Occidental Petroleum Surges on Higher Crude Prices and Midstream Gains

Occidental Petroleum posted a significant increase in net income for the second quarter of 2026, thanks to higher realized crude prices and improved midstream operations. The company reported $2.8 billion in net income attributable to common shareholders, up from $288 million a year earlier.

The improvement was driven by increased crude prices, with Occidental's average worldwide realized price rising 38% sequentially to $96.78 per barrel. This reflected benchmark prices of $92.79 and $97.06 for WTI and Brent, respectively.

However, lower U.S. natural gas prices provided a partial offset, with an average domestic realized gas price of negative $1.48 per thousand cubic feet during the quarter.

Oil and gas pre-tax income reached $2.8 billion, compared to $1 billion in the first quarter. The midstream and marketing segment generated $1.3 billion in pre-tax income, reversing a pre-tax loss of $87 million in the previous quarter.