Oxy, Phillips 66 Post Strong Q2 Results Amid Market Volatility

Major operators with ties to the Bakken formation reported strong second-quarter financial results, highlighting the continued impact of commodity prices and downstream operations. According to Rigzone, Occidental Petroleum reported $2.4 billion in net profit adjusted for nonrecurring items for Q2 2026, up from $1.1 billion in the prior quarter. The company attributed the increase to higher oil prices.

In a separate report, Rigzone noted Phillips 66 posted significant increases in its quarterly performance. The company saw gains in refining margins, plant utilization, and natural gas liquids (NGL) pipeline and fractionation volumes. Strong NGL performance is a key indicator for the Bakken, where natural gas liquids are a major co-product alongside crude oil. Improved fractionation and pipeline volumes can signal healthy demand for Bakken NGLs.

The positive earnings come against a backdrop of ongoing geopolitical tensions affecting global oil flows. Rigzone also published analysis from S&P Global Commodity Insights, whose Crude Oil Markets team outlined a single constant factor throughout recent turmoil in the Strait of Hormuz. While the specific constant was not detailed in the summary, such analysis is closely watched by Bakken producers as it influences the global price benchmarks against which Bakken crude is priced.

For Bakken operators and royalty owners, the results from Occidental and Phillips 66 are positive signals. Occidental's profit surge, driven by oil prices, directly benefits its extensive operations in the Williston Basin. Phillips 66's performance in NGL infrastructure supports the value chain for Bakken natural gas, which must be processed and moved to market. Continued volatility in key global chokepoints like the Strait of Hormuz underscores the importance of stable domestic production from regions like the Bakken, though it also introduces pricing uncertainty.