Price to Earnings (P/E)
since 2005
Calculation
Occidental Petroleum Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss) attributable to common stockholders1 (in millions) | ÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 18, 2025 | 19.28 | = | 48.84 | ÷ | 2.53 | 2.53 | = | 2,377 | ÷ | 938,500,965 | |
| Feb 14, 2024 | 13.36 | = | 57.30 | ÷ | 4.29 | 4.29 | = | 3,773 | ÷ | 879,499,439 | |
| Feb 27, 2023 | 4.24 | = | 58.96 | ÷ | 13.89 | 13.89 | = | 12,504 | ÷ | 900,072,447 | |
| Feb 24, 2022 | 23.89 | = | 38.92 | ÷ | 1.63 | 1.63 | = | 1,522 | ÷ | 934,063,989 | |
| Feb 26, 2021 | — | = | 26.61 | ÷ | -16.83 | -16.83 | = | -15,675 | ÷ | 931,554,718 | |
| Feb 28, 2020 | — | = | 32.74 | ÷ | -1.10 | -1.10 | = | -985 | ÷ | 895,224,961 | |
| Feb 21, 2019 | 12.08 | = | 66.60 | ÷ | 5.51 | 5.51 | = | 4,131 | ÷ | 749,546,443 | |
| Feb 23, 2018 | 39.87 | = | 68.32 | ÷ | 1.71 | 1.71 | = | 1,311 | ÷ | 765,148,694 | |
| Feb 23, 2017 | — | = | 65.25 | ÷ | -0.75 | -0.75 | = | -574 | ÷ | 764,291,301 | |
| Feb 26, 2016 | — | = | 69.80 | ÷ | -10.25 | -10.25 | = | -7,829 | ÷ | 763,845,316 | |
| Feb 23, 2015 | 99.82 | = | 79.80 | ÷ | 0.80 | 0.80 | = | 616 | ÷ | 770,550,364 | |
| Mar 3, 2014 | 12.93 | = | 96.05 | ÷ | 7.43 | 7.43 | = | 5,903 | ÷ | 794,747,955 | |
| Feb 26, 2013 | 14.33 | = | 81.78 | ÷ | 5.71 | 5.71 | = | 4,598 | ÷ | 805,515,153 | |
| Feb 23, 2012 | 12.54 | = | 104.67 | ÷ | 8.35 | 8.35 | = | 6,771 | ÷ | 811,055,632 | |
| Feb 24, 2011 | 18.26 | = | 101.76 | ÷ | 5.57 | 5.57 | = | 4,530 | ÷ | 812,849,169 | |
| Feb 25, 2010 | 22.01 | = | 79.03 | ÷ | 3.59 | 3.59 | = | 2,915 | ÷ | 811,955,959 | |
| Feb 24, 2009 | 5.96 | = | 50.47 | ÷ | 8.46 | 8.46 | = | 6,857 | ÷ | 810,294,560 | |
| Feb 22, 2008 | 11.21 | = | 73.57 | ÷ | 6.56 | 6.56 | = | 5,400 | ÷ | 822,567,021 | |
| Feb 27, 2007 | 9.28 | = | 46.29 | ÷ | 4.99 | 4.99 | = | 4,182 | ÷ | 838,100,111 | |
| Mar 1, 2006 | 7.06 | = | 46.32 | ÷ | 6.56 | 6.56 | = | 5,281 | ÷ | 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-earnings (P/E) ratio exhibits significant volatility over the observed period, reflecting the cyclical nature of the energy sector and the resulting fluctuations in earnings per share (EPS). The ratio oscillates between periods of relative stability and extreme spikes, often driven by sharp declines in profitability rather than increases in market valuation.
- Historical Valuation Trends (2006–2014)
- During this interval, the P/E ratio generally remained within a moderate range, typically fluctuating between 5.96 and 22.01. A period of relative stability was observed between 2008 and 2014, where the ratio mostly hovered between 12 and 18, indicating a consistent relationship between share price and earnings.
- Earnings Volatility and Valuation Spikes (2015–2021)
- A period of extreme instability occurred starting in 2015, characterized by a sharp increase in the P/E ratio to 99.82. This spike was primarily driven by a collapse in EPS to 0.80, rather than a surge in share price. Between 2016 and 2021, the P/E ratio frequently became unavailable or non-calculable due to negative earnings, most notably in 2016 and 2021, when EPS reached lows of -10.25 and -16.83, respectively.
- Recovery and Normalization (2022–2025)
- Following the period of negative earnings, a recovery trend is evident. In 2023, the P/E ratio dropped to a historical low of 4.24, resulting from a significant surge in EPS to 13.89. Since 2023, the ratio has trended upward, reaching 19.28 by February 2025, suggesting a market realignment as earnings have normalized from their 2023 peak.
