Occidental Petroleum Corporation, which trades as Oxy, is an international energy company headquartered in Houston, Texas, and listed on the New York Stock Exchange under the ticker OXY. It produces, markets and transports oil and natural gas and says it operates primarily in the United States, the Middle East and North Africa. The company describes itself as spanning Performance Production, Midstream and Power, enhanced oil recovery and a Carbon Innovation arm, and since January 2026 it has no chemicals business following the sale of OxyChem.
Sale of OxyChem and the balance sheet
Oxy completed the sale of its chemical subsidiary OxyChem to Berkshire Hathaway on 2 January 2026 for USD 9.7 billion in cash, subject to customary purchase price adjustments. The company said the transaction would strengthen its balance sheet and concentrate the portfolio on oil and gas. Legacy tort claims and environmental liabilities tied mainly to historic operations outside the sold facilities were retained by an Occidental subsidiary, Environmental Resource Holdings LLC, with Glenn Springs Holdings continuing to manage remediation. The disposal followed the 2024 acquisition of CrownRock, which expanded Oxy's Permian position, and the cash has been directed at debt: principal debt fell by USD 1.9 billion in the second quarter of 2026 to USD 11.8 billion, moving toward a USD 10.0 billion target.
Second-quarter 2026 results
For the three months to 30 June 2026 Occidental reported net income attributable to common stockholders of USD 2.8 billion, or USD 2.75 per diluted share, and adjusted income of USD 2.4 billion, or USD 2.40 per adjusted share from continuing operations. Global production averaged 1,433 thousand barrels of oil equivalent per day, above the top end of guidance, with the Permian and Gulf of America business units outperforming. Oil and gas pre-tax income was USD 2.8 billion against USD 1.0 billion in the first quarter. Operating cash flow from continuing operations was USD 5.1 billion, or USD 4.6 billion before working capital, capital expenditure was USD 1.6 billion and free cash flow before working capital reached USD 3.0 billion, which the company described as its highest since the third quarter of 2022. The board raised the quarterly dividend by a further 8% this year to USD 0.28 per share, payable on 15 October 2026 to stockholders of record on 10 September 2026.
Prices, basins and international interests
Realised prices drove the quarter: average WTI and Brent marker prices were USD 92.79 and USD 97.06 per barrel, worldwide realised crude oil prices rose 38% from the previous quarter to USD 96.78 per barrel and realised natural gas liquids prices rose 30% to USD 24.64 per barrel, while the average domestic realised gas price was negative USD 1.48 per thousand cubic feet. The Permian Basin remains the largest producing area, supported by midstream gathering and processing systems and by power generation that supplies its own operations, and carbon dioxide enhanced oil recovery is a long-standing part of the portfolio. Internationally the company has interests in Oman, the United Arab Emirates and Bolivia, and it publishes regional supplier contact addresses for those countries on its website.
Midstream, power and carbon innovation
Midstream and marketing reported pre-tax income of USD 1.3 billion in the second quarter of 2026, compared with a pre-tax loss of USD 87 million in the previous quarter, helped by crude sales timing, transport capacity optimisation and USD 149 million of equity method income from Western Midstream. On the carbon side, Oxy's 1PointFive subsidiary is developing direct air capture projects and formed a joint venture with BlackRock to develop the STRATOS plant in the Permian Basin; the company has announced carbon removal credit agreements with buyers including Amazon on a ten-year basis, Microsoft for 500,000 metric tons, AT&T and TD. Oxy has also agreed with ADNOC to evaluate carbon management projects in the United States and the United Arab Emirates and to begin a preliminary engineering study for a direct air capture facility in the UAE, and it formed a joint venture with BHE Renewables to commercialise TerraLithium extraction technology. It publishes an annual sustainability report covering emissions reduction progress alongside its operating results.
Leadership, listing and contact
Vicki Hollub, chief executive since 2016 and a board member since 2015, retired as president and chief executive on 1 June 2026 and remains on the board. She was succeeded by Richard Jackson, previously senior vice president and chief operating officer, who joined the board on the same date; Jack Moore is board chairman. Occidental files quarterly and annual reports with the US Securities and Exchange Commission and maintains investor pages covering SEC filings, quarterly earnings and dividend history. It does not publish a general enquiry address: the contact page lists function-specific mailboxes such as owner relations for royalty owners, US supplier help desks and the Bolivia and Oman supplier portals.