oxy-20220510
0000797468FALSE00007974682022-05-102022-05-100000797468us-gaap:CommonStockMember2022-05-102022-05-100000797468oxy:WarrantsToPurchaseCommonStockMember2022-05-102022-05-10

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

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): May 10, 2022
OCCIDENTAL PETROLEUM CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware1-921095-4035997
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
5 Greenway Plaza, Suite 110
Houston, Texas
77046
(Address of Principal Executive Offices)(Zip Code)

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which
Registered
Common Stock, $0.20 par valueOXYNew York Stock Exchange
Warrants to Purchase Common Stock, $0.20 par valueOXY WSNew York Stock Exchange

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




Item 2.02    Results of Operations and Financial Condition.
 
On May 10, 2022, Occidental Petroleum Corporation (the “Company”) issued a press release announcing the Company’s financial condition and results of operations for the quarter ended March 31, 2022. 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 the exhibit hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
 
Item 9.01     Financial Statements and Exhibits.

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







SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
OCCIDENTAL PETROLEUM CORPORATION
By:/s/ Christopher O. Champion
Christopher O. Champion
Vice President, Chief Accounting Officer and Controller
Date: May 10, 2022


Document
https://cdn.kscope.io/ba4b05e5976d56abf1d04d378fd50f3e-imagea.jpg
PRESS RELEASE


Occidental Announces 1st Quarter 2022 Results

Repaid $3.3 billion of debt, representing 12% of total outstanding principal
Earnings per diluted share of $4.65 and adjusted earnings per diluted share of $2.12
Cash flow from continuing operations of $3.2 billion and cash flow from continuing operations before working capital of $4.2 billion
Capital spending of $858 million, resulting in record quarterly free cash flow before working capital of over $3.3 billion
OxyChem generated record quarterly pre-tax earnings of $671 million; total year pre-tax earnings guidance increased to between $2.1 billion to $2.4 billion
Midstream exceeded quarterly guidance with adjusted pre-tax earnings of $148 million; total year pre-tax earnings guidance increased to between $175 million to $275 million

HOUSTON — May 10, 2022 — Occidental (NYSE:OXY) today announced net income attributable to common stockholders for the first quarter of 2022 of $4.7 billion, or $4.65 per diluted share, and adjusted income attributable to common stockholders of $2.1 billion, or $2.12 per diluted share, compared to net income attributable to common stockholders for the fourth quarter of 2021 of $1.3 billion, or $1.37 per diluted share, and adjusted income attributable to common stockholders of $1.4 billion, or $1.48 per diluted share. First quarter after-tax items affecting comparability of $2.5 billion included a non-cash tax benefit of $2.6 billion related to a post-Anadarko acquisition reorganization of legal entities, $98 million of gains related to the sale of non-core domestic onshore oil and gas leases, partially offset by $49 million of derivative losses and $51 million of Anadarko acquisition-related costs.

“We are pleased with our employees' outstanding performance in the first quarter in meeting our production guidance and, in accordance with our full-year capital plan, preparing our global operations to deliver increased barrels of oil and natural gas to the market for the remainder of the year," said President and Chief Executive Officer Vicki Hollub. "Our OxyChem business delivered its third consecutive record quarterly earnings, as our employees continued to meet the increasing demand for the basic chemicals many take for granted but are vital to ensuring the safety of drinking water, manufacturing of medications and enhancing our quality of life.”

QUARTERLY RESULTS
Oil and Gas
Oil and gas pre-tax income on continuing operations for the first quarter of 2022 was $2.9 billion, compared to pre-tax income of $2.1 billion for the fourth quarter of 2021. The first quarter of 2022 oil and gas income included $125 million of pre-tax gains related to the sale of non-core domestic onshore oil and gas leases. Excluding items affecting comparability, first quarter of 2022 oil and gas income improved over the fourth quarter of 2021 due to higher crude oil prices and lower depreciation, depletion and amortization rates, partially offset by lower sales volumes. For the first quarter of 2022, average WTI and Brent marker prices were $94.29 per barrel and $97.36 per barrel, respectively. Average worldwide realized crude oil prices increased by approximately 22 percent from the prior quarter to $91.91 per barrel. Average worldwide realized natural gas liquids (NGL) prices



increased by approximately 8 percent from the prior quarter to $39.61 per barrel. Average domestic realized gas prices decreased by approximately 10 percent from the prior quarter to $4.17 per Mcf.

