Quarterly ResultMay 5, 2026, 04:23 PM
Occidental Q1 Net Income $3.2B, EPS $3.13; Repays $7.1B Debt
AI Summary
Occidental Petroleum Corporation announced strong first quarter 2026 results, reporting net income of $3.2 billion and adjusted EPS of $1.06. The company significantly advanced its debt reduction priorities by repaying $7.1 billion, bringing principal debt down to $13.3 billion. Operational performance was robust, with total production exceeding guidance and strong operating and free cash flow generation.
Key Highlights
- Occidental repaid $7.1 billion of principal debt, reducing total principal debt to $13.3 billion.
- Reported net income attributable to common stockholders was $3.2 billion, or $3.13 per diluted share.
- Adjusted income from continuing operations was $1.1 billion, or $1.06 per adjusted diluted share.
- Operating cash flow from continuing operations reached $1.4 billion, with $3.2 billion before working capital.
- Free cash flow before working capital from continuing operations was $1.7 billion.
- Total company production averaged 1,426 Mboed, exceeding the high end of guidance.
- Oil and Gas pre-tax income was $1.0 billion, up from $0.7 billion in Q4 2025.
- Worldwide realized crude oil prices increased 18% to $69.91 per barrel from the previous quarter.