11 Best Crude Oil Stocks To Buy Right Now

5. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 98

Occidental Petroleum Corporation (NYSE:OXY) is a major integrated energy company with a strong focus on crude oil, natural gas and chemicals. As one of the largest independent oil producers in the US, OXY has significant operations in the Permian Basin, the Rockies and the Gulf of Mexico, along with international assets in the Middle East and North Africa. The company engages in upstream exploration and production, as well as midstream and marketing activities that support its oil and gas operations.

Occidental Petroleum Corporation (NYSE:OXY) delivered strong performance in 2024, generating $4.9 billion in free cash flow and achieving record total company production of 1.33 million BOE per day. The company successfully reached its near-term debt repayment target of $4.5 billion seven months ahead of schedule through asset sales and organic cash flow. Operational excellence was demonstrated through a 9% reduction in domestic lease operating expenses per barrel and approximately 12% lower well costs across unconventional basins. The company increased its year-end proved reserve balance to 4.6 billion BOE, representing an all-in reserve replacement ratio of 230% for 2024. OxyChem subsidiary exceeded original guidance to achieve over $1.1 billion in pretax income in 2024.

Looking forward to 2025, Occidental Petroleum Corporation (NYSE:OXY) plans to invest between $7 billion and $7.2 billion in its Energy & Chemicals business, with full-year production expected to average approximately 1.42 million BOE per day. The company remains focused on debt reduction and sustainable dividend growth, as evidenced by the recent 9% increase in common dividends. Major projects including Stratos and the battleground modernization project are progressing, with Stratos expected to be commercially operational this year and battleground completion expected in mid-2026. The company anticipates continued operational improvements, including a 10% improvement in time to market compared to last year and a 7% decrease in well costs. All in all, the outlook for this company is strong regardless of the evolution in crude oil prices.