10 Oil Stocks with Biggest Upside Potential According to Analysts

8. Occidental Petroleum Corporation (NYSE:OXY)

Upside Potential: 24.34%

Number of Hedge Fund Holders: 71

Occidental Petroleum Corporation (NYSE:OXY) is a global energy company engaged in the exploration, production, and marketing of crude oil. The company operates extensively across the U.S., the Middle East, and Latin America, serving as a key supplier of crude oil to refineries and various industrial sectors.

In the third quarter, Occidental Petroleum Corporation (NYSE:OXY) reported a net income of $964 million and an operating cash flow of $3.8 billion, surpassing expectations. The company’s production reached 1,412 Mboed, exceeding forecasts by 22 Mboed, with the Permian Basin playing a significant role. Furthermore, Occidental Petroleum Corporation (NYSE:OXY) successfully reduced its debt, paying down $4 billion and achieving nearly 90% of its short-term $4.5 billion debt reduction goal just two months after completing the CrownRock acquisition.

Looking ahead, Occidental Petroleum Corporation (NYSE:OXY) plans to sustain a five-rig program within its CrownRock assets through 2025, targeting mid-single-digit production growth. The company also aims to maintain flexibility in its capital expenditures across its U.S. onshore portfolio to respond to fluctuations in commodity prices. With the integration of CrownRock assets and strong performance from new wells in the Permian Basin, Occidental expects to reach a production level of 1,450 Mboe/d in the fourth quarter.