0000797468FALSE00007974682023-11-072023-11-070000797468us-gaap:CommonStockMember2023-11-072023-11-070000797468oxy:WarrantsToPurchaseCommonStockMember2023-11-072023-11-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): November 7, 2023
OCCIDENTAL PETROLEUM CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware1-921095-4035997
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

5 Greenway Plaza, Suite 110
Houston, Texas
77046
(Address of Principal Executive Offices)(Zip Code)

Registrant’s Telephone Number, Including Area Code: (713) 215-7000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which
Registered
Common Stock, $0.20 par valueOXYNew York Stock Exchange
Warrants to Purchase Common Stock, $0.20 par valueOXY WSNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐





Item 2.02    Results of Operations and Financial Condition.
On November 7, 2023, Occidental Petroleum Corporation (the “Company”) issued a press release announcing the Company’s financial condition and results of operations for the quarter ended September 30, 2023. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information contained in this report and in Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Item 9.01     Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).





SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 7, 2023
OCCIDENTAL PETROLEUM CORPORATION
By:/s/ Christopher O. Champion
Name:Christopher O. Champion
Title:Vice President, Chief Accounting Officer and Controller




imagea.jpg
PRESS RELEASE

Occidental Announces 3rd Quarter 2023 Results

Strong operational performance drove operating cash flow of $3.1 billion and cash flow from operations before working capital of $3.3 billion
Capital spending of $1.6 billion, resulting in quarterly free cash flow before working capital of $1.7 billion
Production of 1,220 Mboed exceeded the mid-point of guidance by 34 Mboed; full-year production guidance raised 11 Mboed
OxyChem exceeded guidance with pre-tax income of $373 million
Repurchased $600 million of common stock, with year-to-date purchases accounting for approximately 60% of the $3.0 billion repurchase program
Triggered the redemption of $342 million of preferred stock, bringing year-to-date redemptions to over $1.5 billion or 15% of preferred equity
Secured joint venture partner for first Direct Air Capture plant
Earnings per diluted share of $1.20 and adjusted earnings per diluted share of $1.18

HOUSTON — November 7, 2023 — Occidental (NYSE: OXY) today announced net income attributable to common stockholders for the third quarter of 2023 of $1.2 billion, or $1.20 per diluted share, and adjusted income attributable to common stockholders of $1.1 billion, or $1.18 per diluted share.

"Our teams continued their outstanding performance across all three of our business segments resulting in our strongest earnings and cash flow from operations to date this year," said President and Chief Executive Officer Vicki Hollub. "We have now completed approximately 60% of our $3.0 billion share repurchase program and retired over 15% of the preferred equity, all while advancing our low carbon initiatives both domestically and internationally."

Third quarter after-tax items affecting comparability of $22 million were primarily comprised of after-tax gains on sales of $111 million related to certain non-core proved and unproved properties in the Permian Basin and $40 million for the sale of 5.1 million Western Midstream Partners, LP (WES) limited partner units, partially offset by derivative losses in marketing of $63 million, preferred stock redemption premiums of $42 million and other equity method investment charges of $27 million.

QUARTERLY RESULTS
Oil and Gas
Oil and gas pre-tax income for the third quarter of 2023 was $2.0 billion, compared to pre-tax income of $1.1 billion for the second quarter of 2023. Excluding items affecting comparability, third quarter oil and gas income improved from the prior quarter due to higher domestic crude oil prices and volumes. For the third quarter of 2023, average WTI and Brent marker prices were $82.26 per barrel and $86.08 per barrel, respectively. Average worldwide realized crude oil prices increased by approximately 10% from the prior quarter to $80.70 per barrel. Average worldwide realized NGL prices increased by approximately 10% from the prior quarter to $21.04 per barrel. Average domestic



realized gas prices increased by approximately 41% from the prior quarter to $1.92 per thousand cubic feet (Mcf).

