Occidental Petroleum Reports Strong Q3 2026 Results with Significant Debt Reduction
Occidental Petroleum (OXY) reported robust third-quarter 2026 financial results, highlighted by $2.8 billion in free cash flow and an adjusted EPS of $1.91 per diluted share. While reported earnings were impacted by a $1.61 mark-to-market loss in marketing and crude hedges, the company's operational execution remained strong. Total production reached 1.43 million barrels of oil equivalent per day, surpassing guidance midpoints. A major highlight for investors was the company's aggressive debt management; Occidental repaid $1.8 billion in principal during the quarter, reaching a significant $10 billion milestone and setting a new target of $6 billion. This reduction is expected to lower annual interest expenses by approximately $1 billion compared to 2025 levels once the target is met.
Tickers: $OXY
Topics: AI in energy debt repayment earnings free cash flow oil and gas production