Occidental Petroleum (OXY) Q3 2026 Earnings
Adjusted EPS of $1.91 excludes items that brought reported diluted EPS to $1.61. Pre-tax items include: domestic crude oil derivative losses of $187 million; midstream derivative losses of $254 million; income from judicial deposit recovery of $120 million; early debt extinguishment of $61 million; legal reserves and other of $48 million; and a loss from discontinued operations of $20 million.
How Did OXY Stock React to Q3 2026 Earnings?
Did OXY Beat Earnings? Q3 2026 Results
Yes. Occidental Petroleum reported Q3 2026 earnings of $1.91 a share on Nov 9, 2026, beating the $1.47 consensus estimate by 29.8%. Revenue was $6.8B against a $6.9B estimate.
Occidental Petroleum posted a strong earnings beat in the third quarter of 2026, delivering adjusted EPS of $1.91 against the $1.47 consensus estimate, a 29.84% beat that extended the company's streak of topping Wall Street's EPS expectations to six consecutive quarters. Revenue of $6.77 billion rose 2.2% year over year but came in modestly below the $6.89 billion consensus estimate. The headline story, however, was the company's accelerating balance-sheet repair: Occidental retired $1.80 billion in principal debt during the quarter, bringing total debt reduction to $10.40 billion since the start of 2026 and pushing long-term net debt down to $11.63 billion from $13.54 billion at the end of June. GAAP interest and debt expense fell sharply to $78.00 million from $266.00 million in the year-ago quarter. CEO Richard Jackson noted the stronger balance sheet positions Occidental to pursue a plan targeting more than $4.00 billion in additional annual sustainable cash flow by 2030, with faster capital returns to shareholders as a byproduct, a strategy that dovetails with notable interest from major institutional investors in the company's equity.
- Lower realized crude oil prices: worldwide $85.91/bbl, down 11% quarter over quarter
- Domestic realized gas price improved to $1.61/Mcf from negative $1.48/Mcf in the prior quarter
- Production of 1,427 Mboed exceeded the guidance mid-point, led by the Permian and Rockies business units
- Midstream results hurt by narrowing Waha-to-Gulf-Coast gas spreads and crude sales timing
- Higher sulfur volumes and prices at Al Hosn
- WES equity method investment income of $121 million
- Derivatives losses drove the gap between reported and adjusted income
- Lower interest expense following significant debt retirement
“We reached an important milestone in the third quarter, reducing principal debt to $10.0 billion after retiring $10.4 billion of debt since the beginning of this year.”
Occidental Petroleum CEO, on the earnings call
What Is Occidental Petroleum's Outlook?
Management says its stronger balance sheet allows it to advance a plan to add more than $4.0 billion in annual sustainable cash flow by 2030, providing a pathway to accelerate capital returns to shareholders. No updated numeric production or capital guidance was included in the release. Q3 production exceeded the guidance mid-point and midstream and marketing adjusted results exceeded the high end of guidance.
OXY YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $6.8B | $6.6B | +2.2% |
| Net Income | $1.6B | $830.0M | +97.2% |
OXY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.