Summer 2026
Posted on 8/15/2026
Oil and gas operations and renewables
No salary listed
Houston, TX, USA + 2 more
More locations: The Woodlands, TX, USA | Denver, CO, USA
Remote
Relocation assistance and/or furnished corporate housing may be provided, if applicable.
Master's, PhD
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Occidental Petroleum Corporation (Oxy) is a global energy company that produces and sells oil and gas, while also pursuing revenue from carbon management and renewable energy projects. It operates by extracting hydrocarbons and delivering energy to industrial, commercial, and government customers, using technology to reduce costs and improve efficiency. Oxy differentiates itself through a strong focus on ESG metrics, low operating costs, and selective investments in renewables such as solar assets and carbon management initiatives. Its goals are to achieve net zero emissions from its operations by 2040 and net zero emissions from the use of its products by 2050.
Company Size
10,001+
Company Stage
IPO
Headquarters
Houston, Texas
Founded
1920
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401(k) Retirement Plan
401(k) Company Match
Relocation Assistance
Hybrid Work Options
Parental Leave
Occidental Petroleum exceeded Wall Street expectations in its second quarter, driven by operational efficiency and cost control across US and international assets. Revenue reached $8.33 billion, beating analyst estimates of $7.22 billion by 15.3%, whilst adjusted earnings per share of $2.40 surpassed expectations of $1.86 by 29%. Chief executive Richard Jackson highlighted the company's success in reducing debt and improving production efficiency, particularly in the Permian Basin. Chief financial officer Sunil Mathew noted that operational execution generated the highest quarterly free cash flow since 2022. During the earnings call, analysts questioned the company's cash flow improvement timeline, capital allocation priorities, and sustainability of cost savings. Management confirmed debt reduction remains the top priority, with dividend growth measured and share buybacks opportunistic until the preferred redemption in 2029.
Occidental Petroleum's shares rose 4.9% on Thursday after the oil and gas producer generated $3 billion in free cash flow, its strongest quarterly performance since Q3 2022. The company used the cash to cut debt by $1.9 billion to $11.8 billion, moving within $1.8 billion of its $10 billion debt target. Operating cash flow reached $5.1 billion whilst capital spending remained at $1.6 billion. Occidental also raised its quarterly dividend 8% to $0.28 per share. Production averaged 1.433 million barrels of oil equivalent per day, exceeding guidance. Adjusted earnings hit $2.40 per diluted share on net income of $2.8 billion. Realised crude prices jumped 38% sequentially to $96.78 per barrel, boosting profitability. The stock now trades at $56.29, roughly 22.4% above its estimated fair value of $45.99.
Occidental Petroleum reported net income of $2.8 billion for the second quarter of 2026, up from $288 million a year earlier. Adjusted income rose to $2.4 billion, or $2.40 per diluted share, from $296 million, or $0.26 per share, in the same period of 2025. The improvement was driven by higher crude prices and a turnaround in midstream operations. Occidental's average worldwide realized crude price increased 38% sequentially to $96.78 per barrel. The midstream segment generated $1.3 billion in pre-tax income, reversing a $87 million loss in the previous quarter. Global production averaged 1.433 million barrels of oil equivalent per day, above guidance. Occidental reduced principal debt by $1.9 billion to $11.8 billion and raised its quarterly dividend 8% to $0.28 per share.
US President Donald Trump announced negotiations with Iran would begin Monday, focusing on reopening the Strait of Hormuz and the country's nuclear programme. The news sent crude oil prices tumbling, with Brent futures down 4.6% to $83.88 per barrel and WTI futures falling 4.5% to $77.80. The United States Oil Fund dropped more than 6% in premarket trading. Energy stocks also declined, with Chevron falling 1.2% and Exxon Mobil slipping 1.6%. Occidental Petroleum lost 1.5%, whilst Devon Energy and APA Corp dropped 2.6% and 2.8% respectively. Separately, Barclays raised its price target on Chevron to $216 from $213, citing record Permian production and stronger refining margins following the company's second-quarter results.
US stock futures rebounded Monday morning, with the Nasdaq leading gains at 0.7%, whilst the S&P 500 and Dow rose 0.35% and 0.3% respectively. Investors sought to recover from Friday's losses, when the Nasdaq fell 1.4%, marking its biggest weekly decline in four weeks. Lockheed Martin shares climbed in premarket trading after unveiling two new defence systems to counter drones and missiles. The company said the systems would provide more affordable and rapidly deployable solutions. Oil stocks Occidental, Exxon, and Chevron gained as crude prices remained elevated amid US-Iran tensions. Brent crude traded at $82.5 per barrel. GameStop converted its eBay investment into direct ownership, acquiring a 9.8% stake valued at nearly $4.9 billion through 43.39 million shares.