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Occidental (NYSE: OXY) posts $3.2B Q1 profit and cuts debt to $13.3B

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Occidental reported a very strong first quarter of 2026, boosted by an asset sale and higher oil prices. Net income attributable to common stockholders was $3.2 billion, or diluted EPS of $3.13, while adjusted income from continuing operations was $1.1 billion, or adjusted EPS of $1.06.

Total company production averaged 1,426 Mboed, exceeding the high end of guidance, led by the Permian, Rockies and Gulf of America. Average worldwide realized crude oil prices rose 18% quarter over quarter to $69.91 per barrel, and NGL prices increased 14% to $18.99 per barrel, while domestic gas prices fell 10% to $1.01 per Mcf.

From continuing operations, operating cash flow was $1.4 billion, including a $1.8 billion use of working capital, and operating cash flow before working capital was $3.251 billion. Capital expenditures were $1.6 billion, resulting in free cash flow before working capital from continuing operations of $1.747 billion. Occidental advanced deleveraging priorities by repaying $7.1 billion of principal debt through May 5 and reducing principal debt to $13.3 billion.

Positive

  • Rapid deleveraging with large cash generation: Occidental repaid $7.1 billion of principal debt through May 5 2026, reducing principal debt to $13.3 billion, supported by Q1 operating cash flow before working capital of $3.251 billion and free cash flow before working capital of $1.747 billion.

Negative

  • None.

Insights

Occidental paired strong Q1 cash generation with aggressive debt reduction.

Occidental generated Q1 2026 net income of $3.2 billion (EPS $3.13), with adjusted income from continuing operations of $1.1 billion and adjusted EPS of $1.06. The gap mainly reflects the gain on the sale of OxyChem in discontinued operations and derivative and debt-related items.

Operating cash flow from continuing operations was $1.4 billion, but working capital absorbed $1.8 billion, largely from higher receivables tied to March commodity price increases and seasonal cash outflows. On a before-working-capital basis, operating cash flow was $3.251 billion, supporting capital expenditures of $1.6 billion and free cash flow before working capital of $1.747 billion.

Management emphasized deleveraging, noting $7.1 billion of principal debt repaid through May 5 2026, reducing principal debt to $13.3 billion. Oil and gas pre-tax income rose to $1.0 billion on higher realized crude prices, though midstream and marketing posted a pre-tax loss of $87 million, even as adjusted results in that segment exceeded guidance.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income attributable to common stockholders $3.2 billion Q1 2026; diluted EPS $3.13
Adjusted income from continuing operations $1.1 billion Q1 2026; adjusted EPS $1.06
Operating cash flow before working capital $3.251 billion Q1 2026 continuing operations (non-GAAP)
Free cash flow before working capital $1.747 billion Q1 2026 continuing operations (non-GAAP)
Principal debt balance $13.3 billion After $7.1 billion principal repayments through May 5, 2026
Worldwide production 1,426 Mboed Average daily production, Q1 2026, above high end of guidance
Worldwide realized crude oil price $69.91 per barrel Q1 2026 average, up 18% from previous quarter
Midstream & marketing pre-tax result ($87 million) Q1 2026 pre-tax loss; adjusted results exceeded high end of guidance
adjusted income - continuing operations financial
"This press release refers to adjusted income - continuing operations, operating cash flow before working capital - continuing operations..."
free cash flow before working capital - continuing operations financial
"free cash flow before working capital from continuing operations of $1.7 billion"
items affecting comparability financial
"Items Affecting Comparability Detail •Before Tax Allocations •After Tax Allocations"
lease operating expenses financial
"Lease operating expenses ($/BOE)"
Costs required to keep a leased property or asset running, including routine maintenance, repairs, utilities, insurance, property taxes and management fees that the lessee or lessor must pay while the lease is active. Investors care because these recurring outlays reduce net income and cash flow from the lease—like owning a rental where you still pay for upkeep—so they affect profitability, yield and the true return on an investment tied to leased assets.
Mboed technical
"Total company production of 1,426 Mboed exceeded the high end of guidance"
mboed stands for “thousand barrels of oil equivalent per day,” a unit that combines oil, natural gas and other hydrocarbons into a single daily production measure by converting gas into an oil-equivalent amount. Think of it like converting different fruits into apple-equivalents so you can compare total output easily. Investors use it to gauge a producer’s scale, revenue potential and operating efficiency because higher mboed usually means more product to sell and greater cash flow.
Revenue $5.230 billion
Net income attributable to common stockholders $3.175 billion
Diluted EPS $3.13
Adjusted diluted EPS (continuing ops) $1.06
Production 1,426 Mboed
Worldwide realized crude oil price $69.91/BBL +18% QoQ
Domestic gas price $1.01/MCF -10% QoQ
Understanding 8-K Material Events →
0000797468FALSE00007974682026-05-052026-05-050000797468us-gaap:CommonStockMember2026-05-052026-05-050000797468oxy:WarrantsToPurchaseCommonStockMember2026-05-052026-05-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): May 5, 2026
OCCIDENTAL PETROLEUM CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware
1-9210
95-4035997
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

5 Greenway Plaza, Suite 110
Houston, Texas
77046
(Address of Principal Executive Offices)
(Zip Code)

Registrant’s Telephone Number, Including Area Code: (713) 215-7000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which
Registered
Common Stock, $0.20 par value
OXY
New York Stock Exchange
Warrants to Purchase Common Stock, $0.20 par value
OXY WS
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02    Results of Operations and Financial Condition.
On May 5, 2026, Occidental Petroleum Corporation (the “Company”) issued a press release announcing the Company’s financial condition and results of operations for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information contained in this report and in Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Item 9.01     Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.
Description
99.1
Press Release dated May 5, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 5, 2026
OCCIDENTAL PETROLEUM CORPORATION
By:
/s/ Christopher O. Champion
Name:
Christopher O. Champion
Title:
Vice President, Chief Accounting Officer and Controller




imagea.jpg
PRESS RELEASE


Occidental Announces 1st Quarter 2026 Results

•Advanced debt reduction priorities, repaying $7.1 billion of principal debt through May 5 and reducing principal debt to $13.3 billion, and progressing towards $10.0 billion milestone
•Strong operational performance from continuing operations drove $1.4 billion of operating cash flow and $3.2 billion of operating cash flow before working capital
•Capital expenditures of $1.6 billion, noncontrolling interest contributions of $50 million, and free cash flow before working capital from continuing operations of $1.7 billion
•Total company production of 1,426 Mboed exceeded the high end of guidance
•Midstream and marketing pre-tax adjusted income exceeded the high end of guidance
•Reported EPS of $3.13; adjusted EPS from continuing operations of $1.06

HOUSTON — May 5, 2026 — Occidental (NYSE: OXY) today announced results for the first quarter of 2026, including net income attributable to common stockholders of $3.2 billion, or earnings per diluted share (EPS) of $3.13, and adjusted income from continuing operations attributable to common stockholders of $1.1 billion, or adjusted EPS from continuing operations of $1.06. The difference between net income attributable to common stockholders and adjusted income attributable to common stockholders is mainly comprised of the gain on the sale of OxyChem within discontinued operations, partially offset by the impact of derivatives losses and early debt redemption premiums.

