• Occidental Petroleum stock is among today’s top performers. Why are OXY shares rallying?Occidental shares surged in investor attention after the company completed the sale of its OxyChem division to Berkshire Hathaway for $9.7 billion. As it reported its fourth quarter earnings, Occidental revealed it used the proceeds to cut roughly $5.8 billion in debt, bringing its principal debt down to about $15 billion and materially strengthening its balance sheet.Occidental Slashes Debt With Berkshire DealThe cle ...

Financial Performance and Key Metrics - In 2025, the company generated $4.3 billion in free cash flow before working capital, despite a 14% decline in oil prices from 2024 [4][5] - Cash flow from operations increased by 27% year-over-year, excluding OxyChem [4] - The company repaid $4 billion in debt, reducing principal debt to $15 billion, with a tender offer expected to lower it further to $14.3 billion [5][22] Operational Achievements - The company set a new annual production record of 1.4 million barrels of oil equivalent per day, exceeding guidance while spending $300 million less in capital than planned [6] - Achieved a 107% organic reserves replacement ratio and a 98% all-in reserves replacement ratio at a finding and development cost below the DD&A rate [6][7] - Total resource base now stands at 16.5 billion barrels of oil equivalent, with 84% of this resource base breaking even below $50 per barrel [7][8] Business Segments and Market Performance - The midstream segment delivered strong results, with adjusted pretax income surpassing guidance by over $500 million, driven by gas marketing optimization and higher sulfur prices [7][21] - U.S. assets now account for 83% of production, compared to 50% in 2015, while international assets remain high quality with upside potential [8] Company Strategy and Industry Positioning - The company aims to maintain production through safe operations and deliver a sustainable and growing dividend, with an 8% increase announced [10][23] - Focus on high-return oil and gas projects that generate strong cash flow while advancing mid-cycle projects to reduce sustaining capital requirements over time [10][23] - The company plans to invest $5.5 billion to $5.9 billion in capital spending for 2026, reflecting a $550 million reduction from 2025 [10][25] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive sustainable free cash flow growth and deliver long-term value to shareholders [4][19] - The company is focused on operational excellence and cost efficiency, with expectations to achieve an additional $500 million in cost savings in 2026 [14][23] - Management highlighted the importance of maintaining flexibility in capital allocation to respond to market changes [25][28] Other Important Information - The company completed the sale of OxyChem, strengthening its balance sheet and enabling further debt reduction [3][21] - The leadership team announced changes in investor relations, with Jordan Tanner transitioning to a new role and Babatunde Cole appointed as the new Vice President of Investor Relations [29][30] Q&A Session Summary Question: Can you explain the lower CapEx guidance compared to previous estimates? - Management noted that the reduction was due to improved project optimization and cost efficiencies achieved by the teams [34][36] Question: What is the expected impact of the Horn Mountain waterflood project on production? - Management indicated that the project is expected to lower decline rates and improve reliability, contributing to sustained production levels [41][42] Question: How sustainable are the cost savings achieved in 2025 for future years? - Management expressed confidence that many of the cost efficiencies are structural and will continue to benefit the company in 2027 and beyond [56][59]

