0000797468FALSE00007974682024-05-072024-05-070000797468us-gaap:CommonStockMember2024-05-072024-05-070000797468oxy:WarrantsToPurchaseCommonStockMember2024-05-072024-05-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): May 7, 2024
OCCIDENTAL PETROLEUM CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware1-921095-4035997
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)

5 Greenway Plaza, Suite 110
Houston, Texas
77046
(Address of Principal Executive Offices)(Zip Code)

Registrant’s Telephone Number, Including Area Code: (713) 215-7000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which
Registered
Common Stock, $0.20 par valueOXYNew York Stock Exchange
Warrants to Purchase Common Stock, $0.20 par valueOXY WSNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02    Results of Operations and Financial Condition.
On May 7, 2024, Occidental Petroleum Corporation (the “Company”) issued a press release announcing the Company’s financial condition and results of operations for the quarter ended March 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information contained in this report and in Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Item 9.01     Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 7, 2024
OCCIDENTAL PETROLEUM CORPORATION
By:/s/ Christopher O. Champion
Name:Christopher O. Champion
Title:Vice President, Chief Accounting Officer and Controller




imagea.jpg
PRESS RELEASE


Occidental Announces 1st Quarter 2024 Results

•Strong operational performance drove operating cash flow of $2.0 billion and cash flow from operations before working capital of $2.4 billion
•Capital spending of $1.8 billion and contributions from noncontrolling interest of $57 million resulted in quarterly free cash flow before working capital of $720 million
•Total company production of 1,172 Mboed near the mid-point of guidance while overcoming the extended third-party outage in the eastern Gulf of Mexico
•Midstream and marketing exceeded guidance for pre-tax income by approximately $100 million
•OxyChem exceeded guidance with pre-tax income of $260 million
•Earnings per diluted share of $0.75 and adjusted earnings per diluted share of $0.63

HOUSTON — May 7, 2024 — Occidental (NYSE: OXY) today announced net income attributable to common stockholders for the first quarter of 2024 of $718 million, or $0.75 per diluted share, and adjusted income attributable to common stockholders of $604 million, or $0.63 per diluted share.

"Operational excellence is fundamental to everything we do at Occidental, and our teams delivered at a high level across all segments during the first quarter of 2024," said President and Chief Executive Officer Vicki Hollub. "We are executing in all areas of our diversified portfolio and positioned for free cash flow growth."

First quarter of 2024 after-tax items affecting comparability of $114 million were comprised of a net gain in litigation settlements, primarily related to the Andes arbitration, and gains on asset sales included in WES's equity method investment income, partially offset by derivative losses and CrownRock acquisition-related costs.

QUARTERLY RESULTS
Oil and Gas
Oil and gas pre-tax income for the first quarter of 2024 was $1.2 billion, compared to pre-tax income of $1.6 billion for the fourth quarter of 2023. Excluding items affecting comparability, first quarter adjusted oil and gas income of $1.3 billion declined from the prior quarter due to lower crude oil prices and domestic crude oil volumes, partially offset by lower domestic lease operating expenses. For the first quarter of 2024, average WTI and Brent marker prices were $76.96 per barrel and $81.83 per barrel, respectively. Average worldwide realized crude oil prices decreased by 4% from the prior quarter to $76.04 per barrel. Average worldwide realized NGL prices increased by 6% from the prior quarter to $22.14 per barrel. Average domestic realized gas prices decreased by 14% from the prior quarter to $1.61 per thousand cubic feet (Mcf).

Total average global production of 1,172 thousand barrels of oil equivalent per day (Mboed) for the first quarter of 2024 came near the midpoint of guidance, while overcoming the extended third-party outage in the eastern Gulf of Mexico. Rockies & Other Domestic average daily production volumes exceeded guidance at 286 Mboed, and Permian and International came within guidance at 567


Mboed and 229 Mboed, respectively. Average daily production for the Gulf of Mexico for the first quarter was 90 Mboed. Production affected by the third-party outage in the eastern Gulf of Mexico resumed in mid-April.

OxyChem
OxyChem earned pre-tax income of $254 million for the first quarter of 2024. Excluding items affecting comparability, first quarter adjusted OxyChem income of $260 million exceeded guidance by $10 million. Compared to fourth quarter of 2023 income, the increase in first quarter income was primarily due to improved demand for polyvinyl chloride and vinyl chloride monomer along with lower ethylene costs, partially offset by overall lower realized prices across many product lines.

Midstream and Marketing
Midstream and marketing pre-tax results for the first quarter of 2024 reflected a loss of $33 million. Excluding items affecting comparability, first quarter adjusted midstream and marketing results reflected a loss of $64 million, which exceeded guidance by approximately $100 million. WES equity method investment income, excluding items affecting comparability, for the first quarter was $161 million. Compared to the fourth quarter of 2023, the increase in midstream and marketing results reflected higher crude margins due to the timing impact of crude sales in the marketing business, partially offset by higher equity method investment losses and higher expenses due to increased activities in the low-carbon ventures businesses.

Supplemental Non-GAAP Measures
This press release refers to adjusted income (loss), cash flow from operations before working capital, capital expenditures, net of noncontrolling interest and free cash flow, which are supplemental measures not calculated in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to the comparable GAAP financial measures. Definitions of adjusted income (loss) and a reconciliation to net income (loss), along with cash flow from operations before working capital, capital expenditures, net of noncontrolling interest and free cash flow and a reconciliation to the comparable GAAP financial measures, are included in the financial schedules of this press release. Occidental’s definition of adjusted income (loss), cash flow from operations before working capital, capital expenditures, net of noncontrolling interest and free cash flow may differ from similarly titled measures provided by other companies in our industry and as a result may not be comparable.

About Occidental
Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.



Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” "commit," "advance," “likely” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

Actual outcomes or results may differ from anticipated results, sometimes materially. Forward-looking and other statements regarding Occidental's sustainability efforts and aspirations are not an indication that these statements are necessarily material to investors or require disclosure in Occidental's filings with the U.S. Securities and Exchange Commission (SEC). In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future, including future rulemaking. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; the scope and duration of global or regional health pandemics or epidemics, and actions taken by government authorities and other third parties in connection therewith; results from operations and competitive conditions; future impairments of Occidental's proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental's ability to timely obtain or maintain permits or other government approvals, including those necessary for drilling and/or development projects; Occidental's ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or divestitures, including the acquisition of CrownRock, L.P.; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections, projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-than-expected production from development projects or


acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; government actions, war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, and deep-water and onshore drilling and permitting regulations; Occidental's ability to recognize intended benefits from its business strategies and initiatives, such as Occidental's low-carbon ventures businesses or announced greenhouse gas emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the creditworthiness and performance of Occidental's counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation, and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental's control.

Additional information concerning these and other factors that may cause Occidental's results of operations and financial position to differ from expectations can be found in Occidental’s other filings with the SEC, including Occidental’s 2023 Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Contacts
Media
Investors
Eric Moses
R. Jordan Tanner
713-497-2017
713-552-8811
eric_moses@oxy.com
investors@oxy.com



Occidental Petroleum Corporation
First Quarter 2024
Earnings Release Schedules Index

Schedule # and Description

•Before Tax Allocations
•After Tax Allocations    
•Reported Results
•Items Affecting Comparability
•Adjusted Results (non-GAAP)
•Reported Results
•Items Affecting Comparability
•Adjusted Results (non-GAAP)
•Reconciliation - Diluted EPS
•Detail of Capital Expenditures and Depreciation, Depletion and Amortization
•Free Cash Flow (non-GAAP)
•MBOE/D
•By Commodity
•MBOE/D
•Realized Prices and Related Index Prices






SCHEDULE 1
Occidental Petroleum Corporation
Summary Highlights
20232024
QuarterlyQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Net Income ($ millions)
Reported income attributable to common stockholders$983 $605 $1,156 $1,029 $3,773 $718    $718 
Reported EPS - Diluted ($/share)$1.00 $0.63 $1.20 $1.08 $3.90 $0.75    $0.75 
Effective tax rate on reported income (loss) (%)27 %35 %24 %23 %27 %30 %   30 %
Adjusted income attributable to common stockholders (Non-GAAP)(a)$1,069 $661 $1,134 $710 $3,574 $604    $604 
Adjusted EPS - Diluted (Non-GAAP) ($/share)(b)$1.09 $0.68 $1.18 $0.74 $3.70 $0.63    $0.63 
Effective tax rate on adjusted income (loss) (%)27 %31 %24 %30 %28 %29 %   29 %
Average Shares Outstanding - Reported & Adjusted Income
Basic (millions)901.2 889.3 884.0 881.0 889.2 884.1    884.1 
Diluted (millions)975.3 958.8 958.2 950.1 960.9 948.6    948.6 
Daily Production Volumes
Total US (MBOE/D)1,014 990 997 1,000 1,000 943    943 
US Oil (MBBL/D)551 521 534 530 534 487    487 
Worldwide Production (MBOE/D)1,220 1,218 1,220 1,234 1,223 1,172    1,172 
Worldwide Sales (MBOE/D)1,214 1,222 1,222 1,230 1,222 1,175    1,175 
Commodity Price Realizations
Worldwide oil ($/BBL)$74.22 $73.59 $80.70 $78.85 $76.85 $76.04    $76.04 
Worldwide NGL ($/BBL)$24.41 $19.08 $21.04 $20.93 $21.32 $22.14    $22.14 
Domestic gas ($/MCF)$3.01 $1.36 $1.92 $1.88 $2.04 $1.61    $1.61 
Cash Flows ($ millions)
Operating cash flow before working capital (Non-GAAP)(c)$3,153 $2,651 $3,339 $2,505 $11,648 $2,446    $2,446 
Working capital changes$(283)$419 $(210)$734 $660 $(439)   $(439)
Operating cash flow$2,870 $3,070 $3,129 $3,239 $12,308 $2,007    $2,007 
Capital expenditures, net of noncontrolling interest (Non-GAAP)(c)$(1,461)$(1,646)$(1,619)$(1,446)$(6,172)$(1,726)   $(1,726)
20232024
Year-to-dateMarJunSepDecMarJunSepDec
Net Income ($ millions)
Reported income attributable to common stockholders$983 $1,588 $2,744 $3,773 $718 
Reported EPS - Diluted ($/share)$1.00 $1.63 $2.83 $3.90 $0.75 
Effective tax rate on reported income (loss) (%)27 %31 %27 %27 %30 %
Adjusted income attributable to common stockholders (Non-GAAP)(a)$1,069 $1,730 $2,864 $3,574 $604 
Adjusted EPS - Diluted (Non-GAAP) ($/share)(b)$1.09 $1.78 $2.95 $3.70 $0.63 
Effective tax rate on adjusted income (loss) (%)27 %29 %28 %28 %29 %
Average Shares Outstanding - Reported & Adjusted Income
Basic (millions)901.2 895.6 891.9 889.2 884.1 
Diluted (millions)975.3 967.4 964.4 960.9 948.6 
Daily Production Volumes
Total US (MBOE/D)1,014 1,002 1,000 1,000 943 
US Oil (MBBL/D)551 535 535 534 487 
Worldwide Production (MBOE/D)1,220 1,219 1,219 1,223 1,172 
Worldwide Sales (MBOE/D)1,214 1,220 1,220 1,222 1,175 
Commodity Price Realizations
Worldwide Oil ($/BBL)$74.22 $73.91 $76.19 $76.85 $76.04 
Worldwide NGL ($/BBL)$24.41 $21.67 $21.45 $21.32 $22.14 
Domestic Gas ($/MCF)$3.01 $2.18 $2.09 $2.04 $1.61 
Cash Flows ($ millions)
Operating cash flows before working capital (Non-GAAP)(c)$3,153 $5,804 $9,143 $11,648 $2,446 
Working capital changes$(283)$136 $(74)$660 $(439)
Operating cash flow$2,870 $5,940 $9,069 $12,308 $2,007 
Capital expenditures, net of noncontrolling interest (Non-GAAP)(c)(1,461)(3,107)(4,726)(6,172)(1,726)
(a) See schedule 3 for non-GAAP reconciliation.
(b) See schedule 4 for non-GAAP reconciliation.
(c) See schedule 7 for non-GAAP reconciliation.



