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SEC filingOccidental Petroleum announced Q1 2026 results with net income of $3.2 billion, adjusted EPS from continuing operations of $1.06, debt reduction to $13.3 billion, and production exceeding guidance high end.
Occidental Petroleum's Q1 2026 results showcased robust operational execution amid challenges in the Middle East, as highlighted by CEO Vicki Hollub. Net income of $3.2 billion included a significant gain from the OxyChem sale in discontinued operations, while adjusted income from continuing operations of $1.1 billion reflected core business strength. Oil and gas pre-tax income rose to $1.0 billion from $0.7 billion in Q4 2025, driven by 18% higher realized crude oil prices at $69.91 per barrel despite lower volumes, with WTI at $71.93 and Brent at $77.93. Global production hit 1,426 Mboed, surpassing guidance highs via Permian, Rockies, and Gulf of America contributions. Midstream and marketing posted a $87 million pre-tax loss but adjusted results beat guidance through crude margin timing, gas optimizations, and higher Al Hosn sulfur prices; WES equity income was $138 million. Operating cash flow of $1.4 billion faced a $1.8 billion working capital headwind from March commodity price spikes and seasonal outflows. Debt reduction advanced sharply with $7.1 billion repaid, hitting $13.3 billion and nearing the $10.0 billion goal, bolstering balance sheet resilience. Capital spending of $1.6 billion, offset by $50 million noncontrolling interest contributions, yielded $1.7 billion free cash flow before working capital from continuing operations, underscoring cash generation amid disciplined execution and portfolio transformation over the past decade.