What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does Occidental Petroleum (OXY) spend its free cash flow?

For TTM through Q1 2026, Occidental Petroleum generated $9.67B of operating cash flow and $3.57B of free cash flow — a free cash flow margin of 36.9% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Occidental Petroleum (OXY) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Occidental Petroleum's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Occidental Petroleum (OXY) Cash Flow Waterfall

Operating CF

$9.67B

Capex

-$6.1B

Free Cash Flow

$3.57B

FCF Margin

+36.9%

Cash flow waterfall for Occidental Petroleum (OXY) — TTM through Q1 2026

Free cash flow: $3.57B

Note: Other Investing is large — driven mainly by acquisitions and investment activity.

Cash flow breakdown for Occidental Petroleum (OXY) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$9.67B	$9.67B
Capital Expenditure	-$6.1B	$3.57B
Free Cash Flow	$3.57B	$3.57B
Other Investing	$8.88B	$12.4B
Dividends Paid	-$1.62B	$10.8B
Net Debt Change	-$10.1B	$683M
Other Financing & FX	$463M	$1.15B
Net Cash Increase	$1.15B	$1.15B

Operating Cash Flow$9.67B
Capital Expenditure-$6.1B
Free Cash Flow$3.57B
Other Investing$8.88B
Dividends Paid-$1.62B
Net Debt Change-$10.1B
Other Financing & FX$463M
Net Cash Increase$1.15B

Want to see what drove the FCF change?Free Cash Flow Bridge

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