Part I [Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents Occidental's unaudited consolidated financial statements for Q1 2024, showing decreased net income and operating cash flow, with stable total assets [Consolidated Condensed Balance Sheets](index=4&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) Occidental's total assets slightly increased to $74.28 billion as of March 31, 2024, with total equity rising to $30.97 billion Balance Sheet Summary (in millions) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $8,345 | $8,375 | | **Net Property, Plant and Equipment** | $58,763 | $58,529 | | **Total Assets** | **$74,277** | **$74,008** | | **Total Current Liabilities** | $8,812 | $9,148 | | **Long-Term Debt, Net** | $18,545 | $18,536 | | **Total Liabilities** | $43,310 | $43,659 | | **Total Equity** | **$30,967** | **$30,349** | [Consolidated Condensed Statements of Operations](index=6&type=section&id=Consolidated%20Condensed%20Statements%20of%20Operations) Net sales decreased to $5.98 billion in Q1 2024, resulting in net income of $718 million, including a $182 million gain from discontinued operations Statements of Operations Summary (in millions, except per-share amounts) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net Sales** | $5,975 | $7,225 | | **Income Before Income Taxes** | $1,010 | $1,734 | | **Net Income** | $888 | $1,263 | | **Net Income Attributable to Common Stockholders** | $718 | $983 | | **Diluted EPS** | $0.75 | $1.00 | [Consolidated Condensed Statements of Cash Flows](index=8&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) Operating cash flow decreased to $2.01 billion in Q1 2024, while investing activities used $1.81 billion and financing activities used $328 million Cash Flow Summary (in millions) | Cash Flow Category | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $2,007 | $2,870 | | **Net Cash used by Investing Activities** | $(1,810) | $(1,598) | | **Net Cash used by Financing Activities** | $(328) | $(1,080) | | **Net (Decrease) / Increase in Cash** | $(131) | $192 | [Notes to Consolidated Condensed Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Condensed%20Financial%20Statements) Notes detail the pending $12.0 billion CrownRock acquisition, $19.75 billion total debt, $1.0 billion environmental liabilities, and a $182 million arbitration gain - Occidental entered into an agreement to acquire CrownRock L.P. for approximately **$12.0 billion**, to be financed through new debt, equity issuance, and assumption of existing debt[43](index=43&type=chunk) - Total debt and finance leases stood at **$19.75 billion** as of March 31, 2024, with **$1.1 billion** in maturities due within the next 12 months[39](index=39&type=chunk)[40](index=40&type=chunk) - A settlement in the Andes Arbitration case was reached on April 5, 2024, resulting in a **$182 million gain**, net of taxes, recorded in discontinued operations[87](index=87&type=chunk) - Total environmental remediation liabilities were **$1.0 billion** as of March 31, 2024, with a significant portion related to the former Diamond Shamrock Chemicals Company and the Diamond Alkali Superfund Site (DASS)[63](index=63&type=chunk)[65](index=65&type=chunk) [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) Management discusses Q1 2024 performance, noting decreased net income due to lower volumes and prices, while highlighting strong liquidity and 2024 strategic priorities [Current Business Outlook](index=27&type=section&id=Current%20Business%20Outlook) Occidental's 2024 priorities focus on maximizing cash flow, maintaining production, reducing leverage, and completing the CrownRock Acquisition, with $2.0 billion operating cash flow in Q1 - Key 2024 priorities include maintaining production, delivering a growing dividend, reducing long-term financial leverage, and completing the CrownRock Acquisition[110](index=110&type=chunk) - The company's long-term debt is rated investment grade by Moody's (Baa3) and Fitch (BBB-), and BB+ by S&P, with **$1.1 billion** of debt maturities due in the next 12 months[109](index=109&type=chunk) - In Q1 2024, Occidental declared common stock dividends of **$197 million**, or **$0.22 per share**[110](index=110&type=chunk) [Consolidated Results of Operations and Items Affecting Comparability](index=28&type=section&id=Consolidated%20Results%20of%20Operations%20and%20Items%20Affecting%20Comparability) Net