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Occidental Petroleum cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$2.7B in Q2 2026 · $4.8B over twelve months

Operating cash flow$4.3B
Capital spending−$1.6B
Free cash flow+$2.7B
Cash / net income1.4×

Analysis

In Q2 2026, Occidental Petroleum generated $4.3B of operating cash flow and spent $1.6B on capital projects, leaving free cash flow of $2.7B. That is $1.4B more than in Q2 2025 ($1.3B).

Over the twelve months to Jun 30, 2026, operating cash flow was $11.0B; the largest uses were net borrowing (+) / repaid (−) ($10.2B), capital spending ($6.2B), dividends ($1.7B); besides operations, cash came from other investing ($9.2B), shares issued ($330M); the cash balance rose by $1.8B.

Operating cash flow was $4.3B against net income of $3.0B — 1.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$1.8B, other non-cash −$764M, deferred taxes +$707M.

Free cash flow

Occidental Petroleum: free cash flow by quarterOccidental Petroleum: free cash flow by quarter$2.0BQ3 2024$2.3BQ4 2024$466MQ1 2025$1.3BQ2 2025$503MQ3 2025$1.9BQ4 2025−$273MQ1 2026$2.7BQ2 2026
Operating cash flow less capital spending.
Occidental Petroleum: operating cash flow against capital spendingOccidental Petroleum: operating cash flow against capital spendingOperating cash flowCapital spending$3.7B$1.7BQ3 2024$3.4B$1.0BQ4 2024$2.1B$1.7BQ1 2025$3.0B$1.7BQ2 2025$2.8B$2.3BQ3 2025$2.6B$753MQ4 2025$1.3B$1.6BQ1 2026$4.3B$1.6BQ2 2026
Latest (Q2 2026): Operating cash flow $4.3B, Capital spending $1.6B.

Capital allocation, year by year

Occidental Petroleum: where the cash came from (up) and went (down), by fiscal yearOccidental Petroleum: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $10.4BFY2021: Net borrowing −$6.9BFY2021: Shares issued $31.0MFY2021: Capital spending −$2.9BFY2021: Buybacks −$8.0MFY2021: Dividends −$839M$10.5BFY2021FY2022: Operating cash flow $16.8BFY2022: Net borrowing −$9.6BFY2022: Shares issued $293MFY2022: Asset sales $584MFY2022: Capital spending −$4.5BFY2022: Buybacks −$3.1BFY2022: Dividends −$1.2B$17.7BFY2022FY2023: Operating cash flow $12.3BFY2023: Net borrowing −$127MFY2023: Shares issued $135MFY2023: Asset sales $447MFY2023: Capital spending −$5.7BFY2023: Buybacks −$1.8BFY2023: Dividends −$1.4B$12.9BFY2023FY2024: Operating cash flow $11.4BFY2024: Net borrowing $5.0BFY2024: Shares issued $584MFY2024: Asset sales $1.7BFY2024: Capital spending −$6.3BFY2024: Buybacks −$27.0MFY2024: Dividends −$1.4B$18.7BFY2024FY2025: Operating cash flow $10.5BFY2025: Net borrowing −$3.9BFY2025: Shares issued $966MFY2025: Asset sales $2.3BFY2025: Capital spending −$6.4BFY2025: Dividends −$1.6B$13.8BFY2025
Over these 5 years operating cash flow totalled $61.5B; the largest uses were capital spending ($25.8B) and net borrowing ($20.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.2B
Debt$12.8B
Net debt$8.7B
Due within a year$1.0B

Occidental Petroleum funds itself: free cash flow was $4.8B over the last twelve months, and $4.2B of cash and investments stands against $12.8B of debt ($1.0B due within a year, 4.2× covered by cash).

Occidental Petroleum: debt maturities by year (FY2024)Occidental Petroleum: debt maturities by year (FY2024)$1.0BYear 1$4.1BYear 2$1.5BYear 3$900MYear 4
Principal due in each year as disclosed in the annual report, against $4.2B of cash and investments now.

Where the cash came from and went

Occidental Petroleum: sources (+) and uses (−) of cash, Q2 2026Occidental Petroleum: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$4.3BNet borrowing (+) / repaid (−)−$1.8BCapital spending−$1.6BDividends−$430MCash drawn (+) / kept (−)−$341MOther investing−$207MShares issued$200MBuybacks−$61.0MOther financing−$53.0MAsset & business sales$14.0MPartners−$12.0M
Occidental Petroleum: sources (+) and uses (−) of cash, TTM to Q2 2026Occidental Petroleum: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$11.0BNet borrowing (+) / repaid (−)−$10.2BOther investing$9.2BCapital spending−$6.2BCash drawn (+) / kept (−)−$1.8BDividends−$1.7BOther financing−$658MShares issued$330MPartners$124MBuybacks−$117M

From profit to cash

Occidental Petroleum: net income to operating cash flow, Q2 2026Occidental Petroleum: net income to operating cash flow, Q2 2026Net income$3.0BDepreciation & amortization$1.8BDeferred taxes$707MGains on disposals−$180MOther non-cash−$764MReceivables$535MInventory−$308MPayables$168MIncome taxes payable−$32.0MOperating cash flow$4.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202546226417-144
Q2 202561216408-132
Q1 202551219407-138
Q4 2024151375690-163
Q3 202450263425-112

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$4.3B−$1.6B−$61.0M−$430M−$1.8B$200M−$341M$2.7B
Q1 2026$1.3B−$1.6B−$56.0M−$409M−$6.9B$95.0M−$1.8B−$273M
Q4 2025$2.6B−$753M—−$408M−$170M$18.0M$150M$1.9B
Q3 2025$2.8B−$2.3B—−$408M−$1.3B$17.0M$164M$503M
Q2 2025$3.0B−$1.7B—−$398M−$1.8B$906M$282M$1.3B
Q1 2025$2.1B−$1.7B—−$380M−$518M$25.0M−$485M$466M
Q4 2024$3.4B−$1.0B−$18.0M−$377M−$507M$13.0M−$364M$2.3B
Q3 2024$3.7B−$1.7B—−$371M−$4.0B$67.0M$102M$2.0B

Occidental Petroleum: income statement and cash flow

Occidental Petroleum, Q2 2026: revenue $8.1B (+53% year over year), operating margin 48.5%. The chart follows the revenue to costs, profit and cash.

Occidental Petroleum: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.