Occidental Petroleum’s shares fell 9.1% following the quarter, driven primarily by cautious forward guidance amid ongoing market volatility and geopolitical uncertainty. Investor disappointment centered on deceleration signals in key segments and a guarded outlook that weighed on confidence despite stable operational execution.

• The company maintained a disciplined capital program aligned with its 2026 plan, emphasizing balance sheet strength and sustainability of returns.
• Production growth was steady, with a reported increase to over 1.4 million BOE per day since 2015, though no clear acceleration was highlighted this quarter.
• The portfolio remains predominantly domestic, with 83% of production and 88% of resources in the U.S., reflecting strategic focus on stability.
• Reserve replacement ratio has been consistently above 100% since 2016, supporting resource durability; however, forward-looking comments were cautious regarding market volatility.
• Leadership transition announced, with CEO Vicki Hollub retiring in June and COO Richard Jackson taking over, signaling continuity in the company’s operational and strategic approach.