SCHEDULE 2
Occidental Petroleum Corporation
Items Affecting Comparability Detail
(amounts in millions)
20232024
Before Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic
Asset sales gains, net$— $— $142 $— $142 $— $— 
Legal settlement gain26 — — — 26 — — 
Asset impairments— (209)— — (209)— — 
Total Domestic26 (209)142 — (41)— — 
International
Legal reserves— — — — — (44)(44)
Asset sales gains, net— — — 25 25 — — 
Total International— — — 25 25 (44)(44)
Total Oil and Gas26 (209)142 25 (16)(44)(44)
Chemical
Legal reserves— — — — — (6)(6)
Total Chemical— — — — — (6)(6)
Midstream & Marketing
Asset sales gains and other, net (a)
— — 51 — 51 122 122 
Asset impairments and other charges (a)
(26)— (34)— (60)— — 
Carbon Engineering fair value gain— — — 283 283 — — 
Acquisition-related costs— — — (20)(20)— — 
Derivative gains (losses), net (a)
(8)48 (81)27 (14)(91)(91)
Total Midstream & Marketing(34)48 (64)290 240 31 31 
Corporate
Acquisition-related costs (b)
— — — (6)(6)(56)(56)
Maxus receivable valuation allowance adjustment— 260 — — 260 — — 
Total Corporate— 260 — (6)254 (56)(56)
State tax rate revaluation— — — 10 10 — — 
Deferred taxes on Algeria contract renewal— (68)3 — (65)— — 
Income tax impact on items affecting comparability2 (22)(17)(37)7 7 
Preferred stock redemption premium(80)(65)(42)— (187)— — 
Discontinued operations, net of taxes— — — — — 182 182 
Total$(86)$(56)$22 $319 $199 $114 $— $— $— $114 
20232024
After Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic
Asset sales gains, net$— $— $111 $— $111 $— $— 
Legal settlement gain20 — — — 20 — — 
Asset impairments— (164)— — (164)— — 
Total Domestic20 (164)111 — (33)— — 
International
Legal reserves— — — — — (44)(44)
Asset sales gains, net— — — 25 25 — — 
Total International— — — 25 25 (44)(44)
Total Oil and Gas20 (164)111 25 (8)(44)(44)
Chemical
Legal reserves— — — — — (5)(5)
Total Chemical— — — — — (5)(5)
Midstream & Marketing
Asset sales gains and other, net (a)
— — 40 — 40 95 95 
Asset impairments and other charges (a)
(20)— (27)— (47)— — 
Carbon Engineering fair value gain— — — 283 283 — — 
Acquisition-related costs— — — (16)(16)— — 
Derivative gains (losses), net (a)
(6)37 (63)21 (11)(71)(71)
Total Midstream & Marketing(26)37 (50)288 249 24 24 
Corporate
Acquisition-related costs (b)
— — — (4)(4)(43)(43)
Maxus receivable valuation allowance adjustment— 204 — — 204 — — 
Total Corporate— 204 — (4)200 (43)(43)
State tax rate revaluation— — — 10 10 — — 
Deferred taxes on Algeria contract renewal— (68)3 — (65)— — 
Preferred stock redemption premium(80)(65)(42)— (187)— — 
Discontinued operations, net of taxes— — — — — 182 182 
Total$(86)$(56)$22 $319 $199 $114 $— $— $— $114 
(a) Included gains on sales, charges and derivative gains (losses) from income from equity investments and other.
(b) Included debt issuance costs from interest and debt expense, net.



