Occidental Petroleum stock highlights debt milestone after Q3 cash flow

Occidental Petroleum reported its third-quarter 2026 results on Monday, November 9, with debt reduction and cash generation strengthening the balance-sheet case while lower crude realizations pressured upstream earnings. The company's official earnings release said principal debt fell to 10.0 billion US dollars after 1.8 billion US dollars of repayment during the quarter.

Occidental Petroleum stock traded at 51.64 euros on Lang & Schwarz at 16:39 CET on Wednesday, November 11, 2026.

Cash Flow Supports Deleveraging

Operating cash flow from continuing operations reached 4.1 billion US dollars. Free cash flow before working capital was 2.8 billion US dollars against capital expenditures of 1.3 billion US dollars, although the company cautioned that the adjusted measure is not calculated under US GAAP.

Reported net income attributable to common stockholders was 1.6 billion US dollars, or 1.61 US dollars per diluted share. Adjusted income from continuing operations reached 2.0 billion US dollars, resulting in adjusted diluted earnings of 1.91 US dollars per share. Occidental said derivatives losses mainly explain the difference between the reported and adjusted figures.

Production Offsets Commodity Pressure

Global production averaged 1,427 thousand barrels of oil equivalent per day, above the midpoint of guidance. Permian and Rockies output offset a temporary curtailment at certain Gulf of America facilities caused by a third-party gas pipeline constraint and maintenance.

Oil and gas pre-tax income fell to 2.6 billion US dollars from 2.8 billion US dollars in the second quarter as worldwide realized crude prices declined 11 percent to 85.91 US dollars per barrel. Domestic realized gas prices improved 209 percent quarter over quarter to 1.61 US dollars per Mcf. Midstream and marketing pre-tax income was 55 million US dollars, while results excluding items affecting comparability exceeded the high end of guidance.

Debt Target Shapes the Outlook

Chief Executive Officer Richard Jackson said the stronger balance sheet supports a plan to add more than 4.0 billion US dollars in annual sustainable cash flow by 2030. The objective could expand room for capital returns, but its delivery remains dependent on commodity prices, operating execution, capital spending and further debt repayment.

Broader developments can be followed through the S&P 500.

Find more news and analysis on Occidental Petroleum stock.