Compare · Energy
ConocoPhillips vs. Occidental: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
ConocoPhillips
1 · What it sells
ConocoPhillips produces crude oil, natural gas and natural gas liquids, mostly in the US, with sales and other operating revenues of $58.9 billion in FY2025.
Sources and detail on the ConocoPhillips page2 · Who pays it
ConocoPhillips names no customers; in FY2025 buyers of crude oil paid 66.3% of sales, natural gas 15.0%, natural gas liquids 6.3% and other products 12.4%.
Sources and detail on the ConocoPhillips page3 · What it keeps from $100
Of every $100 that came in during FY2025, ConocoPhillips kept $13.0 as net income, including venture earnings and asset-sale gains; pre-tax income plus interest, the nearest operating figure, was $22.0 (Cityfort calculation from FY2025 10-K).
Sources and detail on the ConocoPhillips page4 · Where the operating profit comes from
ConocoPhillips reports no segment operating income; Lower 48 made 57.7% of its five regions' $9,126 million after-tax FY2025 earnings, before Corporate and Other's $1,138 million loss.
Sources and detail on the ConocoPhillips page5 · The one thing to watch
ConocoPhillips' Q3 FY2026 net income was $4.0 billion with Brent averaging $97 a barrel, against $1.7 billion a year earlier with Brent at $69.
Sources and detail on the ConocoPhillips page
Occidental
1 · What it sells
Occidental Petroleum pumps crude oil, natural gas liquids and natural gas, mostly in the United States, and had net sales of $21.6 billion in FY2025.
Sources and detail on the Occidental page2 · Who pays it
Occidental names no customers, but in FY2025 buyers of crude oil paid 77.5% of sales before internal eliminations, natural gas liquids 10.2%, natural gas and other products 6.7%, and midstream and marketing customers 5.7% (Cityfort calculation from FY2025 10-K).
Sources and detail on the Occidental page3 · What it keeps from $100
Of every $100 that came in during FY2025, Occidental kept $7.3 for common stockholders, including OxyChem's $262 million result and $263 million of asset-sale gains; income before income taxes and other items plus interest, the nearest operating figure, was $18.4 (Cityfort calculation from FY2025 10-K).
Sources and detail on the Occidental page4 · Where the operating profit comes from
Occidental reports no operating income line; oil and gas made 94.8% and midstream and marketing 5.2% of the two segments' $4,838 million pre-tax FY2025 earnings, before interest, tax and corporate costs.
Sources and detail on the Occidental page5 · The one thing to watch
Occidental's realized oil price was $96.78 a barrel in Q2 FY2026, when common stockholders earned $2,807 million, against $59.22 and a $68 million loss in Q4 FY2025.
Sources and detail on the Occidental page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
ConocoPhillips
Where $100 went · FY2025
| Depreciation, depletion and amortization | $18.7 |
|---|---|
| Interest | $1.4 |
| Oil and gas bought to resell | $36.3 |
| Running fields, overheads and exploration | $18.9 |
| Accretion, impairments, currency and other | $0.7 |
| Income tax and other taxes | $11.1 |
| Kept as net income | $13.0 |
| Total | $100 |
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025: each line ÷ total revenues and other income of $61,548 million (sales $58,944 million + equity earnings $1,335 million + gains on asset sales $731 million + other income $538 million). Net income includes those earnings and gains. ConocoPhillips has no operating income line; pre-tax income plus interest, $13,511 million, was $22.0 per $100, the nearest operating figure. Net income on sales alone was $13.6 per $100.
Occidental
Where $100 went · FY2025
| Depreciation, depletion and amortization | $33.6 |
|---|---|
| Interest | $4.8 |
| Running the oil and gas fields | $20.9 |
| Overheads, exploration and other costs | $12.8 |
| Transportation, gathering and purchased commodities | $8.2 |
| Preferred dividends to Berkshire Hathaway | $3.0 |
| Outside owners of subsidiaries | $0.2 |
| Income tax and other taxes | $9.2 |
| Kept for common stockholders | $7.3 |
| Total | $100 |
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025: each line ÷ $22,413 million (net sales $21,593 million + other income $219 million + asset-sale gains $263 million + equity-investment income $76 million + OxyChem's after-tax result of $262 million, shown as discontinued operations). Occidental has no operating income line; income before income taxes and other items plus interest, $4,131 million, was $18.4 per $100, the nearest operating figure. Net income to common stockholders on net sales alone was $7.6 per $100.
