Occidental Petroleum used its gushing free cash flow to strengthen its balance sheet and repaid a total of $4 billion in debt during the period. That included $1.1 billion of debt maturities, all of CrownRock's $1.2 billion of debt that it assumed, and $1.7 billion of the term loans it took out to help finance the CrownRock deal.

Occidental Petroleum raises guidance but remains limited by debt and high costs. See why OXY stock is still rated Underweight despite solid results.

Warren Buffett’s favorite energy stock Occidental Petroleum ($OXY) is in the spotlight after the firm reported upbeat third-quarter earnings. Total revenue came in marginally higher on a year-over-year basis at $7.

Occidental Petroleum's strong secondary recovery business and low carbon venture are bolstering its profits and future prospects. See more on OXY stock here.