After a decade of portfolio transformation, Occidental Petroleum president and CEO Vicki Hollub said last week the company will “no longer require transformative acquisitions. Instead, our teams are focused on what they do best, and that is execution, including cost reduction, capital efficiency and well performance.”
Oxy said guidance for 2026 capital spending has been reduced to $5.5 billion-to-$5.9 billion from the previous range of $6.3 billion-to-$6.7 billion “reflecting deeper cost efficiencies and project optimization.” Spending guidance is 8 percent less than last year. Oxy said 70 percent of 2026 spending will be devoted to U.S. onshore.
Production in 2026 is forecast at 1.45 million boed after 1.434 million boed in fullyear 2025, but down from 1.481 million boed in fourth quarter 2025. Hollub added Feb. 18, “Our emphasis on operational excellence and cost efficiency drove meaningful production and operating expense outperformance during the fourth quarter. The quality of our assets and the exceptional execution by our teams enabled us to surpass full-year guidance across our oil and gas and midstream businesses.”
Production in 4Q surpassed midpoint of guidance by 21,000 boed “led by contributions from the Permian and Rockies regions.”
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