Oxy reported strong Q1 results with production beating guidance and higher free cash flow, but lowered full-year production guidance due to Middle East disruptions and EOR portfolio optimization. Management reiterated a disciplined capital allocation framework focused on deleveraging to $10 billion principal debt, and announced CEO transition from Vicki Holub to Richard Jackson. Q1 production was 1.426 million BOE/d, beating guidance; adjusted EPS was $1.06, with reported EPS of $3.13.
Oxy reported strong Q1 results with production beating guidance and higher free cash flow, but lowered full-year production guidance due to Middle East disruptions and EOR portfolio optimization. Management reiterated a disciplined capital allocation framework focused on deleveraging to $10 billion principal debt, and announced CEO transition from Vicki Holub to Richard Jackson. Q1 production was 1.426 million BOE/d, beating guidance; adjusted EPS was $1.06, with reported EPS of $3.13.
Oxy reported strong Q1 results with production beating guidance and higher free cash flow, but lowered full-year production guidance due to Middle East disruptions and EOR portfolio optimization. Management reiterated a disciplined capital allocation framework focused on…
Q1 production was 1.426 million BOE/d, beating guidance; adjusted EPS was $1.06, with reported EPS of $3.13.
Guidance tone
Guidance tone
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.
Management maintained the full-year 2026 capital guidance range of $5.5 to $5.9 billion, with capital spending in the first quarter in line with the plan and activity weighted toward the first half of the year. They highlighted a focus on cost efficiencies and a $5.9 billion sustaining capital starting point for 2027.
Management expressed confidence in the strength of their portfolio and strategy, emphasizing execution, cost efficiency, and a clear path to growing free cash flow and value at any price.
“we identified an issue related to non-processed components of the facility unrelated to the technology... do not expect this to impact Oxy's capital range for the year.”
“raising the midpoint of full-year midstream guidance to $1.1 billion, an increase of approximately $800 million from the full year guidance provided in our last call.”
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Capex | FY2026 | $5.5B–$5.9B | $5.7B | MAINTAINED |