Occidental Petroleum reduces 2026 capital spending by eight percent

Occidental Petroleum has cut its planned spending for 2026 to between $5.5 billion and $5.9 billion, down from an earlier range of $6.3 billion to $6.7 billion. The company says it has found ways to work more efficiently and to improve how projects are organised. This brings spending about 8 percent below 2025 levels. Despite the cuts, Occidental expects to produce slightly more oil and gas in 2026, around 1.45 million barrels per day. Seventy percent of the budget will go to operations inside the United States. The company is planning for oil prices to stay between $55 and $60 per barrel, even though prices have risen more than 30 percent this year. Occidental recently sold its OxyChem business, which gave it more financial freedom.