OXY's Q1 Review: White Knuckling the Ride

May 9, 2025

It’s earnings season so let’s dive in. First-up Occidental Petroleum (“OXY”). In our previous write-ups, we discussed OXY’s integration of its recent acquisition of CrownRock and noted that there had to be additional synergies that OXY wasn’t fully releasing to the investment community in order to set lower expectations, only to exceed them. We called it “sandbagging,” and after looking at OXY’s results for Q1, we can confidently say . . . this is true.