Part I - Financial Information [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents Occidental Petroleum Corporation's unaudited consolidated condensed financial statements for the quarter ended March 31, 2025, including balance sheets, statements of operations, comprehensive income, equity, and cash flows, along with detailed notes explaining accounting policies, revenue recognition, debt, acquisitions, derivatives, income taxes, environmental liabilities, legal matters, EPS, and segment information The financial statements are unaudited and prepared in accordance with US GAAP for interim reporting, reflecting all necessary normal recurring adjustments[25](index=25&type=chunk)[26](index=26&type=chunk) The financial results for Q1 2025 and Q1 2024 are not necessarily indicative of full-year performance[26](index=26&type=chunk) [Consolidated Condensed Balance Sheets](index=4&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) | millions | March 31, 2025 | December 31, 2024 | Change (QoQ) | | :--- | :--- | :--- | :--- | | **ASSETS** | | | | | Total current assets | $9,716 | $9,070 | +$646 | | Total property, plant and equipment, net | $68,227 | $69,378 | -$1,151 | | Total assets | $84,967 | $85,445 | -$478 | | **LIABILITIES AND EQUITY** | | | | | Total current liabilities | $9,623 | $9,521 | +$102 | | Long-term debt, net | $24,037 | $24,978 | -$941 | | Total equity | $35,105 | $34,480 | +$625 | | Total liabilities and equity | $84,967 | $85,445 | -$478 | [Consolidated Condensed Statements of Operations](index=6&type=section&id=Consolidated%20Condensed%20Statements%20of%20Operations) | millions, except per-share amounts | Three months ended March 31, 2025 | Three months ended March 31, 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Net sales | $6,803 | $5,975 | +$828 | | Total revenues and other income | $6,843 | $6,010 | +$833 | | Total costs and other deductions | $5,650 | $5,301 | +$349 | | Income from continuing operations before income taxes | $1,332 | $1,010 | +$322 | | Income tax expense | $(387) | $(304) | -$83 | | Income from continuing operations | $945 | $706 | +$239 | | Net income | $945 | $888 | +$57 | | Net income attributable to common stockholders | $766 | $718 | +$48 | | Net income attributable to common stockholders—basic (per share) | $0.81 | $0.81 | $0.00 | | Net income attributable to common stockholders—diluted (per share) | $0.77 | $0.75 | +$0.02 | [Consolidated Condensed Statements of Comprehensive Income](index=7&type=section&id=Consolidated%20Condensed%20Statements%20of%20Comprehensive%20Income) | millions | Three months ended March 31, 2025 | Three months ended March 31, 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Net income | $945 | $888 | +$57 | | Other comprehensive income (loss), net of tax | $(9) | $5 | -$14 | | Comprehensive income | $936 | $893 | +$43 | | Comprehensive income attributable to preferred and common stockholders | $927 | $893 | +$34 | [Consolidated Condensed Statements of Equity](index=8&type=section&id=Consolidated%20Condensed%20Statements%20of%20Equity) | millions | March 31, 2025 | December 31, 2024 | Change (QoQ) | | :--- | :--- | :--- | :--- | | Total stockholders' equity | $34,712 | $34,159 | +$553 | | Noncontrolling interest | $393 | $321 | +$72 | | Total equity | $35,105 | $34,480 | +$625 | - Common stock issued shares increased from 1,166,769,167 at Dec 31, 2024, to 1,170,361,105 at March 31, 2025[20](index=20&type=chunk) [Consolidated Condensed Statements of Cash Flows](index=9&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) | millions | Three months ended March 31, 2025 | Three months ended March 31, 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $2,148 | $2,007 | +$141 | | Net cash used by investing activities | $(731) | $(1,810) | +$1,079 | | Net cash used by financing activities | $(932) | $(328) | -$604 | | Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | $485 | $(131) | +$616 | | Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period | $2,642 | $1,333 | +$1,309 | [Notes to Consolidated Condensed Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Condensed%20Financial%20Statements) [Note 1—General](index=10&type=section&id=Note%201%E2%80%94General) - Occidental's financial statements are unaudited and condensed, prepared under US GAAP for interim reporting, and should be read with the 2024 Form 10-K[25](index=25&type=chunk) - Management believes the statements fairly present results, but Q1 performance is not indicative of the full year[26](index=26&type=chunk) | millions | 2025 | 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,612 | $1,272 | | Restricted cash and restricted cash equivalents | $30 | $61 | | Total cash, cash equivalents, restricted cash and restricted cash equivalents | $2,642 | $1,333 | | millions | 2025 | 2024 | | :--- | :--- | :--- | | Income tax payments | $490 | $152 | | Interest paid (net of capitalized interest) | $474 | $395 | - Occidental owns **43.5%** of WES limited partner units and consolidates a joint venture with BlackRock for a direct air capture facility as the primary beneficiary, accounting for BlackRock's investment as a non-controlling interest (NCI) using the HLBV method[30](index=30&type=chunk)[31](index=31&type=chunk)[34](index=34&type=chunk) [Note 2—Revenue](index=11&type=section&id=Note%202%E2%80%94Revenue) - Revenue is recognized upon delivery of oil, NGL, gas, chemicals, or services. Trade receivables of **$3.6 billion** as of March 31, 2025, represent satisfied obligations[35](index=35&type=chunk) | millions | Three months ended March 31, 2025 | Three months ended March 31, 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Revenue from customers | $6,911 | $6,731 | +$180 | | All other revenues | $(108) | $(756) | +$648 | | Net sales | $6,803 | $5,975 | +$828 | | millions (Q1 2025) | United States | International | Eliminations | Total | | :--- | :--- | :--- | :--- | :--- | | Oil and gas | $4,827 | $856 | — | $5,683 | | Chemical | $1,114 | $73 | — | $1,187 | | Midstream and marketing | $174 | $138 | — | $312 | | Consolidated | $6,115 | $1,067 | $(271) | $6,911 | [Note 3—Inventories](index=12&type=section&id=Note%203%E2%80%94Inventories) - Finished goods include oil (lower of weighted-average cost or net realizable value) and caustic soda/chlorine (LIFO method)[38](index=38&type=chunk) | millions | March 31, 2025 | December 31, 2024 | Change (QoQ) | | :--- | :--- | :--- | :--- | | Raw materials | $110 | $113 | -$3 | | Materials and supplies | $1,274 | $1,279 | -$5 | | Commodity inventory and finished goods | $848 | $796 | +$52 | | Total (before LIFO revaluation) | $2,232 | $2,188 | +$44 | | Revaluation to LIFO | $(93) | $(93) | $0 | | Total inventories | $2,139 | $2,095 | +$44 | [Note 4—Long-Term Debt](index=13&type=section&id=Note%204%E2%80%94Long-Term%20Debt) | millions | March 31, 2025 | December 31, 2024 | Change (QoQ) | | :--- | :--- | :--- | :--- | | Total borrowings at face value | $23,875 | $24,391 | -$516 | | Net book value of debt | $24,787 | $25,323 | -$536 | | Total debt and finance leases | $25,594 | $26,116 | -$522 | | Long-term debt, net | $24,037 | $24,978 | -$941 | - In Q1 2025, Occidental redeemed **$465 million** of senior notes due 2025 and repaid **$50 million** of a two-year term loan[41](index=41&type=chunk) - Subsequent to March 31, 2025, the company used asset sale proceeds and warrant exercise funds to pay **$1.4 billion** in current maturities and **$350 million** in long-term maturities, reducing principal debt outstanding to **$22.1 billion**[41](index=41&type=chunk) - The estimated fair value of debt was **$23.6 billion** as of March 31, 2025, down from **$24.0 billion** at December 31, 2024[42](index=42&type=chunk) [Note 5—Acquisitions and Divestitures](index=14&type=section&id=Note%205%E2%80%94Acquisitions%20and%20Divestitures) - The CrownRock Acquisition, completed in December 2023 for **$12.4 billion**, is substantially allocated as of March 31, 2025, with no material changes to the allocation[43](index=43&type=chunk) | millions, except per-share amounts | Three months ended March 31, 2024 (Pro Forma with CrownRock) | | :--- | :--- | | Revenues | $6,587 | | Net income attributable to common stockholders | $798 | | Net income attributable to common stockholders per share—basic | $0.87 | | Net income attributable to common stockholders per share—diluted | $0.81 | - In Q1 2025, Occidental sold non-core royalty/mineral interests in the DJ Basin for **~$900 million** and Permian Basin assets for **~$400 million**, with no gain or loss recognized[45](index=45&type=chunk) [Note 6—Derivatives](index=15&type=section&id=Note%206%E2%80%94Derivatives) - Occidental uses derivatives and physical contracts to manage commodity price and transportation exposure, and for trading purposes. Marketing derivatives are not designated as hedges[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) | long (short) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Oil commodity contracts (MMbbl) | (62) | (34) | | Natural gas commodity contracts (Bcf) | (237) | (130) | | millions | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Marketing Derivatives (included in Net sales) | $(107) | $(238) | - Credit risk from physical delivery of energy commodities is managed by selecting strong counterparties, netting arrangements, and collateral requirements[53](index=53&type=chunk) [Note 7—Income Taxes](index=17&type=section&id=Note%207%E2%80%94Income%20Taxes) | millions | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Income before income taxes | $1,332 | $1,010 | | Total current tax expense | $(516) | $(395) | | Total