Line items differ because each company groups its costs its own way in its filings. Only on ConocoPhillips' receipt: Oil and gas bought to resell; Running fields, overheads and exploration; Accretion, impairments, currency and other; Kept as net income. Only on Occidental's receipt: Running the oil and gas fields; Overheads, exploration and other costs; Transportation, gathering and purchased commodities; Preferred dividends to Berkshire Hathaway; Outside owners of subsidiaries; Kept for common stockholders.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
ConocoPhillips
Occidental
See the numbers
Net income
ConocoPhillips
Occidental
See the numbers
Free cash flow
ConocoPhillips
Occidental
See the numbers
Who pays each company
ConocoPhillips
- Buyers of crude oil · 66.3% of revenuePaid $39,068 million in FY2025.
- Buyers of natural gas · 15.0% of revenuePaid $8,854 million in FY2025.
- Buyers of natural gas liquids · 6.3% of revenuePaid $3,705 million in FY2025.
- Buyers of bitumen, power, LNG and other products · 12.4% of revenuePaid $7,317 million in FY2025.
Occidental
- Buyers of crude oil · 77.5% of revenuePaid $17,174 million in FY2025: $14,459 million in the US and $2,715 million abroad.
- Buyers of natural gas liquids · 10.2% of revenuePaid $2,249 million in FY2025 for liquids such as ethane and propane separated from gas.
- Buyers of natural gas and other oil and gas products · 6.7% of revenuePaid $1,369 million for natural gas and $110 million for other oil and gas products in FY2025.
- Midstream and marketing customers · 5.7% of revenuePaid $1,255 million in FY2025: $546 million in the US and $709 million abroad.
Revenue by segment
ConocoPhillips
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Lower 48 | $41.4B | 70.2% |
| EMENA | $6.5B | 11.0% |
| Alaska | $5.6B | 9.6% |
| Canada | $3.6B | 6.1% |
| Asia Pacific | $1.8B | 3.0% |
| Corporate and Other | $32M | 0.1% |
Occidental
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Oil and gas | $20.9B | 94.2% |
| Midstream and marketing | $1.3B | 5.8% |
Debt and cash
ConocoPhillips
- Debt
- $23.3B
- Cash and investments
- $9.9B
On Sep 30, 2026.
On Sep 30, 2026, ConocoPhillips' debt of $23.3 billion exceeded its cash and short-term investments by $13.3 billion, about 0.7 times its FY2025 cash from operations of $19.8 billion.
Occidental
- Debt
- $13.7B
- Cash and investments
- $4.2B
On Jun 30, 2026.
On Jun 30, 2026, Occidental's debt of $13.7 billion exceeded its cash by $9.6 billion, down from $20.4 billion on Dec 31, 2025, after the OxyChem sale.
Sources: ConocoPhillips S7, S6, S1 · Occidental S5, S1, S7, S11
Who owns each company
ConocoPhillips
- One class of shares.
- Officers and directors as a group: 0.2% of shares (as of Feb 16, 2026).
- Vanguard Capital Management: 7.5% (as of Apr 29, 2026).
- BlackRock, Inc.: 7.0% (as of Jul 16, 2025).
- State Street Corporation: 5.9% (as of Jan 25, 2024).
Occidental
- One class of shares.
- Officers and directors as a group: 0.5% of shares (as of Mar 10, 2026).
- Berkshire Hathaway and Warren E. Buffett: 32.4% (as of Aug 14, 2025).
- Dodge & Cox: 7.5% (as of May 14, 2026).
- Vanguard Capital Management: 5.5% (as of Apr 30, 2026).
- 1 more holders on the Occidental page.
Sources: ConocoPhillips S16, S20, S21 · Occidental S10, S5, S19, S20, S22
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: commodity costs, legal cases, execution, debt, customer or supplier concentration. Every risk is on each company's page.
ConocoPhillips
- Middle East conflict and Qatar (other)Qatar LNG production "remained constrained through the third quarter of 2026", the 10-Q says; Qatar was 3.5% of 2025 production (Cityfort calculation from the FY2025 10-K: 82 of 2,375 thousand barrels of oil equivalent a day). Investments there of about $2.0 billion were not physically damaged, and the company saw no impairment indicators at Sep 30, 2026.
