Occidental Petroleum (OXY) Q1 2026 Earnings
How Did OXY Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +0.73%.
Did OXY Beat Earnings? Q1 2026 Results
Yes. Occidental Petroleum reported Q1 2026 earnings of $1.06 a share on May 5, 2026, beating the $0.59 consensus estimate by 79.7%. Revenue was $5.2B against a $5.7B estimate.
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.
- 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
What Was Occidental Petroleum's Outlook in Q1 2026?
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
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $5.2B | $6.9B | −24.3% |
| Operating Income | $254.0M | $1.6B | −84.0% |
| Net Income | $3.2B | $931.0M | +241.0% |
OXY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.