Occidental Petroleum Corporation (OXY) Earnings Call Transcripts

Occidental Petroleum Corporation's Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, Occidental Petroleum Corporation (OXY:US) reported strong operational and financial results, generating $3 billion in free cash flow, the highest since Q3 2022. Revenue was driven by a production average of 1.43 million BOE per day, exceeding guidance by 23,000 BOE. The company raised its quarterly dividend by 8% to $0.28 per share and maintained a positive outlook, projecting over $4 billion in annual sustainable cash flow improvement by 2030, supported by cost efficiencies and reduced sustaining capital.

Reported metrics

Guidance from management

For Q3 2026, Occidental expects production to range between 1.4 million and 1.44 million BOE per day. The company raised its full-year production guidance by $300 million, reflecting a stronger outlook for domestic assets.

What management said

Yes, just want to -- Richard mentioned about the efficiency and we have seen so far in '26. So a data point around that based on the efficiencies we have seen so far in Permian, the plan is to drop three rigs in Q4. And -- but we're actually expecting to have 15 more wells online in Permian. And from a production point of view, once we adjust for the transaction we did in Permian EOR, the full year guidance is actual...

Yes. And maybe the only thing to add, I mean, like Sunil said, we've looked at even outlook with that sort of reinvestment. Our free cash at the end with reinvestment exceeds the $4 billion that we're talking about from a sustainable cash flow. So while we think it's important to think about it in the sustainable cash flow lens, the free cash flow outlook needs to improve over time to support that.

What analysts pressed on

Analysts expressed concerns regarding the sustainability of production growth and the impact of geopolitical factors on international operations. There were also questions about the timing and execution of cost-saving initiatives and their effect on future cash flows.

Main topics on the call

• Production Performance — Occidental's total production averaged 1.43 million BOE per day, exceeding the midpoint of guidance by 23,000 BOE. Richard Jackson noted, "Our teams have delivered another strong quarter operationally and financially."
• Free Cash Flow Generation — The company generated approximately $3 billion of free cash flow during the quarter, marking its highest level since Q3 2022. This was attributed to strong operational execution and cost discipline, as stated by Sunil Ma...
• Debt Reduction and Financial Flexibility — Occidental reduced its principal debt to $11.8 billion, the lowest since Q2 2019, resulting in a lower annual interest run rate of approximately $760 million. This reduction supports the company's cash flow priorities, a...
• Dividend Increase — The Board approved an 8% increase in the quarterly dividend to $0.28 per share, reflecting the company's commitment to returning capital to shareholders. Sunil Mathew emphasized that this increase is supported by a stron...

Read the full Occidental Petroleum Corporation transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 33 Occidental Petroleum Corporation earnings call transcripts on record, spanning February 28, 2020 to August 6, 2026. Based on this history, Occidental Petroleum Corporation reports quarterly. The most recent call on file is dated August 6, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

OXY

Exchange

NYSE

Country

US

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

33

First call

February 28, 2020

Most recent

August 6, 2026

Reporting cadence

quarterly