Total average global production of 1,079 thousand of barrels of oil equivalent per day (Mboed) for the first quarter of 2022 was within guidance. Permian and Rockies exceeded or came in at the high end of guidance, with average production of 472 Mboed and 286 Mboed, respectively. Gulf of Mexico average production of 138 Mboed was within guidance. International average production volumes were 183 Mboed.

OxyChem
Chemical pre-tax income of $671 million for the first quarter of 2022 exceeded guidance of $600 million, and represented the third consecutive quarter of record earnings. Compared to the fourth quarter of 2021 pre-tax income of $574 million, the increase in first quarter of 2022 income was driven primarily by higher realized pricing and margins across most product lines along with continued strong product demand.

Midstream and Marketing
Midstream and marketing pre-tax loss for the first quarter of 2022 was $50 million, compared to a pre-tax loss of $15 million for the fourth quarter of 2021. WES equity income for the first quarter of 2022 was $159 million. First quarter of 2022 results included net derivative losses of $198 million. Excluding items affecting comparability, first quarter of 2022 midstream and marketing results increased, compared to the fourth quarter of 2021, primarily due to improved crude margins from the marketing business in the rising crude price environment.

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

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





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

Although Occidental believes that the expectations reflected in any of its forward-looking statements are reasonable, actual results may differ from anticipated results, sometimes materially. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: the scope and duration of the COVID-19 pandemic and ongoing actions taken by governmental authorities and other third parties in response to the pandemic; 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; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations; 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 our proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; 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 governmental 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 dispositions; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections, projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; general economic conditions, including slowdowns, domestically or internationally, and volatility in the securities, capital or credit markets; inflation; governmental actions, war (including the Russia-Ukraine war) and political conditions and events; legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, deep-water and onshore drilling and permitting regulations and environmental regulation (including regulations related to climate change); environmental risks and liability under federal, regional, state, provincial, tribal, local and international environmental laws and regulations (including remedial actions); Occidental's ability to recognize intended benefits from its business strategies and initiatives, such as OLCV or announced greenhouse gas emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks or



insurgent activity; the creditworthiness and performance of Occidental's counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental’s control.

Additional information concerning these and other factors can be found in Occidental’s filings with the U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2021, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Contacts
Media
 Investors
Eric Moses
Jeff Alvarez
713-497-2017
713-215-7864
eric_moses@oxy.com
jeff_alvarez@oxy.com




Occidental Petroleum Corporation
1st Quarter 2022
Earnings Release Schedules Index

Schedule # and Description

1.Summary Highlights
2.Items Affecting Comparability Detail
Before Tax Allocations
After Tax Allocations    
3.Segment Results Before Tax Allocations
Reported Results
Items Affecting Comparability
Adjusted Results (non-GAAP)
4.Segment Results After Tax Allocations
Reported Results
Items Affecting Comparability
Adjusted Results (non-GAAP)
Reconciliation - Diluted EPS
5.Consolidated Condensed Statements of Operations
6.Consolidated Condensed Balance Sheets
7.Consolidated Condensed Statements of Cash Flows
Detail of Capital Expenditures and Depreciation, Depletion and Amortization
8.Oil & Gas Net Production Volumes Per Day
MBOE/D
By Commodity
9.Oil & Gas Net Sales Volumes Per Day and Realized Prices
MBOE/D
Realized Prices and Related Index Prices
10.Oil and Gas Metrics





