Occidental Petroleum Corporation (OXY)

The base is production in the United States and the Middle East plus a chemicals arm that earns steadily regardless of the oil price. The company carries meaningful debt from the expensive Anadarko acquisition, and reducing it was its main task for years.

The distinguishing bet is direct air capture of carbon dioxide: the company is building industrial plants and expects to sell both the carbon for reservoir injection and emission reduction credits. The economics of that line are unproven and depend on government incentives.

Results follow the oil price entirely, which the company does not control. A major shareholder is Berkshire Hathaway, whose purchases have themselves moved the stock. The company pays a dividend and is retiring preferred shares.