New York, Feb 19, 2026, 11:18 EST — Regular session
Occidental Petroleum Corp climbed roughly 9% Thursday, building on its after-hours rally. Investors digested a quarterly profit that topped forecasts, a bumped-up dividend, and new moves on its debt. Shares traded at $51.34, up $4.23, late in the morning session.
Occidental’s push is drawing attention as the company aims to bolster shareholder payouts, all while trimming a balance sheet that’s been under a microscope for years. Energy stocks have found support in stronger crude prices, and traders aren’t hesitating to jump on signs of capital restraint.
Occidental booked a net loss of $68 million for the quarter, but on an adjusted basis—excluding divestiture charges and similar items—income came in at $315 million, or 31 cents per diluted share. The company bumped up its quarterly dividend by over 8%, now set at 26 cents per share and payable April 15 to shareholders registered as of March 10. Production averaged 1,481 thousand barrels of oil equivalent per day, which rolls gas output into oil terms. CEO Vicki Hollub pointed to “operational excellence and cost efficiency” as driving factors for the results. Oxy
Occidental is signaling a leaner approach for 2026, projecting capital spending between $5.5 billion and $5.9 billion, with daily production expected to land somewhere in the 1.42 to 1.48 million barrels of oil equivalent range, according to Reuters. Since mid-December, the company has knocked $5.8 billion off its debt load, now targeting principal debt of roughly $14.3 billion for 2026. As of Dec. 31, after sealing the Anadarko and CrownRock acquisitions, long-term debt stood at $20.63 billion, Reuters reported.
Occidental has kicked off cash tender offers totaling up to $700 million for selected senior notes and debentures, according to a filing. The company is also asking bondholders to agree to drop certain covenants. In a cash tender offer—essentially a bond buyback—Occidental pays cash to holders willing to sell, typically to manage maturity schedules or reduce interest expense. These offers run until March 19. Investors who act by March 4 hit the early tender mark.
Occidental’s been using proceeds from asset sales to bankroll the clean-up. The company wrapped up the $9.7 billion cash sale of its OxyChem division to Berkshire Hathaway on Jan. 2, according to a previous SEC filing.
Oil kept climbing, with Brent gaining over 1% and hovering close to levels last seen in August. Traders are building in extra risk, spooked by rising U.S.-Iran tensions, according to Reuters. “The latest rise in prices signals a further increase to an already notable geopolitical risk premium,” Saxo Bank analyst Ole Hansen said. Reuters
Gains showed up across other oil majors too. Exxon Mobil advanced around 1.2%. Chevron tacked on close to 1.8%, while ConocoPhillips picked up roughly 2%.
It’s an oil stock, though, and things can shift quickly. If crude slips, or if there’s any sign of spending ticking higher, leverage and cash flow will be under the microscope again—particularly since those debt tenders hinge on what investors decide and how the terms shake out.
The next potential mover is just hours away: Occidental’s conference call kicks off at 1 p.m. ET. Investors are looking for specifics on spending plans for 2026, clarity on debt goals, and any signals about the company’s appetite for dividends and other capital returns.
