Occidental Petroleum reported second quarter 2026 adjusted EPS of $2.40, significantly ahead of analyst estimates, driven by strong operational performance and higher commodity prices. The company generated $3.0 billion in free cash flow, allowing it to reduce principal debt by $1.9 billion. Global production exceeded guidance, coming in at 1,433 thousand barrels of oil equivalent per day (Mboed).
Key Highlights
- Q2 adjusted EPS of $2.40 beat the consensus estimate of $1.96, while reported EPS was $2.75.
- Reduced principal debt by $1.9 billion to $11.8 billion, making progress toward its $10.0 billion target.
- Generated $3.0 billion of free cash flow before working capital, its highest since Q3 2022.
- Increased the quarterly dividend by an additional 8% to $0.28 per share.
- Global production averaged 1,433 Mboed, exceeding the high end of the company's guidance range.