New York, Feb 19, 2026, 11:18 EST — Regular session
Occidental Petroleum Corp shares were up about 9% on Thursday, extending an after-hours rise as investors weighed a quarterly profit beat alongside a higher dividend and fresh debt actions. The stock was up $4.23 at $51.34 in late morning trade.
The move matters because Occidental is trying to show it can keep paying more cash to shareholders while still shrinking a balance sheet that has been a market obsession for years. Energy shares have also had a tailwind from firmer crude, and traders have been quick to chase anything that looks like discipline.
Occidental reported a quarterly net loss of $68 million, but said adjusted income — which strips out items such as divestiture-related charges — was $315 million, or 31 cents per diluted share. It lifted its quarterly dividend by more than 8% to 26 cents a share, payable April 15 to shareholders of record on March 10, and said total production averaged 1,481 thousand barrels of oil equivalent per day, a standard measure that converts gas into a barrel-of-oil basis. Chief Executive Vicki Hollub said “operational excellence and cost efficiency” helped drive the quarter. (Oxy)
Occidental also flagged a tighter spending posture for 2026, forecasting capital expenditure of $5.5 billion to $5.9 billion and average production of 1.42 million to 1.48 million barrels of oil equivalent per day, Reuters reported. The company cut debt by $5.8 billion since mid-December and is aiming for principal debt of about $14.3 billion in 2026; long-term debt stood at $20.63 billion at Dec. 31, after the Anadarko and CrownRock deals, Reuters said. (Reuters)
Separately, Occidental launched cash tender offers for up to $700 million of certain senior notes and debentures and is seeking bondholder consents to remove some covenants, a filing showed. A cash tender offer is a buyback for bonds: the company offers to repurchase notes from holders for cash, often to cut interest costs or smooth maturities. The offers are set to expire on March 19, with an early tender deadline on March 4. (SEC)
Occidental has been funding that clean-up with asset-sale cash. It completed the sale of its chemical business, OxyChem, to Berkshire Hathaway for $9.7 billion in cash on Jan. 2, an earlier SEC filing showed. (SEC)
Oil prices added another layer. Brent was up more than 1% near its highest since last August as traders priced in a bigger risk premium tied to U.S.-Iran tensions, Reuters reported. “The latest rise in prices signals a further increase to an already notable geopolitical risk premium,” Saxo Bank analyst Ole Hansen said. (Reuters)
Other big oil names were also higher. Exxon Mobil was up about 1.2%, Chevron gained roughly 1.8% and ConocoPhillips rose about 2%.
But this is still an oil stock, and the tape can turn fast. A pullback in crude, or any hint that spending creeps up again, would put more focus back on leverage and cash flow, especially with debt tenders depending on investor participation and final terms.
The next catalyst comes in hours: Occidental is due to discuss the quarter on a conference call at 1 p.m. ET. Investors will be listening for detail on 2026 spending, debt targets and how much room management sees for dividends and other payouts. (Oxy)
