November 10, 2026·48 min read
Occidental Petroleum (OXY), Financial Analysis
Insights derived from analysing SEC filings. Independent analysis, not a publication of the SEC.
Net sales Q3 2026
$6.57bn
+19.0% year on year (Q3 2025 $5.52bn)
Costs less other income Q3 2026
$4.09bn
(4.1%) year on year (Q3 2025 $4.27bn)
Operating margin Q3 2026
37.7%
+15.0 pts year on year (Q3 2025 22.7%)
Key findings
- Q3 2026 net sales $6.57bn, +19.0% year on year; net income from continuing operations attributable to common $1.66bn against $0.53bn. Reported EPS $1.61, adjusted EPS $1.91, at WTI $85.79/bbl against $64.93/bbl. OxyChem was sold to Berkshire Hathaway on 2 Jan 2026 and is reported as discontinued operations: figures in this report are on a continuing basis from FY2023, and FY2021 and FY2022 appear only as originally reported, incl. OxyChem.
- Production 1,427 Mboe/d, (2.6%): Permian 812, Rockies and other domestic 281, Gulf of America 110 after a Sep 2026 curtailment on a third party gas pipeline, international 224. Realized oil $85.91/bbl; domestic gas $1.61/Mcf after ($1.48)/Mcf in Q2 2026.
- Principal debt down from $24.9bn at Sep 2024, after the CrownRock acquisition, to $9.98bn at 30 Sep 2026; $10.4bn was retired in 9M 2026, funded mostly by about $7.9bn of net after tax OxyChem proceeds. Annualized interest on debt fell from about $1.24bn at Dec 2025 to about $655m; Q3 2026 interest and debt expense $78m against $266m.
- Midstream and marketing pretax income $55m in Q3 2026 against $1.34bn in Q2 2026 as the Waha to Gulf Coast gas spread narrowed. STRATOS, the direct air capture joint venture with a BlackRock fund, held $1.4bn of construction in progress at 30 Sep 2026 and BlackRock has paid in its full $550m; the FY2025 10-K expected operations to begin in 2026, and the Q3 2026 10-Q gives no start date.
- Capital returns: dividend $0.28 a quarter against $0.24 a year earlier; no repurchases under the program in 2026, with $1.22bn of authorization left. Berkshire Hathaway holds 264.9m common shares (26.5%), warrants on 83.9m shares at $59.59 and about $8.5bn of 8% preferred stock, which the company can redeem voluntarily at 105% of face from Aug 2029. Richard Jackson succeeded Vicki Hollub as CEO on 1 Jun 2026.
- Shares at $55.64 (intraday, 10 Nov 2026), 12.4x TTM continuing EPS of $4.49. Three year scenario prices on continuing earnings: base $36, best $78, worst $8.
Figures are read from the filings of Occidental Petroleum Corporation (central index key 797468): the Forms 10-K for FY2021 to FY2025, the Forms 10-Q for Q1 to Q3 2026, the Forms 8-K with all their exhibits, incl. the quarterly results releases (Ex 99.1), the earnings considerations notices, the OxyChem closing with pro forma statements (Ex 99.2), the tender offer releases and fifth supplemental indenture (Ex 4.1), and the CEO succession and Item 5.07 vote results, the proxy statement of 2026, Berkshire Hathaway's Forms 13F, Schedules 13G and Forms 4, together with the filings of 9 peer companies. Occidental files no separate CFO commentary; finance commentary comes from the liquidity discussion in the Q3 2026 Form 10-Q. The Q3 2026 release and Form 10-Q were filed on 9 Nov 2026. Accession numbers appear in the Sources appendix.
1 Revenue & Business Model
- Storyline: Occidental sold its chemical business and used the cash to repay the debt taken on for the CrownRock acquisition, leaving an oil and gas producer with lower interest costs and a large Berkshire Hathaway preferred stake still to redeem. Chapters 2 to 5 cover the drivers: Permian and Rockies; Gulf of America and international; midstream, marketing and low carbon; the OxyChem sale and debt.
- Two continuing segments, FY2025: oil and gas net sales $20.90bn and pretax income $4.59bn; midstream and marketing net sales $1.28bn and pretax income $252m, incl. the WES equity stake and the low carbon ventures business (STRATOS); eliminations ($588m).
- Net sales on a continuing basis FY2023 $23.16bn, FY2024 $22.02bn, FY2025 $21.59bn; TTM Q3 2026 $24.97bn as oil prices rose from Mar 2026. As originally reported incl. OxyChem, revenue was $25.96bn in FY2021 and $36.63bn in FY2022.
- Regions FY2025: United States $18.02bn of revenue from customers and international $4.13bn, before eliminations; 9M 2026 United States $16.24bn, international $3.88bn. Proved reserves 4,603 MMboe at end 2025, 82% in the United States.
- CrownRock, a Midland Basin producer, was acquired on 1 Aug 2024 for $9.386bn in cash and 29.6m shares, with $1.2bn of CrownRock debt assumed; about $9.6bn of new debt funded it (FY2025 10-K).
- Production by region, Q3 2026 (Mboe/d): Permian 812, Rockies and other domestic 281, Gulf of America 110, international 224 (Al Hosn 94, Oman 68, Dolphin 36, Algeria and other 26); total 1,427. Employees in continuing operations 10,412 at end 2025.
Table 1.1 Segment net sales and pretax income, continuing operations, FY2023 to FY2025
| Line | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Oil and gas net sales ($bn) | 21.28 | 21.71 | 20.90 |
| Midstream and marketing net sales ($bn) | 2.43 | 0.89 | 1.28 |
| Eliminations ($bn) | (0.56) | (0.57) | (0.59) |
| Oil and gas pretax income ($bn) | 6.24 | 5.21 | 4.59 |
| of which domestic ($bn) | 4.82 | 3.72 | 3.19 |
| of which international ($bn) | 1.86 | 1.77 | 1.64 |
| of which exploration ($bn) | (0.44) | (0.28) | (0.25) |
| Midstream and marketing pretax income ($bn) | (0.04) | 0.56 | 0.25 |
| Corporate and other ($bn) | (0.59) | (0.58) | (0.63) |
| OxyChem net sales, discontinued ($bn) | 5.10 | 4.71 | 4.37 |
Restated for the OxyChem sale in the FY2025 Form 10-K; sales from oil and gas and midstream to the chemical segment are no longer eliminated, so FY2023 and FY2024 differ from the original filings. Domestic and international include exploration in the quarterly recast; exploration is shown separately in the annual split.
Table 1.2 Net production by region, last five quarters (Mboe/d)
| Region | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Permian | 800 | 818 | 787 | 804 | 812 |
| Rockies and other domestic | 288 | 284 | 281 | 280 | 281 |
| Gulf of America | 139 | 144 | 138 | 144 | 110 |
| International | 238 | 235 | 220 | 205 | 224 |
| Total | 1,465 | 1,481 | 1,426 | 1,433 | 1,427 |
Q3 2026 Gulf of America volumes reflect a Sep 2026 curtailment from a third party gas pipeline constraint and maintenance (8-K of 13 Oct 2026).
Table 1.3 Marker and realized prices, last five quarters
| Price | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| WTI average ($/bbl) | 64.93 | 59.14 | 71.93 | 92.79 | 85.79 |
| Brent average ($/bbl) | 68.14 | 63.09 | 77.93 | 97.06 | 91.62 |
| Realized oil, worldwide ($/bbl) | 64.78 | 59.22 | 69.91 | 96.78 | 85.91 |
| Realized NGL, worldwide ($/bbl) | 19.60 | 16.68 | 18.99 | 24.64 | 24.63 |
| Realized gas, domestic ($/Mcf) | 1.48 | 1.12 | 1.01 | (1.48) | 1.61 |
| Lease operating expense ($/boe) | 8.69 | 8.48 | 8.70 | 8.57 | 9.07 |
Realized prices from the quarterly results releases. Domestic gas realized ($1.48)/Mcf in Q2 2026 on Permian takeaway constraints.
2 Permian and Rockies: Volume Held While Gas Prices Turned Negative
- Domestic oil and gas pretax income $1.90bn in Q3 2026, +115.9%, after $2.26bn in Q2 2026; the figure covers Permian, Rockies and Gulf of America incl. exploration. US oil and gas revenue from contracts with customers $5.62bn, +24.0%.
- Permian 812 Mboe/d, +1.5%; Rockies and other domestic 281 Mboe/d, (2.4%). Permian output grew from 584 Mboe/d in FY2023 to 786 in FY2025 after CrownRock, and averaged 801 in 9M 2026.
- Prices: US realized oil $85.93/bbl against $64.55/bbl; domestic gas $1.61/Mcf against NYMEX $2.97, after ($1.48)/Mcf against NYMEX $2.89 in Q2 2026.
- Capital: Permian capital expenditure $747m in Q3 2026 against $812m, (8.0%); domestic lease operating expense $8.54/boe against $8.11/boe.
- Enhanced recovery: Occidental injects CO2 into Permian fields; the FY2025 10-K names CO2 supply disruptions among its risk factors.
How the US onshore oil and gas market is changing
- The Permian Basin supplied more than 49% of US oil output in 2025, and Occidental produced about 10% of basin oil (FY2025 10-K).
- Oil prices rose from Mar 2026: WTI averaged $85.79/bbl in Q3 2026 and $92.79/bbl in Q2 2026 against $64.93/bbl in Q3 2025; the Q3 2026 10-Q links the rise to conflicts and instability in the Middle East.
- Permian gas takeaway: the Waha to Gulf Coast gas spread averaged $2.21/MMBtu in 2025 against $1.49 in 2024 (FY2025 10-K). Realized gas turned negative in Q2 2026 at Occidental, ($1.48)/Mcf, and at Diamondback, ($2.15)/Mcf, before recovering to $1.61 and $1.12 in Q3 2026 (8-K filings). Diamondback bought a 7.5% stake in the Solitude pipeline system from the Permian to Katy.
