Investing.com — Occidental Petroleum Corporation (NYSE:OXY) delivered a decisive third-quarter earnings beat on Monday, lifted by operational outperformance in its core shale basins and substantial debt-reduction progress. The Houston-based producer posted adjusted earnings of $1.91 per share, topping analyst expectations of $1.34 by $0.57, while revenue reached $6.77 billion against a projected $6.61 billion.
vThe results underscored management’s disciplined balance-sheet trajectory, highlighted by the achievement of a key $10.0 billion principal debt milestone. Occidental retired $1.8 billion of principal debt during the quarter, bringing total debt reductions since the start of 2026 to $10.4 billion.
Operational execution in the Permian and Rockies supported the quarter’s performance, driving worldwide production to 1,427 thousand barrels of oil equivalent per day and exceeding the midpoint of guidance. That output helped counterbalance temporary curtailments at several Gulf of Mexico assets caused by maintenance and third-party pipeline constraints.
Cash generation remained robust, bolstered by continuing operations that yielded $4.1 billion in operating cash flow before working capital and $2.8 billion in free cash flow against $1.3 billion in capital expenditures. Net income attributable to common stockholders landed at $1.6 billion, or $1.61 per share, with the spread between reported and adjusted figures primarily reflecting non-cash derivative valuations.
Meanwhile, lower realized crude prices posed a clear quarterly headwind, with worldwide realized crude falling 11% to $85.91 per barrel and pulling pre-tax oil and gas earnings down to $2.6 billion from $2.8 billion in the prior period. That commodity pressure was partially mitigated by domestic natural gas realizations, which rebounded sharply to positive $1.61 per thousand cubic feet following regional pricing distress in the second quarter.
Occidental also advanced its low-carbon enhanced oil recovery framework by securing third-party agreements to capture and transport up to 2 million metric tons of industrial CO₂ annually from the Delaware Basin. Shares edged 0.5% higher in extended trading Monday as investors weighed broader energy price softening against the company’s capital-return roadmap.
Original Article
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Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
