oxy-20230802
0000797468FALSE00007974682023-08-022023-08-020000797468us-gaap:CommonStockMember2023-08-022023-08-020000797468oxy:WarrantsToPurchaseCommonStockMember2023-08-022023-08-02

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): August 2, 2023
OCCIDENTAL PETROLEUM CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware1-921095-4035997
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

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

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

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

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





Item 2.02    Results of Operations and Financial Condition.
On August 2, 2023, Occidental Petroleum Corporation (the “Company”) issued a press release announcing the Company’s financial condition and results of operations for the quarter ended June 30, 2023. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information contained in this report and in Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Item 9.01     Financial Statements and Exhibits.

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





SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 2, 2023
OCCIDENTAL PETROLEUM CORPORATION
By:/s/ Christopher O. Champion
Name:Christopher O. Champion
Title:Vice President, Chief Accounting Officer and Controller




Document
https://cdn.kscope.io/d792b02f8f9e07b661932a30f72947af-image.jpg
PRESS RELEASE

Occidental Announces 2nd Quarter 2023 Results

Strong operational performance drove cash flow from operations of $3.1 billion and cash flow from operations before working capital of $2.7 billion
Capital spending of $1.6 billion, resulting in quarterly free cash flow before working capital of $1.0 billion
Production of 1,218 Mboed exceeded the mid-point of guidance by 42 Mboed; full-year production guidance raised to 1,210 Mboed
Repurchased $425 million of common stock, with year-to-date purchases accounting for nearly 40% of the $3.0 billion repurchase program
Triggered the redemption of $522 million of preferred stock, bringing year-to-date redemptions to nearly $1.2 billion or 12% of preferred equity
Regained investment grade status with Fitch upgrade
OxyChem exceeded guidance with pre-tax income of $436 million
Earnings per diluted share of $0.63 and adjusted earnings per diluted share of $0.68

HOUSTON — August 2, 2023 — Occidental (NYSE: OXY) today announced net income attributable to common stockholders for the second quarter of 2023 of $605 million, or $0.63 per diluted share, and adjusted income attributable to common stockholders of $661 million, or $0.68 per diluted share.

"Strong operational performance across our businesses in the second quarter drove continued financial success and enabled us to deliver additional substantive progress on our shareholder return framework," said President and Chief Executive Officer Vicki Hollub. "Our team's technical achievements have positioned us for a strong second half of 2023, giving us confidence to raise full-year oil and gas production guidance."

Second quarter after-tax items affecting comparability of $56 million was primarily comprised of an after-tax remeasurement of the valuation allowance related to the Maxus Liquidating Trust of $204 million, partially offset by after-tax domestic oil and gas asset impairments of $164 million, mainly related to undeveloped acreage in the northern non-core area of the Powder River Basin, where Occidental has determined not to pursue future exploration and appraisal activities.

QUARTERLY RESULTS
Oil and Gas
Oil and gas pre-tax income for the second quarter of 2023 was $1.1 billion, compared to pre-tax income of $1.6 billion for the first quarter of 2023. Second quarter income included pre-tax domestic oil and gas asset impairments of $209 million, mainly related to undeveloped acreage in the northern non-core area of the Powder River Basin, where Occidental has determined not to pursue future exploration and appraisal activities. Excluding items affecting comparability, second quarter oil and gas income declined from the prior quarter due to lower domestic natural gas and natural gas liquids (NGL) prices as well as lower domestic crude oil volumes. For the second quarter of 2023, average WTI and Brent marker prices were $73.83 per barrel and $78.02 per barrel, respectively. Average



worldwide realized crude oil prices decreased by approximately 1% from the prior quarter to $73.59 per barrel. Average worldwide realized NGL prices decreased by approximately 22% from the prior quarter to $19.08 per barrel. Average domestic realized gas prices decreased by approximately 55% from the prior quarter to $1.36 per thousand cubic feet (Mcf).

