Occidental Petroleum

Recent priorities have been deleveraging and focused capex. Execution includes asset sales (e.g., DJ Basin minerals), warrant‑exercise cash applied to maturities, and capex guidance reductions.

The CrownRock acquisition added high‑quality Midland inventory but increased leverage; the OxyChem divestiture accelerates de‑risking but sacrifices diversification. Share repurchases were minimal in 2025 given debt targets; the dividend has been raised to $0.24/quarter.

Track record is mixed since Anadarko, yet recent discipline and debt reduction are positives.