概要

Occidental Petroleumは現在、以下の定例四半期普通配当金を支払っています：

OXY 1株あたり $0.26

2026年4月15日および7月15日の支払いはともに $0.26 でした。2025年の四半期単価は $0.24、2024年は $0.22 でした。

現在の四半期利回りで年率換算すると、配当利回りは以下のようになります：

$0.26 × 4 = 1株あたり $1.04

取締役会が四半期を通じて同額の支払いを維持した場合に該当します。

OXYの 2026年8月13日終値 $57.70 をあくまで参考として用いた場合、その年換算額はおおよそ 1.8% の配当利回りに相当します。実際の配当利回りは株価の推移や今後の取締役会の判断に応じて常に変動します。

OXYON保有者は、Ondoが 総収益追跡モデル を採用しているため、OXYの現金配当が必ずしも各OXYON保有者に同額の現金として支払われるわけではないことも理解する必要があります。

OXY 配当履歴：2024–2026

これは、オキシデンタルが近年行ってきたバランスシートの再構築に伴い、普通配当金が徐々に回復していることを示しています。

OXYの年換算配当金とは？

四半期利率0.26ドルの場合：

$0.26 × 4 = $1.04

これは年換算の推移を示すものであり、今後12か月間で必ず $1.04 が支払われることを保証するものではありません。

取締役会は以下の権限を有します：

• 引き上げ；
• 維持；
• 配当を減らす
• 配当を一時停止

将来の配当を調整する。

配当利回りはどのように計算されますか？

標準的な計算式は以下の通りです：

年間配当額 ÷ 株価 × 100

8月13日の基準を使用：

$1.04 ÷ $57.70 ≈ 1.8%

OXYが下落し、配当額が不変の場合、示される利回りは上昇します。

OXYが上昇した場合、示される利回りは下落します。

なぜOXYが石油株の中で最も高い配当利回りを示さないのか？

Occidentalの現在の資本配分の優先事項には、バランスシートの大幅な修復が含まれます。

経営陣は、1,000億ドル への元本債務の削減を優先し、その後、バークシャーの優先株への対応を行う方針を維持しています。

これにより、普通株式への配当は、他の現金活用と競合することになります。

なぜ配当の上場よりも債務削減が重視されるのか？

オキシデンタルが10億ドルの余剰現金を生み出したとします。

経営陣はこれを以下に使用できます：

• 配当を増やす
• 普通株式を買い戻す
• 債務を減らす

高コストの資金調達を返済することで、利息や優先配当の負担が軽減され、将来のキャッシュフローが改善される可能性があります。

これにより、将来的により持続可能な株主還元能力が生まれる可能性があります。

What Is Berkshire's Preferred Dividend?

This should not be confused with the common dividend.

Berkshire holds Occidental preferred stock carrying an 8% annual dividend.

As of March 31, 2026, the remaining preferred investment had approximately $8.5 billion of liquidation value.

That is a separate capital structure from the $0.26 OXY common dividend.

Why Is the Berkshire Preferred Expensive for Occidental?

An 8% preferred dividend represents a significant recurring financing cost.

Occidental has indicated that strengthening the balance sheet ahead of potential preferred redemption beginning in 2029 is an important objective.

Retiring that preferred capital could eventually reduce a substantial cash burden.

What Supports the OXY Common Dividend?

Ultimately:

Operating Cash Flow

−

Capital Expenditure

−

Debt/Financing Needs

=

cash potentially available for shareholder returns

Q2 2026 benefited from high realized oil prices and strong production, producing Occidental's strongest adjusted quarterly profit since 2022.

However, commodity prices can reverse quickly.

How Oil Prices Affect Dividend Capacity

Higher oil prices generally improve upstream cash flow.

That can support:

• Dividend coverage;
• Debt reduction;
• Balance-sheet flexibility.

Lower oil prices can do the opposite.

A sustainable dividend therefore should be judged across a cycle rather than using one high-oil-price quarter.

Does Berkshire Receive OXY Common Dividends Too?

