- Occidental Petroleum Corporation (OXY) Posts $5.11 Billion Revenue, Down More Than 25%
May 12, 2026
Occidental Petroleum Corporation (NYSE:OXY) is one of our Best Undervalued Stocks to Buy Under $100. The company currently trades at a forward price to earnings ratio of 9.92, below the sector average of 12.58. Occidental Petroleum Corporation (NYSE:OXY) recently posted FQ1 2026 earnings on May 5.
During the quarter, the company posted $5.11 billion in revenue, down 25.34% year-over-year and below expectations by $556.23 million. The GAAP EPS of $3.13 also topped the consensus by $2.53. Management noted delivering 1.43 million BOE per day, ahead of the high end of the company’s guidance. This production came despite the lower international output from Middle East disruptions.
Following the release on May 7, UBS lowered the firm’s price target on Occidental Petroleum Corporation (NYSE:OXY) from $67 to $65, while maintaining a Neutral rating on the shares. The firm noted that the company’s long-term philosophy is leading to free cash flow growth. During the quarter, the company generated approximately $1.7 billion before working capital, representing an increase of about 52% from continuing operations. This was driven by cost and operational efficiency, despite oil prices similar to those in 2025.
Occidental Petroleum Corporation (NYSE:OXY) is an international energy company with assets primarily located in the United States, the Middle East, and North Africa. The company produces oil and gas in the United States, including operations in the Permian Basin, DJ Basin, and the offshore Gulf of Mexico.
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- Constellation Energy's Q1 Earnings and Revenues Beat Estimates
May 11, 2026
Constellation Energy Corporation CEG reported first-quarter 2026 earnings of $2.74 per share, which surpassed the Zacks Consensus Estimate of $2.56 by 7.03%. The earnings per share increased 28% from the year-ago quarter’s figure of $2.14.
CEG’s Total Revenues
Revenues totaled $11.12 billion, which beat the Zacks Consensus Estimate of $8.2 billion by 35.5%. The top line also increased 63.8% from the year-ago figure of $6.78 billion.
Constellation Energy Corporation Price, Consensus and EPS SurpriseConstellation Energy Corporation Price, Consensus and EPS Surprise
Constellation Energy Corporation price-consensus-eps-surprise-chart | Constellation Energy Corporation Quote
Highlights of CEG’s Q1 Release
Total operating expenses were $8.8 billion, up 38.9% from $6.33 billion in the year-ago period. The year-over-year increase in operating expenses was due to higher purchased power and fuel, and higher operating and maintenance expenses compared with the year-ago period.
Operating income for the reported quarter was $2.33 billion compared with $0.45 billion in the year-ago period.
Net interest expenses increased 73.3% to $253 million from $146 million in the year-ago period.
Constellation Energy’s owned output from the Salem and South Texas Project Generating Stations produced 44,666 gigawatt-hours (GWhs) in the first quarter of 2026, compared with 45,582 GWhs in the first quarter of 2025.
Excluding Salem and STP, CEG’s owned nuclear plants recorded a 92.3% capacity factor in the first quarter of 2026, compared with 94.1% in the year-ago quarter. Sites operated by CEG experienced 99 planned refueling outage days in the first quarter of 2026, compared with 88 days in the first quarter of 2025.
Development post Q1
On April 16, 2026, CEG marked the commissioning of the 105-MW Pastoria Solar Project, the largest renewable energy project contracted by the California Department of Water Resources thus far as part of its goal to fully decarbonize operations by 2035.
On April 30, 2026, CEG’s Pin Oak Creek Energy Center commenced commercial operations. The 460-MW, advanced natural gas facility is built to deliver reliable, dispatchable power to the ERCOT grid.
CEG’s Financial Position
As of March 31, 2026, Constellation Energy had cash and cash equivalents of $0.8 billion compared with $3.64 billion as of Dec. 31, 2025.
The company had a long-term debt of $16.99 billion as of March 31, 2026, compared with $7.25 billion as of Dec. 31, 2025.
Cash provided in operating activities in first-quarter 2026 amounted to $425 million compared with $107 million in first-quarter 2025.
Total capital expenditures in the first three months of 2026 were $1.27 billion compared with $0.8 billion in first-quarter 2025.
