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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Occidental Petroleum
Occidental Petroleum (OXY) investor relations material
Occidental Petroleum Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary10 Nov, 2026
Executive summary
Q3 production averaged 1,427 Mboe/d, above the guidance midpoint; adjusted diluted EPS was $1.91 and free cash flow before working capital was $2.8B.
Reached the $10B principal-debt milestone after $10.4B of year-to-date repayments; established a new $6B debt target.
Targeting a $4.0B annual sustainable cash flow increase by 2030 versus 2025, equivalent to 95% growth.
Financial highlights
Reported diluted EPS was $1.61 versus adjusted diluted EPS of $1.91; the difference mainly reflected derivative losses.
Continuing-operations cash flow before working capital was $4.1B; free cash flow before working capital was $2.8B on $1.3B of capital expenditures.
Year-to-date free cash flow was $7.5B, the highest since 2022; unrestricted cash was $3.9B at September 30.
Q3 net sales were $6.567B versus $5.519B year over year; net income was $1.821B versus $842M.
Nine-month operating cash flow from continuing operations was $10.606B; total operating cash flow was $9.224B after discontinued-operations outflows.
Outlook and guidance
Q4 production guidance is 1,430–1,470 Mboe/d; net capital expenditures are expected to be ~$1.3B.
2027 capital spending is expected at ~$5.9B, with relatively flat production and flat-to-slightly-higher oil output.
Sustainable cash flow improvement is expected to reach $700M–$800M in 2027 versus 2026, or ~$2B cumulatively by year-end 2027.
2026 plan targets $500M of cost savings versus 2025 and 7% U.S. unconventional well-cost savings.
STRATOS full plant startup is expected around year-end, with transition to operations in 2027 and project EBITDA of $90M–$130M in 2028.
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Latest events from Occidental Petroleum
- 2023 FCF was $5.5B as production, debt reduction and CrownRock shaped 2024 priorities.OXY
Q4 2023 - Q2 2026 saw $2.8B net income, record free cash flow, and an 8% dividend increase.OXYQ2 2026
- Q1 2026 net income hit $3.2B, adjusted EPS $1.06, and debt fell by $7.1B.OXYQ1 2026
- Record results, leadership change, and strong shareholder support for all proposals.OXYAGM 2026
- Strong 2025 results, enhanced governance, and ESG focus drive key proxy votes and board actions.OXYProxy filing
- Definitive additional proxy materials filed for shareholder voting, with no fee required.OXYProxy filing
- Record production, cost savings, and debt reduction set the stage for resilient 2026 growth.OXYQ4 2025
- Q3 2025 saw strong results and OxyChem sale, driving debt reduction and record production.OXYQ3 2025
- Q2 net income up 64% to $992M; record production and CrownRock deal boost outlook.OXYQ2 2024
Next Occidental Petroleum earnings date
Q4 202618 Feb, 2027
Occidental Petroleum
Next Occidental Petroleum earnings date
Q4 202618 Feb, 2027
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Frequently asked questions
Occidental Petroleum Corporation is an oil and gas company. The Company explores, develops, produces and markets crude oil, natural gas, and natural gas liquids. The Company's segments include United States (Domestic), Middle East / North Africa (Gulf Coast), Latin America, Asia Pacific and Other.