オキシデンタル石油（NYSE：OXY）株式とは？石油、ペルミアン、バークシャー・ハサウェイ、債務および炭素戦略

Summary

Occidental Petroleum Corporation (NYSE: OXY) is an international energy company focused primarily on oil and natural gas production, midstream and marketing activities, and lower-carbon technologies.

Occidental's business changed significantly in 2026. On January 2, 2026, the company completed the sale of its chemical subsidiary OxyChem to Berkshire Hathaway for $9.7 billion in cash. Following the transaction, Occidental's current SEC reporting presents two continuing reportable segments:

• Oil and Gas
• Midstream and Marketing, which also includes Oxy Low Carbon Ventures.

This means older descriptions of Occidental as operating through Oil and Gas, Chemical, and Midstream and Marketing no longer reflect the company's current continuing-business structure. OxyChem is now reported as a discontinued operation.

Occidental also used the OxyChem proceeds to accelerate debt reduction. By May 5, 2026, it had repaid approximately $7.1 billion of principal debt during 2026, reducing principal debt to approximately $13.3 billion. First-quarter production averaged 1.426 million barrels of oil equivalent per day, above management's guidance range.

Another defining feature of the OXY investment story is Berkshire Hathaway. Berkshire reported owning approximately 26.9% of Occidental's outstanding common stock as of March 31, 2026, excluding the potential effect of its warrants.

For eligible users seeking tokenized economic exposure linked to OXY, MEXC lists the OXYON/USDT spot market. MEXC launched OXYON/USDT as an ERC-20 Ondo tokenized-stock pair on March 4, 2026.

What Is Occidental Petroleum?

Occidental Petroleum is an international energy company headquartered in Houston, Texas.

Its current continuing operations are concentrated in:

Oil and Gas

Midstream and Marketing

Low Carbon Ventures within Midstream and Marketing

Occidental's oil and gas business explores for, develops and produces:

• Crude oil and condensate;
• Natural gas liquids;
• Natural gas.

Its midstream and marketing business gathers, processes, transports, stores and markets hydrocarbons and carbon dioxide while managing transportation capacity and related investments. Oxy Low Carbon Ventures, or OLCV, sits within this segment and develops businesses involving carbon capture, direct air capture and other lower-carbon technologies.

What Does OXY Stock Represent?

OXY is the ticker for Occidental Petroleum common stock on the New York Stock Exchange.

When an investor purchases OXY through traditional securities-market infrastructure, they obtain equity exposure to Occidental as a company.

That means OXY's value is influenced by much more than the price of a barrel of oil.

Important variables include:

• Oil prices;
• Natural gas prices;
• Production volumes;
• Operating costs;
• Capital expenditure;
• Debt;
• Interest expense;
• Asset sales;
• Dividends;
• Share issuance and repurchases;
• Midstream performance;
• Carbon-management investments.

A useful simplified relationship is:

Oil and Gas Prices

×

Production

↓

Operating Cash Flow

−

Capital Expenditure and Corporate Costs

↓

Free Cash Flow

↓

Debt Reduction + Dividends + Investment

↓

OXY Equity Value

This is why OXY should not be treated as a direct substitute for WTI crude oil.

What Changed at Occidental in 2026?

2026 represents one of the most important structural changes in Occidental's recent history.

OxyChem Was Sold to Berkshire Hathaway

Occidental completed the sale of OxyChem to Berkshire Hathaway on January 2, 2026 for approximately $9.7 billion in cash, subject to customary adjustments.

Before the transaction, Occidental was commonly analyzed as three businesses:

Oil and Gas

Chemical

Midstream and Marketing

After the sale, current SEC reporting presents:

Oil and Gas

Midstream and Marketing

OxyChem's historical results are now presented as discontinued operations.

Occidental Became More Focused on Energy

Selling OxyChem removes a large chemicals business from Occidental's future continuing operations.

That makes the company more directly dependent on:

• Oil and gas production;
• Commodity pricing;
• Midstream economics;
• Low-carbon businesses.

This can make OXY's fundamental relationship with energy markets more important than it was when OxyChem contributed a separate source of earnings and cash flow.

Why Did Occidental Sell OxyChem?

Balance-sheet improvement was a major strategic reason.

Occidental stated when the deal closed that the transaction would strengthen its balance sheet and allow the company to focus on its oil and gas portfolio.

The financial effect became visible almost immediately.

Occidental's first-quarter 2026 results reported that it had repaid approximately:

$7.1 billion of principal debt through May 5

bringing principal debt down to approximately:

$13.3 billion.

