ConocoPhillips vs. Occidental: Which Oil Stock Wins?

Choosing between ConocoPhillips and Occidental Petroleum requires examining their distinct growth strategies in a shifting energy landscape. ConocoPhillips operates as a global exploration and production company with extensive assets in 14 countries, including Norway, Qatar, and Malaysia. In fiscal year 2025, the company achieved nearly $58.9 billion in revenue, a 7.5% increase year-over-year, and reported a net income of $8 billion, resulting in a 13.6% net margin. Its financial health is underscored by a debt-to-equity ratio of nearly 0.4x and approximately $16.8 billion in free cash flow for the same period.

Occidental Petroleum, conversely, concentrates its efforts on oil and natural gas production within the Permian and DJ basins. Following the divestiture of its chemical business in early 2026, Occidental has intensified its focus on low-carbon ventures, such as carbon sequestration and direct air capture. For fiscal year 2025, Occidental reported revenue of nearly $22 billion, a slight 2% decrease from the prior year, with a net income of nearly $2.4 billion and an 11% net margin. These distinct approaches offer investors different risk and reward profiles within the energy sector.