OCCIDENTAL PETROLEUM CORP /DE/
For the period ended Sep 30, 2025. Filed Nov 10, 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.
Sep 30, 2025 · Filed Nov 10, 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:
| millions | Three months ended September 30, 2025 | % Change | Three months ended June 30, 2025 |
|---|---|---|---|
| Net income | |||
| Oil and gas (a) | $1,300 | 39% | $934 |
| Chemical (a) | 197 | (8)% | 213 |
| Midstream and marketing (a) | 93 | 90% | 49 |
| Total | 1,590 | 33% | 1,196 |
| Unallocated Corporate Items (a) | |||
| Interest expense, net | (270) | (2)% | (276) |
| Income tax expense | (324) | 20% | (270) |
| Corporate and other items, net | (154) | (15)% | (182) |
| Net income | $842 | 80% | $468 |
| Less: Net income attributable to noncontrolling interest | (12) | 20% | (10) |
| Less: Preferred stock dividends | (169) | (1)% | (170) |
| Net income attributable to common stockholders | $661 | 130% | $288 |
| Net income per share attributable to common stockholders - diluted | $0.65 | 150% | $0.26 |
(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 | Nine months ended September 30, 2025 | % Change | Nine months ended September 30, 2024 |
|---|---|---|---|
| Net income | |||
| Oil and gas (a) | $3,931 | (3)% | $4,042 |
| Chemical (a) | 595 | (30)% | 854 |
| Midstream and marketing (a) | 65 | (91)% | 714 |
| Total | 4,591 | (18)% | 5,610 |
| Unallocated Corporate Items (a) | |||
| Interest expense, net | (864) | 2% | (848) |
| Income tax expense | (981) | (20)% | (1,223) |
| Corporate and other items, net | (491) | (6)% | (523) |
| Income from continuing operations | $2,255 | (25)% | $3,016 |
| Discontinued operations, net of taxes | — | (100)% | 182 |
| Net income | $2,255 | (29)% | $3,198 |
| Less: Net income attributable to noncontrolling interest | (31) | 107% | (15) |
| Less: Preferred stock dividends | (509) | —% | (509) |
| Net income attributable to common stockholders | $1,715 | (36)% | $2,674 |
| Net income per share attributable to common stockholders - diluted | $1.68 | (39)% | $2.77 |
(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.
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 · Nine months ended | ||||
|---|---|---|---|---|
| millions | September 30, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2024 |
| Oil and gas | ||||
| Losses on sales of assets and other, net | $(22) | $— | $(22) | $(572) |
| Legal reserves and other | — | (65) | (65) | (54) |
| Total oil and gas | (22) | (65) | (87) | (626) |
| Chemical | ||||
| Legal reserves and other | — | — | (30) | (6) |
| Total chemical | — | — | (30) | (6) |
| Midstream and marketing | ||||
| Asset impairments and other charges (a) | — | (162) | (162) | (21) |
| Derivative gains (losses), net (a) | (31) | 95 | (20) | 56 |
| Gains on sales of assets and other, net (a) | — | — | — | 647 |
| Equity method investments fair value gain | 61 | — | 61 | 27 |
| Total midstream and marketing | 30 | (67) | (121) | 709 |
| Corporate | ||||
| Acquisition-related costs and others (b) | (1) | (6) | (13) | (141) |
| Total corporate | (1) | (6) | (13) | (141) |
| Income tax impact on items affecting comparability | 5 | 30 | 61 | 2 |
| Income tax impact on Algeria contract renewal | — | — | — | (20) |
| Gain (loss) | 12 | (108) | (190) | (82) |
| Discontinued operations, net of taxes | — | — | — | 182 |
| Total | $12 | $(108) | $(190) | $100 |
(a)Included amounts from income from equity investments and other in the Consolidated Condensed Statement of Operations.
(b)The nine months ended September 30, 2024 included $66 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 September 30, 2025, compared to the three months ended June 30, 2025, increased due to higher crude oil sales volumes worldwide and higher domestic oil prices in the oil and gas segment, partially offset by lower Waha-to-Gulf-Coast gas spreads in the midstream and marketing segment.
Excluding the impact of items affecting comparability, net income for the nine months ended September 30, 2025, compared to the same period in 2024, decreased primarily due to lower crude oil prices in the oil and gas segment and higher ethylene and energy costs in the chemical segment, partially offset by higher sales volumes in the oil and gas segment due to a full nine months of production from CrownRock assets in 2025 and higher Waha-to-Gulf-Coast gas spreads in the midstream and marketing segment.
SELECTED STATEMENTS OF OPERATIONS ITEMS
Net sales of $6.6 billion increased for the three months ended September 30, 2025, compared to $6.4 billion for the three months ended June 30, 2025, primarily due to higher domestic oil prices and higher sales volumes in the oil and gas segment, partially offset by lower Waha-to-Gulf-Coast gas spreads in the midstream and marketing segment.
Depreciation, depletion and amortization of $5.9 billion increased for the nine months ended September 30, 2025, compared to $5.4 billion for the same period in 2024, primarily due to a full nine months of production from the CrownRock assets.
Income from equity investments and other of $333 million decreased for the nine months ended September 30, 2025, compared to $709 million for the same period in 2024, primarily due to Occidental's share of losses recognized by its investee, Net Power.
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