Total average global production of 1,218 thousand barrels of oil equivalent per day (Mboed) for the second quarter exceeded the midpoint of guidance by 42 Mboed. Permian, Rockies & Other Domestic and Gulf of Mexico daily production volumes all exceeded guidance at 582 Mboed, 273 Mboed and 135 Mboed, respectively. International volumes came in just below guidance at 228 Mboed.

OxyChem
OxyChem pre-tax income of $436 million for the second quarter of 2023 exceeded guidance. Compared to first quarter of 2023 income of $472 million, the decrease in second quarter income was driven primarily by lower realized caustic soda and polyvinyl chloride (PVC) prices, partially offset by favorable energy and ethylene costs.

Midstream and Marketing
Midstream and marketing pre-tax results for the second quarter of 2023 reflected a loss of $30 million, compared to income of $2 million for the first quarter of 2023. The second quarter results included $48 million of pre-tax derivative gains. WES adjusted equity method investment income for the second quarter was $133 million. Excluding items affecting comparability, the decrease in midstream and marketing pre-tax second quarter results, compared to the first quarter, reflected the favorable gas margins due to winter weather impacts in the first quarter, and the timing impact of crude oil sales.

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 is advancing leading-edge technologies and business solutions that



economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

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

Actual outcomes or results may differ from anticipated results, sometimes materially. Forward-looking and other statements regarding Occidental's sustainability efforts and aspirations are not an indication that these statements are necessarily material to investors or require disclosure in Occidental's filings with the U.S. Securities and Exchange Commission (SEC). In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future, including future rulemaking. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; the scope and duration of global or regional health pandemics or epidemics, including COVID-19, and actions taken by governmental authorities and other third parties in connection therewith; results from operations and competitive conditions; future impairments of Occidental's proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental's ability to timely obtain or maintain permits or other 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; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; governmental actions, war (including the Russia-Ukraine war) and political conditions and events; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, and deep-water and onshore drilling and permitting regulations; Occidental's ability to recognize intended benefits from its business strategies and initiatives, such as Occidental's low carbon ventures businesses or announced greenhouse gas emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the creditworthiness and performance of Occidental's counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation, and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental's control.

Additional information concerning these and other factors that may cause Occidental's results of operations and financial position to differ from expectations can be found in Occidental’s other filings with the SEC, including Occidental’s 2022 Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Contacts
Media
Investors
Eric Moses
Neil Backhouse
713-497-2017
713-366-5604
eric_moses@oxy.com
neil_backhouse@oxy.com