deferred tax benefit | $129 | $91 | | Total income tax expense | $(387) | $(304) | | Worldwide effective tax rate | 29% | 30% | - The effective tax rate is driven by the jurisdictional mix of income, with U.S. federal statutory rate at **21%** and international rates up to **55%**[54](index=54&type=chunk) - The Inflation Reduction Act (IRA) impact is uncertain due to unfinalized guidance and a paused disbursement of funds[55](index=55&type=chunk) - Occidental does not anticipate a significant impact from the OECD Pillar Two global minimum tax initiative[56](index=56&type=chunk) [Note 8—Environmental Liabilities and Expenditures](index=18&type=section&id=Note%208%E2%80%94Environmental%20Liabilities%20and%20Expenditures) - Occidental is subject to stringent environmental laws and regulations, participating in or monitoring remedial activities at **157 sites**[57](index=57&type=chunk)[58](index=58&type=chunk) | millions, except number of sites | Number of Sites | Remediation Balance | | :--- | :--- | :--- | | NPL Sites | 32 | $1,371 | | Third-Party Sites | 62 | $196 | | Currently Operated Sites | 12 | $86 | | Closed or Non-Operated Sites | 51 | $248 | | Total | 157 | $1,901 | - Reasonably possible additional losses for environmental remediation could be up to **$1.9 billion**, with no material change since December 31, 2024[61](index=61&type=chunk) - For the Diamond Alkali Superfund Site (DASS), OxyChem has accrued a reserve for its estimated allocable share of remediation costs, but ultimate liability may be higher or lower[68](index=68&type=chunk)[69](index=69&type=chunk) [Note 9—Lawsuits, Claims, Commitments and Contingencies](index=19&type=section&id=Note%209%E2%80%94Lawsuits,%20Claims,%20Commitments%20and%20Contingencies) - Occidental is involved in various lawsuits and legal proceedings, including environmental matters, and accrues contingency reserves when probable and estimable[71](index=71&type=chunk)[72](index=72&type=chunk) - Unfavorable outcomes could materially affect future results, but current contingency reserves (excluding tax and environmental) are not material[72](index=72&type=chunk)[73](index=73&type=chunk) - The company is disputing an IRS disallowance of a **$5.2 billion** deduction related to the Tronox settlement, which could require repayment of approximately **$1.4 billion** in federal/state taxes and **$805 million** in accrued interest if Occidental does not prevail[77](index=77&type=chunk)[78](index=78&type=chunk) [Note 10—Earnings Per Share and Equity](index=21&type=section&id=Note%2010%E2%80%94Earnings%20Per%20Share%20and%20Equity) | millions except per-share amounts | Three months ended March 31, 2025 | Three months ended March 31, 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Net income attributable to common stock | $766 | $718 | +$48 | | Basic income per common share | $0.81 | $0.81 | $0.00 | | Diluted income per common share | $0.77 | $0.75 | +$0.02 | | Weighted-average number of basic shares | 941.3 | 884.1 | +57.2 | | Dilutive securities | 41.6 | 64.5 | -22.9 | - The Andes Arbitration settlement in 2024 resulted in a **$182 million** gain in discontinued operations for Q1 2024[81](index=81&type=chunk) - As of March 31, 2025, **83.9 million** common stock warrants were anti-dilutive and excluded from diluted shares[81](index=81&type=chunk) - In April 2025, Occidental issued **41.9 million** shares for approximately **$890 million** from a warrant exercise, used to repay near-term debt maturities[83](index=83&type=chunk) [Note 11—Segments](index=22&type=section&id=Note%2011%E2%80%94Segments) - Occidental operates through three segments: oil and gas, chemical, and midstream and marketing. The CEO is the CODM, using segment income (loss) from continuing operations before taxes to measure performance[84](index=84&type=chunk)[85](index=85&type=chunk) | millions | March 31, 2025 | March 31, 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Oil and gas segment income | $1,697 | $1,238 | +$459 | | Chemical segment income | $185 | $254 | -$69 | | Midstream and marketing segment losses | $(77) | $(33) | -$44 | | Corporate and eliminations | $(155) | $(165) | +$10 | | Interest and debt expense, net | $(318) | $(284) | -$34 | | Income from continuing operations before income taxes | $1,332 | $1,010 | +$322 | | millions (Q1 2025) | Oil and gas | Chemical | Midstream and marketing | Corporate and eliminations | Total | | :--- | :--- | :--- | :--- | :--- | | PP&E Additions | $1,568 | $224 | $152 | $18 | $1,962 | | Investments in unconsolidated entities | $115 | $505 | $2,501 | — | $3,121 | | Total Assets | $61,768 | $5,431 | $14,110 | $3,658 | $84,967 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Occidental's financial performance, condition, and results of operations for the three months ended