Occidental Petroleum
OXY NYSE Oil & Gas Exploration & Production Financials FY2016–FY2025
Occidental Petroleum's revenue fell 1.9% to $21.6 billion in fiscal 2025. Its net margin was 11.0%, down from 14.0% a year earlier. Free cash flow was $4.1 billion, down 20.7%. It paid out $1.6 billion in dividends and buybacks, 39% of free cash flow. The diluted share count rose 3.4%.
About these figures. Occidental's 2025 filing no longer tags a total cost of sales, so gross profit and gross margin for 2025 are left blank. Shareholders' equity includes the small share of minority owners, because the SEC's structured data holds a wrong figure for Occidental's own equity in 2017.
What Occidental Petroleum does
Occidental, known as Oxy, is an energy company that finds and produces oil, natural gas and natural gas liquids. Its assets are mostly in the United States, the Middle East and North Africa. It says it is among the largest oil and gas producers in the United States, with positions in the Permian and DJ Basins and the offshore Gulf of America, and that it is the largest independent oil producer in Oman.
Its business has two reportable segments, oil and gas, and midstream and marketing. The midstream and marketing segment moves and sells the company's oil and gas and tries to get the best value from them. A subsidiary in that segment, Oxy Low Carbon Ventures, works on carbon-related technologies such as direct air capture, carbon sequestration and lithium development.
In October 2025 Occidental agreed to sell its chemical business, OxyChem, to Berkshire Hathaway in an all-cash deal for $9.7 billion. The sale closed on January 2, 2026. OxyChem is now reported as discontinued operations, so the chemical business is no longer one of its segments. Its profits move with the prices of oil, natural gas and related products.
- Legal name
- OCCIDENTAL PETROLEUM CORPORATION
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 18, 2026
- Accession · CIK
- 0001628280-26-009059
0000797468
Revenue and margins
Occidental Petroleum had $21.6B of revenue in fiscal 2025, down 1.9% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $4.1B in fiscal 2025, 19.0% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Occidental Petroleum returned $1.6B to shareholders in fiscal 2025, 39% of free cash flow. The diluted share count rose 3.4%.
Value Occidental Petroleum yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$20.4B and divides by 1,000.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 9.9x · peers 12.7x · sector 17.4x.
Balance sheet
Cash, debt and the ratios that show how comfortably Occidental Petroleum can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.8B | $984M | $1.4B | $2.1B | $2.0B |
| Debt incl. finance leases | $29.6B | $19.8B | $19.7B | $26.1B | $22.4B |
| Net debt / EBITDA | 2.0x | 0.9x | 1.5x | 2.0x | 1.7x |
| Debt / equity | 1.5x | 0.7x | 0.7x | 0.8x | 0.6x |
| Interest coverage | 3.3x | 14.7x | 5.9x | 4.4x | 3.9x |
| Current ratio | 1.2x | 1.2x | 0.9x | 1.0x | 0.9x |
| Quick ratio | 1.0x | 0.9x | 0.7x | 0.8x | 0.7x |
| Total assets | $75.0B | $72.6B | $74.0B | $85.4B | $84.2B |