- Growth across peers in Q3 2026: EOG Resources production +10.1% and Diamondback +9.7%; ConocoPhillips Lower 48 (0.7%); Occidental Permian +1.5%. Devon production rose to 1,668 Mboe/d from 853 after a 2026 merger, so its growth is left out of the comparison.
Table 2.1 US onshore results against competitors, Q3 2026 ($bn)
| Company and measure | Period | Volumes and detail | Value | Growth (%) |
|---|---|---|---|---|
| Occidental domestic oil and gas pretax income | Q3 2026 | Permian 812, Rockies 281, Gulf of America 110 Mboe/d | 1.90 | 115.9 |
| ConocoPhillips Lower 48 pretax income | Q3 2026 | Lower 48 1,517 Mboe/d, (0.7%) | 3.11 | 96.3 |
| EOG Resources net income | Q3 2026 | production 1,433 Mboe/d, +10.1% | 2.78 | 89.1 |
| Diamondback Energy net income | Q3 2026 | production 1,034 Mboe/d, +9.7%; realized gas $1.12/Mcf | 1.60 | n/a |
| Devon Energy net earnings | Q3 2026 | production 1,668 Mboe/d after a 2026 merger | 1.01 | 46.7 |
| Chevron US upstream earnings | Q3 2026 | US production 2,043 kboe/d, +0.1% | 3.29 | 156.9 |
| ExxonMobil upstream earnings, worldwide | Q3 2026 | production 4,496 kboe/d, (5.7%) | 7.09 | 24.8 |
Occidental and ConocoPhillips pretax; EOG, Diamondback and Devon company net income; Chevron and ExxonMobil segment earnings after tax. Diamondback Q3 2025 net income was not in the exhibit read. Devon growth includes the 2026 merger.
3 Gulf of America and International: Al Hosn Recovered, Gulf Curtailed
- International oil and gas pretax income $654m in Q3 2026, +56.1%, incl. $120m of income from a judicial deposit recovery; realized oil $85.80/bbl against $66.03/bbl. International revenue from contracts with customers $1.01bn, +15.2%.
- International production 224 Mboe/d, (5.9%): Al Hosn 94 after 74 in Q2 2026; Oman 68 against 74 a year earlier; Dolphin 36; Algeria and other 26. The 10-Q links lower volumes to Middle East disruptions and to higher prices, which cut entitlements under production sharing contracts.
- Gulf of America 110 Mboe/d against 144 in Q2 2026 and 139 a year earlier, after a Sep 2026 curtailment at certain facilities from a third party gas pipeline constraint and maintenance (8-K of 13 Oct 2026). Gulf of America capital expenditure $88m in Q3 2026.
- Exposure: the 10-Q states that conflicts and tensions in the Middle East could disrupt supply, routes and export infrastructure and influence prices. Occidental employed 3,441 people in the Middle East at end 2025.
How the international and offshore market is changing
- Middle East conflict: oil prices rose from Mar 2026 (Q3 2026 10-Q); Brent averaged $97.06/bbl in Q2 2026 and $91.62/bbl in Q3 2026 against $68.14/bbl in Q3 2025 (Occidental 8-K, 9 Nov 2026). Al Hosn output fell to 74 Mboe/d in Q2 2026 and recovered to 94 in Q3 2026.
- Peers report the same pattern: ConocoPhillips cites the conflict's effect on Qatar for lower production in its Europe, Middle East and North Africa segment; Chevron international production fell 5.3% (8-K filings, Oct and Nov 2026).
- Entitlement effect: under production sharing contracts, as in Oman, higher prices reduce the barrels due to the contractor; the Q3 2026 10-Q names this among the reasons for lower international volumes.
Table 3.1 International results against competitors, Q3 2026 ($bn unless stated)
| Company and measure | Period | Volumes and detail | Value | Growth (%) |
|---|---|---|---|---|
| Occidental international oil and gas pretax income | Q3 2026 | production 224 Mboe/d, (5.9%) | 0.65 | 56.1 |
| ConocoPhillips Europe, Middle East and North Africa pretax income | Q3 2026 | segment tax rate 78.3%; Qatar affected by the conflict | 1.66 | 65.8 |
| Chevron international upstream earnings | Q3 2026 | production 1,937 kboe/d, (5.3%) | 2.41 | 19.1 |
| ExxonMobil realized crude price outside the US ($/bbl) | Q3 2026 | upstream earnings $7.09bn, +24.8% | 84.03 | 34.3 |
| EOG Resources Trinidad production (Mboe/d) | Q3 2026 | under 4% of EOG output | 45.6 | 14.6 |
Occidental and ConocoPhillips pretax; Chevron after tax. Definitions differ.
4 Midstream, Marketing and Low Carbon: Gas Spreads, WES and STRATOS
- Midstream and marketing pretax income $55m in Q3 2026 against $81m a year earlier and $1.34bn in Q2 2026; 9M 2026 $1.3bn against $48m in 9M 2025. The 10-Q attributes the 9M gain to Permian gas transportation capacity optimization, crude sale timing, lower long haul crude transport costs and higher Al Hosn sulfur prices.
- Midstream revenue from contracts with customers $587m in Q3 2026, +81.2%, incl. sulfur sales from Al Hosn.
- WES: Occidental owns the 2.1% general partner interest and 36.4% of limited partner units; it transferred 15.3m units to WES in Feb 2026 for amended gathering terms ($105m charge) and booked a $220m dilution gain in Jun 2026. WES equity income $121m in Q3 2026 against $156m.
- STRATOS (Ector County, Texas): designed to capture up to 500,000 tonnes of CO2 a year, first 250,000 tonnes from trains 1 and 2; joint venture with a BlackRock fund. At 30 Sep 2026: $1.4bn of construction in progress, BlackRock's full $550m commitment paid in, noncontrolling interest $639m; Occidental may call that interest on 30 Jun 2035 (10-Q).
- STRATOS timing as filed: the FY2025 10-K (18 Feb 2026) stated that operations were expected to begin in 2026; the Q3 2026 10-Q and release report no start of operations and give no new date. The 10-Q adds that Occidental may make further payments if construction and operational thresholds are missed.
- Other low carbon assets: 40.3% of NET Power and five sequestration hubs in development over about 310,000 acres (FY2025 10-K). Midstream capital expenditure, mostly STRATOS, was $720m in FY2025 and $353m in 9M 2026.
How midstream and carbon management are changing
- Gas spreads drive marketing results: Occidental holds firm Permian gas transport capacity; Q3 2026 income fell as the Waha to Gulf Coast spread narrowed (10-Q). EOG's gathering, processing and marketing margin was $65m in Q3 2026 and Devon's marketing and midstream line ($20m) (8-K filings).
- Policy on low carbon credits: the FY2025 10-K states that tax credits for low carbon businesses face uncertainty under the Inflation Reduction Act and the One Big Beautiful Bill Act, and that the market for CO2 removal credits is not well established.
- LNG offtake: ConocoPhillips expanded its commercial LNG offtake portfolio to 13 mtpa (8-K, 5 Nov 2026); Occidental reports no LNG offtake.
Table 4.1 Midstream and marketing results against competitors, Q3 2026 ($m)
| Company and measure | Period | Detail | Value | Growth (%) |
|---|---|---|---|---|
| Occidental midstream and marketing pretax income | Q3 2026 | adjusted $309m; Q2 2026 reported $1.34bn | 55 | (32.1) |
| EOG gathering, processing and marketing revenue less costs | Q3 2026 | Revenue $1.85bn against $1.18bn | 65 | 47.7 |
| Devon marketing and midstream revenues less expenses | Q3 2026 | Revenues $1.83bn against $1.44bn | (20) | n/a |
Occidental pretax segment income incl. WES equity income; EOG and Devon revenue less costs of their marketing lines.
5 OxyChem Sale and Debt: $24.9bn of Principal Cut to $9.98bn
- OxyChem sale: agreed in Oct 2025 and closed on 2 Jan 2026 with Berkshire Hathaway for $9.7bn in cash, adjusted to $9.47bn for working capital and post close items; after tax gain about $3.1bn in Q1 2026; about $1.2bn of related income tax paid in 9M 2026.
- Retained obligations: subsidiary Environmental Resource Holdings keeps OxyChem legacy tort and environmental liabilities; Occidental guarantees indemnities to Berkshire Hathaway. Environmental remediation liabilities $1.84bn at 30 Sep 2026, of which $1.66bn for retained OxyChem sites.
- What was sold: OxyChem net sales $4.37bn and pretax income $495m in FY2025; quarterly pretax income $185m, $213m and $197m in Q1 to Q3 2025, each lower than a year earlier.
- Debt: principal at face $24.90bn at Sep 2024 after CrownRock, $24.39bn at Dec 2024, $20.43bn at Dec 2025 and $9.98bn at 30 Sep 2026, a fall of $14.9bn. Debt payments were $4.5bn in 2024, $3.75bn in 2025 and $10.5bn in 9M 2026.
- Tender offers (Forms 8-K of 19 Feb and 9 Mar 2026): cap raised from $700m to $1.2bn; $843.3m of 6.125% notes due 2031, $335.2m of 6.625% notes due 2030 and $21.5m of 2036 zero coupon notes accepted; covenants on the 2031 notes removed.
- Interest: annualized interest on debt about $1.24bn at Dec 2025 and about $655m at 30 Sep 2026; Q3 2026 interest and debt expense $78m against $266m. Ratings Baa3 (Moody's), BBB (Fitch), BB+ (S&P).
How the chlor alkali market is changing, and peer balance sheets
- Prices rose at the start of the Middle East conflict, then eased: Westlake's Performance and Essential Materials average sales price rose 9% year on year in Q3 2026 and fell 8% from Q2 2026 (8-K, 4 Nov 2026).
- Pressure on US chlor alkali producers: Olin cites subsidized Asian exports, reported Chlor Alkali Products and Vinyls earnings of $71.3m, (44.1%), and expects its merger with Huntsman to close in Q1 2027 (8-K, 29 Oct 2026).
