Occidental Petroleum Income Rises on Higher Crude Prices
The energy company reported oil and gas pre-tax income of $1.0 billion for the first quarter.
Occidental Petroleum (OXY) reported a rise in oil and gas pre-tax income for the first quarter of 2026.
The result followed a sequential increase in realized crude oil prices that offset a slight decline in total global production.
Oil and gas pre-tax income rose to $1.0 billion, up from $0.7 billion in the previous quarter. This growth was driven by average worldwide realized crude oil prices, which increased 18% sequentially to $69.91 per barrel.
Total global production for the quarter averaged 1,426 Mboed, exceeding the high end of the company's guidance. This figure represented a slight decrease from the 1,434 Mboed produced in the fourth quarter of 2025.
Other commodity pricing showed mixed results. Average worldwide realized natural gas liquids prices were $18.99 per barrel. Average domestic realized gas prices fell 10% sequentially to $1.01 per Mcf, compared to $1.58 per Mcf in the prior quarter.
Midstream and marketing results declined, reporting a pre-tax loss of $87 million. This followed a pre-tax income of $204 million in the fourth quarter of 2025.
Free cash flow before working capital from continuing operations was $1.7 billion. This was a decrease from the $4.4 billion reported in the previous quarter.
The company reduced its principal debt to $13.3 billion as of May 5, 2026, after repaying $7.1 billion of principal debt through that date.
Occidental announced a CEO succession plan on May 1, 2026. Vicki Hollub retired effective June 1, 2026, and COO Richard Jackson was named as her successor.