income attributable to common stockholders decreased to $718 million in Q1 2024, impacted by lower volumes, prices, and chemical results, alongside a $182 million gain and $56 million in acquisition costs Net Income by Segment (in millions) | Segment | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Oil and gas | $1,238 | $1,572 | $1,640 | | Chemical | $254 | $250 | $472 | | Midstream and marketing | $(33) | $182 | $2 | | **Net Income Attributable to Common Stockholders** | **$718** | **$1,029** | **$983** | - Items affecting comparability in Q1 2024 included a **$182 million gain** from discontinued operations, a **$91 million derivative loss** in midstream, and **$56 million** in corporate acquisition-related costs for the CrownRock deal[112](index=112&type=chunk) [Segment Results of Operations](index=31&type=section&id=Segment%20Results%20of%20Operations) Oil and Gas earnings decreased to $1.2 billion, Chemical earnings fell to $254 million, and Midstream and Marketing reported a $33 million loss, driven by lower volumes, prices, and margins Total Sales Volumes (Mboe/d) | Period | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | **Total Sales Volumes** | 1,175 | 1,230 | 1,214 | Average Realized Prices | Product | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Worldwide Oil ($/Bbl)** | $76.04 | $74.22 | | **Worldwide NGL ($/Bbl)** | $22.14 | $24.41 | | **Worldwide Natural Gas ($/Mcf)** | $1.68 | $2.76 | - The decrease in oil and gas sales volumes was primarily due to a third-party shut-in of production in the Eastern Gulf of Mexico, which has since resumed[128](index=128&type=chunk)[130](index=130&type=chunk) - The Chemical segment's earnings decline was driven by lower caustic soda prices, though partially offset by improved demand and lower input costs[134](index=134&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) Occidental maintains strong liquidity with $1.3 billion cash and a $4.0 billion credit facility, planning to finance the CrownRock acquisition with new debt and a $4.5-6.0 billion divestiture program - Sources of liquidity include **$1.3 billion** of cash and cash equivalents and a **$4.0 billion** undrawn revolving credit facility[141](index=141&type=chunk) - Financing for the CrownRock Acquisition is secured through a **$5.3 billion** bridge loan and **$4.7 billion** in term loans, with plans to repay at least **$4.5 billion** of debt within 12 months post-closing[149](index=149&type=chunk) - A divestiture program of **$4.5 billion to $6.0 billion** is planned in connection with the CrownRock Acquisition[150](index=150&type=chunk) - Approximately **$1.2 billion** remains under the company's share repurchase program as of March 31, 2024[151](index=151&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk exposures were reported for Q1 2024 compared to the 2023 Form 10-K disclosures - There were no material changes in market risk disclosures during the first quarter of 2024[157](index=157&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Occidental's disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting - Management concluded that disclosure controls and procedures were effective as of March 31, 2024[158](index=158&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[159](index=159&type=chunk) Part II [Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) Information on legal proceedings, including a $1 million disclosure threshold for environmental cases, is referenced in Note 9 of the financial statements - For information on legal proceedings, the report refers to Note 9 of the Consolidated Condensed Financial Statements[160](index=160&type=chunk) [Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) No material changes were reported for risk factors compared to those disclosed in the 2023 Annual Report on Form 10-K - There have been no material changes from the risk factors disclosed in the 2023 Form 10-K[161](index=161&type=chunk) [Other Information](index=36&type=section&id=Item%205.%20Other%20Information) No directors or Section 16 officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2024 - No directors or Section 16 officers adopted or terminated any Rule 10b5-1 trading arrangements during Q1 2024[162](index=162&type=chunk) [Exhibits](index=37&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including incentive plans, credit agreements, and CEO/CFO certifications