Yes, Berkshire's common shares are economically entitled to ordinary common-stock distributions like other common shares.

That is separate from Berkshire's preferred-stock dividend.

Because Berkshire owns a very large OXY position, ordinary dividend decisions can also have a material effect on Berkshire's investment income.

What Does the Dividend Mean for OXYON?

Ondo handles dividends differently from a conventional brokerage account.

Its tokenized-stock model tracks total return, with applicable dividends generally reinvested into additional underlying exposure net of withholding tax.

Therefore:

OXY pays $0.26 ≠ every OXYON holder automatically receives $0.26 cash.

Why Shares Per Token Can Change

If dividends are reinvested into underlying shares, the amount of OXY economic exposure associated with each OXYON token can gradually increase.

This is why users comparing prices should check current Ondo product data rather than assume permanent 1:1 numerical equivalence.

Is OXY a Dividend Stock?

OXY pays a dividend, but its investment thesis is broader than dividend income.

Potential return drivers include:

• Oil prices;
• Production;
• Debt reduction;
• Free cash flow;
• Berkshire relationship;
• Capital allocation.

Investors primarily seeking high current income may evaluate OXY differently from investors focused on deleveraging and oil-price exposure.

FAQ

How much is the OXY dividend in 2026?

The current quarterly common dividend is $0.26 per share.

What is the annualized dividend?

$1.04 per share if $0.26 were maintained for four quarters.

What is the current approximate yield?

Using the August 13 closing price of $57.70, approximately 1.8%.

Has the dividend increased?

Yes. The quarterly rate was $0.22 in 2024, $0.24 in 2025 and $0.26 currently in 2026.

Does OXYON pay the same $0.26 cash dividend?

Not necessarily. Ondo uses total-return tracking.

Is the dividend guaranteed?

No.

Risk Disclaimer

Dividend payments are not guaranteed. Oil prices, cash flow, debt, capital requirements and board decisions can all affect future dividends.

Article 10

Occidental Carbon Capture Explained: 1PointFive, STRATOS and the Low-Carbon Opportunity for OXY

Summary

Occidental Petroleum is unusual among large U.S. oil producers because it is attempting to build a commercial carbon-management business alongside conventional oil and gas.

The strategy is primarily developed through:

Oxy Low Carbon Ventures

↓

1PointFive

↓

Direct Air Capture + CCUS

↓

Carbon Removal Credits and CO₂ Storage

The flagship project is STRATOS, a Direct Air Capture facility in Texas designed to remove up to 500,000 metric tons of atmospheric CO₂ annually when fully operational. Occidental's current carbon-innovation page still describes STRATOS as under development, while 1PointFive said in January 2026 that the facility was progressing through startup activities.

Carbon capture could create a new long-term business for OXY—but it remains capital intensive and commercially uncertain.

What Is Oxy Low Carbon Ventures?

Oxy Low Carbon Ventures, or OLCV, develops projects and technologies related to:

• Carbon capture;
• CO₂ transportation;
• CO₂ sequestration;
• Direct Air Capture;
• Low-carbon fuels;
• Carbon-management services.

Following the OxyChem sale, Low Carbon Ventures remains part of Occidental's Midstream and Marketing reporting segment.

What Is 1PointFive?

1PointFive is Occidental's carbon-capture and carbon-removal subsidiary.

Its business model is intended to help customers address emissions through technologies such as:

Direct Air Capture

and

geologic CO₂ storage.

What Is Direct Air Capture?

Direct Air Capture, or DAC, removes CO₂ directly from ambient air rather than capturing it only at the exhaust stream of a factory.

A simplified process is:

Air

↓

CO₂ capture system

↓

Concentrated CO₂

↓

Permanent geologic storage

or selected utilization pathways

The technology is different from conventional point-source carbon capture.

What Is STRATOS?

STRATOS is 1PointFive's large-scale DAC facility in Texas.

It is designed for capacity of up to:

500,000 metric tons CO₂ per year

when fully operational.