Occidental Petroleum Corporation
Second Quarter 2023
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
Free Cash Flow (non-GAAP)
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
20222023
QuarterlyQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Net Income ($ millions)
Reported income attributable to common stockholders$4,676 $3,555 $2,546 $1,727 $12,504 $983 $605 $1,588 
Reported EPS - Diluted ($/share)$4.65 $3.47 $2.52 $1.74 $12.40 $1.00 $0.63 $1.63 
Effective tax rate on reported income (loss) (%)(58)%25 %25 %20 %%27 %35 %31 %
Adjusted income attributable to common stockholders (Non-GAAP)(a)$2,127 $3,240 $2,465 $1,600 $9,432 $1,069 $661 $1,730 
Adjusted EPS - Diluted (Non-GAAP) ($/share)(b)$2.12 $3.16 $2.44 $1.61 $9.35 $1.09 $0.68 $1.78 
Effective tax rate on adjusted income (loss) (%)25 %25 %26 %25 %25 %27 %31 %29 %
Average Shares Outstanding - Reported Income (Loss)
Basic (millions)936.7 939.2 922.0 905.7 926.2 901.2 889.3 895.6 
Diluted (millions)997.7 1,018.3 1,002.5 990.5 1,002.0 975.3 958.8 967.4 
Average Shares Outstanding - Adjusted Income (Loss)
Basic (millions)936.7 939.2 922.0 905.7 926.2 901.2 889.3 895.6 
Diluted (millions)997.7 1,018.3 1,002.5 990.5 1,002.0 975.3 958.8 967.4 
Daily Production Volumes
Total US (MBOE/D)896 919 944 987 937 1,014 990 1,002 
US Oil (MBBL/D)483 495 508 542 507 551 521 535 
Worldwide - Reported (MBOE/D)1,079 1,147 1,180 1,227 1,159 1,220 1,218 1,219 
Worldwide - Continuing Operations (MBOE/D)1,079 1,147 1,180 1,227 1,159 1,220 1,218 1,219 
Worldwide Sales - Continuing Operations (MBOE/D)1,074 1,150 1,179 1,230 1,159 1,214 1,222 1,218 
Commodity Price Realizations
Worldwide oil ($/BBL)$91.91 $107.72 $94.89 $83.64 $94.36 $74.22 $73.59 $73.91 
Worldwide NGL ($/BBL)$39.61 $42.04 $35.22 $26.35 $35.48 $24.41 $19.08 $21.67 
Domestic gas ($/MCF)$4.17 $6.25 $7.06 $4.45 $5.48 $3.01 $1.36 $2.18 
Cash Flows ($ millions)
Operating cash flow before working capital (Non-GAAP)(c)$4,178 $5,148 $4,700 $4,109 $18,135 $3,153 $2,651 $5,804 
Working capital changes$(939)$181 $(433)$(134)$(1,325)$(283)$419 $136 
Operating cash flow$3,239 $5,329 $4,267 $3,975 $16,810 $2,870 $3,070 $5,940 
Capital expenditures$(858)$(972)$(1,147)$(1,520)$(4,497)$(1,461)$(1,646)$(3,107)
20222023
Year-to-dateMarJunSepDecMarJunSepDec
Net Income ($ millions)
Reported income attributable to common stockholders$4,676 $8,231 $10,777 $12,504 $983 $1,588 
Reported EPS - Diluted ($/share)$4.65 $8.11 $10.64 $12.40 $1.00 $1.63 
Effective tax rate on reported income (loss) (%)(58)%(7)%%%27 %31 %
Adjusted income attributable to common stockholders (Non-GAAP)(a)$2,127 $5,367 $7,832 $9,432 $1,069 $1,730 
Adjusted EPS - Diluted (Non-GAAP) ($/share)(b)$2.12 $5.29 $7.74 $9.35 $1.09 $1.78 
Effective tax rate on adjusted income (loss) (%)25 %25 %25 %25 %27 %29 %
Average Shares Outstanding - Reported Income
Basic (millions)936.7 933.8 933.0 926.2 901.2 895.6 
Diluted (millions)997.7 1,007.5 1,005.9 1,002.0 975.3 967.4 
Average Shares Outstanding - Adjusted Income
Basic (millions)936.7 938.3 933.0 926.2 901.2 895.6 
Diluted (millions)997.7 1,007.5 1,005.9 1,002.0 975.3 967.4 
Daily Production Volumes
Total US (MBOE/D)896 907 920 937 1,014 1,002 
US Oil (MBBL/D)483 489 495 507 551 535 
Worldwide - Reported (MBOE/D)1,079 1,113 1,136 1,159 1,220 1,219 
Worldwide - Continuing Operations (MBOE/D)1,079 1,113 1,136 1,159 1,220 1,219 
Worldwide Sales - Continuing Operations (MBOE/D)1,074 1,112 1,135 1,159 1,214 1,218 
Commodity Price Realizations
Worldwide Oil ($/BBL)$91.91 $100.10 $98.30 $94.36 $74.22 $73.91 
Worldwide NGL ($/BBL)$39.61 $40.90 $38.85 $35.48 $24.41 $21.67 
Domestic Gas ($/MCF)$4.17 $5.20 $5.83 $5.48 $3.01 $2.18 
Cash Flows ($ millions)
Operating cash flows before working capital (Non-GAAP)(c)$4,178 $9,326 $14,026 $18,135 $3,153 $5,804 
Working capital changes$(939)$(758)$(1,191)$(1,325)$(283)$136 
Operating cash flow$3,239 $8,568 $12,835 $16,810 $2,870 $5,940 
Capital expenditures(858)(1,830)(2,977)(4,497)(1,461)(3,107)
(a) See schedule 3 for non-GAAP reconciliation.
(b) See schedule 4 for non-GAAP reconciliation.
(c) See schedule 7 for non-GAAP reconciliation.




