Occidental Petroleum Corp has reported $649 million or 64 cents per share in net income adjusted for nonrecurring items for the third quarter.
That beat the Zacks Consensus Estimate – which averages forecasts by brokerage analysts – of 48 cents, as production exceeded the upper end of the company’s guidance.
Net profit before adjustment was $661 million, or $0.65 per diluted share, the Warren Buffett-backed company said in its quarterly report.
Occidental maintained its dividend at $0.24 per share.
July-September output averaged 1.47 million barrels of oil equivalent per day (MMboepd). The Permian Basin accounted for 800,000 boepd. The Rockies and other United States assets contributed 288,000 boepd, while the Gulf of America produced 139,000 boepd. Occidental derived 238,000 boepd from outside the U.S.
Net sales totaled $6.62 billion, down from $7.17 billion for Q3 2024.
Q3 oil and gas pre-tax income was $1.3 billion. “Excluding items affecting comparability, the increase in third quarter oil and gas income, compared to the second quarter of 2025, was due to higher crude oil volumes and prices”, Occidental said.
“For the third quarter of 2025, average WTI and Brent marker prices were $64.93 per barrel and $68.14 per barrel, respectively. Average worldwide realized crude oil prices increased by two percent from the prior quarter to $64.78 per barrel. Average worldwide realized natural gas liquids prices decreased by five percent from the prior quarter to $19.60 per barrel. Average domestic realized gas prices increased by 11 percent from the prior quarter to $1.48 per thousand cubic feet”.
Occidental Chemical Corp (OxyChem) generated $197 million in pre-tax earnings, down quarter-on-quarter due to lower realized prices and volumes across most products. These were “partially offset by favorable raw material costs”, Occidental said.
Buffett’s holding company Berkshire Hathaway Inc is in the process of acquiring OxyChem for $9.7 billion. Berkshire will buy all of OxyChem’s issued and outstanding equity interests in cash, as announced by the parties October 2.
Meanwhile midstream and marketing pre-tax income was $93 million for Q3. “Compared to the second quarter of 2025, the decrease in third quarter midstream and marketing income reflected lower Waha-to-Gulf-Coast gas spreads and higher expenses due to the increase in activities in the low-carbon venture businesses, partially offset by higher sulfur prices at Al Hosn”, Occidental said.
Total operating cash flow was $2.8 billion. Operating cash flow before working capital was $3.2 billion.
Occidental ended Q3 with $2.16 billion in cash and cash equivalents. Current assets totaled $8.81 billion.
Current liabilities stood at $9.42 billion including $1.62 billion in current maturities from long-term debt. Occidental said it had repaid $1.3 billion during Q3.
To contact the author, email jov.onsat@rigzone.com
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