Occidental Petroleum Corporation (OXY) Announced Q1 2026 Earnings on May 6, 2026, Reporting adjusted earnings of $1.06 per diluted share

Occidental Petroleum Corporation generated approximately $1.7 billion of free cash flow before working capital in the first quarter of 2026.

The company reported first quarter adjusted earnings of $1.06 per diluted share and reported earnings of $3.13 per diluted share.

The company exited the first quarter with more than $3.8 billion of unrestricted cash, and principal debt was reported at $13.3 billion.

First quarter production averaged 1.43 million BOE per day.

Management announced a leadership succession plan, with Vicki Hollub retiring as President and CEO on June 1, and Richard Jackson succeeding her in the role.

The company stated its near-term cash flow priority is to reduce principal debt to $10 billion.

Executives also highlighted ongoing cost efficiencies, noting they are on track for an additional $500 million in oil and gas cost savings for the 2026 year across new wells, facility costs, operating costs, and transportation.

The company provided updates on STRATOS, noting the construction of Phase 2 is now complete, while an issue related to non-process components was identified following Phase 1 commissioning.

For forward guidance, Occidental adjusted the midpoint of full year production guidance to 1.44 million BOE per day and raised the midpoint of full year midstream guidance to $1.1 billion.

The full year capital guidance range was maintained at $5.5 billion to $5.9 billion.