SCHEDULE 2
Occidental Petroleum Corporation
Items Affecting Comparability Detail
(amounts in millions)
20222023
Before Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Asset sales gains, net - Domestic$125 $12 $10 $$148 $— $— $— 
Asset sales gains, net - International— 10 — 45 55 — — — 
Legal settlement gain— — — — — 26 — 26 
Asset impairments - Domestic— — — — — — (209)(209)
Total Oil and Gas125 22 10 46 203 26 (209)(183)
Chemical
No items affecting comparability— — — — — — — — 
Total Chemical— — — — — — — — 
Midstream & Marketing
Asset sales gains, net— — 62 36 98 — — — 
Derivative gains (losses), net(198)96 (84)(73)(259)(8)48 40 
Asset impairments included in income from equity investments and other— — — — — (26)— (26)
(198)96 (22)(37)(161)(34)48 14 
Corporate
Anadarko acquisition-related costs (65)(13)(4)(7)(89)— — — 
Interest rate swap gains (losses), net135 127 70 (15)317 — — — 
Maxus receivable valuation allowance adjustment— (22)— — (22)— 260 260 
Early debt extinguishment (18)179 (18)149 — — — 
Total Corporate52 271 48 (16)355 — 260 260 
Income tax impact of legal entity reorganization2,594 — — 123 2,717 — — — 
Foreign entity reorganization tax benefit— — 42 — 42 — — — 
Exploration license expiration tax benefit— 13 10 — 23 — — — 
State tax rate revaluation(29)— — — (29)— — — 
Deferred taxes on Algeria contract renewal— — — — — — (68)(68)
Income tax impact on items affecting comparability(87)(7)11 (78)(22)(20)
Preferred stock redemption premium— — — — — (80)(65)(145)
Total$2,549 $315 $81 $127 $3,072 $(86)$(56)$(142)
20222023
After Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Asset sales gains, net - Domestic$98 $$$— $115 $— $— $— 
Asset sales gains, net - International— — 46 52 — — — 
Legal settlement gain— — — — — 20 — 20 
Asset impairments - Domestic— — — — — — (164)(164)
Total Oil and Gas98 15 46 167 20 (164)(144)
Chemical
No items affecting comparability— — — — — — — — 
Total Chemical— — — — — — — — 
Midstream & Marketing
Asset sales gains, net— — 49 28 77 — — — 
Derivative gains (losses), net(155)75 (66)(57)(203)(6)37 31 
Asset impairments included in income from equity investments and other— — — — — (20)— (20)
Total Midstream & Marketing(155)75 (17)(29)(126)(26)37 11 
Corporate
Anadarko acquisition-related costs(51)(10)(3)(6)(70)— — — 
Interest rate swap gains (losses), net106 99 55 (12)248 — — — 
Maxus receivable valuation allowance adjustment— (17)— — (17)— 204 204 
Early debt extinguishment (14)140 (14)117 — — — 
Total Corporate41 212 38 (13)278 — 204 204 
Income tax impact of legal entity reorganization2,594 — — 123 2,717 — — — 
Foreign entity reorganization tax benefit— — 42 — 42 — — — 
Exploration license expiration tax benefit— 13 10 — 23 — — — 
State tax rate revaluation(29)— — — (29)— — — 
Deferred taxes on Algeria contract renewal— — — — — — (68)(68)
Preferred stock redemption premium— — — — — (80)(65)(145)
Total$2,549 $315 $81 $127 $3,072 $(86)$(56)$(142)




