NYSE · Energy

Occidental Petroleum Corporation

OXY · Oil & Gas E&P

$60.01

▲ 1.3 (2.21%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Occidental Petroleum Corporation at $60.01.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability B

Gross Profit Margin 34.9%

Operating Margin 17.2%

Net Income Margin 10.8%

Fin. Health F

Years to Pay Off Debt 10.0 yrs

Working Capital vs Long-Term Debt -$20.4B

Working Capital -$601M

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.14x

Cash Flow C

Free Cash Flow $4.1B

CapEx % of Net Income 276.3%

Owner Earnings $16.3B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $59.5B

Enterprise Value $88.1B

P/E (TTM) 44.45

Dividend Yield 1.64%

Exchange NYSE

Key Margins

Gross Profit 34.9%

Operating Margin 17.2%

Net Margin 10.8%

Company Info

Sector Energy

Industry Oil & Gas E&P

Employees 10412

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Occidental Petroleum Corporation at $60.01.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $60.01, the stock trades at a 88% premium to its Graham Number of $31.84. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Occidental Petroleum Corporation

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. It operates through Oil and Gas and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas. This segment also optimizes its transportation and storage capacity and invests in entities. The Midstream and Marketing segment purchases, markets, gathers, processes, transports and stores oil, condensate, NGLs, natural gas, carbon dioxide, and power. Occidental Petroleum Corporation was founded in 1920 and is headquartered in Houston, Texas.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	34.9% ▼	37.7%	36.4%	48.2%	N/A
Operating Margin %	17.2% ▼	21.3%	20.5%	37.3%	N/A
Net Income %	10.8% ▼	13.9%	20.3%	36.3%	N/A
Diluted EPS	1.61 ▼	2.44	3.90	12.40	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$84.2B	$85.4B	$74.0B	$72.6B	N/A
Total Debt	$23.4B ↓	$26.9B	$20.9B	$20.8B	N/A
Working Capital	-$601M ▼	-$451M	-$773M	$1.1B	N/A
Years to Pay Debt	10.04	8.81	4.45	1.56	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$4.1B ▼	$5.2B	$6.6B	$12.3B	N/A
Owner Earnings	$16.3B	$16.3B	$16.8B	$24.7B	N/A
CapEx % of Net Income	276.3%	204.9%	121.3%	33.8%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	62,700	-132,240	77,490	32,160
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	11,474,000	11,841,000	11,355,000	21,537,000
Total Unusual Items	190,000	-456,000	287,000	536,000
Total Unusual Items Excluding Goodwill	190,000	-456,000	287,000	536,000
Net Income From Continuing Operation Net Minority Interest	2,064,000	2,844,000	3,332,000	13,304,000
Reconciled Depreciation	7,533,000	6,951,000	6,449,000	6,926,000
Reconciled Cost Of Revenue	14,050,000	13,728,000	14,723,000	18,989,000
EBITDA	11,664,000	11,385,000	11,642,000	22,073,000
EBIT	4,131,000	4,434,000	5,193,000	15,147,000
Net Interest Income	-860,000	-977,000	-804,000	-877,000
Interest Expense	1,079,000	1,169,000	957,000	1,030,000
Interest Income	219,000	192,000	153,000	153,000
Normalized Income	1,936,700	3,167,760	3,122,490	12,800,160
Net Income From Continuing And Discontinued Operation	2,326,000	3,056,000	4,696,000	13,304,000
Total Expenses	17,871,000	17,321,000	18,403,000	22,969,000
Diluted Average Shares	1,000,100	967,100	960,900	1,002,000
Basic Average Shares	975,500	911,800	889,200	926,200
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,612,000	2,364,000	3,752,000	12,421,000
Average Dilution Earnings			2,000
Net Income Common Stockholders	1,612,000	2,364,000	3,750,000	12,421,000
Otherunder Preferred Stock Dividend	35,000	13,000	23,000	83,000
Preferred Stock Dividends	679,000	679,000	923,000	800,000
Net Income	2,326,000	3,056,000	4,696,000	13,304,000
Minority Interests	-43,000	-22,000	0	0
Net Income Including Noncontrolling Interests	2,369,000	3,078,000	4,696,000	13,304,000
Net Income Discontinuous Operations	262,000	212,000	1,364,000	0
Net Income Continuous Operations	2,107,000	2,866,000	3,332,000	13,304,000
Earnings From Equity Interest Net Of Tax	76,000	759,000	426,000
Tax Provision	1,021,000	1,158,000	1,330,000	813,000
Pretax Income	3,052,000	3,265,000	4,236,000	14,117,000
Other Income Expense	190,000	-456,000	287,000	1,329,000
Other Non Operating Income Expenses			-1,084,000	-1,271,000	-1,065,000
Special Income Charges	190,000	-456,000	287,000	219,000
Gain On Sale Of Ppe	263,000	-16,000	522,000	308,000
Write Off	60,000	356,000	209,000	0
