Occidental Cuts Debt to $10 Billion as Q3 Cash Flow Hits $4.1 Billion

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Occidental Petroleum reduced its principal debt to $10 billion in the third quarter of 2026, marking a major milestone in its balance sheet restructuring as the Houston-based oil producer generated $4.1 billion in operating cash flow from continuing operations. The company reported net income attributable to common shareholders of $1.6 billion, equivalent to $1.61 per diluted share. Adjusted earnings from continuing operations reached $2 billion, or $1.91 per share, with the difference primarily reflecting losses on derivatives. Occidental generated $2.8 billion in free cash flow before working capital from continuing operations, a non-GAAP measure, alongside capital expenditures of $1.3 billion. The company reduced principal debt by $1.