Occidental Petroleum Beats Q3 2026 Profit Forecasts as Shares Rise on Debt Milestone

Occidental Petroleum reported third-quarter 2026 net income attributable to common stockholders of $1.6 billion, or $1.61 per diluted share, with adjusted earnings per share from continuing operations of $1.91, topping Wall Street profit forecasts. Shares rose following the November 9 announcement. The difference between reported and adjusted figures was driven primarily by derivatives losses.

The company hit a key balance sheet target during the quarter, reducing principal debt to $10.0 billion after retiring $10.4 billion of debt since the start of the year. Free cash flow before working capital from continuing operations reached $2.8 billion, with capital expenditures of $1.3 billion, and operating cash flow from continuing operations came in at $4.1 billion.

Occidental produced 1,427 thousand barrels of oil equivalent per day globally, exceeding the midpoint of guidance. Oil and gas segment earnings were $2.6 billion for the quarter, down from $2.8 billion in Q2 2026, with the sequential decline driven by lower realized crude oil prices partly offset by higher domestic natural gas prices. Midstream and marketing pre-tax adjusted income exceeded the high end of guidance. CEO Richard Jackson credited the results to strong operational execution and said reaching the $10 billion debt milestone positions the company for continued value creation.