Occidental Petroleum Corp 8-K, filed Nov 9, 2026
Occidental Petroleum Corp (OXY)
8-K
2026-11-09
For: 2026-11-09
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November 09, 2026
About this 8-K
Occidental Petroleum Corp filed this 8-K on November 9, 2026.
Occidental reported third-quarter 2026 EPS of $1.61 and free cash flow before working capital from continuing operations of $2.8 billion. Principal debt fell to $10.0 billion, while global production averaged 1,427 Mboed. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
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): November 9, 2026
(Exact Name of Registrant as Specified in its Charter)
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(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 Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
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 November 9, 2026 , Occidental Petroleum Corporation (the “Company”) issued a press release announcing the Company’s financial condition and results of operations for the quarter ended September 30, 2026. 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 | ||||||||
104 | Cover 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: | OCCIDENTAL PETROLEUM CORPORATION | |||||||
By: | /s/ Christopher O. Champion | |||||||
Name: | Christopher O. Champion | |||||||
Title: | Vice President, Chief Accounting Officer and Controller | |||||||
 | PRESS RELEASE | ||||
Occidental Announces 3rd Quarter 2026 Results
•Achieved $10.0 billion principal debt milestone; reduced principal debt by $1.8 billion
•Generated $4.1 billion of operating cash flow from continuing operations
•Delivered $2.8 billion of free cash flow before working capital from continuing operations with capital expenditures of $1.3 billion
•Produced 1,427 Mboed globally, exceeding the mid-point of guidance
•Midstream and marketing pre-tax adjusted income exceeded the high end of guidance
•Reported EPS of $1.61; adjusted EPS from continuing operations of $1.91
HOUSTON — November 9, 2026 — Occidental (NYSE: OXY) today announced results for the third quarter of 2026, including net income attributable to common stockholders of $1.6 billion, or earnings per diluted share (EPS) of $1.61, and adjusted income attributable to common stockholders of $2.0 billion, or adjusted EPS from continuing operations of $1.91. The difference between net income attributable to common stockholders and adjusted income attributable to common stockholders mainly reflects derivatives losses.
"We reached an important milestone in the third quarter, reducing principal debt to $10.0 billion after retiring $10.4 billion of debt since the beginning of this year," said Richard Jackson, President and Chief Executive Officer. "Our teams delivered another strong quarter, building on the operational and financial performance we have seen throughout 2026. With our stronger balance sheet, we are advancing our plan to add more than $4.0 billion in annual sustainable cash flow by 2030, providing a pathway to accelerate capital returns and deliver durable long-term value for our shareholders."
QUARTERLY RESULTS
Oil and Gas
Pre-tax income from oil and gas totaled $2.6 billion for the third quarter of 2026, compared to $2.8 billion for the second quarter of 2026. Excluding items affecting comparability, the decrease was primarily driven by lower realized crude oil prices, partially offset by higher domestic natural gas prices. Third quarter average WTI and Brent marker prices were $85.79 per barrel and $91.62 per barrel, respectively. Average worldwide realized crude oil prices decreased 11% from the previous quarter to $85.91 per barrel. Average worldwide realized natural gas liquids prices of $24.63 per barrel remained flat quarter to quarter. Average domestic realized gas prices improved by 209% to $1.61 per thousand cubic feet (Mcf), compared to negative $1.48 per Mcf in the previous quarter.
Total global production averaged 1,427 thousand barrels of oil equivalent per day (Mboed) for the third quarter of 2026, exceeding the mid-point of guidance, led by the performance of Permian and Rockies business units, offsetting a temporary curtailment of production at certain Gulf of America facilities due to a third-party gas pipeline constraint and maintenance activities.
Midstream and Marketing
Midstream and marketing reported pre-tax income of $55 million for the third quarter of 2026, compared to $1.3 billion in the previous quarter. Excluding items affecting comparability, midstream
and marketing results exceeded the high end of guidance. The quarter-over-quarter decrease in income was driven by lower gas margins resulting from the narrowing of the Waha-to-Gulf-Coast gas spreads and lower crude margins related to the timing of crude sales, partially offset by higher sulfur volumes and prices at Al Hosn. WES equity method investment income for the third quarter was $121 million.
Supplemental Non-GAAP Measures
This press release refers to adjusted income - continuing operations, operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations, free cash flow before working capital - continuing operations and adjusted general and administrative (G&A), other operating and non-operating expenses, 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 - continuing operations and a reconciliation to net income (loss), along with operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations, free cash flow before working capital - continuing operations and adjusted G&A, other operating and non-operating expenses 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 - continuing operations, operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations, free cash flow before working capital - continuing operations and adjusted G&A, other operating and non-operating expenses 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 that produces, markets and transports oil and natural gas to maximize value and provide resources fundamental to life. The company leverages its global leadership in carbon management to advance lower-carbon technologies and products. Headquartered in Houston, Occidental primarily operates in the United States, the Middle East and North Africa. To learn more, visit oxy.com.
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," "guidance," "priority," "focus," "assumption," "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 statement as a result of new information, future events or otherwise.
Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. 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; 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; government actions (including the effects of announced or future tariff increases and other geopolitical, trade, tariff, fiscal and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events (such as in Latin America); 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; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections or projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses, including retained liabilities and indemnification obligations associated with the chemical business; 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; 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 and announced greenhouse gas emissions reduction targets or net-zero goals; changes in government grant or loan programs; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; 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; 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, deductions, incentives or credits; 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 U.S. Securities and Exchange Commission, including Occidental's Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Contacts
Media | Investors | ||||
Eric Moses | Babatunde A. Cole | ||||
713-497-2017 | 713-552-8811 | ||||
eric_moses@oxy.com | investors@oxy.com | ||||
Occidental Petroleum Corporation | ||
| Third Quarter 2026 | ||
Earnings Release Schedules Index | ||
Schedule # and Description
•Before Tax Allocations
•After Tax Allocations
•MBOE/D
•By Commodity
•MBOE/D
•Realized Prices and Related Index Prices
SCHEDULE 1
Occidental Petroleum Corporation
Summary Highlights
| 2025 | 2026 | |||||||||||||||||||||||||||||||||||||
| Quarterly | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||||
| Net Income ($ millions) | ||||||||||||||||||||||||||||||||||||||
| Reported income attributable to common stockholders | $ | 766 | $ | 288 | $ | 661 | $ | (68) | $ | 1,647 | $ | 3,175 | $ | 2,807 | $ | 1,637 | $ | $ | 7,619 | |||||||||||||||||||
| Reported EPS - Diluted ($/share) | $ | 0.77 | $ | 0.26 | $ | 0.65 | $ | (0.07) | $ | 1.61 | $ | 3.13 | $ | 2.75 | $ | 1.61 | $ | — | $ | 7.49 | ||||||||||||||||||
| Effective tax rate - Reported income - Continuing Operations (%) | 29 | % | 40 | % | 28 | % | 43 | % | (a) | 33 | % | 39 | % | 23 | % | 23 | % | — | % | 24 | % | |||||||||||||||||
Adjusted income attributable to common stockholders (Non-GAAP) (b) | $ | 722 | $ | 266 | $ | 513 | $ | 174 | $ | 1,675 | $ | 1,070 | $ | 2,443 | $ | 1,951 | $ | $ | 5,464 | |||||||||||||||||||
Adjusted EPS - Diluted (Non-GAAP) ($/share) (c) | $ | 0.73 | $ | 0.26 | $ | 0.51 | $ | 0.17 | $ | 1.67 | $ | 1.06 | $ | 2.40 | $ | 1.91 | $ | — | $ | 5.37 | ||||||||||||||||||
| Effective tax rate - Adjusted income - Continuing Operations (%) | 29 | % | 36 | % | 29 | % | 35 | % | 31 | % | 26 | % | 23 | % | 22 | % | — | % | 24 | % | ||||||||||||||||||
| Average Shares Outstanding - Reported Income and Adjusted Income | ||||||||||||||||||||||||||||||||||||||