- Balance sheets: net debt at book value Occidental $7.9bn, ConocoPhillips $15.5bn, Diamondback $12.7bn, Devon $10.3bn and EOG $2.2bn at 30 Sep 2026 (10-Q filings).
Table 5.1 Chemical peers, Q3 2026 ($m)
| Company and measure | Period | Value | Growth (%) | Margin (%) |
|---|---|---|---|---|
| Westlake Performance and Essential Materials EBITDA excl. identified items | Q3 2026 | 215 | 138.9 | 11.4 |
| Westlake Housing and Infrastructure Products EBITDA | Q3 2026 | 195 | (9.3) | 17.9 |
| Olin Chlor Alkali Products and Vinyls segment earnings | Q3 2026 | 71 | (44.1) | 8.4 |
| Dow Packaging and Specialty Plastics operating EBIT | Q3 2026 | 585 | 194.0 | 10.1 |
| OxyChem pretax income (sold 2 Jan 2026) | Q3 2025 | 197 | (35.2) | n/a |
Westlake EBITDA; Olin segment earnings; Dow operating EBIT. Westlake Q3 2025 included a $727m goodwill impairment. OxyChem was last reported as a segment in Q3 2025.
Table 5.2 Net debt and market value, oil peers ($bn)
| Company | Net debt at book | Market value |
|---|---|---|
| Occidental | 7.9 | 55.6 |
| ConocoPhillips | 15.5 | 157.3 |
| EOG Resources | 2.2 | 77.0 |
| Devon Energy | 10.3 | 47.9 |
| Diamondback Energy | 12.7 | 49.7 |
| Chevron | 20.7 | 460.2 |
Net debt at 30 Sep 2026 from each 10-Q; Chevron from its 8-K of 30 Oct 2026. Occidental also has about $8.5bn of preferred stock at face.
6 Financial Analysis & Ratios
- Operating margin, measured as pretax income from continuing operations plus interest and debt expense, 31.9% TTM against 19.5% in FY2025 and 24.3% in FY2023; Q3 2026 37.7% against 22.7%. Occidental reports no operating income line, so this proxy is used throughout; it includes equity income from WES.
- Net income from continuing operations attributable to common $4.57bn TTM ($4.49 per share) against $1.39bn in FY2025 ($1.35); reported TTM net income $7.55bn ($7.42) includes the $3.1bn after tax OxyChem gain in Q1 2026. Preferred dividends to Berkshire Hathaway take $679m a year.
- Effective tax rate 25.3% TTM against 32.6% in FY2025; quarterly rates were 23% in Q2 and Q3 2026 against 39% in Q1 2026.
- Capital expenditure TTM $5.99bn (24.0% of net sales) against $6.43bn in FY2025; Q3 2026 $1.32bn, of which oil and gas $1.23bn and midstream $73m. Operating cash flow from continuing operations TTM $13.00bn and free cash flow $7.01bn.
- Balance sheet at 30 Sep 2026: cash $3.88bn; debt at book value $11.83bn and principal at face $9.98bn; net principal debt $6.10bn; stockholders' equity $43.17bn incl. $8.29bn of preferred stock at carrying value; undrawn revolving credit facility $4.2bn to 30 Jun 2028.
Table 6.1 Income statement, cash flow and balance sheet summary ($bn unless stated)
| Line item | FY2023 | FY2024 | FY2025 | TTM Q3 2026 |
|---|---|---|---|---|
| Revenue | 23.2 | 22.0 | 21.6 | 25.0 |
| Selling, general and administrative | 1.0 | 1.0 | 1.0 | 1.0 |
| Operating income | 5.6 | 5.2 | 4.2 | 8.0 |
| Net income | 2.4 | 2.2 | 1.4 | 4.6 |
| Diluted EPS ($) | 2.49 | 2.23 | 1.35 | 4.49 |
| Operating cash flow | 10.2 | 10.5 | 9.6 | 13.0 |
| Capital expenditure | (5.7) | (6.3) | (6.4) | (6.0) |
| Free cash flow | 4.5 | 4.3 | 3.2 | 7.0 |
| Stock based compensation | 0.2 | 0.2 | 0.2 | n/a |
| Cash and investments | 1.4 | 2.1 | 2.0 | 3.9 |
| Total debt | 19.7 | 26.1 | 22.4 | 11.8 |
| Total equity | 30.3 | 34.5 | 36.6 | 43.8 |
FY2023 to TTM Q3 2026 on a continuing basis, excluding OxyChem. Operating income is pretax income from continuing operations plus interest and debt expense, as Occidental reports no operating income line. Net income and diluted EPS are from continuing operations attributable to common stockholders, after preferred dividends; FY2023 also deducts a $151m preferred redemption premium. Total equity includes preferred stock and noncontrolling interests. TTM equals Q4 2025 plus Q1 to Q3 2026; TTM balance sheet at 30 Sep 2026.
Table 6.2 What changed, Q3 2026 against Q3 2025
| Metric | Q3 2025 | Q3 2026 | Change |
|---|---|---|---|
| Revenue ($bn) | 5.52 | 6.57 | 19.0% |
| Operating income ($bn) | 1.25 | 2.47 | 97.7% |
| Net income ($bn) | 0.66 | 1.64 | 147.7% |
| Diluted EPS ($) | 0.65 | 1.61 | 147.7% |
| Operating cash flow ($bn) | 2.45 | 4.13 | 68.7% |
| Free cash flow ($bn) | 0.94 | 2.81 | 200.1% |
| Operating margin (%) | 22.7 | 37.7 | 15.0 pts |
| Net margin (%) | 12.0 | 24.9 | 13.0 pts |
Table 6.3 Ratio analysis
| Ratio | FY2023 | FY2024 | FY2025 | TTM Q3 2026 |
|---|---|---|---|---|
| Growth and margins | ||||
| Revenue growth (%) | n/a | (4.9) | (1.9) | n/a |
| Operating margin (%) | 24.3 | 23.6 | 19.5 | 31.9 |
| FCF margin (%) | 19.6 | 19.3 | 14.7 | 28.1 |
| Cost and investment intensity | ||||
| SBC (%) revenue | 0.9 | 1.0 | 1.1 | n/a |
| Capex (%) revenue | 24.6 | 28.4 | 29.8 | 24.0 |
| Effective tax rate (%) | 28.5 | 28.8 | 32.6 | 25.3 |
| Returns | ||||
| ROIC (%) | 8.3 | 6.3 | 5.0 | 11.5 |
| Asset turnover (x) | 0.31 | 0.26 | 0.26 | 0.31 |
| Liquidity and leverage | ||||
| Current ratio (x) | 0.92 | 0.95 | 0.94 | 1.38 |
| Debt to equity (x) | 0.65 | 0.76 | 0.61 | 0.27 |
| Net cash ($bn) | (18.3) | (24.0) | (20.4) | (7.9) |
| Efficiency and cash quality | ||||
| Days sales outstanding | 50 | 58 | 44 | 51 |
| Shareholder returns (%) FCF | 70 | 35 | 50 | 27 |
Operating margin uses pretax income from continuing operations plus interest and debt expense. Net margin and return on equity are left out because the ratio model reads reported net income, which includes discontinued operations; continuing figures are in the text. Debt to equity uses debt at book value and total equity incl. preferred stock.
Table 6.4 Valuation snapshot at $55.64 per share, intraday 10 Nov 2026
| Measure | Value |
|---|---|
| Market value ($bn) | 55.6 |
| Enterprise value incl. preferred at face and NCI ($bn) | 72.7 |
| P/E on TTM continuing EPS (x) | 12.4 |
| P/E on TTM reported EPS (x) | 7.5 |
| EV/Sales (TTM) (x) | 2.9 |
| EV/EBITDA (TTM) (x) | 4.7 |
| FCF yield (%) | 12.6 |
| Price to common equity (x) | 1.6 |
| Dividend yield (%) | 2.0 |
Table 6.5 Total company as originally reported incl. OxyChem, FY2021 to FY2024
| Line | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Revenue ($bn) | 25.96 | 36.63 | 28.26 | 26.73 |
| Pretax income ($bn) | 3.71 | 14.12 | 6.43 | 4.07 |
| Net income attributable to common ($bn) | 1.52 | 12.50 | 3.77 | 2.38 |
| Diluted EPS ($) | 1.58 | 12.40 | 3.90 | 2.44 |
| Operating cash flow ($bn) | 10.43 | 16.81 | 12.31 | 11.44 |
| Capital expenditure ($bn) | (2.87) | (4.50) | (6.27) | (7.02) |
| Chemical segment sales ($bn) | 5.25 | 6.76 | 5.32 | n/a |
| Chemical segment pretax income ($bn) | 1.54 | 2.51 | 1.53 | n/a |
As filed in each year's Form 10-K, before the OxyChem sale; not comparable with the continuing basis used elsewhere. FY2024 segment detail was not collected.
Cost structure and cash flow
- Costs less other income $4.09bn in Q3 2026, (4.1%) year on year, against net sales +19.0%; the margin on pretax income plus interest rose to 37.7% from 22.7%.
- Depreciation, depletion and amortization is the largest disclosed cost: 34.9% of FY2025 net sales ($7.53bn) against 27.9% in FY2023, after CrownRock added Permian assets; Q3 2026 $1.78bn against $1.95bn.
- Lease operating expense $9.07/boe in Q3 2026 against $8.69/boe; FY2025 $8.94/boe against $10.48/boe in FY2023. Domestic $8.54/boe against $8.11/boe.
- Interest and debt expense $0.85bn TTM against $1.08bn in FY2025 and $1.17bn in FY2024; Q3 2026 $78m.
- Free cash flow $2.81bn in Q3 2026 against $0.94bn; the company's free cash flow before working capital $2.78bn. Crude oil collar settlements cut operating cash flow by $94m in Q3 2026 and $238m in 9M 2026.
