What happened with OXY today?
No read yet
Uses news and trading volume to explain the day’s move and how it relates to the market.
Stop guessing. Get the call, a three-month target price, the best and worst cases, and a source for every claim.
Occidental Petroleum develops oil and gas fields mainly in the United States, the Middle East and North Africa. Its marketing group sells substantially all its production to customers, with crude oil supplying most revenue and natural gas liquids and natural gas contributing smaller shares. Its U.S. operations include the Permian and DJ Basins. The company has sold its former chemicals business, OxyChem, to Berkshire Hathaway.
Its smaller midstream and marketing business helps move production to buyers by gathering, processing, transporting and storing oil and gas. It also serves third parties and buys nearby producers’ output for resale, earning service income and margins from processing, transportation and marketing.
Occidental’s earnings depend chiefly on oil prices and its ability to sustain production as reservoirs decline. Continued production requires investment in developing fields or acquiring reserves, while drilling permits and environmental rules constrain where and how it can operate.
Oxy Low Carbon Ventures develops projects to capture and store carbon dioxide, including the STRATOS project to remove it directly from the air. This developing business depends on demand for carbon-removal credits, commercial-scale technology and government incentives.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Occidental’s results depend chiefly on oil prices and the cost of Permian production, where Chevron is another important competitor to watch beyond this list.
Diamondback Energy and Occidental both develop and sell oil and gas from substantial Permian acreage, including the Midland and Delaware basins, exposing them to the same oil prices and horizontal-well costs. Watch Diamondback’s production costs for a comparison with Occidental’s Permian efficiency gains.
Devon Energy and Occidental share oil-price exposure through oil and associated gas production in the Permian and overlapping U.S. onshore operations. Devon sells most production to third parties at market-sensitive prices; its Delaware Basin drilling results offer a comparison for Occidental’s Permian development economics.
EOG Resources and Occidental face the same oil and gas price pressures because both produce and sell crude oil, natural gas liquids and gas in overlapping U.S. regions. EOG’s focus on low-cost reserves and efficient drilling makes its production and development costs useful comparisons for Occidental.
ConocoPhillips and Occidental both earn money producing and selling crude oil, gas and natural gas liquids in U.S. and international markets, so global oil prices affect both. Watch ConocoPhillips’ realized crude prices: its sales contracts largely follow market indices, with adjustments for location, quality and transport.
Permian Resources and Occidental both produce oil and associated gas in West Texas and New Mexico, sharing exposure to Permian prices, production costs and capacity to move output to buyers. Permian Resources generally sells oil, natural gas liquids and gas at prevailing market prices, making its sales prices a regional comparison for Occidental.
Occidental pays Western Midstream Partners to collect and process its oil and gas production and also owns a stake accounted for under the equity method. Watch the volumes Western Midstream handles in the Delaware and DJ basins and its service-fee revenue from producers, including Occidental.
Ovintiv and Occidental develop Permian acreage and sell oil, natural gas liquids and gas into the same markets, tying both to oil prices and drilling economics. Ovintiv’s Permian efficiency gains offer a comparison, though its Canadian Montney operations also shape its overall results.
ExxonMobil and Occidental compete in producing and selling oil and gas in the Permian, sharing exposure to oil prices and development costs. Compare ExxonMobil’s oil and gas production business rather than its overall results, which also include large businesses selling petroleum products and chemicals.
APA and Occidental both combine substantial Permian oil and gas production with international operations, exposing their product sales to oil prices and development economics at home and abroad. APA’s drilling and well-completion costs are worth comparing: the Permian is its largest source of production and cash flow.
Matador Resources and Occidental both develop oil- and liquids-rich production in the Delaware Basin and use oil and gas collection, processing and transport operations to support sales. Watch Matador’s gas-processing capacity alongside its drilling activity: it devoted most of its 2025 capital spending to Delaware drilling, well completions and that supporting infrastructure.
SM Energy and Occidental both run oil-heavy U.S. production businesses with Permian exposure, so oil prices and Midland drilling costs matter to both. Oil supplied 82% of SM Energy’s production revenue in 2025, making its oil sales a more relevant comparison than its total revenue growth, which mainly reflected a full year of acquired Uinta production.