| Basic (millions) | 941.3 | 985.1 | 986.4 | 988.0 | 975.5 | 989.8 | 997.1 | 1,001.1 | 996.3 | |||||||||||||||||||||||||||||
| Diluted (millions) | 982.9 | 1,010.4 | 1,003.1 | 1,002.9 | 1,000.1 | 1,006.9 | 1,012.2 | 1,012.8 | 1,010.9 | |||||||||||||||||||||||||||||
| Daily Production Volumes | ||||||||||||||||||||||||||||||||||||||
| Total US (MBOE/D) | 1,167 | 1,167 | 1,227 | 1,246 | 1,202 | 1,206 | 1,228 | 1,203 | 1,212 | |||||||||||||||||||||||||||||
| US Oil (MBBL/D) | 601 | 604 | 634 | 636 | 620 | 612 | 614 | 594 | 607 | |||||||||||||||||||||||||||||
| Worldwide Production (MBOE/D) | 1,391 | 1,400 | 1,465 | 1,481 | 1,434 | 1,426 | 1,433 | 1,427 | 1,429 | |||||||||||||||||||||||||||||
| Worldwide Sales (MBOE/D) | 1,391 | 1,397 | 1,468 | 1,480 | 1,434 | 1,428 | 1,433 | 1,428 | 1,430 | |||||||||||||||||||||||||||||
| Commodity Price Realizations | ||||||||||||||||||||||||||||||||||||||
| Worldwide Oil ($/BBL) | $ | 71.07 | $ | 63.76 | $ | 64.78 | $ | 59.22 | $ | 64.60 | $ | 69.91 | $ | 96.78 | $ | 85.91 | $ | $ | 84.21 | |||||||||||||||||||
| Worldwide NGL ($/BBL) | $ | 25.94 | $ | 20.71 | $ | 19.60 | $ | 16.68 | $ | 20.60 | $ | 18.99 | $ | 24.64 | $ | 24.63 | $ | $ | 22.80 | |||||||||||||||||||
| Domestic Gas ($/MCF) | $ | 2.42 | $ | 1.33 | $ | 1.48 | $ | 1.12 | $ | 1.58 | $ | 1.01 | $ | (1.48) | $ | 1.61 | $ | $ | 0.37 | |||||||||||||||||||
Free Cash Flow - Continuing Operations ($ millions) (Non-GAAP) (d) | ||||||||||||||||||||||||||||||||||||||
| Operating cash flow before working capital (Non-GAAP) | $ | 2,771 | $ | 2,408 | $ | 2,949 | $ | 2,545 | $ | 10,673 | $ | 3,251 | $ | 4,610 | $ | 4,101 | $ | — | $ | 11,962 | ||||||||||||||||||
| Less: Capital expenditures, net of noncontrolling interest (Non-GAAP) | (1,619) | (1,654) | (1,473) | (1,481) | (6,227) | (1,504) | (1,589) | (1,322) | — | (4,415) | ||||||||||||||||||||||||||||
| Free Cash Flow Before Working Capital (Non-GAAP) | $ | 1,152 | $ | 754 | $ | 1,476 | $ | 1,064 | $ | 4,446 | $ | 1,747 | $ | 3,021 | $ | 2,779 | $ | — | $ | 7,547 | ||||||||||||||||||
| 2025 | 2026 | |||||||||||||||||||||||||||||||||||||
| Year-to-date | Mar | Jun | Sep | Dec | Mar | Jun | Sep | Dec | ||||||||||||||||||||||||||||||
| Net Income ($ millions) | ||||||||||||||||||||||||||||||||||||||
| Reported income attributable to common stockholders | $ | 766 | $ | 1,054 | $ | 1,715 | $ | 1,647 | $ | 3,175 | $ | 5,982 | $ | 7,619 | ||||||||||||||||||||||||
| Reported EPS - Diluted ($/share) | $ | 0.77 | $ | 1.03 | $ | 1.68 | $ | 1.61 | $ | 3.13 | $ | 5.89 | $ | 7.49 | ||||||||||||||||||||||||
| Effective tax rate - Reported income - Continuing Operations (%) | 29 | % | 33 | % | 31 | % | 33 | % | 39 | % | 25 | % | 24 | % | ||||||||||||||||||||||||
Adjusted income attributable to common stockholders (Non-GAAP) (b) | $ | 722 | $ | 988 | $ | 1,501 | $ | 1,675 | $ | 1,070 | $ | 3,513 | $ | 5,464 | ||||||||||||||||||||||||
Adjusted EPS - Diluted (Non-GAAP) ($/share) (c) | $ | 0.73 | $ | 0.98 | $ | 1.50 | $ | 1.67 | $ | 1.06 | $ | 3.46 | $ | 5.37 | ||||||||||||||||||||||||
| Effective tax rate - Adjusted income - Continuing Operations (%) | 29 | % | 31 | % | 31 | % | 31 | % | 26 | % | 24 | % | 24 | % | ||||||||||||||||||||||||
| Average Shares Outstanding - Reported Income and Adjusted Income | ||||||||||||||||||||||||||||||||||||||
| Basic (millions) | 941.3 | 963.5 | 971.2 | 975.5 | 989.8 | 993.7 | 996.3 | |||||||||||||||||||||||||||||||
| Diluted (millions) | 982.9 | 997.0 | 999.1 | 1,000.1 | 1,006.9 | 1,009.8 | 1,010.9 | |||||||||||||||||||||||||||||||
| Daily Production Volumes | ||||||||||||||||||||||||||||||||||||||
| Total US (MBOE/D) | 1,167 | 1,167 | 1,187 | 1,202 | 1,206 | 1,217 | 1,212 | |||||||||||||||||||||||||||||||
| US Oil (MBBL/D) | 601 | 603 | 614 | 620 | 612 | 613 | 607 | |||||||||||||||||||||||||||||||
| Worldwide Production (MBOE/D) | 1,391 | 1,395 | 1,419 | 1,434 | 1,426 | 1,429 | 1,429 | |||||||||||||||||||||||||||||||
| Worldwide Sales (MBOE/D) | 1,391 | 1,394 | 1,416 | 1,434 | 1,428 | 1,430 | 1,430 | |||||||||||||||||||||||||||||||
| Commodity Price Realizations | ||||||||||||||||||||||||||||||||||||||
| Worldwide Oil ($/BBL) | $ | 71.07 | $ | 67.37 | $ | 66.46 | $ | 64.60 | $ | 69.91 | $ | 83.37 | $ | 84.21 | ||||||||||||||||||||||||
| Worldwide NGL ($/BBL) | $ | 25.94 | $ | 23.29 | $ | 21.99 | $ | 20.60 | $ | 18.99 | $ | 21.86 | $ | 22.80 | ||||||||||||||||||||||||
| Domestic Gas ($/MCF) | $ | 2.42 | $ | 1.88 | $ | 1.74 | $ | 1.58 | $ | 1.01 | $ | (0.26) | $ | 0.37 | ||||||||||||||||||||||||
Free Cash Flow - Continuing Operations ($ millions) (Non-GAAP) (d) | ||||||||||||||||||||||||||||||||||||||
| Operating cash flow before working capital (Non-GAAP) | $ | 2,771 | $ | 5,179 | $ | 8,128 | $ | 10,673 | $ | 3,251 | $ | 7,861 | $ | 11,962 | ||||||||||||||||||||||||
| Less: Capital expenditures, net of noncontrolling interest (Non-GAAP) | (1,619) | (3,273) | (4,746) | (6,227) | (1,504) | (3,093) | (4,415) | |||||||||||||||||||||||||||||||
| Free Cash Flow Before Working Capital (Non-GAAP) | $ | 1,152 | $ | 1,906 | $ | 3,382 | $ | 4,446 | $ | 1,747 | $ | 4,768 | $ | 7,547 | ||||||||||||||||||||||||
(a) Percentage impacted by reported net loss. | ||||||||||||||||||||||||||||||||||||||
(b) See schedule 3a for non-GAAP reconciliation. | ||||||||||||||||||||||||||||||||||||||
(c) See schedule 3b for non-GAAP reconciliation. | ||||||||||||||||||||||||||||||||||||||
(d) See schedule 6b for non-GAAP reconciliation. | ||||||||||||||||||||||||||||||||||||||
SCHEDULE 2
Occidental Petroleum Corporation
Items Affecting Comparability Detail
(amounts in millions)
| 2025 | 2026 | ||||||||||||||||||||||||||||||||||
| Before Tax Allocations | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| Oil & Gas | |||||||||||||||||||||||||||||||||||
| Domestic | |||||||||||||||||||||||||||||||||||
| Crude oil derivative gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (339) | $ | 105 | $ | (187) | $ | (421) | |||||||||||||||||
| Losses on sales of assets and other, net | — | — | (52) | (47) | (99) | (30) | (15) | (16) | (61) | ||||||||||||||||||||||||||
| Asset impairments and other charges, net | — | — | — | (6) | (6) | — | — | (27) | (27) | ||||||||||||||||||||||||||
| Legal reserves and other | — | (65) | — | (40) | (105) | — | — | — | — | ||||||||||||||||||||||||||
| Total Domestic | — | (65) | (52) | (93) | (210) | (369) | 90 | (230) | — | (509) | |||||||||||||||||||||||||
| International | |||||||||||||||||||||||||||||||||||
| Income from judicial deposit recovery | — | — | — | — | — | — | — | 120 | 120 | ||||||||||||||||||||||||||
| Gains on sale of assets and other, net | — | — | 30 | — | 30 | — | — | — | — | ||||||||||||||||||||||||||
| Total International | — | — | 30 | — | 30 | — | — | 120 | — | 120 | |||||||||||||||||||||||||
| Total Oil and Gas | — | (65) | (22) | (93) | (180) | (369) | 90 | (110) | — | (389) | |||||||||||||||||||||||||
| Midstream & Marketing | |||||||||||||||||||||||||||||||||||
Derivative gains (losses), net (a) | (84) | 95 | (31) | (9) | (29) | (409) | 178 | (254) | (485) | ||||||||||||||||||||||||||
| Gains (losses) on sales of assets and other, net | — | — | — | 301 | 301 | (164) | 199 | — | 35 | ||||||||||||||||||||||||||
Asset impairments and other charges (a) | — | (162) | — | (325) | (487) | (105) | — | — | (105) | ||||||||||||||||||||||||||
| Equity method investments fair value gains | — | — | 61 | — | 61 | — | — | — | — | ||||||||||||||||||||||||||
| Total Midstream & Marketing | (84) | (67) | 30 | (33) | (154) | (678) | 377 | (254) | — | (555) | |||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||
| Early debt extinguishment | — | — | — | 20 | 20 | (237) | 47 | 61 | (129) | ||||||||||||||||||||||||||
| Early retirement costs | — | — | — | (39) | (39) | (15) | (39) | — | (54) | ||||||||||||||||||||||||||
| Legal reserves and other | — | — | — | — | — | — | — | (48) | (48) | ||||||||||||||||||||||||||
| Acquisition-related costs | (6) | (6) | (1) | — | (13) | — | — | — | — | ||||||||||||||||||||||||||
| Total Corporate | (6) | (6) | (1) | (19) | (32) | (252) | 8 | 13 | — | (231) | |||||||||||||||||||||||||
| State tax rate revaluation | — | — | — | (10) | (10) | — | — | — | — | ||||||||||||||||||||||||||
| Income tax impact on items affecting comparability | 19 | 30 | 5 | 32 | 86 | 281 | (107) | 57 | 231 | ||||||||||||||||||||||||||
| Income (loss) from continuing operations | (71) | (108) | 12 | (123) | (290) | (1,018) | 368 | (294) | — | (944) | |||||||||||||||||||||||||
| Discontinued operations, net of taxes | 115 | 130 | 136 | (119) | 262 | 3,123 | (4) | (20) | 3,099 | ||||||||||||||||||||||||||
| Total | $ | 44 | $ | 22 | $ | 148 | $ | (242) | $ | (28) | $ | 2,105 | $ | 364 | $ | (314) | $ | — | $ | 2,155 | |||||||||||||||
| 2025 | 2026 | ||||||||||||||||||||||||||||||||||
| After Tax Allocations | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| Oil & Gas | |||||||||||||||||||||||||||||||||||
| Domestic | |||||||||||||||||||||||||||||||||||
| Crude oil derivative gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (266) | $ | 82 | $ | (146) | $ | (330) | |||||||||||||||||
| Losses on sales of assets and other, net | — | — | (41) | (37) | (78) | (24) | (11) | (13) | (48) | ||||||||||||||||||||||||||
| Asset impairments and other charges, net | — | — | — | (5) | (5) | — | — | (21) | (21) | ||||||||||||||||||||||||||
| Legal reserves and other | — | (51) | — | (31) | (82) | — | — | — | — | ||||||||||||||||||||||||||
| Total Domestic | — | (51) | (41) | (73) | (165) | (290) | 71 | (180) | — | (399) | |||||||||||||||||||||||||
| International | |||||||||||||||||||||||||||||||||||
| Income from judicial deposit recovery | — | — | — | — | — | — | — | 69 | 69 | ||||||||||||||||||||||||||
