Occidental Petroleum delivered a mixed QQ2 2025 picture. Revenue stood at $6.317 billion, down 8.1% year-over-year and 8.6% quarter-over-quarter, with gross profit of $1.907 billion and an operating income of $857 million. EBITDA came in at $2.95 billion, yielding an EBITDA margin of approximately 46.7%, reflecting the company’s ability to generate substantial operating cash flow even as volume and price catalysts moderated. Net income was $431 million, translating to a net margin of roughly 6.8% and earnings per share (GAAP) of $0.27, or $0.26 on a diluted basis. Cash flow from operations was robust at $2.96 billion, and capital expenditures were $1.998 billion, producing free cash flow of about $0.962 billion (FCF per share ≈ $0.98). Free cash flow supports dividend sustainability and optional deleveraging, but total debt remains elevated at $24.174 billion with net debt of $21.832 billion, underscoring leverage sensitivity to commodity cycles. The company ended QQ2 with cash and cash equivalents of $2.342 billion and a current ratio of about 1.05, indicating modest liquidity headroom for ongoing commitments. Management commentary on the earnings call (not provided in this prompt) would typically address capital allocation priorities, portfolio optimization, and expectations for commodity prices, which are critical drivers of E&P earnings quality. Overall, the near-term outlook hinges on oil/gas prices, unit costs, and the pace of debt reduction, with free cash flow acting as a key buffer against volatility.