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Occidental Petroleum (OXY) investor relations material
Occidental Petroleum Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Announced sale of OxyChem to Berkshire Hathaway for $9.7 billion, marking a strategic transformation to focus on oil and gas, with proceeds primarily allocated to debt reduction and shareholder returns.
Q3 2025 delivered record operational performance, with total production reaching 1,465 Mboed, including record Permian output of 800 Mboed and strong cost efficiencies.
Net income attributable to common stockholders was $661 million ($0.65 per diluted share), with adjusted income of $649 million ($0.64 per diluted share).
Resource potential doubled since 2015 to 16.5 billion BOE, with 83% of production now domestic.
OxyChem sale expected to strengthen the balance sheet, accelerate deleveraging, and unlock high-return opportunities in core oil and gas business.
Financial highlights
Generated $3.2 billion in operating cash flow and $1.5 billion in free cash flow before working capital in Q3 2025.
Quarterly revenue was $6.6–$6.7 billion; net income was $661 million.
Capital expenditures for Q3 were $1.7–$1.8 billion; unrestricted cash balance stood at $2.2 billion as of September 30, 2025.
$1.3 billion in debt repaid during Q3, reducing principal debt to $20.8 billion.
Lease operating expense per BOE at lowest level since 2021, at $8.11 per BOE.
Outlook and guidance
Q4 2025 production guidance: 1,440–1,480 Mboed, with Permian at 795–815 Mboed; OxyChem pre-tax income guidance for Q4: ~$140 million.
Full-year pre-tax income from midstream/marketing expected to be $400 million above original guidance.
2026 capital program expected at $6.3–$6.7 billion, with flexibility to adjust based on macro conditions; production expected to be flat to up 2% in 2026, driven by unconventional Permian.
OxyChem to be classified as discontinued operations from Q4 2025.
Strategic priorities include maintaining production, growing dividend, and advancing carbon management.
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