Occidental Petroleum Corporation filed a Current Report on Form 8-K on October 13, 2026, to provide a summary of factors management believes will impact its third quarter of 2026 results. The filing details production levels, realized pricing, and specific operational impacts within the Gulf of America.
Regarding production, total company production for the third quarter of 2026 is within the company's guidance range. However, this total includes temporary downtime at Gulf of America facilities. In September, Occidental temporarily curtailed production at certain Gulf of America facilities due to a third-party gas pipeline constraint and maintenance activities. Production has been partially restored, with remaining impacted production expected to return as the pipeline constraint is resolved.
The filing provides specific estimates for the three months ended September 30, 2026, related to the Gulf of America downtime. These estimates include net sales volumes of 110 thousand barrels of oil equivalent per day (Mboed) and domestic lease operating costs of $8.54 per barrel of oil equivalent (boe). The total company production mix for the quarter was 48.8% oil.
In terms of financial performance, the company reported that crude oil collar settlements for the third quarter negatively impacted operating cash flow before working capital by $94 million. The filing also presented average realized prices for the quarter. Worldwide oil averaged $85.91 per barrel, with U.S. oil averaging $85.93 and international oil averaging $85.80. Worldwide NGL averaged $24.63 per barrel, and natural gas averaged $1.69 per thousand cubic feet (Mcf).
The company also disclosed that the average diluted shares outstanding for the third quarter of 2026 were 1,012.8 million shares.
