Citigroup Adjusts Price Target on Occidental Petroleum to $65 From $60

Occidental Petroleum (OXY) reported Q2 average production of 1.43 million BOE/day, above guidance midpoint by 23,000 BOE/day, with domestic gains offsetting lower international volumes. Midstream and marketing adjusted earnings were about $960 million, a quarterly record. OXY cut principal debt $1.5 billion to $11.8 billion, approved an 8% dividend increase to $0.28/share, and raised full-year production guidance.

The article says Arab and Muslim states accused Israel of violating a U.S.-mediated Gaza ceasefire, citing continued strikes, aid shortfalls, and Israeli claims that Hamas has not disarmed. It also covers Iraq-Turkey pipeline volumes, Petrobras’ offshore Colombia gas discovery, and Exxon’s Kashagan expansion proposal. It reports earnings for Phillips 66, Chevron, ExxonMobil, and Occidental.

Occidental Petroleum reported Q2 adjusted net profit of $2.4 billion, up from $1.1 billion in Q1, as higher oil prices lifted results. Adjusted EPS was $2.4 versus the Zacks consensus $1.92. The company raised its 2026 quarterly dividend 8% to $0.28 and reduced principal debt by $1.9 billion to $11.8 billion, citing stronger production and cash flow.

Reuters reports Caspian Pipeline Consortium (CPC) resumed Black Sea exports briefly after July 30 attacks, but shipowners again pulled back due to safety concerns. CPC suspended loading repeatedly this week and was closed again Aug 5, despite some tankers completing loading. Higher tanker charter rates and war-risk insurance were cited, with Kazakhstan production down in July.

Occidental reported Q2 2026 results: net income attributable to common stockholders of $2.8 billion, or diluted EPS of $2.75, and adjusted EPS from continuing operations of $2.40. It raised its quarterly dividend by 8% to $0.28 per share. The company generated $5.1 billion operating cash flow and $3.0 billion free cash flow before working capital, reduced principal debt to $11.8 billion, and produced 1,433 Mboed.

Occidental Petroleum reported Q2 2026 net income attributable to common shareholders of $2.8 billion, up from $288 million a year earlier. Adjusted income from continuing operations rose to $2.4 billion, or $2.40 per diluted share. Results were driven by higher realized crude prices and a turnaround in midstream and marketing. Operating cash flow was $5.1 billion and free cash flow before working capital was $3.0 billion. The company reduced principal debt by $1.9 billion to $11.8 billion and ra