- Discontinued operations used $1.4bn of operating cash in 9M 2026, mainly about $1.2bn of income tax on the OxyChem sale (10-Q).
Table 6.6 Cash flow, continuing operations, last five quarters
| Line | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Operating cash flow ($bn) | 2.45 | 2.40 | 1.39 | 5.09 | 4.13 |
| Operating cash flow before working capital, non GAAP ($bn) | 2.95 | 2.55 | 3.25 | 4.61 | 4.10 |
| Capital expenditure ($bn) | (1.51) | (1.53) | (1.55) | (1.59) | (1.32) |
| Free cash flow ($bn) | 0.94 | 0.87 | (0.16) | 3.50 | 2.81 |
| Free cash flow before working capital, non GAAP ($bn) | 1.48 | 1.06 | 1.75 | 3.02 | 2.78 |
| Debt repayments ($bn) | (1.30) | (0.17) | (6.90) | (1.79) | (1.82) |
| Dividends paid, common and preferred ($bn) | (0.41) | (0.41) | (0.41) | (0.43) | (0.43) |
| Treasury share purchases ($bn) | 0.00 | 0.00 | (0.06) | (0.06) | (0.09) |
| Discontinued operations, operating cash flow ($bn) | 0.34 | 0.24 | (0.11) | (0.82) | (0.46) |
Free cash flow is operating cash flow less capital expenditure. Non GAAP lines as defined in the results releases.
Table 6.7 Net income attributable to common and EPS, last five quarters ($bn unless stated)
| Line | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Reported, incl. discontinued operations | 0.66 | (0.07) | 3.18 | 2.81 | 1.64 |
| Continuing operations | 0.53 | 0.05 | 0.05 | 2.81 | 1.66 |
| Adjusted, continuing (non GAAP) | 0.51 | 0.17 | 1.07 | 2.44 | 1.95 |
| Diluted EPS, reported ($) | 0.65 | (0.07) | 3.13 | 2.75 | 1.61 |
| Adjusted EPS, continuing ($) | 0.51 | 0.17 | 1.06 | 2.40 | 1.91 |
Q1 2026 reported includes $3.12bn from discontinued operations, mainly the after tax gain on the OxyChem sale. Q4 2025 reported includes a $325m midstream impairment and a ($119m) discontinued operations loss.
7 MD&A & Management Commentary
Q3 2026 results release and Form 10-Q (9 Nov 2026)
- Q3 2026: net income attributable to common $1.64bn, $1.61 per share; adjusted income $1.95bn, $1.91 per share. The release attributes the gap mainly to derivative losses: items affecting comparability ($314m) after tax, incl. a crude oil collar loss ($187m), a midstream derivative loss ($254m), a legal reserve ($48m) and $120m of income from a judicial deposit recovery.
- Oil and gas pretax income $2.56bn against $2.85bn in Q2 2026, on lower realized crude prices partly offset by higher domestic gas prices; realized oil $85.91/bbl, (11%) on Q2 2026; NGL $24.63/bbl; domestic gas $1.61/Mcf.
- Midstream and marketing pretax income $55m against $1.34bn in Q2 2026; adjusted $309m, above the high end of guidance per the release. Lower gas margins on a narrower Waha to Gulf Coast spread and crude sale timing, partly offset by higher sulfur volumes and prices at Al Hosn; WES equity income $121m.
- Cash: operating cash flow from continuing operations $4.13bn; free cash flow before working capital $2.78bn on capital expenditure of $1.32bn; principal debt cut $1.8bn in the quarter.
- Q2 2026 (8-K of 5 Aug 2026): EPS $2.75, adjusted $2.40; realized oil $96.78/bbl; midstream pretax income $1.34bn; dividend raised 8% to $0.28; principal debt $11.8bn.
- Q1 2026 (8-K of 5 May 2026): EPS $3.13 incl. the OxyChem gain, adjusted $1.06; operating cash flow $1.4bn after a $1.8bn working capital use; $7.1bn of principal debt repaid through 5 May.
Table 7.1 Company outlook and targets as filed in the Forms 10-K, 10-Q and 8-K
| Item | Outlook | Source |
|---|---|---|
| Q3 2026 production | 1,427 Mboe/d, above the midpoint of guidance; the guidance range was not filed | 8-K Ex 99.1, 9 Nov 2026 |
| Midstream and marketing | Q3 2026 adjusted pretax income above the high end of guidance | 8-K Ex 99.1, 9 Nov 2026 |
| Annual sustainable cash flow | plan to add more than $4.0bn by 2030 | 8-K Ex 99.1, 9 Nov 2026 (CEO statement) |
| Deleveraging | excess cash to debt until principal reaches about $14.3bn, then opportunistic buybacks and/or further net debt reduction; principal $9.98bn at 30 Sep 2026 | FY2025 10-K; Q3 2026 10-Q |
| Interest | annualized interest on outstanding debt about $655m at 30 Sep 2026 against about $1.24bn at 31 Dec 2025 | Q3 2026 10-Q |
| Debt maturities | none in 2026; $48m in 2027, $14m in 2028, $352m in 2029, $9.6bn after; $33m of 2036 zero coupon notes repaid after quarter end | Q3 2026 10-Q |
| Berkshire Hathaway preferred | voluntary redemption at 105% of face possible from Aug 2029; before then mandatory redemption at 110% applies to common distributions above $4.00 per share over 12 months | FY2025 10-K |
| Tronox tax case | deposits with the IRS to begin in Q4 2026 against a possible repayment of about $2.5bn incl. interest | Q3 2026 10-Q |
| Share repurchases | no purchases under the $3.0bn program in 2026; $1.22bn remaining | Q3 2026 10-Q, Part II Item 2 |
| Dividend | $0.28 per share a quarter, after increases to $0.26 in Feb 2026 and to $0.28 in Aug 2026 | Forms 8-K of 18 Feb and 5 Aug 2026 |
Management and CFO commentary
- CEO Richard Jackson, 8-K Ex 99.1 of 9 Nov 2026: principal debt reached $10.0bn after $10.4bn retired since the start of 2026; the company is advancing its plan to add more than $4.0bn of annual sustainable cash flow by 2030.
- Q3 2026 Form 10-Q, liquidity discussion: debt fell from about $20.4bn to about $10.0bn in 9M 2026, using about $7.9bn of net after tax OxyChem proceeds plus operating cash; cash $3.9bn and an undrawn $4.2bn revolving facility; ratings Baa3 (Moody's), BBB (Fitch), BB+ (S&P). Occidental files no separate CFO commentary.
- Vicki Hollub, then CEO, 8-K Ex 99.1 of 5 May 2026: cited commitment to safety, asset reliability and disciplined execution despite challenges in the Middle East, plus progress on deleveraging, lower costs and efficiency.
- Richard Jackson, 8-K Ex 99.1 of 4 May 2026, on his appointment: focus on organic improvement and execution across the resource base.
Table 7.2 Management statements in their own words
| Speaker | Date and source | Statement |
|---|---|---|
| Vicki Hollub, then President and CEO | 2 Jan 2026, 8-K Ex 99.1 on the OxyChem close | “This transaction accelerates our strategy to strengthen Occidental's balance sheet” |
| Richard Jackson, President and CEO | 9 Nov 2026, 8-K Ex 99.1 (Q3 2026 results) | “With our stronger balance sheet, we are advancing our plan” |
Table 7.3 Key disclosures in the FY2025 Form 10-K and Q3 2026 Form 10-Q
| Item | Disclosure |
|---|---|
| 10-K Item 1 | FY2025 production 1,434 Mboe/d: Permian 786, Rockies and other domestic 284, Gulf of America 132, international 232. Permian output is about 10% of basin oil; $3.4bn invested there in 2025. |
| 10-K Item 1 | Proved reserves 4,603 MMboe at end 2025 (4,612 in 2024, 3,982 in 2023); 82% in the United States. |
| 10-K Item 1 | OLCV sits inside midstream and marketing. STRATOS in Ector County, Texas is designed for up to 500,000 t CO2 per year: trains 1 and 2 (250,000 t) first, trains 3 and 4 later; BlackRock fund is JV partner. Five sequestration hubs over 310,000 acres in development. Occidental owns 40.3% of NET Power. |
| 10-K Item 1 | 10,412 employees in continuing operations at Dec 31 2025 (6,793 North America, 3,441 Middle East). |
| 10-K Item 7 | OxyChem sale for $9.7bn agreed Oct 2025, closed Jan 2 2026; estimated after tax gain $3.2bn at 10-K date (later $3.1bn). FY2025 OxyChem net sales $4.37bn and pre tax income $495m. |
