OXY
FY2026 Q1 · Calendar Q2 2026
Occidental Petroleum Corporation
Occidental's Q1 2026 reflects strong operational execution: production beat guidance at 1.43 MM BOE/d, free cash flow reached $1.7B, and principal debt fell to $13.3B. Adjusted EPS of $1.06 topped consensus by 76%, though revenue of $5.23B missed by approximately 4% on Middle East disruptions and PSC pricing impacts. Management raised full-year midstream earnings guidance by $800M to $1.1B while maintaining the $5.5-$5.9B capital budget. The stock fell 7.1% in the event window despite the beat before recovering 6.4% subsequently. STRATOS Phase 2 construction is complete but a Phase 1 repair issue introduces near-term uncertainty. With Richard Jackson succeeding Vicki Hollub and a clear path toward $10B in principal debt, the thesis centers on sustained cost efficiency, deleveraging, and durable free cash flow across price cycles.
EPS surprise+76.4%
Market move-7.1%