SCHEDULE 1
Occidental Petroleum Corporation
Summary Highlights
20212022
QuarterlyQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Net Income (loss) ($ millions)
Reported income (loss) attributable to common stockholders$(346)$(97)$628 $1,337 $1,522 $4,676 $4,676 
Reported EPS - Diluted ($/share)$(0.36)$(0.10)$0.65 $1.37 $1.58 $4.65 $4.65 
Effective tax rate on reported income (loss) (%)%30 %32 %23 %25 %(58)%(58)%
Adjusted income (loss) attributable to common stockholders (Non-GAAP)(a)$(136)$311 $836 $1,448 $2,459 $2,127 $2,127 
Adjusted EPS - Diluted (Non-GAAP) ($/share)(b)$(0.15)$0.32 $0.87 $1.48 $2.55 $2.12 $2.12 
Effective tax rate on adjusted income (loss) (%)(327)%31 %30 %27 %27 %25 %25 %
Average Shares Outstanding - Reported Income (Loss)
Basic (millions)933.1934.2935.4936.5935.0936.7936.7
Diluted (millions)947.9934.2957.7972.7958.8997.7997.7
Average Shares Outstanding - Adjusted Income (Loss)(b)
Basic (millions)933.1934.2935.4936.5935.0936.7936.7
Diluted (millions)933.1956.8957.7972.7958.8997.7997.7
Daily Production Volumes
Total US (MBOE/D)904 961 918 952 933 896 896 
US Oil (MBBL/D)488 517 483 506 498 483 483 
Worldwide - Reported (MBOE/D)1,139 1,225 1,176 1,192 1,183 1,079 1,079 
Worldwide - Continuing Operations (MBOE/D)1,117 1,203 1,160 1,189 1,167 1,079 1,079 
Worldwide Sales - Continuing Operations (MBOE/D)1,113 1,199 1,158 1,193 1,166 1,074 1,074 
Commodity Price Realizations
Worldwide oil ($/BBL)$55.65 $64.18 $68.74 $75.39 $66.14 $91.91 $91.91 
Worldwide NGL ($/BBL)$23.44 $25.06 $34.01 $36.52 $30.01 $39.61 $39.61 
Domestic gas ($/MCF)$2.56 $2.59 $3.35 $4.64 $3.30 $4.17 $4.17 
Cash Flows - Continuing Operations ($ millions)
Operating cash flow before working capital (Non-GAAP)(c)$2,135 $2,710 $2,967 $3,867 $11,679 $4,178 $4,178 
Working capital changes(1,347)614 (57)(636)(1,426)(939)(939)
Operating cash flow$788 $3,324 $2,910 $3,231 $10,253 $3,239 $3,239 
Capital expenditures$(579)$(698)$(656)$(937)$(2,870)$(858)$(858)
20212022
Year-to-dateMarJunSepDecMarJunSepDec
Net Income (loss) ($ millions)
Reported income (loss) attributable to common stockholders$(346)$(443)$185 $1,522 $4,676 
Reported EPS - Diluted ($/share)$(0.36)$(0.47)$0.19 $1.58 $4.65 
Effective tax rate on reported income (loss) (%)%13 %27 %25 %(58)%
Adjusted income (loss) attributable to common stockholders (Non-GAAP)(a)$(136)$175 $1,011 $2,459 $2,127 
Adjusted EPS - Diluted (Non-GAAP) ($/share)(b)$(0.15)$0.18 $1.05 $2.55 $2.12 
Effective tax rate on adjusted income (loss) (%)(327)%24 %28 %27 %25 %
Average Shares Outstanding - Reported Income (Loss)
Basic (millions)933.1933.8934.4935.0936.7
Diluted (millions)947.9933.8954.2958.8997.7
Average Shares Outstanding - Adjusted Income (Loss)(b)
Basic (millions)933.1933.8934.4935.0936.7
Diluted (millions)933.1952.4954.2958.8997.7
Daily Production Volumes
Total US (MBOE/D)904 932 927 933 896 
US Oil (MBBL/D)488 502 496 498 483 
Worldwide - Reported (MBOE/D)1,139 1,182 1,180 1,183 1,079 
Worldwide - Continuing Operations (MBOE/D)1,117 1,160 1,160 1,167 1,079 
Worldwide Sales - Continuing Operations (MBOE/D)1,113 1,156 1,157 1,166 1,074 
Commodity Price Realizations
Worldwide oil ($/BBL)$55.65 $60.05 $62.94 $66.14 $91.91 
Worldwide NGL ($/BBL)$23.44 $24.31 $27.68 $30.01 $39.61 
Domestic gas ($/MCF)$2.56 $2.58 $2.84 $3.30 $4.17 
Cash Flows - Continuing Operations ($ millions)
Operating cash flows before working capital (Non-GAAP)(c)$2,135 $4,845 $7,812 $11,679 $4,178 
Working capital changes(1,347)(733)(790)(1,426)(939)
Operating cash flow$788 $4,112 $7,022 $10,253 $3,239 
Capital expenditures$(579)$(1,277)$(1,933)$(2,870)$(858)
(a) See schedule 3 for non-GAAP reconciliation.
(b) See schedule 4 for non-GAAP reconciliation. The adjusted diluted EPS (Non-GAAP) calculations include the dilutive effect of potential common stocks since Occidental generated adjusted income for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2021, dilutive securities for adjusted diluted EPS were 22.6 million and 18.6 million, respectively, resulting in total dilutive weighted-average shares of 956.8 million and 952.4 million shares, respectively. The reported EPS (GAAP) calculations do not include dilutive effect of potential common stocks as their effect is anti-dilutive since Occidental generated net losses from continuing operations.
(c) See schedule 7 for non-GAAP reconciliation.




