• Announcing $950 million of additional divestitures since the start of the second quarter of 2025, of which approximately $370 million has already closed. Occidental has repaid $3.0 billion of debt year-to-date through a combination of asset sales, organic cash flow and proceeds from warrants exercised
• Operating cash flow of $3.0 billion and operating cash flow before working capital of $2.6 billion
• Capital spending of $2.0 billion and contributions from noncontrolling interest of $51 million resulted in quarterly free cash flow before working capital of $0.7 billion
• Total company production above the mid-point of guidance with 1,400 Mboed
• Midstream and marketing exceeded the high-end of guidance for pre-tax adjusted income
• Earnings per diluted share of $0.26 and adjusted earnings per diluted share of $0.39
• Reducing the mid-point of 2025 capital guidance by $100 million and international operating costs by $50 million, driven by continued operational efficiency gains. Year-to-date, Occidental has realized or identified $500 million in capital and operating cost reductions from the original guidance

Occidental has announced net income attributable to common stockholders of $288 million, or $0.26 per diluted share, and adjusted income attributable to common stockholders of $396 million, or $0.39 per diluted share, for the second quarter of 2025.

"Continued well performance leadership and a focus on enhanced operational efficiencies enabled us to generate strong financial results in the second quarter," said President and Chief Executive Officer Vicki Hollub. "By unlocking lower cost resources, accelerating our deleveraging efforts and advancing our strategic growth projects, we have positioned our portfolio to deliver long-term value."

QUARTERLY RESULTS

Oil and Gas

Oil and gas pre-tax income was $934 million for the second quarter of 2025. Excluding items affecting comparability, the decrease in second quarter oil and gas income, compared to the first quarter of 2025, was due to lower commodity prices, partially offset by higher crude oil volumes and lower lease operating expense. For the second quarter of 2025, average WTI and Brent marker prices were $63.74 per barrel and $66.59 per barrel, respectively. Average worldwide realized crude oil prices decreased by 10% from the prior quarter to $63.76 per barrel. Average worldwide realized natural gas liquids prices decreased by 20% from the prior quarter to $20.71 per barrel. Average domestic realized gas prices decreased by 45% from the prior quarter to $1.33 per thousand cubic feet (Mcf).

Total average global production for the second quarter of 2025 was 1,400 thousand barrels of oil equivalent per day (Mboed). Average production for Permian, Rockies & Other Domestic, Gulf of America and International were 770 Mboed, 272 Mboed, 125 Mboed and 233 Mboed, respectively.

OxyChem

OxyChem pre-tax income was $213 million for the second quarter of 2025. Excluding items affecting comparability, second quarter OxyChem income was relatively unchanged compared to the first quarter of 2025 and reflected negative inventory adjustments, offset by improved export demand for caustic soda and polyvinyl chloride (PVC). 

Midstream and Marketing

Midstream and marketing pre-tax income was $49 million for the second quarter of 2025. Excluding items affecting comparability, the second quarter midstream and marketing results exceeded the high end of guidance. Compared to the first quarter of 2025, the increase in second quarter midstream and marketing results reflected higher gas marketing margins from transportation capacity optimization in the Permian and higher sulfur prices at Al Hosn. WES equity method investment income for the second quarter was $150 million.

KeyFacts Energy: Occidental US country profile