Total average global production of 1,220 thousand barrels of oil equivalent per day (Mboed) for the third quarter exceeded the midpoint of guidance by 34 Mboed. Rockies & Other Domestic and Gulf of Mexico daily production volumes exceeded guidance at 263 Mboed and 146 Mboed, respectively, and Permian came in at the high end of guidance at 588 Mboed. International volumes came in just below guidance at 223 Mboed.

OxyChem
OxyChem pre-tax income of $373 million for the third quarter of 2023 exceeded guidance. Compared to second quarter of 2023 income of $436 million, the decrease in third quarter income was driven primarily by lower realized caustic soda prices.

Midstream and Marketing
Midstream and marketing pre-tax results for the third quarter of 2023 reflected a loss of $130 million, compared to a loss of $30 million for the second quarter of 2023. WES adjusted equity method investment income for the third quarter was $138 million. Excluding items affecting comparability, the increase in midstream and marketing pre-tax third quarter results, compared to the second quarter, reflected higher crude margins due the timing impact of crude sales in the marketing business, partially offset by higher expenses due to the increase in activities in the low carbon ventures businesses.

Supplemental Non-GAAP Measures
This press release refers to adjusted income (loss), cash flow from operations before working capital and free cash flow, which are supplemental measures not calculated in accordance with generally accepted accounting principles in the United States (GAAP). These Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to the comparable GAAP financial measures. Definitions of adjusted income (loss) and a reconciliation to net income (loss), along with cash flow from operations before working capital and free cash flow and a reconciliation to the comparable GAAP financial measures, are included in the financial schedules of this press release. Occidental’s definition of adjusted income (loss), cash flow from operations before working capital and free cash flow may differ from similarly titled measures provided by other companies in our industry and as a result may not be comparable.

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 in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.




Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” "commit," "advance," “likely” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

Actual outcomes or results may differ from anticipated results, sometimes materially. Forward-looking and other statements regarding Occidental's sustainability efforts and aspirations are not an indication that these statements are necessarily material to investors or require disclosure in Occidental's filings with the U.S. Securities and Exchange Commission (SEC). In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future, including future rulemaking. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; the scope and duration of global or regional health pandemics or epidemics, and actions taken by governmental authorities and other third parties in connection therewith; results from operations and competitive conditions; future impairments of Occidental's proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental's ability to timely obtain or maintain permits or other governmental approvals, including those necessary for drilling and/or development projects; Occidental's ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections, projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-



than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; governmental actions, war (including the Russia-Ukraine war and the Israel-Hamas war) and political conditions and events; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, and deep-water and onshore drilling and permitting regulations; Occidental's ability to recognize intended benefits from its business strategies and initiatives, such as Occidental's low carbon ventures businesses or announced greenhouse gas emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the creditworthiness and performance of Occidental's counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation, and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental's control.

Additional information concerning these and other factors that may cause Occidental's results of operations and financial position to differ from expectations can be found in Occidental’s other filings with the SEC, including Occidental’s 2022 Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Contacts
Media
Investors
Eric Moses
Neil Backhouse
713-497-2017
713-366-5604
eric_moses@oxy.com
neil_backhouse@oxy.com




Occidental Petroleum Corporation
Third Quarter 2023
Earnings Release Schedules Index

Schedule # and Description

Before Tax Allocations
After Tax Allocations    
Reported Results
Items Affecting Comparability
Adjusted Results (non-GAAP)
Reported Results
Items Affecting Comparability
Adjusted Results (non-GAAP)
Reconciliation - Diluted EPS
Detail of Capital Expenditures and Depreciation, Depletion and Amortization
Free Cash Flow (non-GAAP)
MBOE/D
By Commodity
MBOE/D
Realized Prices and Related Index Prices






