Occidental Q3 2026 earnings review

Adjusted diluted EPS rose to $1.91 and beat the Zacks consensus.

Occidental Petroleum Corporation · Q3 2026 · Published Nov 10, 2026 · By DeepCell AI · Sources

Occidental Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · Occidental (OXY) Q3 2026 earnings review

Adjusted diluted EPS rose to $1.91 and beat the Zacks consensus

  1. 1.Adjusted diluted EPS of $1.91 beat the $1.43 Zacks consensus; reported diluted EPS was $1.61
  2. 2.Total revenues and other income of $6.8B were just above the $6.7B Zacks revenue estimate
  3. 3.Free cash flow before working capital was $2.8B, and principal debt was reduced to $10.0B
  4. 4.Worldwide production averaged 1,427 Mboed, above the midpoint of guidance
  5. 5.Shares were -1.3% in Nov 10 pre-market at $55.05 as of 8:31 AM EST, not a close

Note: Mboed is thousand barrels of oil equivalent per day. Zacks revenue is compared with total revenues and other income, the line that matches the $6.77 billion Zacks article figure. The pre-market last is not a close.Source: Occidental Form 8-K Ex. 99.1, Nov 9, 2026; Zacks via Yahoo Finance, Nov 9, 2026; CNBC, Nov 10, 2026 8:31 AM EST

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2 · Executive summary

Adjusted diluted EPS beat the Zacks consensus by 33.6%

Q3 2026 results vs. Zacks Consensus Estimate (Yahoo Finance, Nov 9, 2026)

MetricActualConsensusVarianceResult
Adjusted diluted EPS$1.91$1.43+$0.48 / +33.6%Beat
Total revenues and other income$6.8B$6.7B+42.0M / +0.6%Beat

Share price, Nov 9 close to Nov 10 pre-market

Occidental (NYSE)Nov 9 close, 4:10 PM ESTNov 10 pre-market, 8:31 AM ESTChange ($)Change (%)
OXY$55.76$55.05-$0.71-1.3%

Both prices are from the CNBC quote page. The pre-market last is not a close. The NYSE close carries a 4:10 PM EST CNBC timestamp.

Note: Zacks labels the $6.73 billion estimate as revenue; it lines up with total revenues and other income of $6.772 billion, not net sales of $6.567 billion.Source: Occidental Form 8-K Ex. 99.1, Nov 9, 2026; Zacks via Yahoo Finance, Nov 9, 2026; CNBC, Nov 10, 2026 8:31 AM EST

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3 · Q3 results vs. consensus

Q4 production is guided at 1,430 to 1,470 Mboed

Fourth quarter 2026 operational guidance

MetricLowHighMidpoint
Total company production (Mboed)1,4301,4701,450
Permian production (Mboed)820840830
Midstream pre-tax income$100M$200M$150M
Adjusted effective tax rate21%23%22%

Note: Mboed is thousand barrels of oil equivalent per day. Net capital expenditures are guided at about $1.3 billion, interest expense at about $130 million and overhead expense at about $650 million. No third-party Q4 consensus was verified for this page.Source: Occidental Form 8-K Ex. 99.1, Nov 9, 2026; Q3 2026 earnings call slides, fourth-quarter guidance; analysis of company data

4

4 · Q4 2026 outlook

Net income attributable to common stockholders rose to $1.6B

  1. Adjusted earnings roseAdjusted income attributable to common stockholders was $2.0B.
  2. Oil realisations were higherWorldwide realized crude oil rose to $85.91 per barrel from $64.78.
  3. Cash flow was strongOperating cash flow from continuing operations was $4.1B.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Net sales$5.5B$6.6B19.0%
Reported diluted EPS ($)$0.65$1.61147.7%
Adjusted diluted EPS ($)$0.51$1.91274.5%
Free cash flow before working capital$1.5B$2.8B88.3%

Note: Adjusted income and free cash flow before working capital are non-GAAP measures; reconciliations are in the Exhibit 99.1 schedules.Source: Occidental Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

5

5 · Q3 key financials

Adjusted midstream pre-tax income rose to $309M, above the prior-year quarter

Segment pre-tax income

$M, Q3 2025 vs. Q3 2026

SegmentQ3 2025 reportedQ3 2026 reportedQ3 2026 adjusted
Oil and gas$1.3B$2.6B$2.7B
Midstream and marketing$81M$55M$309M
WES equity-method income was $121M“We reached an important milestone in the third quarter, reducing principal debt to $10.0 billion after retiring $10.4 billion of debt since the beginning of this year.” Richard Jackson, President and Chief Executive Officer

Note: Adjusted segment income excludes items affecting comparability in Schedule 3a. Reported midstream pre-tax income was $55 million.Source: Occidental Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

