Occidental Petroleum Corp

OXY: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$94.00	Drjq	Vjrmsftb

Occidental: Improved Outlook Offsets Weak First Quarter

Dave Meats

May 15, 2023

After incorporating Occidental's first-quarter results we are raising our fair value estimate to $56 per share from $53. The increase reflects stronger-than-expected oil and gas volumes and resilient markets for PVC and caustic soda, which benefit Oxy's chemical segment. These benefits offset the impact of near-term commodity prices, which have declined since our March update.

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