01—Abstract
Summary
Summary of the 8-K filed April 10, 2026. Cited figures are marked; the original filing is the authoritative source.
Occidental Petroleum (OXY) furnished an 8-K on April 10, 2026 (Items 2.02 and 9.01) containing a preliminary "First Quarter 2026 Earnings Considerations" summary as Exhibit 99.1.
The document is not a full earnings release. It does not report net income, EPS, production volumes, cash flow, or guidance, and management states it is preliminary, not comprehensive, and not an estimate of Q1 2026 earnings. Its value is in the realized pricing and share count data, which investors can use to model the quarter.
The key disclosed data points are: average diluted shares of 1,006.9 million for Q1 2026; worldwide average realized oil of $69.91a/Bbl (United States $70.31, International $67.59), against average WTI of $71.93 and Brent of $77.93; worldwide NGL realizations of $18.99/Bbl; and worldwide natural gas realizations of $1.20/Mcf, against NYMEX gas of $3.93/Mcf. Worldwide oil realized about 97% of WTI and 90% of Brent. Realized oil prices were therefore modestly below WTI and well below Brent, a gap consistent with the company's sales mix and pricing differentials.
Domestic gas realized only about 26%b of NYMEX, a very wide discount that weighs on the company's natural gas exposure. For investors, the filing confirms a commodity price environment in which oil realizations were solid in absolute terms but the gas and NGL discounts were significant.
The filing also contains standard forward-looking statement cautions that cite indebtedness, the need to monetize assets and repay or refinance debt, credit ratings, the chemical business sale, and geopolitical risks, including conflicts in the Middle East. Investors should treat this document as a partial data set and await the full first quarter 2026 earnings release and Form 10-Q for profitability, cash flow, and balance sheet detail.
02—Key points
Key Highlights
- Average diluted shares outstanding for Q1 2026 were 1,006.9 million.
- Worldwide average realized oil price was $69.91/Bbl, with US at $70.31 and International at $67.59, versus average WTI of $71.93 and Brent of $77.93.
- Worldwide oil realizations equaled about 97% of average WTI and 90% of average Brent.
- Worldwide average realized NGL price was $18.99/Bbl (US $18.45; International $23.52), about 26% of average WTI.
- Worldwide average realized natural gas price was $1.20/Mcf (US $1.01; International $1.93), compared with NYMEX gas of $3.93/Mcf, or about 26% of NYMEX for domestic gas.
- The document excludes net income, EPS, production, cash flow, and guidance, and is explicitly preliminary and not an earnings estimate.
- Forward-looking risk factors cite debt repayment and refinancing, credit ratings, the chemical business sale, and geopolitical and tariff uncertainty.
03—Questions
Frequently Asked Questions
Does this 8-K report OXY's Q1 2026 earnings or EPS?
No. The filing provides a preliminary summary of factors management believes will affect Q1 2026 results. It states that the summary is not comprehensive, is not an estimate of Q1 2026 earnings, and may not reflect all adjustments and charges. Investors should wait for the full earnings release and Form 10-Q for net income and EPS.
How did OXY's realized oil prices compare with benchmark prices in Q1 2026?
Worldwide realized oil averaged $69.91/Bbl, compared with average WTI of $71.93 and Brent of $77.93. That equals about 97% of WTI and 90% of Brent. US realizations ($70.31) were slightly above the international average ($67.59).
Why does the filing show such a low natural gas realization?
Worldwide gas realized $1.20/Mcf against NYMEX gas of $3.93/Mcf, and domestic gas realized about 26% of NYMEX. The filing does not explain the cause. Typical drivers include regional pricing differentials, basis discounts, and the mix of gas sold versus its benchmark, but investors should confirm the explanation in the full earnings materials.
Did the share count change materially in the quarter?
The filing gives only the Q1 2026 average diluted share count of 1,006.9 million. It does not provide a comparison to prior periods or details on buybacks or issuance, so the trend cannot be assessed from this document alone.
What risks does management highlight that could affect future results?
The forward-looking statements cite the company's indebtedness and need to generate sufficient cash flow, the ability to monetize assets and repay or refinance debt, changes in credit ratings, commodity price volatility, OPEC actions, tariffs, geopolitical conflicts including the Russia-Ukraine war and Middle East conflicts, and the sale of the chemical business. Investors should weigh these against the realized price data in the filing.
04—Continue