| 10-K Item 7 | Debt repaid about $4.0bn in 2025; a further $5.4bn after year end from OxyChem proceeds brought principal to about $15bn at the 10-K date; stated target then was about $14.3bn. |
| 10-K Item 7 | FY2025 capex: $5.6bn oil and gas, $0.7bn midstream and marketing (mostly STRATOS) before NCI contributions. |
| 10-K Item 7 | Waha to Gulf Coast gas spread averaged $2.21/MMbtu in 2025 against $1.49 in 2024; Midland to Gulf Coast oil spread $0.30/bbl against $0.49. |
| 10-K Item 8 (equity) | Berkshire Hathaway holds Series A preferred: about $8.5bn face, 8% dividend ($679m paid in 2025). Before Aug 2029 Occidental must redeem at 110% of face for every dollar of common distributions above $4.00 per share over trailing 12 months; voluntary redemption at 105% after Aug 2029. Berkshire warrant: 83.9m shares at $59.59. |
| 10-K Item 8 (equity) | $3.0bn buyback authorized Feb 2023; $1.2bn remained at Dec 31 2025. Common stock warrants ($22 strike, expire Aug 3 2027): 30.4m outstanding at Dec 2025. |
| 10-K Item 8 (acquisitions) | CrownRock acquisition closed Aug 1 2024: cash paid $9.386bn, 29.6m shares issued, $1.2bn CrownRock debt assumed; funded with $9.6bn new debt. |
| 10-K Item 8 (debt) | Principal at face $20.43bn at Dec 31 2025 against $24.39bn at Dec 31 2024; variable rate share 6.5% against 11%; fair value $20.8bn. |
| 10-K Item 8 (SBC) | Share based compensation expense $234m in 2025, $213m in 2024, $203m in 2023. |
| 10-Q MD&A | 9M 2026 WTI averaged $83.50 and Brent $88.87 against $66.70 and $69.87 in 9M 2025; prices rose from March 2026 on Middle East conflict. |
| 10-Q MD&A | 9M 2026 net sales $19.9bn against $16.5bn; oil and gas segment earnings $6.4bn against $3.9bn; midstream $1.3bn against $48m. |
| 10-Q MD&A | International volumes fell on Middle East disruptions and higher prices reducing production sharing entitlements; Q2 2026 international production 205 Mboe/d. |
| 10-Q Liquidity | $10.4bn debt repaid in 9M 2026 (loss on extinguishment $129m) using about $7.9bn net after tax OxyChem proceeds plus cash flow; principal at face $9.98bn at Sep 30 2026; $33m zero coupon notes repaid after quarter end. |
| 10-Q Liquidity | Maturities: none in 2026, $48m 2027, $14m 2028, $352m 2029, $9.6bn after. Cash $3.9bn and undrawn $4.2bn RCF to June 2028. Ratings Baa3 (Moody's), BBB (Fitch), BB+ (S&P). |
| 10-Q Liquidity | OxyChem related income tax payments about $1.2bn in 9M 2026; discontinued ops operating cash outflow $1.4bn. |
| 10-Q Note 1 | OxyChem adjusted price $9.47bn ($9.70bn less $158m working capital and $70m post close adjustments). Occidental guarantees indemnities to Berkshire. |
| 10-Q Note 1 | STRATOS JV assets $1.4bn construction in progress at Sep 30 2026; BlackRock invested its full $550m commitment; NCI $639m; Occidental may call the NCI on June 30 2035. |
| 10-Q Note 1 | WES: Occidental owns 2.1% GP, 36.4% of LP units; 15.3m units transferred to WES in Feb 2026 for amended gathering terms (charge $105m); $220m gain in June 2026 on dilution from WES Brazos Delaware II acquisition. |
| 10-Q Note 4 | 9M 2026 Permian non core leasehold and processing plant sales: loss $225m; $103m paid plus acreage swap for Permian interests. |
| 10-Q Note 7 | Environmental remediation liabilities $1.84bn at Sep 30 2026, $1.66bn tied to retained OxyChem legacy sites (discontinued); 149 sites, 29 NPL sites with $1.36bn. |
| 10-Q Note 8 | Anadarko Tronox tax case: $881m tentative refund at issue; if disallowed, about $1.4bn tax plus $1.1bn interest repayable at Sep 30 2026 (about $2.3bn at Dec 31 2025 per the 10-K); Occidental plans IRS deposits from Q4 2026. |
| 10-Q Note 9 | 999.7m shares at Sep 30 2026; 13.9m shares issued on warrant exercises in 9M 2026 ($306m cash); 16.5m $22 warrants and 83.9m Berkshire warrants outstanding. |
| 10-Q Part II Item 2 | 3.5m shares bought in 9M 2026 at $58.73 average, all from savings plan trustee; none under the public program; $1.22bn authorization remains. |
8 Sector & Competitor Analysis
- Sector: US oil and gas exploration and production with a Permian focus. In Q3 2026 every peer reported higher revenue on oil prices, while volume growth split between those still adding wells (EOG, Diamondback) and those holding output flat (ConocoPhillips Lower 48, Occidental).
- Revenue growth Q3 2026: EOG +46.2%, Diamondback +38.4%, ConocoPhillips +29.3%, Occidental +19.0%. Occidental production fell 2.6%, incl. the Gulf of America curtailment.
- Margins TTM: Occidental 31.9% on pretax income plus interest against EOG 35.8%, ConocoPhillips 26.1%, Chevron 17.8% and Diamondback 12.6%; FCF margin Occidental 28.1% against EOG 26.6% and ConocoPhillips 16.4%. Occidental's TTM includes a $1.34bn midstream quarter (Q2 2026).
- Valuation: P/E TTM Occidental 12.4x on continuing EPS, EOG 9.4x, ConocoPhillips 13.6x, Devon 13.3x, Chevron 17.3x, Diamondback 24.2x; EV/Sales Occidental 2.91x against 2.55x to 3.36x for the others.
- Capital returns 9M 2026: ConocoPhillips repurchased $5.4bn of shares and paid $3.1bn of dividends; EOG repurchased $2.8bn; Occidental bought $0.2bn of shares, all from its savings plan trustee (10-Q filings).
Table 8.1 US oil producers and Chevron, TTM Q3 2026
| Company | Revenue TTM ($bn) | Revenue growth (%) | Operating margin (%) | Net margin (%) | FCF margin (%) | ROE (%) | Net cash ($bn) | Market value ($bn) | EV/Sales (x) | P/E TTM (x) |
|---|---|---|---|---|---|---|---|---|---|---|
| OXY | 25.0 | 19.0 | 31.9 | 18.3 | 28.1 | 14.5 | (7.9) | 56 | 2.9 | 12.4 |
| COP | 67.7 | 29.3 | 26.1 | 17.1 | 16.4 | 17.7 | (15.5) | 157 | 2.6 | 13.6 |
| EOG | 29.7 | 46.2 | 35.8 | 27.5 | 26.6 | 25.8 | (2.2) | 77 | 2.7 | 9.4 |
| DVN | 22.2 | n/a | n/a | 16.2 | 23.5 | n/a | (10.3) | 48 | 2.6 | 13.3 |
| FANG | 18.6 | 38.4 | 12.6 | 11.0 | n/a | 5.4 | (12.7) | 50 | 3.4 | 24.2 |
| CVX | 225.8 | 35.4 | 17.8 | 11.9 | 15.1 | 14.2 | (20.7) | 460 | 2.1 | 17.3 |
TTM from each company's FY2025 Form 10-K and 9M 2026 Form 10-Q. Operating margin uses operating income where reported (EOG, Diamondback) and pretax income or pretax income plus interest otherwise. Occidental net margin and P/E on continuing income; EV includes its $8.5bn preferred at face. Revenue growth is Q3 2026 against Q3 2025; the other columns are TTM. Devon growth and ROE are left blank because a 2026 merger nearly doubled its shares and equity. Diamondback FCF margin is left blank because its 9M 2026 capex line appears reclassified. Chevron row from the CVX report at the 30 Oct 2026 price. Market values at last trades of 9 or 10 Nov 2026.
9 Material Events & Contracts
- 13 Forms 8-K in twelve months: four results releases and four earnings considerations notices, the OxyChem closing with pro forma statements, two tender offer filings with a supplemental indenture, and the CEO succession with the annual meeting vote results.
- OxyChem closing (8-K of 2 Jan 2026): sale to Berkshire Hathaway for $9.7bn before adjustments; pro forma statements (Ex 99.2) show $6.5bn of principal redemption and 30 Sep 2025 long term debt of $15.90bn against $20.85bn.
- CEO succession (8-K of 4 May 2026): Vicki Hollub retired as CEO on 1 Jun 2026 and remains on the board; COO Richard Jackson became President and CEO with a $1.4m salary, a 150% bonus target and a $6m RSU grant.
- Earnings considerations Forms 8-K carry realized prices, share counts and collar settlements before each release; the 13 Oct 2026 filing disclosed the Gulf of America curtailment.