| Gains on sale of assets and other, net | — | — | 30 | — | 30 | — | — | — | — | ||||||||||||||||||||||||||
| Total International | — | — | 30 | — | 30 | — | — | 69 | — | 69 | |||||||||||||||||||||||||
| Total Oil and Gas | — | (51) | (11) | (73) | (135) | (290) | 71 | (111) | — | (330) | |||||||||||||||||||||||||
| Midstream & Marketing | |||||||||||||||||||||||||||||||||||
Derivative gains (losses), net (a) | (66) | 74 | (24) | (7) | (23) | (320) | 139 | (199) | (380) | ||||||||||||||||||||||||||
| Gains (losses) on sales of assets and other, net | — | — | — | 236 | 236 | (128) | 157 | — | 29 | ||||||||||||||||||||||||||
Asset impairments and other charges (a) | — | (127) | — | (254) | (381) | (82) | — | — | (82) | ||||||||||||||||||||||||||
| Equity method investments fair value gains | — | — | 48 | — | 48 | — | — | — | — | ||||||||||||||||||||||||||
| Total Midstream & Marketing | (66) | (53) | 24 | (25) | (120) | (530) | 296 | (199) | — | (433) | |||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||
| Early debt extinguishment | — | — | — | 16 | 16 | (186) | 37 | 48 | (101) | ||||||||||||||||||||||||||
| Early retirement costs | — | — | — | (31) | (31) | (12) | (36) | 6 | (42) | ||||||||||||||||||||||||||
| Legal reserves and other | — | — | — | — | — | — | — | (38) | (38) | ||||||||||||||||||||||||||
| Acquisition-related costs | (5) | (4) | (1) | — | (10) | — | — | — | — | ||||||||||||||||||||||||||
| Total Corporate | (5) | (4) | (1) | (15) | (25) | (198) | 1 | 16 | — | (181) | |||||||||||||||||||||||||
| State tax rate revaluation | — | — | — | (10) | (10) | — | — | — | — | ||||||||||||||||||||||||||
| Income (loss) from continuing operations | (71) | (108) | 12 | (123) | (290) | (1,018) | 368 | (294) | — | (944) | |||||||||||||||||||||||||
| Discontinued operations, net of taxes | 115 | 130 | 136 | (119) | 262 | 3,123 | (4) | (20) | 3,099 | ||||||||||||||||||||||||||
| Total | $ | 44 | $ | 22 | $ | 148 | $ | (242) | $ | (28) | $ | 2,105 | $ | 364 | $ | (314) | $ | — | $ | 2,155 | |||||||||||||||
(a) 2025 included charges and derivative gains (losses) from income from equity investments and other. | |||||||||||||||||||||||||||||||||||
SCHEDULE 3a
Occidental Petroleum Corporation
Reported and Adjusted Segment Results
(amounts in millions, except per share and effective tax rate amounts)
| 2025 | 2026 | ||||||||||||||||||||||||||||||||||
| Reported Income | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| Domestic | $ | 1,332 | $ | 518 | $ | 881 | $ | 324 | $ | 3,055 | $ | 703 | $ | 2,255 | $ | 1,902 | $ | 4,860 | |||||||||||||||||
| International | 365 | 416 | 419 | 331 | 1,531 | 314 | 594 | 654 | 1,562 | ||||||||||||||||||||||||||
| Total Oil & Gas | 1,697 | 934 | 1,300 | 655 | 4,586 | 1,017 | 2,849 | 2,556 | — | 6,422 | |||||||||||||||||||||||||
| Midstream & Marketing | (72) | 39 | 81 | 204 | 252 | (87) | 1,338 | 55 | 1,306 | ||||||||||||||||||||||||||
| Segment income | 1,625 | 973 | 1,381 | 859 | 4,838 | 930 | 4,187 | 2,611 | — | 7,728 | |||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||
| Interest | (310) | (271) | (266) | (232) | (1,079) | (432) | (108) | (78) | (618) | ||||||||||||||||||||||||||
| Other | (138) | (142) | (130) | (221) | (631) | (108) | (164) | (138) | (410) | ||||||||||||||||||||||||||
| Income from continuing operations before taxes | 1,177 | 560 | 985 | 406 | 3,128 | 390 | 3,915 | 2,395 | — | 6,700 | |||||||||||||||||||||||||
| Taxes | |||||||||||||||||||||||||||||||||||
| Federal and state | (200) | (23) | (120) | (94) | (437) | (19) | (663) | (427) | (1,109) | ||||||||||||||||||||||||||
| International | (147) | (199) | (159) | (79) | (584) | (135) | (252) | (127) | (514) | ||||||||||||||||||||||||||
| Income from continuing operations | 830 | 338 | 706 | 233 | 2,107 | 236 | 3,000 | 1,841 | — | 5,077 | |||||||||||||||||||||||||
| Less: Net income attributable to noncontrolling interest | (9) | (10) | (12) | (12) | (43) | (14) | (19) | (15) | (48) | ||||||||||||||||||||||||||
| Less: Preferred stock dividends and redemption premiums | (170) | (170) | (169) | (170) | (679) | (170) | (170) | (169) | (509) | ||||||||||||||||||||||||||
| Net income from continuing operations attributable to common stockholders | 651 | 158 | 525 | 51 | 1,385 | 52 | 2,811 | 1,657 | — | 4,520 | |||||||||||||||||||||||||
| Discontinued operations, net of taxes | 115 | 130 | 136 | (119) | 262 | 3,123 | (4) | (20) | 3,099 | ||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | 766 | $ | 288 | $ | 661 | $ | (68) | $ | 1,647 | $ | 3,175 | $ | 2,807 | $ | 1,637 | $ | — | $ | 7,619 | |||||||||||||||
| Reported diluted income per share | $ | 0.77 | $ | 0.26 | $ | 0.65 | $ | (0.07) | $ | 1.61 | $ | 3.13 | $ | 2.75 | $ | 1.61 | $ | — | $ | 7.49 | |||||||||||||||
| Effective Tax Rate - Continuing Operations | 29 | % | 40 | % | 28 | % | 43 | % | 33 | % | 39 | % | 23 | % | 23 | % | 24 | % | |||||||||||||||||
| Items Affecting Comparability | |||||||||||||||||||||||||||||||||||
| Domestic | $ | — | $ | (65) | $ | (52) | $ | (93) | $ | (210) | $ | (369) | $ | 90 | $ | (230) | $ | — | $ | (509) | |||||||||||||||
| International | — | — | 30 | — | 30 | — | — | 120 | — | 120 | |||||||||||||||||||||||||
| Total Oil & Gas | — | (65) | (22) | (93) | (180) | (369) | 90 | (110) | — | (389) | |||||||||||||||||||||||||
| Midstream & Marketing | (84) | (67) | 30 | (33) | (154) | (678) | 377 | (254) | — | (555) | |||||||||||||||||||||||||
| Segment income (loss) | (84) | (132) | 8 | (126) | (334) | (1,047) | 467 | (364) | — | (944) | |||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||
| Interest | — | — | — | 20 | 20 | (237) | 47 | 61 | (129) | ||||||||||||||||||||||||||
| Other | (6) | (6) | (1) | (39) | (52) | (15) | (39) | (48) | — | (102) | |||||||||||||||||||||||||
| Income (loss) from continuing operations before taxes | (90) | (138) | 7 | (145) | (366) | (1,299) | 475 | (351) | — | (1,175) | |||||||||||||||||||||||||
| Taxes | |||||||||||||||||||||||||||||||||||
| Federal and state | 19 | 30 | 5 | 22 | 76 | 281 | (107) | 92 | — | 266 | |||||||||||||||||||||||||
| International | — | — | — | — | — | — | — | (35) | — | (35) | |||||||||||||||||||||||||
| Income (loss) from continuing operations | (71) | (108) | 12 | (123) | (290) | (1,018) | 368 | (294) | — | (944) | |||||||||||||||||||||||||
| Less: Net income attributable to noncontrolling interest | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
| Less: Preferred stock redemption premiums | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
| Net Income (loss) from continuing operations attributable to common stockholders | (71) | (108) | 12 | (123) | (290) | (1,018) | 368 | (294) | — | (944) | |||||||||||||||||||||||||
| Discontinued operations, net of taxes | 115 | 130 | 136 | (119) | 262 | 3,123 | (4) | (20) | — | 3,099 | |||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | 44 | $ | 22 | $ | 148 | $ | (242) | $ | (28) | $ | 2,105 | $ | 364 | $ | (314) | $ | — | $ | 2,155 | |||||||||||||||
Adjusted Income (Non-GAAP) (a) | |||||||||||||||||||||||||||||||||||
| Domestic | $ | 1,332 | $ | 583 | $ | 933 | $ | 417 | $ | 3,265 | $ | 1,072 | $ | 2,165 | $ | 2,132 | $ | — | $ | 5,369 | |||||||||||||||
| International | 365 | 416 | 389 | 331 | 1,501 | 314 | 594 | 534 | — | 1,442 | |||||||||||||||||||||||||
| Total Oil & Gas | 1,697 | 999 | 1,322 | 748 | 4,766 | 1,386 | 2,759 | 2,666 | — | 6,811 | |||||||||||||||||||||||||
| Midstream & Marketing | 12 | 106 | 51 | 237 | 406 | 591 | 961 | 309 | — | 1,861 | |||||||||||||||||||||||||
| Adjusted segment income | 1,709 | 1,105 | 1,373 | 985 | 5,172 | 1,977 | 3,720 | 2,975 | — | 8,672 | |||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||
| Interest | (310) | (271) | (266) | (252) | (1,099) | (195) | (155) | (139) | — | (489) | |||||||||||||||||||||||||
| Other | (132) | (136) | (129) | (182) | (579) | (93) | (125) | (90) | — | (308) | |||||||||||||||||||||||||
| Adjusted income from continuing operations before taxes | 1,267 | 698 | 978 | 551 | 3,494 | 1,689 | 3,440 | 2,746 | — | 7,875 | |||||||||||||||||||||||||
| Taxes | |||||||||||||||||||||||||||||||||||
| Federal and state | (219) | (53) | (125) | (116) | (513) | (300) | (556) | (519) | — | (1,375) | |||||||||||||||||||||||||
| International | (147) | (199) | (159) | (79) | (584) | (135) | (252) | (92) | — | (479) | |||||||||||||||||||||||||
| Adjusted income from continuing operations | 901 | 446 | 694 | 356 | 2,397 | 1,254 | 2,632 | 2,135 | — | 6,021 | |||||||||||||||||||||||||
| Less: Net income attributable to noncontrolling interest | (9) | (10) | (12) | (12) | (43) | (14) | (19) | (15) | — | (48) | |||||||||||||||||||||||||
| Less: Preferred stock dividends | (170) | (170) | (169) | (170) | (679) | (170) | (170) | (169) | — | (509) | |||||||||||||||||||||||||
| Adjusted income attributable to common stockholders | $ | 722 | $ | 266 | $ | 513 | $ | 174 | $ | 1,675 | $ | 1,070 | $ | 2,443 | $ | 1,951 | $ | — | $ | 5,464 | |||||||||||||||
| Adjusted diluted earnings per share (Non-GAAP) | $ | 0.73 | $ | 0.26 | $ | 0.51 | $ | 0.17 | $ | 1.67 | $ | 1.06 | $ | 2.40 | $ | 1.91 | $ | 5.37 | |||||||||||||||||
| Effective Tax Rate - Continuing Operations | 29 | % | 36 | % | 29 | % | 35 | % | 31 | % | 26 | % | 23 | % | 22 | % | 24 | % | |||||||||||||||||
(a) Non-GAAP Measure. Adjusted income - continuing operations is a non-GAAP measure. Occidental defines adjusted income - continuing operations 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 - continuing operations is not considered to be an alternative to net income reported in accordance with GAAP.