In January 2026, 1PointFive described STRATOS as progressing through startup activities, so investors should not treat full design capacity as already achieved commercial output.

Who Has Purchased STRATOS Carbon Removal Credits?

1PointFive has announced agreements with several large organizations.

For example, Microsoft agreed to purchase 500,000 metric tons of DAC carbon-removal credits over six years from credits enabled by STRATOS.

Bain & Company announced a 9,000-metric-ton purchase over three years in January 2026.

These agreements demonstrate commercial interest, but contracted credit volume should not automatically be treated as equivalent to project profitability.

How Could Carbon Removal Generate Revenue?

Potential customers may pay 1PointFive for verified removal of CO₂.

Conceptually:

Customer emissions target

↓

Purchase carbon-removal credits

↓

1PointFive captures CO₂

↓

Permanent storage

↓

Verified removal credit

This could create a service-style revenue stream separate from selling oil.

Why Occidental Has a Potential Advantage

Occidental has decades of experience handling CO₂ in the oil industry.

Capabilities relevant to carbon management include:

• Subsurface geology;
• CO₂ transportation;
• Injection;
• Reservoir management;
• Large-scale energy infrastructure.

Those capabilities can potentially transfer to carbon sequestration.

Can Carbon Capture Become a Major OXY Business?

Potentially—but that is not guaranteed.

The bull case assumes:

• More corporations commit to durable carbon removal;
• DAC costs fall;
• Government incentives remain supportive;
• Projects scale successfully;
• Carbon-credit prices support attractive returns.

The bear case assumes:

• Costs remain high;
• Demand is insufficient;
• Incentives change;
• Project schedules slip;
• Competing technologies become cheaper.

Why DAC Is Expensive

CO₂ exists at relatively low concentration in ambient air.

Removing it requires:

• Large air-processing systems;
• Energy;
• Chemical sorbents or solvents;
• Compression;
• Transportation;
• Storage.

This can make DAC substantially more expensive than capturing CO₂ from concentrated industrial streams.

Government Policy Risk

Carbon economics can depend partly on:

• Tax credits;
• Permitting;
• Storage regulation;
• Carbon accounting standards.

Policy changes can therefore materially alter project economics.

What Is the Relationship With Oil Production?

Occidental historically has significant expertise using CO₂ for enhanced oil recovery.

However, certain 1PointFive carbon-removal contracts, including Microsoft's, specify durable saline sequestration rather than using the captured CO₂ for oil production.

This distinction matters when evaluating the environmental attributes of specific credits.

Could Carbon Capture Reduce OXY's Oil Dependence?

Over a long period, a successful carbon business could diversify revenue.

But today, Occidental's financial results remain dominated by oil and gas.

Carbon management should therefore be treated as an option on future growth, not a replacement for current upstream economics.

How Does Carbon Capture Affect OXYON?

OXYON does not directly represent STRATOS.

Instead:

STRATOS / 1PointFive

↓

affects Occidental's business value

↓

OXY

↓

OXYON

If investors become more optimistic about the commercial value of carbon capture, that may affect OXY valuation.

If projects disappoint, the opposite could occur.

Main Risks

• Technology execution;
• Capital expenditure;
• Startup delays;
• Carbon-credit demand;
• Customer concentration;
• Regulatory changes;
• Storage liability;
• Competition;
• Uncertain long-term margins.

FAQ

What is STRATOS?

A large Direct Air Capture facility being developed by Occidental's 1PointFive subsidiary.

How much CO₂ can STRATOS capture?

Its design capacity is up to 500,000 metric tons annually when fully operational.

Is STRATOS fully operational at design capacity?

The latest cited 2026 company update described it as progressing through startup activities.

Does Microsoft buy carbon credits from 1PointFive?

Microsoft entered an agreement covering 500,000 metric tons over six years.

Is carbon capture already Occidental's main business?

No. Oil and gas remain the dominant economic business.

Risk Disclaimer

Carbon-management technologies are developing markets. Project capacity, cost, pricing, regulation and commercial demand can differ materially from current expectations.