OXY(US:OXY) Benzinga·2026-02-20 16:55Core Insights - Occidental Petroleum reported fourth-quarter earnings with adjusted earnings per share of 31 cents, exceeding the consensus estimate of 18 cents [2] - The company achieved total production of 1,481 thousand barrels of oil equivalent per day, surpassing guidance [2] - Occidental's principal debt is now around $15 billion, allowing for an over 8% increase in its quarterly dividend to 26 cents per share [4] Financial Performance - The adjusted earnings per share of 31 cents beat expectations, indicating strong financial performance [2] - Midstream and marketing pre-tax adjusted income also outperformed expectations, contributing to a positive earnings report [2] Market Dynamics - Geopolitical tensions involving Iran have kept crude prices elevated, which typically benefits oil stocks [3] - Reports suggest Kinetik Holdings is considering a sale after interest from Occidental-backed Western Midstream Partners, potentially influencing market sentiment [3] Strategic Focus - Occidental is focusing on debt reduction while doubling down on core oil and gas operations, particularly in the Permian Basin [5] - Berkshire Hathaway remains a significant stakeholder, holding approximately 28% of Occidental [5] Stock Performance - Occidental is trading 12.4% above its 20-day simple moving average and 20% above its 100-day SMA, indicating strong short-term and long-term strength [6] - The stock has decreased by 1.37% over the past 12 months but is closer to its 52-week highs than lows, reflecting a solid recovery trajectory [6] Technical Indicators - The RSI is at 71.58, indicating the stock is in overbought territory, while the MACD shows a bullish signal with a value of 1.3818 [7] - This combination suggests bullish momentum supporting the stock's price action despite being overbought [7] Current Price Action - Occidental Petroleum shares were down 1.57% at $50.72, approaching its 52-week high of $52.58 [8] - Key resistance is identified at $52.50, with key support at $42.00 [8]