OXY's break even cost on existing Permian wells is $43/barrel. https://www.statista.com/statistics/748207/breakeven-prices-for-us-oil-producers-by-oilfield/

If you think of oil majors' assets and dividend payments as self-liquidating income generating trusts, it makes sense to sell high imp vol puts at 10-20% below the money. Gradual demand destruction will put smaller E&P companies out of business, giving more market share to majors with lower break evens like OXY. At 52.96 its earnings yield is now over 8%. If you sell a 47.5 strike 03/25 expiration put for 1.86 and end up owning OXY at 45.64 net, that's a 9.9% earnings yield.

Regarding the climate ethics of investing in oil companies: I like investing in Canadian and American oil companies that take global market share away from Gazprom and Rosneft. More North American BOE sold = fewer Russian BOE sold. As usual in human history, it's not good vs bad, but bad vs worse.