New York, Feb 13, 2026, 05:42 ET — Premarket
- Occidental shares slipped in premarket trading, extending losses from Thursday’s sharp drop.
- Oil prices stayed volatile, with traders juggling Iran-related headlines and signals of weaker demand.
- Attention turns to U.S. inflation numbers set for release before the bell, with Occidental’s earnings on deck for next week.
Occidental Petroleum Corp slipped around 0.3% to $45.36 by 5 a.m. ET in early premarket moves Friday, following a 3.7% tumble that left OXY at $45.49 at Thursday’s close. Chevron and Devon Energy came under pressure Thursday as well, with EOG Resources also ticking lower.
Crude’s moves are once again steering the stock. This week’s swings in oil prices have knocked energy shares around. Traders, on top of that, are watching out for new U.S. inflation data—numbers that could shake up rates, the dollar, and risk sentiment all at once.
U.S. crude dropped roughly 3% Thursday, trading near $62.69 a barrel after the International Energy Agency cut its 2026 global oil demand outlook, according to Reuters. A move like that tends to weigh on sentiment throughout the shale sector—well before investors even look at individual company numbers.
Oil prices edged lower again on Friday, heading for a second consecutive weekly loss. Brent slipped 0.2% to $67.40 a barrel, while U.S. West Texas Intermediate (WTI) also eased 0.2%, trading at $62.71. The so-called “near-term geopolitical risk premium” has waned after Washington signaled it’s giving more space for Iran negotiations, IG’s Tony Sycamore noted. XS.com’s Linh Tran pointed out that the absence of a sharper drop hints that “downside momentum is slowing.” Reuters
The IEA’s latest report spelled out the concern in hard numbers, forecasting that global supply will outpace demand by 3.73 million barrels per day in 2026. This year’s demand growth outlook was trimmed to 850,000 bpd. The agency also noted that OPEC+ held off on raising output for the first quarter; eight members are set to meet on March 1 to decide on possible April increases.
The decline Thursday played out against weakness across U.S. equities, with tech in particular under pressure and investors bracing for the January Consumer Price Index data set to land before Friday’s opening bell. The S&P 500 slid 1.57%, while the Nasdaq dropped roughly 2%, according to Reuters.
Occidental investors have seen this playbook before. It comes down to watching the production numbers, keeping tabs on costs, and figuring out how much cash will actually go toward paying down debt and rewarding shareholders, assuming crude hovers at these depressed levels. When oil drops, the shares usually move in lockstep with the macro, but once earnings come out, it’s back to focusing on the company specifics.
Occidental plans to unveil its fourth-quarter 2025 earnings after markets shut on Wednesday, Feb. 18, with executives set to host a call for investors the next day, Thursday, Feb. 19 at 1 p.m. ET, according to the company.
Still, the tidy story linking everything to crude has plenty of ways to unravel. One new headline out of the Middle East and oil could whipsaw the other way within minutes. Signs of rising supply or softening demand? That’s enough to throw a wrench into cash flow hopes and buyback projections.
Friday brings the CPI numbers, with traders eyeing crude’s next swing before attention pivots to Occidental’s earnings and what management has to say next week.