Restructuring And Mergern Acquisition	13,000	84,000	26,000	89,000
Earnings From Equity Interest		862,000	534,000	793,000	631,000
Gain On Sale Of Security				317,000	122,000
Net Non Operating Interest Income Expense	-860,000	-977,000	-804,000	-877,000
Interest Expense Non Operating	1,079,000	1,169,000	957,000	1,030,000
Interest Income Non Operating	219,000	192,000	153,000	153,000
Operating Income	3,722,000	4,698,000	4,753,000	13,665,000
Operating Expense	3,821,000	3,593,000	3,680,000	3,980,000
Other Operating Expenses	1,805,000	1,594,000	1,606,000	1,487,000
Other Taxes	1,030,000	1,039,000	1,087,000	1,548,000
Selling General And Administration	986,000	960,000	987,000	945,000
Gross Profit	7,543,000	8,291,000	8,433,000	17,645,000
Cost Of Revenue	14,050,000	13,728,000	14,723,000	18,989,000
Total Revenue	21,593,000	22,019,000	23,156,000	36,634,000
Operating Revenue	21,569,000	22,710,000	23,230,000	36,234,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	228,311	228,311	228,053	198,654
Ordinary Shares Number	986,026	938,458	879,463	899,859
Share Issued	1,214,338	1,166,769	1,107,516	1,098,513
Net Debt	19,429,000	23,199,000	17,575,000	18,162,000
Total Debt	23,351,000	26,920,000	20,911,000	20,765,000
Tangible Book Value	27,747,000	25,872,000	21,963,000	20,323,000
Invested Capital	49,144,000	51,196,000	40,964,000	39,469,000
Working Capital	-601,000	-451,000	-773,000	1,129,000
Net Tangible Assets	36,034,000	34,159,000	30,250,000	30,085,000
Capital Lease Obligations	1,954,000	1,596,000	1,910,000	1,619,000
Common Stock Equity	27,747,000	25,872,000	21,963,000	20,323,000
Preferred Stock Equity	8,287,000	8,287,000	8,287,000	9,762,000
Total Capitalization	55,856,000	58,480,000	48,195,000	49,209,000
Total Equity Gross Minority Interest	36,598,000	34,480,000	30,349,000	30,085,000
Minority Interest	564,000	321,000	99,000	0
Stockholders Equity	36,034,000	34,159,000	30,250,000	30,085,000
Gains Losses Not Affecting Retained Earnings	202,000	179,000	275,000	195,000
Other Equity Adjustments	202,000	179,000	275,000	195,000
Treasury Stock	15,597,000	15,597,000	15,582,000	13,772,000
Retained Earnings	21,891,000	21,189,000	19,626,000	16,499,000
Additional Paid In Capital	21,008,000	19,868,000	17,422,000	17,181,000
Capital Stock	8,530,000	8,520,000	8,509,000	9,982,000
Common Stock	243,000	233,000	222,000	220,000
Preferred Stock	8,287,000	8,287,000	8,287,000	9,762,000
Total Liabilities Net Minority Interest	47,588,000	50,965,000	43,659,000	42,524,000
Total Non Current Liabilities Net Minority Interest	38,160,000	41,444,000	34,511,000	34,767,000
Other Non Current Liabilities	1,609,000	1,361,000	1,710,000	3,332,000
Liabilities Heldfor Sale Non Current	418,000	333,000
Employee Benefits	985,000	1,022,000	931,000	1,055,000
Non Current Pension And Other Postretirement Benefit Plans	985,000	1,022,000	931,000	1,055,000
Tradeand Other Payables Non Current	2,393,000	2,204,000	2,072,000
Non Current Deferred Liabilities	5,636,000	5,394,000	5,764,000	5,512,000
Non Current Deferred Taxes Liabilities	5,636,000	5,394,000	5,764,000	5,512,000
Long Term Debt And Capital Lease Obligation	21,228,000	25,448,000	19,263,000	20,327,000
Long Term Capital Lease Obligation	1,406,000	1,127,000	1,318,000	1,203,000
Long Term Debt	19,822,000	24,321,000	17,945,000	19,124,000
Long Term Provisions	5,891,000	5,682,000	4,771,000	4,541,000
Current Liabilities	9,428,000	9,521,000	9,148,000	7,757,000
Other Current Liabilities	1,593,000	1,499,000	1,382,000		7,000
Current Debt And Capital Lease Obligation	2,123,000	1,472,000	1,648,000	438,000
Current Capital Lease Obligation	548,000	469,000	592,000	416,000
Current Debt	1,575,000	1,003,000	1,056,000	22,000
Other Current Borrowings	1,575,000	1,003,000	1,056,000	22,000
Current Provisions	381,000	388,000	193,000
Payables And Accrued Expenses	5,331,000	6,162,000	5,925,000	7,319,000
Current Accrued Expenses	1,006,000	1,036,000	1,029,000	3,290,000
Interest Payable	386,000	446,000	336,000
Payables	4,325,000	5,126,000	4,896,000	4,029,000
Other Payable		393,000	300,000
Dividends Payable	383,000	354,000	307,000
Total Tax Payable	657,000	907,000	643,000
Income Tax Payable	159,000	471,000	25,000
Accounts Payable	3,285,000	3,472,000	3,646,000	4,029,000
Total Assets	84,186,000	85,445,000	74,008,000	72,609,000
Total Non Current Assets	75,359,000	76,375,000	65,633,000	63,723,000
Other Non Current Assets	8,333,000	7,111,000	2,750,000	1,260,000
Non Current Accounts Receivable				1,260,000	1,231,000
Investments And Advances	2,475,000	2,646,000	3,224,000	3,176,000