SCHEDULE 3
Occidental Petroleum Corporation
Segment Results Before Tax Allocations
(amounts in millions, except per share and effective tax rate amounts)
20222023
Reported IncomeQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$2,546 $3,322 $2,646 $1,925 $10,439 $1,371 $699 $2,070 
International377 798 746 659 2,580 371 462 833 
Exploration(25)(26)(47)(118)(216)(102)(102)(204)
Total Oil & Gas2,898 4,094 3,345 2,466 12,803 1,640 1,059 2,699 
Chemical671 800 580 457 2,508 472 436 908 
Midstream & Marketing(50)264 104 (45)273 (30)(28)
Segment income3,519 5,158 4,029 2,878 15,584 2,114 1,465 3,579 
Corporate
Interest (371)(114)(285)(260)(1,030)(238)(230)(468)
Other(65)(58)(96)(218)(437)(142)92 (50)
Income from continuing operations before taxes3,083 4,986 3,648 2,400 14,117 1,734 1,327 3,061 
Taxes
Federal and state2,037 (916)(599)(274)248 (300)(203)(503)
International(244)(315)(303)(199)(1,061)(171)(264)(435)
Net income 4,876 3,755 2,746 1,927 13,304 1,263 860 2,123 
Less: Preferred stock dividends and redemption premiums(200)(200)(200)(200)(800)(280)(255)(535)
Net income attributable to common stockholders$4,676 $3,555 $2,546 $1,727 $12,504 $983 $605 $1,588 
Reported diluted income per share$4.65 $3.47 $2.52 $1.74 $12.40 $1.00 $0.63 $1.63 
Effective Tax Rate(58)%25 %25 %20 %%27 %35 %31 %
Items Affecting ComparabilityQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$125 $12 $10 $$148 $26 $(209)$(183)
International— 10 — 45 55 — — — 
Exploration— — — — — — — — 
Total Oil & Gas125 22 10 46 203 26 (209)(183)
Chemical— — — — — — — — 
Midstream & Marketing(198)96 (22)(37)(161)(34)48 14 
Segment income (loss)(73)118 (12)42 (8)(161)(169)
Corporate
Interest (18)179 (18)149 — — — 
Other70 92 66 (22)206 — 260 260 
Income (loss) before taxes(21)389 36 (7)397 (8)99 91 
Taxes
Federal and state2,570 (70)45 133 2,678 (22)(20)
International— (4)— (3)— (68)(68)
Net income (loss)2,549 315 81 127 3,072 (6)
Less: Preferred stock redemption premiums— — — — — (80)(65)(145)
Net income (loss) attributable to common stockholders$2,549 $315 $81 $127 $3,072 $(86)$(56)$(142)
Adjusted Income (Non-GAAP) (a)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$2,421 $3,310 $2,636 $1,924 $10,291 $1,345 $908 $2,253 
International377 788 746 614 2,525 371 462 833 
Exploration(25)(26)(47)(118)(216)(102)(102)(204)
Total Oil & Gas2,773 4,072 3,335 2,420 12,600 1,614 1,268 2,882 
Chemical671 800 580 457 2,508 472 436 908 
Midstream & Marketing148 168 126 (8)434 36 (78)(42)
Adjusted segment income3,592 5,040 4,041 2,869 15,542 2,122 1,626 3,748 
Corporate
Interest (353)(293)(267)(266)(1,179)(238)(230)(468)
Other(135)(150)(162)(196)(643)(142)(168)(310)
Adjusted income from continuing operations before taxes3,104 4,597 3,612 2,407 13,720 1,742 1,228 2,970 
Taxes
Federal and state(533)(846)(644)(407)(2,430)(302)(181)(483)
International(244)(311)(303)(200)(1,058)(171)(196)(367)
Adjusted income2,327 3,440 2,665 1,800 10,232 1,269 851 2,120 
Less: Preferred stock dividends and redemption premiums(200)(200)(200)(200)(800)(200)(190)(390)
Adjusted income attributable to common stockholders$2,127 $3,240 $2,465 $1,600 $9,432 $1,069 $661 $1,730 
Adjusted diluted earnings per share (Non-GAAP)$2.12 $3.16 $2.44 $1.61 $9.35 $1.09 $0.68 $1.78 
Effective Tax Rate25 %25 %26 %25 %25 %27 %31 %29 %
(a) Non-GAAP Measure. Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income is not considered to be an alternative to net income reported in accordance with GAAP.





