Why Occidental Petroleum Retreated Today
Source: Motley Fool
2026-05-06 15:31:38 ET
Shares of Occidental Petroleum (NYSE: OXY) fell hard on Wednesday, down 6.7% as of 1:30 p.m. EDT.
The U.S.-centric oil and gas major reported earnings last night that, at first glance, were solid. However, the more consequential factor in today's price action was a report that Iran is seriously considering a U.S. proposal to end the war and reopen the Strait of Hormuz.
In the first quarter, Occidental delivered "mixed" results, with revenue falling 8.4% to $5.23 billion, missing expectations. On the other hand, the company's adjusted (non-GAAP) profits of $1.06 far exceeded expectations, beating the $0.59 consensus by a wide margin.
Occidental Petroleum Corporation
NASDAQ: OXY
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