OCCIDENTAL PETROLEUM CORP /DE/
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
View on SEC.govAbout this filing
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.
Jun 30, 2025 · Filed Aug 6, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
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:
| millions | Three months ended June 30, 2025 | % Change | Three months ended March 31, 2025 |
|---|---|---|---|
| Net income | |||
| Oil and gas (a) | $934 | (45)% | $1,697 |
| Chemical (a) | 213 | 15% | 185 |
| Midstream and marketing (a) | 49 | 164% | (77) |
| Total | 1,196 | (34)% | 1,805 |
| Unallocated Corporate Items (a) | |||
| Interest expense, net | (276) | (13)% | (318) |
| Income tax expense | (270) | (30)% | (387) |
| Corporate and other items, net | (182) | 17% | (155) |
| Net income | $468 | (50)% | $945 |
| Less: Net income attributable to noncontrolling interest | (10) | 11% | (9) |
| Less: Preferred stock dividends | (170) | —% | (170) |
| Net income attributable to common stockholders | $288 | (62)% | $766 |
| Net income per share attributable to common stockholders - diluted | $0.26 | (66)% | $0.77 |
(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.
| millions | Six months ended June 30, 2025 | % Change | Six months ended June 30, 2024 |
|---|---|---|---|
| Net income | |||
| Oil and gas (a) | $2,631 | (9)% | $2,877 |
| Chemical (a) | 398 | (28)% | 550 |
| Midstream and marketing (a) | (28) | (134)% | 83 |
| Total | 3,001 | (15)% | 3,510 |
| Unallocated Corporate Items (a) | |||
| Interest expense, net | (594) | 11% | (536) |
| Income tax expense | (657) | (15)% | (769) |
| Corporate and other items, net | (337) | 2% | (329) |
| Income from continuing operations | $1,413 | (25)% | $1,876 |
| Discontinued operations, net of taxes | — | (100)% | 182 |
| Net income | $1,413 | (31)% | $2,058 |
| Less: Net income attributable to noncontrolling interest | (19) | 138% | (8) |
| Less: Preferred stock dividends | (340) | —% | (340) |
| Net income attributable to common stockholders | $1,054 | (38)% | $1,710 |
| Net income per share attributable to common stockholders - diluted | $1.03 | (42)% | $1.78 |
(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 · Six months ended | ||||
|---|---|---|---|---|
| millions | June 30, 2025 | March 31, 2025 | June 30, 2025 | June 30, 2024 |
| Oil and gas | ||||
| Legal reserves and other | $(65) | $— | $(65) | $(54) |
| Total oil and gas | (65) | — | (65) | (54) |
| Chemical | ||||
| Legal reserves and other | — | (30) | (30) | (6) |
| Total chemical | — | (30) | (30) | (6) |
| Midstream and marketing | ||||
| Asset impairments and other charges (a) | (162) | — | (162) | — |
| Derivative gains (losses), net (a) | 95 | (84) | 11 | (86) |
| Gains on sales of assets and other, net (a) | — | — | — | 157 |
| TerraLithium fair value gain | — | — | — | 27 |
| Total midstream and marketing | (67) | (84) | (151) | 98 |
| Corporate | ||||
| Acquisition-related costs and others (b) | (6) | (6) | (12) | (85) |
| Total corporate | (6) | (6) | (12) | (85) |
| Income tax impact on items affecting comparability | 30 | 26 | 56 | (2) |
| Income tax impact on Algeria contract renewal | — | — | — | (20) |
| Loss | (108) | (94) | (202) | (69) |
| Discontinued operations, net of taxes | — | — | — | 182 |
| Total | $(108) | $(94) | $(202) | $113 |
(a)Included amounts from income from equity investments and other in the Consolidated Condensed Statement of Operations.
(b)The six months ended June 30, 2024 included $59 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 June 30, 2025, compared to the three months ended March 31, 2025, decreased due to lower commodity prices across all products in the oil and gas segment, partially offset by higher crude oil sales volumes and lower lease operating expense in the oil and gas segment and higher gas margins from transportation capacity optimization in the Permian Basin in the midstream and marketing segment.
Excluding the impact of items affecting comparability, net income for the six months ended June 30, 2025, compared to the same period in 2024, decreased primarily due to lower crude oil prices in the oil and gas segment, higher ethylene and energy costs in the chemical segment, and higher interest expense related to the issuance of debt for the CrownRock Acquisition, partially offset by higher sales volumes in the oil and gas segment due to a full six months of production from CrownRock assets in 2025.
SELECTED STATEMENTS OF OPERATIONS ITEMS
Net sales of $6.4 billion decreased for the three months ended June 30, 2025, compared to $6.8 billion for the three months ended March 31, 2025, primarily due to lower commodity prices partially offset by higher crude oil and NGL sales volumes in the oil and gas segment.
Net sales of $13.2 billion increased for the six months ended June 30, 2025, compared to $12.8 billion for the same period in 2024, primarily due to higher oil volumes due to a full six months of production from the CrownRock assets and higher domestic natural gas and NGL prices, partially offset by lower oil prices in the oil and gas segment.
Depreciation, depletion and amortization of $3.9 billion increased for the six months ended June 30, 2025, compared to $3.5 billion for the same period in 2024, primarily due to a full six months of production from the CrownRock assets.
Income from equity investments and other of $163 million decreased for the six months ended June 30, 2025, compared to $543 million for the same period in 2024, primarily due to Occidental's share of losses recognized by its investee, Net Power.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.