Occidental Profit Jumps on Higher Oil Prices and Midstream Gains

Occidental Petroleum reported a sharp Q2 2026 earnings rebound, with net income attributable to common shareholders rising to $2.8 billion from $288 million a year earlier. Adjusted earnings climbed to $2.40 per share, helped by a 38% sequential increase in realized crude prices to $96.78 per barrel and a strong turnaround in midstream and marketing, which swung to $1.3 billion in pre-tax income from an $87 million loss. Production beat guidance at 1.433 million boe/d, while operating cash flow of $5.1 billion enabled $1.9 billion of debt reduction and an 8% dividend increase to $0.28 per share. The results are supportive for Occidental’s balance sheet and shareholder returns, though weak U.S. gas prices partly offset the oil strength.