Equities
Stephens Adjusts Price Target on Occidental Petroleum to $78 From $72, Keeps Overweight Rating
Occidental Petroleum (OXY) has an average rating of overweight and mean price target of $68, according to analysts polled by FactSet.
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85 stories mentioning OXYUpdated 2d ago
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- StephensTarget revisedOverweightPrice target$78from $72
- Evercore ISITarget revisedOutperformPrice target$70from $65
- Seaport GlobalInitiatedBuyPrice target$73
- CitigroupTarget revisedPrice target$65from $60
- JefferiesTarget revisedPrice target$57from $56
- Capital OneTarget revisedEqualweightPrice target$74from $70
What's the latest news on OXY?
Equities
Evercore ISI Adjusts Price Target on Occidental Petroleum to $70 From $65, Keeps Outperform Rating
Occidental Petroleum (OXY) has an average rating of overweight and mean price target of $67.56, according to analysts polled by FactSet.
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Research
Seaport Global Initiates Occidental Petroleum at Buy With $73 Price Target
Occidental Petroleum (OXY) has an average rating of overweight and mean price target of $67.54, according to analysts polled by FactSet.
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Commodities
Williston Rig Count Hits Highest Since October 2025 as Lower 48 Activity Rises, UBS Says
The Williston rig count reached 33, its highest since October 2025, as US Lower 48 activity rose and operators increasingly adopted longer lateral wells, UBS said in a Tuesday note.Williston activity increased by one rig over the week, with the basin's count now 50% above the 22-rig trough reached in mid-February 2026 as higher crude prices supported drilling.Private operators, including Phoenix Operating and Koda Resources, drove much of the recent increase, according to the North Dakota Department of Mineral Resources' monthly update.Among public exploration and production companies, Chord Energy (CHRD) led Williston activity with 4 rigs, while Devon Energy (DVN) and Chevron (CVX) each had three rigs, UBS Evidence Lab data showed.Longer laterals, particularly 4-mile wells, have become a key drilling trend in the basin, with UBS saying the approach can improve capital efficiency and lower supply costs and breakevens.North Dakota's Q2 2026 completions averaged about 13,600 feet in lateral length, up 15% from the state's 2025 average of about 11,800 feet, according to the North Dakota Department of Mineral Resources.Chord Energy had the most visible 4-mile drilling program among public Exploration and Production companies, with such wells accounting for about 40% of its 2026 drilling plan before the company plans to scale the program in 2027.Across the Lower 48, the four-week average active rig count increased 1 rig week-over-week to 620, putting activity 13% above year-end 2025 levels, according to the note.Oil rigs increased 25% from year-end 2025, while gas rigs declined 11% and activity among other rig categories fell materially, UBS said.Permian activity was unchanged overall, as the Delaware added 3 rigs, the Midland lost 2 rigs and other Permian areas declined by 1 rig.Outside the Permian, the Williston Basin, Woodford and Denver-Julesburg each gained 1 rig, while Eagle Ford activity fell by 1 rig.Gas drilling was unchanged in the Haynesville but declined by 1 rig in Appalachia over the week, according to UBS Evidence Lab data.UBS' coverage group and integrated oil companies had 276 active rigs last week, down three from the previous week, with Exxon Mobil (XOM), Occidental Petroleum (OXY), and Murphy Oil (MUR) each adding one rig.Devon Energy, Chevron, SM Energy (SM), California Resources (CRC), Range Resources (RRC) and Gulfport Energy (GPOR) each had 1 fewer rig over the week, potentially reflecting rig movements.Exxon Mobil remained the most active public operator with 35 rigs, followed by Devon Energy with 32, ConocoPhillips (COP) with 30, Occidental Petroleum with 24 and EOG Resources (EOG) with 23, with UBS' coverage group accounting for 45% of Lower 48 active rigs.
$CHRD$COP$CRC$CVX$DVN$GPOR$MUR$OXY$RRC$SM$XOM
Equities
Citigroup Adjusts Price Target on Occidental Petroleum to $65 From $60
Occidental Petroleum (OXY) has an average rating of overweight and mean price target of $67.09, according to analysts polled by FactSet.
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Equities
Jefferies Adjusts Price Target on Occidental Petroleum to $57 From $56
Occidental Petroleum (OXY) has an average rating of overweight and mean price target of $67, according to analysts polled by FactSet.
