CRC vs OXY: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of November 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: OXY is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CRC and OXY share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CRC and OXY exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

California Resources was spun out of Occidental Petroleum in 2014 and operates from Long Beach with about 2,500 employees. It produces crude oil, natural gas liquids and natural gas from the San Joaquin, Los Angeles and Sacramento basins in California, plus the Uinta basin in Utah, and it sells almost all of that output into California refineries. Proved reserves stood at about 654 million barrels of oil equivalent at the end of 2025, roughly 83% of it oil, concentrated in long-life conventional fields like Belridge and Elk Hills where decline rates are low and steamflood and waterflood techniques do most of the work. The company also owns gas-fired power generation that supplies its own field operations, and it runs a second reporting segment, Carbon TerraVault, which builds CO2 capture equipment and injects CO2 into depleted reservoirs. Its structural advantage is location: California imports more than 75% of the oil it consumes, so CRC's barrels price off Brent with a transportation-cost edge over waterborne imports into refineries already configured for California-style crude. On December 18, 2025 CRC closed an all-stock combination with Berry Corporation, issuing about 5.6 million shares at an exchange ratio of 0.0718, which left former Berry holders owning roughly 6% of the company and added the Utah acreage.

Full CRC guide

Occidental Petroleum (Oxy) is a large US-based oil and gas company. Upstream exploration and production is the core: Oxy finds and produces crude oil and natural gas, with a flagship position in the Permian Basin, the most prolific US oil field, plus operations in the Rocky Mountains, the Gulf of America, and internationally in the Middle East and North Africa. A midstream and marketing segment moves and sells its barrels and holds an equity stake in Western Midstream (WES). Oxy is also building a carbon-management business through its 1PointFive subsidiary, developing direct air capture (DAC) facilities that pull CO2 from the atmosphere. Until January 2, 2026 it also owned OxyChem, a major chlor-alkali and PVC chemicals producer; that business was sold to Berkshire Hathaway for $9.7 billion in cash, with an Oxy subsidiary retaining OxyChem's legacy tort and environmental liabilities. Oxy is notable for Berkshire's large ownership stake and for its 2019 acquisition of Anadarko, which left it heavily indebted. Headquartered in Houston, Texas, Oxy is now led by President and CEO Richard Jackson, who succeeded Vicki Hollub during 2026.

Full OXY guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• CRC drivers: A Brent-linked barrel in a high oil price year; SB 237 reopening Kern County drilling.
• OXY drivers: Permian Basin scale; Debt reduction and capital return.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The hedge book is the most immediate distortion: CRC gave up about $15 a barrel to derivative settlements in the second quarter of 2026 ($76.50 realized after settlements versus $91.64 before), and the non-cash mark on those contracts produced a $711 million GAAP loss in the first quarter, so trailing earnings multiples are close to meaningless right now. For OXY, oxy's earnings and cash flow are highly sensitive to oil and gas prices, which are volatile and outside its control.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CRC if you believe its drivers more; OXY if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CRC and OXY guides.

CRC. Trailing GAAP numbers still mislead: the first-quarter derivative loss and second-quarter reversal leave trailing EPS near -$1.29, so the forward P/E near 13.8 times and cash-flow measures do more work, with operating cash flow of about $876 million and free cash flow near $300 million over the trailing year. Enterprise value near 11 times trailing EBITDA looks high only because reported EBITDA carries the hedge marks. Analysts remain positive, with a strong-buy consensus and a mean target near $75, although UBS trimmed its target to $68 from $73 in October after the second-quarter miss.

OXY. At $61.26 on October 16, 2026, Oxy trades near 17 times trailing and 13 times forward earnings, with the forward figure resting on consensus EPS of about $4.71 for 2027 after a high-price 2026. Valuation is dominated by oil-price sensitivity and balance-sheet repair: the OxyChem proceeds and Q2's $3.0 billion of free cash flow before working capital sped up debt reduction, while carbon capture adds long-dated optionality. Mean analyst targets sit near $69.

Headline figures (approximate, October 2026): CRC shows revenue (ttm) ~$3.7B, up ~33% YoY in Q2 2026; GAAP figures include derivative marks, q2 2026 earnings ~$514M GAAP net income; adjusted EPS ~$0.99 vs ~$1.37 consensus, net income (ttm) ~-$121M, after the ~$711M Q1 2026 derivative-driven loss, production ~154 MBoe/d (~81% oil) in Q1 2026, 2026 exit rate targeted near ~175 MBoe/d; OXY shows revenue (ttm) ~$24 billion; Q2 2026 ~$8.3 billion (up ~53% YoY), net income (ttm) ~$3.4 billion, EPS ~$3.52, operating margin ~45% (TTM), highly oil-price dependent, production (q2 2026) ~1,433 thousand barrels of oil equivalent per day.

CRC and OXY are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CRC and OXY exposure against your real portfolio. It is not an investment adviser.