1.46Revenue
$6.77 B
Est. $6.82 BNext Earnings Call
Expected Date
February 17, 2027
EPS Estimate
$2.00
Consensus analyst estimateRevenue Estimate
$7.54 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.43, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.4303▼ 21.36% |
|---|---|
| Total Calls | 12,907,091▼ 58.83% |
| Total Puts | 5,554,393▼ 72.48% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 46.82%▼ 39.23% |
|---|---|
| Total Invested | $25.84B▼ 36.66% |
| Investors Holding | 1,132▼ 197.00% |
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...