| Total liabilities | $54.7B | $42.5B | $43.7B | $51.0B | $47.6B |
| Shareholders' equity | $20.3B | $30.1B | $30.3B | $34.5B | $36.6B |
| Net debt (− = net cash) | $26.9B | $18.9B | $18.3B | $24.0B | $20.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.4M
2 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✓ |
| Current ratio rose | ✕ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✕ | ✕ |
| Gross margin rose | ✕ | ✕ | — |
| Revenue rose relative to assets | ✕ | ✕ | ✕ |
| F-score | 5 / 9 | 4 / 9 | 4 / 8 |
| Accruals ratio | −10.4% | −10.5% | −9.6% |
| Altman Z'' | 2.04 | 1.89 | 1.94 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Occidental Petroleum OXY | $65.0B | −1.9% | — | 19.0% | 4.9% | 9.9x | 4 | |
| EOG Resources EOG | $86.2B | −4.5% | 28.2% | — | 16.2% | 12.7x | 4 | Compare → |
| Devon Energy DVN | $48.3B | 7.8% | — | 18.2% | 13.0% | 12.2x | 5 | Compare → |
| Diamondback Energy FANG | $57.9B | 35.8% | 8.4% | — | 1.9% | 39.1x | 4 | Compare → |
| Woodside Energy WDS | $45.3B | −1.5% | 30.0% | — | 7.1% | — | 4 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $10.1B | $12.5B | $17.8B | $20.9B | $17.8B | $26.0B | $36.6B | $23.2B | $22.0B | $21.6B |
| Gross profit | — | $9.6B | $15.0B | $18.1B | $15.4B | $23.2B | $33.4B | $20.0B | $18.9B | — |
| Interest expense | $292M | $345M | $389M | $1.1B | $1.4B | $1.6B | $1.0B | $957M | $1.2B | $1.1B |
| Pretax income | −$1.7B | $1.3B | $5.6B | $354M | −$15.7B | $3.7B | $14.1B | $4.7B | $4.0B | $3.1B |
| Income tax | −$662M | $17.0M | $1.5B | $861M | −$2.2B | $915M | $813M | $1.3B | $1.2B | $1.0B |
| Net income | −$574M | $1.3B | $4.1B | −$985M | −$14.8B | $2.3B | $13.3B | $4.7B | $3.1B | $2.4B |
| Diluted EPS | −$0.75 | $1.70 | $5.39 | −$1.22 | −$17.06 | $1.58 | $12.40 | $3.90 | $2.44 | $1.61 |
| Diluted shares | 0.76B | 0.77B | 0.76B | 0.81B | 0.92B | 0.96B | 1.00B | 0.96B | 0.97B | 1.00B |
| Cash flow | ||||||||||
| Cash from operations | $3.4B | $4.9B | $7.7B | $7.4B | $4.0B | $10.4B | $16.8B | $12.3B | $11.4B | $10.5B |
| Capital expenditure | $2.7B | $3.6B | $5.0B | $6.4B | $2.5B | $2.9B | $4.5B | $5.7B | $6.3B | $6.4B |
| Free cash flow | $667M | $1.3B | $2.7B | $1.0B | $1.4B | $7.6B | $12.3B | $6.6B | $5.2B | $4.1B |
| Depreciation and amortization | $4.3B | $4.0B | $4.0B | $6.1B | $8.1B | $8.4B | $6.9B | $6.4B | $7.0B | $7.5B |
| Stock-based compensation | $121M | $150M | $180M | $208M | $202M | $287M | $258M | $203M | $213M | $234M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $22.0M | $25.0M | $1.2B | $237M | $12.0M | $8.0M | $3.1B | $1.8B | $27.0M | $0.0M |
| Dividends paid | $2.3B | $2.3B | $2.4B | $2.6B | $1.8B | $839M | $1.2B | $1.4B | $1.4B | $1.6B |
| Dividends and buybacks | $2.3B | $2.4B | $3.6B | $2.9B | $1.9B | $847M | $4.3B | $3.2B | $1.5B | $1.6B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $2.2B | $1.7B | $3.0B | $3.0B | $2.0B | $2.8B | $984M | $1.4B | $2.1B | $2.0B |
| Total debt | — | $9.8B | $10.3B | $38.6B | $35.8B | $29.0B | $19.1B | $19.0B | $25.3B | $21.4B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $398M | $358M | $589M | $689M | $737M | $793M | $999M |
| Current assets | $8.4B | $8.3B | $9.9B | $14.6B | $8.8B | $10.2B | $8.9B | $8.4B | $9.1B | $8.8B |
