Occidental Petroleum shares have risen 14.1% in the past nine months, slightly ahead of the Zacks Oil and Gas-Integrated-United States industry's 13.8% gain. The company's acquisition of CrownRock L.P. has expanded its Permian Basin footprint, while a new oil discovery at the Bandit prospect in the Gulf of America is expected to support long-term production growth. Occidental projects second-quarter 2026 total output of 1,390-1,430 thousand barrels of oil equivalent per day, with Permian production of 783-803 Mboe/d. The company has reduced principal debt to $13.2 billion and aims to reach $10 billion, cutting annual interest expense by $830 million. However, the stock trades at a premium with a trailing 12-month EV/EBITDA of 5.9X versus the industry average of 5.03X, and its return on equity of 9.65% trails the industry's 10.94%, leading Zacks to rate it a Hold.
Chevron Corp
Devon Energy CorporationOccidental Petroleum CorporationAcquisition of CrownRock, new oil discovery, debt reduction, and production growth