Occidental Petroleum Corporation

Occidental Petroleum Corporation (NYSE: OXY) is a global energy company with operations concentrated in the United States, the Middle East, and North Africa. The company is a significant oil and natural gas producer in the U.S., with key assets in the Permian Basin, DJ Basin, and the offshore Gulf of Mexico. Its operations are organized into three primary segments: Oil and Gas, Chemical, and Midstream and Marketing.

As per US Inflation Report published on ‘OXY’ on Nov 15, 2024, Kalkine provided an ‘Buy’ stance on the stock at USD 50.67 based on fundamental analysis and the stock price has now moved up by ~ 5.11% since then.

Noted below are the details of support and resistance levels provided in our previous report:

Rationale:

Despite meaningful progress in debt reduction, cost efficiencies, and operational outperformance, the company’s recent momentum appears largely reflected in its financial profile, with leverage targets substantially achieved, dividend increases implemented, and quantified free cash flow improvements already guided. At the same time, earnings remain materially sensitive to commodity price volatility, as evidenced by sequential declines in realized oil and gas prices, while midstream strength may normalize from elevated quarterly levels. With restructuring benefits largely realized and forward gains increasingly dependent on external price conditions rather than structural transformation, a more conservative stance is warranted at current levels.

Valuation (Using Price/Earnings Multiple)

Share Price Chart 

Conclusion

With deleveraging targets achieved, efficiency gains embedded, capital returns enhanced, and future upside increasingly tied to external commodity movements rather than structural catalysts, a "Sell" recommendation on Occidental Petroleum Corporation (NYSE: OXY) has been given at the current market price of USD 53.26 as on 23 February 2026 at 7:03 am PST.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 23 February 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.