Occidental Beats Q2, Hikes Dividend, and Slashes $900M in Capex Through 2030
OXY sits 46% above its 52-week low of $38.8.
Summary
Occidental Petroleum delivered a strong Q2 2026, beating production guidance in the Permian and Gulf, with revenue and cash flow rising. The company also recognized a gain from the OxyChem divestiture, reduced debt, and raised its dividend. Management outlined a $900 million cut in sustaining capex by 2030, with total 2027 capex starting at $5.9 billion and sustaining capex potentially falling to around $4.5 billion by 2030. Barclays raised its price target to $75 from $72, reflecting the improved outlook. The only caution is a warning that volatile freight costs could pressure Q3 sulfur realizations, echoing a point from the August 6 earnings call.
At the time of this announcement, OXY was trading at $56.61 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $55.9B. The 52-week trading range was $38.80 to $67.45. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.