OCCIDENTAL PETROLEUM CORP DE
For the period ended Mar 31, 2025. Filed May 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 7, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Results of Operations
CONSOLIDATED RESULTS OF OPERATIONS AND ITEMS AFFECTING COMPARABILITY
The following table sets forth earnings of each operating segment and corporate items:
| Three months ended | |||
|---|---|---|---|
| millions | March 31, 2025 | December 31, 2024 | March 31, 2024 |
| Net income | |||
| Oil and gas (a) | $1,697 | $1,172 | $1,238 |
| Chemical (a) | 185 | 270 | 254 |
| Midstream and marketing (a) | (77) | (134) | (33) |
| Total | 1,805 | 1,308 | 1,459 |
| Unallocated Corporate Items (a) | |||
| Interest expense, net | (318) | (327) | (284) |
| Income tax (expense) benefit | (387) | 49 | (304) |
| Corporate and other items, net | (155) | (1,150) | (165) |
| Income (loss) from continuing operations | $945 | $(120) | $706 |
| Discontinued operations, net of taxes | — | — | 182 |
| Net income (loss) | $945 | $(120) | $888 |
| Less: Net income attributable to noncontrolling interest | (9) | (7) | — |
| Less: Preferred stock dividends | (170) | (170) | (170) |
| Net income (loss) attributable to common stockholders | $766 | $(297) | $718 |
| Net income (loss) per share attributable to common stockholders - diluted | $0.77 | $(0.32) | $0.75 |
(a)Refer to the Items Affecting Comparability table which sets forth items affecting Occidental's earnings that vary widely and unpredictably in nature, timing and amount.
ITEMS AFFECTING COMPARABILITY
The following table sets forth items affecting the comparability of Occidental's earnings that vary widely and unpredictably in nature, timing and amount:
| Three months ended | |||
|---|---|---|---|
| millions | March 31, 2025 | December 31, 2024 | March 31, 2024 |
| Oil and gas | |||
| Losses on sales of assets and other, net | $— | $(13) | $— |
| Asset impairments | — | (334) | — |
| Legal settlements | — | — | (44) |
| Total oil and gas | — | (347) | (44) |
| Chemical | |||
| Legal settlements | (30) | (10) | (6) |
| Total chemical | (30) | (10) | (6) |
| Midstream and marketing | |||
| Gains on sales of assets and other, net (a) | — | — | 122 |
| Derivative losses, net (b) | (84) | (88) | (91) |
| Total midstream and marketing | (84) | (88) | 31 |
| Corporate | |||
| Acquisition-related costs and others (c) | (6) | (9) | (56) |
| Gains on sales of assets and other, net | — | 48 | — |
| Passaic environmental reserve | — | (925) | — |
| Environmental receivable valuation allowance adjustment | — | (84) | — |
| Total corporate | (6) | (970) | (56) |
| State tax rate revaluation | — | 10 | — |
| Income tax impact on items affecting comparability | 26 | 316 | 7 |
| Loss | (94) | (1,089) | (68) |
| Discontinued operations, net of taxes | — | — | 182 |
| Total | $(94) | $(1,089) | $114 |
(a)Included amounts from gains (losses) on sales of assets and other, net and income from equity investments and other in the Consolidated Condensed Statement of Operations.
(b)Included amounts from income from equity investments and other in the Consolidated Condensed Statement of Operations.
(c)The three months ended March 31, 2024 included $44 million of financing costs related to the CrownRock Acquisition. The remaining amounts for each period are related to CrownRock transaction costs.
Excluding the impact of items affecting comparability, net income for the three months ended March 31, 2025, compared to the three months ended December 31, 2024, increased, driven by higher domestic prices across all products in the oil and gas segment, partially offset by lower sales volumes in the oil and gas segment and lower realized caustic soda and polyvinyl chloride prices along with higher ethylene and natural gas costs in the chemical segment.
Excluding the impact of items affecting comparability, net income for the three months ended March 31, 2025, compared to the same period in 2024, increased, driven by higher sales volumes and higher domestic gas and NGL prices in the oil and gas segment, partially offset by lower oil prices in the oil and gas segment and higher ethylene and natural gas prices in the chemical segment.
SELECTED STATEMENTS OF OPERATIONS ITEMS
Net sales of $6.8 billion for the three months ended March 31, 2025 remained consistent, compared to $6.8 billion for the three months ended December 31, 2024, as the effect of higher commodity prices was offset by lower sales volumes across all products in the oil and gas segment.
Income tax expense increased to $387 million for the three months ended March 31, 2025, compared to a tax benefit of $49 million primarily resulting from the Passaic environmental reserve adjustment for the three months ended December 31, 2024.
Net sales of $6.8 billion increased for the three months ended March 31, 2025, compared to $6.0 billion for the same period in 2024, primarily due to higher volumes across all products and higher domestic natural gas prices, partially offset by lower oil prices in the oil and gas segment.
Depreciation, depletion and amortization of $1.9 billion increased for the three months ended March 31, 2025, compared to $1.7 billion for the same period in 2024, primarily related to increased sales volumes in the Permian Basin from the CrownRock Acquisition.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.