OXY · 8-K · 20260805PR053377
Segment Profitability
OCCIDENTAL PETROLEUM CORP /DE/ · 2026-08-05 · Importance 69 · Surprise 64 · From source text
Oil & Gas pre-tax income increased to $2.8 billion in the second quarter of 2026 from $1.0 billion in the first quarter. The increase primarily reflected higher realized crude oil prices, partly offset by lower domestic natural gas prices; worldwide realized crude prices increased 38% sequentially to $96.78 per barrel. Midstream & Marketing swung to $1.3 billion of pre-tax income from an $87 million loss, supported by higher crude margins from the timing of crude sales and higher gas margins from transportation-capacity optimization.
Key facts
- Pre-tax income from oil and gas totaled $2.8 billion for the second quarter of 2026, compared to $1.0 billion for the first quarter of 2026. source
- Midstream and marketing reported pre-tax income of $1.3 billion for the second quarter of 2026, compared to a pre-tax loss of $87 million in the previous quarter. source
- Reported income from Midstream & Marketing was $(87) million in Q1 2026 and $1,338 million in Q2 2026 per Reported Income segment results. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +22.3% | Pre-tax income from oil and gas totaled $2.8 billion for the second quarter of 2026, compared to $1.0 billion for the first quarter of 2026. |
| operating_income | positive | realized | +17.7% | Reported income from Midstream & Marketing was $(87) million in Q1 2026 and $1,338 million in Q2 2026 per Reported Income segment results. |