Occidental Petroleum CorporatioNYSE: OXY
Energy · Oil & Gas Exploration & Production
$51.64
-2.64%
Vol: 8.4M
Research Digest
Friday, June 19, 2026
Occidental shares fell under pressure as crude collapsed below $75 on a US-Iran peace agreement, with the fading Middle East war premium dragging down OXY alongside ExxonMobil.
On Thursday June 18, 2026, oil prices crashed below $75 per barrel (a 3-month low) after the US and Iran reached an agreement ending their conflict and reopening the Strait of Hormuz, removing the geopolitical 'war premium' that had supported crude. Occidental Petroleum (OXY) traded down roughly 3-3.7% in the session, with shares around $51-52, leaving the stock about 22.5% below its 52-week high of $66.24 from March 2026. Crude has now erased nearly all gains since the Middle East conflict began in late February and is down about 38% from its April peak. The drop directly pressures OXY's cash flows, though the company earlier sold its OxyChem unit to Berkshire Hathaway for $9.7 billion (most proceeds going to debt paydown) and guided to ~$7 billion of 2026 free cash flow. Mizuho recently raised its OXY price target to $75 from $72 (Outperform), but the consensus rating sits at Hold with an average target near $65.50. The key risk is that sustained lower oil undercuts the deleveraging and buyback story even with Berkshire's large backstop stake.
Previous Market Intelligence
13 daysJun 18No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 17No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 16No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 15No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 14No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 21Occidental Petroleum's CEO Vicki Hollub retires June 1 with COO Richard Jackson taking over after Q1 EPS of $1.06 beat the ~$0.62 consensus despite a $5.23B revenue miss.Mixed▶
Occidental reported Q1 2026 net income of $3.2B (EPS $3.13, adjusted $1.06), beating the ~$0.60-$0.64 consensus, but $5.23B revenue lagged the $5.55B estimate, sending shares down 7.8% post-print. Production hit 1,426 Mboed, above guidance, with Q2 guided to 1,390-1,430 Mboed and full-year to 1,410-1,460 Mboed. The company has repaid $7.1B principal debt through May 5 (down to $13.3B vs $10B target). Long-time CEO Vicki Hollub will retire on June 1 with COO Richard Jackson promoted to president and CEO; Hollub stays on the board. Analyst views are split: Raymond James raised its target to $75 (Outperform) while UBS and Truist cut to $65 and $57 respectively.
May 20Occidental is rallying as production discipline and debt paydown progress meet a major CEO transition, with Vicki Hollub retiring June 1 and COO Richard Jackson taking over.Mixed▶
Occidental Petroleum shares are bullish in mid-May 2026, up more than 10% in the past month and roughly 37% year-to-date through May 13, supported by production discipline and aggressive deleveraging. Longtime CEO Vicki Hollub is retiring effective June 1, 2026, with COO Richard Jackson stepping in as president and CEO while Hollub remains on the board. The company repaid $7.1B in principal debt through May 5, bringing principal debt down to $13.3B en route to a $10B target. Q1 2026 net income was $3.2B ($3.13 EPS), with adjusted EPS of $1.06 beating consensus by ~80%, though revenue of $5.23B missed the $5.55B estimate. Management guided full-year output to 1,410-1,460 Mboed. Analyst views are split: Raymond James raised its target to $75 (Outperform) while UBS trimmed to $65 and Truist to $57.
May 19No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 18Occidental Petroleum announces CEO succession with COO Richard Jackson taking over June 1 as Vicki Hollub steps back; Raymond James lifts PT to $75.Mixed▶
Occidental Petroleum will see COO Richard Jackson assume the CEO role on June 1, 2026, with Vicki Hollub stepping back from executive duties while remaining on the board. The stock fell 3-3.4% on the news amid broader energy weakness. Q1 2026 results (May 5) delivered adjusted EPS of $1.06, well above the $0.60-$0.64 Street view, though revenue of $5.23B lagged the $5.55B target. Net income of $3.2B, or $3.13 diluted EPS, was reported. OXY repaid $7.1B in principal debt through May 5, lowering total debt to $13.3B (target: $10B). Q2 production guided to 1,390-1,430 Mboed, full-year 1,410-1,460 Mboed. Raymond James upgraded to Outperform and raised PT to $75 from $64; CFRA moved from Sell to Hold (PT $56); UBS trimmed to $65 (Neutral); Truist cut to $57 (Hold). Stock is up ~37% YTD and traded up 3.2% on May 15.