Its SEC filing shows approximately $6.7 billion of debt was repaid during the first quarter using OxyChem proceeds, followed by another approximately $0.4 billion after quarter-end through the filing date.

Why Debt Is So Important for OXY

Energy companies can generate significant cash flow when commodity prices are strong.

But debt increases sensitivity to downturns because:

• Interest must still be paid;
• Refinancing may become more expensive;
• Low oil prices can reduce cash generation;
• Debt can compete with dividends and investment for available capital.

Debt reduction can therefore improve Occidental's financial flexibility.

A lower debt burden may allow more future cash to be directed toward:

• Dividends;
• Shareholder returns;
• Oil and gas development;
• Low-carbon businesses.

However, lower debt does not eliminate commodity-price risk.

Where Does Occidental Produce Oil and Gas?

Occidental primarily operates in the United States, Middle East and North Africa. Its U.S. portfolio includes major production positions in the Permian Basin, Rockies and offshore Gulf of America.

The Permian Basin is particularly important.

Occidental has built a large position in the region through both organic development and acquisitions.

The company's first-quarter 2026 production performance was led by contributions from:

• Permian;
• Rockies;
• Gulf of America.

Total company production averaged 1.426 million BOE per day during the quarter.

How Do Oil Prices Affect Occidental?

Oil prices influence the realized prices Occidental receives for crude production.

For Q1 2026:

• Average WTI marker price: $71.93 per barrel
• Average Brent marker price: $77.93 per barrel
• Occidental worldwide realized crude price: $69.91 per barrel.

This demonstrates an important point:

WTI price is not the same as Occidental's realized oil price.

Differences can result from:

• Geography;
• Crude quality;
• Transportation;
• Marketing;
• Timing;
• Contract terms.

OXY therefore has substantial oil-price exposure without being mathematically tied to WTI.

What Happened to Occidental's Cash Flow in Q1 2026?

Occidental reported:

• $1.4 billion operating cash flow from continuing operations
• $3.2 billion operating cash flow before working capital
• $1.6 billion capital expenditures
• Approximately $1.7 billion free cash flow before working capital from continuing operations.

These figures matter because free cash flow helps determine how much capital can be used for:

• Debt repayment;
• Dividends;
• Acquisitions;
• New oil and gas development;
• Carbon projects.

Who Is Occidental's CEO in 2026?

Another important update concerns management.

Vicki Hollub retired as President and CEO effective June 1, 2026.

Occidental's board appointed former Chief Operating Officer Richard Jackson as President and Chief Executive Officer beginning June 1.

Hollub remains on Occidental's Board of Directors.

Therefore, current articles should refer to:

Occidental President and CEO Richard Jackson

when discussing present management.

Why Is Berkshire Hathaway Important to OXY?

Berkshire Hathaway is one of the largest Occidental shareholders.

Berkshire's own Q1 2026 Form 10-Q states that Berkshire and its subsidiaries owned approximately 26.9% of Occidental's outstanding common stock as of March 31, 2026, excluding the potential effect of exercising Occidental warrants.

This makes Occidental one of Berkshire's most significant equity investments.

Why Do Some Sources Show Berkshire Ownership Above 30%?

Because warrants can change the calculation.

Occidental's 2026 proxy listed Warren E. Buffett and affiliated entities as beneficially owning approximately 32.43% as of March 10, 2026 under SEC beneficial-ownership rules. That figure includes shares that could be issued upon exercise of warrants held by that shareholder.

Meanwhile, Berkshire's 26.9% figure excludes the potential effect of exercising the warrants.

Occidental reported that Berkshire held warrants potentially exercisable for approximately 83.9 million OXY common shares at a $59.59 strike price as of March 31, 2026.

Therefore:

26.9%

= outstanding common stock ownership excluding potential warrant exercise

while:

32.43%

= a beneficial-ownership calculation incorporating relevant warrants.

The two figures measure different things.

Did Berkshire Also Buy OxyChem?

Yes.

This creates an unusual relationship.

Berkshire is:

1. A major shareholder in Occidental; and
2. The buyer of Occidental's former OxyChem business.

The $9.7 billion transaction therefore strengthened Berkshire's connection with Occidental without Berkshire acquiring Occidental itself.

A large Berkshire shareholding should not be interpreted as proof that Berkshire will eventually acquire all of Occidental.

Does Occidental Pay a Dividend?

Yes.

Occidental increased its regular quarterly common-stock dividend to $0.26 per share in 2026.

The company paid $0.26 per share in April and July 2026, compared with $0.24 per quarter during most of 2025.

Dividend sustainability ultimately depends on factors including:

• Commodity prices;
• Cash flow;
• Capital requirements;
• Debt;
• Board decisions.

