Occidental Petroleum Corporatio Earnings Recaps
Q1 2026
May 7, 2026
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.
Key takeaways
- 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.
Q3 2025
Nov 12, 2025
Occidental Petroleum posted a robust third quarter in 2025, delivering strong operational performance and financial results, highlighted by significant free cash flow generation and record production levels, while advancing its strategic transformation through the divestiture of OxyChem.
Key takeaways
- Generated $3.2 billion in operating cash flow and $1.5 billion in free cash flow before working capital, exceeding last year's performance despite lower WTI prices.
- Achieved record production of approximately 1.47 million BOE per day, with the Permian Basin contributing 800,000 BOE per day, marking the highest quarterly output in Oxy's history.
- Reduced capital expenditures by $300 million and operating costs by $170 million compared to original 2025 guidance, reflecting ongoing operational efficiencies and cost management.
- Announced the strategic sale of OxyChem to enhance balance sheet strength and accelerate debt reduction, targeting net debt below $15 billion.
- Continued success in Midstream and Marketing segment with positive adjusted earnings, navigating market volatility effectively to maximize margins.