SCHEDULE 4
Occidental Petroleum Corporation
Segment Results After Tax Allocations
(Amounts in millions, except per share and effective tax rate amounts)
20222023
Reported Income (Loss)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$1,986 $2,591 $2,065 $1,501 $8,143 $1,069 $545 $1,614 
International184 466 459 448 1,557 216 274 490 
Exploration(23)(24)(37)(102)(186)(82)(92)(174)
Total Oil & Gas2,147 3,033 2,487 1,847 9,514 1,203 727 1,930 
Chemical519 620 449 348 1,936 364 337 701 
Midstream & Marketing(70)247 83 (25)235 (13)(10)
Segment income2,596 3,900 3,019 2,170 11,685 1,570 1,051 2,621 
Corporate
Interest (367)(114)(285)(260)(1,026)(238)(230)(468)
Other(65)(104)(96)(218)(483)(142)92 (50)
Taxes2,712 73 108 235 3,128 73 (53)20 
Net income4,876 3,755 2,746 1,927 13,304 1,263 860 2,123 
Less: Preferred stock dividends and redemption premiums(200)(200)(200)(200)(800)(280)(255)(535)
Net income attributable to common stockholders$4,676 $3,555 $2,546 $1,727 $12,504 $983 $605 $1,588 
Reported diluted income per share$4.65 $3.47 $2.52 $1.74 $12.40 $1.00 $0.63 $1.63 
Items Affecting ComparabilityQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$98 $$$— $115 $20 $(164)$(144)
International— — 46 52 — — — 
Exploration— — — — — — — — 
Total Oil & Gas98 15 46 167 20 (164)(144)
Chemical— — — — — — — — 
Midstream & Marketing(155)75 (17)(29)(126)(26)37 11 
Segment income (loss)(57)90 (9)17 41 (6)(127)(133)
Corporate
Interest (14)140 (14)117 — — — 
Other55 72 52 (18)161 — 204 204 
Taxes2,565 13 52 123 2,753 — (68)(68)
Net income (loss)2,549 315 81 127 3,072 (6)
Less: Preferred stock redemption premiums— — — — — (80)(65)(145)
Net income (loss) attributable to common stockholders$2,549 $315 $81 $127 $3,072 $(86)$(56)$(142)
Adjusted Income (Loss) (Non-GAAP) (a)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$1,888 $2,582 $2,057 $1,501 $8,028 $1,049 $709 $1,758 
International184 460 459 402 1,505 216 274 490 
Exploration(23)(24)(37)(102)(186)(82)(92)(174)
Total Oil & Gas2,049 3,018 2,479 1,801 9,347 1,183 891 2,074 
Chemical519 620 449 348 1,936 364 337 701 
Midstream & Marketing85 172 100 361 29 (50)(21)
Segment income 2,653 3,810 3,028 2,153 11,644 1,576 1,178 2,754 
Corporate
Interest (353)(254)(271)(265)(1,143)(238)(230)(468)
Other(120)(176)(148)(200)(644)(142)(112)(254)
Taxes147 60 56 112 375 73 15 88 
Adjusted income2,327 3,440 2,665 1,800 10,232 1,269 851 2,120 
Less: Preferred stock dividends and redemption premiums(200)(200)(200)(200)(800)(200)(190)(390)
Adjusted income attributable to common stockholders$2,127 $3,240 $2,465 $1,600 $9,432 $1,069 $661 $1,730 
Adjusted diluted earnings per share (Non-GAAP)$2.12 $3.16 $2.44 $1.61 $9.35 $1.09 $0.68 $1.78 
Reconciliation - Diluted Earnings Per Share
Reported Diluted Earnings Per Share (GAAP)$4.65 $3.47 $2.52 $1.74 $12.40 $1.00 $0.63 $— $— $1.63 
After-Tax Adjustments for Items Affecting Comparability
Oil & Gas
Domestic$0.09 $0.01 $0.01 $— $0.11 $0.02 $(0.17)$(0.15)
International— 0.01 — 0.05 0.05 — — — 
Exploration— — — — — — — — 
Chemical— — — — — — — — 
Midstream & Marketing(0.16)0.08 (0.02)(0.03)(0.13)(0.03)0.04 0.01 
Corporate
Interest (0.02)0.14 (0.01)0.01 0.12 — — — 
Other0.05 0.07 0.05 (0.02)0.16 — 0.22 0.21 
Taxes2.57 — 0.05 0.12 2.74 — (0.07)(0.07)
Preferred stock redemption premiums— — — — — (0.08)(0.07)(0.15)
Total After-Tax Adjustments for Items Affecting Comparability$2.53 $0.31 $0.08 $0.13 $3.05 $(0.09)$(0.05)$(0.15)
Adjusted Diluted Earnings Per Share (Non-GAAP)$2.12 $3.16 $2.44 $1.61 $9.35 $1.09 $0.68 $1.78 
Average Diluted Shares Outstanding - Reported (millions)997.71,018.31,002.5990.51,002.0975.3958.8967.4
(a) Non-GAAP Measure. Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income is not considered to be an alternative to net income reported in accordance with GAAP.




