Occidental Petroleum (OXY) Climbs 9% on Dividend Hike

We recently published 10 Firms Outperform Wall Street With Surprising Gains. Occidental Petroleum Corp. (NYSE:OXY) was one of the best performers on Thursday.

Occidental Petroleum rallied for a second day on Thursday, jumping 9.38 percent to close at $51.53 apiece as investors took heart from an 8-percent increase in its quarterly dividends.

In an updated report, Occidental Petroleum Corp. (NYSE:OXY) said that it has raised its dividends to $0.26 per share—already double the figure in the past four years. The first round will be paid on April 15, 2026, to all common shareholders as of March 10.

The dividends followed a strong financial performance in the fourth quarter of the year, with Occidental Petroleum Corp. (NYSE:OXY) narrowing its net loss attributable to shareholders by 77 percent at $68 million versus $297 million in the same quarter in 2024. Total oil and gas sales, however, were lower by 44 percent at $655 million versus $1.17 billion year-on-year.

tcly / shutterstock.com

In the full-year period, net income attributable to shareholders fell by 30.6 percent to $1.65 billion from $2.38 billion in 2024, while total oil and gas sales amounted to $4.59 billion, or lower by 11.7 percent than the $5.2 billion in the same comparable period.

In other news, Occidental Petroleum Corp. (NYSE:OXY) announced the tender offer of five senior notes due 2029 to 2036 for a total of $700 million.

However, only around $58 million will be accepted for the zero coupon series due 2036.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.