“Our first quarter results reflect our strong operational performance and the outstanding work of our teams executing across our portfolio. Even with the challenges in the Middle East, everyone - from our staff to our partners and host governments - has remained committed to safety, asset reliability and disciplined execution,” said President and Chief Executive Officer 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. That foundation supported our first quarter performance. We further advanced our deleveraging program, reduced costs, improved efficiency, and delivered better outcomes with fewer resources. These results demonstrate Occidental’s ability to generate value, strengthen our balance sheet, and maintain leadership through market cycles.”

First quarter operating cash flow from continuing operations of $1.4 billion included a use of working capital of $1.8 billion, which was mainly driven by higher receivables resulting from the sharp increase in commodity prices in March, together with typical seasonal first quarter cash requirements for employee benefits, interest payments and property taxes.


QUARTERLY RESULTS
Oil and Gas

Pre-tax income from oil and gas for the first quarter of 2026 totaled $1.0 billion, compared to $0.7 billion for the fourth quarter of 2025. Excluding items affecting comparability, the increase was primarily driven by higher realized crude oil prices, partially offset by lower crude oil volumes. First quarter average WTI and Brent marker prices were $71.93 per barrel and $77.93 per barrel, respectively. Average worldwide realized crude oil prices increased by 18% from the previous quarter


to $69.91 per barrel, while average worldwide realized natural gas liquids prices increased by 14% to $18.99 per barrel. Average domestic realized gas prices fell by 10% to $1.01 per thousand cubic feet (Mcf).

Total global production for the first quarter of 2026 averaged 1,426 thousand barrels of oil equivalent per day (Mboed). This surpassed the high end of guidance led by contributions from the Permian, Rockies and Gulf of America business units.

Midstream and Marketing

Midstream and marketing reported a pre-tax loss of $87 million for the first quarter of 2026, compared to pre-tax income of $204 million in the previous quarter. Excluding items affecting comparability, the midstream and marketing results exceeded the high end of guidance. Quarter-over-quarter improvements were attributed to higher crude margins related to the timing impact of crude sales, higher gas margins from transportation capacity optimizations and higher sulfur prices at Al Hosn. WES equity method investment income for the first quarter was $138 million.

Supplemental Non-GAAP Measures
This press release refers to adjusted income - continuing operations, operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations, free cash flow before working capital - continuing operations and adjusted selling, general and administrative (SG&A), other operating and non-operating expenses, which are supplemental measures not calculated in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to the comparable GAAP financial measures. Definitions of adjusted income - continuing operations and a reconciliation to net income (loss), along with operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations, free cash flow before working capital - continuing operations and adjusted SG&A, other operating and non-operating expenses and a reconciliation to the comparable GAAP financial measures, are included in the financial schedules of this press release. Occidental’s definition of adjusted income - continuing operations, operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations, free cash flow before working capital - continuing operations and adjusted SG&A, other operating and non-operating expenses may differ from similarly titled measures provided by other companies in our industry and as a result may not be comparable.

About Occidental
Occidental is an international energy company that produces, markets and transports oil and natural gas to maximize value and provide resources fundamental to life. The company leverages its global leadership in carbon management to advance lower-carbon technologies and products. Headquartered in Houston, Occidental primarily operates in the United States, the Middle East and North Africa. To learn more, visit oxy.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “predict,” “will,”


“would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “commit,” “advance,” “guidance,” “priority,” “focus,” “assumption,” “likely” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statement as a result of new information, future events or otherwise.

Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental’s proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; government actions (including the effects of announced or future tariff increases and other geopolitical, trade, tariff, fiscal and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events (such as in Latin America); inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental’s ability to timely obtain or maintain permits or other government approvals, including those necessary for drilling and/or development projects; Occidental’s ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or divestitures; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections or projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses, including retained liabilities and indemnification obligations associated with the chemical business; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, and deep-water and onshore drilling and permitting regulations; Occidental’s ability to recognize intended benefits from its business strategies and initiatives, such as the sale of OxyChem, Occidental’s low-carbon ventures businesses and announced greenhouse gas emissions reduction targets or net-zero goals; changes in government grant or loan programs; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the scope and duration of global or regional health pandemics or epidemics and actions taken by government authorities and other third parties in connection therewith; the creditworthiness and performance of Occidental’s counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates, deductions, incentives or credits; and actions by third parties that are beyond Occidental’s control.

Additional information concerning these and other factors that may cause Occidental’s results of operations and financial position to differ from expectations can be found in Occidental’s other filings with the U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.




Contacts
Media
Investors
Eric Moses
Babatunde A. Cole
713-497-2017
713-552-8811
eric_moses@oxy.com
investors@oxy.com


Occidental Petroleum Corporation
First Quarter 2026
Earnings Release Schedules Index

Schedule # and Description

1.Summary Highlights
2.Items Affecting Comparability Detail
•Before Tax Allocations
•After Tax Allocations    
3.Segment Results
a.Reported and Adjusted Segment Results
b.Reconciliation of EPS and Summary of Income Taxes for Adjusted Results
4.Consolidated Condensed Statements of Operations
5.Consolidated Condensed Balance Sheets
6.Consolidated Condensed Statements of Cash Flows
a.Consolidated Condensed Statements of Cash Flows
b.Detail of Free Cash Flow (non-GAAP), Capital Expenditures, Net of Noncontrolling Interest (non-GAAP) and Depreciation, Depletion and Amortization
7.Oil & Gas Net Production Volumes Per Day by Geographic Locations
•MBOE/D
•By Commodity
8.Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographic Locations
•MBOE/D
•Realized Prices and Related Index Prices
9.Oil and Gas Metrics