Table 9.1 Forms 8-K filed in the last twelve months
| Date | Items | Event |
|---|---|---|
| 10 Nov 2025 | 2.02, 9.01 | Q3 2025 results: reported EPS $0.65 incl. OxyChem, production 1,465 Mboe/d; release before OxyChem close. |
| 2 Jan 2026 | 2.01, 7.01, 9.01 | Completed sale of OxyChem to Berkshire Hathaway for $9.7bn cash before adjustments; legacy environmental liabilities retained by subsidiary Environmental Resource Holdings; pro forma financials in Ex 99.2. |
| 20 Jan 2026 | 2.02, 9.01 | Q4 2025 earnings considerations (preliminary items). |
| 18 Feb 2026 | 2.02, 9.01 | Q4 2025 results: FY2025 net income attributable to common $1.65bn ($1.61 diluted); Q4 loss of $68m; production 1,481 Mboe/d. |
| 19 Feb 2026 | 7.01, 9.01 | Cash tender offers up to $700m for 2029 to 2036 notes plus consent solicitations. |
| 9 Mar 2026 | 1.01, 3.03, 8.01, 9.01 | Tender cap raised from $700m to $1.2bn; supplemental indenture removed covenants on 6.125% 2031 notes and cut redemption notice to 5 business days. |
| 10 Apr 2026 | 2.02, 9.01 | Q1 2026 earnings considerations: realized oil $69.91/bbl; diluted shares 1.01bn. |
| 4 May 2026 | 5.02, 5.07, 7.01, 9.01 | Vicki Hollub to retire as CEO June 1 2026 (stays on board); COO Richard Jackson named President and CEO with $1.4m salary, 150% bonus target and $6m RSU grant; AGM results. |
| 5 May 2026 | 2.02, 9.01 | Q1 2026 results: net income attributable $3.17bn incl. $3.12bn discontinued ops (OxyChem gain); adjusted EPS $1.06; production 1,426 Mboe/d. |
| 10 Jul 2026 | 2.02, 9.01 | Q2 2026 earnings considerations. |
| 5 Aug 2026 | 2.02, 9.01 | Q2 2026 results: EPS $2.75, adjusted $2.40; realized oil $96.78/bbl; midstream pre tax $1.34bn; production 1,433 Mboe/d. |
| 13 Oct 2026 | 2.02, 9.01 | Q3 2026 earnings considerations: Gulf of America volumes 110 Mboe/d after third party pipeline constraint; domestic LOE $8.54/boe; collar settlements ($94m). |
| 9 Nov 2026 | 2.02, 9.01 | Q3 2026 results: EPS $1.61, adjusted $1.91; CFO $4.1bn; FCF before WC $2.8bn; principal debt $10.0bn. |
Table 9.2 Material contracts and financing arrangements
| Contract | Terms |
|---|---|
| OxyChem sale to Berkshire Hathaway | Agreed Oct 2025, closed 2 Jan 2026; $9.7bn headline, $9.47bn after $158m working capital and $70m post close adjustments; legacy environmental liabilities retained through Environmental Resource Holdings; Occidental guarantees indemnities to the buyer. |
| Series A preferred stock (Berkshire Hathaway) | Issued 2019; about $8.5bn of face value outstanding, carrying value $8.29bn; 8% dividend ($679m in 2025), 9% if unpaid; mandatory redemption at 110% before Aug 2029 for common distributions above $4.00 per share over 12 months; voluntary redemption at 105% from Aug 2029. |
| Berkshire Hathaway warrant | 83.9m shares at $59.59 per share. Separate public warrants at $22 expire 3 Aug 2027: 16.5m outstanding at 30 Sep 2026 after 13.9m shares issued on exercises in 9M 2026 for $306m. |
| STRATOS joint venture | With a BlackRock fund; BlackRock's $550m commitment fully paid; Occidental consolidates the venture, provides project management, operations and carbon removal offtake, and may call the noncontrolling interest on 30 Jun 2035. |
| Senior notes and fifth supplemental indenture | Tender offers capped at $1.2bn (Mar 2026); covenants on the $1.14bn of 6.125% notes due 2031 removed and redemption notice cut to 5 business days. |
| Revolving credit facility | $4.2bn, undrawn at 30 Sep 2026, maturing 30 Jun 2028. |
| WES gathering agreements | 15.3m WES units transferred in Feb 2026 for amended gathering terms, with a $105m charge. |
| CrownRock acquisition | Closed 1 Aug 2024: $9.386bn cash, 29.6m shares, $1.2bn of CrownRock debt assumed; funded with about $9.6bn of new debt. |
10 Ownership, Voting Power & Annual Meeting
- Berkshire Hathaway is the largest holder: 264.9m common shares, 26.5% of 999.7m shares at 30 Sep 2026, unchanged in every Berkshire Form 13F from Q1 2025 to Q2 2026; incl. 83.9m warrant shares the proxy statement shows 348.9m shares and 32.43%. Berkshire also holds about $8.5bn of preferred stock and bought OxyChem. No Berkshire Form 4 was filed in the last 12 months; its Q3 2026 13F was not yet filed.
- Other holders (Schedules 13G): Dodge & Cox 7.5% and Vanguard Capital Management 5.51% at 31 Mar 2026; BlackRock 5.2% at 30 Jun 2026. One class of common stock; directors and executive officers held 4.9m shares incl. options and warrants, under 1%.
- 2026 annual meeting (1 May 2026): all ten directors elected with 96.66% to 99.18% of votes cast; say on pay 94.6% and KPMG ratification 97.9% on the same basis; no shareholder proposals on the ballot.
- Insiders, 12 months: two open market purchases and no open market sales. CEO Richard Jackson bought 4,770 shares at $52.38 on 23 Jun 2026 (about $0.25m); director William Klesse bought 5,000 shares at $38.98 on 16 Dec 2025 (about $0.19m). Jackson received 101,833 shares in awards on 1 Jun 2026; former CEO Vicki Hollub gifted 90,000 shares on 25 Sep 2026 and holds 974,835.
- Leadership: Richard Jackson, COO since Oct 2025 and with Occidental since 2003, became President and CEO on 1 Jun 2026 and joined the board; Vicki Hollub, CEO since 2016, remains a director (8-K of 4 May 2026). The FY2025 10-K, filed before the change, names Hollub as CEO.
Table 10.1 Annual meeting vote results, 1 May 2026
| Proposal | For (m votes) | Against (m votes) | Abstain (m votes) | For as % of votes cast | Result |
|---|---|---|---|---|---|
| Elect Vicky A. Bailey | 701.8 | 17.9 | 0.8 | 97.5 | Elected |
| Elect Andrew Gould | 708.8 | 10.9 | 0.7 | 98.5 | Elected |
| Elect Carlos M. Gutierrez | 699.1 | 20.6 | 0.7 | 97.1 | Elected |
| Elect Vicki Hollub | 709.2 | 10.6 | 0.7 | 98.5 | Elected |
| Elect William R. Klesse | 703.6 | 16.1 | 0.8 | 97.8 | Elected |
| Elect Jack B. Moore | 707.9 | 11.8 | 0.8 | 98.4 | Elected |
| Elect Claire O'Neill | 711.3 | 8.4 | 0.8 | 98.8 | Elected |
| Elect Avedick B. Poladian | 695.6 | 24.0 | 0.8 | 96.7 | Elected |
| Elect Kenneth B. Robinson | 709.8 | 9.9 | 0.8 | 98.6 | Elected |
| Elect Robert M. Shearer | 713.8 | 5.9 | 0.8 | 99.2 | Elected |
| Say on pay (advisory) | 679.7 | 38.9 | 1.9 | 94.6 | Approved |
| Ratify KPMG LLP as auditor for 2026 | 817.4 | 17.9 | 1.4 | 97.9 | Approved |
For as % of votes cast excludes abstentions and broker non votes (116.1m on each item except the auditor). Results from the Form 8-K Item 5.07 of 4 May 2026.
Table 10.2 Largest holders
| Holder | Shares (m) | % of class | Filing |
|---|---|---|---|
| Berkshire Hathaway | 264.9 | 26.5 | Form 13F, Q2 2026; proxy statement 2026 |
| Dodge & Cox | 74.1 | 7.5 | Schedule 13G/A, 31 Mar 2026 |
| Vanguard Capital Management | 54.7 | 5.51 | Schedule 13G, 31 Mar 2026 |
| BlackRock | 52.1 | 5.2 | Schedule 13G, 30 Jun 2026 |
Berkshire % on 999.7m shares at 30 Sep 2026, excluding its 83.9m warrant shares. The Vanguard Group filed an amended Schedule 13G showing no shares after a Mar 2026 reorganization.
11 Risk Factors
- Item 1A of the FY2025 Form 10-K holds 17 risk factors against 22 in FY2024 and 6,204 words against 11,414: six factors were folded into broader ones, one was added (insurance cover) and 15 were materially reworded. The word chemical appears 18 times in the FY2024 section and no longer appears in FY2025.
- The three 2026 Forms 10-Q report no material change to the FY2025 risk factors; Item 1A of the FY2025 10-K, filed 18 Feb 2026, has no Middle East mention, against 1 in FY2024.
Table 11.1 Main risk factors and filed figures
| Risk | Disclosure and change |
|---|---|
| Commodity prices | After the OxyChem sale the business is more exposed to oil, NGL and gas prices (reworded factor). Continuing net income to common was $51m in Q4 2025 at WTI $59.14/bbl and $2.81bn in Q2 2026 at $92.79/bbl. |
| Gas takeaway and spreads | Domestic realized gas ($1.48)/Mcf in Q2 2026; midstream income $1.34bn in Q2 2026 and $55m in Q3 2026 as the Waha to Gulf Coast spread moved. |
| Middle East operations | International production 205 Mboe/d in Q2 2026 against 233 a year earlier; the 10-Q names disruption risk to supply, routes and export infrastructure. |
| Tronox tax case (Anadarko) | If the deduction is disallowed, about $1.4bn of taxes and $1.1bn of interest would be repayable (30 Sep 2026); deposits with the IRS to begin in Q4 2026. |
| Retained OxyChem liabilities | Environmental remediation liabilities $1.84bn at 30 Sep 2026, $1.66bn tied to retained OxyChem sites; indemnities and a guaranty in favor of Berkshire Hathaway (reworded factor). |
| Carbon management and STRATOS | Factor names STRATOS start up, direct air capture and CCUS projects, an immature CO2 removal credit market, possible capital raising and impairment of low carbon investments; $1.4bn construction in progress at 30 Sep 2026. |
| Debt and ratings | Principal $9.98bn at 30 Sep 2026; S&P rating BB+, below investment grade, against Baa3 and BBB from Moody's and Fitch. |
| Preferred stock | About $8.5bn at 8%; common distributions above $4.00 per share over 12 months trigger redemption at 110% before Aug 2029. |
How risk factors changed
- Comparison: 10-K FY2025 filed 18 Feb 2026 acc 0001628280-26-009059 against 10-K FY2024 filed 18 Feb 2025 acc 0000797468-25-000029.
- Item 1A shrank from 22 factors and 11,414 words to 17 factors and 6,204 words, a 46% cut, mainly by merging six factors into broader ones.
- The word chemical appears 18 times in the FY2024 Item 1A and 0 times in FY2025; OxyChem now appears only as retained legacy liabilities, indemnities and a guaranty to Berkshire Hathaway.
- Tax exposure gained detail: the Tronox deduction case is quantified at about $2.3bn including interest, and the OBBBA is named 3 times against 0 a year earlier.
- Climate text fell from two factors (1,528 and 1,167 words) to one HSE and climate factor and one carbon management factor that names STRATOS start up and impairment risk on low carbon assets.
- The three 2026 Forms 10-Q report no material changes, so the 2026 Middle East conflict is not reflected in Item 1A updates; the FY2025 10-K (filed 18 Feb 2026) has no Middle East mention against 1 in FY2024.