SCHEDULE 3
Occidental Petroleum Corporation
Segment Results Before Tax Allocations
(amounts in millions, except per share and effective tax rate amounts)
20232024
Reported IncomeQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$1,371 $699 $1,627 $1,125 $4,822 $863 $863 
International371 462 467 559 1,859 441 441 
Exploration(102)(102)(125)(112)(441)(66)(66)
Total Oil & Gas1,640 1,059 1,969 1,572 6,240 1,238 1,238 
Chemical472 436 373 250 1,531 254 254 
Midstream & Marketing2 (30)(130)182 24 (33)(33)
Segment income2,114 1,465 2,212 2,004 7,795 1,459 1,459 
Corporate
Interest (238)(230)(230)(247)(945)(284)(284)
Other(142)92 (173)(198)(421)(165)(165)
Income from continuing operations before taxes1,734 1,327 1,809 1,559 6,429 1,010 1,010 
Taxes
Federal and state(300)(203)(322)(150)(975)(172)(172)
International(171)(264)(112)(211)(758)(132)(132)
Income from continuing operations1,263 860 1,375 1,198 4,696 706 706 
Discontinued operations, net of taxes— — — — — 182 182 
Net income1,263 860 1,375 1,198 4,696 888 888 
Less: Preferred stock dividends and redemption premiums(280)(255)(219)(169)(923)(170)(170)
Net income attributable to common stockholders$983 $605 $1,156 $1,029 $3,773 $718 $718 
Reported diluted income per share$1.00 $0.63 $1.20 $1.08 $3.90 $0.75 $0.75 
Effective Tax Rate27 %35 %24 %23 %27 %30 %30 %
Items Affecting ComparabilityQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$26 $(209)$142 $— $(41)$— $— 
International— — — 25 25 (44)(44)
Exploration— — — — — — — 
Total Oil & Gas26 (209)142 25 (16)(44)(44)
Chemical— — — — — (6)(6)
Midstream & Marketing(34)48 (64)290 240 31 31 
Segment income (loss)(8)(161)78 315 224 (19)(19)
Corporate
Interest — — — — — (44)(44)
Other— 260 — (6)254 (12)(12)
Income (loss) from continuing operations before taxes(8)99 78 309 478 (75)(75)
Taxes
Federal and state2 (22)(17)10 (27)7 7 
International— (68)3 — (65)— — 
Income (loss) from continuing operations(6)9 64 319 386 (68)(68)
Discontinued operations, net of taxes— — — — 182 182 
Net income (loss)(6)9 64 319 386 0114 — — — 114 
Less: Preferred stock redemption premiums(80)(65)(42)— (187)— — 
Net income (loss) attributable to common stockholders$(86)$(56)$22 $319 $199 $114 $114 
Adjusted Income (Non-GAAP) (a)
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$1,345 $908 $1,485 $1,125 $4,863 $863 $863 
International371 462 467 534 1,834 485 485 
Exploration(102)(102)(125)(112)(441)(66)(66)
Total Oil & Gas1,614 1,268 1,827 1,547 6,256 1,282 1,282 
Chemical472 436 373 250 1,531 260 260 
Midstream & Marketing36 (78)(66)(108)(216)(64)(64)
Adjusted segment income2,122 1,626 2,134 1,689 7,571 1,478 1,478 
Corporate
Interest (238)(230)(230)(247)(945)(240)(240)
Other(142)(168)(173)(192)(675)(153)(153)
Adjusted income from continuing operations before taxes1,742 1,228 1,731 1,250 5,951 1,085 1,085 
Taxes
Federal and state(302)(181)(305)(160)(948)(179)(179)
International(171)(196)(115)(211)(693)(132)(132)
Adjusted income1,269 851 1,311 879 4,310 774 774 
Less: Preferred stock dividends (200)(190)(177)(169)(736)(170)(170)
Adjusted income attributable to common stockholders$1,069 $661 $1,134 $710 $3,574 $604 $604 
Adjusted diluted earnings per share (Non-GAAP)$1.09 $0.68 $1.18 $0.74 $3.70 $0.63 $0.63 
Effective Tax Rate27 %31 %24 %30 %28 %29 %29 %
ADJUSTED INCOME TAX BENEFIT (EXPENSE)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
CURRENT(454)(355)(320)(442)(1,571)(356)(356)
DEFERRED(19)(22)(100)71 (70)45 45 
TOTAL ADJUSTED INCOME TAX BENEFIT (EXPENSE)$(473)$(377)$(420)$(371)$(1,641)$(311)$(311)
(a) Non-GAAP Measure. Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income is not considered to be an alternative to net income reported in accordance with GAAP.




