Occidental Petroleum posts mixed Q1 results, lowers full-year production outlook
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GoldenTenData May 6|Occidental Petroleum announced that first-quarter revenue was $5.23 billion, falling short of analysts' average estimate of $5.67 billion. Net profit attributable to common shareholders was $3.2 billion, a significant increase from $766 million in the same period last year, mainly driven by gains related to the sale of its OxyChem business. Adjusted earnings per share were $1.06, far exceeding analysts' average estimate of $0.59. During the period, the average realized oil price increased to $69.91 per barrel, and daily production reached 1.426 million barrels of oil equivalent, surpassing the high end of its guidance. The company has lowered its 2026 daily production forecast to 1.41 million to 1.46 million barrels of oil equivalent, compared to its previous forecast of 1.42 million to 1.48 million barrels of oil equivalent.
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