Occidental announced on May 5 its financial results for the first quarter of 2026, reporting a net income attributable to common stockholders of $3.2 billion, or earnings per diluted share of $3.13. The company also reported adjusted income from continuing operations of $1.1 billion, or adjusted earnings per share from continuing operations of $1.06.
The quarterly report highlights Occidental’s ongoing efforts to reduce debt and improve operational efficiency while maintaining strong production levels. The company repaid $7.1 billion in principal debt through May 5, reducing total principal debt to $13.3 billion and progressing toward its stated milestone of $10 billion.
President and Chief Executive Officer Vicki Hollub said, “Our first quarter results reflect our strong operational performance and the outstanding work of our teams executing across our portfolio. Even with the challenges in the Middle East, everyone – from our staff to our partners and host governments – has remained committed to safety, asset reliability and disciplined execution.” Hollub continued, “Over the past decade, we have made deliberate, strategic decisions that have transformed Occidental’s portfolio into the most resilient, competitive, and high-quality portfolio in our history. That foundation supported our first quarter performance.”
During the first quarter of 2026, operating cash flow from continuing operations reached $1.4 billion despite a use of working capital amounting to $1.8 billion due primarily to higher receivables linked with rising commodity prices in March as well as typical seasonal expenses such as employee benefits and property taxes.
Total global production averaged 1,426 thousand barrels of oil equivalent per day for the period—exceeding guidance—with significant contributions coming from business units in the Permian Basin, Rockies region, and Gulf of America.
Looking ahead at potential risks facing future quarters or years for Occidental’s business model or finances broadly within energy markets worldwide are numerous factors such as economic conditions domestically/internationally; fluctuations/volatility within commodity pricing; government actions including geopolitical events like wars/tariffs/trade regulations; inflation impacts on markets/economic activity alongside related monetary policy responses by governments among others outlined by management.
