Occidental Petroleum Furnishes Q3 2026 Earnings Considerations

Summary of Event

On October 13, 2026, Occidental Petroleum Corporation filed a Current Report on Form 8-K under Item 2.02 (Results of Operations and Financial Condition), furnishing its preliminary Third Quarter 2026 Earnings Considerations (Exhibit 99.1).

Operational & Financial Highlights

• Total Production: Production for Q3 2026 is projected to fall within the company's previously issued guidance range.
• Gulf of America Curtailment: Occidental instituted a temporary production curtailment during September caused by a third-party pipeline constraint alongside scheduled maintenance. Production has partially resumed. Net sales volumes from the region were reported at 110 Mboed.
• Unit Costs & Production Mix: Domestic lease operating expense was approximately $8.54 per boe, with oil representing 48.8% of total corporate production.
• Hedge Settlement Drag: Settlements on crude oil collars resulted in a $94 million negative impact to operating cash flow before working capital changes.
• Share Count: Average diluted shares outstanding for Q3 2026 stood at 1,012.8 million.

Commodity Realizations (Three Months Ended Sept 30, 2026)

• Crude Oil: Worldwide realized price of $85.91/Bbl (US: $85.93; International: $85.80), tracking 100% of average WTI ($85.79/Bbl) and 94% of Brent ($91.62/Bbl).
• Natural Gas Liquids (NGL): Worldwide realized price of $24.63/Bbl (29% of WTI).
• Natural Gas: Worldwide realized price of $1.69/Mcf (US realized $1.61/Mcf, or 54% of NYMEX gas at $2.97/Mcf; International realized $2.00/Mcf).

Market Impact & Significance

This pre-earnings release narrows analyst modeling estimates for Q3 2026 top-line realizations, unit costs, and derivative hedge impacts ahead of full financial statement publication. The operational curtailment was contained within overall guidance, limiting potential downside surprises.