CEG’s Guidance
Constellation Energy reaffirmed its 2026 earnings per share estimate in the range of $11.00-$12.00 per share. The Zacks Consensus Estimate for 2026 earnings per share is currently pegged at $11.69, which is within the guided range.
CEG projects long-term earnings growth of more than 20% through 2029.
Story Continues
CEG’s Zacks Rank
Constellation Energy has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases From the Sector
Devon Energy Corp. DVN reported first-quarter 2026 earnings per share (EPS) of $1.04, surpassing the Zacks Consensus Estimate of $1 by 4%. The metric was down 14% year over year.
Total revenues for the quarter were $3.80 billion, which lagged the Zacks Consensus Estimate of $4.16 billion by 8.5%. The top line decreased 14.5% from the year-ago quarter’s figure.
TotalEnergies SE TTE reported first-quarter 2026 operating earnings of $2.45 (€2.10) per share, which surpassed the Zacks Consensus Estimate of $1.99 by 23.1%. The bottom line improved 34% from the year-ago figure of $1.83 (€1.74).
Total revenues for the first quarter were $49.51 billion, which increased from the year-ago reported figure of $47.9 billion by 3.36%. The metric beat the Zacks Consensus Estimate of $46.85 billion by 5.9%.
Occidental Petroleum Corporation OXY reported first-quarter 2026 operating earnings of $1.06 per share, which beat the Zacks Consensus Estimate of 65 cents by 63.08%. The bottom line also increased 21.8% from 87 cents in the year-ago quarter.
The company reported revenues of $5.1 billion, which lagged the Zacks Consensus Estimate of $5.49 billion by 7.04%. The top line also dropped 25.3% from the prior-year quarter’s $6.84 billion.
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- Occidental Petroleum Corporation (OXY) is Attracting Investor Attention: Here is What You Should Know
May 11, 2026
Occidental Petroleum (OXY) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.
Shares of this oil and gas exploration and production company have returned -8.5% over the past month versus the Zacks S&P 500 composite's +9.1% change. The Zacks Oil and Gas - Integrated - United States industry, to which Occidental belongs, has lost 8.2% over this period. Now the key question is: Where could the stock be headed in the near term?
Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Earnings Estimate Revisions
Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
For the current quarter, Occidental is expected to post earnings of $1.30 per share, indicating a change of +233.3% from the year-ago quarter. The Zacks Consensus Estimate has changed +43.3% over the last 30 days.
For the current fiscal year, the consensus earnings estimate of $4.87 points to a change of +120.4% from the prior year. Over the last 30 days, this estimate has changed +57.3%.
For the next fiscal year, the consensus earnings estimate of $3.58 indicates a change of -26.6% from what Occidental is expected to report a year ago. Over the past month, the estimate has changed +10.8%.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #1 (Strong Buy) for Occidental.
Story Continues
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS12-month consensus EPS estimate for OXY
Projected Revenue Growth
While earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.
For Occidental, the consensus sales estimate for the current quarter of $6.32 billion indicates a year-over-year change of -2.1%. For the current and next fiscal years, $24.62 billion and $24.36 billion estimates indicate -3.2% and -1.1% changes, respectively.
Last Reported Results and Surprise History
Occidental reported revenues of $5.11 billion in the last reported quarter, representing a year-over-year change of -25.3%. EPS of $1.06 for the same period compares with $0.87 a year ago.
Compared to the Zacks Consensus Estimate of $5.5 billion, the reported revenues represent a surprise of -7.03%. The EPS surprise was +63.08%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates times over this period.
Valuation
No investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Occidental is graded B on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Bottom Line
The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Occidental. However, its Zacks Rank #1 does suggest that it may outperform the broader market in the near term.
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- Occidental Petroleum (OXY) Beats Guidance in Key Segments during Q1 2026
May 7, 2026
Occidental Petroleum Corporation (NYSE:OXY) is included among the 10 Best Value Stocks to Buy in 2026 According to Warren Buffett.Occidental Petroleum (OXY) Beats Guidance in Key Segments during Q1 2026
Occidental Petroleum Corporation (NYSE:OXY) reported its Q1 2026 earnings on May 6. During the earnings call, President, CEO, and Director Vicki Hollub announced that she would retire from her role as President and CEO on June 1. She also said the company’s board had approved Richard Jackson as her successor. Jackson, who currently serves as Senior Vice President and COO, said Occidental exceeded the upper end of its guidance in both the Oil and Gas and Midstream and Marketing segments during the first quarter. He added that the company produced 1.426 million barrels of oil equivalent per day during the period.
