Occidental Petroleum — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported net income attributable to common stockholders of $1.6 billion, or $1.61 per diluted share; adjusted income attributable to common stockholders was $2.0 billion, or $1.91 per diluted share.
• Generated $4.1 billion of operating cash flow from continuing operations.
• Delivered $2.8 billion of free cash flow before working capital from continuing operations, with capital expenditures of $1.3 billion.
• Achieved a principal debt milestone of $10.0 billion, reducing principal debt by $1.8 billion since the beginning of the year after retiring $10.4 billion of debt.
• Oil and gas pre-tax income totaled $2.6 billion for the quarter, down from $2.8 billion in the second quarter of 2026.
• Midstream and marketing pre-tax income was $55 million for the quarter, compared to $1.3 billion in the previous quarter.

Business Segments and Product Lines:

• Total global production averaged 1,427 thousand barrels of oil equivalent per day (Mboed), exceeding the mid-point of guidance.
• Production performance was led by Permian and Rockies business units, offsetting temporary curtailments at certain Gulf of America facilities due to third-party gas pipeline constraints and maintenance.
• Midstream and marketing results exceeded the high end of guidance despite a quarter-over-quarter income decrease driven by lower gas margins from narrowing Waha-to-Gulf-Coast spreads and lower crude margins from sales timing.
• WES equity method investment income for the quarter was $121 million.
• Average worldwide realized crude oil prices decreased 11% quarter-over-quarter to $85.91 per barrel; average WTI and Brent prices were $85.79 and $91.62 per barrel, respectively.
• Average domestic realized gas prices improved 209% to $1.61 per Mcf, compared to negative $1.48 per Mcf in the previous quarter.
• Average worldwide realized natural gas liquids prices remained flat at $24.63 per barrel.

Management Commentary and Tone:

• Richard Jackson, President and CEO, stated the company reached an important milestone in reducing principal debt to $10.0 billion and delivered another strong quarter.
• Management expressed confidence in advancing a plan to add more than $4.0 billion in annual sustainable cash flow by 2030, providing a pathway to accelerate capital returns and deliver durable long-term value.

Other Key Points:

• The company primarily operates in the United States, the Middle East, and North Africa.
• The difference between net income and adjusted income mainly reflects derivatives losses.
• Non-GAAP measures used include adjusted income, operating cash flow before working capital, free cash flow before working capital, and adjusted G&A.
• The press release includes forward-looking statements regarding earnings, revenue, financial position, and business strategies, noting risks such as commodity price volatility, geopolitical events, and regulatory changes.