Occidental Petroleum Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Occidental Petroleum Corp. filed its Q1 2024 10-Q report detailing financial performance across its key business segments.</b>

AI Summary

OCCIDENTAL PETROLEUM CORP /DE/ (OXY-WT) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Occidental Petroleum Corp. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key segments include Oil and Gas, Chemicals, and Midstream. The company's fiscal year ends on December 31st. The filing includes data related to common stock, preferred stock, and warrants.

Why It Matters

For investors and stakeholders tracking OCCIDENTAL PETROLEUM CORP /DE/, this filing contains several important signals. This 10-Q provides investors with the latest financial performance data for Occidental Petroleum, crucial for understanding its operational health and strategic direction in the current energy market. The detailed segment information (Oil & Gas, Chemicals, Midstream) allows for a granular analysis of where the company is generating revenue and its growth prospects within each sector.

Risk Assessment

Risk Level: — OCCIDENTAL PETROLEUM CORP /DE/ shows moderate risk based on this filing. The filing is a standard quarterly report, but the oil and gas industry is inherently volatile, posing medium-term risks related to commodity prices and geopolitical events.

Analyst Insight

Monitor Occidental Petroleum's revenue and net income trends in the Q1 2024 report to assess performance against previous periods and industry benchmarks.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report)
• 2024-05-07 — Filing Date (10-Q submission)
• 1231 — Fiscal Year End (Annual reporting cycle)

Key Players & Entities

• OCCIDENTAL PETROLEUM CORP /DE/ (company) — Filer
• 2024-03-31 (date) — Period of report
• 2024-05-07 (date) — Filed as of date
• 1311 (industry_code) — Standard Industrial Classification
• 7132157000 (phone_number) — Business phone
• OXY (ticker) — Ticker Symbol

FAQ

Industry Context

Occidental Petroleum operates in the Crude Petroleum & Natural Gas industry, a sector characterized by significant capital investment, commodity price volatility, and regulatory oversight.

Regulatory Implications

The company is subject to various SEC regulations governing financial reporting, including the timely filing of 10-Q and 10-K reports.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for revenue, net income, and cash flow.
2. Analyze segment performance (Oil & Gas, Chemicals, Midstream) to identify growth drivers and potential headwinds.
3. Compare key financial metrics to prior periods and industry peers to assess relative performance.

Key Dates

• 2024-03-31: Quarterly Period End — End of reporting period for the 10-Q
• 2024-05-07: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This filing represents the first quarterly report (10-Q) for Occidental Petroleum in 2024, following the annual report (10-K) filed previously.

Key Financial Figures

• $0.20 — ange on which registered Common Stock, $0.20 par value OXY New York Stock Exchange

Filing Documents

• oxy-20240331.htm (10-Q) — 1209KB
• exhibit1012024_crocexcashr.htm (EX-10.1) — 135KB
• exhibit1022024_tsrxtotalsh.htm (EX-10.2) — 139KB
• exhibit103rsu.htm (EX-10.3) — 126KB
• exhibit104rsuclo.htm (EX-10.4) — 120KB
• exhibit311-10xq33124.htm (EX-31.1) — 11KB
• exhibit312-10xq33124.htm (EX-31.2) — 10KB
• exhibit321-10xq33124.htm (EX-32.1) — 10KB
• 0000797468-24-000095.txt (&nbsp;) — 7766KB
• oxy-20240331.xsd (EX-101.SCH) — 57KB
• oxy-20240331_cal.xml (EX-101.CAL) — 87KB
• oxy-20240331_def.xml (EX-101.DEF) — 257KB
• oxy-20240331_lab.xml (EX-101.LAB) — 675KB
• oxy-20240331_pre.xml (EX-101.PRE) — 433KB
• oxy-20240331_htm.xml (XML) — 1011KB

- Financial Information

Part I - Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Consolidated Condensed Balance Sheets — March 31, 2024 and December 31, 2023 2 Consolidated Condensed Statements of Operations — Three months ended March 31, 2024 and 2023 4 Consolidated Condensed Statements of Comprehensive Income — Three months ended March 31, 2024 and 2023 5 Consolidated Condensed Statements of Cash Flows — Three months ended March 31, 2024 and 2023 6 Consolidated Condensed Statements of Equity — Three months ended March 31, 2024 and 2023 7 Notes to Consolidated Condensed Financial Statements Note 1—General 8 Note 2 —Revenue 9 Note 3—Inventor ies 10 Note 4 —Long-Term Debt 11 Note 5—Acquisitions 13 Note 6—Derivatives 14 Note 7—Income Taxes 16 Note 8—Environmental Liabilities and Expenditures 17 Note 9—Lawsuits, Claims, Commitments and Contingencies 19 Note 10— Earnings Per Share and Equity 21 Note 1 1 —Segments 22