SCHEDULE 2
Occidental Petroleum Corporation
Items Affecting Comparability Detail
(Amounts in millions)
20212022
Before Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic
Asset impairments $(135)$(21)$(17)$(109)$(282)$— $— 
Asset sales gains, net— — 14 13 27 125 125 
Oil, gas and CO2 derivative gains (losses), net(40)(140)(97)(3)(280)— — 
Total Domestic(175)(161)(100)(99)(535)125 125 
International
Asset sales gains (losses), net— — (12)55 43 — — 
Total International— — (12)55 43 — — 
Total Oil and Gas(175)(161)(112)(44)(492)125 125 
Chemical
No items affecting comparability— — — — — — — 
Total Chemical— — — — — — — 
Midstream & Marketing
Asset sales gains, net102 22 — — 124 — — 
Asset impairments— — — (21)(21)— — 
Derivative gains (losses), net15 (180)(11)(76)(252)(198)(198)
Total Midstream & Marketing117 (158)(11)(97)(149)(198)(198)
Corporate
Anadarko acquisition-related costs (41)(52)(29)(31)(153)(65)(65)
Interest rate swap gains (losses), net399 (223)(26)(28)122 135 135 
Early debt extinguishment expenses— — (88)(30)(118)(18)(18)
Total Corporate358 (275)(143)(89)(149)52 52 
Income tax impact of legal entity reorganization— — — — — 2,594 2,594 
State tax rate revaluation— 55 — 88 143 (29)(29)
Income taxes(65)128 60 55 178 
Income (loss) from continuing operations235 (411)(206)(87)(469)2,549 2,549 
Discontinued operations, net of taxes(445)(2)(24)(468)— — 
Total$(210)$(408)$(208)$(111)$(937)$2,549 $— $2,549 
After Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic
Asset impairments $(106)$(16)$(12)$(90)$(224)$— $— 
Asset sales gains, net— — 11 10 21 98 98 
Oil, gas and CO2 derivative gains (losses), net(31)(110)(75)(2)(218)— — 
Total Domestic(137)(126)(76)(82)(421)98 98 
International
Asset sales gains (losses), net— — (12)55 43 — — 
Total International— — (12)55 43 — — 
Total Oil and Gas(137)(126)(88)(27)(378)98 98 
Chemical
No items affecting comparability— — — — — — — 
Total Chemical— — — — — — — 
Midstream & Marketing
Asset sales gains (losses), net79 17 (2)95 — — 
Asset impairments— — — (16)(16)— — 
Derivative gains (losses), net12 (141)(8)(60)(197)(155)(155)
Total Midstream & Marketing91 (124)(7)(78)(118)(155)(155)
Corporate
Anadarko acquisition-related costs(31)(41)(23)(26)(121)(51)(51)
Interest rate swap gains (losses), net312 (175)(19)(21)97 106 106 
Early debt extinguishment expenses— — (69)(23)(92)(14)(14)
Total Corporate281 (216)(111)(70)(116)41 41 
Income tax impact of legal entity reorganization— — — — — 2,594 2,594 
State tax rate revaluation— 55 — 88 143 (29)(29)
Income (loss) from continuing operations235 (411)(206)(87)(469)2,549 2,549 
Discontinued operations, net of taxes (445)(2)(24)(468)— — 
Total$(210)$(408)$(208)$(111)$(937)$2,549 $2,549 
.




