Key Highlights

  • Net sales were USD 6,567 million, compared with USD 5,519 million.
  • Net income was USD 1,821 million, compared with USD 842 million.
  • Diluted EPS attributable to common stockholders was USD 1.61.
  • Interest and Debt expense was USD 78 million, compared with USD 266 million.

Occidental Petroleum Corporation (NYSE:OXY) reported third quarter 2026 net sales of USD 6,567 million, compared with USD 5,519 million in the third quarter of 2025. Total revenues and other income were USD 6,772 million, compared with USD 5,613 million. Reported Revenue was USD 6.77 billion, compared with estimates of EPS of USD 1.45 and revenue of USD 6.80 billion.

Net income was USD 1,821 million, compared with USD 842 million. Net Income attributable to common stockholders was USD 1,637 million, compared with USD 661 million, after USD 15 million attributable to noncontrolling interest and USD 169 million of preferred stock dividends.

Income from continuing operations per diluted share was USD 1.63, compared with USD 0.51. Discontinued operations were negative USD 0.02 per diluted share, compared with USD 0.14. Net income attributable to common stockholders was USD 1.61 per diluted share, compared with USD 0.65, and USD 1.63 per basic share, compared with USD 0.67.

Income from continuing operations was USD 1,841 million, compared with USD 706 million. Income before income taxes was USD 2,395 million, and income tax expense was USD 554 million, compared with USD 279 million.

Costs and Deductions

Oil and gas Lease Operating Expense was USD 1,192 million, compared with USD 1,174 million. Transportation and gathering expense was USD 445 million, compared with USD 476 million, and taxes other than on income were USD 307 million, compared with USD 248 million. Depreciation, depletion and amortization was USD 1,783 million, compared with USD 1,947 million. General and administrative expense was USD 224 million, compared with USD 238 million. Interest and debt expense, net, was USD 78 million, compared with USD 266 million.

Income from Equity investments and other was USD 133 million, compared with USD 145 million, and interest, dividends and other income was USD 171 million, compared with USD 60 million. Gains on sales of Assets and other, net, were USD 34 million in both periods, and exploration expense was USD 38 million, compared with USD 66 million.

Nine Month Results

For the nine months ended September 30, 2026, net sales were USD 19,862 million, compared with USD 16,481 million. Income from continuing operations was USD 5,077 million, compared with USD 1,874 million, and discontinued operations contributed USD 3,099 million, compared with USD 381 million. Net income was USD 8,176 million, compared with USD 2,255 million, and net income attributable to common stockholders was USD 7,619 million, compared with USD 1,715 million. Diluted EPS was USD 7.49, compared with USD 1.68.

The OxyChem Transaction

The OxyChem Transaction, the sale of all equity interests in OxyChem to Berkshire Hathaway, closed on January 2, 2026 for an adjusted sales price of USD 9.5 billion, subject to post-closing adjustments. The company retained environmental liabilities relating to legacy sites. The chemical segment is presented as discontinued operations, and the filing notes that Depreciation and amortization were no longer recorded for its assets beginning October 1, 2025.

OxyChem Transaction and Discontinued Operations

Occidental's net income of USD 1,821 million sits alongside diluted EPS of USD 1.61 and interest and debt expense of USD 78 million, compared with USD 266 million. The filing separates continuing and discontinued operations, shows the preferred dividend line and notes retained legacy environmental liabilities.