SCHEDULE 1
Occidental Petroleum Corporation
Summary Highlights
20252026
QuarterlyQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Net Income ($ millions)
Reported income attributable to common stockholders$766 $288 $661 $(68)$1,647 $3,175 $— $— $ $3,175 
Reported EPS - Diluted ($/share)$0.77 $0.26 $0.65 $(0.07)$1.61 $3.13 $— $— $— $3.13 
Effective tax rate - Reported income - Continuing Operations (%) 29 %40 %28 %43 %
(a)
33 %39 %— %— %— %39 %
Adjusted income attributable to common stockholders (Non-GAAP) (b)
$860 $396 $649 $315 $2,220 $1,070 $— $— $ $1,070 
Adjusted EPS - Diluted (Non-GAAP) ($/share) (c)
$0.87 $0.39 $0.64 $0.31 $2.21 $1.06 $— $— $— $1.06 
Effective tax rate - Adjusted income - Continuing Operations (%)29 %36 %29 %35 %31 %26 %— %— %— %26 %
Average Shares Outstanding - Reported Income and Adjusted Income
Basic (millions)941.3 985.1 986.4 988.0 975.5 989.8 —   989.8 
Diluted (millions)982.9 1,010.4 1,003.1 1,002.9 1,000.1 1,006.9 —   1,006.9 
Daily Production Volumes
Total US (MBOE/D)1,167 1,167 1,227 1,246 1,202 1,206 —   1,206 
US Oil (MBBL/D)601 604 634 636 620 612 —   612 
Worldwide Production (MBOE/D)1,391 1,400 1,465 1,481 1,434 1,426 —   1,426 
Worldwide Sales (MBOE/D)1,391 1,397 1,468 1,480 1,434 1,428 —   1,428 
Commodity Price Realizations
Worldwide Oil ($/BBL)$71.07 $63.76 $64.78 $59.22 $64.60 $69.91 $— $ $ $69.91 
Worldwide NGL ($/BBL)$25.94 $20.71 $19.60 $16.68 $20.60 $18.99 $— $ $ $18.99 
Domestic Gas ($/MCF)$2.42 $1.33 $1.48 $1.12 $1.58 $1.01 $— $ $ $1.01 
Free Cash Flow - Continuing Operations ($ millions) (Non-GAAP) (d)
Operating cash flow before working capital (Non-GAAP)$2,771 $2,408 $2,949 $2,545 $10,673 $3,251 $— $— $— $3,251 
Less: Capital expenditures, net of noncontrolling interest (Non-GAAP)$(1,619)$(1,654)$(1,473)$(1,481)$(6,227)$(1,504)— — — (1,504)
Free Cash Flow Before Working Capital (Non-GAAP)$1,152 $754 $1,476 $1,064 $4,446 $1,747 $— $— $— $1,747 
20252026
Year-to-dateMarJunSepDecMarJunSepDec
Net Income ($ millions)
Reported income attributable to common stockholders$766 $1,054 $1,715 $1,647 $3,175 
Reported EPS - Diluted ($/share)$0.77 $1.03 $1.68 $1.61 $3.13 
Effective tax rate on reported income-Continuing Operations (%)29 %33 %31 %33 %39 %
Effective tax rate on reported income-Continuing & Discontinued Operations (%)29 %32 %30 %35 %24 %
Adjusted income attributable to common stockholders (Non-GAAP) (b)
$860 $1,256 $1,905 $2,220 $1,070 
Adjusted EPS - Diluted (Non-GAAP) ($/share) (c)
$0.87 $1.25 $1.90 $2.21 $1.06 
Effective tax rate on adjusted income-Continuing Operations (%)29 %31 %31 %31 %26 %
Average Shares Outstanding - Reported Income
Basic (millions)941.3 963.5 971.2 975.5 989.8 
Diluted (millions)982.9 997.0 999.1 1,000.1 1,006.9 
Average Shares Outstanding - Adjusted Income
Basic (millions)941.3 963.5 971.2 975.5 989.8 
Diluted (millions)982.9 997.0 999.1 1,000.1 1,006.9 
Daily Production Volumes
Total US (MBOE/D)1,167 1,167 1,187 1,202 1,206 
US Oil (MBBL/D)601 603 614 620 612 
Worldwide Production (MBOE/D)1,391 1,395 1,419 1,434 1,426 
Worldwide Sales (MBOE/D)1,391 1,394 1,416 1,434 1,428 
Commodity Price Realizations
Worldwide Oil ($/BBL)$71.07 $67.37 $66.46 $64.60 $69.91 
Worldwide NGL ($/BBL)$25.94 $23.29 $21.99 $20.60 $18.99 
Domestic Gas ($/MCF)$2.42 $1.88 $1.74 $1.58 $1.01 
Free Cash Flow - Continuing Operations ($ millions) (Non-GAAP) (d)
Operating cash flow before working capital (Non-GAAP)$2,771 $5,179 $8,128 $10,673 $3,251 $3,251 $3,251 $3,251 
Less: Capital expenditures, net of noncontrolling interest (Non-GAAP)(1,619)(3,273)(4,746)(6,227)(1,504)(1,504)(1,504)(1,504)
Free Cash Flow Before Working Capital (Non-GAAP)$1,152 $1,906 $3,382 $4,446 $1,747 $1,747 $1,747 $1,747 
(a) Percentage impacted by reported net loss.
(b) See schedule 3a for non-GAAP reconciliation.
(c) See schedule 3b for non-GAAP reconciliation.
(d) See schedule 6b for non-GAAP reconciliation.



SCHEDULE 2
Occidental Petroleum Corporation
Items Affecting Comparability Detail
(amounts in millions)
20252026
Before Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic
Crude oil derivative losses$— $— $— $— $— $(339)$(339)
Losses on sales of assets and other, net— — (52)(47)(99)(30)(30)
Legal reserves and other— (65)— (40)(105)— — 
Asset impairments and other charges, net— — — (6)(6)— — 
Total Domestic— (65)(52)(93)(210)(369)— — — (369)
International
Gains on sale of assets and other, net— — 30 — 30 — — 
Total International— — 30 — 30 — — — — — 
Total Oil and Gas— (65)(22)(93)(180)(369)— — — (369)
Midstream & Marketing
Derivative gains (losses), net (a)
(84)95 (31)(9)(29)(409)(409)
Gains (losses) on sales of assets and other, net — — — 301 301 (164)(164)
Asset impairments and other charges (a)
— (162)— (325)(487)(105)(105)
Equity method investments fair value gains— — 61 — 61 — — 
Total Midstream & Marketing(84)(67)30 (33)(154)(678)— — — (678)
Corporate
Early debt extinguishment (b)
— — — 20 20 (237)(237)
Early retirement costs— — — (39)(39)(15)(15)
Acquisition-related costs(6)(6)(1)— (13)— — 
Total Corporate(6)(6)(1)(19)(32)(252)— — — (252)
State tax rate revaluation— — — (10)(10)— — 
Income tax impact on items affecting comparability19 30 5 32 86 281 281 
Income (loss) from continuing operations(71)(108)12 (123)(290)(1,018)— — — (1,018)
Discontinued operations, net of taxes(23)— — (260)(283)3,123 3,123 
Total$(94)$(108)$12 $(383)$(573)$2,105 $— $— $— $2,105 
20252026
After Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic
Crude oil derivative losses$— $— $— $— $— $(266)$(266)
Losses on sales of assets and other, net— — (41)(37)(78)(24)(24)
Legal reserves and other— (51)— (31)(82)— — 
Asset impairments and other charges, net— — — (5)(5)— — 
Total Domestic— (51)(41)(73)(165)(290)— — — (290)
International
Gains on sale of assets and other, net— — 30 — 30 — — 
Total International— — 30 — 30 — — — — — 
Total Oil and Gas— (51)(11)(73)(135)(290)— — — (290)
Midstream & Marketing
Derivative gains (losses), net (a)
(66)74 (24)(7)(23)(320)(320)
Gains (losses) on sales of assets and other, net — — — 236 236 (128)(128)
Asset impairments and other charges (a)
— (127)— (254)(381)(82)(82)
Equity method investments fair value gains— — 48 — 48 — — 
Total Midstream & Marketing(66)(53)24 (25)(120)(530)— — — (530)
Corporate
Early debt extinguishment (b)
— — — 16 16 (186)(186)
Early retirement costs— — — (31)(31)(12)(12)
Acquisition-related costs(5)(4)(1)— (10)— — 
Total Corporate(5)(4)(1)(15)(25)(198)— — — (198)
State tax rate revaluation— — — (10)(10)— — 
Income (loss) from continuing operations(71)(108)12 (123)(290)(1,018)— — — (1,018)
Discontinued operations, net of taxes(23)— — (260)(283)3,123 3,123 
Total$(94)$(108)$12 $(383)$(573)$2,105 $— $— $— $2,105 
(a) 2025 Included gains on sales, charges and derivative gains (losses) from income from equity investments and other.
(b) Included debt issuance costs in interest and debt expense, net.