SCHEDULE 4
Occidental Petroleum Corporation
Segment Results After Tax Allocations
(Amounts in millions, except per share and effective tax rate amounts)
20232024
Reported Income (Loss)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$1,069 $545 $1,269 $877 $3,760 $673 $673 
International216 274 310 363 1,163 296 296 
Exploration(82)(92)(103)(92)(369)(58)(58)
Total Oil & Gas1,203 727 1,476 1,148 4,554 911 911 
Chemical364 337 288 189 1,178 196 196 
Midstream & Marketing3 (13)(94)211 107 (30)(30)
Segment income1,570 1,051 1,670 1,548 5,839 1,077 1,077 
Corporate
Interest (238)(230)(230)(247)(945)(284)(284)
Other(142)92 (173)(198)(421)(165)(165)
Taxes73 (53)108 95 223 78 78 
Income from continuing operations1,263 860 1,375 1,198 4,696 706 706 
Discontinued operations, net of taxes— — — — — 182 182 
Net income 1,263 860 1,375 1,198 4,696 888 888 
Less: Preferred stock dividends and redemption premiums(280)(255)(219)(169)(923)(170)(170)
Net income attributable to common stockholders$983 $605 $1,156 $1,029 $3,773 $718 $718 
Reported diluted income per share$1.00 $0.63 $1.20 $1.08 $3.90 $0.75 $0.75 
Items Affecting ComparabilityQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$20 $(164)$111 $— $(33)$— $— 
International— — — 25 25 (44)(44)
Exploration— — — — — — — 
Total Oil & Gas20 (164)111 25 (8)(44)(44)
Chemical— — — — — (5)(5)
Midstream & Marketing(26)37 (50)288 249 24 24 
Segment income (loss)(6)(127)61 313 241 (25)(25)
Corporate
Interest — — — — — (34)(34)
Other— 204 — (4)200 (9)(9)
Taxes— (68)3 10 (55)— — 
Income (loss) from continuing operations(6)9 64 319 386 (68)(68)
Discontinued operations, net of taxes— — — — — 182 182 
Net income (loss)(6)9 64 319 386 114 114 
Less: Preferred stock redemption premiums(80)(65)(42)— (187)— — 
Net income (loss) attributable to common stockholders$(86)$(56)$22 $319 $199 $114 $114 
Adjusted Income (Loss) (Non-GAAP) (a)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$1,049 $709 $1,158 $877 $3,793 $673 $673 
International216 274 310 338 1,138 340 340 
Exploration(82)(92)(103)(92)(369)(58)(58)
Total Oil & Gas1,183 891 1,365 1,123 4,562 955 955 
Chemical364 337 288 189 1,178 201 201 
Midstream & Marketing29 (50)(44)(77)(142)(54)(54)
Adjusted segment income1,576 1,178 1,609 1,235 5,598 1,102 1,102 
Corporate
Interest (238)(230)(230)(247)(945)(250)(250)
Other(142)(112)(173)(194)(621)(156)(156)
Taxes73 15 105 85 278 78 78 
Adjusted income from continuing operations1,269 851 1,311 879 4,310 774 774 
Less: Preferred stock dividends(200)(190)(177)(169)(736)(170)(170)
Adjusted income attributable to common stockholders$1,069 $661 $1,134 $710 $3,574 $604 $604 
Adjusted diluted earnings per share (Non-GAAP)$1.09 $0.68 $1.18 $0.74 $3.70 $0.63 $0.63 
Reconciliation - Diluted Earnings Per Share
Reported Diluted Earnings Per Share (GAAP)$1.00 $0.63 $1.20 $1.08 $3.90 $0.75 $0.75 
After-Tax Adjustments for Items Affecting Comparability
Oil & Gas
Domestic$0.02 $(0.17)$0.11 $— $(0.03)$— $— 
International— — — 0.03 0.03 (0.05)(0.05)
Chemical— — — — — (0.01)(0.01)
Midstream & Marketing(0.03)0.04 (0.05)0.30 0.25 0.03 0.03 
Corporate
Interest — — — — — (0.04)(0.04)
Other— 0.22 — — 0.21 (0.01)(0.01)
Taxes— (0.07)— 0.01 (0.06)— — 
Discontinued operations, net of taxes— — — — — 0.20 0.20 
Preferred stock redemption premiums(0.08)(0.07)(0.04)— (0.19)— — 
Total After-Tax Adjustments for Items Affecting Comparability$(0.09)$(0.05)$0.02 $0.34 $0.21 $0.12 $0.12 
Adjusted Diluted Earnings Per Share (Non-GAAP)$1.09 $0.68 $1.18 $0.74 $3.69 $0.63 $0.63 
Average Diluted Shares Outstanding - Reported (millions)975.3958.8958.2950.1960.9948.6948.6
(a) Non-GAAP Measure. Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income is not considered to be an alternative to net income reported in accordance with GAAP.



SCHEDULE 5
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations
(amounts in millions, except per-share amounts)
20232024
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
REVENUES AND OTHER INCOME
Net sales
Oil & Gas$5,325 $4,941 $5,594 $5,424 $21,284 $4,915 $4,915 
Chemical 1,405 1,375 1,309 1,232 5,321 1,186 1,186 
Midstream & Marketing751 616 552 632 2,551 99 99 
Eliminations(256)(230)(297)(116)(899)(225)(225)
Total7,225 6,702 7,158 7,172 28,257 5,975 5,975 
Interest, dividends and other income29 28 50 32 139 36 36 
Gains on sale of assets and other, net4 1 192 325 522 (1)(1)
Total7,258 6,731 7,400 7,529 28,918 6,010 6,010 
COSTS AND OTHER DEDUCTIONS
Oil and gas lease operating expense1,081 1,130 1,189 1,277 4,677 1,161 1,161 
Transportation and gathering expense384 375 363 359 1,481 353 353 
Chemical and midstream costs of sales745 791 682 898 3,116 742 742 
Purchased commodities498 490 520 501 2,009 86 86 
Selling, general and administrative241 277 258 307 1,083 259 259 
Other operating and non-operating expense308 10 328 438 1,084 410 410 
Taxes other than on income306 266 290 225 1,087 235 235 
Depreciation, depletion and amortization1,721 1,709 1,712 1,723 6,865 1,693 1,693 
Asset impairments and other charges— 209 — — 209 — — 
Acquisition-related costs— — — 26 26 12 12 
Exploration expense102 102 125 112 441 66 66 
Interest and debt expense, net238 230 230 247 945 284 284 
Total5,624 5,589 5,697 6,113 23,023 5,301 5,301 
INCOME BEFORE INCOME TAXES AND OTHER ITEMS1,634 1,142 1,703 1,416 5,895 709 709 
OTHER ITEMS
Income from equity investments and other100 185 106 143 534 301 301 
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES1,734 1,327 1,809 1,559 6,429 1,010 1,010 
Income tax expense (471)(467)(434)(361)(1,733)(304)(304)
INCOME FROM CONTINUING OPERATIONS1,263 860 1,375 1,198 4,696 706 706 
Discontinued operations, net of taxes— — — — — 182 182 
NET INCOME1,263 860 1,375 1,198 4,696 888 888 
Less: Preferred stock dividend and redemption premiums(280)(255)(219)(169)(923)(170)(170)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$983 $605 $1,156 $1,029 $3,773 $718 $718 
EARNINGS PER SHARE
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations$1.08 $0.68 $1.30 $1.16 $4.22 $0.60 $0.60 
Discontinued operations, net— — — — — 0.21 0.21 
BASIC EARNINGS PER COMMON SHARE$1.08 $0.68 $1.30 $1.16 $4.22 $0.81 $0.81 
DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations$1.00 $0.63 $1.20 $1.08 $3.90 $0.56 $0.56 
Discontinued operations, net— — — — — 0.19 0.19 
DILUTED EARNINGS PER COMMON SHARE $1.00 $0.63 $1.20 $1.08 $3.90 $0.75 $0.75 
DIVIDENDS PER COMMON SHARE$0.18 $0.18 $0.18 $0.18 $0.72 $0.22 $0.22 
AVERAGE COMMON SHARES OUTSTANDING
BASIC901.2889.3884.0 881.0 889.2884.1884.1
DILUTED975.3958.8 958.2 950.1 960.9948.6948.6
INCOME TAX BENEFIT (EXPENSE)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
CURRENT
Federal$(265)$(181)$(243)$(182)$(871)$(243)$(243)
State and local(18)(14)(21)(39)(92)(12)(12)
International(171)(191)(120)(231)(713)(140)(140)
Total(454)(386)(384)(452)(1,676)(395)(395)
DEFERRED
Federal$(14)$(5)$(56)$38 $(37)$81 $81 
State and local(3)(3)(2)33 25 2 2 
International— (73)8 20 (45)8 8 
Total(17)(81)(50)91 (57)91 91 
TOTAL INCOME TAX BENEFIT (EXPENSE)$(471)$(467)$(434)$(361)$(1,733)$(304)$(304)