A current dividend does not guarantee the same payment indefinitely.

What Is Occidental's Carbon Strategy?

Occidental is also developing a carbon-management business through Oxy Low Carbon Ventures and 1PointFive.

Its projects include:

• Carbon capture;
• Carbon sequestration;
• Direct Air Capture;
• Carbon-removal credits;
• Low-carbon fuels;
• Other carbon-management technologies.

One of the best-known projects is STRATOS, a large Direct Air Capture facility in Texas.

Occidental says STRATOS is designed to remove up to 500,000 metric tons of atmospheric CO₂ per year when fully operational.

1PointFive stated in January 2026 that STRATOS was progressing through startup activities.

Why Carbon Capture Matters to OXY

The potential bull case is that Occidental can turn decades of carbon-management expertise into an additional commercial business.

Possible revenue opportunities include:

• Carbon-removal credits;
• CO₂ transportation;
• Sequestration services;
• Industrial decarbonization contracts.

However, the economics remain uncertain.

Important risks include:

• Capital intensity;
• Technology execution;
• Carbon-credit prices;
• Customer demand;
• Government incentives;
• Regulation.

Carbon management should therefore be treated as a potential growth opportunity rather than guaranteed future profit.

Main Growth Opportunities for OXY

Permian Production

Occidental's scale in the Permian provides significant exposure to one of the world's most important oil-producing regions.

Debt Reduction

A stronger balance sheet could improve capital-allocation flexibility.

Oil Prices

Higher realized oil prices can materially increase upstream cash flow, although commodity prices remain unpredictable.

Operational Efficiency

Higher production at lower unit costs can create value without requiring higher commodity prices.

Low Carbon Ventures

Commercially successful DAC or carbon-management projects could create additional businesses beyond conventional hydrocarbons.

Main Risks of OXY Stock

Oil Price Risk

A sustained fall in crude prices can materially reduce Occidental's earnings and free cash flow.

Natural Gas and NGL Risk

Occidental is exposed to more than crude oil alone.

Debt Risk

Debt has fallen substantially, but the company still carries meaningful financial obligations.

Production Risk

Operational problems, weather, geopolitical disruptions or reservoir performance can affect volumes.

Middle East and Geopolitical Risk

International operations expose Occidental to political and regional risks.

Carbon Investment Risk

Large carbon-management investments may not generate expected commercial returns.

Concentration After OxyChem

The sale of the chemical business simplifies Occidental but also removes a source of earnings diversification.

What Is OXYON?

OXYON, styled by Ondo as OXYon, is an Ondo tokenized product linked to Occidental Petroleum's OXY common stock.

Ondo's official product page identifies it as:

OXYon: Occidental Petroleum (Ondo Tokenized).

MEXC currently lists:

OXYON/USDT Spot Trading

The product relationship is:

Oil and Gas Markets

↓

Occidental Petroleum

↓

NYSE: OXY

↓

Ondo OXYON

↓

MEXC OXYON/USDT

The important distinction is:

OXYON is not crude oil and does not directly track WTI. It is a separate tokenized product linked economically to OXY.

FAQ

What does Occidental Petroleum do?

Occidental's current continuing operations consist primarily of Oil and Gas and Midstream and Marketing, with Oxy Low Carbon Ventures included in Midstream and Marketing.

Does Occidental still own OxyChem?

No. Occidental completed the $9.7 billion cash sale of OxyChem to Berkshire Hathaway on January 2, 2026.

Who is Occidental's CEO?

Richard Jackson became President and CEO effective June 1, 2026.

How much Occidental stock does Berkshire Hathaway own?

Berkshire reported owning 26.9% of outstanding common stock as of March 31, 2026, excluding the potential effect of its warrants.

Does Occidental pay dividends?

Yes. Its regular quarterly common dividend was $0.26 per share for the April and July 2026 payments.

Is OXY the same as oil?

No. OXY is equity in Occidental Petroleum. Oil prices are an important driver but not the only factor affecting the stock.

What is OXYON?

OXYON is an Ondo tokenized product linked economically to OXY.

Where can eligible users trade OXYON?

MEXC provides an OXYON/USDT spot market.

Risk Disclaimer

This article is provided for informational and educational purposes only and does not constitute investment, financial, legal, accounting or tax advice.

OXY is exposed to oil and gas prices, production, operating costs, capital expenditure, debt, geopolitical events, regulation, environmental liabilities, carbon-investment execution and equity-market volatility.

OXYON introduces additional token-issuer, backing, tracking, blockchain, liquidity, USDT, centralized-exchange custody and jurisdictional risks.