Occidental Q3 profit rises to $1.91 a share as debt falls

Occidental (OXY) posted third-quarter 2026 adjusted EPS of $1.91 per diluted share from continuing operations. Net income attributable to common stockholders was $1.6 billion.

Shares were little changed at 11:16 a.m. ET, from a $55.76 close.

The company has retired $10.4 billion of debt since the start of 2026. In the quarter it reduced principal debt by $1.8 billion, to $10.0 billion.

Operating cash flow before working capital from continuing operations was $4.1 billion. Free cash flow before working capital was $2.8 billion, after capital expenditures of $1.3 billion.

Here's how the company did:

• Adjusted EPS: $1.91 vs. 51 cents a year earlier
• Reported EPS: $1.61 vs. 65 cents a year earlier
• Revenue: $6.57 billion vs. $5.52 billion a year earlier

Segment results

Oil and gas pre-tax income was $2.6 billion, down from $2.8 billion in the second quarter. Excluding items affecting comparability, the decrease reflected lower realized crude oil prices, partly offset by higher domestic natural gas prices.

Average worldwide realized crude oil prices fell 11% from the previous quarter, to $85.91 per barrel. Domestic realized gas prices were $1.61 per thousand cubic feet, compared with negative $1.48 per Mcf in the prior quarter.

Production averaged 1,427 thousand barrels of oil equivalent per day, above the mid-point of guidance. Permian and Rockies output offset a temporary Gulf of America curtailment caused by a third-party gas pipeline constraint and maintenance.

Midstream and marketing pre-tax income was $55 million, down from $1.3 billion in the second quarter, as narrower Waha-to-Gulf Coast gas spreads cut gas margins. Excluding items affecting comparability, results exceeded the high end of guidance.

Debt and cash flow

CEO Richard Jackson said the company is “advancing our plan to add more than $4.0 billion in annual sustainable cash flow by 2030, providing a pathway to accelerate capital returns.”