Today is the one year anniversary of WTI going negative, so yes, Occidental and everyone else in OG has had an absolutely terrible trailing twelve months, hence the awful eps and the very low share price.
I'm not going to go into all the details (the oil industry is pretty COMPLEX) but OXY can produce a barrel of oil for considerably less (some estimate ~$25/barrel for production costs(!)) than what they are selling it for right now (and have been since November). They produce millions of barrels of oil every week (~1.1m barrels a day), so each week the price of oil stays > $60, they are a free cash flow producing machine. Example: Let's say a barrel of oil costs them $40 (conservative estimate) to produce and they are selling it for $60 (current WTI is $62.61) that's $20/barrel profit, so $20*$1.1m = $22m/day. They are making 22 million dollars a DAY in free cash flow from their crude oil sales alone. Which translates into $1.98b for a quarter. This doesn't take into account their natural gas production, their pretrochemical companies or their new work in carbon capture and all their other ancillary business lines.
They have long-term debt issues, yes, but manageable with prices above $~45. I'm not making a bet so much on OXY being some great company, but rather them being an efficient producer and that Saudi Arabia/OPEC+ is going to do what it has to to keep oil prices high for at least 2021 and 2022, and if they can, beyond that as well. And this is what will drive up the price of OXYs shares.
Here is a good video that looks at several of the biggest Permian Field players, their market caps, production and share prices.
https://www.youtube.com/watch?v=Xu14F8xLa1k You can skip to 8:25 to get to OXY but it's interesting to see how they compare to the other firms in terms of production (2nd largest in the Permian basin). This guys channel is pretty good to follow to keep up with the company.
I fully expect them to blow analysts expectations out of the water for Q1, but whether or not Wall St. will care is another matter.
This is a medium term length play for me. I'm not looking for a quick flip, hence the interest in warrants that don't expire until 2027.