SCHEDULE 3a
Occidental Petroleum Corporation
Reported and Adjusted Segment Results
(amounts in millions, except per share and effective tax rate amounts)
20252026
Reported IncomeQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Domestic$1,332 $518 $881 $324 $3,055 $703 $703 
International365 416 419 331 1,531 314 314 
Total Oil & Gas1,697 934 1,300 655 4,586 1,017 — — — 1,017 
Midstream & Marketing(72)39 81 204 252 (87)(87)
Segment income1,625 973 1,381 859 4,838 930 — — — 930 
Corporate
Interest (310)(271)(266)(232)(1,079)(432)(432)
Other(138)(142)(130)(221)(631)(108)(108)
Income from continuing operations before taxes1,177 560 985 406 3,128 390 — — — 390 
Taxes
Federal and state(200)(23)(120)(94)(437)(19)(19)
International(147)(199)(159)(79)(584)(135)(135)
Income from continuing operations830 338 706 233 2,107 236 — — — 236 
Less: Net income attributable to noncontrolling interest(9)(10)(12)(12)(43)(14)(14)
Less: Preferred stock dividends and redemption premiums(170)(170)(169)(170)(679)(170)(170)
Net income from continuing operations attributable to common stockholders651 158 525 51 1,385 52 — — — 52 
Discontinued operations, net of taxes115 130 136 (119)262 3,123 3,123 
Net income attributable to common stockholders$766 $288 $661 $(68)$1,647 $3,175 $— $— $— $3,175 
Reported diluted income per share $0.77 $0.26 $0.65 $(0.07)$1.61 $3.13 $— $— $— $3.13 
Effective Tax Rate - Continuing Operations29 %40 %28 %43 %33 %39 %39 %
Items Affecting Comparability
Domestic$— $(65)$(52)$(93)$(210)$(369)$— $— $— $(369)
International— — 30 — 30 — — — — — 
Total Oil & Gas— (65)(22)(93)(180)(369)— — — (369)
Midstream & Marketing(84)(67)30 (33)(154)(678)— — — (678)
Segment income (loss)(84)(132)8 (126)(334)(1,047)— — — (1,047)
Corporate
Interest — — — 20 20 (237)— — (237)
Other(6)(6)(1)(39)(52)(15)— (15)
Income (loss) from continuing operations before taxes(90)(138)7 (145)(366)(1,299)— — — (1,299)
Taxes
Federal and state19 30 5 22 76 281 — — — 281 
International— — — — — — — — — — 
Income (loss) from continuing operations(71)(108)12 (123)(290)(1,018)— — — (1,018)
Less: Net income attributable to noncontrolling interest— — — — — — — — — — 
Less: Preferred stock redemption premiums— — — — — — — — — — 
Net Income (loss) from continuing operations attributable to common stockholders(71)(108)12 (123)(290)(1,018)— — — (1,018)
Discontinued operations, net of taxes(23)— — (260)(283)3,123 — — — 3,123 
Net income (loss) attributable to common stockholders$(94)$(108)$12 $(383)$(573)$2,105 $— $— $— $2,105 
Adjusted Income (Non-GAAP) (a)
Domestic$1,332 $583 $933 $417 $3,265 $1,072 $— $— $— $1,072 
International365 416 389 331 1,501 314 — — — 314 
Total Oil & Gas1,697 999 1,322 748 4,766 1,386 — — — 1,386 
Midstream & Marketing12 106 51 237 406 591 — — — 591 
Adjusted segment income1,709 1,105 1,373 985 5,172 1,977 — — — 1,977 
Corporate
Interest (310)(271)(266)(252)(1,099)(195)— — — (195)
Other(132)(136)(129)(182)(579)(93)— — — (93)
Adjusted income from continuing operations before taxes1,267 698 978 551 3,494 1,689 — — — 1,689 
Taxes
Federal and state(219)(53)(125)(116)(513)(300)— — — (300)
International(147)(199)(159)(79)(584)(135)— — — (135)
Adjusted income from continuing operations901 446 694 356 2,397 1,254 — — — 1,254 
Less: Net income attributable to noncontrolling interest(9)(10)(12)(12)(43)(14)— — — (14)
Less: Preferred stock dividends (170)(170)(169)(170)(679)(170)— — — (170)
Adjusted income from continuing operations attributable to common stockholders722 266 513 174 1,675 1,070 — — — 1,070 
Adjusted diluted earnings per share (Non-GAAP) - Continuing Operations$0.14 $0.13 $0.51 $0.17 $1.67 $1.06 $1.06 
Effective Tax Rate - Continuing Operations29 %36 %29 %35 %31 %26 %26 %
(a) Non-GAAP Measure. Adjusted income - continuing operations is a non-GAAP measures. Occidental defines adjusted income - continuing operations as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income - continuing operations is not considered to be an alternative to net income reported in accordance with GAAP.



