OCCIDENTAL PETROLEUM CORP /DE/ Earnings Summary — Q1 2026

• Net Income to Common reached $3.175 billion in Q1 2026, primarily boosted by a massive $3.123 billion gain from discontinued operations.
• Total revenue for the quarter was $5.109 billion, representing a 150% sequential recovery from Q4 2025 levels, although still down 11% YoY.
• Operating income returned to positive territory at $686 million compared to $364 million in the previous quarter, though significantly lower than the $1.37 billion seen in Q1 2025.
• The Permian Basin and low-cost production mix remain the core engine, though results show continued extreme sensitivity to commodity price cycles.
• Preferred dividends continue to exert a steady $170 million quarterly drag on earnings available to common shareholders.
• Operational expenses were slightly elevated at $2.88 billion, reflecting the capital-intensive nature of maintaining high-volume shale production.

Management is prioritizing a transition toward a 'low carbon' future through Direct Air Capture investments, aiming to decouple long-term value from pure volumetric growth.

Improving

The company has successfully moved from survival mode to optimization, aided by massive structural gains and stabilized Permian operations.

OXY remains highly dependent on WTI/Brent pricing, with growth strategies focusing on operational excellence and carbon capture leadership to mitigate long-term regulatory risks.