May 15Occidental Petroleum posts Q1 net income of $3.2B (EPS $3.13) on May 5, repays $7.1B in principal debt, and shares rally 4% on May 11 as dividend grows.Mixed▶
Occidental announced Q1 2026 results on May 5 with $3.2B net income / $3.13 diluted EPS and $1.06 adjusted EPS from continuing operations, generating ~$1.7B of free cash flow before working capital and exiting Q1 with >$3.8B unrestricted cash. The company repaid $7.1B of principal debt, reducing total debt below $14B with a $10B next target. Q1 production averaged 1,426 Mboe/d, beating the high end of guidance led by Permian, Rockies and Gulf of America. Realized crude prices rose 18% Q/Q to $69.91/bbl. The quarterly dividend was increased to $0.26/share, marking a five-year growth streak. Shares rose 4% on May 11 to ~$58.71. Risks: revenue fell 25.3% Y/Y to $5.11B; consensus is Hold with average PT $57.33.
May 14Occidental CEO Vicki Hollub announces June 1 retirement with Richard Jackson succeeding her; shares fell 6.7% May 6 on Iran deal reportsMixed▶
Occidental Petroleum reported Q1 2026 results on May 5 with net income of $3.2B (EPS $3.13) and adjusted EPS of $1.06, beating the $0.59-$0.61 consensus by 75-80%. Revenue of $5.11B declined 25.3% YoY on lower commodity prices and missed expectations. Free cash flow before working capital was approximately $1.7B, up 52% from continuing operations. During the earnings call, longtime CEO Vicki Hollub announced she would retire as President and CEO effective June 1, with Richard Jackson approved by the board as her successor; both will serve on the board. Production hit 1.426 million BOE/d, exceeding the upper end of guidance in Oil & Gas and Midstream & Marketing segments. Shares fell 6.7% on May 6 as the earnings beat was overshadowed by reports of a potential deal to end the war with Iran. The company is locked into selling 100,000 b/d at the $76 hedge ceiling through year-end as crude has surged above it.
May 13Occidental shares slid as Truist cut its price target to $57 from $65 in early May, with OXY trading $55.17-$56.25 on May 12 amid CEO succession (Hollub retiring June 1).Negative▶
Following Q1 2026 results on May 5 (adj EPS $1.06 vs estimates, but revenue -25.3% YoY to $5.11B), OXY shares fell 6.7% as a profit beat was overshadowed by a potential U.S.-Iran ceasefire framework dragging down crude. Truist cut its price target to $57 from $65. CEO Vicki Hollub will retire June 1, with Richard Jackson taking the helm. The company paid down $7.1B of debt YTD aided by the OxyChem sale, with $10B as the next debt target and ~$7B in expected 2026 free cash flow. Risk: oil price weakness from geopolitical de-escalation and leadership transition pressure.
May 12Occidental announces CEO transition with Richard Jackson succeeding Vicki Hollub June 1, after Q1 beat overshadowed by oil drop on Iran ceasefire reportsMixed▶
During the May 6 Q1 2026 earnings call, Occidental announced President and CEO Vicki Hollub will retire June 1, with board-approved successor Richard Jackson taking over. Q1 results showed net income of $3.2B ($3.13 GAAP EPS) and adjusted EPS of $1.06, with total global production averaging 1,426 MBoed (above the high end of guidance) and average realized crude prices up 18% sequentially to $69.91/bbl. Debt was reduced to under $14B with a $10B next target. Shares fell 6.7% on May 6 as the profit beat was overshadowed by reports of a potential US-Iran deal. The company also indicated it has stopped hedging oil at $76 and will not add hedges this year. Truist lowered its target to $57 from $65.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| COPCONOCOPHILLIPS | $107.75 | -3.11% | -11.9% | 11.7x | 0.11 | $131.3B |
| EOGEOG | $130.14 | -2.33% | -8.2% | 8.8x | 0.26 | $69.2B |
| FANGDIAMONDBACK | $183.05 | -1.31% | -10.2% | 10.4x | 0.39 | $51.6B |
| OXYOCCIDENTAL | $51.64 | -2.64% | -12.0% | 12.8x | 0.12 | $51.5B |
| DVNDEVON | $42.17 | -0.96% | -13.1% | 7.8x | 0.42 | $48.6B |
| EQTEQT | $50.80 | -0.66% | -12.3% | 10.9x | 0.54 | $31.7B |
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