Speaking about the STRATOS project, Jackson said construction of Phase 2 had been completed. He noted that the company had identified an issue involving non-process components that was unrelated to the underlying technology. According to Jackson, Occidental is reviewing the repair timeline and assessing how the issue could affect the project’s operating schedule. Senior Vice President and CFO Sunil Mathew said the company generated adjusted earnings of $1.06 per diluted share during the first quarter, while reported earnings came in at $3.13 per diluted share. Mathew explained that the difference between the two figures was mainly due to gains tied to the OxyChem sale. He also stated that disruptions in the Middle East, along with strategic enhanced oil recovery actions, led Occidental to adjust the midpoint of its full-year production guidance to 1.44 million BOE per day.
At the same time, the company maintained its full-year capital spending outlook between $5.5 billion and $5.9 billion. Mathew added that strong performance so far in 2026 prompted Occidental to raise the midpoint of its full-year midstream guidance to $1.1 billion. That marked an increase of about $800 million from the guidance shared during the previous earnings call.
Occidental Petroleum Corporation (NYSE:OXY) is an international energy company with assets primarily located in the United States, the Middle East, and North Africa. The company produces oil and gas in the United States, including operations in the Permian Basin, DJ Basin, and the offshore Gulf of Mexico.
While we acknowledge the potential of OXY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
Story Continues
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- Sempra's Q1 Earnings In Line With Estimates, Revenues Fall Y/Y
May 7, 2026
Sempra SRE reported first-quarter 2026 adjusted earnings per share (EPS) of $1.51, in line with the Zacks Consensus Estimate. The bottom line increased 4.9% from the year-ago quarter’s figure of $1.44.
Including one-time items, the company generated GAAP earnings of $1.58 per share compared with $1.39 in the first quarter of 2025.
SRE’s Total Revenues
Revenues of $3.66 billion missed the Zacks Consensus Estimate of $4.15 billion by 11.8%. The top line decreased 3.9% from $3.8 billion in the year-ago quarter.
Sempra Price, Consensus and EPS Surprise
Sempra price-consensus-eps-surprise-chart | Sempra Quote
SRE’s Segmental Update
Sempra California: Quarterly earnings amounted to $720 million compared with the year-ago quarter’s level of $724 million.
Sempra Texas Utilities: Earnings in this segment increased to $171 million from $146 million in the year-ago quarter.
Sempra Infrastructure: The segment recorded earnings of $262 million compared with $146 million in the year-ago quarter.
Parent and Other: The segment reported a loss of $116 million, wider than the prior-year period’s loss of $110 million.
SRE’s Financial Update
As of March 31, 2026, Sempra Energy’s cash and cash equivalents totaled $0.79 billion compared with $0.03 billion as of Dec. 31, 2025.
As of the same date, long-term debt and finance leases amounted to $30.85 billion compared with $28.98 billion as of Dec. 31, 2025.
Cash flow from operating activities in the first three months of 2026 totaled $1.81 billion compared with $1.48 billion a year ago.
SRE’s Guidance
The company expects its 2026 adjusted earnings to be in the range of $4.80-$5.30 per share. The Zacks Consensus Estimate for 2026 earnings is pegged at $5.16 per share, higher than the midpoint of the company’s guided range.
SRE has also provided a full-year 2027 EPS guidance of $5.10-$5.70. Sempra expects a 7-9% long???term EPS growth rate.
SRE’s Zacks Rank
Sempra Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
TotalEnergies SE TTE reported first-quarter 2026 operating earnings of $2.45 (€2.10) per share, which surpassed the Zacks Consensus Estimate of $1.99 by 23.1%. The bottom line improved 34% from the year-ago figure of $1.83 (€1.74).
TTE’s total revenues for the first quarter were $49.51 billion, which increased from the year-ago reported figure of $47.9 billion by 3.36%. The metric beat the Zacks Consensus Estimate of $46.85 billion by 5.9%.
Occidental Petroleum Corporation OXY reported first-quarter 2026 operating earnings of $1.06 per share, which beat the Zacks Consensus Estimate of 65 cents by 63.08%. The bottom line also increased 21.8% from 87 cents in the year-ago quarter.
