OXY wheel: cash-secured put & covered-call yields
Occidental Petroleum Corporation · Energy · $58.40 close on Nov 12, 2026
What the Nov 12, 2026 close says about OXY
At 32.5% implied volatility, the options market is pricing a one-standard-deviation move of about $5.96 (10.2%) in OXY by Dec 18, 2026, 36 days out.
Selling the $55 put (−0.26Δ) for $1.02 means assignment would leave a cost basis of $53.98, 7.6% below the $58.40 close.
The 64-day 0.30Δ put pays 1.5× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.028 vs $0.024).
At 0.30Δ on the Dec 18 expiry the put yields 1.85% on its strike and the call 1.58% on spot: puts pay 1.2× what calls do on OXY this session.
Open interest in the stored window totals 212,094 contracts; the largest single line is the $65 call expiring Jan 15 with 68,913 (32.5% of the window).
OXY goes ex-dividend on Dec 10, 2026 ($0.28 declared), inside the Dec 18 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume OXY ranks #123 of 679 names in our universe.
Near-the-money options volume (3.0k) is 912% above its 5-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on OXY
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $55 | −0.26 | $1.02 Nov 12 | $102.00 | $5,500 | 1.85% | 18.8% | $53.98 | 4,857 | 662 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #9468 · session 2026-11-12 · captured 22:12 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $55 | −0.29 | $1.53 Nov 12 | $153.00 | $5,500 | 2.78% | 15.9% | $53.47 | 8,518 | 18 |
| 0.20Δ | $52.50 | −0.19 | $0.86 Nov 12 | $86.00 | $5,250 | 1.64% | 9.3% | $51.64 | 4,540 | 23 |
Snapshot #9468 · session 2026-11-12 · captured 22:12 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on OXY
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $62.50 | 0.26 | $0.92 Nov 12 | $92.00 | 1.58% | 16.0% | 8.60% | 87.2% | 3,603 | 126 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #9468 · session 2026-11-12 · captured 22:12 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $62.50 | 0.33 | $1.58 Nov 12 | $158.00 | 2.71% | 15.4% | 9.73% | 55.5% | 42,182 | 127 |
| 0.20Δ | $65 | 0.22 | $0.90 Nov 12 | $90.00 | 1.54% | 8.8% | 12.84% | 73.2% | 68,913 | 37 |
Snapshot #9468 · session 2026-11-12 · captured 22:12 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
OXY volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 32.5%session 2026-11-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Dec 10, 2026 · $0.28 declaredchecked Nov 9, 2026
- Open interest, stored window
- 212,094 contractssession 2026-11-12
- Largest open-interest line
- $65 call · Jan 15 · 68,913
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #123 of 679 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- No contract near 0.20Δ traded this session
- We are building our own daily implied-volatility history (34 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.