Although Occidental Petroleum Corp's (NYSE:OXY) operations remained strong in the fourth quarter of 2025, the company could miss consensus estimates due to "softer commodity price realizations," according to JPMorgan.

The Occidental Petroleum Analyst: Analyst Arun Jayaram reiterated an Underweight rating and price target of $42.

The Occidental Petroleum Thesis: On Feb. 12, the company is likely to report earnings of 16 cents per share, versus Street expectations of 37 cents per share, Jayaram said in the note.

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He estimates CFPS (cash flow per share) at $2.31, which is 9% below the current consensus of $2.56.

The focus during the earnings call is likely to be on Occidental Petroleum's updated capital allocation strategy for 2026, as its previous commentary was around the "potential reallocation of sustaining capex from OxyChem, which was sold to Berkshire Hathaway Inc (NYSE:BRK) (NYSE:BRK) on January 2," the analyst wrote.

He estimates total production volumes of 1,471 MBoe/d (thousand barrels of oil equivalent per day) at $6.45 billion of capex in 2026, versus current consensus estimates of 1,463 MBoe/d at $6.52 billion of capex.

OXY Price Action: Shares of Occidental Petroleum had risen by 3.22% to $43.60 at the time of publication on Wednesday.

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