Occidental
- Reserves must be replaced (competition)Occidental's FY2025 10-K warns it may not be able to source production or replace reserves in highly competitive environments. Proved reserves were 4,612 million barrels of oil equivalent at the end of 2024 and 4,603 million at the end of 2025.
Key facts
- How does ConocoPhillips make money compared with Occidental?
- ConocoPhillips' revenue by segment in FY2025: Lower 48 70.2%, EMENA 11.0%, Alaska 9.6%, Canada 6.1%, Asia Pacific 3.0%, and 1 more. Occidental's revenue by segment in FY2025: Oil and gas 94.2%, Midstream and marketing 5.8%.
- Which is bigger by revenue, ConocoPhillips or Occidental?
- ConocoPhillips reported $58.9B of revenue in FY2025, and Occidental reported $21.6B in FY2025.
- How much net income did ConocoPhillips and Occidental report?
- ConocoPhillips reported net income of $8.0B in FY2025, and Occidental reported $1.6B in FY2025.
- How much of every $100 did ConocoPhillips and Occidental keep as net income?
- ConocoPhillips kept $13.0 of every $100 that came in during FY2025, and Occidental kept $7.3 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do ConocoPhillips and Occidental have?
- ConocoPhillips had $23.3B of debt and $9.9B of cash and investments on Sep 30, 2026. Occidental had $13.7B of debt and $4.2B of cash and investments on Jun 30, 2026.
- When do ConocoPhillips' and Occidental's fiscal years end?
- ConocoPhillips: Fiscal year ends on December 31 (the calendar year). Occidental: Fiscal year ends on December 31 (the calendar year).
Sources: ConocoPhillips S3, S1, S6, S7 · Occidental S3, S5, S1, S7, S11
Built from each company's page. ConocoPhillips updated Nov 6, 2026; Occidental updated Nov 6, 2026.
Sources
ConocoPhillips
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), ConocoPhillips (SEC EDGAR), Feb 17, 2026
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), ConocoPhillips (SEC EDGAR), Feb 15, 2024
- S5Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026), ConocoPhillips (SEC EDGAR), Nov 5, 2026
- S6Q3 FY2026 earnings release (8-K Exhibit 99.1), ConocoPhillips (SEC EDGAR), Nov 5, 2026
- S7Q3 FY2026 detailed supplemental information (8-K Exhibit 99.2), 2025 and 2026 quarters, ConocoPhillips (SEC EDGAR), Nov 5, 2026
- S162026 proxy statement (DEF 14A), annual meeting May 12, 2026, ConocoPhillips (SEC EDGAR), Mar 30, 2026
- S20Schedule 13G, Vanguard Capital Management, 7.52% (event date Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 29, 2026
- S21Schedule 13G/A, The Vanguard Group, 0% after Jan 12, 2026 realignment, The Vanguard Group (SEC EDGAR), Mar 26, 2026
Occidental
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), Occidental Petroleum Corporation (SEC EDGAR), Feb 18, 2026
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), Occidental Petroleum Corporation (SEC EDGAR), Feb 14, 2024
- S5Form 10-Q, Q2 fiscal 2026 (quarter ended Jun 30, 2026), Occidental Petroleum Corporation (SEC EDGAR), Aug 5, 2026
- S7Q2 2026 earnings release and schedules (8-K Exhibit 99.1), Occidental Petroleum Corporation (SEC EDGAR), Aug 5, 2026
- S102026 proxy statement (DEF 14A), Occidental Petroleum Corporation (SEC EDGAR), Mar 19, 2026
- S11Q2 2026 earnings call transcript (Aug 6, 2026), Occidental Petroleum Corporation (LSEG StreetEvents transcript on oxy.com), Aug 6, 2026
- S19Schedule 13G/A by Dodge & Cox (event date Mar 31, 2026), Dodge & Cox (SEC EDGAR), May 14, 2026
- S20Schedule 13G by Vanguard Capital Management (event date Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 30, 2026
- S22Schedule 13G/A by The Vanguard Group (event date Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 27, 2026
Disclaimer
For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.
Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.
Cityfort, its owners and contributors may or may not hold securities of companies covered. Cityfort is not paid by any company it covers. Content is not an offer or solicitation to buy or sell any security, including in any initial public offering.
Read the positions policyRead the full disclaimerHide the full disclaimer
Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.
All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.
Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.