Quarterly ResultAug 5, 2026, 04:30 PM
Occidental Petroleum Q2 Net Income Jumps to $2.8B; Debt Reduced by $8.6B
AI Summary
Occidental Petroleum reported a substantial increase in net income and diluted EPS for the second quarter and first half of 2026, driven by strong operational performance and the strategic divestment of OxyChem. The company completed the sale of OxyChem for $9.5 billion, generating a $3.1 billion gain, and utilized the proceeds to significantly reduce its debt by $8.6 billion. These actions led to a robust improvement in the company's financial position and cash flow.
Key Highlights
- Net income attributable to common stockholders surged to $2,807 million in Q2 2026 from $288 million in Q2 2025.
- Diluted EPS increased significantly to $2.75 in Q2 2026 from $0.26 in Q2 2025.
- Net sales rose to $8,065 million in Q2 2026, up from $5,258 million in Q2 2025.
- Completed the sale of OxyChem for $9.5 billion, resulting in a $3.1 billion gain, net of taxes.
- Repaid $8.6 billion in debt during the first six months of 2026, reducing total debt to $11.8 billion.
- Net cash provided by operating activities increased to $5,552 million for the six months ended June 30, 2026.
- Recognized a $220 million gain from pro-rata ownership reduction in WES due to its acquisition of Brazos Delaware II, LLC.
- Total equity increased to $42,381 million as of June 30, 2026, from $36,598 million at December 31, 2025.
Price Impact
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