OXY earnings analysis
What we found in OXY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Despite Volatility
- Total revenue was $5.2 billion, increasing from $5.1 billion in Q4 2025, driven by higher crude prices.
- Strong EPS Performance
- Diluted EPS surged to $3.13, contrasting with a loss of $0.07 in Q4 2025.
- Significant Debt Reduction
- Approximately $6.7 billion of debt was repaid, enhancing financial stability post-OxyChem sale.
- Strong Cash from Discontinued Operations
- Discontinued operations contributed $3.12 billion to net income following the OxyChem transaction.
- Enhanced Operating Cash Flow
- Operating cash flow from continuing operations was $1.4 billion, exceeding prior expectations.
- Improved Commodity Pricing,
- Average WTI price was $71.93, up from $59.14 in the previous quarter.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Commodity Price Volatility
- Future revenues may be impacted by fluctuations in oil and gas prices, evidenced by lower realized prices compared to Q1 2025.
- CEO Transition Uncertainty
- Leadership change may create strategic and operational risks as new leadership adjusts to company direction.
- Geopolitical Risks Persist
- Ongoing geopolitical uncertainties, particularly in the Middle East, could further affect commodity pricing and operational capabilities.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $3.13
- Segment
- Oil and Gas
- Segment
- Midstream and Marketing
What they said about what is next.
Guidance for Q2 2026 revised to reflect improved operating conditions.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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