| Current liabilities | $6.4B | $7.4B | $7.4B | $12.7B | $8.2B | $8.3B | $7.8B | $9.1B | $9.5B | $9.4B |
| Inventory | $866M | $1.2B | $1.3B | $1.6B | $1.9B | $1.8B | $2.1B | $2.0B | $1.8B | $1.8B |
| Property and equipment, net | $32.3B | $31.2B | $31.4B | $80.5B | $65.9B | $59.9B | $58.4B | $55.5B | $65.9B | $63.6B |
| Total assets | $43.1B | $42.0B | $42.2B | $107.2B | $80.1B | $75.0B | $72.6B | $74.0B | $85.4B | $84.2B |
| Total liabilities | $21.6B | $21.5B | $22.5B | $73.0B | $61.5B | $54.7B | $42.5B | $43.7B | $51.0B | $47.6B |
| Shareholders' equity | $21.5B | $20.6B | $21.3B | $34.2B | $18.6B | $20.3B | $30.1B | $30.3B | $34.5B | $36.6B |
| Margins | ||||||||||
| Gross margin | — | 76.5% | 84.1% | 86.7% | 86.5% | 89.3% | 91.1% | 86.5% | 85.8% | — |
| EBITDA margin | 28.7% | 45.4% | 56.0% | 36.2% | −34.7% | 53.0% | 60.3% | 52.1% | 55.2% | 54.4% |
| Net margin | −5.7% | 10.5% | 23.2% | −4.7% | −83.3% | 9.0% | 36.3% | 20.3% | 14.0% | 11.0% |
| FCF margin | 6.6% | 10.1% | 15.1% | 4.8% | 8.0% | 29.1% | 33.6% | 28.6% | 23.5% | 19.0% |
| Returns | ||||||||||
| Return on capital | — | — | 15.4% | 1.4% | −18.4% | 8.0% | 29.7% | 8.2% | 6.9% | 4.9% |
| Return on capital employed | −3.7% | 4.7% | 17.3% | 2.2% | −17.2% | 7.7% | 23.0% | 8.7% | 7.4% | 5.6% |
| Return on equity | −2.5% | 6.2% | 19.7% | −3.6% | −56.2% | 11.9% | 52.8% | 15.5% | 9.5% | 6.7% |
| Return on assets | −1.3% | 3.1% | 9.8% | −1.3% | −15.8% | 3.0% | 18.0% | 6.4% | 3.9% | 2.8% |
| Growth | ||||||||||
| Revenue growth | −19.2% | 24.0% | 42.5% | 17.3% | −14.8% | 45.8% | 41.1% | −36.8% | −4.9% | −1.9% |
| Net income growth | — | — | 215.1% | −123.8% | — | — | 473.0% | −64.7% | −34.5% | −23.0% |
| EPS growth | — | — | 217.1% | −122.6% | — | — | 684.8% | −68.6% | −37.4% | −34.0% |
| FCF growth | — | 89.2% | 113.5% | −62.6% | 40.9% | 432.7% | 62.8% | −46.3% | −21.7% | −20.7% |
| Share count change | −0.2% | 0.3% | −0.3% | 6.1% | 13.5% | 4.4% | 4.5% | −4.1% | 0.7% | 3.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | 1.4x | 0.7x | 4.7x | — | 2.0x | 0.9x | 1.5x | 2.0x | 1.7x |
| Debt / equity | — | 0.5x | 0.5x | 1.1x | 2.0x | 1.5x | 0.7x | 0.7x | 0.8x | 0.6x |
| Interest coverage | −4.7x | 4.9x | 15.4x | 1.3x | −10.0x | 3.3x | 14.7x | 5.9x | 4.4x | 3.9x |
| Current ratio | 1.3x | 1.1x | 1.3x | 1.2x | 1.1x | 1.2x | 1.2x | 0.9x | 1.0x | 0.9x |
| Quick ratio | 1.2x | 1.0x | 1.2x | 1.0x | 0.8x | 1.0x | 0.9x | 0.7x | 0.8x | 0.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 26.9% | 28.8% | 27.9% | 30.5% | 14.2% | 11.1% | 12.3% | 24.6% | 28.4% | 29.8% |
| Stock comp / revenue | 1.2% | 1.2% | 1.0% | 1.0% | 1.1% | 1.1% | 0.7% | 0.9% | 1.0% | 1.1% |
| Payouts / FCF | 349.5% | 187.9% | 134.5% | 283.8% | 130.8% | 11.2% | 34.8% | 47.8% | 28.5% | 38.8% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | 8.0 | 4.0 | 3.0 | 8.0 | 7.0 | 5.0 | 4.0 | 4.0 |
| Altman Z'' | 2.9 | 3.1 | 4.2 | 1.3 | −0.7 | 1.2 | 3.0 | 2.0 | 1.9 | 1.9 |
| Accruals ratio | −9.2% | −8.3% | −8.4% | −11.2% | −20.1% | −10.5% | −4.8% | −10.4% | −10.5% | −9.6% |
Source: SEC EDGAR XBRL filings (CIK 0000797468). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.