Occidental Petroleum stock marks 10 billion US dollar debt milestone

Published on 11/10/2026 at 14:40 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Occidental Petroleum stock follows a quarter marked by strong cash generation and higher production. Management is targeting further balance-sheet improvement through 2030.

Occidental reports stronger cash generation

Adjusted earnings from continuing operations reached 1.91 US dollars per diluted share, while reported EPS was 1.61 US dollars.
Global production averaged 1.427 million barrels of oil equivalent per day and exceeded the midpoint of guidance.
Management linked the stronger balance sheet to a plan for more than 4.0 billion US dollars in additional annual sustainable cash flow by 2030.

Occidental Petroleum, US6745991058, Illustration mit AI erstellt.

Occidental Petroleum reported its third-quarter 2026 results on Monday, November 9, with adjusted earnings from continuing operations of 1.91 US dollars per diluted share and net income attributable to common stockholders of 1.6 billion US dollars. The figures were published in a Fintel report based on the company filing.

Reported diluted EPS was 1.61 US dollars, while adjusted income attributable to common stockholders reached 2.0 billion US dollars. Occidental said the difference mainly reflected losses on derivatives, making the adjusted figure the clearer measure of the quarter's underlying operating performance.

Cash flow supports debt reduction

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, giving the oil and gas producer financial capacity to continue reducing leverage.

Occidental reached a principal-debt milestone of 10.0 billion US dollars after retiring 10.4 billion US dollars of debt since the beginning of 2026. Chief Executive Officer Richard Jackson said the company was advancing a plan to add more than 4.0 billion US dollars in annual sustainable cash flow by 2030, which could expand room for capital returns over time.

Production exceeds guidance midpoint

Global production averaged 1.427 million barrels of oil equivalent per day in the quarter and exceeded the midpoint of guidance. Strong performance in the Permian and Rockies helped offset temporary curtailments at certain Gulf of America facilities caused by a third-party gas pipeline constraint and maintenance work.

The production result supports Occidental's operating execution, but the balance sheet remains central to the investment case. Continued debt reduction and sustained cash generation would strengthen the company's flexibility, while weaker commodity prices or further operating disruptions could pressure that progress.

Occidental Petroleum stock traded at 49.44 euros on Lang & Schwarz at 14:33 CET on Tuesday, November 10.