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Cautionary Statement Regarding Forward-Looking Statements 24 Current Business Outlook 25 Consolidated Results of Operations and Items Affecting Comparability 26 Segment Results of Operations 29 Income Taxes 32 Liquidity and Capital Resources 32 Environmental Liabilities and Expenditures 33 Lawsuits, Claims, Commitments and Contingencies 34

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 34

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 34

Other Information

Item 5. Other Information 34

Exhibits

Item 6. Exhibits 35 ABBREVIATIONS USED WITHIN THIS DOCUMENT $/Bbl price per barrel Anadarko Anadarko Petroleum Corporation and its consolidated subsidiaries Andes Andes Petroleum Ecuador Ltd. AOC Administrative Order on Consent Bcf billions of cubic feet Berkshire Hathaway Berkshire Hathaway Inc BlackRock BlackRock Inc., which has formed a joint venture with Occidental on the construction of STRATOS Boe barrels of oil equivalent CERCLA Comprehensive Environmental Response, Compensation, and Liability Act CO 2 carbon dioxide CrownRock Acquisition A pending transaction pursuant to the purchase agreement in which Occidental seeks to acquire all of the outstanding partnership interests of CrownRock, L.P. DASS Diamond Alkali Superfund Site District Court Federal District Court in the State of New Jersey DSCC Diamond Shamrock Chemicals Company DOJ U.S. Department of Justice EPA U.S. Environmental Protection Agency EPS earnings per share HLBV Hypothetical Liquidation at Book Value LIFO last-in, first-out Maxus Maxus Energy Corporation Mbbl thousands of barrels Mboe thousands of barrels equivalent Mboe/d thousands of barrels equivalent per day Mcf thousand cubic feet MMbbl millions of barrels MMcf millions of cubic feet NCI Non-controlling interest NGL natural gas liquids NPL National Priorities List Occidental Occidental Petroleum Corporation, a Delaware corporation and one or more entities in which it owns a controlling interest (subsidiaries) OECD Organization for Economic Cooperation and Development OEPC Occidental Exploration and Production Company OPEC Organization of the Petroleum Exporting Countries OU Operable Unit OU4 UAO Operable Unit 4 Unilateral Administrative Order OxyChem Occidental Chemical Corporation PVC polyvinyl chloride RCF revolving credit facility ROD Record of Decision Second Request Occidental and CrownRock each received a request for additional information and documentary material from the Federal Trade C

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Consolidated Condensed Balance Sheets Occidental Petroleum Corporation and Subsidiaries millions March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,272 $ 1,426 Trade receivables, net of reserves of $ 29 in 2024 and $ 29 in 2023 3,271 3,195 Inventories 2,131 2,022 Other current assets 1,671 1,732 Total current assets 8,345 8,375 INVESTMENTS IN UNCONSOLIDATED ENTITIES 3,400 3,224 PROPERTY, PLANT AND EQUIPMENT Oil and gas 110,680 109,214 Chemical 8,315 8,279 Midstream and marketing 8,487 8,279 Corporate 1,060 1,039 Gross property, plant and equipment 128,542 126,811 Accumulated depreciation, depletion and amortization ( 69,779 ) ( 68,282 ) Net property, plant and equipment 58,763 58,529 OPERATING LEASE ASSETS 1,038 1,130 OTHER LONG-TERM ASSETS 2,731 2,750 TOTAL ASSETS $ 74,277 $ 74,008 The accompanying notes are an integral part of these Consolidated Condensed Financial Statements. 2 Consolidated Condensed Balance Sheets Occidental Petroleum Corporation and Subsidiaries millions, except share and per-share amounts March 31, 2024 December 31, 2023 LIABILITIES AND EQUITY CURRENT LIABILITIES Current maturities of long-term debt $ 1,203 $ 1,202 Current operating lease liabilities 424 446 Accounts payable 3,827 3,646 Accrued liabilities 3,358 3,854 Total current liabilities 8,812 9,148 LONG-TERM DEBT, NET 18,545 18,536 DEFERRED CREDITS AND OTHER LIABILITIES Deferred income taxes, net 5,728 5,764 Asset retirement obligations 3,867 3,882 Pension and postretirement obligations 933 931 Environmental remediation liabilities 870 889 Operating lease liabilities 664 727 Other 3,891 3,782 Total deferred credits and other liabilities 15,953 15,975 EQUITY Preferred stock, at $ 1.00 per share par value: 2024 — 84,897 shares and 2023 — 84,897 shares 8,287 8,287 Common stock, at $ 0.20 per share par value, authorized shares: 1.5 billion, issued shares:

View Full Filing

View this 10-Q filing on SEC EDGAR