PRESS RELEASE Occidental Announces 1st Quarter 2024 Results HOUSTON — May 7, 2024 — Occidental (NYSE: OXY) today announced net income attributable to common stockholders for the first quarter of 2024 of $718 million, or $0.75 per diluted share, and adjusted income attributable to common stockholders of $604 million, or $0.63 per diluted share. "Operational excellence is fundamental to everything we do at Occidental, and our teams delivered at a high level across all segments during the first quarter of 2024 ...

Occidental Petroleum Corporation (OXY) is scheduled to release first-quarter 2024 results on May 7, after market close. In the last four reported quarters, the company delivered an earnings surprise of 3.39%, on average.The Zacks Consensus Estimate for earnings is pegged at 56 cents per share on revenues of $6.7 billion. The top and bottom-line estimates suggest a decline of 7.7% and 48.6%, respectively, from a year ago.Per our proven model, the combination of a positive Earnings ESP and a Zacks Rank #1 (St ...

Buffett's holding company, Berkshire Hathaway, is betting big on Occidental Petroleum stock.Warren Buffett isn't shy about making big bets. Within Berkshire Hathaway's portfolio of publicly traded stocks, just 10 positions comprise more than 90% of its invested capital. One of those positions is Occidental Petroleum (OXY -0.42%). Buffett and Berkshire are betting on this company in a far greater way than most investors realize.Buffett and Berkshire are confidentAccording to the most recent filings, Berkshir ...

One of Buffett's favorite stocks of all time topped his list of buys in 2023.There are a lot of good reasons to pay attention to every investment decision Warren Buffett makes.Besides being the chairman and CEO of the eighth largest public company in the world, Buffett has an impressive track record as an investor. Since taking control of Berkshire Hathaway (BRK.A -0.56%) (BRK.B 0.07%) in 1965, he's grown the value of the business, including its investments, by a compound annual growth rate of 19.8%. That c ...

HOUSTON, May 01, 2024 (GLOBE NEWSWIRE) -- Occidental (NYSE:OXY) announced today that its Board of Directors declared a regular quarterly dividend of $0.22 per share on common stock, payable on July 15, 2024, to stockholders of record as of the close of business on June 10, 2024. About Occidental Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer ...

Occidental Petroleum has several notable catalysts that could drive its stock price higher.Occidental Petroleum (OXY 0.66%) has become a popular oil stock in recent years. Warren Buffett has a lot to do with it. His company, Berkshire Hathaway, has been buying the oil stock hand over fist. It currently owns 28% of Occidental's outstanding shares. Many investors will likely buy Occidental to follow Buffett, especially since he considers it a potential "forever" holding. Here are three other reasons to buy th ...

The ingredients could be in place for one stock to replace Bank of America as Buffett's second largest holding.Anyone who follows Warren Buffett knows that Apple (AAPL -0.35%) is the largest position in his Berkshire Hathaway (BRK.A -0.76%) (BRK.B -0.69%) portfolio. The technology giant currently makes up a whopping 41.2% of Berkshire's total equity investments. Which stock ranks second? For now, it's Bank of America (BAC -0.21%). However, the big bank might not hold onto its spot for too much longer. I pre ...

Occidental Petroleum (OXY) closed the latest trading day at $67.33, indicating a -0.09% change from the previous session's end. This change lagged the S&P 500's daily gain of 0.02%. Elsewhere, the Dow saw a downswing of 0.11%, while the tech-heavy Nasdaq appreciated by 0.1%.The oil and gas exploration and production company's shares have seen an increase of 6.43% over the last month, surpassing the Oils-Energy sector's gain of 4.26% and the S&P 500's loss of 3.01%.Market participants will be closely followi ...

These stocks could be near major inflection points.I disagree with the adage that "opportunity only knocks once." At least, I don't think it's always true with investing. That said, there are inflection points for some stocks after which things will never be the same.Looking for these kinds of once-in-a-generation investment opportunities? Here are three magnificent stocks to buy right now.1. Occidental PetroleumYou might be surprised to see an oil stock on this list. Aren't companies based on fossil fuels ...