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Occidental Petroleum

Occidental Petroleum (OXY) Q2 2026 Earnings

Reported Aug 5, 2026 at 4:16 PM ET · SEC Source

Q2 26 EPS Adjusted

$2.40

BEAT +29.80%

Est. $1.85

Includes crude oil derivative gains of $105M, gains on sales of assets and other of $199M, early debt extinguishment charges of $47M, and early retirement costs of $39M before tax

Q2 26 Revenue

$8.33B

BEAT +16.68%

Est. $7.14B

vs S&P Since Q2 26

+6.4%

BEATING MARKET

OXY +6.9% vs S&P +0.5%

Market Reaction

Did OXY Beat Earnings? Q2 2026 Results

Occidental Petroleum posted a blowout second quarter for fiscal 2026, extending its consensus EPS beat streak to five consecutive quarters as surging crude oil prices powered results well ahead of Wall Street expectations. The company reported adjust… Read more Occidental Petroleum posted a blowout second quarter for fiscal 2026, extending its consensus EPS beat streak to five consecutive quarters as surging crude oil prices powered results well ahead of Wall Street expectations. The company reported adjusted EPS of $2.40, clearing the $1.85 consensus estimate by 29.80%, while revenue of $8.33 billion topped the $7.14 billion forecast by 16.68% and grew 31.8% year over year. The single biggest driver was a dramatic recovery in crude realizations, with worldwide realized crude oil prices climbing to $96.78 per barrel, lifting Oil and Gas segment pre-tax income to $2.85 billion from $1.02 billion in the prior quarter. Midstream and Marketing added further momentum, swinging to $1.34 billion in pre-tax income from a loss of $87.00 million in Q1. The quarter also produced $5.09 billion in operating cash flow, enabling Occidental to retire $1.90 billion in debt and advance toward its $10.00 billion principal target, with management projecting significant free cash flow growth through 2030 as the company continues its value-based development approach across the Permian and beyond.

Key Takeaways

  • • Average worldwide realized crude oil prices increased 38% sequentially to $96.78 per barrel
  • • WTI averaged $92.79/bbl and Brent averaged $97.06/bbl in Q2 2026
  • • Global production of 1,433 Mboed exceeded high end of guidance
  • • Permian and Gulf of America business units outperformed
  • • Midstream and marketing exceeded high end of guidance driven by higher crude margins and gas margin optimizations
  • • Average worldwide realized NGL prices increased 30% to $24.64 per barrel
  • • Domestic natural gas prices were negative $1.48 per Mcf

OXY Forward Guidance & Outlook

Management expects to generate significant free cash flow growth by 2030 through consistent execution on priorities including a value-based development approach, balance sheet strength, organic resource improvement, and cost efficiencies. The company is advancing toward its $10.0 billion principal debt milestone from the current $11.8 billion level.

24/7 Wall St

OXY YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

OXY Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“Our second quarter results demonstrate the strength of Oxy's resources and the competitive advantages that position us for continued value creation. 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.”

— Richard Jackson, Q2 2026 Earnings Press Release

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