Occidental's stock experienced a pre-market plunge of 5.39% following the release of its first-quarter 2026 financial results and a downward revision to its full-year production guidance.

The company reported quarterly revenue of $5.23 billion, which fell short of analyst expectations of $5.67 billion. While adjusted earnings per share of $1.06 significantly beat the consensus estimate of $0.59, investors focused on the revenue miss and the company's updated outlook.

A key driver of the sell-off was the company's decision to lower its full-year production forecast. Occidental cited operational disruptions from the ongoing conflict in the Middle East, specifically the suspension of operations at its 40%-owned Shah Gas Field in the UAE since mid-March. The company now expects total 2026 production to be between 1.41 million and 1.46 million barrels of oil equivalent per day, down from a previous forecast of 1.42 million to 1.48 million barrels.