OCCIDENTAL PETROLEUM CORP /DE/ (OXY) Company Report

Occidental agreed to sell OxyChem, generating $8 billion in net proceeds, of which $6.5 billion will be used to reduce debt toward a sub-$15 billion principal target and cut annual interest expense by over $350 million.
In Q3 2025, the company produced 1.47 million BOE/day (including a record 800 K BOE/day in the Permian), drove $3.2 billion of operating cash flow and $1.5 billion of free cash flow before working capital.
Reported earnings were $0.65 per diluted share; the company repaid $1.3 billion of debt in the quarter (YTD $3.6 billion), lowering principal debt to $20.8 billion.
Q4 production guidance was raised to 1.46 million BOE/day, full-year midstream and marketing income is expected to be ~$400 million above prior guidance, and OxyChem will be classified as discontinued operations starting Q4.
Since 2023, Occidental has realized $2 billion in annualized U.S. onshore cost savings, cut 2025 capex by $300 million and opex by $170 million, and added 2.5 billion BOE of Permian resources (now 70% of its 16.5 billion BOE portfolio).

Nov 11, 2025, 6:00 PM

Transcript

Occidental announces Q3 2025 results

OXY

Earnings

M&A

Guidance Update

Occidental agreed to sell OxyChem, generating $8 billion net proceeds, of which $6.5 billion will reduce debt to a target below $15 billion, strengthening the balance sheet.
Q3 operating cash flow was $3.2 billion and free cash flow before working capital $1.5 billion; the company repaid $1.3 billion of debt, bringing year-to-date repayments to $3.6 billion and reducing total debt to $20.8 billion.
Full-year 2025 guidance was raised with Q4 production now expected at 1.46 million BOE/d, and midstream pre-tax income forecast $400 million above original guidance.
2026 capital expenditures are planned at $6.3 – $6.7 billion, with up to $400 million flexibly allocated to short-cycle Permian projects to preserve optionality.
Since 2015, total resources have more than doubled to 16.5 billion BOE, driven by Permian expansion and unconventional EOR development.

Nov 11, 2025, 6:00 PM

Transcript

Occidental reports Q3 2025 results

OXY

Earnings

M&A

Guidance Update

Announced sale of OxyChem yielding $8 billion in net proceeds, with $6.5 billion earmarked for debt reduction to reach a principal debt target below $15 billion.
Generated $3.2 billion in operating cash flow and $1.5 billion in free cash flow before working capital, delivering $0.65 of profit per diluted share.
Domestic production exceeded guidance, lease operating expense dropped to $8.11 per BOE (the lowest since 2021), and realized $2 billion in annualized cost savings since 2023.
Upgraded Q4 production guidance to a midpoint of 1.46 million BOE/d and expect midstream & marketing pre-tax income to be $400 million above original guidance.

Nov 11, 2025, 6:00 PM

Transcript

Occidental Petroleum reports Q3 2025 earnings

OXY

Earnings

M&A

Adjusted EPS of $0.64 and net income of $661 million in Q3 2025, surpassing Wall Street expectations
Production of 1.465 million barrels of oil equivalent per day, exceeding guidance across Permian, Rockies and international segments
Operating cash flow of $2.8 billion and free cash flow of $1.5 billion before working capital in the quarter
Sale of OxyChem to Berkshire Hathaway for $9.7 billion and $1.3 billion of debt repaid, bringing total principal debt to $20.8 billion
Average realized oil price rose to $64.78 per barrel (+2% QoQ) and natural gas to $1.48 per Mcf (+11% QoQ)

Nov 11, 2025, 12:38 AM

Morningstar

Occidental Petroleum reports Q3 2025 results

OXY

Earnings

Net income attributable to common stockholders was $661 million, or $0.65 per diluted share, with adjusted EPS of $0.64.
Operating cash flow reached $2.8 billion, and free cash flow before working capital was $1.5 billion (capital spending of $1.8 billion and $39 million from noncontrolling interest).
Total average production of 1,465 Mboe/d exceeded the high end of guidance.
The company repaid $1.3 billion of debt, reducing its principal balance to $20.8 billion.

