Overview
- Adjusted earnings came in at $0.64 per share versus the $0.52 consensus, with revenue of $6.72 billion slightly above estimates.
- Total production reached 1.465 million boe/d, exceeding guidance, including 800 Mboe/d in the Permian, 288 Mboe/d in the Rockies, and 238 Mboe/d internationally.
- Operating cash flow totaled $2.8 billion and free cash flow was $1.5 billion before working capital, enabling $1.3 billion of debt repayment and reducing principal debt to $20.8 billion.
- Fourth‑quarter guidance calls for total production of 1,440–1,480 Mboe/d, with the Permian at 795–815 Mboe/d.
- Shares traded higher after the release as analysts highlighted a reported ~18% increase in resources to 16.5 BBoe and noted plans to reallocate OxyChem capital toward EOR, Gulf of America water floods, and low‑cost Permian opportunities, alongside lower U.S. opex guidance.