Occidental Petroleum Corporation reported its financial results for the third quarter of 2025, revealing a net income of $842 million, or $0.65 per diluted share, a decrease from $1.14 billion, or $0.98 per diluted share, in the same period last year. For the nine months ending September 30, 2025, the company recorded a net income of $2.255 billion, down from $3.198 billion in 2024. Total revenues for the third quarter were $6.624 billion, a decline from $7.173 billion year-over-year, while revenues for the nine months were $19.841 billion, slightly lower than $19.965 billion in the previous year.
The company experienced significant changes in its financial performance compared to the previous fiscal period, with a notable 36% decrease in net income attributable to common stockholders for the nine-month period. This decline was attributed to lower crude oil prices and increased costs in the chemical segment, despite higher sales volumes from the oil and gas segment due to the full integration of CrownRock assets. The oil and gas segment generated $5.404 billion in net sales for the third quarter, down from $5.697 billion in 2024, while the chemical segment saw a decrease in earnings from $213 million to $197 million in the same timeframe.
Strategically, Occidental is moving forward with the planned divestiture of its chemical subsidiary, OxyChem, to Berkshire Hathaway for $9.7 billion, which is expected to close in the fourth quarter of 2025. This transaction is part of Occidental's strategy to reduce its debt, with plans to allocate the majority of the after-tax proceeds towards deleveraging efforts. The company also reported divestitures of non-core assets totaling approximately $2.2 billion in the first nine months of 2025, compared to $1.7 billion in the same period last year.
Operationally, Occidental's average daily sales volumes for oil and natural gas increased, with U.S. oil production averaging 634,000 barrels per day in the third quarter, up from 604,000 in the previous quarter. The company’s total assets as of September 30, 2025, were reported at $83.472 billion, a decrease from $85.445 billion at the end of 2024. The company’s employee headcount remained stable, and it continues to focus on enhancing its asset base while managing environmental liabilities associated with its operations.
Looking ahead, Occidental's management expressed cautious optimism regarding market conditions, noting that oil prices are expected to remain volatile due to geopolitical risks and macroeconomic factors. The company aims to maintain its production base and prioritize cash flow for dividends and debt reduction. Occidental's current debt stands at approximately $20.8 billion, with a focus on reducing this figure below $15 billion through strategic asset sales and operational efficiencies. The company remains committed to its sustainability initiatives, including carbon management and emissions reduction efforts, as it navigates the evolving energy landscape.
About OCCIDENTAL PETROLEUM CORP /DE/
Occidental Petroleum is a global energy company engaged in oil and gas exploration, production, midstream operations, and chemical manufacturing. Its core assets include diversified reserves in the U.S., Middle East, and North Africa, with key products such as crude oil, natural gas, NGL, and chemicals. The company emphasizes sustainable practices, decarbonization, and technological innovation to maintain competitive advantage in volatile markets.
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