SCHEDULE 3b

Occidental Petroleum Corporation
Reconciliation of EPS and Summary of Income Taxes for Adjusted Results
(amounts in millions, except per share and effective tax rate amounts)

20252026
RECONCILIATION OF EARNINGS PER SHAREQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Reported Diluted Earnings Per Share (GAAP)$0.77 $0.26 $0.65 $(0.07)$1.61 $3.13 $3.13 
After-Tax Adjustments for Items Affecting Comparability
Oil & Gas
Domestic$— $(0.05)$(0.04)$(0.07)$(0.16)$(0.37)$(0.37)
International— — 0.03 — 0.03 — — 
Midstream & Marketing(0.07)(0.06)0.02 (0.02)(0.13)(0.67)(0.67)
Corporate
Interest — — — 0.02 0.02 (0.24)(0.24)
Other(0.01)— — (0.03)(0.04)(0.01)(0.01)
Taxes— — — (0.01)(0.01)0.28 0.28 
Adjustment to diluted average shares for adjusted income & Warrant Inducements— (0.02)— (0.01)(0.03)— — 
Discontinued operations, net of taxes(0.02)— — (0.26)(0.28)3.08 3.08 
Total After-Tax Adjustments for Items Affecting Comparability$(0.10)$(0.13)$0.01 $(0.38)$(0.60)$2.07 $— $— $— $2.07 
Adjusted diluted earnings per share (Non-GAAP) - Continuing Operations$0.14 $0.13 $0.51 $0.17 $1.67 $1.06 $1.06 
Average Diluted Shares Outstanding - Reported (millions)982.91,010.41,003.11,002.91,000.11,006.90.00.00.01,006.9
Average Diluted Shares Outstanding - Adjusted (millions) (Non-GAAP)982.91,010.41,003.11,002.91,000.11,006.90.00.00.01,006.9
ADJUSTED INCOME TAX BENEFIT (EXPENSE) - CONTINUING OPERATIONSQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Current$(286)$(183)$31 $(159)$(597)$(318)$(318)
Deferred(80)(69)(315)(36)(500)(117)(117)
TOTAL ADJUSTED INCOME TAX BENEFIT (EXPENSE) - CONTINUING OPERATIONS$(366)$(252)$(284)$(195)$(1,097)$(435)$— $— $— $(435)
Non-GAAP Measure. Adjusted income - continuing operations is a non-GAAP measures. Occidental defines adjusted income - continuing operations as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income - continuing operations is not considered to be an alternative to net income reported in accordance with GAAP.





SCHEDULE 4
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations
(amounts in millions, except per-share amounts)
20252026
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
REVENUES AND OTHER INCOME
Net sales
Oil & Gas$5,683 $5,009 $5,404 $4,806 $20,902 $4,975 $4,975 
Midstream & Marketing173 390 265 451 1,279 397 397 
Eliminations(152)(141)(150)(145)(588)(142)(142)
Total5,704 5,258 5,519 5,112 21,593 5,230 — — — 5,230 
Interest, dividends and other income53 48 60 58 219 81 81 
Gains (losses) on sale of assets and other, net(19)(5)34 253 263 (202)(202)
Total5,738 5,301 5,613 5,423 22,075 5,109 — — — 5,109 
COSTS AND OTHER DEDUCTIONS
Oil and gas lease operating expense1,217 1,135 1,174 1,155 4,681 1,118 1,118 
Transportation and gathering expense452 448 476 460 1,836 421 421 
General and administrative expense241 257 238 250 986 245 245 
Other operating and non-operating expense326 445 357 428 1,556 356 356 
Taxes other than on income264 269 248 249 1,030 259 259 
Depreciation, depletion and amortization1,804 1,823 1,947 1,959 7,533 1,794 1,794 
Asset impairments and other charges— — — 60 60 120 120 
Acquisition-related costs6 6 1 — 13 — — 
Exploration expense55 83 66 45 249 110 110 
Interest and debt expense, net310 271 266 232 1,079 432 432 
Total4,675 4,737 4,773 4,838 19,023 4,855 — — — 4,855 
INCOME BEFORE INCOME TAXES AND OTHER ITEMS1,063 564 840 585 3,052 254 — — — 254 
OTHER ITEMS
Income (loss) from equity investments and other114 (4)145 (179)76 136 136 
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES1,177 560 985 406 3,128 390 — — — 390 
Income tax expense (347)(222)(279)(173)(1,021)(154)(154)
INCOME FROM CONTINUING OPERATIONS830 338 706 233 2,107 236 — — — 236 
Discontinued operations, net of taxes115 130 136 (119)262 3,123 3,123 
NET INCOME945 468 842 114 2,369 3,359 — — — 3,359 
Less: Net income attributable to noncontrolling interest(9)(10)(12)(12)(43)(14)(14)
Less: Preferred stock dividend(170)(170)(169)(170)(679)(170)(170)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$766 $288 $661 $(68)$1,647 $3,175 $— $— $— $3,175 
EARNINGS PER SHARE
Income from continuing operations$0.69 $0.14 $0.53 $0.05 $1.38 $0.05 $0.05 
Discontinued operations, net0.12 0.13 0.14 (0.12)0.27 3.14 3.14 
BASIC EARNINGS PER COMMON SHARE$0.81 $0.27 $0.67 $(0.07)$1.65 $3.19 $— $— $— $3.19 
Income from continuing operations$0.65 $0.13 $0.51 $0.05 $1.35 $0.05 $0.05 
Discontinued operations, net0.12 0.13 0.14 (0.12)0.26 3.08 3.08 
DILUTED EARNINGS PER COMMON SHARE $0.77 $0.26 $0.65 $(0.07)$1.61 $3.13 $— $— $— $3.13 
DIVIDENDS PER COMMON SHARE$0.24 $0.24 $0.24 $0.24 $0.96 $0.26 $0.26 
AVERAGE COMMON SHARES OUTSTANDING
BASIC941.3985.1986.4 988.0 975.5989.8989.8
DILUTED982.91,010.4 1,003.1 1,002.9 1000.11006.91006.9
INCOME TAX BENEFIT (EXPENSE) - CONTINUING OPERATIONSQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
CURRENT
Federal$(330)$(57)$20 $60 $(307)$10 $10 
State and local(13)(4)6 11 — 2 2 
International(129)(173)(153)(132)(587)(116)(116)
Total(472)(234)(127)(61)(894)(104)— — — (104)
DEFERRED
Federal139 39 (142)(135)$(99)(28)$(28)
State and local4 (1)(4)(30)(31)(3)(3)
International(18)(26)(6)53 3 (19)(19)
Total125 12 (152)(112)(127)(50)— — — (50)
TOTAL INCOME TAX EXPENSE - CONTINUING OPERATIONS$(347)$(222)$(279)$(173)$(1,021)$(154)$— $— $— $(154)
ADJUSTED SG&A, OTHER OPERATING AND NON-OPERATING EXPENSES (NON-GAAP)
General and administrative expense$241 $257 $238 $250 $986 $245 $— $— $— $245 
Other operating and non-operating expense326 445 357 428 1,556 356 — — — 356 
Total SG&A, Other Operating and Non-Operating Expenses (GAAP)567 702 595 678 2,542 601 — — — 601 
Less: Items Affecting Comparability— (65)— — (65)— — — — — 
Adjusted SG&A, Other Operating and Non-Operating Expenses (NON-GAAP) (a)
$567 $637 $595 $678 $2,477 $601 $— $— $— $601 
(a) Non-GAAP Measures. Adjusted SG&A, other operating and non-operating expenses is a non-GAAP measure. Occidental defines adjusted SG&A, other operating and non-operating expenses as the sum of selling, general and administrative expense and other operating and non-operating expense less items affecting comparability.



