Occidental Petroleum (OXY) Q1 2025 earnings summary

Executive summary

• Net income attributable to common stockholders was $766 million ($0.77 per diluted share) for Q1 2025; adjusted income was $860 million ($0.87 per diluted share).

• Operating cash flow before working capital reached $3.0 billion, with free cash flow before working capital at $1.2 billion.

• Closed $1.3 billion in asset sales and repaid $2.3 billion in debt year-to-date 2025, with all 2025 maturities retired.

• Total production averaged 1,391 Mboed, at the mid-point of guidance, supported by the Crown Rock Acquisition.

• Achieved significant cost reductions and efficiency gains, particularly in the Permian, enabling a reduction in rig count while maintaining or slightly increasing production.

Financial highlights

• Revenue for Q1 2025 was $6.8 billion, up from $6.0 billion in Q1 2024.

• Adjusted diluted EPS was $0.87 and reported diluted EPS was $0.77 for Q1 2025.

• Operating cash flow (GAAP) was $2.1 billion; capital expenditures net of noncontrolling interest were $1.85 billion.

• Unrestricted cash balance stood at $2.6 billion as of March 31, 2025.

• Long-term debt reduced to $18.5 billion as of March 2025, with $6.8 billion repaid over 10 months.

Outlook and guidance

• 2025 capital guidance midpoint reduced by $200 million; domestic operating costs cut by $150 million.

• Q2 2025 production guidance: 1,377–1,417 Mboed; full-year 2025: 1,390–1,440 Mboed.

• OxyChem FY 2025 pre-tax income guidance: $0.9–$1.1 billion.

• Management expects continued operational efficiency and progress toward debt reduction goals.

• Adjusted effective tax rate expected to be ≥30%.