OXY’s total revenues were $5.11 billion, which missed the Zacks Consensus Estimate of $5.5 billion by 7%. The top line declined 25.3% year over year.
Devon Energy Corp. DVN reported first-quarter 2026 EPS of $1.04, surpassing the Zacks Consensus Estimate of $1 by 4%. The metric was down 14% year over year.
DVN’s total revenues for the quarter were $3.80 billion, which lagged the Zacks Consensus Estimate of $4.16 billion by 8.5%. The top line decreased 14.5% from the year-ago quarter’s figure.
Story Continues
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- Murphy Q1 Earnings & Sales Beat Estimates on Improved Realized Prices
May 7, 2026
Murphy Oil Corporation MUR delivered first-quarter 2026 adjusted net earnings of 32 cents per share, outperforming the Zacks Consensus Estimate of 29 cents by 10.3%. However, the bottom line lagged the year-ago quarter’s earnings of 52 cents by 42.8%.
GAAP earnings were 37 cents per share compared with 51 cents in the year-ago quarter. The difference between GAAP and operating earnings was due to discontinued operations and other items affecting comparability between periods.
Revenues of Murphy Oil
Murphy Oil’s revenues were $733.5 million, which beat the Zacks Consensus Estimate of $689 million by 6.5%. Revenues were up 10.2% year over year.
Murphy Oil Corporation Price, Consensus and EPS SurpriseMurphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil Corporation price-consensus-eps-surprise-chart | Murphy Oil Corporation Quote
Murphy Oil’s Operational Highlights
Murphy Oil produced 174,200 barrels of oil equivalent per day (BOE/D) in first-quarter 2026 (excluding non-controlling interest in GOM), exceeding the guided range of 164,000-172,000 BOE/D. The strong production volume was due to outperformance in the Eagle Ford Shale and strong uptime in the Gulf of America.
Total costs and expenses were $595.3 million, up 14.1% from $521.8 million in the year-ago quarter. The increase was primarily due to higher exploration expenses.
Interest expenses in the quarter were $28.98 million, up 23.2% compared with $23.52 million in the year-ago quarter.
The company is exploring new opportunities in the Gulf of America, Morocco, Côte d’lvoire and Vietnam, which will further strengthen its production volume and operations.
Murphy Oil increased its quarterly dividend rate by 8%, resulting in an annual dividend of $1.40 per share. The company distributed a total dividend worth $50 million in the first quarter. Murphy Oil also buys back shares and still has $550 million remaining under its share repurchase authorization.
MUR’s Realized Prices
Murphy Oil enjoyed the benefits of improved Crude oil, condensate and natural gas prices both in domestic and international operations. While the decline in natural gas liquids offset some of the gain. The U.S. Crude oil and condensate onshore improved 2.5% year over year to $73.44 per barrel, natural gas onshore improved 10.7% to $3.74 per thousand cubic feet, while natural gas liquids declined 24% to $17.60 per barrel.
Financial Condition of Murphy Oil
The company had cash and cash equivalents of $378.7 million as of March 31, 2026, compared with $377.2 million as of Dec. 31, 2025. It had $2.4 billion of liquidity as of March 31, 2026.
Long-term debt totaled $1.55 billion as of March 31, 2026, compared with $1.38 billion as of Dec. 31, 2025.
Net cash provided by continuing operational activities in first-quarter 2026 was $321.2 million compared with $300.7 million in first-quarter 2025.
Story Continues
MUR’s 2026 Guidance
MUR expects its second-quarter 2026 production, excluding NCI, to be in the range of 161,000-169,000 BOE/D. The company expects its exploration expenses to be in the band of $70-$110 million in second-quarter 2026.
Murphy Oil plans to invest in the band of $1.2-$1.3 billion in 2026.
MUR reiterated its 2026 production (excluding NCI) to be in the range of 167,000-175,000 BOE/D, with 50% expected to be oil.
Zacks Rank of Murphy Oil
Murphy Oil currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Devon Energy Corp. DVN reported first-quarter 2026 earnings per share (EPS) of $1.04, surpassing the Zacks Consensus Estimate of $1 by 4%. The metric was down 14% year over year.
Total revenues for the quarter were $3.80 billion, which lagged the Zacks Consensus Estimate of $4.16 billion by 8.5%. The top line decreased 14.5% from the year-ago quarter’s figure.
