Occidental Petroleum reported adjusted earnings of $2.40 per diluted share and generated approximately $3 billion in free cash flow in the second quarter of 2026, its highest level since the third quarter of 2022. Total production averaged 1.43 million barrels of oil equivalent per day, exceeding the midpoint of guidance by 23,000 barrels of oil equivalent per day, while domestic lease operating expense improved 6% versus guidance to $7.80 per barrel of oil equivalent. The company reduced principal debt to $11.8 billion, the lowest since the second quarter of 2019, and raised its quarterly dividend by 8% to $0.28 per share. Midstream and marketing adjusted earnings reached a quarterly record of approximately $960 million. Occidental also outlined a path to add over $4 billion in annual sustainable cash flow by 2030, with about 85% achievable even at lower oil prices, and maintained full-year capital guidance of $5.5 billion to $5.9 billion.
Occidental Petroleum CorporationRecord free cash flow, debt reduction, and dividend raise are positive financial events.
