Occidental Petroleum (OXY) DIvidends Date & History

Key Takeaways

• Occidental Petroleum (OXY) pays a quarterly dividend, most recently raised to $0.28 per share, with a dividend yield of roughly 1.7% to 1.9%.
• The company's payout ratio is low — about 16% of trailing earnings and roughly 10% of cash flow — leaving significant room for dividend growth.
• OXY has increased its dividend for five consecutive years as it rebuilt its payout after a sharp cut during the 2020 downturn.
• The dividend is not especially high relative to energy peers, making it better suited to dividend growth investors than pure income seekers.
• Dividend sustainability is supported by strong free cash flow and a disciplined balance-sheet strategy following the Anadarko acquisition.

Dividend Overview

Occidental Petroleum Corporation (OXY) is an international oil and gas exploration and production company that pays a regular quarterly dividend. Its most recent payout was $0.28 per share, an increase from the prior $0.26, with the latest ex-dividend date on September 10, 2026, and payment made on October 15, 2026. Based on this payout, the annualized dividend is about $1.12 per share, translating to a dividend yield in the range of roughly 1.7% to 1.9%. The company is best characterized as a dividend growth stock rather than a high-yield name: its yield is modest, but management has prioritized gradually restoring and raising the dividend after a period of financial repair. For dividend investors, OXY offers a combination of a growing payout and disciplined capital returns.

Dividend History and Growth

Occidental Petroleum's dividend history reflects both a major setback and a steady recovery. Before 2020, the company paid a quarterly dividend of $0.79 per share. Facing the pandemic-driven oil price collapse and heavy debt from its 2019 acquisition of Anadarko Petroleum, OXY slashed its quarterly dividend to just $0.01 per share in 2020. Since then, it has rebuilt the payout in a series of measured steps: $0.13 in 2022, $0.18 in 2023, $0.22 in 2024, $0.24 in 2025, and $0.26 before the most recent increase to $0.28 in 2026. This marks five consecutive years of dividend increases, supported by improved cash generation and debt reduction. The pattern signals a deliberate, conservative dividend strategy rather than aggressive payout expansion.

Dividend Sustainability and Payout Ratio

The dividend appears well covered by Occidental Petroleum's earnings and cash flow. The company's payout ratio stands at roughly 16% of trailing twelve-month earnings and approximately 10% of free cash flow, levels that are low relative to the broader market and leave ample cushion during commodity-price swings. A low payout ratio matters in the energy sector, where earnings are cyclical and tied to oil and natural gas prices. Occidental has also used surplus cash to reduce debt taken on in the Anadarko deal, strengthening its balance sheet and lowering financial risk. These factors suggest the dividend is sustainable and that management retains flexibility to continue modest annual increases even in a volatile pricing environment.

Dividend Compared to Industry Peers

Relative to its integrated and large-cap exploration and production peers, Occidental's dividend yield is on the lower end. For example, Exxon Mobil (XOM), Chevron (CVX), and ConocoPhillips (COP) have generally offered yields in the range of roughly 2.5% to 4%, well above OXY's 1.7% to 1.9%. However, Occidental compensates with a lower payout ratio, which leaves more room for future dividend growth and buybacks. This profile positions OXY as a lower-yield but higher-growth-potential income holding compared with peers that distribute a larger share of earnings today. Investors focused on current income may find peers more attractive, while those seeking payout growth may favor OXY.

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Is This Stock Attractive for Dividend Investors?

Occidental Petroleum is likely to appeal most to dividend growth investors and long-term, patient investors who are comfortable with the cyclical nature of the energy sector. Its modest yield, low payout ratio, and five-year record of dividend increases make it more suitable for those prioritizing payout growth and sustainability over immediate income. Income investors seeking a high current yield may find the 1.7% to 1.9% return less compelling than other energy companies or sectors such as utilities and real estate. Conservative investors should also weigh Occidental's sensitivity to oil and gas prices and the company's history, including the 2020 dividend cut, which underscores the cyclical risks of commodity-linked payouts. Overall, OXY represents a balanced option for investors who value a growing, well-covered dividend and can tolerate commodity-price volatility rather than relying on the stock for steady, high current income.

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