SCHEDULE 3b
Occidental Petroleum Corporation
Reconciliation of EPS and Summary of Income Taxes for Adjusted Results
(amounts in millions, except per share and effective tax rate amounts)
| 2025 | 2026 | ||||||||||||||||||||||||||||||||||
| RECONCILIATION OF EARNINGS PER SHARE | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| Reported Diluted Earnings Per Share (GAAP) | $ | 0.77 | $ | 0.26 | $ | 0.65 | $ | (0.07) | $ | 1.61 | $ | 3.13 | $ | 2.75 | $ | 1.61 | $ | 7.49 | |||||||||||||||||
| After-Tax Adjustments for Items Affecting Comparability | |||||||||||||||||||||||||||||||||||
| Oil & Gas | |||||||||||||||||||||||||||||||||||
| Domestic | $ | — | $ | (0.05) | $ | (0.05) | $ | (0.07) | $ | (0.16) | $ | (0.37) | $ | 0.09 | $ | (0.23) | $ | (0.50) | |||||||||||||||||
| International | — | — | 0.03 | — | 0.03 | — | — | 0.12 | 0.12 | ||||||||||||||||||||||||||
| Midstream & Marketing | (0.07) | (0.06) | 0.02 | (0.02) | (0.13) | (0.67) | 0.37 | (0.25) | (0.55) | ||||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||
| Interest | — | — | — | 0.02 | 0.02 | (0.24) | 0.05 | 0.06 | (0.13) | ||||||||||||||||||||||||||
| Other | (0.01) | — | — | (0.03) | (0.04) | (0.01) | (0.04) | (0.04) | (0.10) | ||||||||||||||||||||||||||
| Taxes | — | — | — | (0.01) | (0.01) | 0.28 | (0.11) | 0.06 | 0.23 | ||||||||||||||||||||||||||
| Adjustment to diluted average shares for adjusted income & Warrant Inducements | — | (0.02) | — | (0.01) | (0.03) | — | — | — | — | ||||||||||||||||||||||||||
| Discontinued operations, net of taxes | 0.12 | 0.13 | 0.14 | (0.12) | 0.26 | 3.08 | (0.01) | (0.02) | 3.05 | ||||||||||||||||||||||||||
| Total After-Tax Adjustments for Items Affecting Comparability | $ | 0.04 | $ | — | $ | 0.14 | $ | (0.24) | $ | (0.06) | $ | 2.07 | $ | 0.35 | $ | (0.30) | $ | — | $ | 2.12 | |||||||||||||||
| Adjusted diluted earnings per share (Non-GAAP) | $ | 0.73 | $ | 0.26 | $ | 0.51 | $ | 0.17 | $ | 1.67 | $ | 1.06 | $ | 2.40 | $ | 1.91 | $ | — | $ | 5.37 | |||||||||||||||
| Average Diluted Shares Outstanding - Reported (millions) | 982.9 | 1,010.4 | 1,003.1 | 1,002.9 | 1,000.1 | 1,006.9 | 1,012.2 | 1,012.8 | 0.0 | 1,010.9 | |||||||||||||||||||||||||
| Average Diluted Shares Outstanding - Adjusted (millions) (Non-GAAP) | 982.9 | 1,010.4 | 1,003.1 | 1,002.9 | 1,000.1 | 1,006.9 | 1,012.2 | 1,012.8 | 0.0 | 1,010.9 | |||||||||||||||||||||||||
| ADJUSTED INCOME TAX BENEFIT (EXPENSE) - CONTINUING OPERATIONS | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| Current | $ | (286) | $ | (183) | $ | 31 | $ | (159) | $ | (597) | $ | (318) | $ | (600) | $ | (650) | $ | (1,568) | |||||||||||||||||
| Deferred | (80) | (69) | (315) | (36) | (500) | (117) | (208) | 39 | (286) | ||||||||||||||||||||||||||
| Total adjusted income tax benefit (expense) - continuing operations | $ | (366) | $ | (252) | $ | (284) | $ | (195) | $ | (1,097) | $ | (435) | $ | (808) | $ | (611) | $ | — | $ | (1,854) | |||||||||||||||
| Non-GAAP Measure. Adjusted income - continuing operations is a non-GAAP measure. Occidental defines adjusted income - continuing operations 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 - continuing operations is not considered to be an alternative to net income reported in accordance with GAAP. | |||||||||||||||||||||||||||||||||||
SCHEDULE 4
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations
(amounts in millions, except per-share amounts)
| 2025 | 2026 | |||||||||||||||||||||||||||||||||||||
| Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||||||
| REVENUES AND OTHER INCOME | ||||||||||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||||||||||
| Oil & Gas | $ | 5,683 | $ | 5,009 | $ | 5,404 | $ | 4,806 | $ | 20,902 | $ | 4,975 | $ | 6,882 | $ | 6,438 | $ | 18,295 | ||||||||||||||||||||
| Midstream & Marketing | 173 | 390 | 265 | 451 | 1,279 | 397 | 1,326 | 262 | 1,985 | |||||||||||||||||||||||||||||
| Eliminations | (152) | (141) | (150) | (145) | (588) | (142) | (143) | (133) | (418) | |||||||||||||||||||||||||||||
| Total | 5,704 | 5,258 | 5,519 | 5,112 | 21,593 | 5,230 | 8,065 | 6,567 | — | 19,862 | ||||||||||||||||||||||||||||
| Interest, dividends and other income | 53 | 48 | 60 | 58 | 219 | 81 | 82 | 171 | 334 | |||||||||||||||||||||||||||||
| Gains (losses) on sale of assets and other, net | (19) | (5) | 34 | 253 | 263 | (202) | 180 | 34 | 12 | |||||||||||||||||||||||||||||
| Total | 5,738 | 5,301 | 5,613 | 5,423 | 22,075 | 5,109 | 8,327 | 6,772 | — | 20,208 | ||||||||||||||||||||||||||||
| COSTS AND OTHER DEDUCTIONS | ||||||||||||||||||||||||||||||||||||||
| Oil and gas lease operating expense | 1,217 | 1,135 | 1,174 | 1,155 | 4,681 | 1,118 | 1,117 | 1,192 | 3,427 | |||||||||||||||||||||||||||||
| Transportation and gathering expense | 452 | 448 | 476 | 460 | 1,836 | 421 | 463 | 445 | 1,329 | |||||||||||||||||||||||||||||
| General and administrative expense | 241 | 257 | 238 | 250 | 986 | 245 | 262 | 224 | 731 | |||||||||||||||||||||||||||||
| Other operating and non-operating expense | 326 | 445 | 357 | 428 | 1,556 | 356 | 332 | 415 | 1,103 | |||||||||||||||||||||||||||||
| Taxes other than on income | 264 | 269 | 248 | 249 | 1,030 | 259 | 342 | 307 | 908 | |||||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 1,804 | 1,823 | 1,947 | 1,959 | 7,533 | 1,794 | 1,847 | 1,783 | 5,424 | |||||||||||||||||||||||||||||
| Asset impairments and other charges | 6 | 6 | 1 | 60 | 73 | 120 | 38 | 28 | 186 | |||||||||||||||||||||||||||||
| Exploration expense | 55 | 83 | 66 | 45 | 249 | 110 | 37 | 38 | 185 | |||||||||||||||||||||||||||||
| Interest and debt expense, net | 310 | 271 | 266 | 232 | 1,079 | 432 | 108 | 78 | 618 | |||||||||||||||||||||||||||||
| Total | 4,675 | 4,737 | 4,773 | 4,838 | 19,023 | 4,855 | 4,546 | 4,510 | — | 13,911 | ||||||||||||||||||||||||||||
| INCOME BEFORE INCOME TAXES AND OTHER ITEMS | 1,063 | 564 | 840 | 585 | 3,052 | 254 | 3,781 | 2,262 | — | 6,297 | ||||||||||||||||||||||||||||
| OTHER ITEMS | ||||||||||||||||||||||||||||||||||||||
| Income (loss) from equity investments and other | 114 | (4) | 145 | (179) | 76 | 136 | 134 | 133 | 403 | |||||||||||||||||||||||||||||
| INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,177 | 560 | 985 | 406 | 3,128 | 390 | 3,915 | 2,395 | — | 6,700 | ||||||||||||||||||||||||||||
| Income tax expense | (347) | (222) | (279) | (173) | (1,021) | (154) | (915) | (554) | (1,623) | |||||||||||||||||||||||||||||
| INCOME FROM CONTINUING OPERATIONS | 830 | 338 | 706 | 233 | 2,107 | 236 | 3,000 | 1,841 | — | 5,077 | ||||||||||||||||||||||||||||
| Income (loss) from discontinued operations, net of tax | 115 | 130 | 136 | (119) | 262 | 3,123 | (4) | (20) | 3,099 | |||||||||||||||||||||||||||||
| NET INCOME | 945 | 468 | 842 | 114 | 2,369 | 3,359 | 2,996 | 1,821 | — | 8,176 | ||||||||||||||||||||||||||||
| Less: Net income attributable to noncontrolling interest | (9) | (10) | (12) | (12) | (43) | (14) | (19) | (15) | (48) | |||||||||||||||||||||||||||||
| Less: Preferred stock dividend | (170) | (170) | (169) | (170) | (679) | (170) | (170) | (169) | (509) | |||||||||||||||||||||||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 766 | $ | 288 | $ | 661 | $ | (68) | $ | 1,647 | $ | 3,175 | $ | 2,807 | $ | 1,637 | $ | — | $ | 7,619 | ||||||||||||||||||
| EARNINGS PER SHARE | ||||||||||||||||||||||||||||||||||||||
| Income from continuing operations | $ | 0.69 | $ | 0.14 | $ | 0.53 | $ | 0.05 | $ | 1.38 | $ | 0.05 | $ | 2.80 | $ | 1.65 | $ | 4.51 | ||||||||||||||||||||