SCHEDULE 5
Occidental Petroleum Corporation
Consolidated Condensed Balance Sheets
(amounts in millions)
20252026
MARJUNSEPDECMARJUNSEPDEC
CURRENT ASSETS
Cash and cash equivalents $2,604 $2,314 $2,141 $1,968 $3,811 
Trade receivables, net2,858 2,718 2,489 2,575 3,677 
Joint interest receivables657 638 667 684 791 
Inventories1,751 1,493 1,720 1,823 1,862 
Other current assets541 561 589 601 933 
Assets held for sale1,305 1,253 1,206 1,176 — 
Total current assets9,716 8,977 8,812 8,827 11,074 — — — 
INVESTMENTS IN UNCONSOLIDATED ENTITIES 2,616 2,450 2,505 2,475 2,341 
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment132,792 134,215 135,670 137,753 138,123 
Accumulated depreciation, depletion and amortization(68,239)(69,835)(72,337)(74,110)(75,007)
Net property, plant and equipment64,553 64,380 63,333 63,643 63,116 — — — 
NON-CURRENT ASSETS HELD FOR SALE4,587 4,829 5,005 5,344 — 
OPERATING LEASE ASSETS733 962 952 908 890 
OTHER LONG-TERM ASSETS2,762 2,762 2,865 2,989 3,043 
TOTAL ASSETS$84,967 $84,360 $83,472 $84,186 $80,464 $— $— $— 
 
CURRENT LIABILITIES
Current maturities of long-term debt$1,557 $433 $1,613 $1,773 $424 
Accounts payable3,432 3,474 3,200 3,285 3,776 
Accrued liabilities 3,921 3,961 3,896 3,592 4,953 
Liabilities held for sale713 696 712 778 — 
Total current liabilities9,623 8,564 9,421 9,428 9,153 — — — 
LONG-TERM DEBT, NET24,038 23,343 20,825 20,623 15,247 
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net5,263 5,245 5,402 5,636 5,033 
Asset retirement obligations3,733 3,703 3,732 4,172 4,128 
Non-current liabilities held for sale351 382 397 418 — 
Other deferred credits and liabilities6,854 6,947 6,929 7,311 7,343 
Total deferred credits and other liabilities16,201 16,277 16,460 17,537 16,504 — — — 
EQUITY
Preferred stock, $1.00 per share par value 8,287 8,287 8,287 8,287 8,287 
Common stock, $0.20 per share par value234 243 243 243 244 
Treasury stock(15,597)(15,597)(15,597)(15,597)(15,676)
Additional paid-in capital19,892 20,849 20,926 21,008 21,077 
Retained earnings21,726 21,776 22,198 21,891 24,806 
Accumulated other comprehensive income (loss)170 164 204 202 194 
Total stockholder’s equity34,712 35,722 36,261 36,034 38,932 — — — 
Noncontrolling interest393 454 505 564 628 
Total equity35,105 36,176 36,766 36,598 39,560 — — — 
TOTAL LIABILITIES AND EQUITY$84,967 $84,360 $83,472 $84,186 $80,464 $— $— $— 




SCHEDULE 6a
Occidental Petroleum Corporation
Consolidated Condensed Statements of Cash Flows
(amounts in millions)
20252026
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
CASH FLOW FROM OPERATING ACTIVITIES
Net income$945 $468 $842 $114 $2,369 $3,359 $— $— $— $3,359 
Adjustments to reconcile net income to net cash from operating activities:
Discontinued operations, net(115)(130)(136)119 (262)(3,123)(3,123)
Depreciation, depletion and amortization1,804 1,823 1,947 1,959 7,533 1,794 1,794 
Deferred income tax provision (benefit)(125)(12)152 112 127 50 50 
Asset impairments and other charges— — — 21 21 105 105 
Losses (gains) on sales of assets and other, net19 5 (34)(253)(263)202 202 
Undistributed losses from equity investments46 183 33 357 619 31 31 
Dry hole expense17 46 36 10 109 77 77 
Other noncash charges to income, net180 25 109 106 420 756 756 
Changes in operating assets and liabilities:
(Increase) decrease in trade receivables(19)140 226 (95)252 (1,101)(1,101)
(Increase) decrease in inventories— 286 (211)(63)12 (26)(26)
(Increase) decrease in joint interest receivables and other current assets(3)29 (100)12 (62)(285)(285)
Increase (decrease) in accounts payable and accrued liabilities(766)108 (439)133 (964)(482)(482)
Increase (decrease) in current domestic and foreign income taxes49 (242)22 (134)(305)35 35 
Operating cash flow from continuing operations 2,032 2,729 2,447 2,398 9,606 1,392 — — — 1,392 
Operating cash flow from discontinued operations116 231 343 236 926 (111)(111)
Net cash provided by operating activities2,148 2,960 2,790 2,634 10,532 1,281 — — — 1,281 
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures(1,682)(1,705)(1,512)(1,528)(6,427)(1,554)(1,554)
Change in capital accrual50 (24)(68)74 32 (25)(25)
Purchases of assets, businesses and equity investments, net(52)(56)(123)(49)(280)(25)(25)
Proceeds from sale of assets and equity investments, net1,306 144 780 48 2,278 57 57 
Equity investments and other, net(75)(74)(60)(77)(286)(66)(66)
Investing cash flow from continuing operations(453)(1,715)(983)(1,532)(4,683)(1,613)— — — (1,613)
Investing cash flow from discontinued operations(278)(284)(276)(278)(1,116)9,461 9,461 
Net cash provided (used) by investing activities(731)(1,999)(1,259)(1,810)(5,799)7,848 — — — 7,848 
FINANCING CASH FLOW
Payments of debt(518)(1,762)(1,304)(170)(3,754)(6,903)(6,903)
Cash dividends paid on common and preferred stock(380)(398)(408)(408)(1,594)(409)(409)
Purchases of treasury stock— — — — — (56)(56)
Proceeds from issuance of common stock25 906 17 18 966 95 95 
Contributions from noncontrolling interests63 51 39 47 200 50 50 
Deferred payments for purchases of assets and businesses— — — (417)(417)— — 
Other financing, net(118)(40)(37)(41)(236)(105)(105)
Financing cash flow from continuing operations(928)(1,243)(1,693)(971)(4,835)(7,328)— — — (7,328)
Financing cash flow from discontinued operations(4)— (2)(3)(9)— — 
Net cash used by financing activities(932)(1,243)(1,695)(974)(4,844)(7,328)— — — (7,328)
Increase (decrease) in cash and cash equivalents and
     restricted cash and restricted cash equivalents		485 (282)(164)(150)(111)1,801 — — — 1,801 
Cash and cash equivalents and restricted cash and
     restricted cash equivalents - beginning of period		2,157 2,642 2,360 2,196 2,157 2,046 3,847 3,847 3,847 2,046 
Cash and cash equivalents and restricted cash and
     cash equivalents - end of period		$2,642 $2,360 $2,196 $2,046 $2,046 $3,847 $3,847 $3,847 $3,847 $3,847 




