- Increased quarterly dividend by an additional 8% this year to $0.28 per share, payable October 15, 2026, to stockholders of record as of September 10, 2026
- Reduced principal debt by $1.9 billion to $11.8 billion, advancing toward the $10.0 billion milestone
- Generated $5.1 billion of operating cash flow from continuing operations and $4.6 billion of operating cash flow before working capital
- Delivered $3.0 billion of free cash flow before working capital from continuing operations, the highest level since the third quarter of 2022, with capital expenditures of $1.6 billion
- Produced 1,433 Mboed globally, exceeding the high end of guidance
- Midstream and marketing pre-tax adjusted income exceeded the high end of guidance
- Reported EPS of $2.75; adjusted EPS from continuing operations of $2.40
Occidental has announced results for the second quarter of 2026, including net income attributable to common stockholders of $2.8 billion, or earnings per diluted share (EPS) of $2.75, and adjusted income attributable to common stockholders of $2.4 billion, or adjusted EPS from continuing operations of $2.40.
'Our second quarter results demonstrate the strength of Oxy's resources and the competitive advantages that position us for continued value creation,' said Richard Jackson, President and Chief Executive Officer. 'We are unlocking more from our assets through our industry-leading advanced recovery capabilities and differentiated value-based development approach. At the same time, we remain focused on executing from a strong balance sheet, organically improving our resources and continuing to deliver cost efficiencies. Through consistent execution on these priorities, we expect to generate significant free cash flow growth by 2030 and sustainable long-term value for our shareholders.'
QUARTERLY RESULTS
Oil and Gas
Pre-tax income from oil and gas totaled $2.8 billion for the second quarter of 2026, compared to $1.0 billion for the first quarter of 2026. Excluding items affecting comparability, the increase was primarily driven by higher realized crude oil prices, partially offset by lower domestic natural gas prices. Second quarter average WTI and Brent marker prices were $92.79 per barrel and $97.06 per barrel, respectively. Average worldwide realized crude oil prices increased 38% from the previous quarter to $96.78 per barrel. Average worldwide realized natural gas liquids prices increased 30% to $24.64 per barrel. Average domestic realized gas prices were negative $1.48 per thousand cubic feet (Mcf).
Total global production averaged 1,433 thousand barrels of oil equivalent per day (Mboed) for the second quarter of 2026, exceeding the high end of guidance, with the Permian and Gulf of America business units outperforming.
Midstream and Marketing
Midstream and marketing reported pre-tax income of $1.3 billion for the second quarter of 2026, compared to a pre-tax loss of $87 million in the previous quarter. Excluding items affecting comparability, midstream and marketing results exceeded the high end of guidance. Quarter-over-quarter improvement was driven by higher crude margins related to the timing of crude sales and higher gas margins from transportation capacity optimizations. WES equity method investment income for the second quarter was $149 million.
Source: Occidental
