Analyst Consensus ?
ConsensusHold49 ratings
Bullish2449.0%
Neutral2244.9%
Bearish36.1%
Occidental Petroleum Corporation · OXY · FY2025 Q4 · Calendar Q1 2026
Occidental Maintains Outlook While Cutting 2026 Capital Budget
The quarter supports a disciplined operating and capital-allocation narrative: production and free cash flow were resilient, while debt reduction and focused investment remained priorities. The thesis is less conclusive on longer-term growth because project execution and commodity prices remain important variables.
Reported After market closeNYSEEnergy
$54.65B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.31
Consensus $0.16
EPS surprise
+88.0%
Reported versus consensus
Reported revenue
$5.11B
Consensus $5.55B
Revenue surprise
-7.9%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+9.4%
Event window
SPY move
-0.3%
Same window
Abnormal move
+9.6%
Stock minus SPY
Volume
3.2×
Versus trailing sessions
Subsequent drift
+15.6%
Up to 20 sessions
OXYSPY benchmark
Ask FN2 about OXY FY2025 Q4
Transcript, numbers and history already loaded
Why did OXY rise 9.4% after beating EPS estimates in FY2025 Q4?What changed in OXY's guidance and outlook in FY2025 Q4?Give me the bull and bear case for OXY after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the emphasis shifted from a higher 2026 capital range and broader project expansion to a lower $5.5–$5.9 billion budget, continued deleveraging, and maintained execution priorities for waterflood projects and STRATOS.
Guidance delta
Management maintained its outlook while lowering the 2026 capital budget to $5.5–$5.9 billion and keeping the program focused on U.S. onshore and mid-cycle projects.
Key takeaways
- Record production and free cash flow were reported despite lower oil prices.
- Deleveraging remains central, alongside an 8% dividend increase and opportunistic repurchases.
- Capital is being directed toward U.S. onshore assets, waterflood projects and STRATOS.
- The investment case still depends on execution and commodity-price resilience.
Management priorities
- Reduce debt toward approximately $10 billion over the medium term.
- Advance STRATOS Phase 1 and Phase 2 commissioning in 2026.
- Deploy Horn Mountain and other Gulf of America waterflood projects.
- Maintain a lean capital program with about 70% of spending on U.S. onshore assets.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$54.94Previous close
$24Low
$61.81Average
$86High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Overweight | Overweight | Maintain | Sep 14, 2026 |
| UBS | Neutral | Neutral | Maintain | Sep 14, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Sep 11, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 17, 2026 |
| Susquehanna | Positive | Positive | Maintain | Aug 11, 2026 |
| Truist Securities | Hold | Hold | Maintain | Aug 10, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jul 17, 2026 |
| Stephens & Co. | Overweight | Overweight | Maintain | Jul 14, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 29, 2026 |
| Mizuho | Outperform | Outperform | Maintain | May 27, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Apr 22, 2026 |
| JP Morgan | Neutral | Underweight | Upgrade | Mar 20, 2026 |
| HSBC | Buy | Buy | Maintain | Mar 20, 2026 |
| Piper Sandler | Overweight | Neutral | Upgrade | Mar 12, 2026 |
| Goldman Sachs | Sell | Sell | Maintain | Mar 11, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Feb 23, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Dec 11, 2025 |
| Roth Capital | Neutral | Neutral | Maintain | Oct 2, 2025 |
