greeksoup/ stock research
Stock research / United States / OXY / FY2025

Occidental Petroleum (OXY) FY2025 results: revenue $21.6 billion, down 1.9% on the year

Occidental Petroleum Corp. (OXY) reported revenue of $21.6 billion for fiscal 2025, the year ended 31 December 2025, down 1.9% on the year before. Net income was $1.6 billion, down 31.8%, and diluted earnings per share $1.61. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue
$21.6 billion
-1.9% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$1.6 billion
-31.8% on the year
FY2018FY2025
Diluted EPS
$1.61
-34.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

From this 10-K

Occidental Petroleum is an international energy company whose assets sit primarily in the United States, the Middle East and North Africa. It runs two continuing segments: oil and gas, and midstream and marketing. The filing says the company ranks among the largest oil and gas producers in the United States, holding positions in the Permian and DJ Basins as well as offshore in the Gulf of America, and describes it as the largest independent oil producer in Oman. Its executive offices are in Houston. It had 10,412 employees in continuing operations at the end of 2025, of whom 6,793 were in North America and 3,441 in the Middle East.

Occidental Petroleum Corp., the 10-K for 2025

Occidental Petroleum is an international energy company whose assets sit primarily in the United States, the Middle East and North Africa. It runs two continuing segments: oil and gas, and midstream and marketing. The filing says the company ranks among the largest oil and gas producers in the United States, holding positions in the Permian and DJ Basins as well as offshore in the Gulf of America, and describes it as the largest independent oil producer in Oman. Its executive offices are in Houston. It had 10,412 employees in continuing operations at the end of 2025, of whom 6,793 were in North America and 3,441 in the Middle East.

The oil and gas business

Within the United States the operations are mainly in Texas, New Mexico and Colorado, together with offshore work in the Gulf of America, and the international assets are mainly in Algeria, Oman, Qatar and the UAE. Proved reserves at the end of 2025 were 4,603 MMboe, of which 3,788 MMboe was in the United States and 815 MMboe international, made up of 2,162 MMbbl of oil, 1,150 MMbbl of NGL and 7,745 Bcf of natural gas. Sales volumes in 2025 were 523 MMboe against 486 MMboe in 2024, with 438 MMboe of the 2025 figure coming from the United States. The company develops both conventional and unconventional fields and uses primary, secondary waterflood and tertiary recovery methods, the last including CO2 and steam flood. It states that its expertise in separating, transporting, using, recycling and storing CO2 for enhanced oil recovery gives it a competitive edge.

Midstream and marketing

This segment exists mainly to support the oil and gas business, optimising the use of gathering, processing, transportation, storage and terminal commitments for Occidental's own subsidiaries and for third parties, and providing access to domestic and international markets. In Texas, New Mexico and Colorado it runs natural gas and CO2 gathering, compression and processing systems with capacity of 2.2 Bcf per day, alongside CO2 fields and pipelines that move CO2 to producing locations at 2.8 Bcf per day. It holds an equity method investment in WES, which owns gas processing facilities of 5.8 Bcf per day and 14,910 miles of gathering and transportation pipeline and earns fee-based and service-based income from Occidental and from third parties. A second equity investment, DEL, owns a pipeline linking its gas processing and compression plant in Qatar to receiving facilities in the UAE, with capacity of 3.2 Bcf per day, and supplies natural gas to the UAE and Oman. The segment also includes Al Hosn Gas, a 1.45 Bcf per day processing facility in the UAE that removes sulphur from natural gas and processes both the gas and the sulphur for sale.

Oxy Low Carbon Ventures

OLCV sits inside the midstream and marketing segment and works on carbon removal and on carbon capture, use and storage. STRATOS, the company's first large-scale direct air capture facility, is designed to capture up to 500,000 tons of CO2 a year once complete, with trains 1 and 2 giving an initial capacity of up to 250,000 tons and the remaining 250,000 arriving with trains 3 and 4. The company states that operations are expected to begin in 2026. OLCV also holds a company-owned solar generation facility in Texas of 16.8 megawatts, an equity investment in a low-emissions gas-based power generation demonstration facility of up to 50 megawatts, and five CO2 sequestration hubs under development across more than 310,000 acres in Texas and Louisiana.

The OxyChem sale

In October 2025 Occidental agreed to sell all of the equity interests in OxyChem to Berkshire Hathaway in an all-cash transaction for $9.7 billion, and the sale completed on 2 January 2026. The chemical business had been a reportable segment, and it is now presented as discontinued operations for every period shown. Because of the sale, intersegment sales from the oil and gas and midstream and marketing segments to the chemical segment are no longer eliminated as intercompany transactions.

From Occidental Petroleum's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 18 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue21,59322,01923,156-1.9%
Cost of revenuen/a3,1213,116
Selling, general and administrative986960987+2.7%
Pre-tax income3,1284,0244,662-22.3%
Income tax1,0211,1581,330-11.8%
Effective tax rate32.6%28.8%28.5%
Net income1,6122,3644,696-31.8%
Net margin7.5%10.7%20.3%
Diluted EPS$1.61$2.44$3.90-34.0%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow10,53211,43912,308-7.9%
Capital expenditure6,4276,2635,696+2.6%
Free cash flow4,1055,1766,612-20.7%
Free cash flow margin19.0%23.5%28.6%
Cash from investing-5,799-14,590-6,980
Cash from financing-4,8443,844-4,890
Depreciation and amortisation7,5336,9516,449+8.4%
Share-based compensation234213203+9.9%
Buybacks0.027.01,798
Dividends paid1,5941,4461,365+10.2%
Dividend per share$0.96$0.88$0.72+9.1%
Diluted shares, weighted1,000m967m961m+3.4%
Shares outstanding at period end986m938m879m+5.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity36,03434,15930,250+5.5%
Non-controlling interest56432199.0+75.7%
Debt21,39725,32319,738-15.5%
Operating lease liabilities605469727+29.0%
Finance lease liabilities801658591+21.7%
Other liabilities24,78524,51522,603+1.1%
Total liabilities and equity84,18685,44574,008-1.5%
Fixed assets63,643n/an/a
Goodwill668668n/a0.0%
Cash and equivalents1,9682,1251,426-7.4%
Receivables2,5752,8393,195-9.3%
Inventory1,8231,7562,022+3.8%
Other assets13,50978,05767,365-82.7%
Total assets84,18685,44574,008-1.5%

10-K for the year ended 31 December 2025, filed 18 February 2026: the filing.