Earnings call analysis

Occidental Petroleum (OXY) Q2 2026 Earnings Call: Guidance and Outlook

The company provided production and cost guidance for the third quarter and maintained its full-year 2026 capital expenditure range. It also reiterated a starting point for 2027 capital spending.

About Occidental Petroleum. Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. It operates through Oil and Gas and Midstream and Marketing.

Call date

Aug 6, 2026

Sentiment score

+45 Positive

Management tone, -100 to +100

Sentiment change

+10

vs Q1 2026 call

Sector

Energy, Oil, Gas and Consumable Fuels

Next report

Not yet scheduled

View calendar

Quarterly guidance

Q3 2026 Production: 1.4 million to 1.44 million BOE per day
Q3 2026 Domestic LOE: $8.75 per BOE

Annual guidance

2026 Capital Expenditure: $5.5 billion to $5.9 billion
2026 Domestic LOE: $8.10 per BOE
2027 Capital Expenditure: $5.9 billion

Outlook

Sustainable cash flow: Expects to add over $4 billion of annual sustainable cash flow by 2030 relative to 2025.
Debt reduction: Targeting a $10 billion principal debt milestone.
Production growth: Growth is not required to achieve cash flow targets, though measured, efficiency-led growth remains an option.
Stratos/LCV: Expects full plant commissioning to begin around the end of the year, transitioning to operations in 2027.
Decline rates: Advanced recovery projects are expected to support a decline rate reduction from approximately 25% to 20% by 2030.
Midstream: Expects third quarter income to decline as the Waha to Gulf Coast natural gas spread narrows.

Sources and method

Dombey's summary of the Occidental Petroleum Q2 2026 earnings call held Aug 6, 2026, written from the call itself. Every figure on this page was checked against what was said on the call, and quoted lines are management's own words; we do not add estimates or prices. The tone score is our read of management's wording, guidance and answers. Check figures against the company's SEC filings before acting. This is research, not investment advice.

Updated Nov 9, 2026. All earnings call analyses

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