Occidental Petroleum: 2Q26 Preview: Maiden Voyage; New CEO Jackson Primed to Unveil FCF Growth Outlook Through 2029

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Occidental Petroleum: 2Q26 Preview: Maiden Voyage; New CEO Jackson Primed to Unveil FCF Growth Outlook Through 2029

J P M O R G A N North America Equity Research

14 July 2026

Occidental Petroleum Neutral

OXY, OXY US

2Q26 Preview: Maiden Voyage; New CEO Jackson Price (13 Jul 26):$54.81

Primed to Unveil FCF Growth Outlook Through 2029 ▼Price Target (Dec-26):$60.00 Prior (Dec-26):$63.00

JPM View: OXY’s 2Q26 print will feature Richard Jackson’s debut as CEO after

he took the helm on June 1 from outgoing President/CEO Vicki Hollub, and we Oil & Gas Exploration & Production

expect CEO Jackson to focus on the company’s plan to deliver structural medium- Arun Jayaram AC

term FCF growth through 2029. Rather than unveiling specific capex or production (1-212) 622-8541

targets, we anticipate CEO Jackson to lay out some of the building blocks arun.jayaram@jpmchase.com

underpinning this medium-term FCF trajectory, which we believe will include Pankaj Bhatter, CFA

continued efficiency gains, tailwinds from a lower PDP decline rate, reduced (1-212) 622-3795

pankaj.bhatter@jpmchase.com

midstream/LCV capex requirements, and a lower interest burden. Encouragingly, J.P. Morgan Securities LLC

we believe the company could potentially quantify the magnitude of this FCF

growth outlook on the upcoming call, which could serve as a mini-catalyst for the

stock. The company remains focused on steps to better manage its base production Key Changes (FYE Dec)

and PDP declines as OXY continues to target a corporate base decline below 20% Prev Cur Δ

by the end of the decade. Another focal point for the print would be the company’s Adj. EPS - 26E ($) 6.01 4.76 -20.8%

Adj. EPS - 27E ($) 4.17 2.93 -29.8%

confidence in delivering its 2026 guidance targets, as the 2H26 outlook embeds a