| Discontinued operations, net | 0.12 | 0.13 | 0.14 | (0.12) | 0.27 | 3.14 | — | (0.02) | 3.09 | |||||||||||||||||||||||||||||
| BASIC EARNINGS PER COMMON SHARE | $ | 0.81 | $ | 0.27 | $ | 0.67 | $ | (0.07) | $ | 1.65 | $ | 3.19 | $ | 2.80 | $ | 1.63 | $ | — | $ | 7.60 | ||||||||||||||||||
| Income from continuing operations | $ | 0.65 | $ | 0.13 | $ | 0.51 | $ | 0.05 | $ | 1.35 | $ | 0.05 | $ | 2.76 | $ | 1.63 | $ | 4.44 | ||||||||||||||||||||
| Discontinued operations, net | 0.12 | 0.13 | 0.14 | (0.12) | 0.26 | 3.08 | (0.01) | (0.02) | 3.05 | |||||||||||||||||||||||||||||
| DILUTED EARNINGS PER COMMON SHARE | $ | 0.77 | $ | 0.26 | $ | 0.65 | $ | (0.07) | $ | 1.61 | $ | 3.13 | $ | 2.75 | $ | 1.61 | $ | — | $ | 7.49 | ||||||||||||||||||
| DIVIDENDS PER COMMON SHARE | $ | 0.24 | $ | 0.24 | $ | 0.24 | $ | 0.24 | $ | 0.96 | $ | 0.26 | $ | 0.26 | $ | 0.28 | $ | 0.80 | ||||||||||||||||||||
| AVERAGE COMMON SHARES OUTSTANDING | ||||||||||||||||||||||||||||||||||||||
| BASIC | 941.3 | 985.1 | 986.4 | 988.0 | 975.5 | 989.8 | 997.1 | 1,001.1 | 996.3 | |||||||||||||||||||||||||||||
| DILUTED | 982.9 | 1,010.4 | 1,003.1 | 1,002.9 | 1,000.1 | 1,006.9 | 1,012.2 | 1,012.8 | 1,010.9 | |||||||||||||||||||||||||||||
| INCOME TAX BENEFIT (EXPENSE) - CONTINUING OPERATIONS | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||||
| CURRENT | ||||||||||||||||||||||||||||||||||||||
| Federal | $ | (330) | $ | (57) | $ | 20 | $ | 60 | $ | (307) | $ | 10 | $ | 19 | $ | (387) | $ | (358) | ||||||||||||||||||||
| State and local | (13) | (4) | 6 | 11 | — | 2 | (5) | (7) | (10) | |||||||||||||||||||||||||||||
| International | (129) | (173) | (153) | (132) | (587) | (116) | (222) | (202) | (540) | |||||||||||||||||||||||||||||
| Total | (472) | (234) | (127) | (61) | (894) | (104) | (208) | (596) | — | (908) | ||||||||||||||||||||||||||||
| DEFERRED | ||||||||||||||||||||||||||||||||||||||
| Federal | 139 | 39 | (142) | (135) | $ | (99) | (28) | (650) | (32) | $ | (710) | |||||||||||||||||||||||||||
| State and local | 4 | (1) | (4) | (30) | (31) | (3) | (27) | (1) | (31) | |||||||||||||||||||||||||||||
| International | (18) | (26) | (6) | 53 | 3 | (19) | (30) | 75 | 26 | |||||||||||||||||||||||||||||
| Total | 125 | 12 | (152) | (112) | (127) | (50) | (707) | 42 | — | (715) | ||||||||||||||||||||||||||||
| TOTAL INCOME TAX EXPENSE - CONTINUING OPERATIONS | $ | (347) | $ | (222) | $ | (279) | $ | (173) | $ | (1,021) | $ | (154) | $ | (915) | $ | (554) | $ | — | $ | (1,623) | ||||||||||||||||||
| ADJUSTED G&A, OTHER OPERATING AND NON-OPERATING EXPENSES (NON-GAAP) | ||||||||||||||||||||||||||||||||||||||
| General and administrative expense | $ | 241 | $ | 257 | $ | 238 | $ | 250 | $ | 986 | $ | 245 | $ | 262 | $ | 224 | $ | — | $ | 731 | ||||||||||||||||||
| Other operating and non-operating expense | 326 | 445 | 357 | 428 | 1,556 | 356 | 332 | 415 | — | 1,103 | ||||||||||||||||||||||||||||
| Total G&A, Other Operating and Non-Operating Expenses (GAAP) | 567 | 702 | 595 | 678 | 2,542 | 601 | 594 | 639 | — | 1,834 | ||||||||||||||||||||||||||||
| Less: Items Affecting Comparability | — | (65) | — | — | (65) | — | — | (48) | — | (48) | ||||||||||||||||||||||||||||
Adjusted G&A, Other Operating and Non-Operating Expenses (NON-GAAP) (a) | $ | 567 | $ | 637 | $ | 595 | $ | 678 | $ | 2,477 | $ | 601 | $ | 594 | $ | 591 | $ | — | $ | 1,786 | ||||||||||||||||||
(a) Non-GAAP Measures. Adjusted G&A, other operating and non-operating expenses is a non-GAAP measure. Occidental defines adjusted G&A, other operating and non-operating expenses as the sum of general and administrative expense and other operating and non-operating expense less items affecting comparability. | ||||||||||||||||||||||||||||||||||||||
SCHEDULE 5
Occidental Petroleum Corporation
Consolidated Condensed Balance Sheets
(amounts in millions)
| 2025 | 2026 | ||||||||||||||||||||||||||||
| MAR | JUN | SEP | DEC | MAR | JUN | SEP | DEC | ||||||||||||||||||||||
| CURRENT ASSETS | |||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 2,604 | $ | 2,314 | $ | 2,141 | $ | 1,968 | $ | 3,811 | $ | 4,150 | $ | 3,884 | |||||||||||||||
| Trade receivables, net | 2,858 | 2,718 | 2,489 | 2,575 | 3,677 | 3,142 | 3,473 | ||||||||||||||||||||||
| Joint interest receivables | 657 | 638 | 667 | 684 | 791 | 902 | 935 | ||||||||||||||||||||||
| Inventories | 1,751 | 1,493 | 1,720 | 1,823 | 1,862 | 2,185 | 2,040 | ||||||||||||||||||||||
| Other current assets | 541 | 561 | 589 | 601 | 933 | 753 | 673 | ||||||||||||||||||||||
| Assets held for sale | 1,305 | 1,253 | 1,206 | 1,176 | — | — | — | ||||||||||||||||||||||
| Total current assets | 9,716 | 8,977 | 8,812 | 8,827 | 11,074 | 11,132 | 11,005 | — | |||||||||||||||||||||
| PROPERTY, PLANT AND EQUIPMENT | |||||||||||||||||||||||||||||
| Gross property, plant and equipment | 132,792 | 134,215 | 135,670 | 137,753 | 138,123 | 134,409 | 135,608 | ||||||||||||||||||||||
| Accumulated depreciation, depletion and amortization | (68,239) | (69,835) | (72,337) | (74,110) | (75,007) | (71,809) | (73,271) | ||||||||||||||||||||||
| Net property, plant and equipment | 64,553 | 64,380 | 63,333 | 63,643 | 63,116 | 62,600 | 62,337 | — | |||||||||||||||||||||
| OPERATING LEASE ASSETS | 733 | 962 | 952 | 908 | 890 | 829 | 732 | ||||||||||||||||||||||
| INVESTMENTS IN UNCONSOLIDATED ENTITIES | 2,616 | 2,450 | 2,505 | 2,475 | 2,341 | 2,569 | 2,505 | ||||||||||||||||||||||
| NON-CURRENT ASSETS HELD FOR SALE | 4,587 | 4,829 | 5,005 | 5,344 | — | — | — | ||||||||||||||||||||||
| OTHER LONG-TERM ASSETS | 2,762 | 2,762 | 2,865 | 2,989 | 3,043 | 3,228 | 3,225 | ||||||||||||||||||||||
| TOTAL ASSETS | $ | 84,967 | $ | 84,360 | $ | 83,472 | $ | 84,186 | $ | 80,464 | $ | 80,358 | $ | 79,804 | $ | — | |||||||||||||
| CURRENT LIABILITIES | |||||||||||||||||||||||||||||
| Current maturities of long-term debt | $ | 1,557 | $ | 433 | $ | 1,613 | $ | 1,773 | $ | 424 | $ | 203 | $ | 205 | |||||||||||||||
| Accounts payable | 3,432 | 3,474 | 3,200 | 3,285 | 3,776 | 3,572 | 3,578 | ||||||||||||||||||||||
| Accrued liabilities | 3,921 | 3,961 | 3,896 | 3,592 | 4,953 | 4,117 | 4,164 | ||||||||||||||||||||||
| Liabilities held for sale | 713 | 696 | 712 | 778 | — | — | — | ||||||||||||||||||||||
| Total current liabilities | 9,623 | 8,564 | 9,421 | 9,428 | 9,153 | 7,892 | 7,947 | — | |||||||||||||||||||||
| LONG-TERM DEBT, NET | 24,038 | 23,343 | 20,825 | 20,623 | 15,247 | 13,540 | 11,625 | ||||||||||||||||||||||
| DEFERRED CREDITS AND OTHER LIABILITIES | |||||||||||||||||||||||||||||
| Deferred income taxes, net | 5,263 | 5,245 | 5,402 | 5,636 | 5,033 | 5,671 | 5,646 | ||||||||||||||||||||||
| Asset retirement obligations | 3,733 | 3,703 | 3,732 | 4,172 | 4,128 | 3,656 | 3,654 | ||||||||||||||||||||||
| Non-current liabilities held for sale | 351 | 382 | 397 | 418 | — | — | — | ||||||||||||||||||||||
| Other deferred credits and liabilities | 6,854 | 6,947 | 6,929 | 7,311 | 7,343 | 7,218 | 7,128 | ||||||||||||||||||||||
| Total deferred credits and other liabilities | 16,201 | 16,277 | 16,460 | 17,537 | 16,504 | 16,545 | 16,428 | — | |||||||||||||||||||||
| EQUITY | |||||||||||||||||||||||||||||
| Preferred stock, $1.00 per share par value | 8,287 | 8,287 | 8,287 | 8,287 | 8,287 | 8,287 | 8,287 | ||||||||||||||||||||||
| Common stock, $0.20 per share par value | 234 | 243 | 243 | 243 | 244 | 246 | 246 | ||||||||||||||||||||||
| Treasury stock | (15,597) | (15,597) | (15,597) | (15,597) | (15,676) | (15,714) | (15,804) | ||||||||||||||||||||||