SCHEDULE 3
Occidental Petroleum Corporation
Segment Results Before Tax Allocations
(Amounts in millions, except per share and effective tax rate amounts)
20212022
Reported Income (Loss)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$(214)$367 $1,078 $1,669 $2,900 $2,546 $2,546 
International180 350 420 547 1,497 377 377 
Exploration(28)(86)(31)(107)(252)(25)(25)
Total Oil & Gas(62)631 1,467 2,109 4,145 2,898 2,898 
Chemical251 312 407 574 1,544 671 671 
Midstream & Marketing282 (30)20 (15)257 (50)(50)
Segment income 471 913 1,894 2,668 5,946 3,519 3,519 
Corporate
Interest (395)(385)(449)(385)(1,614)(371)(371)
Other239 (385)(228)(253)(627)(65)(65)
Income from continuing operations before taxes315 143 1,217 2,030 3,705 3,083 3,083 
Taxes
Federal and state102 (151)(206)(247)2,037 2,037 
International(118)(51)(236)(263)(668)(244)(244)
Income from continuing operations299 100 830 1,561 2,790 4,876 4,876 
Discontinued operations, net of taxes(445)(2)(24)(468)— — 
Net income (loss)(146)103 828 1,537 2,322 4,876 4,876 
Less: Preferred stock dividends(200)(200)(200)(200)(800)(200)(200)
Net income (loss) attributable to common stockholders$(346)$(97)$628 $1,337 $1,522 $4,676 $4,676 
Reported diluted earnings per share$(0.36)$(0.10)$0.65 $1.37 $1.58 $4.65 $4.65 
Effective Tax Rate%30 %32 %23 %25 %(58)%(58)%
Items Affecting ComparabilityQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$(175)$(161)$(100)$(99)$(535)$125 $125 
International— — (12)55 43 — — 
Exploration— — — — — — — 
Total Oil & Gas(175)(161)(112)(44)(492)125 125 
Chemical— — — — — — — 
Midstream & Marketing117 (158)(11)(97)(149)(198)(198)
Segment loss(58)(319)(123)(141)(641)(73)(73)
Corporate
Interest — — (88)(30)(118)(18)(18)
Other358 (275)(55)(59)(31)70 70 
Income (loss) from continuing operations before taxes300 (594)(266)(230)(790)(21)(21)
Taxes
Federal and state(65)183 60 143 321 2,570 2,570 
International— — — — — — — 
Income (loss) from continuing operations 235 (411)(206)(87)(469)2,549 2,549 
Discontinued operations, net of taxes(445)(2)(24)(468)— — 
Net income (loss)(210)(408)(208)(111)(937)2,549 2,549 
Less: Preferred stock dividends— — — — — — — 
Net income (loss) attributable to common stockholders$(210)$(408)$(208)$(111)$(937)$2,549 $2,549 
Adjusted Income (Loss) (Non-GAAP) (a)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$(39)$528 $1,178 $1,768 $3,435 $2,421 $2,421 
International180 350 432 492 1,454 377 377 
Exploration(28)(86)(31)(107)(252)(25)(25)
Total Oil & Gas113 792 1,579 2,153 4,637 2,773 2,773 
Chemical251 312 407 574 1,544 671 671 
Midstream & Marketing165 128 31 82 406 148 148 
Adjusted segment income 529 1,232 2,017 2,809 6,587 3,592 3,592 
Corporate
Interest (395)(385)(361)(355)(1,496)(353)(353)
Other(119)(110)(173)(194)(596)(135)(135)
Adjusted income from continuing operations before taxes15 737 1,483 2,260 4,495 3,104 3,104 
Taxes
Federal and state167 (175)(211)(349)(568)(533)(533)
International(118)(51)(236)(263)(668)(244)(244)
Adjusted income64 511 1,036 1,648 3,259 2,327 2,327 
Less: Preferred stock dividends(200)(200)(200)(200)(800)(200)(200)
Adjusted income (loss) attributable to common stockholders$(136)$311 $836 $1,448 $2,459 $2,127 $2,127 
Adjusted diluted earnings per share (Non-GAAP)$(0.15)$0.32 $0.87 $1.48 $2.55 $2.12 $2.12 
Effective Tax Rate(327)%31 %30 %27 %27 %25 %25 %
(a) Non-GAAP Measures. Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income is not considered to be an alternative to net income reported in accordance with GAAP.