Nov 10, 2025, 9:15 PM

8-K

Texas Pacific Land Corporation announces Q3 2025 results

OXY

Earnings

M&A

Debt Issuance

Record segment performance: Land and Resource Management revenues of $122.3 million, Water Services and Operations revenues of $80.8 million, and oil and gas royalty production of 36.3 thousand Boe/day drove consolidated net income of $121.2 million ($5.27 diluted) in Q3 2025.
Strong cash generation: Adjusted EBITDA of $173.6 million and free cash flow of $122.9 million in the quarter.
Strategic acquisitions: Executed purchase agreement for 17,306 net royalty acres and acquired 8,147 surface acres in the Permian Basin for a combined $505 million in cash.
Balance sheet enhancement: Completed a new $500 million revolving credit facility on October 23, 2025, and paid a $1.60 per share quarterly dividend on September 16, 2025.
Corporate action approved: Board authorized a three-for-one stock split, subject to final determination of the effective date.

Nov 5, 2025, 9:15 PM

Press Release

Kosmos Energy reports Q3 2025 results

OXY

Earnings

Debt Issuance

Net production averaged 65,500 boepd, up 3% QoQ, with sales of ~59,900 boepd; 6.8 gross LNG cargos lifted from the GTA project in Q3 2025.
Revenues were $311 million ($56.39/boe); the Company posted a net loss of $124 million (–$0.26 per diluted share) and an adjusted net loss of $72 million (–$0.15 per diluted share).
Production expense totaled $148 million ($19.51/boe), down 39% QoQ; capital expenditures were $67 million, and full-year capex is now expected to be < $350 million (over 60% lower YoY).
Entered a senior secured term loan facility with Shell for up to $250 million, funding the first $150 million tranche post-quarter to partially redeem 2026 notes; reserve-based lending facility re-determined with a borrowing base > $1.35 billion.
First producer well of the 2025/26 Jubilee drilling campaign came online in July, contributing ~10,000 bopd on average during the quarter.

Nov 3, 2025, 7:00 AM

Press Release

Occidental Petroleum issues Q3 2025 earnings considerations

OXY

Earnings

Guidance Update

Occidental Petroleum released preliminary earnings considerations for Q3 2025, noting estimates are subject to change upon finalization of its financial reporting process.
Average diluted shares outstanding for the quarter were 1,003.1 million, forming the basis for EPS calculations.
Q3 2025 average realized prices were $64.78/Bbl for oil, $19.60/Bbl for NGL and $1.57/Mcf for natural gas, compared to index prices of $64.93/Bbl WTI, $68.14/Bbl Brent and $3.28/Mcf NYMEX gas.

Oct 10, 2025, 11:15 AM

8-K

Occidental announces sale of OxyChem to Berkshire Hathaway

OXY

M&A

Occidental Petroleum subsidiaries entered into a Purchase and Sale Agreement with Berkshire Hathaway on October 1, 2025 to sell its chemical business, OxyChem, for $9.7 billion in an all-cash transaction, subject to customary cash, debt and working capital adjustments.
The transaction requires HSR Act clearance, FERC authorization and other regulatory approvals, with a closing scheduled by March 30, 2026 (plus a potential 90-day extension).
At closing, the parties will execute a Transition Services Agreement, a Remediation Management Agreement and Occidental will provide a Guaranty to support indemnification obligations.
Occidental will indemnify Berkshire Hathaway for pre-closing liabilities and inaccuracies in representations, while ERH retains and indemnifies for environmental liabilities related to legacy sites.

Oct 3, 2025, 8:23 PM

8-K

Occidental Petroleum to divest OxyChem to Berkshire Hathaway for $9.7 billion

OXY

M&A

Share Buyback

Dividends

Occidental Petroleum will sell its chemical business, OxyChem, to Berkshire Hathaway for $9.7 billion in cash, with the transaction expected to close in Q4 2025 pending regulatory approvals.
Proceeds will include $6.5 billion for immediate debt reduction toward its sub-$15 billion target and $1.5 billion (after tax) to bolster the balance sheet, driving > $350 million in annual interest savings.
The transaction enables a renewed focus on Occidental’s core oil and gas portfolio, accelerating low-cost resource development, cost efficiencies, and advanced recovery technologies to boost free cash flow growth.
Occidental plans to enhance shareholder returns through a sustainable dividend, an opportunistic multi-year share repurchase program, and future preferred equity redemption.

Oct 2, 2025, 11:13 AM

8-K

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