March 31, 2025, compared to prior periods. It covers business outlook, consolidated and segment results, income taxes, liquidity, capital resources, and environmental and legal matters - Operations, financial condition, cash flows, and expenditures are highly dependent on oil, NGL, and natural gas prices, Midland-to-Gulf-Coast oil spreads, chemical product prices, and inflationary pressures[95](index=95&type=chunk) - The average WTI price per barrel for the three months ended March 31, 2025, was **$71.42**, compared to **$70.27** for the three months ended December 31, 2024 and **$76.96** for the three months ended March 31, 2024[95](index=95&type=chunk) - Geopolitical risks, macroeconomic environment, OPEC actions, and potential new tariffs could impact oil prices and business costs[96](index=96&type=chunk)[98](index=98&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=25&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) - The report contains forward-looking statements, which are not guarantees of future performance and are subject to various risks and uncertainties[92](index=92&type=chunk)[93](index=93&type=chunk) - Factors that could cause actual results to differ include economic conditions, indebtedness, commodity price volatility, government actions, inflation, regulatory changes, and operational risks[93](index=93&type=chunk) - Occidental does not undertake to update or withdraw forward-looking statements unless legally required[92](index=92&type=chunk) [Current Business Outlook](index=26&type=section&id=Current%20Business%20Outlook) - Occidental's strategic priorities include maintaining production, delivering a sustainable dividend, prioritizing deleveraging to below **$15 billion** principal debt, enhancing assets, and advancing low-carbon solutions[99](index=99&type=chunk)[104](index=104&type=chunk) - As of March 31, 2025, long-term debt ratings were Baa3 (Moody's Investors Service), BBB- (Fitch Ratings), and BB+ (Standard and Poor's)[100](index=100&type=chunk) - Approximately **89%** of outstanding debt was fixed rate as of March 31, 2025[102](index=102&type=chunk) - Proceeds from asset sales and warrant exercises were used to repay **$465 million** of senior notes and **$50 million** of a term loan in Q1 2025, and an additional **$1.75 billion** in maturities post-quarter[101](index=101&type=chunk)[103](index=103&type=chunk) [Consolidated Results of Operations and Items Affecting Comparability](index=27&type=section&id=Consolidated%20Results%20of%20Operations%20and%20Items%20Affecting%20Comparability) | millions | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | 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 | - Excluding comparability items, Q1 2025 net income increased QoQ due to higher domestic oil and gas prices, offset by lower sales volumes and higher chemical costs[107](index=107&type=chunk) - Excluding comparability items, Q1 2025 net income increased YoY due to higher oil and gas sales volumes and domestic gas/NGL prices, partially offset by lower oil prices and higher chemical costs[108](index=108&type=chunk) - Net sales for Q1 2025 were **$6.8 billion**, consistent with Q4 2024 due to higher commodity prices offsetting lower sales volumes, and increased from **$6.0 billion** in Q1 2024 due to higher volumes and domestic natural gas prices[109](index=109&type=chunk)[111](index=111&type=chunk) - Depreciation, depletion, and amortization increased to **$1.9 billion** in Q1 2025 from **$1.7 billion** in Q1 2024, primarily related to increased sales volumes in the Permian Basin from the CrownRock Acquisition[112](index=112&type=chunk) [Segment Results of Operations](index=29&type=section&id=Segment%20Results%20of%20Operations) [OIL AND GAS SEGMENT](index=29&type=section&id=OIL%20AND%20GAS%20SEGMENT) | Sales Volumes per Day (Mbbl/MMcf) | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | Oil (United States) | 601 | 634 | 487 | | Oil (International) | 104 | 102 | 109 | | NGL (United States) | 273 | 310 | 242 | | NGL (International) | 39 | 39 | 38 | | Natural Gas (United States, MMcf) | 1,756 | 1,732 | 1,284 | | Natural Gas (International, MMcf) | 488 | 534 | 511 | | Total Sales Volumes (Mboe) | 1,391 | 1,463 | 1,175 | | Average Realized Prices | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | Worldwide oil ($/Bbl) | $71.07 | $69.73 | $76.04 | | Worldwide NGL ($/Bbl) | $25.94 | $21.80 | $22.14 | | Worldwide Natural Gas ($/Mcf) | $2.30 | $1.41 | $1.68 | - Q1 2025 oil and gas segment earnings increased QoQ to **$1.7 billion** from **$1.2 billion**, driven by higher domestic prices and other revenues, despite lower sales volumes due to ethane rejection, weather, and maintenance[116](index=116&type=chunk)[117](index=117&type=chunk) - Q1 2025 oil and gas segment earnings increased YoY to **$1.7 