SCHEDULE 4
Occidental Petroleum Corporation
Segment Results After Tax Allocations
(Amounts in millions, except per share and effective tax rate amounts)
20212022
Reported Income (Loss)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$(167)$286 $841 $1,302 $2,262 $1,986 $1,986 
International69 193 252 339 853 184 184 
Exploration(23)(72)(26)(96)(217)(23)(23)
Total Oil & Gas(121)407 1,067 1,545 2,898 2,147 2,147 
Chemical193 240 314 440 1,187 519 519 
Midstream & Marketing251 (3)35 288 (70)(70)
Segment income 323 644 1,416 1,990 4,373 2,596 2,596 
Corporate
Interest (395)(385)(449)(385)(1,614)(367)(367)
Other162 (271)(228)(253)(590)(65)(65)
Taxes209 112 91 209 621 2,712 2,712 
Income from continuing operations299 100 830 1,561 2,790 4,876 4,876 
Discontinued operations, net of taxes(445)(2)(24)(468)— — 
Net income (loss)(146)103 828 1,537 2,322 4,876 4,876 
Less: Preferred stock dividends(200)(200)(200)(200)(800)(200)(200)
Net income (loss) attributable to common stockholders$(346)$(97)$628 $1,337 $1,522 $4,676 $4,676 
Reported diluted earnings per share$(0.36)$(0.10)$0.65 $1.37 $1.58 $4.65 $4.65 
Items Affecting ComparabilityQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$(137)$(126)$(76)$(82)$(421)$98 $98 
International— — (12)55 43 — — 
Exploration— — — — — — — 
Total Oil & Gas(137)(126)(88)(27)(378)98 98 
Chemical— — — — — — — 
Midstream & Marketing91 (124)(7)(78)(118)(155)(155)
Segment loss(46)(250)(95)(105)(496)(57)(57)
Corporate
Interest — — (69)(23)(92)(14)(14)
Other281 (216)(42)(47)(24)55 55 
Taxes— 55 — 88 143 2,565 2,565 
Income (loss) from continuing operations235 (411)(206)(87)(469)2,549 2,549 
Discontinued operations, net of taxes(445)(2)(24)(468)— — 
Net income (loss)(210)(408)(208)(111)(937)2,549 2,549 
Less: Preferred stock dividends— — — — — — — 
Net income (loss) attributable to common stockholders$(210)$(408)$(208)$(111)$(937)$2,549 $2,549 
Adjusted Income (Loss) (Non-GAAP)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$(30)$412 $917 $1,384 $2,683 $1,888 $1,888 
International69 193 264 284 810 184 184 
Exploration(23)(72)(26)(96)(217)(23)(23)
Total Oil & Gas16 533 1,155 1,572 3,276 2,049 2,049 
Chemical193 240 314 440 1,187 519 519 
Midstream & Marketing160 121 42 83 406 85 85 
Segment income 369 894 1,511 2,095 4,869 2,653 2,653 
Corporate
Interest (395)(385)(380)(362)(1,522)(353)(353)
Other(119)(55)(186)(206)(566)(120)(120)
Taxes209 57 91 121 478 147 147 
Income from continuing operations64 511 1,036 1,648 3,259 2,327 2,327 
Less: Preferred stock dividends(200)(200)(200)(200)(800)(200)(200)
Adjusted income (loss) attributable to common stockholders$(136)$311 $836 $1,448 $2,459 $2,127 $2,127 
Adjusted diluted earnings per share (Non-GAAP)$(0.15)$0.32 $0.87 $1.48 $2.55 $2.12 $2.12 
Reconciliation - Diluted Earnings Per Share (a)
Reported Diluted Earnings Per Share (GAAP)$(0.36)$(0.10)$0.65 $1.37 $1.58 $4.65 $4.65 
After-Tax Adjustments for Items Affecting Comparability
Oil & Gas
Domestic$(0.14)$(0.13)$(0.08)$(0.08)$(0.43)$0.09 $0.09 
International— — (0.01)0.06 0.04 — — 
Exploration— — — — — — — 
Chemical— — — — — — — 
Midstream & Marketing0.10 (0.13)(0.01)(0.08)(0.12)(0.16)(0.16)
Corporate
Interest — — (0.07)(0.02)(0.10)(0.02)(0.02)
Other0.30 (0.22)(0.04)(0.06)(0.03)0.05 0.05 
Taxes— 0.06 — 0.09 0.15 2.57 2.57 
Discontinued Operations(0.47)— — (0.02)(0.49)— — 
Total After-Tax Adjustments for Items Affecting Comparability$(0.21)$(0.42)$(0.21)$(0.11)$(0.97)$2.53 $2.53 
Adjusted Diluted Earnings Per Share (Non-GAAP)$(0.15)$0.32 $0.86 $1.48 $2.55 $2.12 $2.12 
Average Diluted Shares Outstanding - Reported (millions)947.9934.2957.7972.7958.8997.7997.7
(a) The adjusted diluted EPS (Non-GAAP) calculations include the dilutive effect of potential common stocks since Occidental generated adjusted income for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2021, dilutive securities for adjusted diluted EPS were 22.6 million and 18.6 million, respectively, resulting in total dilutive weighted-average shares of 956.8 million and 952.4 million shares, respectively. The reported EPS (GAAP) calculations do not include dilutive effect of potential common stocks as their effect is anti-dilutive since Occidental generated net losses from continuing operations.




