OCCIDENTAL PETROLEUM CORP /DE/
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
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Consolidated Results of Operations
| table of contents | MANAGEMENT’S DISCUSSION AND ANALYSIS |
REVENUE AND OTHER INCOME ITEMS
| millions | 2025 | 2024 | 2023 |
|---|---|---|---|
| Net sales | $21,593 | $22,019 | $23,156 |
| Interest, dividends and other income | $219 | $192 | $153 |
| Gains (losses) on sales of assets and other, net | $263 | $(16) | $522 |
NET SALES
Revenue declined from 2024 to 2025, primarily as a result of lower crude oil prices in the oil and gas segment, partially offset by increased sales volumes due to a full year of production in 2025 related to the CrownRock Acquisition, which closed in August 2024, and higher domestic natural gas prices. Additionally, midstream and marketing revenue improved year over year due to higher sulfur prices at Al Hosn and enhanced natural gas margins.
GAINS (LOSSES) ON SALES OF ASSETS AND OTHER, NET
Gains (losses) on sales of assets and other, net increased from 2024 to 2025, primarily as a result of a gain of $301 million from a fourth quarterpro-rata ownership reduction in WES following an acquisition by WES.
EXPENSE ITEMS
| millions | 2025 | 2024 | 2023 |
|---|---|---|---|
| Oil and gas operating expense | $4,681 | $4,738 | $4,677 |
| Transportation and gathering expense | $1,660 | $1,608 | $1,481 |
| Purchased commodities and midstream cost of sales | $176 | $431 | $2,116 |
| Selling, general and administrative | $986 | $960 | $987 |
| Other operating and non-operating expense | $1,556 | $1,319 | $1,165 |
| Taxes other than on income | $1,030 | $1,039 | $1,087 |
| Depreciation, depletion and amortization | $7,533 | $6,951 | $6,449 |
| Asset impairments and other charges | $60 | $356 | $209 |
| Acquisition-related costs | $13 | $84 | $26 |
| Exploration expense | $249 | $275 | $441 |
| Interest and debt expense, net | $1,079 | $1,169 | $957 |
PURCHASED COMMODITIES AND MIDSTREAM COST OF SALES
Purchased commodities and midstream cost of sales decreased in 2025, compared to 2024, due to certain crude supply contracts which expired in 2024.
OTHER OPERATING AND NON-OPERATING EXPENSE
Other operating and non-operating expense increased in 2025, compared to 2024, primarily due to higher compensation costs, adjustments to legal reserves, and increased research and development activities.
DEPRECIATION, DEPLETION, AND AMORTIZATION
Depreciation, depletion and amortization increased in 2025, compared to 2024, primarily related to increased sales volumes due to a full year of production in 2025 related to the CrownRock Acquisition, which closed in August 2024.
ASSET IMPAIRMENTS AND OTHER CHARGES
Asset impairments in 2024 included $334 million related to certain wells in the Gulf of America whose future net cash inflows did not indicate that the asset value is recoverable.
OTHER ITEMS
| Income (expense) millions | 2025 | 2024 | 2023 |
|---|---|---|---|
| Income from equity investments and other | $76 | $759 | $426 |
| Income tax expense | $(1,021) | $(1,158) | $(1,330) |
| Discontinued operations, net | $262 | $212 | $1,364 |
| table of contents | MANAGEMENT’S DISCUSSION AND ANALYSIS |
INCOME FROM EQUITY INVESTMENTS AND OTHER
Income from equity investments and other decreased in 2025, compared to 2024, primarily due to the Company’s proportionate amount of impairments and other charges recorded by its equity method investees.
DISCONTINUED OPERATIONS, NET
Discontinued operations, net for all periods presented resulted from the OxyChem Transaction that closed on January 2, 2026. See Note 4 - Acquisitions, Divestitures and Other Transactions in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K for additional details.
Discontinued operations, net in 2024 also included a gain of $182 million, net of taxes, from the Andes Arbitration final legal settlement. See Note 4 - Acquisitions, Divestitures and Other Transactions in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K for additional details.
Select results for discontinued operations are reflected in the following table:
| millions | 2025 | 2024 | 2023 |
|---|---|---|---|
| Income before income taxes | $495 | $285 | $1,767 |
| Income tax expense | (233) | (73) | (403) |
| Income from discontinued operations, net of tax | $262 | $212 | $1,364 |
| Effective tax rate | 47% | 26% | 23% |
Income before income taxes increased in 2025, compared to 2024, due to a 2024 pre-tax charge related to the DASS environmental remediation reserve of $925 million, partially offset by a gain of $239 million from the Andes Arbitration legal settlement in 2024 and lower chemical sales and higher raw material costs in 2025. Income taxes and the effective tax rate for discontinued operations increased from 2024 to 2025 primarily due to international tax charges as a result of the OxyChem Transaction.
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