Occidental Posts Q1 Beat, Lifts Midstream Outlook as CEO Handoff Nears

Overview

• Occidental said it topped the upper end of its own targets in the Oil & Gas and Midstream & Marketing segments for the first quarter.
• Adjusted earnings were $1.06 per share, while reported earnings of $3.13 reflected one‑time gains tied to the OxyChem sale.
• Management reported average first‑quarter production of 1.426 million barrels of oil equivalent per day, setting the full‑year midpoint at 1.44 million.
• The company kept 2026 capital spending at $5.5–$5.9 billion, with the midstream outlook midpoint now $1.1 billion.
• Phase 2 of the STRATOS project is complete, with a non‑process component issue under review for repairs and potential schedule effects.