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17:00
Aug 06 ◎

OXY FY2026 Q2 Watch

Occidental Petroleum Corporation (OXY) FY2026 Q2 Earnings Call

OXY SLB LNG HAL KMI ▾

Richard Jackson

Management is decidedly optimistic about the company's trajectory, driven by a plan to enhance sustainable cash flow by $4 billion by 2030 through cost efficiency, lower sustaining capital, and continued debt reduction, all while forecasting production outperformance and operational strength.

"Over the last few years, Oxy has continued to build a differentiated capability to improve resource recovery and unlock more value from the subsurface with demonstrated results."

OXY WATCH

Sunil Mathew

Oxy plans to drop three Permian rigs in Q4 but still expects 15 more wells online, illustrating a structural improvement in capital efficiency that could pressure service costs. — Every well drilled with fewer rigs is a negative leading indicator for onshore drilling and frack service demand, potentially capping price increases for service providers.

"Based on the efficiencies we have seen so far in Permian, the plan is to drop three rigs in Q4, but we're actually expecting to have 15 more wells online in Permian."

SLB WATCH HAL WATCH

Sunil Mathew

Oxy expects higher oil prices to increase its CO2 costs in the Permian, as the cost of CO2 is now indexed to the price of oil, creating a direct linkage between commodity prices and operating costs. — Oxy's own CO2 costs being tied to oil prices is an interesting reveal of the CO2 supply economics in the Permian, suggesting that as oil prices rise, industrial CO2 suppliers can demand higher prices, a dynamic that could benefit major CO2 emitters with supply in the region.

"For the full year, we are maintaining domestic lease operating expense guidance of $8.10 per BOE with efficiency gains and disciplined cost management helping to offset increasing CO2 cost pressure related to higher oil prices."

LNG WATCH

Sunil Mathew

Gas realization swings in the Permian are tied directly to Permian takeaway capacity additions; over 3 BCF of capacity has come online and another 2 BCF is expected, which will structurally narrow Waha to Gulf Coast spreads. — The structural narrowing of the Waha basis due to new pipeline capacity directly impacts cash flows for midstream companies operating in the Permian basin, potentially reducing their future revenue growth prospects.

"That spread has actually become even more narrower because there's almost three BCF of capacity that has already come online and potentially another two BCF coming online by the end of the fourth quarter."

KMI WATCH ENB WATCH

HIGH

17:00
May 06 ◎

OXY FY2026 Q1 Watch

Occidental Petroleum Corporation (OXY) FY2026 Q1 Earnings Call

OXY ▾

Sunil Matthew

Guidance was maintained on capex but full-year production guidance midpoint was lowered from ~1.45 to 1.44 million BOE/d, a neutral-to-cautious tone.

"In the first quarter of 2026, we generated adjusted earnings of $1.06 per diluted share."

OXY WATCH

HIGH

18:00
Feb 19 ◎

OXY FY2025 Q4 Watch

Occidental Petroleum Corporation (OXY) FY2025 Q4 Earnings Call

OXY WMB ▾

Vicki Holub

Management's tone is clearly improving, highlighted by production growth at lower capital levels, significant cost savings, and robust free cash flow generation despite lower oil prices.

"We expect 2026 production to grow approximately 1%, averaging 1.45 million BOE per day, even at lower capital levels."

OXY WATCH

Sunil Mathew

Unplanned maintenance on third-party pipelines out of the Permian allowed Oxy to generate significant incremental midstream income in Q4, implying pipeline outages were a material market event. — The outage created a temporary bottleneck that Oxy capitalized on, highlighting potential infrastructure fragility in the Permian that could impact other producers.

"This was largely driven by our team's success in optimizing transportation around unplanned maintenance on third-party pipelines out of the Permian."

WMB WATCH

HIGH

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