SCHEDULE 6
Occidental Petroleum Corporation
Consolidated Condensed Balance Sheets
(amounts in millions)
20232024
MARJUNSEPDECMARJUNSEPDEC
CURRENT ASSETS
Cash and cash equivalents $1,165 $486 $611 $1,426 $1,272 
Trade receivables, net3,272 2,850 3,674 3,195 3,271 
Inventories2,311 2,021 1,975 2,022 2,131 
Other current assets1,394 2,097 2,006 1,732 1,671 
Total current assets8,142 7,454 8,266 8,375 8,345 — — — 
INVESTMENTS IN UNCONSOLIDATED ENTITIES 3,161 3,431 3,320 3,224 3,400 
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment122,126 123,891 124,941 126,811 128,542 
Accumulated depreciation, depletion and amortization(63,957)(65,550)(66,671)(68,282)(69,779)
Net property, plant and equipment58,169 58,341 58,270 58,529 58,763 — — — 
OPERATING LEASE ASSETS852 827 854 1,130 1,038 
OTHER LONG-TERM ASSETS1,276 1,146 1,117 2,750 2,731 
TOTAL ASSETS$71,600 $71,199 $71,827 $74,008 $74,277 $— $— $— 
 
CURRENT LIABILITIES
Current maturities of long-term debt$139 $158 $1,224 $1,202 $1,203 
Preferred stock redemption payable712 304 — — — 
Current operating lease liabilities287 284 312 446 424 
Accounts payable3,514 3,557 3,908 3,646 3,827 
Accrued liabilities 2,788 3,153 3,497 3,854 3,358 
Total current liabilities7,440 7,456 8,941 9,148 8,812 — — — 
LONG-TERM DEBT, NET19,645 19,669 18,597 18,536 18,545 
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net5,527 5,605 5,666 5,764 5,728 
Asset retirement obligations3,618 3,667 3,636 3,882 3,867 
Pension and postretirement obligations977 978 910 931 933 
Environmental remediation liabilities890 867 860 889 870 
Operating lease liabilities595 576 577 727 664 
Other3,349 3,270 3,328 3,782 3,891 
Total deferred credits and other liabilities14,956 14,963 14,977 15,975 15,953 — — — 
EQUITY
Preferred stock, $1.00 per share par value 9,130 8,621 8,287 8,287 8,287 
Common stock, $0.20 per share par value221 221 221 222 223 
Treasury stock(14,524)(14,958)(15,573)(15,582)(15,582)
Additional paid-in capital17,159 17,218 17,326 17,422 17,456 
Retained earnings17,318 17,762 18,758 19,626 20,147 
Accumulated other comprehensive income (loss)255 247 293 275 280 
Total stockholder's equity29,559 29,111 29,312 30,250 30,811 — — — 
Noncontrolling interest— — — 99 156 — — 
Total equity$29,559 $29,111 $29,312 $30,349 $30,967 $— $— $— 
TOTAL LIABILITIES AND EQUITY$71,600 $71,199 $71,827 $74,008 $74,277 $— $— $— 




