Q1 26 EPS
$1.06
BEAT +79.66%
Est. $0.59
Q1 26 Revenue
$5.23B
MISS 7.68%
Est. $5.67B
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… Read more 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
OXY 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, source: SEC Filings
OXY Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Vicki Hollub, Q1 2026 Earnings Press Release
OXY Earnings Trends
OXY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
OXY EPS Trend
Earnings per share: estimate vs actual
OXY Revenue Trend
Quarterly revenue: estimate vs actual
OXY Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.59 | $1.06 | +79.66% | $5.23B | -7.68% |
| Q4 25 BEAT FY | $0.17 | $0.31 | +83.76% | $5.42B | -4.26% |
| FY Full Year | — | $2.21 | — | $22.08B | — |
| Q3 25 BEAT | $0.52 | $0.64 | +23.08% | $6.62B | -1.73% |
| Q2 25 BEAT | $0.31 | $0.39 | +25.81% | $6.46B | +2.66% |
| Q1 25 BEAT | $0.76 | $0.87 | +14.47% | $6.84B | -0.91% |