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Barchart

Mark R. Hake, CFA

Occidental Petroleum Looks Cheap Here Given Its Huge Free Cash Flow

Occidental Occidental Petroleum Petroleum OXY Oil Barchart

Occidental Petroleum (OXY) generated $1 billion in free cash flow (FCF) last quarter. It could have exceeded that in Q3 with higher oil prices. That makes it attractive to value buyers and short sellers of its out-of-the-money (OTM) put options. That last strategy is a way to make extra income.

I discussed Oxy's FCF in my last Barchart article on Aug. 28 on Occidental, “Buffett's Berkshire Hathaway Still Loves Occidental Petroleum with Over a 25% Stake.” This FCF is funding the company's aggressive $3 billion stock buyback program.

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