billion** from **$1.2 billion**, primarily due to higher domestic sales volumes (CrownRock Acquisition) and natural gas/NGL prices, partially offset by lower domestic crude oil prices[118](index=118&type=chunk)[119](index=119&type=chunk) [CHEMICAL SEGMENT](index=31&type=section&id=CHEMICAL%20SEGMENT) - Q1 2025 chemical segment earnings decreased QoQ to **$185 million** from **$270 million**, primarily due to lower realized caustic soda and polyvinyl chloride prices, and higher ethylene and natural gas costs[121](index=121&type=chunk) - Q1 2025 chemical segment earnings decreased YoY to **$185 million** from **$254 million**, reflecting lower prices across most product lines (except caustic soda) and higher ethylene and natural gas costs[122](index=122&type=chunk) [MIDSTREAM AND MARKETING SEGMENT](index=32&type=section&id=MIDSTREAM%20AND%20MARKETING%20SEGMENT) - Q1 2025 midstream and marketing segment losses improved QoQ to **$77 million** from **$134 million**, driven by higher crude margins (timing impact) and higher sulfur prices at Al Hosn[124](index=124&type=chunk) - Q1 2025 midstream and marketing segment losses increased YoY to **$77 million** from **$33 million**, reflecting higher gas margins from transportation capacity optimization and higher sulfur prices, partially offset by lower crude sales margins[125](index=125&type=chunk) - This segment also includes Occidental's low-carbon ventures, focusing on carbon capture, utilization, and storage projects, including direct air capture technology[113](index=113&type=chunk) [Income Taxes](index=32&type=section&id=Income%20Taxes) | millions, except percentages | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | Income (loss) before income taxes | $1,332 | $(169) | $1,010 | | Total income tax (expense) benefit | $(387) | $49 | $(304) | | Worldwide effective tax rate | 29% | 29% | 30% | - The effective tax rate is influenced by the jurisdictional mix of income, with U.S. federal statutory rate at **21%** and international rates up to **55%**[127](index=127&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2025, liquidity sources included **$2.6 billion** cash, **$4.15 billion** borrowing capacity under RCF, and **$600 million** from receivables securitization facility[129](index=129&type=chunk) - Operating cash flow from continuing operations increased to **$2.1 billion** in Q1 2025 from **$2.0 billion** in Q1 2024, driven by higher sales volumes (including CrownRock and GOA), offset by higher working capital use[130](index=130&type=chunk) - Net cash used by investing activities decreased to **$0.7 billion** in Q1 2025 from **$1.8 billion** in Q1 2024, primarily due to **$1.3 billion** in divestitures of non-core oil and gas assets[131](index=131&type=chunk) - Capital expenditures were **$1.9 billion** in Q1 2025, up from **$1.8 billion** in Q1 2024, mainly for the oil and gas segment[132](index=132&type=chunk) - Net cash used by financing activities was **$0.9 billion** in Q1 2025, including **$0.5 billion** in long-term debt payments and **$0.4 billion** in dividends[133](index=133&type=chunk) - No debt maturities are due in 2025, with **$2.9 billion** in 2026, **$1.5 billion** in 2027, and **$17.7 billion** thereafter[136](index=136&type=chunk) [Environmental Liabilities and Expenditures](index=33&type=section&id=Environmental%20Liabilities%20and%20Expenditures) - Occidental's operations are subject to stringent federal, regional, state, provincial, tribal, local and international laws and regulations related to improving or maintaining environmental quality, with compliance costs expected to rise[138](index=138&type=chunk) - The company is involved in remedial activities at various sites under laws like CERCLA, which can apply retroactively and regardless of fault[139](index=139&type=chunk) - Environmental proceedings seek funding for remediation, compensation for damages, penalties, and injunctive relief[139](index=139&type=chunk) [Lawsuits, Claims, Commitments and Contingencies](index=34&type=section&id=Lawsuits,%20Claims,%20Commitments%20and%20Contingencies) - Occidental accrues reserves for outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated[141](index=141&type=chunk) - Information on environmental remediation reserves and potential additional losses is detailed in Note 8 and Note 9[141](index=141&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that there were no material changes in market risk disclosures from the information provided in the 2024 Form 10-K for the three months ended March 31, 2025 - No material changes occurred in quantitative and qualitative disclosures about market risk during Q1 2025 compared to the 2024 Form 10-K[142](index=142&type=chunk) [Item 4. Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms that Occidental's disclosure controls and procedures were effective as of March 31, 2025, and there were no material changes in internal control over financial reporting during the quarter - Occidental's disclosure controls and procedures were effective as of March 31, 2025[143](index=143&type=chunk) - No material changes in internal control over financial reporting occurred during Q1 2025[144](index=144&type=chunk) Part II - Other Information [Item 1. Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 9 for detailed information on legal proceedings, noting that Occidental uses a $1 million threshold for disclosing certain environmental proceedings - Information regarding legal proceedings is provided in Note 9[145](index=145&type=chunk) - Occidental uses a **$1 million** threshold for disclosing certain environmental proceedings involving governmental authorities and potential monetary sanctions[145](index=145&type=chunk) [Item 1A. Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) This section states that there have been no material changes to the risk factors previously disclosed in Occidental's 2024 Form 10-K - No material changes to risk factors were reported from the 2024 Form 10-K[146](index=146&type=chunk) [Item 5. Other Information](index=34&type=section&id=Item%205.%20Other%20Information) This section confirms that no director or Section 16 officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the first quarter of 2025 - No director or Section 16 officer adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements in Q1 2025[147](index=147&type=chunk) [Item 6. Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications from the CEO and CFO, and various Inline XBRL documents - Exhibits include CEO and CFO certifications (Sections 302 and 906 of Sarbanes-Oxley Act) and Inline XBRL documents[150](index=150&type=chunk)

Financial Performance - Average diluted shares outstanding for Q1 2025 were 982.9 million shares[2] - Average realized oil prices for the United States were $70.80 per barrel, and $72.59 internationally, with a total worldwide average of $71.07 per barrel[3] - Average realized NGL prices for the United States were $25.67 per barrel, and $27.85 internationally, with a total worldwide average of $25.94 per barrel[3] - Average realized natural gas prices for the United States were $2.42 per Mcf, and $1.90 internationally, with a total worldwide average of $2.30 per Mcf[3] - Worldwide oil prices were 100% of average WTI prices and 95% of average Brent prices[3] - Domestic natural gas prices were 67% of average NYMEX prices[3] Forward-Looking Statements - The company emphasizes that actual outcomes may differ materially from anticipated results due to various factors, including economic conditions and commodity pricing fluctuations[5] - Forward-looking statements include expectations about future operations and financial performance, but should not be relied upon without caution[4] - The company does not undertake any obligation to update forward-looking statements unless legally required[4] - Additional information regarding factors affecting financial results can be found in the company's filings with the U.S. Securities and Exchange Commission[7]

Core Viewpoint - Occidental announced its first quarter 2025 financial results, with further details available on its website and the SEC [1] Financial Results - The company will hold a conference call on May 8, 2025, to discuss the financial results, accessible via phone or webcast [2] Company Overview - Occidental is an international energy company with significant assets in the U.S., Middle East, and North Africa, being one of the largest oil and gas producers in the U.S. [3] - The company operates in the Permian and DJ basins and offshore Gulf of America, with a midstream and marketing segment that enhances the value of its oil and gas [3] - Occidental is committed to carbon management and advancing lower-carbon technologies through its Oxy Low Carbon Ventures subsidiary [3]

Core Viewpoint - Analysts expect Occidental Petroleum (OXY) to report quarterly earnings of $0.73 per share, reflecting a year-over-year increase of 12.3%, with revenues projected at $7.15 billion, up 18.9% from the previous year [1] Earnings Estimates - The consensus EPS estimate has been revised 28.1% lower over the last 30 days, indicating a reevaluation of initial estimates by analysts [1][2] Revenue Projections - Analysts forecast 'Net sales- Oil and gas' to reach $5.71 billion, suggesting a year-over-year change of +16.3% [3] - 'Net sales- Chemical' is expected to be $1.24 billion, indicating a +4.5% change from the year-ago quarter [4] - 'Net sales- Midstream & marketing' is projected at $429.84 million, reflecting a significant year-over-year change of +334.2% [4] Segment Revenue Estimates - 'Revenue- Oil - United