| Additional paid-in capital | 19,892 | 20,849 | 20,926 | 21,008 | 21,077 | 21,386 | 21,486 | ||||||||||||||||||||||
| Retained earnings | 21,726 | 21,776 | 22,198 | 21,891 | 24,806 | 27,350 | 28,704 | ||||||||||||||||||||||
| Accumulated other comprehensive income | 170 | 164 | 204 | 202 | 194 | 191 | 246 | ||||||||||||||||||||||
| Total stockholders' equity | 34,712 | 35,722 | 36,261 | 36,034 | 38,932 | 41,746 | 43,165 | — | |||||||||||||||||||||
| Noncontrolling interest | 393 | 454 | 505 | 564 | 628 | 635 | 639 | ||||||||||||||||||||||
| Total equity | 35,105 | 36,176 | 36,766 | 36,598 | 39,560 | 42,381 | 43,804 | — | |||||||||||||||||||||
| TOTAL LIABILITIES AND EQUITY | $ | 84,967 | $ | 84,360 | $ | 83,472 | $ | 84,186 | $ | 80,464 | $ | 80,358 | $ | 79,804 | $ | — | |||||||||||||
SCHEDULE 6a
Occidental Petroleum Corporation
Consolidated Condensed Statements of Cash Flows
(amounts in millions)
| 2025 | 2026 | ||||||||||||||||||||||||||||||||||
| Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||
| CASH FLOW FROM OPERATING ACTIVITIES | |||||||||||||||||||||||||||||||||||
| Net income | $ | 945 | $ | 468 | $ | 842 | $ | 114 | $ | 2,369 | $ | 3,359 | $ | 2,996 | $ | 1,821 | $ | — | $ | 8,176 | |||||||||||||||
| Adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||||||||||||||||
| Discontinued operations, net | (115) | (130) | (136) | 119 | (262) | (3,123) | 4 | 20 | (3,099) | ||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 1,804 | 1,823 | 1,947 | 1,959 | 7,533 | 1,794 | 1,847 | 1,783 | 5,424 | ||||||||||||||||||||||||||
| Deferred income tax provision (benefit) | (125) | (12) | 152 | 112 | 127 | 50 | 707 | (42) | 715 | ||||||||||||||||||||||||||
| Asset impairments and other charges | — | — | — | 21 | 21 | 105 | — | 27 | 132 | ||||||||||||||||||||||||||
| Losses (gains) on sales of assets and other, net | 19 | 5 | (34) | (253) | (263) | 202 | (180) | 16 | 38 | ||||||||||||||||||||||||||
| Undistributed losses from equity investments | 46 | 183 | 33 | 357 | 619 | 31 | 31 | 36 | 98 | ||||||||||||||||||||||||||
| Dry hole expense | 17 | 46 | 36 | 10 | 109 | 77 | (2) | 3 | 78 | ||||||||||||||||||||||||||
| Other noncash charges to income, net | 180 | 25 | 109 | 106 | 420 | 756 | (793) | 437 | 400 | ||||||||||||||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||||||
| (Increase) decrease in trade receivables | (19) | 140 | 226 | (95) | 252 | (1,101) | 535 | (332) | (898) | ||||||||||||||||||||||||||
| (Increase) decrease in inventories | — | 286 | (211) | (63) | 12 | (26) | (308) | 160 | (174) | ||||||||||||||||||||||||||
| (Increase) decrease in joint interest receivables and other current assets | (3) | 29 | (100) | 12 | (62) | (285) | 113 | (59) | (231) | ||||||||||||||||||||||||||
| Increase (decrease) in accounts payable and accrued liabilities | (766) | 108 | (439) | 133 | (964) | (482) | 168 | (49) | (363) | ||||||||||||||||||||||||||
| Increase (decrease) in current domestic and foreign income taxes | 49 | (242) | 22 | (134) | (305) | 35 | (32) | 307 | 310 | ||||||||||||||||||||||||||
| Operating cash flow from continuing operations | 2,032 | 2,729 | 2,447 | 2,398 | 9,606 | 1,392 | 5,086 | 4,128 | — | 10,606 | |||||||||||||||||||||||||
| Operating cash flow from discontinued operations | 116 | 231 | 343 | 236 | 926 | (111) | (815) | (456) | (1,382) | ||||||||||||||||||||||||||
| Net cash provided by operating activities | 2,148 | 2,960 | 2,790 | 2,634 | 10,532 | 1,281 | 4,271 | 3,672 | — | 9,224 | |||||||||||||||||||||||||
| CASH FLOW FROM INVESTING ACTIVITIES | |||||||||||||||||||||||||||||||||||
| Capital expenditures | (1,682) | (1,705) | (1,512) | (1,528) | (6,427) | (1,554) | (1,589) | (1,322) | (4,465) | ||||||||||||||||||||||||||
| Change in capital accrual | 50 | (24) | (68) | 74 | 32 | (25) | (40) | (94) | (159) | ||||||||||||||||||||||||||
| Purchases of assets, businesses and equity investments, net | (52) | (56) | (123) | (49) | (280) | (25) | (69) | (147) | (241) | ||||||||||||||||||||||||||
| Proceeds from sale of assets and equity investments, net | 1,306 | 144 | 780 | 48 | 2,278 | 57 | 14 | 38 | 109 | ||||||||||||||||||||||||||
| Equity investments and other, net | (75) | (74) | (60) | (77) | (286) | (66) | (98) | (34) | (198) | ||||||||||||||||||||||||||
| Investing cash flow from continuing operations | (453) | (1,715) | (983) | (1,532) | (4,683) | (1,613) | (1,782) | (1,559) | — | (4,954) | |||||||||||||||||||||||||
| Investing cash flow from discontinued operations | (278) | (284) | (276) | (278) | (1,116) | 9,461 | — | (31) | 9,430 | ||||||||||||||||||||||||||
| Net cash provided (used) by investing activities | (731) | (1,999) | (1,259) | (1,810) | (5,799) | 7,848 | (1,782) | (1,590) | — | 4,476 | |||||||||||||||||||||||||
| FINANCING CASH FLOW | |||||||||||||||||||||||||||||||||||
| Payments of debt | (518) | (1,762) | (1,304) | (170) | (3,754) | (6,903) | (1,792) | (1,819) | (10,514) | ||||||||||||||||||||||||||
| Cash dividends paid on common and preferred stock | (380) | (398) | (408) | (408) | (1,594) | (409) | (430) | (432) | (1,271) | ||||||||||||||||||||||||||
| Proceeds from issuance of common stock | 25 | 906 | 17 | 18 | 966 | 95 | 200 | 36 | 331 | ||||||||||||||||||||||||||
| Purchases of treasury stock | — | — | — | — | — | (56) | (61) | (90) | (207) | ||||||||||||||||||||||||||
| Contributions from (distributions to) noncontrolling interests, net | 63 | 51 | 39 | 47 | 200 | 50 | (12) | (11) | 27 | ||||||||||||||||||||||||||
| Deferred payments for purchases of assets and businesses | — | — | — | (417) | (417) | — | — | — | — | ||||||||||||||||||||||||||
| Other financing, net | (118) | (40) | (37) | (41) | (236) | (105) | (53) | (52) | (210) | ||||||||||||||||||||||||||
| Financing cash flow from continuing operations | (928) | (1,243) | (1,693) | (971) | (4,835) | (7,328) | (2,148) | (2,368) | — | (11,844) | |||||||||||||||||||||||||
| Financing cash flow from discontinued operations | (4) | — | (2) | (3) | (9) | — | — | — | — | ||||||||||||||||||||||||||
| Net cash used by financing activities | (932) | (1,243) | (1,695) | (974) | (4,844) | (7,328) | (2,148) | (2,368) | — | (11,844) | |||||||||||||||||||||||||
| Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 485 | (282) | (164) | (150) | (111) | 1,801 | 341 | (286) | 1,856 | ||||||||||||||||||||||||||
| Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period | 2,157 | 2,642 | 2,360 | 2,196 | 2,157 | 2,046 | 3,847 | 4,188 | 2,046 | ||||||||||||||||||||||||||
| Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period | $ | 2,642 | $ | 2,360 | $ | 2,196 | $ | 2,046 | $ | 2,046 | $ | 3,847 | $ | 4,188 | $ | 3,902 | $ | 3,902 | |||||||||||||||||
SCHEDULE 6b
Occidental Petroleum Corporation
Detail of Free Cash Flow, Capital Expenditures and Depreciation, Depletion and Amortization
(amounts in millions)
| 2025 | 2026 | ||||||||||||||||||||||||||||||||||
| Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||
Free Cash Flow Before Working Capital - Continuing Operations (Non-GAAP) | |||||||||||||||||||||||||||||||||||
| Operating cash flow from continuing operations (GAAP) | $ | 2,032 | $ | 2,729 | $ | 2,447 | $ | 2,398 | $ | 9,606 | $ | 1,392 | $ | 5,086 | $ | 4,128 | $ | — | $ | 10,606 | |||||||||||||||
| Plus: Working capital and other, net - continuing operations | 739 | (321) | 502 | 147 | 1,067 | 1,859 | (476) | (27) | — | 1,356 | |||||||||||||||||||||||||