Financial Performance and Key Metrics - In 2025, the company generated $4.3 billion in free cash flow before working capital, despite a 14% decline in oil prices from 2024 [4][5] - Cash flow from operations increased by 27% year-over-year on a normalized basis, excluding OxyChem [4] - The company repaid $4 billion in debt, reducing principal debt to $15 billion, with a tender offer expected to lower it further to $14.3 billion [5][22] Operational Achievements - The company set a new annual production record of 1.4 million barrels of oil equivalent per day, exceeding guidance while spending $300 million less in capital than planned [6] - Achieved a 107% organic reserves replacement ratio and a 98% all-in reserves replacement ratio at a finding and development cost below the DD&A rate [6][7] - Total resource base now stands at 16.5 billion barrels of oil equivalent, with 84% of this resource breaking even below $50 per barrel [7][8] Business Line Performance - The midstream segment delivered strong results, with adjusted pretax income surpassing guidance by over $500 million, driven by gas marketing optimization and higher sulfur prices [7][21] - The company achieved record safety performance across global operations in 2025, launching a remote operations command center to enhance safety and operational efficiency [7][8] Strategic Direction and Industry Position - The company aims to maintain production through safe operations and deliver a sustainable and growing dividend, with an 8% increase announced for the quarterly dividend [10][23] - Focus on investing in high-return oil and gas projects while advancing mid-cycle projects to reduce sustaining capital requirements over time [10][25] - The company is positioned to drive sustainable free cash flow growth and deliver long-term value to shareholders [4][10] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to unlock further value through disciplined capital allocation and strong operational performance [20][23] - The company expects to improve free cash flow by more than $1.2 billion in 2026, driven by operational savings and interest savings [23] - Management highlighted the importance of maintaining flexibility in capital spending to adapt to market conditions [25][28] Other Important Information - The company completed the sale of OxyChem, which was a strategic move to strengthen the balance sheet and focus on high-return oil and gas assets [3][5] - The company plans to enter 2026 with a capital spending range of $5.5 billion to $5.9 billion, reflecting a reduction from 2025 [10][25] Q&A Session Summary Question: Can you walk through the lower CapEx guidance relative to the previous quarter? - Management explained that the reduction was due to improved project optimization and cost efficiencies achieved by the teams [34][36] Question: What is the outlook for the Horn Mountain waterflood project? - Management indicated that the project is expected to support a sustaining production profile with lower declines due to ongoing initiatives [41][42] Question: How sustainable are the cost savings into 2027? - Management noted that the structural savings achieved are expected to continue, with a focus on operational efficiencies and well performance [55][59] Question: What is the status of the low-carbon ventures and their impact on cash flow? - Management confirmed that capital for low-carbon ventures will decrease as STRATOS ramps up, and partnerships are anticipated to help move forward with future opportunities [74]

Financial Performance and Key Metrics - In 2025, the company generated $4.3 billion in free cash flow before working capital, despite a 14% decline in oil prices from 2024 [4][20] - Cash flow from operations increased by 27% year-over-year on a normalized basis, excluding OxyChem [4][20] - The company repaid $4 billion in debt, reducing principal debt to $15 billion, with a target to further reduce it to $14.3 billion [5][23] Operational Achievements - The company set a new annual production record of 1.4 million barrels of oil equivalent per day, exceeding guidance while spending $300 million less in oil and gas capital than planned [6][12] - Achieved a 107% organic reserves replacement ratio and a 98% all-in reserves replacement ratio at a finding and development cost below the DD&A rate [7] - Total resource base now stands at 16.5 billion barrels of oil equivalent, with 84% of this resource base breaking even below $50 per barrel [8][9] Business Line Performance - The midstream segment delivered strong results, with adjusted pretax income surpassing guidance by over $500 million, driven by gas marketing optimization and higher sulfur prices [8][22] - The company achieved record safety performance across global operations in 2025, launching a remote operations command center to enhance safety and operational efficiency [8][9] Strategic Direction and Industry Competition - The company plans to maintain production through safe operations and aims to deliver a sustainable and growing dividend, with an 8% increase announced [10][11] - Focus on investing in high-return oil and gas projects while advancing mid-cycle projects to reduce sustaining capital requirements over time [11][12] - The company is positioned to drive sustainable free cash flow growth and deliver long-term value to shareholders [4][10] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to unlock further value through disciplined capital allocation and strong operational performance [20][24] - The company expects to improve free cash flow by more than $1.2 billion in 2026, driven by operational savings and interest savings [24] - The company anticipates production to average approximately 1.45 million barrels of oil equivalent per day in 2026, despite lower capital spending [12][27] Other Important Information - The company completed the sale of OxyChem, which strengthened the balance sheet and accelerated deleveraging [20][23] - The capital spending plan for 2026 is expected to range from $5.5 billion to $5.9 billion, reflecting a reduction from 2025 [11][26] - The company is focused on maintaining flexibility in capital allocation to adapt to oil price uncertainty [26] Q&A Session Summary Question: Can you walk through the lower CapEx guidance relative to the previous guidance? - Management noted that the reduction was due to improved project optimization and cost efficiencies achieved by the teams [32][33] Question: What is the expected impact of the Horn Mountain waterflood project on sustaining production? - Management indicated that the project is expected to lower decline rates and improve reliability, contributing to sustaining production levels [41][42] Question: How sustainable are the cost savings achieved in 2025 for 2027? - Management suggested that the structural savings are expected to continue into 2027, with ongoing optimization efforts [53][57]