6

6 · Segment results

Oil and gas net sales rose $1.0B and drove the year-on-year increase

Net sales bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $5,519M$M · Oil and gas: $1,034M$M · Midstream and marketing: -$3M$M · Eliminations: $17M$M · Q3 2026: $6,567MQ3 2025Oil and gasMidstream andmarketingEliminationsQ3 2026$5,000M$5,500M$6,000M$6,500M$7,000M$5,519M$1,034M-$3M$17M$6,567M
Net sales rose 19.0% year on year

Note: Eliminations are inter-segment sales. Midstream and marketing net sales were little changed.Source: Occidental Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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7 · Net sales bridge

Worldwide production averaged 1,427 Mboed, with a temporary Gulf of America curtailment

Worldwide production

Mboed, Q3 2025 vs Q3 2026

v · Q3 2025: 1,465v · Q3 2026: 1,427Q3 2025Q3 202605001,0001,5001,8001,4651,427
Permian production was 812 Mboed; Gulf of America was 110 Mboed

Note: Mboed is thousand barrels of oil equivalent per day. The release cites a temporary curtailment at certain Gulf of America facilities from a third-party gas pipeline constraint and maintenance. Production was restored in late October, per the slides.Source: Occidental Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

8

8 · Production by region

Reported diluted EPS was $1.61 and adjusted diluted EPS was $1.91

Diluted EPS

Q3 2025 vs Q3 2026

Reported diluted EPS · Q3 2025: $0.65Reported diluted EPS · Q3 2026: $1.61Adjusted diluted EPS · Q3 2025: $0.51Adjusted diluted EPS · Q3 2026: $1.91Q3 2025Q3 2026$0.00$0.50$1.00$1.50$2.00$2.50$0.65$1.61$0.51$1.91
The gap mainly reflects derivatives losses, per the release

Note: Adjusted diluted EPS is from continuing operations. The Schedule 3b reconciliation starts from reported diluted EPS of $1.61.Source: Occidental Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

9

9 · Reported vs. adjusted EPS

Worldwide realized crude oil rose to $85.91 per barrel from $64.78

  1. Crude oil was the main price moveWTI averaged $85.79 and Brent averaged $91.62 in the quarter.
  2. Domestic gas recovered from the second quarterDomestic realized gas was $1.61 per Mcf, versus a negative price in the second quarter.
  3. The second-quarter oil price was higherThe release says worldwide realized crude oil decreased 11% from the previous quarter.

Realisations

PriceQ3 2025Q3 2026YoY
Worldwide realized crude oil ($/bbl)$64.78$85.9132.6%
WTI marker ($/bbl)$64.93$85.79n.m. in this table
Domestic realized gas ($/Mcf)$1.48$1.61See note

Note: The 11% crude-oil decline is versus the second quarter, not versus Q3 2025. Domestic gas was negative $1.48 per Mcf in Q2 2026.Source: Occidental Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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10 · Price realisations

Free cash flow before working capital rose to $2.8B

Free cash flow before working capital

$M, Q3 2025 vs Q3 2026

v · Q3 2025: $1,476Mv · Q3 2026: $2,779MQ3 2025Q3 2026$0M$1,000M$2,000M$3,000M$3,500M$1,476M$2,779M
Operating cash flow before working capital was $4.1B; free cash flow before working capital was $2.8B after net capex of $1.3B

Note: The company reported $4.1 billion of operating cash flow before working capital and $2.8 billion of free cash flow before working capital, after $1.3 billion of capital expenditures net of noncontrolling interest. Free cash flow before working capital is a non-GAAP measure defined in Schedule 6b.Source: Occidental Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

11

11 · Cash flow and financing

Net capital expenditures were $1.3B in the quarter, and Q4 is guided at about $1.3B

  1. Q3 net capex declined year on yearNet capex was $1.3B versus $1.5B a year earlier.
  2. Q4 capex is unchanged at the rounded levelThe slides guide net capital expenditures at about $1.3B.
  3. Interest expense has fallenInterest and debt expense, net, was $78M in Q3, and Q4 interest expense is guided at about $130M.

Capital and interest

$MQ3 2025Q3 2026
Net capital expenditures$1.5B$1.3B
Interest and debt expense, net$266M$78M

Note: Net capital expenditures are net of noncontrolling interest contributions, per Schedule 6b.Source: Occidental Form 8-K Ex. 99.1, Nov 9, 2026; Q3 2026 earnings call slides, fourth-quarter guidance; analysis of company data

12

12 · Capital expenditure plan

Principal debt was reduced to $10.0B, a milestone the company highlighted

  1. Principal debt fell in the quarterThe company retired $1.8B of principal debt in Q3 and $10.4B year to date.
  2. Cash remains substantialCash and cash equivalents were $3.9B at Sep 30, 2026.
  3. GAAP debt is not the same as principal debtCurrent and long-term debt together were $11.8B on the balance sheet.