SCHEDULE 5
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations
(Amounts in millions, except per share amounts)
20212022
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
REVENUES AND OTHER INCOME
Net sales
Oil & Gas$3,664 $4,505 $4,955 $5,817 $18,941 $6,075 $6,075 
Chemical 1,088 1,187 1,396 1,575 5,246 1,684 1,684 
Midstream & Marketing807 497 702 857 2,863 882 882 
Eliminations(266)(231)(261)(336)(1,094)(292)(292)
Total5,293 5,958 6,792 7,913 25,956 8,349 8,349 
Interest, dividends and other income75 49 18 24 166 49 49 
Gains on sale of assets, net111 73 192 135 135 
Total5,479 6,010 6,815 8,010 26,314 8,533 8,533 
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense776 712 829 843 3,160 864 864 
Transportation and gathering expense329 364 360 366 1,419 347 347 
Chemical and midstream costs of sales594 676 731 771 2,772 818 818 
Purchased commodities558 487 588 675 2,308 811 811 
Selling, general and administrative 166 177 240 280 863 196 196 
Other operating and non-operating expense258 248 256 303 1,065 299 299 
Taxes other than on income210 244 289 262 1,005 335 335 
Depreciation, depletion and amortization2,194 2,371 1,916 1,966 8,447 1,643 1,643 
Asset impairments and other charges135 21 17 131 304 — — 
Anadarko acquisition-related costs41 52 29 31 153 65 65 
Exploration expense28 86 31 107 252 25 25 
Interest and debt expense, net395 385 449 385 1,614 371 371 
Total5,684 5,823 5,735 6,120 23,362 5,774 5,774 
INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS(205)187 1,080 1,890 2,952 2,759 2,759 
OTHER ITEMS
Gains (losses) on interest rate swaps, net399 (223)(26)(28)122 135 135 
Income from equity investments121 179 163 168 631 189 189 
Total520 (44)137 140 753 324 324 
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES315 143 1,217 2,030 3,705 3,083 3,083 
Income tax benefit (expense) (16)(43)(387)(469)(915)1,793 1,793 
INCOME FROM CONTINUING OPERATIONS299 100 830 1,561 2,790 4,876 4,876 
Discontinued operations, net of taxes(445)(2)(24)(468)— — 
NET INCOME (LOSS)(146)103 828 1,537 2,322 4,876 4,876 
Less: Preferred stock dividend(200)(200)(200)(200)(800)(200)(200)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(346)$(97)$628 $1,337 $1,522 $4,676 $4,676 
EARNINGS PER SHARE
BASIC EARNINGS PER COMMON SHARE
Income (loss) from continuing operations$0.11 $(0.11)$0.67 $1.44 $2.12 $4.96 $4.96 
Discontinued operations, net(0.48)0.01 — (0.02)(0.50)— — 
BASIC EARNINGS PER COMMON SHARE $(0.37)$(0.10)$0.67 $1.42 $1.62 $4.96 $4.96 
DILUTED EARNINGS PER COMMON SHARE $(0.36)$(0.10)$0.65 $1.37 $1.58 $4.65 $4.65 
DIVIDENDS PER COMMON SHARE$0.01 $0.01 $0.01 $0.01 $0.04 $0.13 $0.13 
AVERAGE COMMON SHARES OUTSTANDING
BASIC933.1934.2935.4936.5935.0936.7936.7
DILUTED947.9934.2957.7972.7958.8997.7997.7





