Occidental Petroleum Corp. Occidental Petroleum (OXY) stock rose nearly 2% in Monday's premarket session, outperforming the broader market as oil prices climbed on renewed Middle East tensions. Investors also reacted to the company's latest quarterly operating update.

Nasdaq futures are down 0.98% while S&P 500 futures have shed 0.31%.

Quarterly Operating Update

On Friday, Occidental said crude oil collar settlements reduced second-quarter 2026 operating cash flow by $156 million.

Occidental realized a worldwide average oil price of $96.78 per barrel during the second quarter. It reported a worldwide average natural gas price of negative $0.80 per Mcf. Average diluted shares outstanding totaled 1.0122 billion as of June 30.

The company realized an average oil price of $96.93 per barrel in the U.S. International operations realized $95.83 per barrel.

Average NGL prices were $23.79 per barrel in the U.S. and $33.49 per barrel internationally. The worldwide average was $24.64 per barrel.

Occidental realized an average natural gas price of negative $1.48 per Mcf in the U.S. International operations realized $1.95 per Mcf. The worldwide average was negative $0.80 per Mcf.

Average benchmark prices were $92.79 per barrel for WTI, $97.06 per barrel for Brent and $2.89 per Mcf for NYMEX natural gas.

Occidental Petroleum Technical Analysis

Occidental continues to send mixed technical signals. The stock trades about 4% above its 20-day simple moving average, indicating improving short-term momentum. However, it remains 2.8% below its 50-day moving average and 4.2% below its 100-day moving average, suggesting the broader consolidation remains intact.

The relative strength index stands at 49.86, indicating neutral momentum. That suggests buying and selling pressure is balanced rather than stretched in either direction.

The longer-term trend remains constructive because the stock is still above its 200-day moving average of $49.49. A move above the $61 level could strengthen the technical outlook, while support is seen near $48.

Earnings Remain the Next Key Catalyst

Occidental is scheduled to report second-quarter results on Aug. 5. Analysts expect earnings of $1.88 per share, up from 39 cents a year earlier. Revenue is projected to increase to $7.29 billion from $6.46 billion.

Wall Street maintains a consensus Buy rating on the stock, with an average price forecast of $64.73. Recent analyst actions include an Outperform upgrade from Evercore ISI with a $65 price forecast, an Equal-Weight rating from Morgan Stanley with a $68 price forecast, and an Outperform rating from Mizuho with a $75 price forecast.

Occidental Petroleum Price Action

OXY Stock Price Activity: Occidental Petroleum shares were up 1.49% at $53.68 during premarket trading on Monday.