SCHEDULE 5
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations
(amounts in millions, except per-share amounts)
20222023
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
REVENUES AND OTHER INCOME
Net sales
Oil & Gas$6,075 $7,696 $7,098 $6,296 $27,165 $5,325 $4,941 $10,266 
Chemical 1,684 1,909 1,691 1,473 6,757 1,405 1,375 2,780 
Midstream & Marketing882 1,474 1,005 775 4,136 751 616 1,367 
Eliminations(292)(403)(404)(325)(1,424)(256)(230)(486)
Total8,349 10,676 9,390 8,219 36,634 7,225 6,702 13,927 
Interest, dividends and other income49 36 37 31 153 29 28 57 
Gains on sale of assets, net135 23 74 76 308 
Total8,533 10,735 9,501 8,326 37,095 7,258 6,731 13,989 
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense864 1,005 1,056 1,103 4,028 1,081 1,130 2,211 
Transportation and gathering expense347 364 378 386 1,475 384 375 759 
Chemical and midstream costs of sales818 835 835 785 3,273 745 791 1,536 
Purchased commodities811 1,031 785 660 3,287 498 490 988 
Selling, general and administrative196 244 247 258 945 241 277 518 
Other operating and non-operating expense299 291 319 362 1,271 308 10 318 
Taxes other than on income335 426 427 360 1,548 306 266 572 
Depreciation, depletion and amortization1,643 1,728 1,736 1,819 6,926 1,721 1,709 3,430 
Asset impairments and other charges— — — — — — 209 209 
Anadarko acquisition-related costs65 13 89 — — — 
Exploration expense25 26 47 118 216 102 102 204 
Interest and debt expense, net371 114 285 260 1,030 238 230 468 
Total5,774 6,077 6,119 6,118 24,088 5,624 5,589 11,213 
INCOME BEFORE INCOME TAXES AND OTHER ITEMS2,759 4,658 3,382 2,208 13,007 1,634 1,142 2,776 
OTHER ITEMS
Gains (losses) on interest rate swaps and warrants, net135 127 70 (15)317 — — — 
Income from equity method investments and other189 201 196 207 793 100 185 285 
Total324 328 266 192 1,110 100 185 285 
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES3,083 4,986 3,648 2,400 14,117 1,734 1,327 3,061 
Income tax benefit (expense) 1,793 (1,231)(902)(473)(813)(471)(467)(938)
NET INCOME4,876 3,755 2,746 1,927 13,304 1,263 860 2,123 
Less: Preferred stock dividend(200)(200)(200)(200)(800)(280)(255)(535)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$4,676 $3,555 $2,546 $1,727 $12,504 $983 $605 $1,588 
EARNINGS PER SHARE
BASIC EARNINGS PER COMMON SHARE$4.96 $3.76 $2.74 $1.90 $13.41 $1.08 $0.68 $1.76 
DILUTED EARNINGS PER COMMON SHARE $4.65 $3.47 $2.52 $1.74 $12.40 $1.00 $0.63 $1.63 
DIVIDENDS PER COMMON SHARE$0.13 $0.13 $0.13 $0.13 $0.52 $0.18 $0.18 $0.36 
AVERAGE COMMON SHARES OUTSTANDING
BASIC936.7 939.2 922.0 905.7 926.2 901.2889.3895.6
DILUTED997.7 1,018.3 1,002.5 990.5 1,002.0 975.3958.8 967.4
INCOME TAX BENEFIT (EXPENSE)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
CURRENT
Federal$(215)$(640)$(297)$(120)$(1,272)$(265)$(181)$(446)
State and local(34)(50)(43)22 (105)(18)(14)(32)
International(198)(338)(290)(254)(1,080)(171)(191)(362)
Total$(447)$(1,028)$(630)$(352)$(2,457)$(454)$(386)$(840)
DEFERRED
Federal$2,213 $(231)$(264)$(149)$1,569 $(14)$(5)$(19)
State and local73 (26)57 (3)(3)(6)
International(46)23 (13)54 18 — (73)(73)
Total$2,240 $(203)$(272)$(121)$1,644 $(17)$(81)$(98)
TOTAL INCOME TAX BENEFIT (EXPENSE)$1,793 $(1,231)$(902)$(473)$(813)$(471)$(467)$(938)










