OCCIDENTAL PETROLEUM CORPORATION Surpasses Expectations with Record Earnings

OCCIDENTAL PETROLEUM CORPORATION (OXY) released its second-quarter 2026 earnings, surpassing expectations. The company reported adjusted earnings of $2.40 per share, a massive 823.1% increase year-over-year and beating the Zacks Consensus Estimate of $1.92 by 25%. This significant jump can be attributed to higher realized crude oil prices and improved performance in its Midstream and Marketing segment.

Midstream and Marketing reported adjusted pre-tax income of $961 million, exceeding the high end of the company's guidance. The segment posted adjusted income of $196 million in the year-ago quarter. Total revenues climbed 57.1% to $8.33 billion, surpassing the Zacks Consensus Estimate of $7.18 billion by 16%. Oil and gas revenues totaled $6.88 billion, up 37.4% from $5.01 billion in the year-ago quarter.

OCCIDENTAL PETROLEUM CORPORATION worldwide production reached 1,433 thousand barrels of oil equivalent per day (Mboe/d), exceeding the high end of management's guidance of 1,390-1,430 Mboe/d. Strong domestic performance helped total production rise 2.4% year-over-year.

Occidental reduced principal debt by $1.9 billion during the quarter to $11.8 billion. The company retired $8.6 billion of debt during the first half of 2026 and ended June with $4.15 billion in cash and cash equivalents.