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OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Aug 6, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed August 6, 2025
Period End
August 6, 2025
Securities
OXYOXY-WT
In the record · 2016–202610-K1210-Q328-K158

OXY filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 158 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’18Mar ’18
  2. Leadership change8-K · Apr ’20Apr ’20
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Deal closed8-K · Aug ’24Aug ’24

01—Abstract

Summary

Summary of the 8-K filed August 6, 2025. Cited figures are marked; the original filing is the authoritative source.

Occidental Petroleum reported second-quarter 2025 results on August 6, 2025, with net income attributable to common stockholders of $288 milliona, or $0.26 per diluted share, and adjusted income of $396 million, or $0.39 per diluted share.

Quarterly operating cash flow was $3.0 billionb, and operating cash flow before working capital was $2.6 billion. After net capital spending of about $1.9 billion, free cash flow before working capital was $0.7 billion. Production of 1,400 Mboed was above the midpoint of guidance, and midstream and marketing exceeded the high end of its guidance range.

Realized prices fell sharply from the first quarter: worldwide oil averaged $63.76c per barrel, down 10%, and domestic gas averaged $1.33 per Mcf, down 45%. Lower commodity prices drove the quarter-over-quarter decline in oil and gas income. The company's main focus is deleveraging.

Occidental has repaid $3.0 billiond of debt year-to-date using asset sales, organic cash flow, and proceeds from exercised warrants. It has also announced $950 million of additional divestitures since the start of the second quarter, of which about $370 million has already closed. Management lowered the midpoint of 2025 capital guidance by $100 million and international operating costs by $50 million.

Together with earlier actions, these changes bring year-to-date capital and operating cost reductions to $500 million versus original guidance. The filing is a furnished Item 2.02 8-K with the earnings release as Exhibit 99.1.

Under the 8-K's terms, that information is not deemed filed under Section 18 of the Exchange Act. Investors should weigh the strong operational and cost results against the lower price environment, the earnings impact of asset sales, and the company's continuing debt reduction program.

02—Key points

Key Highlights

  1. Q2 2025 GAAP diluted EPS was $0.26 (net income to common of $288M), and adjusted diluted EPS was $0.39 ($396M), reflecting lower realized prices.
  2. Operating cash flow was $3.0B and operating cash flow before working capital was $2.6B, with free cash flow before working capital of $0.7B after about $2.0B of capital spending.
  3. Occidental has repaid $3.0B of debt year-to-date, funded by asset sales, organic cash flow and warrant proceeds.
  4. Announced $950M of additional divestitures since the start of Q2, with about $370M already closed.
  5. Total production was 1,400 Mboed, above the guidance midpoint; Permian output was 770 Mboed.
  6. Realized worldwide oil prices fell 10% quarter over quarter to $63.76/bbl, and domestic gas prices fell 45% to $1.33/Mcf.
  7. 2025 capital guidance midpoint was cut by $100M and international operating costs by $50M, bringing year-to-date cost and capital reductions to $500M.

03—Questions

Frequently Asked Questions

  1. Why did Occidental's adjusted earnings per share decline compared with the prior quarter?

    The release attributes the decrease in oil and gas income mainly to lower commodity prices. Average worldwide realized oil fell 10% to $63.76/bbl, NGL fell 20%, and domestic gas fell 45%. Higher crude volumes and lower lease operating expense partly offset these declines.

  2. How is Occidental using its cash flow and divestiture proceeds?

    The company says it has repaid $3.0B of debt year-to-date and announced $950M of additional divestitures, with about $370M already closed. Management is prioritizing deleveraging while continuing to fund strategic growth projects.

  3. Did Occidental change its 2025 guidance?

    Yes, in part. The midpoint of 2025 capital guidance was reduced by $100M and the international operating cost outlook by $50M. The company attributes these reductions to operational efficiency gains and reports $500M of total capital and operating cost reductions year-to-date from original guidance.

  4. How did the non-oil segments perform?

    OxyChem's pre-tax income was $213M, roughly flat with the first quarter, and midstream and marketing pre-tax income was $49M, above the high end of guidance. Western Midstream (WES) equity method income was $150M.

  5. Does this 8-K constitute a formal SEC filing of the earnings data?

    The earnings information is furnished under Item 2.02 through Exhibit 99.1. The 8-K states that this information is not deemed 'filed' for purposes of Section 18 of the Exchange Act and is not incorporated by reference into other filings unless expressly stated.

04—Continue

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