Long Term Equity Investment	2,475,000	2,646,000	3,224,000	3,176,000
Net PPE	64,551,000	66,618,000	59,659,000	59,287,000
Accumulated Depreciation	-74,110,000	-65,767,000	-68,282,000	-62,350,000
Gross PPE	138,661,000	132,385,000	127,941,000	121,637,000
Other Properties	138,661,000	132,385,000	127,941,000	121,637,000
Current Assets	8,827,000	9,070,000	8,375,000	8,886,000
Other Current Assets	601,000	490,000	830,000	1,562,000
Assets Held For Sale Current	1,176,000	1,140,000			72,000
Restricted Cash					24,000
Inventory	1,823,000	1,756,000	2,022,000	2,059,000
Inventories Adjustments Allowances		-93,000	-108,000	-121,000	-99,000
Finished Goods	601,000	537,000	1,027,000	1,147,000
Raw Materials	1,222,000	1,219,000	1,103,000	1,033,000
Receivables	3,259,000	3,559,000	4,097,000	4,281,000
Duefrom Related Parties Current	684,000	720,000	902,000
Accounts Receivable	2,575,000	2,839,000	3,195,000	4,281,000
Allowance For Doubtful Accounts Receivable		-24,000	-29,000	-37,000	-35,000
Gross Accounts Receivable		3,550,000	3,224,000	4,318,000	4,243,000
Cash Cash Equivalents And Short Term Investments	1,968,000	2,125,000	1,426,000	984,000
Cash And Cash Equivalents	1,968,000	2,125,000	1,426,000	984,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	4,105,000	5,176,000	6,612,000	12,313,000
Repurchase Of Capital Stock	0	-27,000	-3,459,000	-3,099,000
Repayment Of Debt	-3,754,000	-4,514,000	-351,000	-9,884,000
Issuance Of Debt	0	9,612,000	283,000	400,000
Issuance Of Capital Stock	966,000	584,000	135,000	293,000
Capital Expenditure	-6,427,000	-6,263,000	-5,696,000	-4,497,000
Interest Paid Supplemental Data	1,250,000	1,052,000	1,017,000	1,425,000
Income Tax Paid Supplemental Data		1,203,000	1,299,000	2,184,000	763,000
End Cash Position	2,046,000	2,157,000	1,464,000	1,026,000
Beginning Cash Position	2,157,000	1,464,000	1,026,000	2,803,000
Changes In Cash	-111,000	693,000	438,000	-1,777,000
Financing Cash Flow	-4,844,000	3,844,000	-4,890,000	-13,715,000
Cash From Discontinued Financing Activities	-9,000	-5,000	-4,000	0
Cash Flow From Continuing Financing Activities	-4,835,000	3,849,000	-4,886,000	-13,715,000
Net Other Financing Charges	-453,000	-360,000	-129,000	-241,000
Cash Dividends Paid	-1,594,000	-1,446,000	-1,365,000	-1,184,000
Net Preferred Stock Issuance	0	0	-1,661,000	0
Preferred Stock Payments	0	0	-1,661,000	0
Net Common Stock Issuance	966,000	557,000	-1,663,000	-2,806,000
Common Stock Payments	0	-27,000	-1,798,000	-3,099,000
Common Stock Issuance	966,000	584,000	135,000	293,000
Net Issuance Payments Of Debt	-3,754,000	5,098,000	-68,000	-9,484,000
Net Long Term Debt Issuance	-3,754,000	5,098,000	-68,000	-9,484,000
Long Term Debt Payments	-3,754,000	-4,514,000	-351,000	-9,884,000
Long Term Debt Issuance	0	9,612,000	283,000	400,000
Investing Cash Flow	-5,799,000	-14,590,000	-6,980,000	-4,872,000
Cash From Discontinued Investing Activities	-1,116,000	-769,000	-517,000	0
Cash Flow From Continuing Investing Activities	-4,683,000	-13,821,000	-6,463,000	-4,872,000
Net Other Investing Changes	2,310,000	1,773,000	425,000	-259,000
Net Business Purchase And Sale	-566,000	-9,331,000	-1,192,000	-116,000
Purchase Of Business	-280,000	-9,117,000		-990,000	-431,000
Capital Expenditure Reported	-6,427,000	-6,263,000	-5,696,000	-4,497,000
Operating Cash Flow	10,532,000	11,439,000	12,308,000	16,810,000
Cash From Discontinued Operating Activities	926,000	920,000	2,073,000	0
Cash Flow From Continuing Operating Activities	9,606,000	10,519,000	10,235,000	16,810,000
Change In Working Capital	-1,067,000	75,000	140,000	-1,325,000
Change In Other Working Capital	-305,000	472,000	66,000	-185,000
Change In Other Current Assets			-13,000	-335,000	-119,000
Change In Payables And Accrued Expense	-964,000	-540,000	-423,000	-478,000
Change In Inventory	12,000	-27,000	-84,000	-230,000
Change In Receivables	190,000	170,000	581,000	-432,000
Changes In Account Receivables	252,000	-116,000	931,000	-97,000
Other Non Cash Items	267,000	348,000	-932,000	76,000
Asset Impairment Charge	21,000	355,000	209,000	0
Deferred Tax	127,000	-265,000	54,000	-1,644,000
Deferred Income Tax	127,000	-265,000	54,000	-1,644,000
Depreciation Amortization Depletion	7,533,000	6,951,000	6,449,000	6,926,000
Operating Gains Losses	356,000	-23,000	-381,000	-527,000
Earnings Losses From Equity Investments	619,000	-83,000	141,000	-219,000
Gain Loss On Investment Securities				-308,000	-192,000
Gain Loss On Sale Of Business				-308,000	-192,000
Net Income From Continuing Operations	2,369,000	3,078,000	4,696,000	13,304,000