西方石油公司：预计2026年中游业务收益将略有下降。 来源：滚动播报 ...

FOURTH QUARTER EARNINGS CALL FEBRUARY 19, 2026 STRONG OPERATIONS AND IMPROVED FINANCIAL POSITION EXPECTED TO DELIVER VALUE Strengthened balance sheet enables enhanced return of capital Cautionary statements Forward -Looking Statements This presentation contains "forward -looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 , including but not limited to statements about Occidental Petroleum Corporation's (Occidental or Oxy) expectatio ...

Core Insights - Occidental Petroleum Corporation (OXY) reported fourth-quarter 2025 earnings of 31 cents per share, exceeding the Zacks Consensus Estimate of 19 cents by 63.2%, although the bottom line dropped 61.3% year over year [1] - Total revenues for the fourth quarter were $5.42 billion, missing the Zacks Consensus Estimate of $5.88 billion by 7.8% and reflecting a 5.2% decline year over year [2] - Adjusted earnings for 2025 were $2.21 per share, down 36.1% from $3.46 in 2024 [1] Revenue and Segment Performance - Oil and Gas revenues in Q4 totaled $4.81 billion, a decrease of 14.5% year over year [3] - Midstream & Marketing revenues surged to $451 million, up 196.7% year over year [3] - Total revenues for 2025 were $22.08 billion, a slight decline of 0.5% from $22.2 billion in 2024 [2] Production and Sales - Total production volume reached 1,481 thousand barrels of oil equivalent per day (Mboe/d), exceeding the company's guidance of 1,440-1,480 Mboe/d [4] - Total sales volume was 1,480 Mboe/d, reflecting a 1.2% increase from the previous year [4] Pricing Trends - Realized prices for crude oil fell 15.1% year over year to $59.22 per barrel [5] - Realized natural gas liquid prices decreased by 23.5% year over year to $16.68 per barrel [5] - Natural gas prices dropped 11.1% year over year to $1.12 per thousand cubic feet [5] Financial Position and Debt Management - Occidental completed the OxyChem sale, reducing debt by $5.8 billion since mid-December 2025, bringing total principal debt to $15 billion [6] - Total costs in Q4 were $4.84 billion, down 7.3% from $5.22 billion in the previous year [9] - Interest and debt expenses decreased by 26.6% to $232 million from $316 million year over year [9] Cash Flow and Capital Expenditure - Operating cash flow for 2025 was $11.57 billion, slightly down from $11.72 billion in 2024 [11] - Total capital expenditure in 2025 was $6.43 billion, compared to $6.26 billion in the previous year [11] Future Guidance - For Q1 2026, OXY expects production between 1,385-1,425 Mboe/d, with Permian Resources output anticipated at 766-786 Mboe/d [12] - Capital expenditure for 2026 is projected to be between $5.5 billion and $5.9 billion [13]

Core Viewpoint - Occidental Petroleum (OXY.US) shares surged by 10% to $51.85, reaching a new high since January, driven by strong fourth-quarter earnings that exceeded Wall Street expectations, with robust performance in the company's operations offsetting the impact of declining oil prices [1] Financial Performance - The adjusted earnings per share for Occidental Petroleum for the three months ending December 31 were reported at $0.31, surpassing the expected $0.18 [1]

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Occidental Stock Jumps 6% After Earnings. It's Not Just About Oil Prices. - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Occidental Stock Jumps 6%. It's Not Just About Oil Prices.By [Alex Kozul-Wright]ShareResize---ReprintsIn this article[ ...