- Strong operational performance drove operating cash flow of $2.8 billion and operating cash flow before working capital of $3.2 billion
- Capital spending of $1.8 billion and contributions from noncontrolling interest of $39 million resulted in quarterly free cash flow before working capital of $1.5 billion
- Total company average production exceeded the high end of guidance with 1,465 Mboed
- Midstream and marketing exceeded the high end of guidance for pre-tax adjusted income
- Repaid $1.3 billion of debt during the third quarter of 2025, reducing Occidental's principal debt balance to $20.8 billion
- Earnings per diluted share of $0.65 and adjusted earnings per diluted share of $0.64
Occidental has announced net income attributable to common stockholders of $661 million, or $0.65 per diluted share, and adjusted income attributable to common stockholders of $649 million, or $0.64 per diluted share, for the third quarter of 2025.
'Occidental’s third quarter results are a testament to the exceptional operational execution of our teams and the strength of our upstream portfolio. We achieved notable outperformance across our oil and gas assets as well as within our midstream and marketing operations,' said President and Chief Executive Officer Vicki Hollub. 'The sale of OxyChem is an important milestone in the strategic transformation of our company and will enable us to further strengthen our balance sheet, accelerate shareholder returns and unlock high-return opportunities across our core oil and gas business.'
QUARTERLY RESULTS
Oil and Gas
Oil and gas pre-tax income was $1.3 billion for the third quarter of 2025. Excluding items affecting comparability, the increase in third quarter oil and gas income, compared to the second quarter of 2025, was due to higher crude oil volumes and prices. For the third quarter of 2025, average WTI and Brent marker prices were $64.93 per barrel and $68.14 per barrel, respectively. Average worldwide realized crude oil prices increased by 2% from the prior quarter to $64.78 per barrel. Average worldwide realized natural gas liquids prices decreased by 5% from the prior quarter to $19.60 per barrel. Average domestic realized gas prices increased by 11% from the prior quarter to $1.48 per thousand cubic feet (Mcf).
Total average global production for the third quarter of 2025 exceeded the high end of guidance with 1,465 thousand barrels of oil equivalent per day (Mboed). Average production for Permian, Rockies & Other Domestic, Gulf of America and International were 800 Mboed, 288 Mboed, 139 Mboed and 238 Mboed, respectively.
OxyChem
OxyChem pre-tax income was $197 million for the third quarter of 2025. The decrease in third quarter OxyChem income, compared to the second quarter of 2025, was primarily due to lower realized prices and volumes across most product lines, partially offset by favorable raw material costs.
Midstream and Marketing
Midstream and marketing pre-tax income was $93 million for the third quarter of 2025. Excluding items affecting comparability, the third quarter midstream and marketing results exceeded the high end of guidance. Compared to the second quarter of 2025, the decrease in third quarter midstream and marketing income reflected lower Waha-to-Gulf-Coast gas spreads and higher expenses due to the increase in activities in the low-carbon venture businesses, partially offset by higher sulfur prices at Al Hosn. WES equity method investment income for the third quarter was $156 million.
Source: Occidental