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Wire
Capital One Adjusts Price Target on Occidental Petroleum to $74 From $70, Maintains Equalweight Rating
Occidental Petroleum (OXY) has an average rating of overweight and mean price target of $66.96, according to analysts polled by FactSet.Price: $60.35, Change: $+0.55, Percent Change: +0.92%
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Commodities
US Rig Count Rises as Permian Activity Signals Further Production Growth, UBS Says
The US oil and gas rig count rose for a second consecutive week, led by increased drilling activity in the Permian Basin, UBS strategists said in a note on Wednesday, while government forecasts point to further growth in crude and gas production through 2027.UBS analysts said that active rig count in the Lower 48 rose by three to 619 on a four-week average basis. The total is now 13% above the level at the end of 2025, with oil-directed rigs up 24% over the same period while gas rigs have fallen 9%.The bank said that the Permian added one rig overall last week, with activity in the Delaware sub-basin increasing by two rigs and activity in the Midland declining by one rig.Outside the Permian, the Williston and Barnett each added one rig, while the Eagle Ford and Denver-Julesburg basins each lost one.On the gas side, the Haynesville added one rig, while Appalachia was unchanged.The latest rig data comes as the US Energy Information Administration's August Short-Term Energy Outlook points to improving fundamentals in the Permian, which is expected to remain a key driver of domestic production growth.Permian's active rig count increased by six rigs to 248 in Q2, marking the first quarter-over-quarter increase since Q2 2024, UBS said, citing EIA data.Wells drilled and completed both increased 5% from the previous quarter, while crude production rose 3% to 6.81 million barrels per day.The basin's oil output is projected to remain broadly flat in Q3 before rising to 6.88 million barrels per day in Q4, according to the EIA. Production is forecast to increase further in 2027, averaging 7.03 million b/d.Gas output in the Permian was unchanged from the previous quarter at 28.9 billion cubic feet per day, reflecting takeaway constraints that have contributed to significant curtailments.UBS said that new pipeline capacity is expected to ease those bottlenecks, with the EIA forecasting Permian gas production to average 31.55 Bcf/d in 2027, up 2.4 Bcf/d.Within UBS's coverage group and integrated oil companies, the number of active rigs rose by two last week to 279. Chevron (CVX) and Expand Energy (EXE) each added one rig.Exxon Mobil (XOM) remained the most active publicly traded operator, with 35 rigs, followed by Devon Energy with 33, ConocoPhillips (COP)with 30, and EOG Resources (EOG) and Occidental Petroleum (OXY) with 23 each.Price: $206.54, Change: $+2.58, Percent Change: +1.26%
$COP$CVX$EOG$EXE$OXY$XOM
Equities
Stephens Adjusts Price Target on Occidental Petroleum to $72 From $69, Keeps Overweight Rating
Occidental Petroleum (OXY) has an average rating of overweight and mean price target of $66.78, according to analysts polled by FactSet.
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Equities
Barclays Adjusts Occidental Petroleum PT to $71 From $75, Maintains Overweight Rating
Occidental Petroleum (OXY) has an average rating of overweight and mean price target of $66.65, according to analysts polled by FactSet.