| Operating cash flow from continuing operations before working capital (Non-GAAP) | 2,771 | 2,408 | 2,949 | 2,545 | 10,673 | 3,251 | 4,610 | 4,101 | — | 11,962 | |||||||||||||||||||||||||
| Less: Capital expenditures, net of noncontrolling interest - continuing operations (Non-GAAP) | (1,619) | (1,654) | (1,473) | (1,481) | (6,227) | (1,504) | (1,589) | (1,322) | — | (4,415) | |||||||||||||||||||||||||
| Free Cash Flow Before Working Capital - Continuing Operations (Non-GAAP) | $ | 1,152 | $ | 754 | $ | 1,476 | $ | 1,064 | $ | 4,446 | $ | 1,747 | $ | 3,021 | $ | 2,779 | $ | — | $ | 7,547 | |||||||||||||||
| Capital Expenditures, Net of Noncontrolling Interest - Continuing Operations (Non-GAAP) | |||||||||||||||||||||||||||||||||||
| Oil & Gas | $ | (1,546) | $ | (1,517) | $ | (1,299) | $ | (1,253) | $ | (5,615) | $ | (1,380) | $ | (1,458) | $ | (1,232) | $ | — | $ | (4,070) | |||||||||||||||
| Midstream & Marketing | (129) | (168) | (187) | (236) | (720) | (165) | (115) | (73) | — | (353) | |||||||||||||||||||||||||
| Corporate | (7) | (20) | (26) | (39) | (92) | (9) | (16) | (17) | — | (42) | |||||||||||||||||||||||||
| Total Capital Expenditures - Continuing Operations (GAAP) | (1,682) | (1,705) | (1,512) | (1,528) | (6,427) | (1,554) | (1,589) | (1,322) | — | (4,465) | |||||||||||||||||||||||||
| Contributions from noncontrolling interests | 63 | 51 | 39 | 47 | 200 | 50 | — | — | — | 50 | |||||||||||||||||||||||||
| Capital Expenditures, Net of Noncontrolling Interest - Continuing Operations (Non-GAAP) | $ | (1,619) | $ | (1,654) | $ | (1,473) | $ | (1,481) | $ | (6,227) | $ | (1,504) | $ | (1,589) | $ | (1,322) | $ | — | $ | (4,415) | |||||||||||||||
| Depreciation, Depletion and Amortization - Continuing Operations | |||||||||||||||||||||||||||||||||||
| Oil & Gas | |||||||||||||||||||||||||||||||||||
| United States | $ | 1,582 | $ | 1,590 | $ | 1,703 | $ | 1,725 | $ | 6,600 | $ | 1,560 | $ | 1,619 | $ | 1,545 | $ | — | $ | 4,724 | |||||||||||||||
| International | 120 | 128 | 139 | 128 | 515 | 130 | 126 | 134 | — | 390 | |||||||||||||||||||||||||
| Midstream & Marketing | 73 | 74 | 74 | 73 | 294 | 71 | 68 | 72 | — | 211 | |||||||||||||||||||||||||
| Corporate | 29 | 31 | 31 | 33 | 124 | 33 | 34 | 32 | — | 99 | |||||||||||||||||||||||||
| Depreciation, Depletion and Amortization - Continuing Operations | $ | 1,804 | $ | 1,823 | $ | 1,947 | $ | 1,959 | $ | 7,533 | $ | 1,794 | $ | 1,847 | $ | 1,783 | $ | — | $ | 5,424 | |||||||||||||||
| Non-GAAP Measures. Operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations and free cash flow before working capital - continuing operations are non-GAAP measures. Occidental defines operating cash flow before working capital - continuing operations as operating cash flow less working capital from continuing operations. Capital expenditures, net of noncontrolling interest - continuing operations is defined as capital expenditures from continuing operations less contributions from noncontrolling interest. Free cash flow before working capital - continuing operations is defined as operating cash flow before working capital - continuing operations less capital expenditures, net of noncontrolling interest - continuing operations. 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 - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations and free cash flow before working capital - continuing operations are not considered to be alternatives to operating cash flow and capital expenditures reported in accordance with GAAP. | |||||||||||||||||||||||||||||||||||
SCHEDULE 7
Occidental Petroleum Corporation
Oil & Gas Net Production Volumes Per Day by Geographic Locations
TOTAL REPORTED PRODUCTION
| 2025 | 2026 | ||||||||||||||||||||||||||||||||||
| REPORTED NET MBOE VOLUMES PER DAY: | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| United States | |||||||||||||||||||||||||||||||||||
| Permian | 754 | 770 | 800 | 818 | 786 | 787 | 804 | 812 | 801 | ||||||||||||||||||||||||||
| Rockies & Other Domestic | 292 | 272 | 288 | 284 | 284 | 281 | 280 | 281 | 281 | ||||||||||||||||||||||||||
| Gulf of America | 121 | 125 | 139 | 144 | 132 | 138 | 144 | 110 | 130 | ||||||||||||||||||||||||||
| Total | 1,167 | 1,167 | 1,227 | 1,246 | 1,202 | 1,206 | 1,228 | 1,203 | — | 1,212 | |||||||||||||||||||||||||
| International | |||||||||||||||||||||||||||||||||||
| Algeria and Other International | 33 | 31 | 30 | 31 | 31 | 28 | 27 | 26 | 27 | ||||||||||||||||||||||||||
| Al Hosn | 90 | 84 | 93 | 91 | 89 | 86 | 74 | 94 | 85 | ||||||||||||||||||||||||||
| Dolphin | 36 | 42 | 41 | 41 | 40 | 35 | 36 | 36 | 36 | ||||||||||||||||||||||||||
| Oman | 65 | 76 | 74 | 72 | 72 | 71 | 68 | 68 | 69 | ||||||||||||||||||||||||||
| Total | 224 | 233 | 238 | 235 | 232 | 220 | 205 | 224 | — | 217 | |||||||||||||||||||||||||
| TOTAL REPORTED PRODUCTION | 1,391 | 1,400 | 1,465 | 1,481 | 1,434 | 1,426 | 1,433 | 1,427 | — | 1,429 | |||||||||||||||||||||||||
| REPORTED NET PRODUCTION | |||||||||||||||||||||||||||||||||||
| VOLUMES PER DAY BY COMMODITY: | |||||||||||||||||||||||||||||||||||
| United States | |||||||||||||||||||||||||||||||||||
| Oil (MBBL) | |||||||||||||||||||||||||||||||||||
| Permian | 404 | 410 | 422 | 427 | 416 | 408 | 407 | 410 | 408 | ||||||||||||||||||||||||||
| Rockies & Other Domestic | 95 | 88 | 95 | 88 | 92 | 88 | 86 | 91 | 89 | ||||||||||||||||||||||||||
| Gulf of America | 102 | 106 | 117 | 121 | 112 | 116 | 121 | 93 | 110 | ||||||||||||||||||||||||||
| Total | 601 | 604 | 634 | 636 | 620 | 612 | 614 | 594 | — | 607 | |||||||||||||||||||||||||
| NGL (MBBL) | |||||||||||||||||||||||||||||||||||
| Permian | 188 | 196 | 208 | 213 | 201 | 204 | 213 | 212 | 209 | ||||||||||||||||||||||||||
| Rockies & Other Domestic | 77 | 74 | 80 | 79 | 78 | 78 | 79 | 80 | 80 | ||||||||||||||||||||||||||
| Gulf of America | 8 | 9 | 10 | 10 | 9 | 10 | 11 | 8 | 9 | ||||||||||||||||||||||||||
| Total | 273 | 279 | 298 | 302 | 288 | 292 | 303 | 300 | — | 298 | |||||||||||||||||||||||||
| Natural Gas (MMCF) | |||||||||||||||||||||||||||||||||||
| Permian | 974 | 982 | 1,019 | 1,069 | 1,011 | 1,052 | 1,106 | 1,140 | 1,101 | ||||||||||||||||||||||||||
| Rockies & Other Domestic | 718 | 659 | 678 | 700 | 686 | 687 | 687 | 659 | 674 | ||||||||||||||||||||||||||
| Gulf of America | 64 | 60 | 73 | 78 | 68 | 74 | 74 | 53 | 67 | ||||||||||||||||||||||||||
| Total | 1,756 | 1,701 | 1,770 | 1,847 | 1,765 | 1,813 | 1,867 | 1,852 | — | 1,842 | |||||||||||||||||||||||||
| International | |||||||||||||||||||||||||||||||||||
| Oil (MBBL) | |||||||||||||||||||||||||||||||||||
| Algeria and Other International | 27 | 26 | 25 | 26 | 26 | 23 | 21 | 21 | 22 | ||||||||||||||||||||||||||
| Al Hosn | 15 | 14 | 16 | 16 | 15 | 14 | 13 | 16 | 14 | ||||||||||||||||||||||||||
| Dolphin | 6 | 7 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | ||||||||||||||||||||||||||
| Oman | 55 | 66 | 65 | 63 | 62 | 62 | 59 | 60 | 60 | ||||||||||||||||||||||||||
| Total | 103 | 113 | 112 | 111 | 109 | 105 | 99 | 103 | — | 102 | |||||||||||||||||||||||||
| NGL (MBBL) | |||||||||||||||||||||||||||||||||||
| Algeria and Other International | 3 | 3 | 2 | 2 | 3 | 2 | 3 | 3 | 3 | ||||||||||||||||||||||||||
| Al Hosn | 28 | 26 | 29 | 28 | 27 | 27 | 22 | 28 | 26 | ||||||||||||||||||||||||||
| Dolphin | 8 | 8 | 8 | 8 | 8 | 7 | 5 | 3 | 5 | ||||||||||||||||||||||||||
| Total | 39 | 37 | 39 | 38 | 38 | 36 | 30 | 34 | — | 34 | |||||||||||||||||||||||||
| Natural Gas (MMCF) | |||||||||||||||||||||||||||||||||||