SCHEDULE 6
Occidental Petroleum Corporation
Consolidated Condensed Balance Sheets
(amounts in millions)
20222023
MARJUNSEPDECMARJUNSEPDEC
CURRENT ASSETS
Cash and cash equivalents $1,909 $1,362 $1,233 $984 $1,165 $486 
Trade receivables, net5,434 6,350 4,046 4,281 3,272 2,850 
Inventories1,406 1,564 1,937 2,059 2,311 2,021 
Other current assets1,309 1,132 1,533 1,562 1,394 2,097 
Total current assets10,058 10,408 8,749 8,886 8,142 7,454 
INVESTMENTS IN UNCONSOLIDATED ENTITIES 3,015 3,328 3,156 3,176 3,161 3,431 
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment117,542 118,301 119,454 120,734 122,126 123,891 
Accumulated depreciation, depletion and amortization(58,313)(59,728)(61,183)(62,350)(63,957)(65,550)
Net property, plant and equipment59,229 58,573 58,271 58,384 58,169 58,341 
OPERATING LEASE ASSETS689 721 825 903 852 827 
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET 1,231 1,191 1,143 1,260 1,276 1,146 
TOTAL ASSETS$74,222 $74,221 $72,144 $72,609 $71,600 $71,199 
 
CURRENT LIABILITIES
Current maturities of long-term debt$507 $459 $546 $165 $139 $158 
Preferred stock redemption payable— — — — 712 304 
Current operating lease liabilities173 178 248 273 287 284 
Accounts payable4,664 5,197 3,715 4,029 3,514 3,557 
Accrued liabilities 3,356 3,896 3,426 3,290 2,788 3,153 
Total current liabilities8,700 9,730 7,935 7,757 7,440 7,456 
LONG-TERM DEBT, NET25,865 21,743 20,478 19,670 19,645 19,669 
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net4,806 5,020 5,304 5,512 5,527 5,605 
Asset retirement obligations3,634 3,600 3,553 3,636 3,618 3,667 
Pension and postretirement obligations1,541 1,513 1,427 1,055 977 978 
Environmental remediation liabilities933 918 893 905 890 867 
Operating lease liabilities558 589 616 657 595 576 
Other3,278 3,278 3,218 3,332 3,349 3,270 
Total deferred credits and other liabilities14,750 14,918 15,011 15,097 14,956 14,963 
EQUITY
Preferred stock, $1.00 per share par value 9,762 9,762 9,762 9,762 9,130 8,621 
Common stock, $0.20 per share par value217 218 220 220 221 221 
Treasury stock(10,709)(11,391)(13,192)(13,772)(14,524)(14,958)
Additional paid-in capital16,785 16,914 17,129 17,181 17,159 17,218