Assets span a US onshore/offshore core plus MENA: Permian Delaware and Midland (expanded by the ~$12bn CrownRock deal, 2024), DJ Basin, and a long-life Gulf of Mexico position; internationally Oman, UAE Al Hosn sour-gas JV, and Algeria. Beyond upstream, OxyChem is a top-tier US chlor-alkali/PVC producer (~$1bn+/yr) and 1PointFive is building the Stratos direct air capture facility.
Balance sheet is the central story: heavy debt from Anadarko + CrownRock leaves net debt ~$24bn, with active deleveraging; a ~$8.5bn Berkshire preferred (8% coupon) and Berkshire's ~28% common stake shape capital allocation and cap buybacks. Under CEO Vicki Hollub the priority is debt reduction and Permian FCF; valuation screens mid-single-digit EV/EBITDA on leverage/preferred overhang.
Its EV/EBITDA of 6.0x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 7.2% is higher than the 6.5% median, and at $15.17/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Occidental Petroleum scores 40/100, strongest on asset quality (50/100). Sub-scores: value 32, quality 50, growth 39, risk 61 (higher = riskier).
Occidental Petroleum holds approximately 4.6 billion boe of proved (1P) reserves with FY2025 production of about 1,434 thousand boe/d (72% liquids), a reserve life of roughly 8.8 years. Break-even: ~$40/bbl (WTI breakeven (sustain production + base dividend)) — Permian Delaware/CrownRock low-cost inventory; corporate cash-flow breakeven near $40 WTI including capital and common dividend, higher when servicing preferred and debt.
Using Occidental Petroleum's SEC-disclosed after-tax standardized measure of proved reserves ($30.0bn) less net debt ($20.4bn) gives an equity-NAV floor of about $9.6bn — the current market capitalisation sits +494% versus that floor. Disclosed pre-tax PV-10: $45.0bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. Omits OxyChem chemicals value, midstream/marketing, 1PointFive DAC optionality, and undeveloped Permian inventory beyond booked proved.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 80% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
| Oman | 8% | 41 | Stable Gulf; mature fields, EOR-dependent, fiscal reform. |
| UAE | 6% | 26 | Stable; ADNOC-led concessions, limited foreign equity share. |
| Algeria | 6% | 71 | State-dominated Sonatrach; nationalist fiscal terms, contract renegotiation risk. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Permian Delaware Basin | United States | Unconventional oil | Core low-cost growth engine, primary FCF driver |
| CrownRock (Midland Basin) | United States | Unconventional oil | ~$12bn acquisition closed Aug 2024; ~170k boe/d added |
| DJ Basin / Rockies | United States | Unconventional oil/gas | Colorado; subject to regulatory constraints |
| Gulf of Mexico (Caesar/Tonga) | United States | Deepwater oil | Long-life, high-margin offshore barrels |
| Oman Blocks 9/53/62 | Oman | Conventional oil | Long-standing international cash flow |
| Al Hosn / Shah Gas | United Arab Emirates | Sour gas/condensate | JV with ADNOC; expansion underway |
| Algeria (Berkine) | Algeria | Conventional oil | Contract renewed/expanded in recent years |
| Stratos DAC | United States | Direct air capture | 1PointFive; first large-scale DAC, phased startup |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 1169 | 1177 | 1234 | 1334 | 1434 |
| Proved reserves (bnboe) | 3.50 | 3.80 | 4.00 | 4.60 | 4.60 |
| Revenue ($bn) | 26.3 | 37.0 | 28.3 | 26.9 | 21.6 |
| EBITDA ($bn) | 12.0 | 18.5 | 12.5 | 12.0 | 11.7 |
| Net income ($bn) | 1.5 | 12.5 | 3.4 | 2.4 | 1.6 |
| Free cash flow ($bn) | 4.0 | 12.3 | 4.5 | 3.6 | 4.1 |
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✓ FY2025 figures verified against primary sources: