Occidental Petroleum Corp NYSE:OXY Price, Chart, News & Insight

Occidental Petroleum Falls 6% in Premarket Despite Strong Operations as OxyChem Sale Distorts Headline Numbers

May 6, 2026 · Earnings Report

Occidental Petroleum dropped 6% in premarket trading in what appears to be a market reaction to broader energy sector weakness and concerns about the company's adjusted earnings, even as its operational performance in the first quarter came in ahead of expectations on nearly every metric.

The headline figures present a somewhat distorted picture. Reported net income attributable to common stockholders was $3.2 billion, or $3.13 per diluted share, a number inflated by a large gain on the sale of OxyChem, the company's chemical business, which is now classified as a discontinued operation. Stripping that out, adjusted income from continuing operations came in at $1.1 billion, or $1.06 per adjusted diluted share, a more modest figure that likely accounts for much of the premarket pressure.

Operating cash flow from continuing operations was $1.4 billion for the quarter, though that figure was weighed down by a $1.8 billion use of working capital driven by a sharp rise in receivables following a surge in commodity prices in March, alongside typical seasonal cash requirements for employee benefits, interest payments and property taxes. Before working capital movements, operating cash flow from continuing operations reached $3.2 billion, a significantly stronger underlying number. Capital expenditures came in at $1.6 billion, with free cash flow before working capital from continuing operations of $1.7 billion.

On the operational side, Occidental delivered across the board. Total company production averaged 1,426 thousand barrels of oil equivalent per day, exceeding the high end of guidance, led by strong contributions from the Permian, Rockies and Gulf of America business units. Midstream and marketing results also exceeded the high end of guidance on an adjusted basis, driven by higher crude margins, transportation capacity optimizations and stronger sulfur prices at Al Hosn, though the segment reported a headline pre-tax loss of $87 million due to items affecting comparability.

In oil and gas, pre-tax income rose to $1.0 billion from $0.7 billion in the prior quarter, driven by higher realized crude oil prices. Average worldwide realized crude oil prices increased 18% sequentially to $69.91 per barrel, while realized natural gas liquids prices rose 14% to $18.99 per barrel. Domestic natural gas prices fell 10% to $1.01 per thousand cubic feet.

"Our first quarter results reflect our strong operational performance and the outstanding work of our teams executing across our portfolio," said President and CEO Vicki Hollub. "Over the past decade, we have made deliberate, strategic decisions that have transformed Occidental's portfolio into the most resilient, competitive, and high-quality portfolio in our history."

Hollub also acknowledged the challenges posed by the conflict in the Middle East, noting that staff, partners and host governments had remained committed to safety and disciplined execution throughout the quarter.

The debt reduction story remains a central part of Occidental's investment case. The company repaid $7.1 billion in principal debt through May 5, reducing total principal debt to $13.3 billion as it pushes toward its $10.0 billion milestone. The pace of deleveraging reflects the proceeds from the OxyChem divestiture being deployed as intended, and represents a meaningful structural improvement in the company's balance sheet resilience across commodity price cycles.

The 6% premarket decline likely reflects a combination of the soft adjusted EPS figure relative to expectations, ongoing uncertainty around oil prices in a volatile macro environment, and the fact that the headline beat was driven by a one-time asset sale rather than recurring earnings power.

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WS Investor 05-06-26

Occidental Petroleum Corporation outlined key considerations expected to affect its fourth quarter 2025 results, noting that the disclosure is preliminary and not a full earnings estimate. The company highlighted the completed sale of Occidental Chemical Corporation (OxyChem) on January 2, 2026, which will result in OxyChem being reported as discontinued operations starting with the 2025 Form 10-K. For the quarter, Occidental expects an adjusted effective tax rate of 35%–37% for continuing operations and 24%–26% for discontinued operations, with average diluted shares outstanding of 1.0029 billion.

Occidental also provided details on commodity realizations for the quarter ended December 31, 2025. Average realized worldwide oil prices were $58.99 per barrel, compared with average index prices of $59.14 for WTI and $63.09 for Brent. Worldwide natural gas liquids averaged $16.66 per barrel, while natural gas realizations averaged $1.29 per Mcf, reflecting about 31% of average NYMEX gas prices. The company emphasized that actual results may differ materially from current expectations due to factors such as commodity price volatility, geopolitical risks, regulatory changes and broader economic conditions.

