Occidental Petroleum (NYSE: OXY) is a unique oil stock. It's not a fully integrated energy company like Exxon or Chevron since it doesn't operate refineries. However, it's not a pure-play independent producer, either, since it has three other business segments (chemicals, midstream, and lower carbon).

That diversification paid off in 2023 as the company's chemicals segment had a strong year. It showcases the company's differentiated strategy, which will become a more apparent growth catalyst in the coming years.

Occidental Petroleum recently reported its fourth-quarter and full-year results and ended last year on a strong note. Its production averaged over 1.2 million barrels of oil equivalent per day (BOE/d) and exceeded the midpoint of its guidance range, despite a third-party outage in the Gulf of Mexico. It also was its highest quarterly total in more than three years. This strong operational performance helped fuel solid operating cash flow of $3.2 billion and $1.1 billion in free cash flow in the period.

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Source Fool.com