Occidental Petroleum Q2 2024: $72B in Assets

TL;DR

OXY Q2 assets hit $72B. Year-end Dec 31.

AI Summary

Occidental Petroleum Corporation reported its Q2 2024 results, with total assets standing at $72.08 billion as of June 30, 2024. The company's fiscal year ends on December 31st. This filing covers the period from January 1, 2024, to June 30, 2024.

Why It Matters

This filing provides a snapshot of Occidental Petroleum's financial health and asset base at the end of the second quarter, crucial for investors assessing the company's scale and stability.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative developments indicated.

Key Numbers

• $72.08B — Total Assets (As of June 30, 2024, indicating the company's overall size.)
• 12/31 — Fiscal Year End (Indicates when the company's financial year concludes.)

Key Players & Entities

• OCCIDENTAL PETROLEUM CORP /DE/ (company) — Filer
• 72.08 billion (dollar_amount) — Total Assets as of June 30, 2024
• 20240630 (date) — End of reporting period
• 20240807 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• oxy-20240630.htm (10-Q) — 1662KB
• exhibit101q224.htm (EX-10.1) — 31KB
• oxy-rcfamendmentno1increme.htm (EX-10.2) — 277KB
• exhibit311-10xq63024.htm (EX-31.1) — 11KB
• exhibit312-10xq63024.htm (EX-31.2) — 10KB
• exhibit321-10xq63024.htm (EX-32.1) — 10KB
• 0000797468-24-000136.txt ( ) — 9263KB
• oxy-20240630.xsd (EX-101.SCH) — 62KB
• oxy-20240630_cal.xml (EX-101.CAL) — 106KB
• oxy-20240630_def.xml (EX-101.DEF) — 314KB
• oxy-20240630_lab.xml (EX-101.LAB) — 761KB
• oxy-20240630_pre.xml (EX-101.PRE) — 502KB
• oxy-20240630_htm.xml (XML) — 1458KB

- Financial Information

Part I - Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Consolidated Condensed Balance Sheets — June 30, 2024 and December 31, 2023 2 Consolidated Condensed Statements of Operations — Three and six months ended June 30, 2024 and 2023 4 Consolidated Condensed Statements of Comprehensive Income — Three and six months ended June 30, 2024 and 2023 5 Consolidated Condensed Statements of Cash Flows — Six months ended June 30, 2024 and 2023 6 Consolidated Condensed Statements of Equity — Three and six months ended June 30, 2024 and 2023 7 Notes to Consolidated Condensed Financial Statements Note 1—General 9 Note 2 —Revenue 10 Note 3—Inventor ies 12 Note 4 — L ong-Term Debt 13 Note 5—Acquisitions and Divestitures 15 Note 6—Derivatives 17 Note 7—Income Taxes 19 Note 8—Environmental Liabilities and Expenditures 20 Note 9—Lawsuits, Claims, Commitments and Contingencies 22 Note 10— Earnings Per Share and Equity 24 Note 11—Segments 25

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 26 Cautionary Statement Regarding Forward-Looking Statements 27 Current Business Outlook 28 Consolidated Results of Operations and Items Affecting Comparability 30 Segment Results of Operations 33 Income Taxes 36 Liquidity and Capital Resources 36 Environmental Liabilities and Expenditures 37 Lawsuits, Claims, Commitments and Contingencies 37

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 38

Controls and Procedures

Item 4. Controls and Procedures 38

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 38

Risk Factors

Item 1A. Risk Factors 38

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 39 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 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 acquisition of all of the outstanding partnership interests of CrownRock, L.P. by Occidental 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 thousands of 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 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 VIE variable interest entity WES Western Midstream Partners, LP WES Operating Western Midstream Operating, LP WTI West Texas Intermediate Zero Coupons Zero Coupon senior notes due 2036 2023 Form 10-K Occidental's Annual Report on Form 10-K for the year ended December 31, 2023 1

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Consolidated Condensed Balance Sheets Occidental Petroleum Corporation and Subsidiaries millions June 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,845 $ 1,426 Trade receivables, net of reserves of $ 29 in 2024 and $ 29 in 2023 3,896 3,195 Inventories 2,813 2,022 Other current assets 1,538 1,732 Total current assets 10,092 8,375 INVESTMENTS IN UNCONSOLIDATED ENTITIES 3,460 3,224 PROPERTY, PLANT AND EQUIPMENT Oil and gas 111,881 109,214 Chemical 8,520 8,279 Midstream and marketing 8,730 8,279 Corporate 1,091 1,039 Gross property, plant and equipment 130,222 126,811 Accumulated depreciation, depletion and amortization ( 71,352 ) ( 68,282 ) Net property, plant and equipment 58,870 58,529 OPERATING LEASE ASSETS 1,022 1,130 OTHER LONG-TERM ASSETS 2,772 2,750 TOTAL ASSETS $ 76,216 $ 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 June 30, 2024 December 31, 2023 LIABILITIES AND EQUITY CURRENT LIABILITIES Current maturities of long-term debt $ 1,347 $ 1,202 Current operating lease liabilities 410 446 Accounts payable 4,282 3,646 Accrued liabilities 3,660 3,854 Total current liabilities 9,699 9,148 LONG-TERM DEBT, NET 18,390 18,536 DEFERRED CREDITS AND OTHER LIABILITIES Deferred income taxes, net 5,680 5,764 Asset retirement obligations 3,848 3,882 Pension and postretirement obligations 935 931 Environmental remediation liabilities 857 889 Operating lease liabilities 668 727 Other 3,880 3,782 Total deferred credits and other liabilities 15,868 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: 2

View Full Filing

View this 10-Q filing on SEC EDGAR