Price to Book Value (P/BV)
since 2005
Calculation
Occidental Petroleum Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 18, 2025 | 1.34 | = | 48.84 | ÷ | 36.40 | 36.40 | = | 34,159 | ÷ | 938,500,965 | |
| Feb 14, 2024 | 1.67 | = | 57.30 | ÷ | 34.39 | 34.39 | = | 30,250 | ÷ | 879,499,439 | |
| Feb 27, 2023 | 1.76 | = | 58.96 | ÷ | 33.43 | 33.43 | = | 30,085 | ÷ | 900,072,447 | |
| Feb 24, 2022 | 1.79 | = | 38.92 | ÷ | 21.76 | 21.76 | = | 20,327 | ÷ | 934,063,989 | |
| Feb 26, 2021 | 1.33 | = | 26.61 | ÷ | 19.94 | 19.94 | = | 18,573 | ÷ | 931,554,718 | |
| Feb 28, 2020 | 0.86 | = | 32.74 | ÷ | 38.24 | 38.24 | = | 34,232 | ÷ | 895,224,961 | |
| Feb 21, 2019 | 2.34 | = | 66.60 | ÷ | 28.46 | 28.46 | = | 21,330 | ÷ | 749,546,443 | |
| Feb 23, 2018 | 2.54 | = | 68.32 | ÷ | 26.89 | 26.89 | = | 20,572 | ÷ | 765,148,694 | |
| Feb 23, 2017 | 2.32 | = | 65.25 | ÷ | 28.13 | 28.13 | = | 21,497 | ÷ | 764,291,301 | |
| Feb 26, 2016 | 2.19 | = | 69.80 | ÷ | 31.88 | 31.88 | = | 24,350 | ÷ | 763,845,316 | |
| Feb 23, 2015 | 1.76 | = | 79.80 | ÷ | 45.37 | 45.37 | = | 34,959 | ÷ | 770,550,364 | |
| Mar 3, 2014 | 1.77 | = | 96.05 | ÷ | 54.26 | 54.26 | = | 43,126 | ÷ | 794,747,955 | |
| Feb 26, 2013 | 1.65 | = | 81.78 | ÷ | 49.68 | 49.68 | = | 40,016 | ÷ | 805,515,153 | |
| Feb 23, 2012 | 2.26 | = | 104.67 | ÷ | 46.38 | 46.38 | = | 37,620 | ÷ | 811,055,632 | |
| Feb 24, 2011 | 2.55 | = | 101.76 | ÷ | 39.96 | 39.96 | = | 32,484 | ÷ | 812,849,169 | |
| Feb 25, 2010 | 2.21 | = | 79.03 | ÷ | 35.82 | 35.82 | = | 29,081 | ÷ | 811,955,959 | |
| Feb 24, 2009 | 1.50 | = | 50.47 | ÷ | 33.69 | 33.69 | = | 27,300 | ÷ | 810,294,560 | |
| Feb 22, 2008 | 2.65 | = | 73.57 | ÷ | 27.75 | 27.75 | = | 22,823 | ÷ | 822,567,021 | |
| Feb 27, 2007 | 2.02 | = | 46.29 | ÷ | 22.89 | 22.89 | = | 19,184 | ÷ | 838,100,111 | |
| Mar 1, 2006 | 2.48 | = | 46.32 | ÷ | 18.68 | 18.68 | = | 15,032 | ÷ | 804,566,376 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Occidental Petroleum Corp. Annual Report.
The Price to Book Value (P/BV) ratio demonstrates a cyclical pattern characterized by a long period of premium valuation, a significant contraction, and a subsequent partial recovery.
- Premium Valuation Phase (2006–2014)
- During this interval, the P/BV ratio remained consistently above 1.5, peaking at 2.65 in 2008. This period was characterized by a steady increase in Book Value Per Share (BVPS), which rose from $18.68 in 2006 to a peak of $54.26 in 2014. The market consistently applied a premium to the book value, indicating high investor confidence in the asset base.
- Volatility and Transition (2015–2019)
- Following the 2014 peak, a period of instability is observed. BVPS declined significantly, yet the P/BV ratio remained relatively resilient, fluctuating between 1.65 and 2.54. This suggests that while the underlying asset value was eroding, market sentiment continued to price the equity at a substantial premium relative to those declining book values.
- The 2020 Valuation Collapse
- A critical inflection point occurred in February 2020, when the P/BV ratio dropped to 0.86. This represents the only instance in the analyzed timeframe where the share price fell below the book value per share ($32.74 price versus $38.24 BVPS). This decline indicates a period of severe market devaluation where the company's market capitalization was lower than the accounting value of its equity.
- Stabilization and Recovery (2021–2025)
- From 2021 onward, a recovery trend is evident. The P/BV ratio returned to a range between 1.33 and 1.79. While these figures remain below the historical peaks of the 2006–2012 era, the steady increase in BVPS from $19.94 in 2020 to $36.40 by 2025 indicates a rebuilding of the equity base, with the market once again assigning a premium to the company's assets.
