OCCIDENTAL PETROLEUM CORP DE
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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FY2023 · Filed Feb 14, 2024
OXY$56.90+2.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
FINANCIAL STATEMENTS
| Consolidated Statements of Cash Flows | Occidental Petroleum Corporationand Subsidiaries |
|---|
| Years Ended December 31, | |||
|---|---|---|---|
| millions | 2023 | 2022 | 2021 |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| Net income | $4,696 | $13,304 | $2,322 |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Discontinued operations, net | — | — | 468 |
| Depreciation, depletion and amortization of assets | 6,865 | 6,926 | 8,447 |
| Deferred income tax provision (benefit) | 57 | (1,644) | 46 |
| Other noncash charges (benefit) to income | (100) | (8) | 229 |
| Asset impairments and related items | 209 | — | 304 |
| Gain on sales of assets and other, net | (522) | (308) | (192) |
| Undistributed losses (earnings) from equity investments | 144 | (219) | (70) |
| Dry hole expense | 299 | 84 | 125 |
| Changes in operating assets and liabilities: | |||
| (Increase) decrease in receivables | 1,088 | (97) | (2,086) |
| Increase in inventories | (91) | (230) | (86) |
| Increase in other current assets | (13) | (335) | (119) |
| Increase (decrease) in accounts payable and accrued liabilities | (549) | (478) | 865 |
| Increase (decrease) in current domestic and foreign income taxes | 225 | (185) | — |
| Operating cash flow from continuing operations | 12,308 | 16,810 | 10,253 |
| Operating cash flow from discontinued operations, net of taxes | — | — | 181 |
| Net cash provided by operating activities | 12,308 | 16,810 | 10,434 |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| Capital expenditures | (6,270) | (4,497) | (2,870) |
| Change in capital accrual | 25 | 147 | 97 |
| Purchase of businesses, assets and equity investments, net | (713) | (990) | (431) |
| Proceeds from sale of assets and equity investments, net | 448 | 584 | 1,624 |
| Equity investments and other, net | (470) | (116) | 406 |
| Investing cash flow from continuing operations | (6,980) | (4,872) | (1,174) |
| Investing cash flow from discontinued operations | — | — | (79) |
| Net cash used by investing activities | (6,980) | (4,872) | (1,253) |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| Draws on receivables securitization facility | 900 | 400 | — |
| Payment of receivables securitization facility | (900) | (400) | — |
| Debt issuance costs | (46) | — | — |
| Payments of long-term debt, net | (22) | (9,484) | (6,834) |
| Redemption of preferred stock | (1,661) | — | — |
| Purchases of treasury stock | (1,798) | (3,099) | (8) |
| Cash dividends paid on common and preferred stock | (1,365) | (1,184) | (839) |
| Proceeds from issuance of common stock | 135 | 293 | 31 |
| Contribution from noncontrolling interest | 100 | — | — |
| Financing portion of net cash paid for derivative instruments | — | (111) | (834) |
| Other financing, net | (233) | (130) | (80) |
| Financing cash flow from continuing operations | (4,890) | (13,715) | (8,564) |
| Financing cash flow from discontinued operations | — | — | (8) |
| Net cash used by financing activities | (4,890) | (13,715) | (8,572) |
| Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 438 | (1,777) | 609 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of year | 1,026 | 2,803 | 2,194 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents — end of year | $1,464 | $1,026 | $2,803 |
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