SCHEDULE 7
Occidental Petroleum Corporation
Consolidated Condensed Statements of Cash Flows and Detail of CAPEX and DD&A
(amounts in millions)
20232024
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
OPERATING CASH FLOW
Net income $1,263 $860 $1,375 $1,198 $4,696 $888 $888 
Depreciation, depletion and amortization (see detail below)1,721 1,709 1,712 1,723 6,865 1,693 1,693 
Deferred income tax provision (benefit)17 81 50 (91)57 (91)(91)
Asset impairments and other non-cash charges, net152 1 202 (325)30 (44)(44)
Operating cash flow before working capital (Non-GAAP)
  (see below) (a)		3,153 2,651 3,339 2,505 11,648 2,446 2,446 
Working capital changes(283)419 (210)734 660 (439)(439)
Operating cash flow (GAAP)2,870 3,070 3,129 3,239 12,308 2,007 2,007 
INVESTING CASH FLOW
Capital expenditures (see detail below)(1,461)(1,646)(1,619)(1,544)(6,270)(1,783)(1,783)
Payments for purchases of assets and businesses(151)11 (80)(493)(713)(142)(142)
Sales of assets, net54 26 325 43 448 98 98 
Changes in capital accrual(20)25 (53)73 25 51 51 
Other investing activities (20)(355)(47)(48)(470)(34)(34)
Investing cash flow (1,598)(1,939)(1,474)(1,969)(6,980)(1,810)(1,810)
FINANCING CASH FLOW
Cash dividends paid(320)(368)(347)(330)(1,365)(332)(332)
Preferred stock redemption— (982)(679)— (1,661)— — 
Purchases of treasury stock(732)(445)(434)(187)(1,798)— — 
Payments of debt(22)— — — (22)— — 
Other financing activities(6)(21)(79)62 (44)4 4 
Financing cash flow (1,080)(1,816)(1,539)(455)(4,890)(328)(328)
Increase (decrease) in cash and cash equivalents and
     restricted cash and restricted cash equivalents		192 (685)116 815 438 (131)(131)
Cash and cash equivalents and restricted cash and
     restricted cash equivalents - beginning of period		1,026 1,218 533 649 1,026 1,464 1,464 
Cash and cash equivalents and restricted cash and
     cash equivalents - end of period		$1,218 $533 $649 $1,464 $1,464 $1,333 $1,333 
Capital ExpendituresQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas$(1,256)$(1,360)$(1,321)$(1,023)$(4,960)$(1,472)$(1,472)
Chemical(56)(123)(111)(245)(535)(80)(80)
Midstream & Marketing(136)(141)(151)(228)(656)(205)(205)
Corporate (13)(22)(36)(48)(119)(26)(26)
Total Capital Expenditures (GAAP)$(1,461)$(1,646)$(1,619)$(1,544)$(6,270)$(1,783)$(1,783)
Contributions from noncontrolling interest— — — 98 98 57 57 
Capital Expenditures, Net of Noncontrolling Interest (Non-GAAP)$(1,461)$(1,646)$(1,619)$(1,446)$(6,172)$(1,726)$(1,726)
Depreciation, Depletion and Amortization Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
United States$1,390 $1,371 $1,393 $1,405 $5,559 $1,365 $1,365 
International140 152 132 129 553 132 132 
Chemical88 89 89 90 356 87 87 
Midstream & Marketing83 81 81 81 326 84 84 
Corporate 20 16 17 18 71 25 25 
Total Depreciation, Depletion and Amortization$1,721 $1,709 $1,712 $1,723 $6,865 $1,693 $1,693 
Free Cash Flow Before Working Capital (Non-GAAP) (a)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Operating cash flow (GAAP)$2,870 $3,070 $3,129 $3,239 $12,308 $2,007 $2,007 
Plus: Working capital and other, net283 (419)210 (734)(660)439 439 
Operating cash flow before working capital (Non-GAAP)3,153 2,651 3,339 2,505 11,648 2,446 2,446 
Less: Capital expenditures, net of noncontrolling interest (Non-GAAP)(1,461)(1,646)(1,619)(1,446)(6,172)(1,726)(1,726)
Free Cash Flow Before Working Capital (Non-GAAP)$1,692 $1,005 $1,720 $1,059 $5,476 $720 $720 
(a) Non-GAAP Measures. Operating cash flow before working capital, capital expenditures, net of noncontrolling interest and free cash flow are non-GAAP measures. Occidental defines operating cash flow before working capital as operating cash flow less working capital. Capital expenditures, net of noncontrolling interest is defined as capital expenditures less contributions from noncontrolling interest. Free cash flow is defined as operating cash flow before working capital less capital expenditures, net of noncontrolling interest. These non-GAAP measures are not meant to disassociate those items from management's performance, but rather are meant to provide useful information to investors interested in comparing Occidental's performance between periods. Reported operating cash flow and capital expenditures are considered representative of management's performance over the long term, and operating cash flow before working capital, capital expenditures, net of noncontrolling interest and free cash flow are not considered to be alternatives to reported operating cash flow and capital expenditures in accordance with GAAP.




SCHEDULE 8
Occidental Petroleum Corporation
Oil & Gas Net Production Volumes Per Day by Geographical Locations
TOTAL REPORTED PRODUCTION
20232024
REPORTED NET MBOE VOLUMES PER DAY:Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
United States
Permian579 582 588 588 584 567 567 
Rockies & Other Domestic264 273 263 285 271 286 286 
Gulf of Mexico171 135 146 127 145 90 90 
Total1,014 990 997 1,000 1,000 943 943 
International
Algeria & Other International41 34 30 38 35 31 31 
Al Hosn61 88 88 92 83 92 92 
Dolphin36 39 39 40 39 36 36 
Oman68 67 66 64 66 70 70 
Total206 228 223 234 223 229 229 
TOTAL REPORTED PRODUCTION1,220 1,218 1,220 1,234 1,223 1,172 1,172 
REPORTED NET PRODUCTION
VOLUMES PER DAY BY COMMODITY:
United States
Oil (MBBL)
Permian337 333 339 338 337 323 323 
Rockies & Other Domestic73 76 72 87 77 89 89 
Gulf of Mexico141 112 123 105 120 75 75 
Total551 521 534 530 534 487 487 
NGL (MBBL)
Permian136 141 145 138 140 136 136 
Rockies & Other Domestic94 100 97 98 97 100 100 
Gulf of Mexico13 10 10 10 11 6 6 
Total243 251 252 246 248 242 242 
Natural Gas (MMCF)
Permian637 646 625 674 644 645 645 
Rockies & Other Domestic583 586 565 600 584 584 584 
Gulf of Mexico99 78 77 72 81 55 55 
Total1,319 1,310 1,267 1,346 1,309 1,284 1,284 
International
Oil (MBBL)
Algeria and Other International34 28 25 32 29 25 25 
Al Hosn10 15 15 16 14 16 16 
Dolphin6 6 6 6 6 6 6 
Oman58 58 57 54 57 59 59 
Total108 107 103 108 106 106 106 
NGL (MBBL)
Algeria and Other International4 3 2 3 3 4 4 
Al Hosn18 25 26 27 24 27 27 
Dolphin7 8 8 8 8 7 7 
Total29 36 36 38 35 38 38 
Natural Gas (MMCF)
Algeria and Other International15 15 15 15 15 14 14 
Al Hosn196 289 284 295 267 295 295 
Dolphin140 152 149 156 151 140 140 
Oman62 53 53 60 56 63 63 
Total413 509 501 526 489 512 512 




