Occidental Petroleum Corp. (OXY) had a good Wednesday evening. The energy company released fourth-quarter earnings that sailed past Wall Street's expectations, sending shares higher in extended trading.
Occidental Petroleum Crushes Q4 Earnings Expectations

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The Numbers That Matter
Occidental reported quarterly earnings of 31 cents per share, crushing the analyst consensus of 18 cents by a solid 67.57%. That's the kind of beat that gets investors' attention.
But the real story here goes beyond a single earnings number. The company delivered across multiple fronts during the quarter:
- Strengthened the balance sheet with the completion of the OxyChem sale on Jan. 2, 2026, reducing debt by $5.8 billion since mid-Dec. 2025 and bringing the principal debt to date to $15 billion
- Total company production of 1,481 Mboed exceeded the high end of guidance
- Midstream and marketing pre-tax adjusted income exceeded the high end of guidance
- Worldwide year-end proved reserves of 4.6 billion BOE with an all-in reserves replacement ratio of 98% and organic reserves replacement ratio of 107%
"Our emphasis on operational excellence and cost efficiency drove meaningful production and operating expense outperformance during the fourth quarter," said CEO Vicki Hollub.
Translation: they produced more oil and gas than expected while keeping costs under control. In the energy business, that's the winning formula.
Stock Movement: Occidental Petroleum shares rose 2.71% to $48.50 in Wednesday's extended trading.
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