Companies /Energy

Occidental Petroleum Corp

NYSE: OXY Oil & Gas E&p
$60.94
▼ $0.36 (−0.58%) today
Markets open · 10:30am ET

Q1 2026 Earnings

Reported May 5, 2026, 4:16pm ET · SEC source
$1.06
Beat +79.66%
EPS · est. $0.59
$5.2B
Miss −7.68%
Revenue · est. $5.7B
+3.6%
Beating market
OXY vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0May 5May 6report 4:16pm ETearnings+1.2%−7.4%
−6%−3%0May 5May 6earnings+1.2%−7.4%
OXY −7.4%S&P 500 +1.2%
−6%−3%0+3%May 5May 6report 4:16pm ETearnings+1.8%−7.4%
−6%−3%0+3%May 5May 6earnings+1.8%−7.4%
OXY −7.4%NASDAQ +1.8%
−12%−8%−4%0May 4May 13report 4:16pm ETearnings+2.5%−5.8%
−12%−8%−4%0May 4May 13earnings+2.5%−5.8%
OXY −5.8%S&P 500 +2.5%
−10%−5%0+5%May 4May 13report 4:16pm ETearnings+4.8%−5.8%
−10%−5%0+5%May 4May 13earnings+4.8%−5.8%
OXY −5.8%NASDAQ +4.8%
−7.11%
Day of report
−2.14%
Next session
+1.92%
One week
+4.28%
30 days

S&P 500 over the same 30 days: +0.73%.

Did OXY Beat Earnings? Q1 2026 Results

Occidental Petroleum delivered a sharply stronger-than-expected first quarter for 2026, posting adjusted EPS of $1.06 against a consensus estimate of $0.59, an 80.33% beat, even as revenue of $5.23 billion fell short of the $5.67 billion estimate and declined 24.3% year over year. The standout profit performance was driven by a meaningful sequential recovery in commodity prices, with worldwide realized crude oil averaging $69.91 per barrel, an 18% increase from the prior quarter, alongside total production of 1,426 Mboe per day that exceeded the top end of guidance. The quarter was further defined by aggressive deleveraging: Occidental repaid $7.10 billion in principal debt, funded largely by proceeds from the OxyChem divestiture, bringing total principal debt to $13.30 billion and putting the company firmly on course toward its $10.00 billion target. With shares drawing renewed investor interest on the back of the earnings beat, management's focus on cost discipline, with lease operating expenses falling to $8.70 per BOE, and portfolio resilience positions the company to continue reducing leverage through market cycles.

Key Takeaways
  • Higher realized crude oil prices, up 18% sequentially to $69.91/bbl worldwide
  • Total production of 1,426 Mboed exceeded high end of guidance
  • Permian, Rockies and Gulf of America business units led production outperformance
  • Midstream and marketing adjusted results exceeded high end of guidance
  • Higher crude margins from timing impact of crude sales
  • Higher gas margins from transportation capacity optimizations
  • Higher sulfur prices at Al Hosn
  • Lease operating expenses declined to $8.70/BOE from $9.72/BOE year-over-year
  • DD&A expense fell to $13.15/BOE from $13.59/BOE year-over-year

“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.”

Occidental Petroleum CEO, on the earnings call

Forward Guidance & Outlook

Occidental is progressing toward its $10.0 billion principal debt milestone, having already reduced principal debt to $13.3 billion through May 5, 2026 after repaying $7.1 billion. The company's strategic focus centers on continued deleveraging, cost reduction, operational efficiency improvements, and maintaining portfolio resilience through market cycles.

OXY YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$2.0B$4.0B$6.0B$6.9B$5.2BRevenue$1.6B$254.0MOperating Income$931.0M$3.2BNet Income
$0$2.0B$4.0B$6.0BRevenueOperating IncomeNet Income

OXY Revenue by Segment

Oil and Gas$5.0B−12.5%
Midstream and Marketing$397.0M+95.6%
OxyChem

Figures from SEC filings and company reports. Not investment advice.