Table 11.2 Size of the risk factor section
| Measure | 10-K FY2024 | 10-K FY2025 |
|---|---|---|
| Risk factors (count) | 22 | 17 |
| Words in Item 1A | 11,414 | 6,204 |
Table 11.3 Risk factors added, removed and materially reworded
| Change | Risk factor | What changed |
|---|---|---|
| Added | Insurance does not cover all risks | New standalone factor: third party insurance may not cover losses, the Company may be self insured or liable for conditions left by prior owners, and reliance on liquidity to meet such obligations. |
| Removed | Political and social disruptions abroad | Folded into the government actions factor (2024: 332 words). |
| Removed | Reserve additions may slow | Folded into the competition and reserve replacement factor (2024: 217 words). |
| Removed | Past and future asset impairments | Folded into the estimates factor and the commodity price list (2024: 217 words). |
| Removed | Climate change and GHG regulation | Folded into the HSE and climate laws factor; the 2024 text was 1,528 words, the longest factor. |
| Removed | Executing new business strategies | Folded into the carbon management and strategy factor (2024: 382 words). |
| Removed | Offshore operations | Folded into the operational hazards factor (2024: 214 words). |
| Reworded | Volatile commodity pricing | Adds that after the OxyChem sale the business is more exposed to oil, NGL and gas prices; adds OPEC actions and impairment of proved and unproved properties to the list of effects. |
| Reworded | Anadarko Tronox settlement tax deduction | Now quantifies exposure: the $881m 2016 refund plus related benefits and interest totaled about $2.3bn at 31 Dec 2025; states the case is pending in Tax Court after trial and closing arguments and an uncertain tax position is recorded. |
| Reworded | Indebtedness limits flexibility | Heading shortened and CrownRock acquisition debt reference dropped; text recast around access to capital markets, rates and ratings. |
| Reworded | Government actions, taxes and political instability | Merges the 2024 political disruption factor; adds tax detail: IRA 15% minimum tax and 1% buyback excise tax, OBBBA permanent 21% rate and 100% bonus depreciation, limits on clean energy credits, possible windfall taxes, plus expropriation, trade and repatriation limits. |
| Reworded | Claims, litigation and investigations | Adds OxyChem legacy environmental liabilities retained in the sale, post closing indemnities and a guaranty in favor of Berkshire Hathaway. |
| Reworded | Operational hazards and catastrophic events | Merges the 2024 offshore factor: lists blowouts, spills and weather; adds Gulf of America and deep water (over 1,000 feet) risks, fewer partners and longer recovery times. |
| Reworded | Health, safety, environmental and climate laws | Merges the 1,528 word 2024 climate and GHG regulation factor into one; adds methane and GHG reporting, carbon pricing, CCUS rules and the OBBBA; keeps strict joint and several liability and remediation cost language. |
| Reworded | Carbon management, DAC and strategy execution | Merges the 2024 business strategy factor; names STRATOS start up, DAC and CCUS projects, an immature CO2 removal credit market, possible capital raising and impairment of low carbon investments. |
| Reworded | Competition and reserve replacement | Merges the 2024 reserve additions factor; adds national oil companies and larger rivals adopting new technologies including AI as a competitive risk. |
| Reworded | Reserve and accounting estimates | Merges the 2024 impairments factor; widens scope to all major financial statement estimates and the pace of energy transition. |
| Reworded | Development and exploration delays | Minor wording edits; no new facts. |
| Reworded | Water, sand and produced water disposal | Heading shortened; adds that restrictions or shortages may force curtailment or extra cost. |
| Reworded | CO2 supply for EOR | Shortened from 183 to 76 words; adds CO2 well, facility and third party supply disruptions. |
| Reworded | Acquisitions and divestitures | Names the OxyChem Transaction; adds risk of unforeseen liabilities, tax consequences and restructuring costs from divestitures. |
Showing 14 of 15 materially reworded factors.
Table 11.4 Risk factor updates in quarterly reports since the annual filing
| Filing | Change disclosed |
|---|---|
| 10-Q Q1 2026 filed 5 May 2026 | No material changes to the risk factors in the 2025 Form 10-K. |
| 10-Q Q2 2026 filed 5 Aug 2026 | No material changes to the risk factors in the 2025 Form 10-K. |
| 10-Q Q3 2026 filed 9 Nov 2026 | No material changes to the risk factors in the 2025 Form 10-K. |
12 Stock Price, Scenarios & Sensitivity
- OXY traded at $55.64 intraday on 10 Nov 2026, the day after the Q3 2026 release, against a close of $64.00 at the end of Oct 2026; 17.1% below the 52 week high of $67.15 and 44.8% above the low of $38.43.
- Valuation: 12.4x TTM continuing EPS of $4.49 and 10.0x TTM adjusted EPS of $5.54; 7.5x reported EPS of $7.42, which includes the OxyChem gain. Market value $55.6bn; dividend yield 2.0% on $0.28 a quarter.
- Scenario basis: TTM Q3 2026 net sales of $24.97bn grow or shrink at the stated rate for three years; the margin is pretax income plus interest and debt expense over net sales; interest of $451m a year is then deducted before tax (annualized interest on debt of $655m less capitalized interest at the 9M 2026 rate of $204m, as the expense line added back is net of capitalized interest); 25% tax; preferred dividends of $679m and noncontrolling interest of $64m are deducted after tax; 1.01bn diluted shares, the Q3 2026 average, held flat; price equals year three EPS from continuing operations times the exit P/E. The basis excludes the OxyChem gain and any preferred redemption.
Critical factors and core assumptions
Table 12.1 Critical factors behind the best case
| Factor | Current value | Best case requires | Evidence in filings and calls |
|---|---|---|---|
| Oil price | WTI $85.79/bbl and realized oil $85.91/bbl in Q3 2026 | WTI near $85/bbl or higher through 2029 | Q2 2026 at $92.79/bbl WTI: continuing net income $2.81bn; Q4 2025 at $59.14/bbl: $51m |
| Production | 1,427 Mboe/d; Permian 812 | flat to slightly higher output at lower capital | Permian capex $747m in Q3 2026 against $812m; production 1,434 Mboe/d in FY2025 |
| Debt and interest | principal $9.98bn; annualized interest about $655m | interest below $700m a year with net debt falling | Q3 2026 interest and debt expense $78m against $266m |
| Berkshire preferred | about $8.5bn face at 8%, $679m a year | redemption from Aug 2029 at 105% of face | FY2025 10-K redemption terms |
| Midstream gas spreads | Q3 2026 pretax $55m against $1.34bn in Q2 2026 | spread capture near the 9M 2026 level of $1.3bn | Q3 2026 10-Q segment discussion |
| STRATOS and low carbon | $1.4bn construction in progress; no start date in the Q3 2026 10-Q | operations start and midstream capex stays below 2025's $720m | Midstream capex $73m in Q3 2026 against $187m |
- Revenue base TTM Q3 2026 $24.97bn at an average WTI of about $77/bbl over the four quarters; pretax income plus interest $7.96bn (31.9% margin), incl. the $1.34bn Q2 2026 midstream result.
- Best case: 3% revenue CAGR, 33% margin, 14x P/E; WTI holds near $85/bbl to $90/bbl and production grows slightly.
- Base case: (4%) revenue CAGR, 25% margin, 12x P/E; oil moves toward $70/bbl WTI, the Q1 2026 level, with flat production near 1,430 Mboe/d. The margin was 24.3% in FY2023 at about $78/bbl and 19.5% in FY2025 at about $65/bbl. Base case EPS $3.02 against TTM continuing EPS of $4.49, which reflects WTI of $92.79/bbl in Q2 2026 and $85.79/bbl in Q3 2026.
- Worst case: (10%) revenue CAGR, 14% margin, 10x P/E; WTI near $55/bbl to $60/bbl, as in Q4 2025, when the margin was 12.5%, with narrower midstream spreads.
- Tax rate 25%, near the 23% of Q2 and Q3 2026 and below FY2025; the Tronox tax repayment of about $2.5bn and any preferred redemption are left out.
Scenarios, three years forward
Table 12.2 Scenario analysis, TTM Q3 2026 to TTM Q3 2029
| Measure | Worst case | Base case | Best case |
|---|---|---|---|
| Revenue CAGR, 3 years (%) | (10.0) | (4.0) | 3.0 |
| Revenue, TTM Q3 2029 ($bn) | 18.2 | 22.1 | 27.3 |
| Operating margin, TTM Q3 2029 (%) | 14.0 | 25.0 | 33.0 |
| Net income, TTM Q3 2029 ($bn) | 0.8 | 3.1 | 5.7 |
| EPS, TTM Q3 2029 ($) | 0.82 | 3.02 | 5.60 |
| Exit P/E (x) | 10.0 | 12.0 | 14.0 |
| Implied price ($) | 8 | 36 | 78 |
| Change against $55.64 (%) | (85) | (35) | 41 |
| Implied annual return (%) | (47.2) | (13.3) | 12.1 |
Implied annual return excludes dividends ($0.28 per share quarterly). Margin is pretax income from continuing operations plus interest and debt expense over net sales. EPS is from continuing operations attributable to common, after preferred dividends and noncontrolling interest.
Sensitivity analysis
Table 12.3 Sensitivity of implied price to revenue CAGR and operating margin at 12x P/E
| Revenue CAGR \ Operating margin | 14% | 20% | 25% | 30% | 33% |
|---|---|---|---|---|---|
| (10%) | $10 | $20 | $28 | $36 | $41 |
| (7%) | $12 | $23 | $32 | $41 | $46 |
| (4%) | $15 | $26 | $36 | $46 | $52 |
| 0% | $18 | $32 | $43 | $54 | $60 |
| 3% | $21 | $36 | $48 | $60 | $67 |
Cells show implied share price in year 3. Intraday price of 10 Nov 2026 $55.64. Blue cells sit above it, red cells below.
Table 12.4 Sensitivity of implied price to exit P/E and operating margin at (4)% revenue CAGR
| Exit P/E \ Operating margin | 14% | 20% | 25% | 30% | 33% |
|---|---|---|---|---|---|
| 8x | $10 | $18 | $24 | $31 | $35 |
| 10x | $12 | $22 | $30 | $38 | $43 |
| 12x | $15 | $26 | $36 | $46 | $52 |
| 14x | $17 | $31 | $42 | $54 | $61 |
| 16x | $20 | $35 | $48 | $61 | $69 |
Cells show implied share price in year 3. Intraday price of 10 Nov 2026 $55.64. Blue cells sit above it, red cells below.
