Key Highlights

● Occidental shares dipped in regular trading on November 9 as Crude Oil tumbled.

● After the close, the stock rose to $56.36 in after-hours trading.

● Third-quarter Revenue of $6.77 billion came in slightly below the $6.82 billion expected.

● Occidental has major operations in the Permian Basin of Texas and New Mexico.

Two sessions in one day

Occidental Petroleum (NYSE:OXY) dipped during regular trading on Monday, November 9, 2026, with one reading showing the shares at $55.96 during the session. The decline came as crude oil tumbled on hopes of a US-Iran peace deal. After the closing bell, Occidental released its third-quarter results, and the stock rose to $56.36 in after-hours trading, according to news reports.

The story of the day, then, was a familiar tug-of-war for oil producers: falling Commodity prices on one side, better-than-expected Earnings on the other.

The oil drag

Crude prices slid hard. Brent fell $5.75 to $92.57 a barrel, according to market coverage, while US crude for December delivery settled at $86.85, down $3.98, reports said. Oil closed at its lowest level since August, according to market reports.

The move followed comments from President Trump, who said that renewed strikes on Iran were "highly unlikely" if talks progress, reports said. Unconfirmed reports from Energy News Beat, citing Israeli media, described a possible Qatari-brokered deal that would reopen the Strait of Hormuz.

Occidental's peers felt the same pressure. Exxon Mobil (NYSE:XOM) edged lower, according to market data, and Chevron (NYSE:CVX) also fell during the session. The energy sector was the weakest of the S&P 500's 11 groups, though it still finished slightly higher, according to news reports.

Inside the numbers

Once the market closed, attention turned to Occidental's report. According to market coverage, third-quarter revenue came in at $6.77 billion, slightly below the $6.82 billion analysts had expected. Profit was a different matter: adjusted earnings reached $1.91 a share, comfortably above the consensus estimate of $1.47.

A revenue miss paired with a solid earnings beat often suggests a company is keeping costs in check or getting more out of its operations, even as commodity prices bounce around. Investors appeared to focus on the profit side, nudging the shares higher in extended trading.

Occidental is one of the largest oil producers in the United States, with major operations in the Permian Basin of Texas and New Mexico. It also has a chemicals Business and has been investing in carbon-capture technology.

The broader market roared

Away from the oil patch, Wall Street had a banner day. The S&P 500 rose 173.08 points to 7,549.94, its best day since April 8, according to market reports. The Dow added 1,104.02 points to 52,389.75, and the Nasdaq Composite gained 673.71 points to 25,253.14. Chip stocks led a sharp rebound in AI-related shares, while airlines surged as cheaper oil promised lower fuel bills, according to market data.

Energy companies had been posting strong results this earnings season. Market data data from November 6 showed the energy sector's blended third-quarter earnings growing to roughly two and a half times their year-earlier level, well ahead of the technology sector's pace.

Earnings Reaction and Oil Outlook

Oil prices will remain the biggest swing Factor for Occidental. Talks between the US and Iran are unresolved, and One strategist said that oil was falling "on hopes of a US-Iran peace deal rather than concrete signs of progress."

Investors will also be looking at how Occidental's shares trade in Tuesday's regular session, once the earnings report has been fully digested. Tuesday's October consumer price index, the last Inflation reading before the Federal Reserve's December 8-9 meeting, could also sway markets broadly. Any confirmed breakthrough, or breakdown, in the Iran talks could move crude, and Occidental, sharply.