SCHEDULE 6b
Occidental Petroleum Corporation
Detail of Free Cash Flow, Capital Expenditures and Depreciation, Depletion and Amortization
(amounts in millions)
20252026
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
Free Cash Flow Before Working Capital - Continuing Operations (Non-GAAP)
Operating cash flow from continuing operations (GAAP)$2,032 $2,729 $2,447 $2,398 $9,606 $1,392 $— $— $— $1,392 
Plus: Working capital and other, net - continuing operations739 (321)502 147 1,067 1,859 — — — 1,859 
Operating cash flow from continuing operations before working capital (Non-GAAP)2,771 2,408 2,949 2,545 10,673 3,251 — — — 3,251 
Less: Capital expenditures, net of noncontrolling interest - continuing operations (Non-GAAP)(1,619)(1,654)(1,473)(1,481)(6,227)(1,504)— — — (1,504)
Free Cash Flow Before Working Capital - Continuing Operations (Non-GAAP)$1,152 $754 $1,476 $1,064 $4,446 $1,747 $— $— $— $1,747 
Capital Expenditures, Net of Noncontrolling Interest - Continuing Operations (Non-GAAP)
Oil & Gas$(1,546)$(1,517)$(1,299)$(1,253)$(5,615)$(1,380)$— $— $— $(1,380)
Midstream & Marketing(129)(168)(187)(236)(720)(165)— — — (165)
Corporate (7)(20)(26)(39)(92)(9)— — — (9)
Total Capital Expenditures - Continuing Operations (GAAP)(1,682)(1,705)(1,512)(1,528)(6,427)(1,554)— — — (1,554)
Contributions from noncontrolling interests63 51 39 47 200 50 — — — 50 
Capital Contributions, Net of Noncontrolling Interest - Continuing Operations (Non-GAAP)(1,619)(1,654)(1,473)(1,481)(6,227)(1,504)— — — (1,504)
Depreciation, Depletion and Amortization - Continuing Operations
Oil & Gas
United States$1,582 $1,590 $1,703 $1,725 $6,600 $1,560 $— $— $— $1,560 
International120 128 139 128 515 130 — — — 130 
Midstream & Marketing73 74 74 73 294 71 — — — 71 
Corporate 29 31 31 33 124 33 — — — 33 
Depreciation, Depletion and Amortization - Continuing Operations$1,804 $1,823 $1,947 $1,959 $7,533 $1,794 $— $— $— $1,794 
Non-GAAP Measures. Operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations and free cash flow before working capital - continuing operations are non-GAAP measures. Occidental defines operating cash flow before working capital - continuing operations as operating cash flow less working capital from continuing operations. Capital expenditures, net of noncontrolling interest - continuing operations is defined as capital expenditures from continuing operations less contributions from noncontrolling interest. Free cash flow before working capital - continuing operations is defined as operating cash flow before working capital - continuing operations less capital expenditures, net of noncontrolling interest - continuing operations. These non-GAAP measures are not meant to disassociate those items from management’s performance, but rather are meant to provide useful information to investors interested in comparing Occidental’s performance between periods. Reported operating cash flow and capital expenditures are considered representative of management’s performance over the long term, and operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations and free cash flow before working capital - continuing operations are not considered to be alternatives to reported operating cash flow and capital expenditures in accordance with GAAP.




SCHEDULE 7
Occidental Petroleum Corporation
Oil & Gas Net Production Volumes Per Day by Geographic Locations
TOTAL REPORTED PRODUCTION
20252026
REPORTED NET MBOE VOLUMES PER DAY:Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
United States
Permian754 770 800 818 786 787 787 
Rockies & Other Domestic292 272 288 284 284 281 281 
Gulf of America121 125 139 144 132 138 138 
Total1,167 1,167 1,227 1,246 1,202 1,206 — — — 1,206 
International
Algeria & Other International33 31 30 31 31 28 28 
Al Hosn90 84 93 91 89 86 86 
Dolphin36 42 41 41 40 35 35 
Oman65 76 74 72 72 71 71 
Total224 233 238 235 232 220 — — — 220 
TOTAL REPORTED PRODUCTION1,391 1,400 1,465 1,481 1,434 1,426 — — — 1,426 
REPORTED NET PRODUCTION
VOLUMES PER DAY BY COMMODITY:
United States
Oil (MBBL)
Permian404 410 422 427 416 408 408 
Rockies & Other Domestic95 88 95 88 92 88 88 
Gulf of America102 106 117 121 112 116 116 
Total601 604 634 636 620 612 — — — 612 
NGL (MBBL)
Permian188 196 208 213 201 204 204 
Rockies & Other Domestic77 74 80 79 78 78 78 
Gulf of America8 9 10 10 9 10 10 
Total273 279 298 302 288 292 — — — 292 
Natural Gas (MMCF)
Permian974 982 1,019 1,069 1,011 1,052 1,052 
Rockies & Other Domestic718 659 678 700 686 687 687 
Gulf of America64 60 73 78 68 74 74 
Total1,756 1,701 1,770 1,847 1,765 1,813 — — — 1,813 
International
Oil (MBBL)
Algeria and Other International27 26 25 26 26 23 23 
Al Hosn15 14 16 16 15 14 14 
Dolphin6 7 6 6 6 6 6 
Oman55 66 65 63 62 62 62 
Total103 113 112 111 109 105 — — — 105 
NGL (MBBL)
Algeria and Other International3 3 2 2 3 2 2 
Al Hosn28 26 29 28 27 27 27 
Dolphin8 8 8 8 8 7 7 
Total39 37 39 38 38 36 — — — 36 
Natural Gas (MMCF)
Algeria and Other International17 14 16 15 15 14 14 
Al Hosn284 263 296 285 283 268 268 
Dolphin134 162 159 159 154 137 137 
Oman58 60 57 55 56 55 55 
Total493 499 528 514 508 474 — — — 474 




