Company file · OXY
Occidental Petroleum
Occidental Petroleum's revenue fell 1.9% in FY2025, to $21.6B, and net income fell 23.0% to $2.4B
Revenue fell 1.9% to $21.6B in FY2025, from $22.0B in FY2024. Net income fell 23.0% to $2.4B. Oil and Gas was the largest segment, at 94% of the segment total.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Occidental Petroleum (NYSE: OXY) took in $21.6B of revenue (down 1.9% on fiscal 2024); net income was $2.4B (down 23.0%). The most recent quarter, ended Sep 30, 2026, brought revenue of $6.6B, up 19.0% year over year, with net income of $1.8B. Oil and Gas was the biggest single line by segment: 94% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 18, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 9, 2026).
Source: 10-K FY2025, filed Feb 18, 2026
Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 5, 2026 · 10-Q filed Nov 9, 2026
How it makes money
By segment, FY2025
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Oil and Gas (94%) and Midstream and Marketing (6%), as shares of the segment total. Total revenue was $21.6B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Occidental Petroleum 10-Q for the quarter ended Sep 30, 2026, filed Nov 9, 2026
By segment
Source: Occidental Petroleum 10-Q for the quarter ended Sep 30, 2026, filed Nov 9, 2026
The bull case and the bear case
The bull case
- Total debt fell 14.2% in FY2025 to $22.4B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $6.6B, up 19.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $1.8B, up 116.3% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Revenue fell 1.9% in FY2025 to $21.6B, from $22.0B a year earlier. 10-K, FY2025
- Net income fell 23.0% in FY2025 to $2.4B, from $3.1B. 10-K, FY2025
- Operating cash flow fell 7.9% in FY2025 to $10.5B. 10-K, FY2025
- Diluted shares rose 3.4% in FY2025, which spreads profit across more shares. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Occidental Petroleum is in the oil & gas exploration & production industry, part of the energy sector. The SEC files it under Crude Petroleum & Natural Gas.
Occidental Petroleum reports 2 segments: Oil and Gas and Midstream and Marketing.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the oil & gas exploration & production industry. They are not a summary of Occidental Petroleum’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Commodity pricesOil, gas and refined-product prices drive revenue and spending.
- Operations and safetyAccidents, outages and weather can halt production or shipping.
- Regulation and climate policyEnvironmental rules and shifts in energy policy can change demand and costs.
- DemandEconomic activity and changes in fuel use affect volumes.
- Capital spendingProjects need large investment that may not earn what was planned.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $23.2B | $22.0B | $21.6B |
| Net income | $4.7B | $3.1B | $2.4B |
| Operating cash flow | $12.3B | $11.4B | $10.5B |
| Cash & equivalents (year end) | $1.4B | $2.1B | $2.0B |
| Total debt (year end) | $19.7B | $26.1B | $22.4B |
| Diluted shares | 961M | 967M | 1.00B |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income including the share that belongs to minority owners of subsidiaries.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: The current part of long-term debt and lease obligations plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Return on invested capital (ROIC)
- Discontinued operations
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Net income here includes the share that belongs to minority owners of subsidiaries, the figure the company's tagged data carries for the whole business.
- Segment figures are shown before eliminations and other items, so shares are of the segment total rather than of consolidated revenue.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 9, 2026 | Sep 30, 2026 |
| 10-Q | Aug 5, 2026 | Jun 30, 2026 |
| 10-Q | May 5, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 19, 2026 | Dec 31, 2025 |
| 10-K | Feb 18, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Occidental Petroleum
How does Occidental Petroleum make money?
In fiscal 2025, revenue totaled $21.6B. By segment in FY2025: Oil and Gas (94%) and Midstream and Marketing (6%), as shares of the segment total. Total revenue was $21.6B. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
What was Occidental Petroleum's revenue in fiscal 2025?
Revenue came to $21.6B in the year ended Dec 31, 2025. Going back two years, it was $23.2B in fiscal 2023 and $22.0B in fiscal 2024, so the latest year was down 1.9%. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
Is Occidental Petroleum profitable?
Yes, by US accounting rules (GAAP): net income was $2.4B in fiscal 2025, down 23.0% from $3.1B a year earlier. For the quarter ended Sep 30, 2026, net income was $1.8B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
What did Occidental Petroleum report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $6.6B, against $5.5B in the same quarter a year before (up 19.0%), and net income of $1.8B, against $842M (up 116.3%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 9, 2026.
How much cash and debt does Occidental Petroleum have?
On Sep 30, 2026, cash and cash equivalents stood at $3.9B and total debt at $11.8B. Total debt here is the current part of long-term debt and lease obligations plus long-term debt, at carrying value. Source: 10-Q filed Nov 9, 2026.
What are the main risks Occidental Petroleum faces?
Occidental Petroleum's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 18, 2026. Risks that are common among companies in the oil & gas exploration & production industry include Commodity prices; operations and safety; regulation and climate policy; demand; capital spending. The first: Oil, gas and refined-product prices drive revenue and spending. Source: 10-K, Item 1A Risk Factors.
Where do these Occidental Petroleum numbers come from?
Two filings Occidental Petroleum made with the SEC: its fiscal 2025 10-K, filed Feb 18, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Nov 9, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Occidental Petroleum
- Berkshire Hathaway: 264,941,431 shares, reported value $12.87B at Jun 30, 2026 (same number of shares as in the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 5,193,668 shares, reported value $252.3M at Jun 30, 2026 (+93.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 3,576,936 shares, reported value $173.7M at Jun 30, 2026 (+0.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 2,291,616 shares, reported value $111.3M at Jun 30, 2026 (+183.6% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 2,277,245 shares, reported value $110.6M at Jun 30, 2026 (+15.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 1,142,754 shares, reported value $55.5M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in OXY
- The editor holds no position in Occidental Petroleum (OXY). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell OXY from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold OXY, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Occidental PetroleumOXY | FY2025 | $21.6B | −1.9% | $2.4B |
| ConocoPhillipsCOP | FY2025 | $58.9B | +7.7% | $8.0B |
| EOG ResourcesEOG | FY2025 | $22.6B | −4.5% | $5.0B |
| Diamondback EnergyFANG | FY2025 | $15.0B | +35.8% | $1.7B |
| Devon EnergyDVN | FY2025 | $17.2B | +7.8% | $2.6B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
More company files
- XOM ExxonMobil
- CVX Chevron
- MPC Marathon Petroleum
- VLO Valero Energy
- PSX Phillips 66
- WMB Williams Companies
- SLB Schlumberger
- KMI Kinder Morgan
- TRGP Targa Resources
- OKE Oneok
- BKR Baker Hughes
- EQT
- HAL Halliburton
- TPL Texas Pacific Land
- EXE Expand Energy
- AAPL Apple
- MSFT Microsoft
- NVDA Nvidia
- AMZN Amazon
- GOOGL Alphabet
- META
- BRK.B Berkshire Hathaway
- AVGO Broadcom
- JPM JPMorgan Chase
- LLY Eli Lilly
- MU Micron
- WMT Walmart
- AMD
- V Visa
- JNJ Johnson & Johnson
New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.