SCHEDULE 9
Occidental Petroleum Corporation
Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographical Locations
20232024
NET SALES MBOE VOLUMES PER DAY:Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
United States 1,014 990 997 1,000 1,000 943 943 
International
Algeria and Other International36 36 30 36 35 33 33 
Al Hosn61 88 88 92 82 93 93 
Dolphin35 39 40 40 39 36 36 
Oman68 69 67 62 66 70 70 
Total200 232 225 230 222 232 232 
TOTAL REPORTED SALES1,214 1,222 1,222 1,230 1,222 1,175 1,175 
REALIZED PRICES
United States
Oil ($/BBL)$73.63 $72.70 $81.36 $77.91 $76.42 $75.54 $75.54 
NGL ($/BBL)$23.39 $17.80 $20.22 $19.50 $20.19 $21.17 $21.17 
Natural Gas ($/MCF)$3.01 $1.36 $1.92 $1.88 $2.04 $1.61 $1.61 
International
Oil ($/BBL)$77.42 $77.76 $77.32 $83.64 $79.03 $78.29 $78.29 
NGL ($/BBL)$32.98 $28.45 $26.59 $30.18 $29.35 $28.33 $28.33 
Natural Gas ($/MCF)$1.95 $1.88 $1.87 $1.85 $1.88 $1.87 $1.87 
Total Worldwide
Oil ($/BBL)$74.22 $73.59 $80.70 $78.85 $76.85 $76.04 $76.04 
NGL ($/BBL)$24.41 $19.08 $21.04 $20.93 $21.32 $22.14 $22.14 
Natural Gas ($/MCF)$2.76 $1.50 $1.90 $1.88 $2.00 $1.68 $1.68 
Index Prices
WTI Oil ($/BBL)$76.13 $73.83 $82.26 $78.32 $77.64 $76.96 $76.96 
Brent Oil ($/BBL)$82.20 $78.02 $86.08 $82.69 $82.25 $81.83 $81.83 
NYMEX Natural Gas ($/MCF)$3.88 $2.30 $2.59 $2.97 $2.94 $2.35 $2.35 
Percentage of Index Prices
Worldwide Oil as a percentage of WTI97 %100 %98 %101 %99 %99 %99 %
Worldwide Oil as a percentage of Brent90 %94 %94 %95 %93 %93 %93 %
Worldwide NGL as a percentage of WTI32 %26 %26 %27 %27 %29 %29 %
Worldwide NGL as a percentage of Brent30 %24 %24 %25 %26 %27 %27 %
Domestic Natural Gas as a percentage of NYMEX78 %59 %74 %63 %69 %68 %68 %




SCHEDULE 10
Occidental Petroleum Corporation
Oil & Gas Metrics
20232024
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Lease operating expenses ($/BOE)
United States$9.23 $9.79 $10.20 $10.96 $10.05 $10.31 $10.31 
International$13.24 $11.72 $12.21 $12.73 $12.45 $13.10 $13.10 
Total Oil and Gas$9.89 $10.16 $10.57 $11.29 $10.48 $10.86 $10.86 
Transportation costs ($/BOE)
United States$3.81 $3.75 $3.74 $3.68 $3.74 $3.89 $3.89 
Total Oil and Gas$3.33 $3.18 $3.19 $3.10 $3.20 $3.25 $3.25 
Taxes other than on income ($/BOE)
United States$2.63 $2.59 $2.97 $2.32 $2.63 $2.64 $2.64 
Total Oil and Gas$2.71 $2.53 $2.47 $1.94 $2.41 $2.17 $2.17 
DD&A expense ($/BOE)
United States$15.24 $15.21 $15.18 $15.26 $15.22 $15.91 $15.91 
International$7.77 $7.18 $6.38 $6.13 $6.83 $6.23 $6.23 
Total Oil and Gas$14.00 $13.69 $13.56 $13.56 $13.70 $14.00 $14.00 
G&A and other operating expenses ($/BOE)$2.80 $2.48 $2.58 $3.35 $2.81 $3.34 $3.34 
Exploration Expense ($ millions)
United States$90 $45 $99 $89 $323 $36 $36 
International12 57 26 23 118 30 30 
Total Exploration Expense$102 $102 $125 $112 $441 $66 $66 
Capital Expenditures ($ millions)
Permian$(665)$(778)$(678)$(450)$(2,571)$(725)$(725)
Rockies & Other Domestic(138)(199)(209)(198)(744)(210)(210)
Gulf of Mexico(110)(89)(110)(91)(400)(249)(249)
International(138)(128)(109)(120)(495)(142)(142)
Exploration Drilling(205)(166)(215)(164)(750)(146)(146)
Total Oil and Gas$(1,256)$(1,360)$(1,321)$(1,023)$(4,960)$(1,472)$(1,472)



v3.24.1.u1
Cover page
May 07, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date May 07, 2024
Entity Registrant Name OCCIDENTAL PETROLEUM CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 1-9210
Entity Tax Identification Number 95-4035997
Entity Address, Address Line One 5 Greenway Plaza
Entity Address, Address Line Two Suite 110
Entity Address, City or Town Houston
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77046
City Area Code 713
Local Phone Number 215-7000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000797468
Amendment Flag false
Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, $0.20 par value
Trading Symbol OXY
Security Exchange Name NYSE
Warrants to Purchase Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Warrants to Purchase Common Stock, $0.20 par value
Trading Symbol OXY WS
Security Exchange Name NYSE
Occidental Petroleum (NYSE:OXY)
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