Occidental Petroleum said third-quarter 2026 total company production came in within guidance, but output at some Gulf of America facilities was temporarily curtailed in September because of a third-party gas pipeline constraint and maintenance.
The company gave a specific production figure for the affected Gulf of America assets: net sales volumes of 110 mboed for the quarter. Domestic lease operating cost at those facilities was $8.54 per boe.
Occidental also said the downtime reduced operating cash flow before working capital by $94 million through crude oil collar settlements.
The company reported average diluted shares outstanding of 1,012.8 million in the quarter.
On pricing, Occidental’s average realized U.S. oil price was $85.93 per barrel, slightly above its worldwide average of $85.91. International oil realized at $85.80 per barrel. U.S. NGLs averaged $24.10 per barrel, compared with a worldwide average of $24.63. U.S. natural gas realized at $1.61 per mcf, while worldwide gas averaged $1.69.
Against benchmark prices, Occidental’s worldwide oil realizations were 100% of average WTI and 94% of average Brent. Worldwide NGL realizations were 29% of average WTI, and domestic natural gas realizations were 54% of average NYMEX. Benchmarks for the quarter were $85.79 for WTI, $91.62 for Brent and $2.97 for NYMEX gas.
Occidental said total company production oil made up 48.8% of output in the quarter. Today the company's shares have moved 1.7% to a price of $61.13. For the full picture, make sure to review OCCIDENTAL PETROLEUM CORP /DE/'s 8-K report.
