Occidental Petroleum has shifted its message from acquisitions to cash flow. On its fiscal Q2 2026 earnings call in August, management outlined a plan to add more than $4 billion of annual sustainable cash flow by 2030. Two years ago, it led with the integration of CrownRock. Part of the plan relies on advanced recovery projects that extract more oil from existing fields. Management expects sustaining capital to fall by $900 million and interest costs to drop as debt shrinks. It said about 85% of the improvement should hold even at lower prices. Principal debt stood at $11.8 billion, with a near-term target of $10 billion. Occidental has already cut annualised interest by about $630 million, against roughly $740 million in expected savings at that level. Its stock trades at 8.3 times earnings, against 21.9 for the S&P 500.

Occidental Petroleum trades at 8.0 times earnings as of October 2026, a steep discount to the S&P 500's 21.5 multiple. The oil and gas producer converted 50.6% of revenue into operating cash flow over the past twelve months, with a 27.1% operating margin exceeding the S&P 500's 18.5%. However, revenue fell for three consecutive years through fiscal 2025 before rebounding 7.3% in the last twelve months. The current low valuation also includes a one-time $3.2 billion after-tax gain from selling its OxyChem business to Berkshire Hathaway. Without this gain, the stock would trade at roughly 14 times earnings. Management is prioritising debt reduction, targeting $10 billion in principal debt, and aims to generate over $4 billion in additional annual sustainable cash flow by 2030.

President Donald Trump's nine largest oil and gas holdings gained between $1.5 million and $4.4 million in the first six months of the Iran war, according to a CNBC analysis of his financial disclosure and market data. The holdings include Chevron, ExxonMobil, and seven other energy companies. CNBC calculated gains using share-price movements from 27 February, the day before hostilities began, through 31 August. Trump's accounts showed at least 23 sell transactions across the nine stocks through 29 June. A White House spokesman said Trump plays no role in trading decisions, with all investments managed independently. Ethics watchdogs disputed this, noting Trump still knows his heavy energy investment positions. The nine firms posted combined second-quarter profits of $47.6 billion, triple the prior year's figure. US crude prices rose roughly 36% since the war started.