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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.
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Q3 2025 earnings summary11 Nov, 2025

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.

OxyChem sale: expected debt reduction?
Low-carbon ventures: impact on Midstream income?
G&A per BOE: drivers of Q3 reduction?
OxyChem sale: debt reduction and capital return plan
Unconventional EOR: 2B BOE resource uplift details
2026 capital flexibility for production growth
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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.

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