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WS Investor 01-20-26

Occidental reported third-quarter 2025 net income of 661 million dollars, or 65 cents per diluted share, with adjusted earnings of 64 cents per share. Operating cash flow totaled 2.8 billion dollars, while free cash flow before working capital reached 1.5 billion dollars after 1.8 billion dollars of capital spending.

Total production averaged 1.465 million barrels of oil equivalent per day, exceeding guidance. The oil and gas segment earned 1.3 billion dollars before tax, supported by higher crude volumes and prices. The chemical unit, OxyChem, posted 197 million dollars of pre-tax income, down from the prior quarter due to lower prices and volumes. Midstream and marketing earned 93 million dollars, above the top end of guidance.

Occidental repaid 1.3 billion dollars of debt, reducing its principal balance to 20.8 billion dollars. CEO Vicki Hollub said the company’s strong operational execution and sale of OxyChem mark key steps in its strategic transformation, strengthening the balance sheet and positioning the company for enhanced shareholder returns and growth in its core oil and gas operations.

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The Investor 11-11-25

Occidental (NYSE: OXY) announced today that its Board of Directors declared a regular quarterly dividend of $0.24 per share on common stock, payable on January 15, 2026, to stockholders of record as of the close of business on December 10, 2025.

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European Investor 11-05-25

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WS Investor 10-20-25

Occidental Petroleum issued third-quarter 2025 earnings considerations, flagging preliminary operating metrics rather than full results.

Average diluted shares outstanding were 1,003.1 million. Realized prices averaged $64.78/bbl for oil worldwide ($64.55 U.S., $66.03 international) versus index averages of $64.93 WTI and $68.14 Brent; NGLs averaged $19.60/bbl ($18.98 U.S., $24.40 international).

Natural gas realizations averaged $1.57/mcf ($1.48 U.S., $1.89 international) versus NYMEX $3.28/mcf, implying domestic gas realizations at 45% of NYMEX. The company emphasized the figures are preliminary and subject to final close.

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The Investor 10-10-25

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The Investor 10-07-25

Berkshire Hathaway announced it will acquire Occidental Petroleum’s chemical business, OxyChem, in a $9.7 billion all-cash deal. The agreement, unveiled on October 2, 2025, will make OxyChem an operating subsidiary of Berkshire, expanding its portfolio with a leading global manufacturer of commodity chemicals used in water treatment, pharmaceuticals, healthcare, and construction.

Occidental said it will use $6.5 billion of the proceeds to reduce debt, aiming to bring principal debt below $15 billion following its CrownRock acquisition. OxyChem’s environmental liabilities will remain with an Occidental subsidiary, which will continue to manage related remedial projects.

The transaction, subject to regulatory approvals, is expected to close in the fourth quarter of 2025. Occidental CEO Vicki Hollub praised the deal as strengthening the company’s financial position and long-term oil and gas strategy, while Berkshire’s Greg Abel highlighted the strong operating assets and workforce OxyChem brings to Berkshire’s non-insurance operations.

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WS Investor 10-02-25

1PointFive, a subsidiary of Occidental, signed a second carbon removal agreement with Nippon Yusen Kabushiki Kaisha (NYK), under which NYK will purchase Direct Air Capture–enabled carbon credits from the STRATOS facility in Texas to offset residual shipping emissions, reinforcing DAC’s role in maritime decarbonization.

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The Investor 09-17-25

Occidental Petroleum Issues Q2 2025 Earnings Preview Highlighting Gulf Production Curtailments

Occidental Petroleum Corporation (NYSE: OXY) released its second quarter 2025 earnings considerations, outlining several key factors likely to impact results.

The company reported production curtailments in its Gulf of Mexico operations due to third-party constraints, extended facility maintenance, and schedule delays. As a result, Gulf sales volumes are estimated at 125 thousand barrels of oil equivalent per day (Mboed). However, total company production is expected to remain within guidance.

Occidental’s adjusted effective tax rate is projected at 35–37%, driven by a shift in the jurisdictional mix of income due to lower-than-expected full-year oil prices.

For Q2, average realized worldwide oil prices were $63.76 per barrel, closely aligned with the WTI benchmark. U.S. natural gas realized prices fell to $1.33 per Mcf, substantially below the $3.68 NYMEX index, reflecting a domestic realization rate of just 36% of benchmark.

Average diluted shares outstanding during the quarter totaled 1.01 billion.

These figures are preliminary and subject to adjustments during the finalization of the company’s financial reporting. Occidental did not provide earnings guidance but noted several macro and operational risk factors in its forward-looking statements.

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European Investor 07-14-25

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