Occidental Reports $1.6 Billion Quarterly Profit, Cuts Principal Debt to $10 Billion

Occidental reported a third-quarter profit of about $1.6 billion Monday and said its principal debt had fallen to $10 billion after another round of repayments.

The Houston-based energy company earned $1.61 per diluted share. Adjusted earnings from continuing operations were $1.91 per share, with derivatives losses accounting for much of the difference between the reported and adjusted results.

Occidental said it reduced principal debt by $1.8 billion during the quarter and had retired $10.4 billion since the beginning of 2026. The company described the $10 billion balance as an important milestone in its effort to strengthen its finances.

Cash flow from continuing operations totaled $4.1 billion. Free cash flow before working-capital changes was $2.8 billion, with capital spending of $1.3 billion.

Global production averaged about 1.43 million barrels of oil equivalent a day, above the midpoint of the company's guidance. Oil and gas pre-tax income was $2.6 billion, down from $2.8 billion in the preceding quarter, as lower realized oil prices partly offset higher domestic natural-gas prices.

Occidental will discuss the results on a conference call Tuesday, November 10, at 1 p.m. Eastern. The figures are the company's reported results, not an independent investment recommendation.