Balance sheet

$MDec 31, 2025Sep 30, 2026
Cash and cash equivalents$2.0B$3.9B
Long-term debt, net$20.6B$11.6B
Total stockholders equity$36.0B$43.2B

Note: Principal debt is the company's stated milestone and is not equal to GAAP long-term debt on Schedule 5. Unrestricted cash in the slides is $3.9 billion, matching cash and cash equivalents of $3.884 billion.Source: Occidental Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

13

13 · Balance sheet and debt

Crude-price swings, Gulf of America volumes and the midstream margin are the main watch items

Indicator
What to watch
Implication
Latest reading
Crude oil realisations
Quarterly oil-price moves versus WTI and Brent
Cash flow and earnings sensitivity
Worldwide realized crude $85.91 per barrel
Gulf of America volumes
Pipeline constraints and maintenance
Q4 guide is 112 to 120 Mboed
Q3 Gulf of America 110 Mboed
Midstream pre-tax income
Waha-to-Gulf Coast gas spreads and crude-sale timing
Q4 guided at $100–200 million
Q3 adjusted midstream $309M
Debt-reduction path
Keeping the $10.0 billion principal-debt milestone
Interest expense is now lower
Q4 interest guide about $130M

Mboed is thousand barrels of oil equivalent per day. Source: Occidental Form 8-K Ex. 99.1, Nov 9, 2026; Q3 2026 earnings call slides, fourth-quarter guidance; analysis of company data

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14 · Key risks to guidance

Appendix: production by area

ClaimEvidenceCalculation
Rockies and other domestic288 to 281 MboedQ3 2025 to Q3 2026
International238 to 224 MboedQ3 2025 to Q3 2026
Q4 Rockies guide271 to 277 MboedSlides, Nov 10, 2026
Q4 international guide227 to 233 MboedSlides, Nov 10, 2026

Mboed is thousand barrels of oil equivalent per day. Source: Occidental Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

15

15 · Appendix: Production detail

Appendix: reported to adjusted income

ClaimEvidenceCalculation
Net income attributable to common stockholders$1.6BIncome statement
Income from continuing operations, common$1.7BAfter preferred dividends
Discontinued operations, net of tax-$20MChemical business, now sold
Adjusted income attributable to common stockholders$2.0BSchedule 3a

Source: Occidental Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

16

16 · Appendix: Earnings items

17 · Appendix: Guidance detail

18 · Appendix: Cash detail

Appendix: income statement detail

Revenue and costs

$M unless notedQ3 2025Q3 2026YoY
Oil and gas net sales$5.4B$6.4B19.1%
Lease operating expense$1.2B$1.2B1.5%
DD&A$1.9B$1.8B(8.4%)
Interest and debt expense, net$266M$78M(70.7%)

Earnings

$M unless notedQ3 2025Q3 2026YoY
Income from continuing operations$0.7B$1.8B160.8%
Net income attributable to common stockholders$0.7B$1.6B147.7%

Note: DD&A is depreciation, depletion and amortization.Source: Occidental Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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19 · Appendix: Income statement

Appendix: sources

  • Filing: Occidental Form 8-K, Nov 9, 2026 — https://www.sec.gov/Archives/edgar/data/797468/000162828026072193/0001628280-26-072193-index.html
  • Results release and financial schedules, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/797468/000162828026072193/oxyex9919-30x26earningsrel.htm
  • Investor relations release, Nov 9, 2026 — https://www.oxy.com/news/news-releases/occidental-announces-3rd-quarter-2026-results/
  • IR press-release PDF — https://www.oxy.com/siteassets/documents/news-releases/pr-110926_occidental-announces-3rd-quarter-2026-results.pdf
  • Third Quarter Earnings Call slides, Nov 10, 2026 (Q4 guidance) — https://www.oxy.com/siteassets/documents/investors/quarterly-earnings/oxy3q26conferencecallslides.pdf
  • Consensus: Zacks Consensus Estimate via Yahoo Finance, Nov 9, 2026 — https://finance.yahoo.com/markets/stocks/articles/occidental-petroleum-oxy-q3-earnings-213503286.html
  • Share price: CNBC OXY quote, Nov 9, 2026 regular close $55.76 at 4:10 PM EST and Nov 10 pre-market $55.05 at 8:31 AM EST — https://www.cnbc.com/quotes/OXY
  • Company figures are in U.S. dollars. Non-GAAP figures follow the company's Schedule 3 and Schedule 6 reconciliations. Principal debt is the company's stated milestone, not GAAP long-term debt.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Occidental's Form 8-K of November 9, 2026 (Exhibit 99.1) and, for fourth-quarter guidance, the Third Quarter Earnings Call slides. Consensus estimates (Zacks, via Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are GAAP unless labelled non-GAAP or identified as principal debt, in U.S. dollars, for the quarters ended September 30, 2026 and 2025.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Occidental Petroleum Corporation. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. Share prices are the CNBC regular-session close at 4:10 PM EST on November 9, 2026, and the pre-market last at 8:31 AM EST on November 10, 2026. The pre-market last is not a close.

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21 · Disclosures

Sources

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