New York, Feb 19, 2026, 05:07 EST — Premarket
- OXY hovered close to $47 ahead of the open, following a 2.7% gain in the previous session.
- The company raised its quarterly dividend and indicated more debt reductions ahead.
- Energy stocks are getting another boost as oil prices climb again.
Occidental Petroleum stock barely budged in premarket action Thursday, holding close to $47. The U.S. oil producer posted its fourth-quarter numbers and boosted its quarterly dividend.
This update hits the sector just as investors are glued to cash flow and balance sheets, with volatile crude prices making earnings unpredictable. Occidental, for its part, remains burdened by debt from its recent deal spree.
Oil’s pulling ahead again. Brent and U.S. crude climbed on Thursday—building on a more than 4% jump from the last session. Analysts at ING flagged rising concerns over possible U.S.-Iran flare-ups and the risk that poses to flows through the Strait of Hormuz.
Occidental posted adjusted earnings of 31 cents a share for the quarter, topping the 18-cent consensus from analysts, LSEG data shows, as cited by Reuters. Support from its midstream business made up for softer crude prices.
Oxy posted a net loss to common shareholders of $68 million, or 7 cents a share. But after backing out charges and transaction costs linked to the OxyChem sale, adjusted income landed at $315 million, or 31 cents a share.
Occidental bumped up its quarterly dividend by over 8%, bringing it to $0.26 a share. The payout goes to shareholders recorded as of March 10, with checks set for April 15. Operating cash flow came in at $2.6 billion.
President and CEO Vicki Hollub credited “operational excellence and cost efficiency” for the quarter’s strong production and lower expenses, adding that the OxyChem deal left the company with an “enhanced balance sheet.” Oxy
The company reported average production for the quarter at 1,481 thousand barrels of oil equivalent per day, a figure that comes in above the midpoint of its guidance. That measure, which rolls oil, gas and liquids into one tally, was disclosed in the release.
Occidental is projecting capital spending between $5.5 billion and $5.9 billion for 2026, targeting average daily production in the range of 1.42 million to 1.48 million barrels of oil equivalent. For the first quarter, the company guides to output of 1.38 million to 1.42 million.
Bulls face a key risk here: oil prices have been swinging on the back of headlines. According to Reuters’ breakdown of the latest Iran developments, most in the market are still betting against a sustained supply hit—despite analysts baking in a premium to crude. That premium could vanish fast if tensions ease or diplomatic efforts start to stick.
On Thursday at 1 p.m. ET, the company’s conference call is set. Investors will be zeroing in on how management is weighing spending cuts, paying down debt, and handling payouts as crude prices swing around. Questions on those issues are expected to take center stage.