| TD Cowen | Hold | Buy | Downgrade | Apr 8, 2025 |
| Raymond James | Outperform | Strong Buy | Downgrade | Mar 10, 2025 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Nov 10, 2023 |
| Roth MKM | Neutral | Neutral | Maintain | Sep 12, 2023 |
| Credit Suisse | Underperform | Underperform | Maintain | Nov 9, 2022 |
| Tudor Pickering | Hold | Buy | Downgrade | Aug 19, 2022 |
| Stifel | Buy | Buy | Maintain | Apr 6, 2022 |
| MKM Partners | Buy | Buy | Maintain | Mar 1, 2022 |
| Societe Generale | Buy | Buy | Maintain | Jan 4, 2022 |
| SunTrust Robinson Humphrey | Buy | Hold | Upgrade | Jun 19, 2020 |
| Jefferies | Underperform | Hold | Downgrade | Mar 16, 2020 |
| Argus Research | Hold | Buy | Downgrade | May 16, 2019 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Apr 25, 2019 |
| KeyBanc | Overweight | Overweight | Maintain | Apr 22, 2019 |
| Oppenheimer | Perform | Perform | Maintain | Mar 27, 2019 |
| Edward Jones | Buy | Hold | Upgrade | Sep 18, 2018 |
| Bank of America | Buy | Buy | Maintain | Aug 17, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| PiperJaffray | Overweight | Neutral | Upgrade | Apr 16, 2018 |
| Deutsche Bank | Buy | Hold | Upgrade | Mar 23, 2018 |
| Mizuho Securities | Buy | Buy | Maintain | Oct 6, 2016 |
| GMP Securities | Buy | Buy | Maintain | Feb 3, 2016 |
| IBERIA Capital Partners | Sector Perform | Outperform | Downgrade | Dec 17, 2015 |
| Sterne Agee | Buy | Neutral | Upgrade | Dec 15, 2014 |
| Simmons & Co. | Neutral | Overweight | Downgrade | Aug 13, 2014 |
| Seaport Global | Neutral | Neutral | Maintain | Apr 23, 2014 |
| Scotia Howard Weil | Sector Perform | Sector Outperform | Downgrade | Jan 8, 2014 |
| Guggenheim | Buy | Buy | Maintain | Sep 12, 2013 |
| Standpoint Research | Hold | Buy | Downgrade | May 3, 2013 |
| Dahlman Rose | Buy | Buy | Maintain | Dec 11, 2012 |
| Macquarie | Neutral | Outperform | Downgrade | Oct 26, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $54.94. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Analyst unavailable | $82 | $61.46 | +49.3% | Sep 14, 2026 |
| UBS | Josh Silverstein | $67 | $61.46 | +22.0% | Sep 14, 2026 |
| Evercore ISI | Stephen Richardson | $70 | $61.24 | +27.4% | Sep 11, 2026 |
| Seaport Global | Analyst unavailable | $73 | $60.91 | +32.9% | Sep 3, 2026 |
| Barclays | Betty Jiang | $71 | $58.36 | +29.2% | Aug 17, 2026 |
| Truist Financial | Gabe Daoud | $63 | $57.98 | +14.7% | Aug 10, 2026 |
| Morgan Stanley | Analyst unavailable | $69 | $56.06 | +25.6% | Aug 7, 2026 |
| Wells Fargo | Analyst unavailable | $79 | $56.04 | +43.8% | Aug 7, 2026 |
| Barclays | Analyst unavailable | $75 | $53.81 | +36.5% | Aug 6, 2026 |
| Evercore ISI | Analyst unavailable | $65 | $51.68 | +18.3% | Jul 8, 2026 |
| Morgan Stanley | Analyst unavailable | $68 | $49.99 | +23.8% | Jun 29, 2026 |
| Mizuho Securities | Analyst unavailable | $75 | $57.46 | +36.5% | May 27, 2026 |
| Barclays | Betty Jiang | $72 | $58.81 | +31.1% | May 26, 2026 |
| Goldman Sachs | Analyst unavailable | $64 | $58.87 | +16.5% | May 20, 2026 |
| Truist Financial | Analyst unavailable | $57 | $54.02 | +3.7% | May 8, 2026 |
| UBS | Analyst unavailable | $65 | $53.69 | +18.3% | May 7, 2026 |
| Raymond James | Analyst unavailable | $75 | $59.24 | +36.5% | May 4, 2026 |
| Wells Fargo | Sam Margolin | $72 | $58.53 | +31.1% | Apr 9, 2026 |
| Wells Fargo | Roger Read | $69 | $55.58 | +25.6% | Mar 12, 2026 |
| Piper Sandler | Mark Lear | $66 | $55.58 | +20.1% | Mar 12, 2026 |
| BMO Capital | Analyst unavailable | $60 | $52.98 | +9.2% | Feb 23, 2026 |
