Occidental Petroleum Corp. reported second-quarter 2025 net income attributable to common shareholders of $288 million, compared with $992 million in the same quarter a year earlier and $766 million in first-quarter 2025. Adjusted earnings were $396 million for second-quarter 2025, down from $993 million in second-quarter 2024 and $860 million in first-quarter 2025.
Excluding items affecting comparability, the decrease in second quarter oil and gas income, compared with first-quarter 2025, was due to lower commodity prices, partially offset by higher crude oil volumes and lower lease-operating expense.
For second-quarter 2025, average WTI and Brent marker prices were $63.74/bbl and $66.59/bbl, respectively. Average worldwide realized crude oil prices decreased by 10% from the prior quarter to $63.76/bbl. Average worldwide realized NGL prices decreased by 20% from the prior quarter to $20.71/bbl. Average domestic realized gas prices decreased by 45% from the prior quarter to $1.33/Mcf.
Operating cash flow totaled $3.0 billion for the quarter, and capital expenditures came in at $2.0 billion.
Total average global production averaged 1.4 MMboe/d, exceeding the midpoint of guidance. US operations contributed 1.17 MMboe/d, with 770,000 boe/d from the Permian.
Occidental’s Midstream and Marketing business exceeded the high end of guidance, generating $49 million in pre-tax income. Compared to first-quarter 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.
OxyChem, the company’s chemical division, posted $213 million in pre-tax income, relatively flat from the previous quarter. Increased export demand for caustic soda and polyvinyl chloride offset negative inventory adjustments.
The company also announced $950 million in divestitures since the beginning of second-quarter 2025, with $370 million already closed. Year-to-date, Occidental has repaid $3.0 billion of debt through a mix of asset sales, organic cash flow, and proceeds from warrants exercised.
CEO Vicki Hollub emphasized Occidental’s continued focus on operational discipline and strategic growth. “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.”
Occidental also reduced the midpoint of its 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.
