| Stage | OXY | % of rev | CVX | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $8.1B | 100.00% | $67.8B | 100.00% | CVX ×8.41 |
| Gross profit | $6.1B | 76.17% | $31.3B | 46.11% | OXY +30.1pp |
| Operating income | $3.8B | 47.20% | $13.9B | 20.54% | OXY +26.7pp |
| Pre-tax income | $3.9B | 48.54% | $13.6B | 20.10% | OXY +28.4pp |
| Net income | $3.0B | 37.15% | $10.0B | 14.82% | OXY +22.3pp |
| Stage | OXY | CVX | Gap · A − B |
|---|---|---|---|
| Revenue | $8.1B100.00% | $67.8B100.00% | CVX ×8.41 |
| Gross profit | 76.17%$6.1B | 46.11%$31.3B | OXY +30.1pp |
| Operating income | 47.20%$3.8B | 20.54%$13.9B | OXY +26.7pp |
| Pre-tax income | 48.54%$3.9B | 20.10%$13.6B | OXY +28.4pp |
| Net income |
| 37.15%$3.0B |
| 14.82%$10.0B |
| OXY +22.3pp |
OXY · LB 10-KFeb 26 '26
“Our revenue-generating agreements with Occidental Petroleum include (i) brackish water supply agreements, typically on a short-term basis, pursuant to which we sell brackish water to Occidental Petroleum to be used primarily in well completions, (ii) SUAs with perpetual terms so long as Occidental Petroleum conducts operations thereunder, subject to termination for non-use for more than six months, pursuant to which Occidental Petroleum conducts oil and natural gas exploration, development and production activities, including produced water recycling and treatment, on our land and from which we receive customary royalties and fees, (iii) customary term easements, typically for five- to 10-year terms, subject to early termination for non-use over a specified period of time and (iv) customary oil and natural gas mineral leases with perpetual terms so long as Occidental Petroleum conducts operations thereunder.”
“Our mineral interests are leased to some of the top operators in the Delaware Basin, including APA Corporation, Chevron, ConocoPhillips and Occidental Petroleum.”