Disclaimer
This analysis is for information only and is not financial advice. It is derived from public SEC filings retrieved via sec-api.io and is not a publication of the U.S. Securities and Exchange Commission. Scenario values are model outputs under stated assumptions and are not forecasts. Data as of 10 November 2026.
Sources
All company figures are read from SEC filings retrieved through the sec-api.io MCP server, under central index key 797468 (Occidental Petroleum Corporation), together with the Forms 8-K, 10-Q and 10-K of the peer companies named and the Form 13F and Schedules 13G of the holders named. No earnings call content, press coverage or consensus estimate is used. The share price of $55.64 is an intraday trade of 10 Nov 2026; monthly closes are not adjusted for dividends.
Table A.1 Filings used, with accession numbers
| Form | Period | Filed | Accession number |
|---|---|---|---|
| 8-K Ex 99.1 | Q3 2026 | 9 Nov 2026 | 0001628280-26-072193 |
| 10-Q | Q3 2026 | 9 Nov 2026 | 0001628280-26-072198 |
| 8-K Ex 99.1 | Q3 2026 considerations | 13 Oct 2026 | 0001628280-26-065586 |
| 10-K | FY2025 | 18 Feb 2026 | 0001628280-26-009059 |
| 10-K | FY2024 | 18 Feb 2025 | 0000797468-25-000029 |
| 10-K | FY2023 | 14 Feb 2024 | 0000797468-24-000034 |
| 10-K | FY2022 | 27 Feb 2023 | 0000797468-23-000011 |
| 10-Q | Q3 2024 | 12 Nov 2024 | 0000797468-24-000164 |
| DEF 14A | 2026 proxy | 19 Mar 2026 | 0001628280-26-019816 |
| 8-K | AGM and CEO change | 4 May 2026 | 0000950157-26-000569 |
| 8-K | OxyChem agreement | 3 Oct 2025 | 0001140361-25-037234 |
| 8-K | OxyChem close | 2 Jan 2026 | 0001628280-26-000153 |
| 8-K | Tender offer | 9 Mar 2026 | 0000950157-26-000265 |
| Schedule 13G/A | Dodge & Cox Mar 2026 | 14 May 2026 | 0001193125-26-223385 |
| Schedule 13G | BlackRock Jun 2026 | 29 Jul 2026 | 0002012383-26-002917 |
| Schedule 13G | Vanguard Capital Mgmt Mar 2026 | 30 Apr 2026 | 0002100119-26-000971 |
Table A.2 Further Occidental filings and peer filings used
| Company | Form | Filed | Accession number |
|---|---|---|---|
| Occidental | 8-K | 10 Nov 2025 | 0001628280-25-051056 |
| Occidental | 8-K | 20 Jan 2026 | 0001628280-26-002483 |
| Occidental | 8-K | 18 Feb 2026 | 0001628280-26-009054 |
| Occidental | 8-K | 19 Feb 2026 | 0000950157-26-000166 |
| Occidental | 8-K | 10 Apr 2026 | 0001628280-26-024581 |
| Occidental | 8-K | 5 May 2026 | 0001628280-26-030567 |
| Occidental | 10-Q | 5 May 2026 | 0001628280-26-030584 |
| Occidental | 8-K | 10 Jul 2026 | 0001628280-26-047886 |
| Occidental | 8-K | 5 Aug 2026 | 0001628280-26-053377 |
| Occidental | 10-Q | 5 Aug 2026 | 0001628280-26-053388 |
| Chevron | 8-K Ex 99.1 | 30 Oct 2026 | 0000093410-26-000196 |
| ConocoPhillips | 8-K Ex 99.1/99.2 | 5 Nov 2026 | 0001163165-26-000043 |
| Devon Energy | 8-K Ex 99.2 | 5 Nov 2026 | 0001193125-26-449884 |
| Diamondback Energy | 8-K Ex 99.1 | 2 Nov 2026 | 0001539838-26-000180 |
| Dow | 8-K Ex 99.1 | 22 Oct 2026 | 0001751788-26-000155 |
| EOG Resources | 8-K Ex 99.1 | 5 Nov 2026 | 0000821189-26-000226 |
| ExxonMobil | 8-K Ex 99.1/99.2 | 30 Oct 2026 | 0002115436-26-000018 |
| Olin | 8-K Ex 99.1 | 29 Oct 2026 | 0000074303-26-000091 |
| Westlake | 8-K Ex 99.1 | 4 Nov 2026 | 0001262823-26-000076 |
Table B.1 Exhibits to Forms 8-K filed in the last twelve months
| Filed | Exhibit | Document | Content |
|---|---|---|---|
| 10 Nov 2025 | Ex 99.1 | Q3 2025 results release | Net income attributable to common stockholders $661m ($0.65 per diluted share); adjusted income $649m ($0.64); Production 1,465 Mboe/d, above the high end of guidance; Permian 800, Rockies 288, Gulf of America 139, International 238 Mboe/d. |
| 2 Jan 2026 | Ex 99.1 | OxyChem sale to Berkshire Hathaway completed | Sale of OxyChem to Berkshire Hathaway completed on 2 Jan 2026 for $9.7bn in cash, subject to purchase price adjustments; Subsidiary Environmental Resource Holdings retains OxyChem legacy tort claims and environmental liabilities outside the sold facilities; Glenn Springs Holdings continues to manage remediation. |
| 2 Jan 2026 | Ex 99.2 | Unaudited pro forma financial statements for the OxyChem sale | Pro forma reflects the divestiture plus redemption of $6.5bn of principal debt (cash outlay $6.54bn incl. $37m of premiums); Pro forma 30 Sep 2025 long term debt falls to $15.90bn from $20.85bn; pro forma cash $3.35bn against $2.16bn. |
| 20 Jan 2026 | Ex 99.1 | Q4 2025 earnings considerations | Q4 2025 adjusted effective tax rate expected at 35% to 37% for continuing operations and 24% to 26% for discontinued operations; Average diluted shares 1.00bn. |
| 18 Feb 2026 | Ex 99.1 | Q4 2025 and full year results release | Q4 2025 net loss attributable to common stockholders $68m ($0.07 per share); adjusted income $315m ($0.31), mainly reflecting OxyChem sale charges and transaction costs; Debt cut by $5.8bn since mid Dec 2025 to principal debt of $15.0bn after the OxyChem close. |
| 19 Feb 2026 | Ex 99.1 | Cash tender offers and consent solicitations for senior notes | Offer to buy up to $700m principal of five series: zero coupon notes due 2036 (sub cap $58m), 6.125% notes due 2031, 6.625% notes due 2030, 7.200% and 7.950% debentures due 2029; Early tender premium $30 per $1,000; early tender time 4 Mar 2026; expiry 19 Mar 2026. |
| 9 Mar 2026 | Ex 99.1 | Early tender results and upsized tender cap | Aggregate cap raised to $1.2bn from $700m; Accepted $21.5m of 2036 zero coupon notes, $843.3m of 6.125% 2031 notes and $335.2m of 6.625% 2030 notes (28.7% proration); no 2029 debentures accepted. |
| 9 Mar 2026 | Ex 99.2 | Total consideration for tender offers | Total consideration per $1,000: $612.42 for 2036 zero coupon notes, $1,069.83 for 6.125% 2031 notes and $1,086.83 for 6.625% 2030 notes; Reference yields 4.136% (2036) and 3.730% (2030 and 2031); early settlement 9 Mar 2026. |
| 9 Mar 2026 | Ex 4.1 | Fifth supplemental indenture (2019 indenture) | Amends the 8 Aug 2019 indenture for the $1.14bn of 6.125% notes due 2031 after requisite consent; Removes the limitation on liens covenant, simplifies reporting and merger covenants, and cuts the minimum redemption notice to 5 business days. |
| 10 Apr 2026 | Ex 99.1 | Q1 2026 earnings considerations | Average diluted shares 1.01bn; Realized prices: US oil $70.31/bbl, worldwide oil $69.91/bbl (97% of WTI, 90% of Brent), US gas $1.01/mcf (26% of NYMEX $3.93); WTI $71.93, Brent $77.93. |
| 4 May 2026 | Ex 99.1 | CEO succession announcement | Vicki Hollub to retire as President and CEO effective 1 Jun 2026 after serving as CEO since 2016; she stays on the Board; COO Richard Jackson named successor and joins the Board on 1 Jun 2026; he joined Occidental in 2003. |
| 5 May 2026 | Ex 99.1 | Q1 2026 results release | Net income attributable to common stockholders $3.2bn ($3.13 per share) incl. the OxyChem sale gain; adjusted EPS from continuing operations $1.06; Repaid $7.1bn of principal debt through 5 May, cutting principal debt to $13.3bn. |
| 10 Jul 2026 | Ex 99.1 | Q2 2026 earnings considerations | Average diluted shares 1.01bn; Crude oil collar settlements cut Q2 2026 operating cash flow before working capital by $156m. |
| 5 Aug 2026 | Ex 99.1 | Q2 2026 results release | Net income attributable to common stockholders $2.8bn ($2.75 per share); adjusted EPS $2.40; Quarterly dividend raised a further 8% to $0.28 per share. |
| 13 Oct 2026 | Ex 99.1 | Q3 2026 earnings considerations | September curtailment at certain Gulf of America facilities from a third party gas pipeline constraint and maintenance; Gulf of America sales 110 Mboe/d in Q3 2026; Domestic lease operating cost $8.54/boe; oil 48.8% of total production; average diluted shares 1.01bn. |
| 9 Nov 2026 | Ex 99.1 | Q3 2026 results release | Net income attributable to common stockholders $1.6bn ($1.61 per share); adjusted EPS from continuing operations $1.91; difference mainly derivatives losses; Principal debt cut by $1.8bn in Q3 2026 to $10.0bn after retiring $10.4bn since the start of 2026. |
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