The analysis indicates that the P/E ratio for this entity is highly sensitive to earnings shocks. The frequent disappearance of the ratio during years of negative EPS underscores a pattern of high operational risk and sensitivity to commodity price cycles, with valuation metrics reverting to more conventional levels only during periods of sustained profitability.
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Comparison to Competitors
Occidental Petroleum Corp., P/E, long-term trends, comparison to competitors
| Occidental Petroleum Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Feb 18, 2025 | 19.28 | 15.64 | 13.41 | 14.21 |
| Feb 14, 2024 | 13.36 | 13.42 | 11.92 | 11.49 |
| Feb 27, 2023 | 4.24 | 8.71 | 7.07 | 8.01 |
| Feb 24, 2022 | 23.89 | 16.81 | 14.66 | 14.11 |
| Feb 26, 2021 | — | — | — | — |
| Feb 28, 2020 | — | 70.06 | 8.77 | 15.64 |
| Feb 21, 2019 | 12.08 | 15.30 | 12.60 | 16.15 |
| Feb 23, 2018 | 39.87 | 22.83 | — | 16.28 |
| Feb 23, 2017 | — | — | — | 42.80 |
| Feb 26, 2016 | — | 35.02 | — | 20.96 |
| Feb 23, 2015 | 99.82 | 10.61 | 12.03 | 11.56 |
| Mar 3, 2014 | 12.93 | 10.04 | 8.91 | 12.71 |
| Feb 26, 2013 | 14.33 | 8.61 | 8.49 | 8.94 |
| Feb 23, 2012 | 12.54 | 7.96 | 7.60 | 10.03 |
| Feb 24, 2011 | 18.26 | 10.77 | 9.89 | 13.89 |
| Feb 25, 2010 | 22.01 | 13.81 | 14.78 | 15.92 |
| Feb 24, 2009 | 5.96 | 5.29 | — | 7.42 |
| Feb 22, 2008 | 11.21 | 9.89 | 10.59 | 11.78 |
| Feb 27, 2007 | 9.28 | 8.63 | 7.09 | 10.33 |
| Mar 1, 2006 | 7.06 | 9.04 | 6.31 | 10.03 |
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/E, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Occidental Petroleum Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 18, 2025 | 19.28 | 14.51 |
| Feb 14, 2024 | 13.36 | 12.17 |
| Feb 27, 2023 | 4.24 | 8.08 |
| Feb 24, 2022 | 23.89 | 15.11 |
| Feb 26, 2021 | — | — |
| Feb 28, 2020 | — | 20.13 |
| Feb 21, 2019 | 12.08 | 15.32 |
| Feb 23, 2018 | 39.87 | 21.22 |
| Feb 23, 2017 | — | 162.35 |
| Feb 26, 2016 | — | 33.10 |
| Feb 23, 2015 | 99.82 | 11.30 |
| Mar 3, 2014 | 12.93 | 11.25 |
| Feb 26, 2013 | 14.33 | 8.78 |
| Feb 23, 2012 | 12.54 | 8.96 |
| Feb 24, 2011 | 18.26 | 12.17 |
| Feb 25, 2010 | 22.01 | 15.12 |
| Feb 24, 2009 | 5.96 | 9.95 |
| Feb 22, 2008 | 11.21 | 11.08 |
| Feb 27, 2007 | 9.28 | 9.23 |
| Mar 1, 2006 | 7.06 | 9.02 |
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/E, long-term trends, comparison to industry (energy)
| Occidental Petroleum Corp. | Energy | |
|---|---|---|
| Feb 18, 2025 | 19.28 | 14.41 |
| Feb 14, 2024 | 13.36 | 12.48 |
| Feb 27, 2023 | 4.24 | 8.54 |
| Feb 24, 2022 | 23.89 | 15.67 |
| Feb 26, 2021 | — | — |
| Feb 28, 2020 | — | 37.93 |
| Feb 21, 2019 | 12.08 | 15.94 |
| Feb 23, 2018 | 39.87 | 26.50 |
| Feb 23, 2017 | — | 354.83 |
| Feb 26, 2016 | — | 33.85 |
| Feb 23, 2015 | 99.82 | 11.97 |
| Mar 3, 2014 | 12.93 | 11.81 |
| Feb 26, 2013 | 14.33 | 9.43 |
| Feb 23, 2012 | 12.54 | 9.63 |
| Feb 24, 2011 | 18.26 | 13.24 |
| Feb 25, 2010 | 22.01 | 15.83 |
| Feb 24, 2009 | 5.96 | 9.90 |
| Feb 22, 2008 | 11.21 | 11.66 |
| Feb 27, 2007 | 9.28 | 9.76 |
| Mar 1, 2006 | 7.06 | 9.78 |
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).