Occidental (NYSE: OXY) outlines Q1 2026 pricing and share metrics
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Occidental Petroleum Corporation filed an update outlining factors management believes will shape its first-quarter 2026 results, focusing on volumes, pricing and other earnings drivers rather than providing full earnings figures. The company reports average diluted shares outstanding of 1,006.9 million for the quarter.
Occidental’s average realized worldwide oil price was $69.91 per barrel, compared with WTI at $71.93 and Brent at $77.93. Worldwide NGLs averaged $18.99 per barrel, and worldwide natural gas averaged $1.20 per Mcf. The filing also includes extensive cautionary language on forward-looking statements and risk factors that could cause actual results to differ from these current considerations.
Positive
- None.
Negative
- None.
8-K Event Classification
2 items: 2.02, 9.01
2 items
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.
Key Figures
Average diluted shares: 1,006.9 million shares
Worldwide oil realized price: $69.91 per Bbl
Worldwide NGL realized price: $18.99 per Bbl
+5 more
8 metrics
Average diluted shares
1,006.9 million shares
Average diluted shares outstanding, Q1 2026
Worldwide oil realized price
$69.91 per Bbl
Average realized worldwide oil price, three months ended March 31, 2026
Worldwide NGL realized price
$18.99 per Bbl
Average realized worldwide NGL price, Q1 2026
Worldwide natural gas realized price
$1.20 per Mcf
Average realized worldwide natural gas price, Q1 2026
WTI benchmark price
$71.93 per Bbl
Average WTI oil price, Q1 2026
Brent benchmark price
$77.93 per Bbl
Average Brent oil price, Q1 2026
NYMEX gas price
$3.93 per Mcf
Average NYMEX natural gas price, Q1 2026
Worldwide oil vs WTI
97%
Worldwide oil realized price as percentage of average WTI, Q1 2026
Key Terms
Average realized prices, WTI oil, Brent oil, NYMEX gas, +2 more
6 terms
Average realized prices financial
"The following table presents information about Occidental's average realized prices and index prices"
WTI oil financial
"Average Index Prices | WTI oil ($/Bbl) | $ | 71.93"
Brent oil financial
"Average Index Prices | Brent oil ($/Bbl) | $ | 77.93"
NYMEX gas financial
"Average Index Prices | NYMEX gas ($/Mcf) | $ | 3.93"
forward-looking statements regulatory
"The First Quarter 2026 Earnings Considerations contain forward-looking statements within the meaning of the "safe harbor" provisions"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Private Securities Litigation Reform Act of 1995 regulatory
"forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995"
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): April 10, 2026
(Exact Name of Registrant as Specified in its Charter)
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(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 | ||||||
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 April 10, 2026 , Occidental Petroleum Corporation (the “Company”) provided a summary of factors management believes will impact the Company's first quarter of 2026 results (the “Earnings Considerations”). A copy of the Earnings Considerations 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 | Occidental Petroleum Corporation First Quarter 2026 Earnings Considerations. | |||||||
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.
OCCIDENTAL PETROLEUM CORPORATION | ||||||||
By: | /s/ Christopher O. Champion | |||||||
Name: | Christopher O. Champion | |||||||
Title: | Vice President, Chief Accounting Officer and Controller | |||||||
 | Exhibit 99.1 | ||||
First Quarter 2026 Earnings Considerations
Occidental Petroleum Corporation ("Occidental") is providing the following summary of earnings considerations that management believes will impact results for the first quarter of 2026. The summary is intended only to provide information regarding current estimates of these factors. It is not comprehensive of all results for and changes that have occurred in the first quarter of 2026 and is not an estimate of the first quarter of 2026 earnings for Occidental. Further, this summary may not account for all adjustments and charges required to fully reflect changes in industry conditions, is preliminary and is subject to finalization of Occidental's financial reporting process for the first quarter of 2026.
Average Diluted Shares Outstanding
Average diluted shares outstanding for the first quarter of 2026 were 1,006.9 million shares.
Realizations
The following table presents information about Occidental's average realized prices and index prices:
| Three months ended March 31, 2026 | |||||
| Average Realized Prices | |||||
| Oil ($/Bbl) | |||||
| United States | $ | 70.31 | |||
| International | $ | 67.59 | |||
| Total Worldwide | $ | 69.91 | |||
| NGL ($/Bbl) | |||||
| United States | $ | 18.45 | |||
| International | $ | 23.52 | |||
| Total Worldwide | $ | 18.99 | |||
| Natural Gas ($/Mcf) | |||||
| United States | $ | 1.01 | |||
| International | $ | 1.93 | |||
| Total Worldwide | $ | 1.20 | |||
| Average Index Prices | |||||
| WTI oil ($/Bbl) | $ | 71.93 | |||
| Brent oil ($/Bbl) | $ | 77.93 | |||
| NYMEX gas ($/Mcf) | $ | 3.93 | |||
| Average Realized Prices as Percentage of Average Index Prices | |||||
| Worldwide oil as a percentage of average WTI | 97 | % | |||
| Worldwide oil as a percentage of average Brent | 90 | % | |||
| Worldwide NGL as a percentage of average WTI | 26 | % | |||
| Domestic natural gas as a percentage of average NYMEX | 26 | % | |||
Forward-Looking Statements
The First Quarter 2026 Earnings Considerations ("Earnings Considerations") contain 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," "will," "may," "intend," "believe," "subject to," "expect," "could," "project" 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 the Earnings Considerations unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.
Actual outcomes or results, including the impact of the Earnings Considerations, may differ from anticipated results or estimates, 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; 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, natural gas liquids (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 the chemical business, 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 manufacturing 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 fiscal year ended December 31, 2025, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
FAQ
What did Occidental (OXY) disclose in its Q1 2026 earnings considerations?
Occidental provided a summary of factors management believes will affect first-quarter 2026 results. It highlighted realized commodity prices, share count and key assumptions, but did not present complete earnings figures. The information is preliminary and subject to completion of the company’s normal financial reporting process.
What oil prices did Occidental (OXY) realize versus benchmarks in Q1 2026?
Occidental’s average realized worldwide oil price was $69.91 per barrel in Q1 2026. This compares with average WTI of $71.93 and Brent of $77.93, meaning Occidental realized 97% of WTI and 90% of Brent, reflecting typical location, quality and contract differences.
How did Occidental’s Q1 2026 NGL and natural gas prices compare to indexes?
Worldwide NGL prices averaged $18.99 per barrel, about 26% of the average WTI oil price. Domestic natural gas prices averaged $1.01 per Mcf, around 26% of the NYMEX gas price of $3.93 per Mcf, illustrating substantial discounts to benchmark pricing.
Is the Occidental (OXY) Q1 2026 earnings considerations document a full earnings report?
No, it is not a full earnings report. Occidental describes it as a preliminary summary of factors affecting results, which may omit some adjustments and charges. Final Q1 2026 earnings will only be known after the company completes its full financial reporting process.
What risks could cause Occidental’s Q1 2026 results to differ from these considerations?
Occidental cites many risks, including commodity price volatility, macroeconomic conditions, debt levels, regulatory approvals, project execution, geopolitical events, inflation, litigation and environmental obligations. These factors may cause actual first-quarter 2026 outcomes to differ, sometimes materially, from the preliminary considerations shared here.