Summary
Occidental Petroleum Corporation reported a significant increase in net income attributable to common stockholders for the first quarter of 2026, reaching $3.175 billion, a substantial rise from $766 million in the prior year period. This surge was largely driven by a $3.1 billion after-tax gain from the sale of its OxyChem business, which closed in January 2026. Despite this one-time gain, the core operations also showed resilience, with income from continuing operations totaling $236 million, down from $830 million in Q1 2025, influenced by lower commodity prices and derivative losses. The company made substantial progress on its deleveraging strategy, utilizing proceeds from the OxyChem divestiture to repay approximately $6.7 billion in debt during the quarter, significantly reducing its long-term debt obligations. This strategic move is expected to strengthen the balance sheet and improve financial flexibility. While cash flow from operations declined year-over-year due to working capital changes related to commodity price increases, the company maintains a strong liquidity position with substantial cash on hand and available credit facilities, positioning it to meet near-term obligations.
Financial Highlights
46 data points| Revenue | $5.23B |
| SG&A Expenses | $245.00M |
| Net Income | $3.36B |
| EPS (Basic) | $3.19 |
| EPS (Diluted) | $3.13 |
| Shares Outstanding (Basic) | 989.80M |
| Shares Outstanding (Diluted) | 1.01B |
Key Highlights
- 1Net income attributable to common stockholders surged to $3.175 billion, driven by a $3.1 billion gain from the OxyChem sale.
- 2Substantial debt reduction occurred, with approximately $6.7 billion repaid using proceeds from the OxyChem divestiture.
- 3Income from continuing operations was $236 million, impacted by lower commodity prices and derivative losses.
- 4Cash and cash equivalents stood at $3.8 billion, providing strong liquidity.
- 5Capital expenditures were $1.6 billion, primarily focused on the oil and gas segment.
- 6The company generated $1.28 billion in net cash from operating activities.
- 7Derivative instruments, specifically crude oil collars, resulted in a loss of $339 million in the period.