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Comparison to Competitors
Occidental Petroleum Corp., P/BV, long-term trends, comparison to competitors
| Occidental Petroleum Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Feb 18, 2025 | 1.34 | 1.81 | 1.91 | 1.81 |
| Feb 14, 2024 | 1.67 | 1.78 | 2.65 | 2.02 |
| Feb 27, 2023 | 1.76 | 1.94 | 2.75 | 2.29 |
| Feb 24, 2022 | 1.79 | 1.89 | 2.61 | 1.93 |
| Feb 26, 2021 | 1.33 | 1.50 | 2.22 | 1.53 |
| Feb 28, 2020 | 0.86 | 1.42 | 1.80 | 1.17 |
| Feb 21, 2019 | 2.34 | 1.47 | 2.47 | 1.75 |
| Feb 23, 2018 | 2.54 | 1.42 | 2.10 | 1.71 |
| Feb 23, 2017 | 2.32 | 1.44 | 1.70 | 2.01 |
| Feb 26, 2016 | 2.19 | 1.05 | 1.02 | 1.98 |
| Feb 23, 2015 | 1.76 | 1.32 | 1.59 | 2.16 |
| Mar 3, 2014 | 1.77 | 1.44 | 1.57 | 2.38 |
| Feb 26, 2013 | 1.65 | 1.65 | 1.49 | 2.42 |
| Feb 23, 2012 | 2.26 | 1.76 | 1.45 | 2.67 |
| Feb 24, 2011 | 2.55 | 1.95 | 1.64 | 2.88 |
| Feb 25, 2010 | 2.21 | 1.58 | 1.15 | 2.78 |
| Feb 24, 2009 | 1.50 | 1.46 | 1.03 | 2.97 |
| Feb 22, 2008 | 2.65 | 2.40 | 1.41 | 3.93 |
| Feb 27, 2007 | 2.02 | 2.14 | 1.33 | 3.58 |
| Mar 1, 2006 | 2.48 | 2.03 | 1.62 | 3.26 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Occidental Petroleum Corp., P/BV, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Occidental Petroleum Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 18, 2025 | 1.34 | 1.83 |
| Feb 14, 2024 | 1.67 | 2.00 |
| Feb 27, 2023 | 1.76 | 2.21 |
| Feb 24, 2022 | 1.79 | 2.00 |
| Feb 26, 2021 | 1.33 | 1.58 |
| Feb 28, 2020 | 0.86 | 1.33 |
| Feb 21, 2019 | 2.34 | 1.70 |
| Feb 23, 2018 | 2.54 | 1.62 |
| Feb 23, 2017 | 2.32 | 1.74 |
| Feb 26, 2016 | 2.19 | 1.49 |
| Feb 23, 2015 | 1.76 | 1.74 |
| Mar 3, 2014 | 1.77 | 1.89 |
| Feb 26, 2013 | 1.65 | 1.99 |
| Feb 23, 2012 | 2.26 | 2.11 |
| Feb 24, 2011 | 2.55 | 2.31 |
| Feb 25, 2010 | 2.21 | 1.98 |
| Feb 24, 2009 | 1.50 | 2.04 |
| Feb 22, 2008 | 2.65 | 2.74 |
| Feb 27, 2007 | 2.02 | 2.51 |
| Mar 1, 2006 | 2.48 | 2.54 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Occidental Petroleum Corp., P/BV, long-term trends, comparison to industry (energy)
| Occidental Petroleum Corp. | Energy | |
|---|---|---|
| Feb 18, 2025 | 1.34 | 1.87 |
| Feb 14, 2024 | 1.67 | 2.08 |
| Feb 27, 2023 | 1.76 | 2.30 |
| Feb 24, 2022 | 1.79 | 2.07 |
| Feb 26, 2021 | 1.33 | 1.61 |
| Feb 28, 2020 | 0.86 | 1.38 |
| Feb 21, 2019 | 2.34 | 1.69 |
| Feb 23, 2018 | 2.54 | 1.74 |
| Feb 23, 2017 | 2.32 | 1.86 |
| Feb 26, 2016 | 2.19 | 1.56 |
| Feb 23, 2015 | 1.76 | 1.83 |
| Mar 3, 2014 | 1.77 | 1.99 |
| Feb 26, 2013 | 1.65 | 2.08 |
| Feb 23, 2012 | 2.26 | 2.21 |
| Feb 24, 2011 | 2.55 | 2.45 |
| Feb 25, 2010 | 2.21 | 2.10 |
| Feb 24, 2009 | 1.50 | 2.10 |
| Feb 22, 2008 | 2.65 | 2.94 |
| Feb 27, 2007 | 2.02 | 2.69 |
| Mar 1, 2006 | 2.48 | 2.76 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).