| Barclays | Analyst unavailable | $55 | $51.23 | +0.1% | Feb 20, 2026 |
| Susquehanna | Charles Minervino | $60 | $51.76 | +9.2% | Feb 20, 2026 |
| UBS | Analyst unavailable | $49 | $51.78 | -10.8% | Feb 20, 2026 |
| Morgan Stanley | Devin McDermott | $53 | $52.12 | -3.5% | Feb 20, 2026 |
| Roth Capital | Analyst unavailable | $45 | $51.53 | -18.1% | Feb 19, 2026 |
| Mizuho Securities | Analyst unavailable | $67 | $47.11 | +22.0% | Feb 19, 2026 |
| Susquehanna | Charles Minervino | $51 | $43.93 | -7.2% | Jan 26, 2026 |
| Scotiabank | Analyst unavailable | $46 | $42.8 | -16.3% | Jan 16, 2026 |
| UBS | Analyst unavailable | $43 | $41.02 | -21.7% | Dec 12, 2025 |
| Raymond James | John Freeman | $50 | $41.43 | -9.0% | Nov 25, 2025 |
| Morgan Stanley | Devin McDermott | $51 | $41.44 | -7.2% | Nov 20, 2025 |
| Piper Sandler | Mark Lear | $46 | $42.52 | -16.3% | Nov 18, 2025 |
| Mizuho Securities | Nitin Kumar | $64 | $41.8 | +16.5% | Nov 11, 2025 |
| Piper Sandler | Ryan Todd | $47 | $40.94 | -14.5% | Oct 21, 2025 |
| Susquehanna | Analyst unavailable | $55 | $40.9 | +0.1% | Oct 20, 2025 |
| Scotiabank | Paul Cheng | $47 | $44.7 | -14.5% | Oct 9, 2025 |
| Evercore ISI | Analyst unavailable | $38 | $44.23 | -30.8% | Oct 3, 2025 |
| UBS | Analyst unavailable | $45 | $44.23 | -18.1% | Oct 3, 2025 |
| Mizuho Securities | Analyst unavailable | $60 | $44.23 | +9.2% | Oct 3, 2025 |
| HSBC | Analyst unavailable | $55 | $44.23 | +0.1% | Oct 3, 2025 |
| Roth Capital | Analyst unavailable | $46 | $47.72 | -16.3% | Oct 2, 2025 |
| Barclays | Betty Jiang | $48 | $47.47 | -12.6% | Sep 29, 2025 |
| Mizuho Securities | Nitin Kumar | $58 | $45.47 | +5.6% | Sep 15, 2025 |
| UBS | Analyst unavailable | $46 | $45.67 | -16.3% | Sep 15, 2025 |
| Scotiabank | Paul Cheng | $45 | $46.31 | -18.1% | Jul 11, 2025 |
| Piper Sandler | Analyst unavailable | $48 | $39.97 | -12.6% | Apr 22, 2025 |
| Morgan Stanley | Devin McDermott | $58 | $50.04 | +5.6% | Mar 26, 2025 |
| Roth Capital | Leo Mariani | $54 | $50.34 | -1.7% | Jan 23, 2025 |
| Piper Sandler | Ryan Todd | $51 | $48.05 | -7.2% | Dec 19, 2024 |
| Susquehanna | Biju Perincheril | $77 | $51.72 | +40.2% | Oct 18, 2024 |
| Bank of America Securities | Jean Ann Salisbury | $57 | $51.26 | +3.7% | Oct 17, 2024 |
| Mizuho Securities | Nitin Kumar | $72 | $51.56 | +31.1% | Oct 16, 2024 |
| Scotiabank | Paul Cheng | $65 | $53.9 | +18.3% | Oct 10, 2024 |
| Barclays | Betty Jiang | $58 | $53.25 | +5.6% | Oct 2, 2024 |
| Barclays | Betty Jiang | $67 | $57.61 | +22.0% | Aug 18, 2024 |
| Stephens | Mike Scialla | $76 | $61.21 | +38.3% | Jul 22, 2024 |
| Truist Financial | Neal Dingmann | $67 | $61.21 | +22.0% | Jul 22, 2024 |
| Scotiabank | Paul Cheng | $80 | $61.48 | +45.6% | Jul 12, 2024 |
| Truist Financial | Neal Dingmann | $69 | $63.38 | +25.6% | May 16, 2024 |
| Mizuho Securities | Nitin Kumar | $70 | $68.94 | +27.4% | Apr 11, 2024 |
| Scotiabank | Paul Cheng | $90 | $68.94 | +63.8% | Apr 11, 2024 |
| Wells Fargo | Roger Read | $70 | $68.94 | +27.4% | Apr 10, 2024 |
| Barclays | Analyst unavailable | $73 | $68.55 | +32.9% | Apr 9, 2024 |
| HSBC | Samantha Hoh | $65 | $69.25 | +18.3% | Apr 8, 2024 |
| Morgan Stanley | Devin McDermott | $72 | $64.5 | +31.1% | Mar 28, 2024 |
| Mizuho Securities | Nitin Kumar | $69 | $63.81 | +25.6% | Mar 22, 2024 |
| Roth Capital | Roth MKM Ratings | $60 | $64.07 | +9.2% | Aug 21, 2023 |
| Truist Financial | Neal Dingmann | $80 | $62.55 | +45.6% | Aug 16, 2023 |
| Stephens | Mike Scialla | $69 | $60.22 | +25.6% | Jul 18, 2023 |
