Occidental Petroleum reported first quarter 2026 adjusted earnings of $1.1 billion, or $1.06 per diluted share. The company's production exceeded its own guidance, and it made significant progress on debt reduction following the recent sale of its chemical business.
Key Highlights
- Delivered adjusted EPS from continuing operations of $1.06, significantly beating analyst expectations of $0.62.
- Total company production of 1,426 Mboed surpassed the high end of the company's guidance, driven by strong performance in U.S. assets.
- Advanced its deleveraging plan by repaying $7.1 billion of principal debt, reducing the total principal debt balance to $13.3 billion.
- Generated $1.7 billion of free cash flow before working capital from continuing operations.