06 Aug Occidental Announces 2nd Quarter 2026 Results
(Oilandgaspress) 06/08/26, – Occidental Reported a Pre-tax income from oil and gas totaled $2.8 billion for the second quarter of 2026, compared to $1.0 billion for the first quarter of 2026. Excluding items affecting comparability, the increase was primarily driven by higher realized crude oil prices, partially offset by lower domestic natural gas prices. Second quarter average WTI and Brent marker prices were $92.79 per barrel and $97.06 per barrel, respectively. Average worldwide realized crude oil prices increased 38% from the previous quarter to $96.78 per barrel. Average worldwide realized natural gas liquids prices increased 30% to $24.64 per barrel. Average domestic realized gas prices were negative $1.48 per thousand cubic feet (Mcf).
Total global production averaged 1,433 thousand barrels of oil equivalent per day (Mboed) for the second quarter of 2026, exceeding the high end of guidance, with the Permian and Gulf of America business units outperforming.
Highlights:
Increased quarterly dividend by an additional 8% this year to $0.28 per share, payable October 15, 2026, to stockholders of record as of September 10, 2026
Reduced principal debt by $1.9 billion to $11.8 billion, advancing toward the $10.0 billion milestone
Generated $5.1 billion of operating cash flow from continuing operations and $4.6 billion of operating cash flow before working capital
Delivered $3.0 billion of free cash flow before working capital from continuing operations, the highest level since the third quarter of 2022, with capital expenditures of $1.6 billion
Produced 1,433 Mboed globally, exceeding the high end of guidance
Midstream and marketing pre-tax adjusted income exceeded the high end of guidance
Reported EPS of $2.75; adjusted EPS from continuing operations of $2.40
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