NEW YORK, Feb 23, 2026, 19:22 EST — After-hours
- Occidental Petroleum closed out Monday at $52.43, up roughly 1%, keeping the stock just shy of its highest level in a year.
- Crude hovered close to six-month peaks with traders factoring in Middle East tensions and upcoming U.S.-Iran nuclear talks this week.
- Investors are eyeing the schedule for Occidental’s debt buyback, along with an April dividend payout.
Occidental Petroleum closed Monday at $52.43, gaining roughly 1.2%. Shares saw after-hours action with minimal movement. The day’s range stretched from $51.44 to $53.31 on a volume of about 13.8 million shares.
This shift packs a punch: oil prices are still high, funneling cash to producers even while policy-driven headlines have knocked broader stocks off course. Occidental, known for its high beta and a balance sheet angle, definitely trades that way.
The calendar’s filling up with key dates. Traders are eyeing crude’s next move, and there’s a batch of company deadlines—debt cuts, dividend plans—that could sway sentiment as March approaches.
Occidental extended its winning streak to a fourth session Monday, closing at a fresh 52-week high, according to MarketWatch data. The S&P 500 slipped 1.04%, with the Dow losing 1.66%. Chevron managed a 0.53% uptick. EOG Resources dropped 0.63%, while Devon Energy shed 1.62%. (MarketWatch)
Oil slipped on Monday, though prices held close to their recent six-month peak as markets looked ahead to a third round of U.S.-Iran nuclear negotiations, according to Reuters. Brent ended the session at $71.49 a barrel, with U.S. West Texas Intermediate closing at $66.31. “That seemed to suggest that they are more open to talking about their nuclear program,” said Phil Flynn, analyst at Price Futures Group. Over at Mizuho, Bob Yawger, director of energy futures, flagged ongoing tariff jitters: “Tariffs are going to be a disaster for the near future,” he said. (Reuters)
Goldman Sachs just bumped up its 2026 oil outlook, projecting Brent will average $64 a barrel with WTI around $60. The bank also raised its forecast for fourth-quarter prices, though it’s still expecting a surplus this year. OPEC+, Goldman said, is likely to start ramping up production gradually in the second quarter. (Reuters)
Occidental announced last week it’s boosting its quarterly dividend by just over 8%, now set at $0.26 a share. The payout lands April 15 for holders on record as of March 10. The move comes as the company finalized its OxyChem sale on Jan. 2 and pointed to more progress on debt. CEO Vicki Hollub credited “operational excellence and cost efficiency” for delivering stronger production and lower operating costs. (Oxy)
The company has launched a cash tender offer targeting up to $700 million of select senior notes and debentures, according to a filing. They’re also running consent solicitations aimed at easing some bond covenants. The tender wraps up March 19; early birds have until March 4, per the filing.
Still, this setup can shift in a hurry. If U.S.-Iran talks show progress and the crude risk premium fades, or if tariffs start weighing on growth hopes, oil prices may slide—taking producers’ cash-flow arguments with them.
In the upcoming session, traders will be eyeing if Occidental manages to stay above its recent breakout levels should crude prices slip, and whether the after-hours steadiness sticks through Tuesday’s open. Thursday’s U.S.-Iran meeting stands out as the next major catalyst, along with early March deadlines for Occidental’s bond tender and its dividend record date.
