Occidental Petroleum Exceeds Q3 2025 Production Guidance with $0.64 Adjusted EPS

Occidental Petroleum (OXY.US) reported adjusted income attributable to common stockholders of $649 million, or $0.64 per diluted share, for the third quarter of 2025. This adjusted EPS figure surpassed analyst estimates of $0.48. The company also generated operating cash flow before working capital of $3.2 billion for the quarter, with capital spending of $1.8 billion.

Operational Performance and Production Highlights

Occidental Petroleum demonstrated strong operational performance, exceeding the high end of its guidance for total company average production, which reached 1,465 Mboed in Q3 2025. This robust production was a key driver of the quarter's financial results. Worldwide realized crude oil prices increased by 2% from the prior quarter, reaching $64.78 per barrel.

The Oil and Gas segment reported a pre-tax income of $1.3 billion. The increase in oil and gas income compared to the second quarter of 2025 was primarily due to higher crude oil volumes and prices. Average production for Permian, Rockies & Other Domestic, Gulf of America, and International assets also contributed significantly to exceeding production targets.

Midstream and Marketing Outperformance

The Midstream and Marketing segment delivered pre-tax income of $93 million, exceeding the high end of its guidance for pre-tax adjusted income. This outperformance was achieved despite lower Waha-to-Gulf-Coast gas spreads and higher expenses related to increased activities in low-carbon venture businesses. Higher sulfur prices at Al Hosn partially offset these factors.

Strategic Debt Reduction and Future Outlook

During the third quarter of 2025, Occidental Petroleum repaid $1.3 billion of debt, reducing its principal debt balance to $20.8 billion. President and Chief Executive Officer Vicki Hollub highlighted the strategic transformation of the company, noting that the sale of OxyChem is an important milestone to further strengthen the balance sheet, accelerate shareholder returns, and unlock high-return opportunities in the core oil and gas business.