OCCIDENTAL PETROLEUM CORP /DE/

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.

Occidental Petroleum Corporation announced strong second quarter 2026 results, reporting a net income of $2.8 billion and adjusted EPS of $2.40. The company increased its quarterly dividend by 8% to $0.28 per share and reduced principal debt by $1.9 billion. Production exceeded guidance, and both operating and free cash flow were robust, with the CEO highlighting the strength of resources and competitive advantages for continued value creation.

Occidental Petroleum announced the appointment of Brad Pollack as Senior Vice President and General Counsel, effective August 1, 2026. Pollack, who joined the company in 2014, will oversee the global legal department. He succeeds Sylvia Kerrigan, who will transition from her role as Chief Legal Officer at the end of 2026 and serve as a senior strategic adviser through 2027. The company highlighted Pollack's leadership and legal expertise, and thanked Kerrigan for her contributions to strategic initiatives and strengthening the legal foundation.

Occidental Petroleum Corporation provided a summary of factors expected to impact its second quarter 2026 results, referred to as "Earnings Considerations." The company reported average diluted shares outstanding of 1,012.2 million and a negative $156 million impact on operating cash flow from crude oil collar settlements. Key realized prices included $96.78/Bbl for worldwide oil and $(0.80)/Mcf for worldwide natural gas. This summary is preliminary and not an estimate of final earnings.

Occidental has announced that it will release its second quarter 2026 financial results after the close of market on Wednesday, August 5, 2026. The company will host a conference call to discuss these results on Thursday, August 6, 2026, at 1 p.m. Eastern Time. Investors can access the call via phone or webcast, with pre-registration available.

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.

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.

Occidental announced the release of its first quarter 2026 financial results on May 5, 2026. The earnings release and financial schedules are available on the company's investor relations website and the U.S. Securities and Exchange Commission's website. A conference call to discuss these results is scheduled for Wednesday, May 6, 2026, at 1 p.m. Eastern.

Occidental announced that Vicki Hollub will retire as President and CEO effective June 1, 2026, and will continue to serve on the Board. Richard Jackson, currently Senior Vice President and COO, has been appointed as her successor and will also join the Board. In connection with his promotion, Mr. Jackson's base salary will increase to $1,400,000 annually, with a target annual cash incentive of 150% of base salary, and he will receive a $6,000,000 restricted stock unit grant. Additionally, shareholders approved all ten director nominees, executive compensation, and the ratification of KPMG as the independent auditor at the 2026 Annual Meeting.

Occidental (OXY) announced that its Board of Directors declared a regular quarterly dividend of $0.26 per share on common stock. The dividend is scheduled to be paid on July 15, 2026, to stockholders who are on record as of the close of business on June 10, 2026.