10 Best Oil Stocks to Invest In According to Billionaires

7. Occidental Petroleum Corporation (NYSE:OXY)

Number of Billionaire Holders: 14

Occidental Petroleum Corporation (NYSE:OXY) is one of the largest oil and gas producers in the United States,  including a leading producer in the Permian and DJ basins and offshore Gulf of Mexico.

Occidental Petroleum Corporation (NYSE:OXY) had a mixed Q4 2024 as its adjusted EPS of $0.8 beat expectations by $0.13. However, the company’s revenue of $6.84 billion was down by almost 9.2% and fell below estimates by $299.41 million. Notably, OXY’s global production during the quarter came in at 1.46 million boed, outperforming its midpoint of guidance by 13,000 boed and setting a record for the company’s highest-ever US quarterly production.

The oil and gas producer generated $4.9 billion of free cash flow in 2024, enabling it to achieve its near-term debt repayment target of $4.5 billion seven months ahead of schedule. The company also paid approximately $800 million of common dividends during the year and raised its quarterly dividend by 9.1% last month.

Occidental Petroleum Corporation (NYSE:OXY) revealed earlier this month that the prices it received for oil and gas production in Q1 2025 were higher than in the preceding three months. The company’s average realized price for oil output was $71.07 per barrel in Q1, up 1.9% from the previous quarter. More notably, the average realized price for total natural gas production also increased to $2.30 per mcf from $1.26 per mcf during the quarter that ended December 31.