Occidental Petroleum Corp. (OXY)
NYSE:OXY
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Earnings Data
Report Date
Aug 04, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
1.71Last Year’s EPS
0.39Same Quarter Last Year
Moderate Buy
Based on 19 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational execution, significant free cash flow improvement (+52% YoY), meaningful deleveraging (principal debt down to $13.3B with a $10B target), sustained cost savings ($2B since 2023 plus $500M targeted in 2026), midstream outperformance and higher guidance, and continued top-tier well performance and reserve growth. Offsetting risks include temporary Middle East-related production and logistics disruptions, modest near-term reductions in EOR volumes from portfolio optimization, a Stratos commissioning non-process issue under evaluation, and working capital timing items. Overall, the positives—robust cash generation, balance-sheet repair, cost efficiencies, and production outperformance—substantially outweigh the transitory operational and timing headwinds.Company Guidance
Production Beat and Strong Operational Execution
Reported production of ~1.43 million BOE/day in Q1 2026 (1.426 MM BOE/day cited), exceeding the high end of guidance and beating the midpoint by ~21k BOE/day; domestic outperformance exceeded the midpoint by ~33k BOE/day driven by strong new well performance and uptime.
Substantial Free Cash Flow Improvement
Generated approximately $1.7 billion of free cash flow before working capital in Q1 and exited the quarter with >$3.8 billion of unrestricted cash; free cash flow from continuing operations was ~52% higher year-over-year despite oil prices roughly in line with 2025.
Material Deleveraging Progress
Principal debt reduced to $13.3 billion (from ~$20.8 billion at end of Q3 last year), a $7.5 billion paydown since December; go-forward interest run-rate reduced to $845 million/year, approximately $550 million lower than 2025; near-term priority to reduce principal debt to $10 billion.
Cost Savings and Efficiency Gains
Delivered $2.0 billion in annual cost savings since 2023 and targeting an additional $500 million of oil & gas cost savings in 2026; domestic lease operating expense was $7.85/BOE in Q1, a 5% improvement versus Q1 guidance; targeting ~7% new well cost improvement in 2026.
Midstream Outperformance and Guidance Raise
Midstream segment outperformed, producing adjusted earnings roughly $400 million above the midpoint of guidance in Q1; raised the midpoint of full-year Midstream guidance to $1.1 billion, an increase of approximately $800 million from the prior guidance.
Reserve, Resource and Production Transformation Over a Decade
Since 2015: production grew from ~150k BOE/day to >1.4 MM BOE/day; proved reserves increased from 2.2 billion BOE to 4.6 billion BOE; total resources increased from 8 billion BOE to ~16.5 billion BOE—positioned with a >30-year runway and a target to reduce base decline to below 20% by decade end.
Top-Tier Well Performance and Base Reliability
Maintained industry-leading unconventional new well performance (in 2025 delivered ≥10% better six-month oil-per-lateral-foot vs. industry average across all basins); Gulf Of America recorded record topside uptime of 98% in Q1.
Exploration and Project Milestones
Announced the Bandit discovery in the Gulf Of America (third Gulf Of America discovery in three years); Stratos Phase 2 construction complete and Phase 1 commissioning operated as expected on process units (non-process issue under evaluation but not expected to impact 2026 capital range).
Disciplined Hedging and Balanced Capital Priorities
Implemented modest costless-collar hedges in February covering 100k bbl/day (Mar–Dec 2026) with a $55 floor and volume-weighted average ceiling ~ $76 WTI to protect operational momentum; cash priorities focused on debt reduction to $10 billion, then reassessing dividend, preferred redemption prep, reinvestment, or opportunistic buybacks.
OXY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
OXY Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 05, 2026 | $59.34 | $55.12 | -7.11% |
Feb 18, 2026 | $46.89 | $51.29 | +9.38% |
Nov 10, 2025 | $41.36 | $41.41 | +0.12% |
Aug 06, 2025 | $41.87 | $42.90 | +2.47% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Occidental Petroleum Corp. (OXY) report earnings?
Occidental Petroleum Corp. (OXY) is schdueled to report earning on Aug 04, 2026, After Close (Confirmed).
What is Occidental Petroleum Corp. (OXY) earnings time?
Occidental Petroleum Corp. (OXY) earnings time is at Aug 04, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is OXY EPS forecast?
OXY EPS forecast for the fiscal quarter 2026 (Q2) is 1.71.