TotalEnergies SE TTE reported first-quarter 2026 operating earnings of $2.45 (€2.10) per share, which surpassed the Zacks Consensus Estimate of $1.99 by 23.1%. The bottom line improved 34% from the year-ago figure of $1.83 (€1.74).
Total revenues for the first quarter were $49.51 billion, which increased from the year-ago reported figure of $47.9 billion by 3.36%. The metric beat the Zacks Consensus Estimate of $46.85 billion by 5.9%.
Occidental Petroleum Corporation OXY reported first-quarter 2026 operating earnings of $1.06 per share, which beat the Zacks Consensus Estimate of 65 cents by 63.08%. The bottom line also increased 21.8% from 87 cents in the year-ago quarter.
The company reported revenues of $5.1 billion, which lagged the Zacks Consensus Estimate of $5.49 billion by 7.04%. The top line also dropped 25.3% from the prior-year quarter’s $6.84 billion.
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- Occidental Tops Q1 Earnings Estimates on Strong Production Volumes
May 6, 2026
Occidental Petroleum Corporation OXY reported first-quarter 2026 earnings of $1.06 per share, which outpaced the Zacks Consensus Estimate of 65 cents by 63.1%. The bottom line also rose 21.8% year over year.
GAAP earnings in the reported quarter were $3.13 per share compared with the earnings of 77 cents in the year-ago quarter.
Total Revenues of OXY
Total revenues were $5.11 billion, which missed the Zacks Consensus Estimate of $5.5 billion by 7%. The top line also lagged 25.3% year over year due to lower contributions from its Oil & Gas segment.
Occidental Petroleum Corporation Price, Consensus and EPS Surprise
Occidental Petroleum Corporation price-consensus-eps-surprise-chart | Occidental Petroleum Corporation Quote
OXY’s Q1 Segmental Details
Oil and Gas revenues totaled $4.98 billion in the reported quarter, down 12.5% year over year.
Midstream & Marketing revenues of $397 million jumped 129.5% year over year.
Production & Sales at OXY
Total production volume was 1,426 thousand barrels of oil equivalent per day (Mboe/d). The metric surpassed the company’s guided range of 1,385-1,425 Mboe/d.
Total sales volume was 1,428 Mboe/d, up 2.7% from the year-ago period.
OXY’s Realized Prices
Realized prices of crude oil dropped 1.6% year over year to $69.91 per barrel on a worldwide basis. Realized natural gas liquid prices fell 26.8% year over year to $18.99 per barrel globally.
Natural gas prices decreased 58.3% year over year to $1.01 per thousand cubic feet.
Highlights of OXY’s Q1 Release
Occidental advanced debt reduction priorities, repaying $7.1 billion of principal debt through May 5, 2026, reducing principal debt to $13.3 billion and progressing toward the $10 billion milestone.
Occidental reported strong first-quarter production due to robust contributions from Permian assets. Gulf of America’s average daily production volumes in the first quarter were 138 Mboe/d, up 14% year over year, which also contributed to the overall strong volumes.
Sequential improvement in the Midstream and Marketing segment’s performance was due to higher crude margins related to the timing impact of crude sales, higher gas margins from transportation capacity optimizations and higher sulfur prices at Al Hosn.
Total costs and reduction in the first quarter of 2026 were $4.86 billion, up 3.9% from $4.68 billion in the year-ago quarter.
Interest and debt expenses increased 39.4% to $432 million from $310 million in the year-ago quarter, a positive impact of the ongoing debt reduction.
Financial Position of OXY
As of March 31, 2026, Occidental had cash and cash equivalents of $3.81 billion compared with $1.97 billion as of Dec. 31, 2025.
Occidental had long-term debt (net of current portion) of $15.25 billion as of March 31, 2026 compared with $20.62 billion as of Dec. 31, 2025. The company retired $15.6 billion in debt in the last 22 months, which lowered annual interest expenses by $830 million.
OXY generated $3.25 billion of operating cash flow in the first three months of 2026 compared with $2.77 billion in the same period of 2025.
Total capital expenditure was $1.55 billion in the first three months of 2026 compared with $1.68 billion in the year-ago period.
Story Continues
OXY’s Guidance
For the second quarter of 2026, OXY expects production in the band of 1,390-1,430 Mboe/d. Output from the Permian Resources segment is anticipated at 783-803 Mboe/d. Occidental expects international production volumes for the second quarter of 2026 to be in the range of 205-211 Mboe/d.