These metrics estimate what Occidental Petroleum Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$31.84

Margin of Safety

Market Cap ÷ Company Value

1.53

P/B Ratio

2.14

Warren's Owner Earnings

$16.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$21.6B

vs > $1.5B revenue

❌ Strong Financial Condition

0.94x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.64%

vs Uninterrupted dividends

❌ Earnings Growth

-87.0% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

44.4x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.14x P/B (P/E×P/B: 95.3)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-39.09

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$41.70

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	276.3%	204.9%	121.3%	33.8%	N/A
Repurchase of Capital Stock	$0M	-$27M	-$3.5B	-$3.1B	N/A
Free Cash Flow	$4.1B ▼	$5.2B ▼	$6.6B ▼	$12.3B •	N/A •
Warren's Owner Earnings	$16.3B	$16.3B	$16.8B	$24.7B	N/A

Peers & Industry

No auto-detected peers for Oil & Gas E&P. You can manually compare OXY against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

27.01%

High — management has strong skin in the game

Return on Equity (ROE)

8.4%

Adequate — returns are moderate

Return on Assets (ROA)

2.8%

Fair — average asset utilization

Debt Trend YoY

-13.3% YoY

Debt is declining — management is deleveraging

Leadership Team

Vicki Hollub

President, CEO & Director

Age 65

Pay: $5,519,190

0.237% of net income

Sunil Mathew

Senior VP & CFO

Age 54

Pay: $1,271,621

0.055% of net income

Richard Jackson

Senior VP & COO

Age 49

Pay: $2,300,426

0.099% of net income

Kenneth Dillon

Senior VP and President of International Oil & Gas Operations

Age 65

Pay: $2,186,665

0.094% of net income

Jordan Tanner

Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Berkshire Hathaway, Inc	26.72%	264,941,431
Vanguard Group Inc	9.07%	89,900,677
Dodge & Cox Inc.	8.01%	79,473,071
Blackrock Inc.	5.10%	50,613,910
State Street Corporation	3.99%	39,539,743
Geode Capital Management, LLC	1.90%	18,846,231
H&H International Investment, LLC	1.33%	13,172,600
Morgan Stanley	1.15%	11,398,589

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.17

Low volatility — more stable than the market

Short Interest

0.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.64x

Conservative balance sheet — low financial risk

Current Ratio