May 26, 2026
BOXABL Moves Closer to Becoming Publicly Traded
Featured: The Energy Trade Nobody Priced Correctly
A Home Delivered to You. Unpacked in One Hour.
Imagine a future where we could mass produce homes like cars – one every minute. That’s the vision of BOXABL Inc. (“BOXABL”), a company with the goal of leading a homebuilding revolution with high quality, cost effective, factory-made, foldable houses that ship anywhere and unpack in one hour.
BOXABL announced plans for a potential SPAC merger with FG Merger II Corp. (“FGMC”) (NASDAQ: FGMC). After crowdfunding $230M from over 60,000 investors since 2020.
Currently trading on Nasdaq, $FGMC will be the surviving entity following the proposed merger’s closing. The combined company will then be renamed BOXABL Inc., with the anticipated ticker $BXBL.
BOXABL expects Nasdaq trading on or about June 9th. Investors holding $FGMC shares will automatically convert to $BXBL upon closing.
FGMC on Yahoo Finance
https://finance.yahoo.com/quote/FGMC/
Click here to find important information related to the proposed merger: ir.boxabl.com
Featured
The Energy Trade Nobody Priced Correctly
Energy was not supposed to matter this year. Then the Strait of Hormuz shut down, and everything changed.
WTI crude, which opened 2026 near $60 a barrel, ran past $105 by early May as the Iran conflict choked off roughly 9 million barrels per day in global output. It has since pulled back toward the low-to-mid $90s on ceasefire speculation, but the damage to the bear case for energy stocks is already baked in. The sector is up 25-34% for the year, the best run in the S&P 500 by a wide margin.
Inside that move, Occidental Petroleum (NYSE: OXY) is the name worth paying attention to.
What the Q1 numbers actually show
OXY reported Q1 2026 adjusted EPS of $1.06, a 79% beat over the $0.59 consensus. Free cash flow came in at approximately $1.7 billion, up 52% year-over-year, on production of 1.43 million BOE per day that topped guidance by 21,000 barrels. Management exited the quarter with $3.8 billion in unrestricted cash. Debt has been cut to $13.3 billion from $20.8 billion just six months earlier, a direct result of the January OxyChem sale to Berkshire Hathaway for $9.7 billion. Full-year 2026 free cash flow estimates are running near $7 billion at current prices, with capex coming in 10% below last year.
Slight tangent, but it matters: OXY’s break-even is around $51 per barrel. At $90-plus WTI, the margin cushion is significant.
The part most people skip is the cost side. Management is targeting more than $1.2 billion in incremental free cash flow above 2025 levels, assuming no oil price tailwind at all. That number is built on operational efficiency, not commodity luck. Longer laterals, simul-frac operations, and a leaner overhead structure are delivering roughly 7% well cost improvement in 2026 alone.
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What could go wrong? Plenty. WTI dropped nearly 6% in a single session last week on Iran deal optimism. A formal Hormuz reopening would remove a significant amount of the geopolitical premium from crude prices quickly, and OXY would feel that. Overseas production disruptions also pushed full-year guidance lower. The stock is not without risk.
But here is where I keep landing: the balance sheet reset is real, the cash generation is real, and Berkshire’s 26.6% stake is not going anywhere. Barclays just upgraded the stock to Overweight. Raymond James raised its target to $75.
Whether oil holds or fades from here, OXY’s operational story has changed in ways the stock price may not fully reflect yet.
Full breakdown is worth your time.
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