Exploration expenses are estimated to be $75 million and interest expenses to be $185 million in the second quarter of 2026.
For 2026, OXY plans to bring online 460-510 wells in the Permian region and 150-170 wells in the Rockies region.
Capital expenditure for 2026 is projected to be in the range of $5.5-$5.9 billion.
Zacks Rank of OXY
Occidental currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Recent Sector Releases
Energy Transfer ET reported first-quarter 2026 adjusted earnings of 35 cents per unit, which missed the Zacks Consensus Estimate of 38 cents by 7.9%. The bottom line also decreased 2.8% from the year-ago figure of 36 cents.
Revenues of $27.77 billion lagged the Zacks Consensus Estimate of $29.29 billion by 5.2%. Total revenues rose 32.1% from the year-ago figure of $21.02 billion.
CNX Resources Corporation CNX reported first-quarter 2026 operating earnings of $1.21 per share, which beat the Zacks Consensus Estimate of 93 cents by 30.11%. The bottom line increased 55.13% in the year-ago quarter.
The company reported revenues of $722 million, which topped the Zacks Consensus Estimate of $522 million by 38.31%. The top line rose 63.72% from the prior-year quarter’s $441 million.
National Fuel Gas Company NFG reported second-quarter fiscal 2026 adjusted operating earnings of $2.71 per share, which missed the Zacks Consensus Estimate of $2.85 by 4.91%. The bottom line increased 13.39% from the year-ago quarter’s reported figure of $2.39.
NFG reported sales of $858.4 million, which beat the Zacks Consensus Estimate of $830 million by 3.41%. The top line increased 17.59% from the prior-year recorded figure of $730 million.
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- Devon Energy's Q1 Earnings Beat Estimates, Coterra Merger on Course
May 6, 2026
Devon Energy Corp. DVN reported first-quarter 2026 earnings per share (EPS) of $1.04, surpassing the Zacks Consensus Estimate of $1 by 4%. The metric was down 14% year over year.
GAAP EPS in the reported quarter was 19 cents compared with 77 cents in the year-ago quarter. The difference between GAAP and operating earnings in the first quarter was due to an impact of 81 cents from fair value changes in financial instruments, 1 cent for asset and exploration impairments, and 3 cents from restructuring and transaction costs.
DVN’s Q1 Revenue Details
Total revenues for the quarter were $3.80 billion, which lagged the Zacks Consensus Estimate of $4.16 billion by 8.5%. The top line decreased 14.5% from the year-ago quarter’s figure
Devon Energy Corporation Price, Consensus and EPS SurpriseDevon Energy Corporation Price, Consensus and EPS Surprise
Devon Energy Corporation price-consensus-eps-surprise-chart | Devon Energy Corporation Quote
Production at DVN
Net production in the first quarter totaled 833,000 barrels of oil equivalent per day (Boe/d), up 2.2% year over year. The production volume was within the guided range of 823,000-843,000 Boe/d. Improvement in production volumes from the Delaware Basin boosted the metric.
Natural gas liquids production increased 7.4% year over year to 218,000 barrels per day (Bbl/d). Oil production amounted to 387,000 Bbl/d, down marginally by 0.2% on a year-over-year basis, due to a weaker contribution from the Delaware Basin.
DVN’s Realized Prices
Realized oil prices (including cash settlements) for the quarter were $67.94 per barrel, down 1.7% from $69.15 in the year-ago period. Realized prices for natural gas liquids were $17.80 per barrel, down 18.8% from $21.93 in the prior-year quarter.
Realized gas prices were $1.68 per thousand cubic feet, indicating a decline of 32.3% from $2.48 a year ago.
Total oil equivalent realized prices, including cash settlements, were $38.94 per Boe, down nearly 8.3% year over year.
Highlights of DVN’s Q1 Release
Total production expenses in the first quarter were $894 million, down 19.7% year over year.
Devon Energy bought back $69 million worth of shares in the first quarter. Looking ahead, management has outlined plans to introduce a new share repurchase program exceeding $5 billion and to raise the quarterly fixed dividend, subject to board approval following the completion of the Coterra merger.
