Occidental Petroleum received approval from Trinidad and Tobago to join ExxonMobil in an ultra-deepwater exploration block, with the government consenting to Oxy acquiring a 10% stake in Block TTUD-1 while ExxonMobil retains a 90% interest and the operator position. The approval highlights mutual dedication to regional cooperation on ecological events. Separately, Mizuho raised its target price on Occidental Petroleum from $72 to $75 and maintained an Outperform rating, citing expectations that the Iran crisis will keep oil prices and refining margins under pressure. Mizuho also increased its oil price outlook by 25% for 2026 and 6% for 2027, and raised U.S. refining crack projections by 61% and 51% for those years respectively.
Occidental Petroleum CorporationMizuho raised target price to $75 and maintained Outperform rating, citing Iran crisis boosting oil prices and refining margins.
Mizuho Financial Group, Inc.
Exxon Mobil Corp