OCCIDENTAL PETROLEUM CORP /DE/
For the period ended Sep 30, 2026. Filed Nov 9, 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.
Sep 30, 2026 · Filed Nov 9, 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 | September 30, 2026 | % Change | June 30, 2026 |
| Segment income from continuing operations before taxes | |||
| Oil and gas (a) | $2,556 | (10)% | $2,849 |
| Midstream and marketing (a) | 55 | (96)% | 1,338 |
| Total | 2,611 | (38)% | 4,187 |
| Unallocated corporate items (a) | |||
| Interest expense, net | (78) | (28)% | (108) |
| Income tax expense | (554) | (39)% | (915) |
| Corporate and other items, net | (138) | (16)% | (164) |
| Income from continuing operations | $1,841 | (39)% | $3,000 |
| Discontinued operations, net of taxes | (20) | (400)% | (4) |
| Net income | $1,821 | (39)% | $2,996 |
| Less: Net income attributable to noncontrolling interest | (15) | (21)% | (19) |
| Less: Preferred stock dividends | (169) | (1)% | (170) |
| Net income attributable to common stockholders | $1,637 | (42)% | $2,807 |
| Net income per share attributable to common stockholders - diluted | $1.61 | (41)% | $2.75 |
(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.
| Nine months ended | |||
|---|---|---|---|
| millions | September 30, 2026 | % Change | September 30, 2025 |
| Segment income from continuing operations before taxes | |||
| Oil and gas (a) | $6,422 | 63% | $3,931 |
| Midstream and marketing (a) | 1,306 | 2,621% | 48 |
| Total | 7,728 | 94% | 3,979 |
| Unallocated corporate items (a) | |||
| Interest expense, net | (618) | (27)% | (847) |
| Income tax expense | (1,623) | 91% | (848) |
| Corporate and other items, net | (410) | —% | (410) |
| Income from continuing operations | $5,077 | 171% | $1,874 |
| Discontinued operations, net of taxes | 3,099 | 713% | 381 |
| Net income | $8,176 | 263% | $2,255 |
| Less: Net income attributable to noncontrolling interest | (48) | 55% | (31) |
| Less: Preferred stock dividends | (509) | —% | (509) |
| Net income attributable to common stockholders | $7,619 | 344% | $1,715 |
| Net income per share attributable to common stockholders - diluted | $7.49 | 346% | $1.68 |
(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 · Nine months ended | ||||
|---|---|---|---|---|
| millions | September 30, 2026 | June 30, 2026 | September 30, 2026 | September 30, 2025 |
| Oil and gas | ||||
| Crude oil derivative gains (losses) | $(187) | $105 | $(421) | $— |
| Gains (losses) on sales of assets and other, net | (16) | (15) | (61) | (22) |
| Income from judicial deposit recovery | 120 | — | 120 | — |
| Asset impairments and other charges, net | (27) | — | (27) | — |
| Legal reserves and other | — | — | — | (65) |
| Total oil and gas | (110) | 90 | (389) | (87) |
| Midstream and marketing | ||||
| Derivative gains (losses), net | (254) | 178 | (485) | (20) |
| Gains on sales of assets and other, net (a) | — | 199 | 35 | — |
| Equity method investments fair value gains | — | — | — | 61 |
| Asset impairments and other charges (a) | — | — | (105) | (162) |
| Total midstream and marketing | (254) | 377 | (555) | (121) |
| Corporate | ||||
| Early debt extinguishment | 61 | 47 | (129) | — |
| Early retirement costs | — | (39) | (54) | — |
| Legal reserves and other | (48) | — | (48) | — |
| Acquisition-related costs and other | — | — | — | (13) |
| Total corporate | 13 | 8 | (231) | (13) |
| Income tax impact on items affecting comparability | 57 | (107) | 231 | 54 |
| Gains (losses) from continuing operations | (294) | 368 | (944) | (167) |
| Discontinued operations, net of taxes | (20) | (4) | 3,099 | 381 |
| Total | $(314) | $364 | $2,155 | $214 |
(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 decreased for the three months ended September 30, 2026, compared to the three months ended June 30, 2026, primarily due to lower realized crude oil prices in the oil and gas segment and lower marketing margins related to the narrowing of the Waha-to-Gulf-Coast spread and the timing impact of crude sales. These decreases were partially offset by higher realized domestic natural gas prices in the oil and gas segment.
Excluding the impact of items affecting comparability, net income increased for the nine months ended September 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 and 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 realized domestic natural gas prices in the oil and gas segment.
SELECTED STATEMENTS OF OPERATIONS ITEMS
Net sales decreased to $6.6 billion for the three months ended September 30, 2026, compared to $8.1 billion for the three months ended June 30, 2026, primarily due to lower crude oil prices and lower marketing margins related to the narrowing of the Waha-to-Gulf-Coast spread and the timing impact of crude sales. These decreases were partially offset by higher realized domestic natural gas prices in the oil and gas segment and partially offset by higher sulfur volumes and prices at Al Hosn.
Income tax expense decreased to $554 million for the three months ended September 30, 2026, compared to $915 million for the three months ended June 30, 2026, primarily due to lower pre-tax income earned in the three months ended September 30, 2026.
Net sales increased to $19.9 billion for the nine months ended September 30, 2026, compared to $16.5 billion for the same period in 2025, primarily due to higher realized crude oil prices in the oil and gas segment, higher marketing margins related to the timing of crude sales and natural gas transportation capacity optimization activities in the Permian, and higher sulfur prices at Al Hosn. These increases were partially offset by lower realized domestic natural gas prices and derivative losses on the crude oil collars in the oil and gas segment.
Interest and debt expense, net decreased to $618 million for the nine months ended September 30, 2026, compared to $847 million for the same period in 2025, primarily due to reduced long-term debt.
Income tax expense increased to $1.6 billion for the nine months ended September 30, 2026, compared to $848 million for the same period in 2025, primarily due to higher pre-tax income in the nine months ended September 30, 2026.
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