Occidental Petroleum
Q3 2022 Earnings Call
Nov 09, 2022, 1:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good afternoon and welcome to Occidental's third quarter 2022 earnings conference call. [Operator instructions] Please note, today's event is being recorded. I would now like to turn the conference over to Jeff Alvarez, vice president of investor relations. Please go ahead, sir.
Jeff Alvarez -- Vice President, Investor Relations
Thank you, Rocco. Good afternoon, everyone, and thank you for participating in Occidental's third quarter 2022 conference call. On the call with us today are Vicki Hollub, president and chief executive officer; Rob Peterson, senior vice president and chief financial officer; and Richard Jackson, president of operations, U.S. onshore resources and carbon management.
This afternoon, we will refer to slides available on the investor section of our website. The presentation includes a cautionary statement on Slide 2 regarding forward-looking statements that will be made on the call this afternoon. We'll also reference a few non-GAAP financial measures today. Reconciliations to the nearest corresponding GAAP measure can be found in the schedules to our earnings release and on our website.
I'll now turn the call over to Vicki. Vicki, please go ahead.
Vicki Hollub -- President and Chief Executive Officer
Thank you, Jeff, and good afternoon, everyone. We delivered another strong quarter operationally and financially, enabling us to further advance our shareholder return framework as we made meaningfully -- meaningful progress toward completing our $3 billion share repurchase program. We achieved our goal of reducing the face value of our debt to the high teens and planned to continue repaying debt through the remainder of this year before allocating a higher percentage of cash flow to shareholder returns next year. The excellent operational performance of our businesses was a key driver of our strong financial results, including generating the cash flow required to advance our shareholder return framework and further strengthen our balance sheet.
OxyChem delivered strong earnings following a record second quarter, while our Gulf of Mexico, International, Rockies, and Permian teams set new operational records. This afternoon, I will cover our third quarter operational performance and the exciting progress our low-carbon business has made since our investor update in March. Rob will cover our financial results, as well as our updated guidance, which includes an increase in full year guidance for all three of our business segments. Our businesses all performed well in the third quarter, enabling us to generate $3.6 billion of free cash flow before working capital, with total companywide capital spend of approximately $1.1 billion.