| Algeria and Other International | 17 | 14 | 16 | 15 | 15 | 14 | 14 | 13 | 14 | ||||||||||||||||||||||||||
| Al Hosn | 284 | 263 | 296 | 285 | 283 | 268 | 235 | 298 | 267 | ||||||||||||||||||||||||||
| Dolphin | 134 | 162 | 159 | 159 | 154 | 137 | 153 | 160 | 150 | ||||||||||||||||||||||||||
| Oman | 58 | 60 | 57 | 55 | 56 | 55 | 54 | 50 | 54 | ||||||||||||||||||||||||||
| Total | 493 | 499 | 528 | 514 | 508 | 474 | 456 | 521 | — | 485 | |||||||||||||||||||||||||
SCHEDULE 8
Occidental Petroleum Corporation
Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographic Locations
| 2025 | 2026 | ||||||||||||||||||||||||||||||||||
| NET SALES MBOE VOLUMES PER DAY: | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| United States | 1,167 | 1,167 | 1,227 | 1,246 | 1,202 | 1,206 | 1,228 | 1,203 | 1,212 | ||||||||||||||||||||||||||
| International | |||||||||||||||||||||||||||||||||||
| Algeria and Other International | 34 | 31 | 30 | 30 | 31 | 30 | 27 | 26 | 28 | ||||||||||||||||||||||||||
| Al Hosn | 90 | 84 | 93 | 91 | 90 | 86 | 74 | 94 | 85 | ||||||||||||||||||||||||||
| Dolphin | 36 | 42 | 41 | 41 | 40 | 35 | 35 | 37 | 36 | ||||||||||||||||||||||||||
| Oman | 64 | 73 | 77 | 72 | 71 | 71 | 69 | 68 | 69 | ||||||||||||||||||||||||||
| Total | 224 | 230 | 241 | 234 | 232 | 222 | 205 | 225 | — | 218 | |||||||||||||||||||||||||
| TOTAL REPORTED SALES | 1,391 | 1,397 | 1,468 | 1,480 | 1,434 | 1,428 | 1,433 | 1,428 | — | 1,430 | |||||||||||||||||||||||||
| REALIZED PRICES | |||||||||||||||||||||||||||||||||||
| United States | |||||||||||||||||||||||||||||||||||
| Oil ($/BBL) | $ | 70.80 | $ | 62.83 | $ | 64.55 | $ | 58.28 | $ | 64.01 | $ | 70.31 | $ | 96.93 | $ | 85.93 | $ | 84.45 | |||||||||||||||||
| NGL ($/BBL) | $ | 25.67 | $ | 20.05 | $ | 18.98 | $ | 15.79 | $ | 19.96 | $ | 18.45 | $ | 23.79 | $ | 24.10 | $ | 22.17 | |||||||||||||||||
| Natural Gas ($/MCF) | $ | 2.42 | $ | 1.33 | $ | 1.48 | $ | 1.12 | $ | 1.58 | $ | 1.01 | $ | (1.48) | $ | 1.61 | $ | 0.37 | |||||||||||||||||
| International | |||||||||||||||||||||||||||||||||||
| Oil ($/BBL) | $ | 72.59 | $ | 68.88 | $ | 66.03 | $ | 64.68 | $ | 67.93 | $ | 67.59 | $ | 95.83 | $ | 85.80 | $ | 82.82 | |||||||||||||||||
| NGL ($/BBL) | $ | 27.85 | $ | 25.72 | $ | 24.40 | $ | 23.78 | $ | 25.43 | $ | 23.52 | $ | 33.49 | $ | 29.11 | $ | 28.45 | |||||||||||||||||
| Natural Gas ($/MCF) | $ | 1.90 | $ | 1.90 | $ | 1.89 | $ | 1.87 | $ | 1.89 | $ | 1.93 | $ | 1.95 | $ | 2.00 | $ | 1.96 | |||||||||||||||||
| Total Worldwide | |||||||||||||||||||||||||||||||||||
| Oil ($/BBL) | $ | 71.07 | $ | 63.76 | $ | 64.78 | $ | 59.22 | $ | 64.60 | $ | 69.91 | $ | 96.78 | $ | 85.91 | $ | 84.21 | |||||||||||||||||
| NGL ($/BBL) | $ | 25.94 | $ | 20.71 | $ | 19.60 | $ | 16.68 | $ | 20.60 | $ | 18.99 | $ | 24.64 | $ | 24.63 | $ | 22.80 | |||||||||||||||||
| Natural Gas ($/MCF) | $ | 2.30 | $ | 1.46 | $ | 1.57 | $ | 1.29 | $ | 1.65 | $ | 1.20 | $ | (0.80) | $ | 1.69 | $ | 0.70 | |||||||||||||||||
| Index Prices | |||||||||||||||||||||||||||||||||||
| WTI Oil ($/BBL) | $ | 71.42 | $ | 63.74 | $ | 64.93 | $ | 59.14 | $ | 64.81 | $ | 71.93 | $ | 92.79 | $ | 85.79 | $ | 83.50 | |||||||||||||||||
| Brent Oil ($/BBL) | $ | 74.89 | $ | 66.59 | $ | 68.14 | $ | 63.09 | $ | 68.18 | $ | 77.93 | $ | 97.06 | $ | 91.62 | $ | 88.87 | |||||||||||||||||
| NYMEX Natural Gas ($/MCF) | $ | 3.62 | $ | 3.68 | $ | 3.28 | $ | 3.61 | $ | 3.55 | $ | 3.93 | $ | 2.89 | $ | 2.97 | $ | 3.26 | |||||||||||||||||
| Percentage of Index Prices | |||||||||||||||||||||||||||||||||||
| Worldwide Oil as a percentage of WTI | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 97 | % | 104 | % | 100 | % | 101 | % | |||||||||||||||||
| Worldwide Oil as a percentage of Brent | 95 | % | 96 | % | 95 | % | 94 | % | 95 | % | 90 | % | 100 | % | 94 | % | 95 | % | |||||||||||||||||
| Worldwide NGL as a percentage of WTI | 36 | % | 32 | % | 30 | % | 28 | % | 32 | % | 26 | % | 27 | % | 29 | % | 27 | % | |||||||||||||||||
| Worldwide NGL as a percentage of Brent | 35 | % | 31 | % | 29 | % | 26 | % | 30 | % | 24 | % | 25 | % | 27 | % | 26 | % | |||||||||||||||||
| Domestic Natural Gas as a percentage of NYMEX | 67 | % | 36 | % | 45 | % | 31 | % | 45 | % | 26 | % | -51 | % | 54 | % | 11 | % | |||||||||||||||||
SCHEDULE 9
Occidental Petroleum Corporation
Oil & Gas Metrics
| 2025 | 2026 | ||||||||||||||||||||||||||||||||||
| Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||
| Lease operating expenses ($/BOE) | |||||||||||||||||||||||||||||||||||
| United States | $ | 9.05 | $ | 8.55 | $ | 8.11 | $ | 7.77 | $ | 8.35 | $ | 7.85 | $ | 7.80 | $ | 8.54 | $ | 8.06 | |||||||||||||||||
| International | $ | 13.20 | $ | 10.82 | $ | 11.65 | $ | 12.26 | $ | 11.97 | $ | 13.30 | $ | 13.20 | $ | 11.93 | $ | 12.79 | |||||||||||||||||
| Total Oil and Gas | $ | 9.72 | $ | 8.93 | $ | 8.69 | $ | 8.48 | $ | 8.94 | $ | 8.70 | $ | 8.57 | $ | 9.07 | $ | 8.78 | |||||||||||||||||
| Transportation costs ($/BOE) | |||||||||||||||||||||||||||||||||||
| United States | $ | 3.73 | $ | 3.65 | $ | 3.49 | $ | 3.44 | $ | 3.58 | $ | 3.46 | $ | 3.41 | $ | 3.24 | $ | 3.37 | |||||||||||||||||
| Total Oil and Gas | $ | 3.25 | $ | 3.17 | $ | 3.03 | $ | 3.01 | $ | 3.11 | $ | 3.04 | $ | 3.03 | $ | 2.83 | $ | 2.97 | |||||||||||||||||
| Taxes other than on income ($/BOE) | |||||||||||||||||||||||||||||||||||
| United States | $ | 2.42 | $ | 2.43 | $ | 2.12 | $ | 2.09 | $ | 2.26 | $ | 2.27 | $ | 2.99 | $ | 2.72 | $ | 2.66 | |||||||||||||||||
| Total Oil and Gas | $ | 2.07 | $ | 2.07 | $ | 1.80 | $ | 1.79 | $ | 1.93 | $ | 1.96 | $ | 2.59 | $ | 2.33 | $ | 2.29 | |||||||||||||||||
| DD&A expense ($/BOE) | |||||||||||||||||||||||||||||||||||
| United States | $ | 15.06 | $ | 14.98 | $ | 15.08 | $ | 15.05 | $ | 15.05 | $ | 14.37 | $ | 14.49 | $ | 13.96 | $ | 14.27 | |||||||||||||||||
| International | $ | 5.93 | $ | 6.10 | $ | 6.27 | $ | 5.98 | $ | 6.07 | $ | 6.51 | $ | 6.75 | $ | 6.49 | $ | 6.58 | |||||||||||||||||
| Total Oil and Gas | $ | 13.59 | $ | 13.52 | $ | 13.63 | $ | 13.62 | $ | 13.59 | $ | 13.15 | $ | 13.38 | $ | 12.78 | $ | 13.10 | |||||||||||||||||
| G&A and other operating expenses ($/BOE) | $ | 2.61 | $ | 3.58 | $ | 2.56 | $ | 2.80 | $ | 2.88 | $ | 2.79 | $ | 2.77 | $ | 2.27 | $ | 2.61 | |||||||||||||||||
| Exploration Expense ($ millions) | |||||||||||||||||||||||||||||||||||
| United States | $ | 18 | $ | 62 | $ | 39 | $ | 18 | $ | 137 | $ | 78 | $ | 20 | $ | 16 | $ | 114 | |||||||||||||||||
| International | 37 | 21 | 27 | 27 | 112 | 32 | 17 | 22 | 71 | ||||||||||||||||||||||||||
| Total Exploration Expense | $ | 55 | $ | 83 | $ | 66 | $ | 45 | $ | 249 | $ | 110 | $ | 37 | $ | 38 | $ | — | $ | 185 | |||||||||||||||
| Capital Expenditures ($ millions) | |||||||||||||||||||||||||||||||||||
| Permian | $ | (900) | $ | (907) | $ | (812) | $ | (748) | $ | (3,367) | $ | (721) | $ | (731) | $ | (747) | $ | (2,199) | |||||||||||||||||
| Rockies & Other Domestic | (236) | (206) | (169) | (207) | (818) | (195) | (231) | (180) | (606) | ||||||||||||||||||||||||||
| Gulf of America | (220) | (189) | (89) | (18) | (516) | (147) | (271) | (88) | (506) | ||||||||||||||||||||||||||
| International | (111) | (125) | (125) | (144) | (505) | (141) | (144) | (130) | (415) | ||||||||||||||||||||||||||
| Exploration Drilling | (79) | (90) | (104) | (136) | (409) | (176) | (81) | (87) | (344) | ||||||||||||||||||||||||||
| Total Oil and Gas | $ | (1,546) | $ | (1,517) | $ | (1,299) | $ | (1,253) | $ | (5,615) | $ | (1,380) | $ | (1,458) | $ | (1,232) | $ | — | $ | (4,070) | |||||||||||||||