As of Q4'25, Occidental Petroleum (OXY) reports cash & short-term investments at $0 and total debt at $22.4B. This marks a significant reduction in cash holdings from $2.16B in Q3'25, while debt continues its gradual decline from previous quarters. Over the period from Q1'23 to Q4'25, OXY’s cash & short-term investments exhibited notable volatility, peaking at $2.61B in Q1'25 before dropping sharply to zero by Q4'25. Debt levels remained relatively stable around $20B through 2023 and early 2024, spiked to a high of $27.6B in Q3'24, and then steadily decreased to $22.4B by the end of 2025. The chart highlights a trend of declining leverage in the latter quarters, but the complete depletion of cash reserves at year-end 2025 is a significant development that warrants close monitoring.