Occidental Petroleum

Cash flows remain tied to commodity cycles. TTM production execution is solid (Q3 2025 production exceeded the high end of guidance at ~1,465 Mboe/d), but revenue and earnings fluctuate with prices and differentials. The pending sale of OxyChem reduces diversification, further increasing exposure to upstream volatility.

The DAC pathway offers a potential, policy‑supported, multi‑year revenue stream, yet timing and unit economics are still evolving. Geographic risk is manageable with a U.S. focus plus MENA assets under long‑lived agreements.