Occidental Beats EPS Estimates at $1.91 Adjusted as Revenue Falls Short at $6.57 Billion

Occidental Petroleum (NYSE: OXY) reported third-quarter revenue of $6.57 billion, below the $6.89 billion analysts expected, and adjusted EPS from continuing operations of $1.91 against the $1.47 consensus estimate, according to an 8-K filed Monday, Nov. 9, 2026. Reported diluted EPS was $1.61, on net income attributable to common stockholders of $1.6 billion. The company said the gap between reported and adjusted results mainly reflects derivatives losses.

Revenue rose from $5.52 billion in the third quarter of 2025. Adjusted EPS compares with $0.51 a year earlier.

Debt and cash flow

Occidental said it reached a principal debt level of $10.0 billion after retiring $10.4 billion of debt since the start of the year. The company generated $4.1 billion of operating cash flow from continuing operations and $2.8 billion of free cash flow before working capital, with capital expenditures of $1.3 billion.

Production and segments

Total global production averaged 1,427 thousand barrels of oil equivalent per day, which the company said exceeded the midpoint of its guidance. Gains from the Permian and Rockies offset a temporary curtailment at certain Gulf of America facilities tied to a third-party gas pipeline constraint and maintenance.

Oil and gas pre-tax income was $2.6 billion, compared with $2.8 billion in the second quarter. Average worldwide realized crude prices fell 11% from the prior quarter to $85.91 per barrel. Midstream and marketing pre-tax income was $55 million, compared with $1.3 billion in the prior quarter, and the company said its results exceeded the high end of guidance for that segment.

Outlook

Occidental said it is advancing its plan to add more than $4.0 billion in annual sustainable cash flow by 2030, which it said provides a pathway to accelerate capital returns. For the fourth quarter, analysts expect EPS of $1.96 on revenue of $7.52 billion. For the full year, the consensus estimate is EPS of $6.87 on revenue of $27.82 billion.