SCHEDULE 6

Occidental Petroleum Corporation
Consolidated Condensed Balance Sheets
(Amounts in millions)
20212022
MARJUNSEPDECMARJUNSEPDEC
CURRENT ASSETS
Cash and cash equivalents $2,270 $4,569 $2,059 $2,764 $1,909 
Trade receivables, net3,046 3,288 3,477 4,208 5,434 
Inventories2,173 1,837 1,773 1,846 1,406 
Assets held for sale1,249 1,774 1,098 72 — 
Other current assets1,336 1,376 1,492 1,321 1,309 
Total current assets10,074 12,844 9,899 10,211 10,058 
INVESTMENTS IN UNCONSOLIDATED ENTITIES 3,170 3,249 3,266 2,938 3,015 
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment119,278 116,566 117,192 118,157 117,542 
Accumulated depreciation, depletion and amortization(55,205)(54,720)(56,548)(58,227)(58,313)
Net property, plant and equipment64,073 61,846 60,644 59,930 59,229 
OPERATING LEASE ASSETS949 860 804 726 689 
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET 1,089 1,138 1,145 1,231 1,231 
TOTAL ASSETS$79,355 $79,937 $75,758 $75,036 $74,222 
CURRENT LIABILITIES
Current maturities of long-term debt$559 $651 $780 $186 $507 
Current operating lease liabilities369 331 265 186 173 
Accounts payable3,416 3,544 3,713 3,899 4,664 
Accrued liabilities 3,566 4,325 3,654 4,046 3,356 
Liabilities of assets held for sale721 735 714 — 
Total current liabilities8,631 9,586 9,126 8,324 8,700 
LONG-TERM DEBT, NET35,466 35,352 30,915 29,431 25,865 
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net 6,941 6,808 6,825 7,039 4,806 
Asset retirement obligations 4,030 3,949 3,942 3,687 3,634 
Pension and postretirement obligations1,553 1,551 1,595 1,540 1,541 
Environmental remediation liabilities1,029 1,020 1,000 944 933 
Operating lease liabilities628 583 593 585 558 
Other 2,777 2,844 2,889 3,159 3,278 
Total deferred credits and other liabilities16,958 16,755 16,844 16,954 14,750 
EQUITY
Preferred stock, $1.00 per share par value 9,762 9,762 9,762 9,762 9,762 
Common stock, $0.20 per share par value217 217 217 217 217 
Treasury stock(10,668)(10,668)(10,668)(10,673)(10,709)
Additional paid-in capital16,585 16,638 16,692 16,749 16,785 
Retained earnings2,639 2,533 3,152 4,480 9,032 
Accumulated other comprehensive loss(235)(238)(282)(208)(180)
Total equity18,300 18,244 18,873 20,327 24,907 
TOTAL LIABILITIES AND EQUITY$79,355 $79,937 $75,758