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The latest announcement is out from Occidental Petroleum ( (OXY) ).
On February 19, 2026, Occidental Petroleum launched cash tender offers to repurchase up to $700 million in aggregate principal amount of several series of its outstanding senior notes and debentures, including a $58 million sub-cap for its zero coupon notes due 2036, with an expiration date of March 19, 2026. The offers feature an early tender deadline of March 4, 2026, early tender premiums, and settlement dates shortly after each deadline, with funding to come from cash on hand, including proceeds from the January 2, 2026 sale of Occidental Chemical Corporation and its subsidiaries.
In conjunction with the tender offers, Occidental is soliciting consents from holders of most of the targeted notes to approve amendments that would remove certain covenants from the governing indentures, contingent on achieving requisite consent levels. The transaction is designed to reduce and reshape Occidental’s debt profile while loosening some bond covenant restrictions, signaling continued balance sheet management following the divestiture of its chemical business and potentially improving financial flexibility for the company and its stakeholders.
The most recent analyst rating on (OXY) stock is a Buy with a $52.00 price target. To see the full list of analyst forecasts on Occidental Petroleum stock, see the OXY Stock Forecast page.
Spark’s Take on OXY Stock
According to Spark, TipRanks’ AI Analyst, OXY is a Outperform.
The score is driven primarily by solid financial performance (improved leverage and sustained positive cash generation) and supportive technicals (price above key moving averages with positive MACD). Recent earnings commentary and the completed OxyChem sale add confidence around debt reduction and operational execution, while the main offset is valuation—P/E is elevated relative to the dividend yield and financial results remain cyclical versus the 2022 peak.
To see Spark’s full report on OXY stock, click here.
More about Occidental Petroleum
Occidental Petroleum is a major U.S.-based oil and gas producer with operations focused on exploration, production and related energy activities, and it also manages a portfolio of financial obligations through various senior notes and debentures. The company actively optimizes its capital structure, including through tender offers aimed at managing debt maturities and interest costs in the capital markets.
Average Trading Volume: 10,347,548
Technical Sentiment Signal: Sell
Current Market Cap: $45.26B
Find detailed analytics on OXY stock on TipRanks’ Stock Analysis page.