Shell’s deep-water oil and gas production offers a comparison for Occidental’s offshore business, while both sell crude oil and gas exposed to global prices. Watch Shell’s deep-water cash flow and margins rather than its whole-company results, which also include LNG, chemicals and other businesses.
Ecopetrol’s Permian oil and gas development depends on its partnership with Occidental in the Midland and Delaware basins, making their joint drilling plans directly relevant to Occidental. Watch execution of the extended Midland plan for 39 development wells from July 2026 through July 2027, with estimated investment of $235 million.
ProPetro depends in part on Occidental’s spending to prepare Permian wells for production, supplying hydraulic fracturing and complementary services. Occidental generated 13.7% of ProPetro’s 2025 revenue, making work for that customer a concrete signal to watch for Occidental’s well-completion activity.
Liberty Energy depends in part on Occidental’s spending to get onshore wells ready to produce, providing services including hydraulic fracturing and sand delivery. Occidental accounted for more than 10% of Liberty’s revenue in both 2024 and 2025, so watch its work for Occidental rather than treating all customer activity as a signal for the target.
Liberty Energy Inc. earningsLBRT
Liberty Energy’s report can show whether Occidental’s onshore well-completion work is continuing through the fracturing and sand services Liberty provides.
Look for whether Liberty’s work or related revenue from Occidental is steady or rising; if it falls, separate that from changes in Liberty’s business overall. Steady or greater work for Occidental would indicate its well-completion activity is continuing. Less would point to a possible slowdown in that activity, but Liberty’s total results alone cannot establish Occidental’s production trend.
EIA Crude Oil Stocks Change (Oct/16)
Occidental sells oil whose price typically follows market indexes, so the EIA’s weekly count of US crude oil and gasoline in storage can affect the prices it receives and the revenue from its oil sales.
Read the inventory direction as a signal of supply: rising crude and gasoline stocks suggest looser supply that may weigh on oil prices and Occidental’s oil revenue, while falling stocks suggest tighter supply that may support them.
Diamondback Energy, Inc. earningsFANG
Diamondback Energy’s report offers a Permian comparison of production costs and output, showing the development-cost and efficiency pressures Occidental’s competitor faces in the same basins.
Read Diamondback’s production costs alongside its output. If output holds while costs stay controlled, its development efficiency sets a firm comparison for Occidental in the same region. If costs rise without a corresponding improvement in output, its development economics are under pressure. The companies have different asset and product mixes, so this is not a substitute for Occidental’s own cost figures.
Western Midstream Partners, LP earningsWES
Western Midstream Partners’ report will show volumes handled and service revenue in the Delaware and DJ basins, giving Occidental a read on activity through infrastructure it uses.
Compare Western Midstream’s handled volumes in the Delaware and DJ basins with its service revenue. Both rising would usually point to more activity through its systems, not necessarily higher fees per unit; falling volumes could mean less production or movement through those systems. Occidental is one customer among others, so the figures do not isolate its activity.
Permian Resources Corporation earningsPR
Permian Resources’ report provides a regional price comparison for Occidental by showing the sales prices another producer receives for oil, natural gas liquids and gas in West Texas and New Mexico.
Watch whether Permian Resources’ realized prices for oil, natural gas liquids and gas strengthen or weaken with regional markets. Stronger prices would support the pricing backdrop for Occidental’s Permian production; weaker prices would pressure sales revenue in the region. The companies differ in location, product mix and transport, so this is a regional reference—not a substitute for Occidental’s own realized prices.
Occidental Petroleum Corporation earningsThis company
Occidental earns mainly by selling oil and gas, and this report will show how prices, production and operating costs combine to shape its cash generation.
Read realized oil prices, production and lease operating expense per barrel of oil equivalent together, then check cash flow from continuing operations. Stronger prices or production, controlled unit costs and higher cash flow would show the core business is generating funds for operations and debt reduction. If prices or production weaken, unit costs rise and cash flow falls, Occidental has less room to fund operations and reduce debt.
Ecopetrol S.A earningsEC
Ecopetrol’s report can show whether the Midland Basin drilling plan it shares with Occidental is advancing as planned.
Look for Ecopetrol’s account of drilling progress and investment under the shared development plan. Wells advancing on schedule would show the partnership is carrying out its planned work with Occidental. Delays or a smaller program would mean slower activity in that project, but would not establish Occidental’s overall production trend.