| Wells Fargo | Analyst unavailable | $67 | $63.73 | +22.0% | Jan 10, 2023 |
| Piper Sandler | Analyst unavailable | $69 | $62.53 | +25.6% | Dec 19, 2022 |
| Morgan Stanley | Analyst unavailable | $76 | $67.26 | +38.3% | Sep 6, 2022 |
| Wells Fargo | Analyst unavailable | $59 | $60.99 | +7.4% | Aug 4, 2022 |
| Barclays | Jeanine Wai | $79 | $62.95 | +43.8% | Jul 28, 2022 |
| Truist Financial | Analyst unavailable | $105 | $60.99 | +91.1% | Jul 19, 2022 |
| Mizuho Securities | Analyst unavailable | $84 | $60.86 | +52.9% | Jul 19, 2022 |
| Goldman Sachs | Neil Mehta | $70 | $59.52 | +27.4% | Jul 11, 2022 |
| Morgan Stanley | Analyst unavailable | $74 | $55.68 | +34.7% | Jun 21, 2022 |
| Morgan Stanley | Analyst unavailable | $73 | $70.29 | +32.9% | Jun 6, 2022 |
| Mizuho Securities | Analyst unavailable | $89 | $73.35 | +62.0% | May 31, 2022 |
| Capital One Financial | Richard Tullis | $85 | $63.26 | +54.7% | May 23, 2022 |
| Wells Fargo | Analyst unavailable | $58 | $60.1 | +5.6% | May 12, 2022 |
| Stifel Nicolaus | Michael Scialla | $86 | $60.1 | +56.5% | May 12, 2022 |
| Susquehanna | Biju Perincheril | $71 | $57.03 | +29.2% | Apr 28, 2022 |
| Truist Financial | Neal Dingmann | $86 | $54.82 | +56.5% | Apr 26, 2022 |
| Raymond James | Analyst unavailable | $90 | $56.62 | +63.8% | Apr 25, 2022 |
| Morgan Stanley | Analyst unavailable | $70 | $57 | +27.4% | Apr 22, 2022 |
| Barclays | Analyst unavailable | $74 | $58.31 | +34.7% | Apr 22, 2022 |
| Piper Sandler | Ryan Todd | $88 | $57.92 | +60.2% | Apr 11, 2022 |
| Stifel Nicolaus | Michael Scialia | $84 | $61.8 | +52.9% | Apr 10, 2022 |
| Jefferies | Giacomo Romeo | $63 | $56.1 | +14.7% | Apr 6, 2022 |
| Mizuho Securities | Vincent Lovaglio | $85 | $58.11 | +54.7% | Apr 3, 2022 |
| Raymond James | John Freeman | $85 | $57.48 | +54.7% | Mar 30, 2022 |
| BMO Capital | Phillip Jungwirth | $52 | $56.64 | -5.4% | Mar 28, 2022 |
| Morgan Stanley | Devin McDermott | $52 | $55.59 | -5.4% | Mar 14, 2022 |
| Wells Fargo | Roger Read | $51 | $57.95 | -7.2% | Mar 11, 2022 |
| J.P. Morgan | Phil Gresh | $66 | $57.95 | +20.1% | Mar 11, 2022 |
| Bank of America Securities | Doug Leggate | $80 | $58.13 | +45.6% | Mar 10, 2022 |
| Scotiabank | Paul Cheng | $57 | $54.47 | +3.7% | Mar 8, 2022 |
| Susquehanna | Biju Perincheril | $52 | $46.68 | -5.4% | Mar 1, 2022 |
| MKM Partners | John Gerdes | $50 | $46.68 | -9.0% | Mar 1, 2022 |
| Morgan Stanley | Devin McDermott | $50 | $36.77 | -9.0% | Jan 25, 2022 |
| Citigroup | Scott Gruber | $40 | $36.68 | -27.2% | Jan 25, 2022 |
| Societe Generale | Raphael Dubois | $43 | $33.3 | -21.7% | Jan 4, 2022 |
| Wolfe Research | Josh Silverstein | $42 | $28.67 | -23.6% | Dec 14, 2021 |
| Credit Suisse | William Janela | $28 | $33.33 | -49.0% | Nov 5, 2021 |
| Cowen & Co. | David Deckelbaum | $35 | $32.19 | -36.3% | Oct 13, 2021 |
| UBS | Lloyd Byrne | $24 | $31.17 | -56.3% | Jun 30, 2021 |
| Goldman Sachs | Neil Mehta | $31 | $25.98 | -43.6% | May 27, 2021 |
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Start freeCompany context
Snapshot as of publicationOccidental 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.
Historical context
All OXY earningsLatest beats and misses
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Get the OXY recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-09-30T10:06:04.473823+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-30T10:06:04.470924+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-30. For educational purposes only; not investment advice.