Occidental Petroleum flags Gulf of America curtailment in third-quarter results
The company said September output cuts and collar settlements will weigh on its July-to-September period, while total production stays within guidance.
Key takeaways
- Occidental Petroleum Corporation (OXY) said in an 8-K filing on Oct. 13, 2026 that a September curtailment of certain Gulf of America facilities, caused by a third-party gas pipeline constraint and maintenance, affected its third-quarter 2026 results. Its total production remains within guidance. Crude oil collar settlements reduced operating cash flow before working capital by $94 million.
Occidental Petroleum Corporation (OXY) said in an 8-K filing on Tuesday that a temporary production cut in September will weigh on its third-quarter 2026 results.
The company furnished a summary of factors it believes will affect the quarter. The summary is preliminary and is not a full set of results.
Total company production for the quarter is within the company's guidance range, the company said. That figure includes the Gulf of America downtime.
In September, the company temporarily curtailed production at certain Gulf of America facilities. The causes were a third-party gas pipeline constraint and maintenance activities.
Production has been partially restored. The company expects the remaining affected output to return as the pipeline constraint is resolved.
The company gave figures for the quarter that reflect the downtime. Gulf of America net sales volumes were 110 Mboed. Domestic lease operating cost was $8.54 per barrel of oil equivalent. Oil was 48.8% of total company production.
Crude oil collar settlements reduced operating cash flow before working capital by $94 million in the third quarter. Average diluted shares outstanding were 1,012.8 million.
Worldwide oil realizations averaged $85.91 per barrel, with $85.93 in the United States and $85.80 internationally. Average WTI was $85.79 per barrel and average Brent was $91.62 per barrel. Worldwide oil realizations equaled 100% of average WTI and 94% of average Brent.
Worldwide NGL realizations were $24.63 per barrel. Worldwide natural gas realizations were $1.69 per Mcf, against average NYMEX gas of $2.97 per Mcf. Domestic gas realized 54% of NYMEX.
The filing does not include third-quarter net income or per-share earnings. The company said the figures may not account for all adjustments and charges, and they remain subject to finalization of its financial reporting process.