OXY Covered Call
Every out-of-the-money OXY call expiring Oct 23, 2026, priced from the settled chain: what it pays, what it yields, and where the trade stops making money. The richest right now is the $61.00 strike at 3.3% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
OXY covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $59.36 share price, not by delta — the published chain carries premiums and open interest, not greeks, and inventing a delta here would be inventing data. Premium is the bid/ask midpoint where both sides quote, otherwise the last trade. The chain artifact publishes the six nearest expirations, so this is the longest one listed — 36 days out. Annualising anything shorter than a week says more about compounding arithmetic than about the trade, so those cells stay blank.
| Strike | % OTM | Premium | Yield | Annualised | Break-even | If assigned | OI |
|---|---|---|---|---|---|---|---|
| $61.00 | 2.8% | $1.96 | 3.3% | 33.4% | $57.41 | 6.1% | 254 |
| $62.00 | 4.4% | $1.71 | 2.9% | 29.1% | $57.66 | 7.3% | 18 |
| $65.00 | 9.5% | $0.94 | 1.6% | 16.1% | $58.42 | 11.1% | 233 |
What the $61.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $59.36. Profit caps at $359.50 if OXY finishes above $61.00; below $57.41 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $44.52 | $-12.89 | $-1,288.50 |
| $48.23 | $-9.18 | $-917.50 |
| $51.94 | $-5.47 | $-546.50 |
| $55.65 | $-1.76 | $-175.50 |
| $59.36 | +$1.96 | +$195.50 |
| $63.07 | +$3.60 | +$359.50 |
| $66.78 | +$3.60 | +$359.50 |
| $70.49 | +$3.60 | +$359.50 |
| $74.20 | +$3.60 | +$359.50 |
When a covered call fits OXY
A covered call sells someone else the right to buy your shares at the strike. It pays you today and caps your upside there, so it suits a holding you are content to own flat and content to sell at the strike — not one you expect to run.
The premium is compensation for implied volatility. Rich implied volatility pays more, and usually pays more because the market expects a move; a high annualised number on a name about to report earnings is a warning as often as an opportunity. Check the OXY expected move and the open-interest walls before assuming the strike is far enough away.
Full mechanics, assignment and rolling are in the covered call guide; to model a different strike or a multi-leg version, open the profit calculator with OXY loaded.
Questions
- What does a OXY covered call pay right now?
- The $61.00 call expiring Oct 23, 2026 (36 days out) collects $1.96 per share, 3.3% of the $59.36 share price, or 33.4% annualised if you repeat it.
- What is the break-even on a OXY covered call?
- Selling the $61.00 call against stock bought at $59.36 breaks even at $57.41 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if OXY closes above the strike?
- The shares are called away at $61.00. Total return is 6.1%: the premium plus the move from $59.36 up to the strike. Gains above the strike belong to the buyer.
More on OXY
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Educational, not investment advice. Options involve risk. Open interest is reported with a one-session lag by OCC, so these levels describe positioning as of the last settled session, not live intraday flow.