DivestmentMay 5, 2026, 04:24 PM
Occidental Petroleum Reports $3.1B Gain from OxyChem Divestment
AI Summary
Occidental Petroleum reported a significant increase in net income attributable to common stockholders to $3,175 million for Q1 2026, up from $766 million in Q1 2025, primarily driven by a $3.1 billion net gain from the OxyChem divestment. The company utilized the $9.5 billion proceeds from the sale to repay $6.7 billion in debt. However, net sales for continuing operations decreased to $5,230 million from $5,704 million year-over-year, and net cash provided by operating activities also declined.
Key Highlights
- OxyChem divestment closed Jan 2, 2026, for $9.5B, yielding $3.1B net gain.
- Net income attributable to common stockholders rose to $3,175M from $766M YoY.
- Company repaid $6.7B in debt using proceeds from the OxyChem transaction.
- Net sales decreased to $5,230M in Q1 2026 from $5,704M YoY.
- Net cash provided by operating activities was $1,281M, down from $2,148M YoY.
- Oil and gas segment revenue was $5,314M, while midstream and marketing was $397M.
- Environmental remediation liabilities totaled $1,855M as of March 31, 2026.
Price Impact
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