OCCIDENTAL PETROLEUM CORP /DE/
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Results of Operations
CONSOLIDATED RESULTS OF OPERATIONS AND ITEMS AFFECTING COMPARABILITY
The following table sets forth earnings of each operating segment and corporate items:
| Three months ended | |||
|---|---|---|---|
| millions | June 30, 2026 | % Change | March 31, 2026 |
| Net income | |||
| Oil and gas (a) | $2,849 | 180% | $1,017 |
| Midstream and marketing (a) | 1,338 | 1,638% | (87) |
| Total | 4,187 | 350% | 930 |
| Unallocated Corporate Items (a) | |||
| Interest expense, net | (108) | (75)% | (432) |
| Income tax expense | (915) | 494% | (154) |
| Corporate and other items, net | (164) | 52% | (108) |
| Income from continuing operations | $3,000 | 1,171% | $236 |
| Discontinued operations, net of taxes | (4) | (100)% | 3,123 |
| Net income | $2,996 | (11)% | $3,359 |
| Less: Net income attributable to noncontrolling interest | (19) | 36% | (14) |
| Less: Preferred stock dividends | (170) | —% | (170) |
| Net income attributable to common stockholders | $2,807 | (12)% | $3,175 |
| Net income per share attributable to common stockholders - diluted | $2.75 | (12)% | $3.13 |
(a)Refer to the Items Affecting Comparability table which sets forth items affecting the Company's earnings that vary widely and unpredictably in nature, timing and amount.
| Six months ended | |||
|---|---|---|---|
| millions | June 30, 2026 | % Change | June 30, 2025 |
| Net income | |||
| Oil and gas (a) | $3,866 | 47% | $2,631 |
| Midstream and marketing (a) | 1,251 | 3,891% | (33) |
| Total | 5,117 | 97% | 2,598 |
| Unallocated Corporate Items (a) | |||
| Interest expense, net | (540) | (7)% | (581) |
| Income tax expense | (1,069) | 88% | (569) |
| Corporate and other items, net | (272) | (3)% | (280) |
| Income from continuing operations | $3,236 | 177% | $1,168 |
| Discontinued operations, net of taxes | 3,119 | 1,173% | 245 |
| Net income | $6,355 | 350% | $1,413 |
| Less: Net income attributable to noncontrolling interest | (33) | 74% | (19) |
| Less: Preferred stock dividends | (340) | —% | (340) |
| Net income attributable to common stockholders | $5,982 | 468% | $1,054 |
| Net income per share attributable to common stockholders - diluted | $5.89 | 472% | $1.03 |
(a)Refer to the Items Affecting Comparability table which sets forth items affecting the Company's earnings that vary widely and unpredictably in nature, timing and amount.
ITEMS AFFECTING COMPARABILITY
The following table sets forth items affecting the comparability of the Company's earnings that vary widely and unpredictably in nature, timing and amount:
| Three months ended · Six months ended | ||||
|---|---|---|---|---|
| millions | June 30, 2026 | March 31, 2026 | June 30, 2026 | June 30, 2025 |
| Oil and gas | ||||
| Crude oil derivative gains (losses) | $105 | $(339) | $(234) | $— |
| Losses on sales of assets and other, net | (15) | (30) | (45) | — |
| Legal reserves and other | — | — | — | (65) |
| Total oil and gas | 90 | (369) | (279) | (65) |
| Midstream and marketing | ||||
| Derivative gains (losses), net | 178 | (409) | (231) | 11 |
| Gains (losses) on sales of assets and other, net (a) | 199 | (164) | 35 | — |
| Asset impairments and other charges (a) | — | (105) | (105) | (162) |
| Total midstream and marketing | 377 | (678) | (301) | (151) |
| Corporate | ||||
| Early debt extinguishment | 47 | (237) | (190) | — |
| Early retirement costs | (39) | (15) | (54) | — |
| Acquisition-related costs and other | — | — | — | (12) |
| Total corporate | 8 | (252) | (244) | (12) |
| Income tax impact on items affecting comparability | (107) | 281 | 174 | 49 |
| Gains (losses) from continuing operations | 368 | (1,018) | (650) | (179) |
| Discontinued operations, net of taxes | (4) | 3,123 | 3,119 | 245 |
| Total | $364 | $2,105 | $2,469 | $66 |
(a)Includes amounts from income from equity investments and other in the Consolidated Condensed Statements of Operations.
Excluding the impact of items affecting comparability, net income increased for the three months ended June 30, 2026, compared to the three months ended March 31, 2026, primarily due to higher realized crude oil prices in the oil and gas segment and higher marketing margins related to the timing of crude sales and natural gas transportation capacity optimization activities in the Permian. These increases were partially offset by lower domestic realized natural gas prices in the oil and gas segment.
Excluding the impact of items affecting comparability, net income increased for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to higher realized crude oil prices in the oil and gas segment, higher marketing margins from natural gas transportation capacity optimization activities in the Permian, the timing of crude sales, lower long-haul crude transportation costs, higher sulfur prices at Al Hosn and lower interest expense due to reduced long-term debt. These increases were partially offset by lower domestic realized natural gas prices in the oil and gas segment.
SELECTED STATEMENTS OF OPERATIONS ITEMS
Net sales increased to $8.1 billion for the three months ended June 30, 2026, compared to $5.2 billion for the three months ended March 31, 2026, primarily due to higher crude oil prices and higher marketing margins related to the timing of crude sales and natural gas transportation capacity optimization activities in the Permian. These increases were partially offset by lower domestic realized natural gas prices in the oil and gas segment.
Gains (losses) on sales of assets and other, net were a gain of $180 million for the three months ended June 30, 2026, compared with a loss of $202 million for the three months ended March 31, 2026. The gain on sale of assets and other, net for the three months ended June 30, 2026 included a gain of $220 million from a pro-rata ownership reduction in WES following an acquisition made by WES. The loss on sale of assets and other, net for the three months ended March 31, 2026 reflected a loss of approximately $200 million on the divestiture of non-core oil and gas interests and certain gas processing plants in the Permian Basin.
Interest and debt expense, net decreased to $108 million for the three months ended June 30, 2026, compared to $432 million for the three months ended March 31, 2026, primarily due to premiums paid on early debt extinguishment in the three months ended March 31, 2026 and lower interest expense in the three months ended June 30, 2026 as a result of lower outstanding debt.
Income tax expense increased to $915 million for the three months ended June 30, 2026, compared to $154 million for the three months ended March 31, 2026, primarily due to higher pre-tax income earned in the three months ended June 30, 2026.
Net sales increased to $13.3 billion for the six months ended June 30, 2026, compared to $11.0 billion for the same period in 2025, primarily due to higher realized crude oil prices in the oil and gas segment, higher sulfur prices at Al Hosn, and higher marketing margins related to the timing of crude sales and natural gas transportation capacity optimization activities in the Permian. These increases were partially offset by lower domestic realized natural gas prices and derivative losses on the crude oil collars in the oil and gas segment.
Income tax expense increased to $1.1 billion for the six months ended June 30, 2026, compared to $569 million for the same period in 2025, primarily due to higher pre-tax income in the six months ended June 30, 2026.
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