Earnings Highlights OXY

SynMax Research:

Occidental Petroleum (OXY)

Occidental’s Q4 2025 exceeded the high end of guidance led by contributions from the Permian and Rockies regions. Both Gulf of America and international average daily production met guidance expectations.  The company’s efficiencies and optimized allocation are expected to reduce 2026 CapEx by $550 million compared to 2025.

Occidental issued full year 2026 guidance. Their Lower 48 midpoint production is expected to be higher YOY by 1.08% with 1,215 Mboe/d in 2026 compared to 1,202 Mboe/d in 2025. Permian up 3.56% YOY with 814 Mboe/d in 2026 compared to 786 Mboe/d in 2025. Rockies and other domestic basins are down 5.63% YOY with 268 Mboe/d in 2026 compared to 284 Mboe/d in 2025. GOA up 0.76% YOY with 133 Mboe/d in 2026 compared to 132 Mboe/d in 2025. Q1 2026 production will be the bottom in production for 2026 due to weather related curtailments.