SCHEDULE 1
Occidental Petroleum Corporation
Summary Highlights
20222023
QuarterlyQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Net Income ($ millions)
Reported income attributable to common stockholders$4,676 $3,555 $2,546 $1,727 $12,504 $983 $605 $1,156 $2,744 
Reported EPS - Diluted ($/share)$4.65 $3.47 $2.52 $1.74 $12.40 $1.00 $0.63 $1.20 $2.83 
Effective tax rate on reported income (loss) (%)(58)%25 %25 %20 %%27 %35 %24 %28 %
Adjusted income attributable to common stockholders (Non-GAAP)(a)$2,127 $3,240 $2,465 $1,600 $9,432 $1,069 $661 $1,134 $2,864 
Adjusted EPS - Diluted (Non-GAAP) ($/share)(b)$2.12 $3.16 $2.44 $1.61 $9.35 $1.09 $0.68 $1.18 $2.95 
Effective tax rate on adjusted income (loss) (%)25 %25 %26 %25 %25 %27 %31 %24 %27 %
Daily Production Volumes
Total US (MBOE/D)896 919 944 987 937 1,014 990 997 1,000 
US Oil (MBBL/D)483 495 508 542 507 551 521 534 535 
Worldwide Production (MBOE/D)1,079 1,147 1,180 1,227 1,159 1,220 1,218 1,220 1,219 
Worldwide Sales (MBOE/D)1,074 1,150 1,179 1,230 1,159 1,214 1,222 1,222 1,220 
Commodity Price Realizations
Worldwide oil ($/BBL)$91.91 $107.72 $94.89 $83.64 $94.36 $74.22 $73.59 $80.70 $76.19 
Worldwide NGL ($/BBL)$39.61 $42.04 $35.22 $26.35 $35.48 $24.41 $19.08 $21.04 $21.45 
Domestic gas ($/MCF)$4.17 $6.25 $7.06 $4.45 $5.48 $3.01 $1.36 $1.92 $2.09 
Cash Flows ($ millions)
Operating cash flow before working capital (Non-GAAP)(c)$4,178 $5,148 $4,700 $4,109 $18,135 $3,153 $2,651 $3,339 $9,143 
Working capital changes$(939)$181 $(433)$(134)$(1,325)$(283)$419 $(210)$(74)
Operating cash flow$3,239 $5,329 $4,267 $3,975 $16,810 $2,870 $3,070 $3,129 $9,069 
Capital expenditures$(858)$(972)$(1,147)$(1,520)$(4,497)$(1,461)$(1,646)$(1,619)$(4,726)
20222023
Year-to-dateMarJunSepDecMarJunSepDec
Net Income ($ millions)
Reported income attributable to common stockholders$4,676 $8,231 $10,777 $12,504 $983 $1,588 $2,744 
Reported EPS - Diluted ($/share)$4.65 $8.11 $10.64 $12.40 $1.00 $1.63 $2.83 
Effective tax rate on reported income (loss) (%)(58)%(7)%%%27 %31 %28 %
Adjusted income attributable to common stockholders (Non-GAAP)(a)$2,127 $5,367 $7,832 $9,432 $1,069 $1,730 $2,864 
Adjusted EPS - Diluted (Non-GAAP) ($/share)(b)$2.12 $5.29 $7.74 $9.35 $1.09 $1.78 $2.95 
Effective tax rate on adjusted income (loss) (%)25 %25 %25 %25 %27 %29 %27 %
Daily Production Volumes
Total US (MBOE/D)896 907 920 937 1,014 1,002 1,000 
US Oil (MBBL/D)483 489 495 507 551 535 535 
Worldwide Production (MBOE/D)1,079 1,113 1,136 1,159 1,220 1,219 1,219 
Worldwide Sales (MBOE/D)1,074 1,112 1,135 1,159 1,214 1,218 1,220 
Commodity Price Realizations
Worldwide Oil ($/BBL)$91.91 $100.10 $98.30 $94.36 $74.22 $73.91 $76.19 
Worldwide NGL ($/BBL)$39.61 $40.90 $38.85 $35.48 $24.41 $21.67 $21.45 
Domestic Gas ($/MCF)$4.17 $5.20 $5.83 $5.48 $3.01 $2.18 $2.09 
Cash Flows ($ millions)
Operating cash flows before working capital (Non-GAAP)(c)$4,178 $9,326 $14,026 $18,135 $3,153 $5,804 $9,143 
Working capital changes$(939)$(758)$(1,191)$(1,325)$(283)$136 $(74)
Operating cash flow$3,239 $8,568 $12,835 $16,810 $2,870 $5,940 $9,069 
Capital expenditures(858)(1,830)(2,977)(4,497)(1,461)(3,107)(4,726)
(a) See schedule 3 for non-GAAP reconciliation.
(b) See schedule 4 for non-GAAP reconciliation.
(c) See schedule 7 for non-GAAP reconciliation.




