Occidental Petroleum Corporation OXY is scheduled to release third-quarter 2026 results on Nov. 9, after market close. The Zacks Consensus Estimate for earnings is currently pegged at $1.43 per share on revenues of $6.73 billion.
Third-quarter earnings estimates have gone up 0.7% over the past 60 days. The Zacks Consensus Estimate for quarterly revenues indicates a year-over-year rise of 0.3%.
OXY’s Earnings Surprise History
Occidental Petroleum delivered an average earnings surprise of 46.14% in the last four quarters.
What the Zacks Model Unveils for OXY
Our proven model predicts an earnings beat for Occidental Petroleum this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is the case here, as you will see below.
Occidental Petroleum Corporation Price and EPS Surprise
Occidental Petroleum Corporation price-eps-surprise | Occidental Petroleum Corporation Quote
Earnings ESP: The company’s Earnings ESP is +4.14%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, Occidental Petroleum carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
A company from the same sector that has the right combination of the two factors for an earnings beat this season is Helmerich & Payne, Inc. HP. HP currently has an Earnings ESP of +25.14%. HP carries a Zacks Rank #3 at present.
Recent Sector Releases
Energy Transfer ET reported third-quarter 2026 earnings of 33 cents per share, missing the Zacks Consensus Estimate of 41 cents by 19.5%. However, the bottom line increased 17.9% from 28 cents in the year-ago quarter.
Revenues totaled $37.1 billion, surpassing the consensus estimate of $35.6 billion by 4.2% and rising 85.9% year over year.
ONEOK, Inc. OKE reported third-quarter 2026 earnings of $2.13 per share, which beat the Zacks Consensus Estimate of $1.46 by 45.89%. The bottom line increased 43% from the year-ago quarter's figure of $1.49.
Operating revenues for the third quarter totaled $12.46 billion, which topped the Zacks Consensus Estimate of $11.77 billion by 5.81%. The top line improved 44.3% from $8.63 billion in the prior-year quarter.
Factors Likely to Have Influenced OXY’s Q3 Performance
Occidental Petroleum's third-quarter 2026 earnings are likely to have benefited from strong domestic production, improved operational efficiencies and lower interest expenses. The company's continued debt reduction, drilling efficiencies and cost-saving initiatives are expected to have supported profitability during the to-be-reported quarter.
OXY's Permian production may have benefited from increased drilling activity, strong well performance and resilient base production. However, Rockies production is likely to have declined due to the timing of development activities.
In the Gulf of America, third-quarter production is expected to have been affected by planned maintenance activities and weather-related contingencies. International production may have normalized, although ongoing geopolitical uncertainties in the Middle East could have posed operational challenges.
OXY's Midstream and Marketing earnings are expected to have declined due to the narrowing Waha-to-Gulf Coast natural gas price spread. However, improved upstream natural gas realizations are likely to have largely offset this impact. Higher sulfur prices could have provided some support, although elevated freight costs and potential sales disruptions in the Middle East are likely to have affected performance.
OXY Stock Price Performance
Occidental Petroleum shares have risen 36.4% over the past year compared with the industry’s growth of 35.9%.
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OXY Stock Is Trading at a Premium
Occidental Petroleum shares are somewhat expensive on a relative basis, with its current trailing 12-month Enterprise Value/Earnings before Interest, Tax, Depreciation and Amortization (EV/EBITDA TTM) being 5.1X compared with the industry average of 4.74X.
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Occidental Petroleum Corporation (OXY): Free Stock Analysis Report
Helmerich & Payne, Inc. (HP): Free Stock Analysis Report
ONEOK, Inc. (OKE): Free Stock Analysis Report
Energy Transfer LP (ET): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).