Occidental Petroleum Corp. ( OXY ) shares are trading higher premarket on Thursday after the company reported first-quarter results on Wednesday.

Adjusted EPS of 87 cents per share, which beat the analyst consensus estimate of 77 cents.

Quarterly revenue came in at $6.84 billion, which missed the analyst consensus estimate of $6.89 billion.

Total company production of 1,391 thousand barrels of oil equivalent per day (Mboed), with average production for Permian, Rockies & Other Domestic, Gulf of America, and International coming in at 754 Mboed, 292 Mboed, 121 Mboed, and 224 Mboed, respectively.

Operating cash flow stood at $2.1 billion, and capital spending of $1.9 billion in the quarter.

Occidental disclosed year-to-date debt repayments of $2.3 billion. Roughly $1.3 billion worth of divestitures closed in the first quarter of 2025.

Dividend: On May 1, the company disclosed a dividend of 24 cents per share, payable July 15, to shareholders of record as of June 10, 2025.

CEO Vicki Hollub said the company continues to reduce debt.

Outlook: The company sees production of 1,377 – 1,417 Mboed in the second quarter and 1,390 – 1,440 Mboed in FY25.

The company slashed the mid-point of 2025 capital guidance by $200 million and domestic operating costs by $150 million, on continued operational efficiency gains and schedule optimization in the Permian and Gulf of America.

The company sees net capital expenditure outlook of $7.2 billion – $7.4 billion in FY25.

Investors can gain exposure to the stock via Texas Capital Funds Trust Texas Capital Texas Oil Index ETF and First Trust Nasdaq Oil & Gas ETF ( FTXN ) .

Price Action: OXY shares are up 4.56% at $40.79 premarket at the last check Thursday.

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