States' is expected to reach $3.92 billion, a +17.1% change from the previous year [5] - 'Revenue- NGL - United States' is projected at $545.18 million, indicating a +31.1% year-over-year change [5] - 'Revenue- GAS - United States' is estimated at $376.86 million, reflecting a substantial +101.5% increase from the prior year [5] Production Volumes - 'Worldwide Sales - Total Continuing Operations Production Per Day' is expected to reach 1,395.28 million barrels of oil equivalent, up from 1,172 million barrels of oil equivalent in the same quarter last year [6] - 'Net Production Volumes Per Day By Commodity - Natural Gas - Total Worldwide' is estimated at 2,237.96 million cubic feet, compared to 1,796 million cubic feet reported in the same quarter last year [7] - 'Net Production Volumes Per Day By Commodity - Oil - Total Worldwide' is projected at 706.54 million barrels, up from 593 million barrels in the same quarter last year [9] Pricing Estimates - 'Average Realized Prices - NGLs - Total Worldwide' is expected to be $24.09 per barrel of oil equivalent, compared to $22.14 per barrel of oil equivalent in the same quarter last year [8] Market Performance - Shares of Occidental have shown a return of +0.2% over the past month, while the Zacks S&P 500 composite has changed by +11.5% [10]

Over multiple decades, legendary investor Warren Buffett has helped produce incredible returns for conglomerate Berkshire Hathaway Inc BRK BRK, often times outperforming the S&P 500.With news that Buffett is stepping down as Berkshire CEO at the end of the year, here's a look at the top 10 stock holdings of the Berkshire Hathaway portfolio.Buffett Builds Berkshire Hathaway: Buffett has shaped Berkshire Hathaway from the early days of a textile maker into a conglomerate that owns companies like Duracell, Dai ...

Occidental Petroleum (OXY) is expected to report a year-over-year increase in its top and bottom lines when it reports first-quarter 2025 results on May 7, after market close. (See the Zacks Earnings Calendar to stay ahead of market-making news.)The Zacks Consensus Estimate for OXY’s first-quarter revenues is pegged at $7.15 billion, indicating an increase of 18.93% from the year-ago reported figure.The Zacks Consensus Estimate for earnings is pegged at 73 cents per share. The Zacks Consensus Estimate for O ...

西方石油(OXY.N)首席执行官：相信特朗普政府将为美国石油和天然气行业扫除障碍。 ...

Group 1 - The core message from Buffett's recent shareholder meeting emphasizes the potential devaluation of the US dollar and its impact on global asset prices, suggesting caution for high-valuation stocks in the A-share market [3] - Buffett's cash reserve has increased to $348 billion, indicating a strategy of waiting for investment opportunities over the next five years, which aligns with the current volatility in the A-share market [3] - A notable reduction in Buffett's stake in Apple by 13% reflects a strategy to maintain clarity during market exuberance, raising questions about the sustainability of recent gains in A-share technology stocks [3] Group 2 - Buffett's increasing investment in energy stocks, such as Occidental Petroleum and Chevron, suggests a strategy to hedge against inflation and geopolitical risks, indicating that traditional energy sectors may be undervalued compared to high-growth sectors [3] - Buffett expressed regret for not investing $100 billion in Japanese trading companies, highlighting the potential for high dividend yields in sectors like banking and insurance, which could be considered for long-term investment strategies in the A-share market [4] - Abel, Buffett's successor, noted the strong performance of Chinese stocks, indicating a potential internal strategy at Berkshire Hathaway to focus on the Chinese market, particularly in consumption and new energy sectors [4]

Core Viewpoint - Analysts forecast Occidental Petroleum (OXY) will report quarterly earnings of $0.73 per share, reflecting a year-over-year increase of 12.3%, with anticipated revenues of $7.15 billion, an increase of 18.9% compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised 29.6% lower over the last 30 days, indicating a collective reevaluation by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong relationship between earnings estimate revisions and short-term stock performance [3]. Revenue Forecasts - Analysts estimate 'Net sales - Oil and gas' at $5.71 billion, a year-over-year change of +16.3% [5]. - 'Net sales - Chemical' is forecasted to reach $1.24 billion, indicating a +4.5% change year-over-year [5]. - 'Net sales - Midstream & marketing' is expected to be $429.84 million, suggesting a significant change of +334.2% year-over-year [5]. Income and Revenue Breakdown - 'Interest, dividends and other income' is estimated at $38.00 million, reflecting a +5.6% change from the prior