rewrite this title and make it good for SEOJPMorgan Lowers PT for Occidental Petroleum (OXY), Keeps Neutral Rating

Occidental Petroleum Corporation (NYSE:OXY) is one of the 10 Best Oil and Gas Stocks to Buy Now. On May 9, JPMorgan lowered its price target on Occidental Petroleum Corporation (NYSE:OXY) from $52 to $47 and kept a “Neutral” rating.

JPMorgan analysts highlighted the corporation’s Q1 2025 results and the management’s efforts to cut costs amid a challenging oil price environment.

Oil derricks in the background with a few workers in the foreground, emphasizing the company’s oil and gas production activities.

Occidental Petroleum Corporation (NYSE:OXY) reported that it reduced drilling cycle times in the Permian Basin by 15% through enhanced well designs and strong execution. These actions led to a 10% decrease in well costs year-over-year, exceeding the target of 5-7% that the company had set just a few months ago.

Thanks to these improvements, the corporation plans to decommission two drilling rigs in the Permian in 2025. However, Occidental Petroleum Corporation (NYSE:OXY) aims to bring more wells online and with slightly increased production even with this reduced rig count.

The corporation has lowered its full-year capital guidance by $200 million. Additionally, Occidental Petroleum Corporation (NYSE:OXY) aims to cut its operational expenses by $150 million in 2025.

Occidental Petroleum Corporation (NYSE:OXY) is an American multinational energy company with assets mainly in the US, the Middle East, and North Africa. It is one of the largest oil and gas producers in the US.

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