Strong Q2 Performance Fuels Occidental’s Long-Term Growth Strategy, Says CEO Richard Jackson

Following a strong second quarter, Occidental President and CEO Richard Jackson emphasized the company’s long-term growth strategy, which focuses on optimizing current assets, improving the balance sheet, and generating sustainable free cash flow growth through disciplined execution.

Jackson highlighted that the Q2 performance underscores the strength of Occidental’s resource base and its competitive advantages. He noted that the company plans to extract higher value from its portfolio by leveraging advanced recovery technologies, value-based development, and ongoing cost efficiencies. These initiatives are projected to drive substantial free cash flow expansion through 2030, supporting long-term shareholder value.

Operationally, Occidental surpassed the upper limit of its Q2 production forecast, averaging 1.433 million barrels of oil equivalent per day (MMboed). This outperformance was primarily driven by strong results in the Permian basin and the Gulf of Mexico, which helped offset weaker domestic natural gas prices.

Financially, the company made progress on debt reduction, lowering its principal debt by $1.9 billion to $11.8 billion, nearing its long-term target of $10 billion. Occidental generated $5.1 billion in operating cash flow from continuing operations and $3.0 billion in free cash flow before working capital, marking its highest quarterly free cash flow since Q3 2022. Additionally, the board approved an 8% dividend increase to $0.28 per share, payable on October 15.