year [6]. - 'Revenue - Oil - United States' is projected to reach $3.92 billion, indicating a +17.1% year-over-year change [6]. - 'Revenue - NGL - United States' is expected to be $545.18 million, a +31.1% change from the previous year [7]. - 'Revenue - GAS - United States' is forecasted at $376.86 million, reflecting a substantial +101.5% year-over-year change [7]. - The average prediction for 'Revenue - Oil & Gas - United States' stands at $4.84 billion, indicating a +22.4% change from the prior year [7]. Production Estimates - Analysts project 'Worldwide Sales - Total Continuing Operations Production Per Day' to reach 1,395.28 million barrels of oil equivalent, compared to 1,172 million barrels of oil equivalent a year ago [8]. - 'Net Production Volumes Per Day By Commodity - Natural Gas - Total Worldwide' is expected to be 2,237.96 million cubic feet, up from 1,796 million cubic feet in the same quarter last year [9]. - 'Net Production Volumes Per Day By Commodity - Oil - Total Worldwide' is estimated at 706.54 million barrels of oil, compared to 593 million barrels in the same quarter of the previous year [10]. - The 'Average Realized Prices - NGLs - Total Worldwide' is projected to reach $24.09 per barrel of oil equivalent, up from $22.14 per barrel a year ago [10].

Financial Data and Key Metrics Changes - In 2024, the company generated $11.7 billion in operating cash flow and $4.9 billion in free cash flow before working capital [6] - The company achieved a record year-end proved oil and gas reserves of 4.6 billion BOE, a 15% increase from 2023 [5] - The company paid approximately $800 million in combined dividends and approved a 22% dividend increase in early 2024, followed by an additional 9% increase early this year [6] Business Line Data and Key Metrics Changes - The company reported record US oil production of 571,000 barrels per day from its Permian, Rockies, and Gulf of America assets [5] - Combined production from ongoing operations reached 1.3 million BOE per day, with significant contributions from both US and international assets [5] Market Data and Key Metrics Changes - The company noted that ongoing negotiations and macroeconomic factors, including tariffs and geopolitical events, have impacted commodity prices and created volatility in financial markets [29][32] - The company is focused on managing its operations efficiently in any price environment, with a strategy to strengthen its balance sheet through deleveraging [30] Company Strategy and Development Direction - The company closed a strategic acquisition of Crown Rock, enhancing its access to high-quality unconventional domestic oil assets [4] - The company is advancing major projects, including the commissioning of its first commercial-scale direct air capture facility, Stratos, expected to start in 2025 [4][7] - The company aims to integrate sustainability throughout its operations and has set emission reduction targets [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic focus and operational performance, positioning it well to deliver long-term value despite near-term pressures from commodity prices [32] - The company is optimistic about the growth prospects for global oil demand beyond 2030, which is seen as positive for its operations [40] Other Important Information - The company achieved its best-ever safety performance record in 2024, reflecting a commitment to safety across all segments [6] - The board is committed to ongoing refreshment of its membership to align with the evolving needs of the company [19] Q&A Session Summary Question: Are there any plans for board refreshment? - The board has committed to ongoing refreshment, with almost half of the independent directors beginning their service within the past five years [19] Question: How does the executive compensation program align with pay for performance? - A substantial portion of named executive officer compensation is performance-based, with significant at-risk pay for executives [24] Question: What is the potential impact of tariffs and the macro environment on Oxy? - The company is focused on what it can control, with ongoing assessments of the impact of tariffs and geopolitical events on operations and financial performance [29] Question: How does Oxy approach diversity and inclusion? - Oxy maintains a culture of inclusion and belonging, which is essential for recruiting and retaining talented employees [33] Question: What are Oxy's sustainability efforts? - Oxy has implemented key emission reduction targets and has sustained zero routine flaring in its US operations [36] Question: What are the growth prospects for the different commodities produced? - Oxy is well-positioned with a diversified portfolio and expects growth in oil and gas operations, particularly in the Permian Basin [40]