$OXY · OCCIDENTAL PETROLEUM CORP /DE/
Occidental issued its Q3 2026 earnings release on November 9, 2026. Net income attributable to common stockholders was $1.6 billion ($1.61 diluted EPS), with adjusted income of $2.0 billion ($1.91 adjusted EPS). The company reduced principal debt to $10.0 billion, generated $4.1 billion of operating cash flow and $2.8 billion of free cash flow before working capital, and produced 1,427 Mboed globally.
- Adjusted EPS of $1.91 vs reported EPS of $1.61, with the difference driven mainly by derivatives losses.
- Principal debt reduced to $10.0 billion after retiring $10.4 billion year-to-date.
- Generated $4.1 billion operating cash flow and $2.8 billion free cash flow before working capital.
- Total production of 1,427 Mboed exceeded the mid-point of guidance.
- Average worldwide realized crude oil prices fell 11% quarter-over-quarter to $85.91 per barrel.
Extended-hours trading shows shares at $55.90, up 0.25% from the $55.76 regular close, a muted reaction to the earnings release.
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Occidental's debt reduction milestone and free cash flow generation reflect the broader oil-and-gas industry's focus on balance sheet repair and shareholder returns amid volatile crude prices.
Lower realized crude oil prices (down 11% quarter-over-quarter) pressured oil and gas pre-tax income, and a third-party gas pipeline constraint caused temporary production curtailment at Gulf of America facilities.