Occidental Petroleum Corp

OXY: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Occidental Earnings: Solid Results, Strengthening Balance Sheet, and CrownRock Integration Update

Joshua Aguilar , Francis Petropoulos

Nov 14, 2024

Nothing in no-moat Occidental’s third-quarter results materially alters our long-term view of the firm, so we maintain our fair value estimate of $62. However, results were better than expected, particularly Oxy’s cost-efficiency results. Oxy also marginally beat our expectations for third-quarter production. Total hydrocarbon production of 1,412 thousand barrels of oil equivalent per day translates to a roughly 12% sequential improvement or a near 16% year-on-year increase.

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Occidental Petroleum Corp

Occidental Earnings: Solid Results, Strengthening Balance Sheet, and CrownRock Integration Update

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