Occidental Petroleum Corporatio Q3 2026 Earnings Recap

Occidental’s shares rose 2.0% after earnings, a roughly flat reaction. The company reported production above the midpoint of guidance and progress on debt reduction, while Gulf of America output faced a third-party pipeline constraint and maintenance.

Key Takeaways

• Total company production exceeded the midpoint of guidance; U.S. onshore production was 20,000 BOE per day above its midpoint.
• Midstream delivered more than $300 million in adjusted pretax income, and Occidental reached its $10 billion principal debt milestone.
• New Mexico gross operated production hit a record 284,000 BOE per day, up about 23% since January; Powder River Basin production averaged 23,000 BOE per day, more than 70% above the first quarter.
• Gulf of America production was affected by a third-party gas pipeline constraint and maintenance.
• Management outlined a target to add more than $4 billion of annual sustainable cash flow by 2030, driven by cost efficiencies, lower decline rates and lower debt interest.