Devon Energy’s Merger Update
On Feb. 2, 2026, Devon Energy agreed to merge with Coterra Energy in an all-stock deal, creating one of the world’s largest shale operators with a strong foothold in the core of the Delaware Basin. The combined company, which will retain the Devon Energy name, is expected to drive significant shareholder value through greater scale, improved margins, higher free cash flow and about $1 billion in annual pre-tax synergies by the end of 2027.
The merger received shareholder approval on May 4 and is expected to close around May 7, 2026. After completion, Devon Energy’s shareholders will hold roughly 54% of the combined entity, while Coterra/’s shareholders will own about 46% on a fully diluted basis.
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Financial Highlights of DVN
As of March 31, 2026, the company had cash and cash equivalents (including restricted cash) of $1.81 billion compared with $1.43 billion as of Dec. 31, 2025.
Long-term debt amounted to $7.387 billion as of March 31, 2026, down from $7.391 billion as of Dec. 31, 2025.
Devon Energy’s net cash from operating activities was $1.65 billion in first-quarter 2026 compared with $1.94 billion in first-quarter 2025. Capital expenditures in first-quarter totaled $839 million, down $934 million invested in first-quarter 2025.
Devon Energy’s Guidance
Second-quarter production is expected in the range of 851,000-868,000 Boe/d and capital spending is estimated in the band of $875-$925 million.
Devon Energy’s Zacks Rank
Devon currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
TotalEnergies SE TTE reported first-quarter 2026 operating earnings of $2.45 (€2.10) per share, which surpassed the Zacks Consensus Estimate of $1.99 by 23.1%. The bottom line improved 34% from the year-ago figure of $1.83 (€1.74).
Total revenues for the first quarter were $49.51 billion, which increased from the year-ago reported figure of $47.9 billion by 3.36%. The metric beat the Zacks Consensus Estimate of $46.85 billion by 5.9%.
Occidental Petroleum Corporation OXY reported first-quarter 2026 operating earnings of $1.06 per share, which beat the Zacks Consensus Estimate of 65 cents by 63.08%. The bottom line also increased 21.8% from 87 cents in the year-ago quarter.
The company reported revenues of $5.1 billion, which lagged the Zacks Consensus Estimate of $5.49 billion by 7.04%. The top line also dropped 25.3% from the prior-year quarter’s $6.84 billion.
CNX Resources Corporation CNX reported first-quarter 2026 operating earnings of $1.21 per share, which beat the Zacks Consensus Estimate of 93 cents by 30.11%. The bottom line increased 55.13% in the year-ago quarter.
The company reported revenues of $722 million, which topped the Zacks Consensus Estimate of $522 million by 38.31%. The top line rose 63.72% from the prior-year quarter’s $441 million.
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- Exxon, Chevron Stocks Drop Along With Oil Prices as Trump Gives Hope on Iran
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- Occidental Petroleum (OXY) Q1 Earnings Surpass Estimates
May 5, 2026
Occidental Petroleum (OXY) came out with quarterly earnings of $1.06 per share, beating the Zacks Consensus Estimate of $0.65 per share. This compares to earnings of $0.87 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +63.08%. A quarter ago, it was expected that this oil and gas exploration and production company would post earnings of $0.19 per share when it actually produced earnings of $0.31, delivering a surprise of +63.16%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Occidental, which belongs to the Zacks Oil and Gas - Integrated - United States industry, posted revenues of $5.11 billion for the quarter ended March 2026, missing the Zacks Consensus Estimate by 7.04%. This compares to year-ago revenues of $6.84 billion. The company has not been able to beat consensus revenue estimates over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Occidental shares have added about 46.6% since the beginning of the year versus the S&P 500's gain of 5.2%.
What's Next for Occidental?
While Occidental has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Occidental was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.17 on $6.32 billion in revenues for the coming quarter and $4.55 on $24.62 billion in revenues for the current fiscal year.
Story Continues
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Integrated - United States is currently in the top 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, LandBridge Company LLC (LB), is yet to report results for the quarter ended March 2026. The results are expected to be released on May 6.
This company is expected to post quarterly earnings of $0.70 per share in its upcoming report, which represents a year-over-year change of +250%. The consensus EPS estimate for the quarter has been revised 13.9% lower over the last 30 days to the current level.
LandBridge Company LLC's revenues are expected to be $60.1 million, up 36.8% from the year-ago quarter.
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