10-K · February 18, 2026
Occidental’s 2025 10‑K highlights a strategic portfolio tilt away from chemicals with the announced sale of OxyChem for $9.7 billion (closed Jan 2, 2026) producing an estimated gain of $3.2 billion, and a continued…
Earnings analysis · 10-Q
OXY earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
Occidental Petroleum's Q1 2026 results reflect a significant recovery with revenues reaching $5.2 billion, aided by higher oil prices despite a decrease in sales volumes. The net income soared to $3.36 billion, driven…
Read full summary
Occidental Petroleum's Q1 2026 results reflect a significant recovery with revenues reaching $5.2 billion, aided by higher oil prices despite a decrease in sales volumes. The net income soared to $3.36 billion, driven primarily by a $3.12 billion gain from discontinued operations following the OxyChem sale. However, the company faced lower realized commodity prices compared to the prior year.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.13
- Segment
- Oil and Gas
- Segment
- Midstream and Marketing
What stood out
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Revenue Growth Despite Volatility
Total revenue was $5.2 billion, increasing from $5.1 billion in Q4 2025, driven by higher crude prices.
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Strong EPS Performance
Diluted EPS surged to $3.13, contrasting with a loss of $0.07 in Q4 2025.
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Significant Debt Reduction
Approximately $6.7 billion of debt was repaid, enhancing financial stability post-OxyChem sale.
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Strong Cash from Discontinued Operations
Discontinued operations contributed $3.12 billion to net income following the OxyChem transaction.
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Enhanced Operating Cash Flow
Operating cash flow from continuing operations was $1.4 billion, exceeding prior expectations.
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Improved Commodity Pricing,
Average WTI price was $71.93, up from $59.14 in the previous quarter.
What to watch
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Commodity Price Volatility
Future revenues may be impacted by fluctuations in oil and gas prices, evidenced by lower realized prices compared to Q1 2025.
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CEO Transition Uncertainty
Leadership change may create strategic and operational risks as new leadership adjusts to company direction.
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Geopolitical Risks Persist
Ongoing geopolitical uncertainties, particularly in the Middle East, could further affect commodity pricing and operational capabilities.
Management's outlook
Guidance for Q2 2026 revised to reflect improved operating conditions.
Earlier filings 4
10-Q · August 6, 2025
Occidental reported net sales of $6,414 million (total revenues and other income $6,456 million) for Q2 2025 and diluted EPS of $0.26. Revenue and EPS both declined materially versus the prior year (Q2 2024 net sales…
10-Q · May 7, 2025
Occidental reported net sales of $6,803 million and total revenue of $6,843 million for Q1 2025, up versus Q1 2024 net sales of $5,975 million, and generated diluted EPS of $0.77 and free cash flow of $240 million.…
10-K · February 18, 2025
Occidental's 2024 Form 10-K shows growth in proved reserves and strong free cash generation during the year, driven by U.S. production and the August 1, 2024 CrownRock acquisition. The company is advancing low‑carbon…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.