Occidental Petroleum (OXY)

Occidental’s upstream business produces crude oil, natural gas liquids, and natural gas from conventional and unconventional reservoirs. At the end of 2025, the company reported net proved reserves of 4.6 billion barrels of oil equivalent, and its 2025 net production averaged about 1.4 million barrels of oil equivalent per day. Its production mix is weighted toward liquids, with oil and natural gas liquids representing roughly three quarters of output and natural gas making up the remainder. This exposure makes Occidental highly sensitive to global oil prices, drilling productivity, capital allocation, and operating costs.

Beyond exploration and production, Occidental owns OxyChem, a chemical business that manufactures products such as chlor-alkali and vinyls used in industrial and construction markets. The company also has midstream and marketing operations that support transport, processing, and sales of hydrocarbons. In recent years, Occidental has become known for its carbon management strategy, including investments in carbon capture and direct air capture. This combination of large-scale hydrocarbon production, chemicals, and low-carbon initiatives gives Occidental a broader profile than a pure shale producer.