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Commodities
US Shale Drillers Adopt Simultaneous Fracking to Cut Well Costs, UBS Says
US shale producers are turning to more advanced hydraulic-fracturing techniques to accelerate completion times and lower well costs, with the efficiency gains expected to extend into 2027, UBS strategists said in a note on Tuesday.UBS analysts said that a broader adoption of simultaneous fracturing, or simulfracs, was a key theme during Q2 earnings season, as producers seek to improve productivity while maintaining capital discipline amid shifting commodity prices.Crescent Energy (CRGY) and SM Energy (SM) in the Uinta Basin reported significant gains after adopting simulfracs.Crescent said it used the technique on all its 2026 Uinta turn-in lines, compared with none in 2025. This has increased completion speeds by about 90% and contributed to a decline of over 15% in well costs on a per-foot basis.SM Energy reported that it more than doubled the efficiency of its Uinta completions quarter-over-quarter in Q2 after switching to simulfracs.The efficiency gains are also being seen among larger producers that have already adopted the technology.Occidental Petroleum (OXY) increased the share of simulfracs in its US onshore completion program to over 45% in 2026, from 10% in 2025.The energy firm cited the approach as one factor behind a 7% year-over-year decline in well costs.Devon Energy (DVN) also plans to expand the use of simulfracs as it applies completion practices developed in its own operations to assets acquired from Coterra Energy (CTRA).Meanwhile, Chord Energy (CHRD) evaluated the use of a trimulfrac in the Williston Basin during the quarter.The energy firm, which began using simulfracs in late 2024, said initial results from the three-well simultaneous completion approach were encouraging, according to UBS.Chord expects trimulfracs could account for between 20% and 50% of its completions in 2027, potentially generating additional cost savings.Meanwhile, the latest UBS data showed the US active rig count averaged 616 on a four-week basis, unchanged from the previous week.The rig activity is up 12% from the end of 2025, driven by a 23% increase in oil-directed rigs. Gas-directed rigs, by contrast, have declined 8% over the same period.The Permian Basin was broadly unchanged week-over-week, with the Delaware adding two rigs, the Midland losing three and other parts of the Permian adding one.Outside the Permian, the Eagle Ford declined by two rigs and the Granite Wash fell by one. The Haynesville lost one gas rig, while Appalachia was unchanged.Energy firms covered by UBS, together with integrated oil and gas producers, operated 256 active rigs last week, up one from the prior week.Antero Resources and California Resources added one rig each, while Devon Energy reduced its count by one, potentially reflecting a rig move.Exxon Mobil (XOM) remained the most active publicly traded operator with 35 rigs, followed by Devon with 33, ConocoPhillips (COP) with 30, and EOG Resources (EOG) and Occidental Petroleum with 23 each.Price: $58.41, Change: $-0.65, Percent Change: -1.10%
$CHRD$COP$CTRA$DVN$EOG$OXY$SM$XOM
Equities
Capital One Adjusts PT on Occidental Petroleum to $70 From $67, Keeps Equalweight Rating
Occidental Petroleum (OXY) has an average rating of overweight and mean price target of $66.83, according to analysts polled by FactSet.
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Equities
Susquehanna Adjusts PT on Occidental Petroleum to $70 From $67, Maintains Positive Rating
Occidental Petroleum (OXY) has an average rating of overweight and mean price target of $66.70, according to analysts polled by FactSet.
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Equities
Wells Fargo Adjusts Occidental Petroleum Price Target to $79 From $72
Occidental Petroleum (OXY) has an average rating of overweight and mean price target of $66.22, according to analysts polled by FactSet.Price: $56.17, Change: $+0.13, Percent Change: +0.22%
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Equities
Goldman Sachs Adjusts Occidental Petroleum Price Target to $63 From $60
Occidental Petroleum (OXY) has an average rating of overweight and mean price target of $66.22, according to analysts polled by FactSet.Price: $56.17, Change: $+0.13, Percent Change: +0.22%
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Equities
HSBC Adjusts Occidental Petroleum Price Target to $69 From $68
Occidental Petroleum (OXY) has an average rating of overweight and mean price target of $66.22, according to analysts polled by FactSet.Price: $56.17, Change: $+0.13, Percent Change: +0.22%
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Equities
JPMorgan Adjusts Occidental Petroleum Price Target to $64 From $60
Occidental Petroleum (OXY) has an average rating of overweight and mean price target of $66.22, according to analysts polled by FactSet.Price: $56.17, Change: $+0.13, Percent Change: +0.22%
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Equities
Morgan Stanley Adjusts PT on Occidental Petroleum to $69 From $68, Maintains Equalweight Rating
Occidental Petroleum (OXY) has an average rating of overweight and mean price target of $66.22, according to analysts polled by FactSet.
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Wire
Barclays Adjusts Occidental Petroleum Price Target to $75 From $72
Occidental Petroleum (OXY) has an average rating of overweight and mean price target of $65.35, according to analysts polled by FactSet.Price: $56.23, Change: $+2.42, Percent Change: +4.50%
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Equities
Occidental Petroleum Q2 Adjusted Earnings, Revenue Rise
Occidental Petroleum (OXY) reported Q2 adjusted net income late Wednesday of $2.40 per diluted share, up from $0.26 a year earlier.Analysts polled by FactSet expected $1.83.Revenue in the three months ended June 30 rose to $8.33 billion from $5.30 billion a year earlier.Analysts expected $7.07 billion.The company raised its quarterly dividend to $0.28 per share from $0.26, payable Oct. 15 to stockholders of record on Sept. 10.
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