Occidental Petroleum Corporation provided preliminary factors management believes will affect third-quarter 2026 results, while stating the update is not a third-quarter earnings estimate and remains subject to finalization of its reporting process. Total company production was within guidance and included temporary Gulf of America downtime.
Occidental temporarily curtailed production at certain Gulf of America facilities in September because of a third-party gas pipeline constraint and maintenance; production was partially restored, and the remaining impacted production was expected to return as the constraint is resolved. Estimates listed 110 Mboed of Gulf of America net sales volumes, domestic lease operating cost of $8.54 per boe, and oil at 48.8% of total company production. Average diluted shares were 1,012.8 million. Crude oil collar settlements negatively impacted operating cash flow before working capital by $94 million. Third-quarter average realized prices were $85.91 per barrel for worldwide oil, $24.63 per barrel for worldwide NGL, and $1.69 per Mcf for worldwide natural gas.
Occidental Petroleum President and CEO Richard A. Jackson had 4,124 shares of common stock withheld on September 30, 2026, at $55.32 per share to satisfy tax withholding obligations upon vesting of previously reported restricted stock units. He directly held 439,974 shares following the transaction. The filing also reports 10,097 shares held indirectly through the OPC Savings Plan, based on a plan statement dated September 30, 2026.
Occidental Petroleum (OXY) director Vicki A. Hollub reported a gift transfer of 90,000 common shares on September 25, 2026, to three irrevocable trusts for the benefit of her family members. Her reported holdings following the transfer were 974,835 shares, including 27,009 shares previously reported as indirectly owned through the Issuer Savings Plan. No Rule 10b5-1 plan is reported.
Occidental Petroleum reported strong results for the quarter ended June 30, 2026, with net income of $2,996 million and net income attributable to common stockholders of $2,807 million, compared with $288 million a year earlier. Net sales from continuing operations were $8,065 million, driven mainly by higher realized crude oil prices and very strong midstream and marketing margins.
For the first six months of 2026, net income was $6,355 million and operating cash flow was $5,552 million. The all‑cash sale of OxyChem closed on January 2, 2026 for an adjusted cash sales price of $9,472 million, generating about $3.1 billion of after‑tax gain and reported as discontinued operations. After‑tax proceeds and free cash flow were used to repay $8,609 million of debt, reducing total borrowings at face value to $11,818 million and lowering interest expense. At the same time, Occidental continues to carry sizable environmental remediation liabilities of $1,853 million with a disclosed additional loss range up to $1.9 billion, and faces a tax dispute related to the $5.2 billion Tronox settlement that could require repayment of about $2.4 billion of taxes and interest if not resolved favorably.
Occidental Petroleum reported strong second-quarter 2026 results. Net income attributable to common stockholders was $2.8 billion, or reported diluted EPS of $2.75. Adjusted income was $2.4 billion, with adjusted EPS from continuing operations of $2.40. Operating cash flow from continuing operations reached $5.1 billion and operating cash flow before working capital was $4.6 billion, supporting free cash flow before working capital of $3.0 billion on capital expenditures of $1.6 billion. Principal debt was reduced by $1.9 billion to $11.8 billion.
Oil and gas pre-tax income rose to $2.8 billion from $1.0 billion in the first quarter, helped by higher realized crude prices, including average worldwide realized crude oil prices of $96.78 per barrel and NGL prices of $24.64 per barrel, while domestic gas prices averaged negative $1.48 per Mcf. Total global production averaged 1,433 Mboed, above the high end of guidance, and midstream and marketing delivered $1.3 billion of pre-tax income. The quarterly dividend was increased by an additional 8% this year to $0.28 per share, payable October 15, 2026 to stockholders of record on September 10, 2026.
POLLACK BRAD reported acquisition or exercise transactions in this Form 4 filing.
Occidental Petroleum executive Brad Pollack, SVP & General Counsel, received an award of 26,284 RSUs under the Amended and Restated 2015 Long-Term Incentive Plan, each representing a contingent right to one share of common stock. The RSUs vest in three equal annual installments beginning on July 31, 2027. Following this award, Pollack is reported as directly owning 42,660 shares of common stock and indirectly holding 2,425 shares through the OPC Savings Plan, based on a plan statement dated July 31, 2026.
Occidental Petroleum executive Brad Pollack, SVP & General Counsel, reported his holdings of the company’s Common Stock as a reporting person. He listed 16,376 shares held directly and 2,425 shares held indirectly through the OPC Savings Plan, with the plan balance based on a statement dated July 31, 2026.
BlackRock, Inc. reports beneficial ownership of 52,135,869 shares of OCCIDENTAL CORP common stock on Schedule 13G. This represents 5.2% of the class as of June 30, 2026. BlackRock has sole voting power over 49,381,703 shares and sole dispositive power over 52,135,869 shares.
Various underlying clients have rights to dividends or sale proceeds in these shares, but no single client holds more than five percent of Occidental’s outstanding common stock.
Occidental Petroleum Corporation outlined selected factors expected to affect results for the second quarter of 2026. Average diluted shares outstanding for the quarter were 1,012.2 million. Crude oil collar settlements for the period reduced operating cash flow before working capital by $156 million.
Average realized worldwide oil prices were $96.78 per barrel, compared with average index prices of $92.79 for WTI and $97.06 for Brent. Worldwide NGL realized prices averaged $24.64 per barrel. Worldwide natural gas realized prices averaged $(0.80) per Mcf, versus an average NYMEX gas index price of $2.89 per Mcf. The company emphasizes that these earnings considerations are preliminary and not a comprehensive estimate of second quarter 2026 earnings.
Occidental Petroleum President and CEO Richard A. Jackson reported an open-market purchase of company stock. On June 23, 2026, he bought 4,770 shares of Occidental Petroleum common stock at $52.38 per share, increasing his direct holdings to 444,098 shares.
He also reported 10,052 shares held indirectly through the OPC Savings Plan, based on a plan statement dated June 23, 2026. The filing does not show any stock sales or derivative transactions in this update.