XOM - Occidental Petroleum: Still Too Cheap To Ignore

• It has been roughly a year since I authored my last public update on Occidental Petroleum.
• Over that time frame, Occidental shares have more than doubled the performance of the S&P 500 Index.
• There is more runway for outperformance as surging oil, natural gas liquids, and dry natural gas prices provide substantial free cash flows to pay down debt.
• At a minimum, this will transfer enterprise value from debt to equity, and at a maximum, enterprise value will grow driven by equity appreciation.
• Once debt levels are brought down far enough, look for a reinstated dividend. There is still time before this happens, so be patient, however, higher oil prices are helping.

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