SCHEDULE 8

Occidental Petroleum Corporation
Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographic Locations
20252026
NET SALES MBOE VOLUMES PER DAY:Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
United States 1,167 1,167 1,227 1,246 1,202 1,206 1,206 
International
Algeria and Other International34 31 30 30 31 30 30 
Al Hosn90 84 93 91 90 86 86 
Dolphin36 42 41 41 40 35 35 
Oman64 73 77 72 71 71 71 
Total224 230 241 234 232 222 — — — 222 
TOTAL REPORTED SALES1,391 1,397 1,468 1,480 1,434 1,428 — — — 1,428 
REALIZED PRICES
United States
Oil ($/BBL)$70.80 $62.83 $64.55 $58.28 $64.01 $70.31 $70.31 
NGL ($/BBL)$25.67 $20.05 $18.98 $15.79 $19.96 $18.45 $18.45 
Natural Gas ($/MCF)$2.42 $1.33 $1.48 $1.12 $1.58 $1.01 $1.01 
International
Oil ($/BBL)$72.59 $68.88 $66.03 $64.68 $67.93 $67.59 $67.59 
NGL ($/BBL)$27.85 $25.72 $24.40 $23.78 $25.43 $23.52 $23.52 
Natural Gas ($/MCF)$1.90 $1.90 $1.89 $1.87 $1.89 $1.93 $1.93 
Total Worldwide
Oil ($/BBL)$71.07 $63.76 $64.78 $59.22 $64.60 $69.91 $69.91 
NGL ($/BBL)$25.94 $20.71 $19.60 $16.68 $20.60 $18.99 $18.99 
Natural Gas ($/MCF)$2.30 $1.46 $1.57 $1.29 $1.65 $1.20 $1.20 
Index Prices
WTI Oil ($/BBL)$71.42 $63.74 $64.93 $59.14 $64.81 $71.93 $71.93 
Brent Oil ($/BBL)$74.89 $66.59 $68.14 $63.09 $68.18 $77.93 $77.93 
NYMEX Natural Gas ($/MCF)$3.62 $3.68 $3.28 $3.61 $3.55 $3.93 $3.93 
Percentage of Index Prices
Worldwide Oil as a percentage of WTI100 %100 %100 %100 %100 %97 %#DIV/0!#DIV/0!#DIV/0!97 %
Worldwide Oil as a percentage of Brent95 %96 %95 %94 %95 %90 %#DIV/0!#DIV/0!#DIV/0!90 %
Worldwide NGL as a percentage of WTI36 %32 %30 %28 %32 %26 %#DIV/0!#DIV/0!#DIV/0!26 %
Worldwide NGL as a percentage of Brent35 %31 %29 %26 %30 %24 %#DIV/0!#DIV/0!#DIV/0!24 %
Domestic Natural Gas as a percentage of NYMEX67 %36 %45 %31 %45 %26 %#DIV/0!#DIV/0!#DIV/0!26 %




SCHEDULE 9

Occidental Petroleum Corporation
Oil & Gas Metrics
20252026
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Lease operating expenses ($/BOE)
United States$9.05 $8.55 $8.11 $7.77 $8.35 $7.85 $7.85 
International$13.20 $10.82 $11.65 $12.26 $11.97 $13.30 $13.30 
Total Oil and Gas$9.72 $8.93 $8.69 $8.48 $8.94 $8.70 $8.70 
Transportation costs ($/BOE)
United States$3.73 $3.65 $3.49 $3.44 $3.58 $3.46 $3.46 
Total Oil and Gas$3.25 $3.17 $3.03 $3.01 $3.11 $3.04 $3.04 
Taxes other than on income ($/BOE)
United States$2.42 $2.43 $2.12 $2.09 $2.26 $2.27 $2.27 
Total Oil and Gas$2.07 $2.07 $1.80 $1.79 $1.93 $1.96 $1.96 
DD&A expense ($/BOE)
United States$15.06 $14.98 $15.08 $15.05 $15.05 $14.37 $14.37 
International$5.93 $6.10 $6.27 $5.98 $6.07 $6.51 $6.51 
Total Oil and Gas$13.59 $13.52 $13.63 $13.62 $13.59 $13.15 $13.15 
G&A and other operating expenses ($/BOE)$2.61 $3.58 $2.56 $2.80 $2.88 $2.79 $2.79 
Exploration Expense ($ millions)
United States$18 $62 $39 $18 $137 $78 $78 
International37 21 27 27 112 32 32 
Total Exploration Expense$55 $83 $66 $45 $249 $110 $— $— $— $110 
Capital Expenditures ($ millions)
Permian$(900)$(907)$(812)$(748)$(3,367)$(721)$(721)
Rockies & Other Domestic(236)(206)(169)(207)(818)(195)(195)
Gulf of America(220)(189)(89)(18)(516)(147)(147)
International(111)(125)(125)(144)(505)(141)(141)
Exploration Drilling(79)(90)(104)(136)(409)(176)(176)
Total Oil and Gas$(1,546)$(1,517)$(1,299)$(1,253)$(5,615)$(1,380)$— $— $— $(1,380)



Source: View Original Filing on SEC EDGAR

FAQ

How much did Occidental (OXY) earn in net income in Q1 2026?

Occidental reported net income attributable to common stockholders of $3.2 billion in Q1 2026, equal to $3.13 diluted EPS. This figure includes a significant gain on the sale of OxyChem within discontinued operations, partly offset by derivative losses and early debt redemption premiums.

What were Occidental’s adjusted earnings and EPS from continuing operations in Q1 2026?

Adjusted income from continuing operations attributable to Occidental common stockholders was $1.1 billion in Q1 2026, with adjusted diluted EPS of $1.06. These non-GAAP figures exclude items such as the OxyChem sale gain, derivative impacts, and early debt redemption premiums to show underlying operating performance.

How strong was Occidental’s cash flow and free cash flow in Q1 2026?

Occidental generated Q1 2026 operating cash flow from continuing operations of $1.4 billion, including a $1.8 billion working-capital use. Operating cash flow before working capital was $3.251 billion, capital expenditures were $1.6 billion, and free cash flow before working capital from continuing operations reached $1.747 billion.

How much debt did Occidental repay and what is its principal debt balance now?

Occidental advanced its deleveraging program by repaying $7.1 billion of principal debt through May 5, 2026, reducing principal debt to $13.3 billion. Management highlights this debt reduction as a key priority alongside improving efficiency and strengthening the balance sheet over time.

What were Occidental’s production volumes and how did they compare to guidance?

Total company production in Q1 2026 averaged 1,426 Mboed, exceeding the high end of guidance. U.S. production averaged 1,206 Mboed, with notable contributions from the Permian, Rockies and Gulf of America business units, supporting segment income growth alongside stronger realized crude oil prices.

How did commodity prices affect Occidental’s Q1 2026 results?

Average worldwide realized crude oil prices increased 18% quarter over quarter to $69.91 per barrel, and NGL prices rose 14% to $18.99 per barrel. Domestic gas prices declined 10% to $1.01 per Mcf, while higher crude realizations were a key driver of improved oil and gas pre-tax income.

What were Occidental’s midstream and marketing results in Q1 2026?

Midstream and marketing recorded a pre-tax loss of $87 million in Q1 2026, versus income in the prior quarter. Excluding items affecting comparability, however, the segment’s results exceeded the high end of guidance, aided by higher crude and gas margins and improved sulfur prices at Al Hosn.

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