SCHEDULE 2
Occidental Petroleum Corporation
Items Affecting Comparability Detail
(amounts in millions)
20222023
Before Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Asset sales gains, net - Domestic$125 $12 $10 $$148 $— $— $142 $142 
Asset sales gains, net - International— 10 — 45 55 — — — — 
Legal settlement gain— — — — — 26 — — 26 
Asset impairments - Domestic— — — — — — (209)— (209)
Total Oil and Gas125 22 10 46 203 26 (209)142 (41)
Chemical
No items affecting comparability— — — — — — — — — 
Total Chemical— — — — — — — — — 
Midstream & Marketing
Asset sales gains, net— — 62 36 98 — — 51 51 
Asset impairments and other charges included in income from equity investments and other— — — — — (26)— (34)(60)
Derivative gains (losses), net(198)96 (84)(73)(259)(8)48 (81)(41)
(198)96 (22)(37)(161)(34)48 (64)(50)
Corporate
Anadarko acquisition-related costs (65)(13)(4)(7)(89)— — — — 
Interest rate swap gains (losses), net135 127 70 (15)317 — — — — 
Maxus receivable valuation allowance adjustment— (22)— — (22)— 260 — 260 
Early debt extinguishment (18)179 (18)149 — — — — 
Total Corporate52 271 48 (16)355 — 260 — 260 
Income tax impact of legal entity reorganization2,594 — — 123 2,717 — — — — 
Foreign entity reorganization tax benefit— — 42 — 42 — — — — 
Exploration license expiration tax benefit— 13 10 — 23 — — — — 
State tax rate revaluation(29)— — — (29)— — — — 
Deferred taxes on Algeria contract renewal— — — — — — (68)(65)
Income tax impact on items affecting comparability(87)(7)11 (78)(22)(17)(37)
Preferred stock redemption premium— — — — — (80)(65)(42)(187)
Total$2,549 $315 $81 $127 $3,072 $(86)$(56)$22 $(120)
20222023
After Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Asset sales gains, net - Domestic$98 $$$— $115 $— $— $111 $111 
Asset sales gains, net - International— — 46 52 — — — — 
Legal settlement gain— — — — — 20 — — 20 
Asset impairments - Domestic— — — — — — (164)(164)
Total Oil and Gas98 15 46 167 20 (164)111 (33)
Chemical
No items affecting comparability— — — — — — — — — 
Total Chemical— — — — — — — — — 
Midstream & Marketing
Asset sales gains, net— — 49 28 77 — — 40 40 
Asset impairments and other charges included in income from equity investments and other— — — — — (20)— (27)(47)
Derivative gains (losses), net(155)75 (66)(57)(203)(6)37 (63)(32)
Total Midstream & Marketing(155)75 (17)(29)(126)(26)37 (50)(39)
Corporate
Anadarko acquisition-related costs(51)(10)(3)(6)(70)— — — — 
Interest rate swap gains (losses), net106 99 55 (12)248 — — — — 
Maxus receivable valuation allowance adjustment— (17)— — (17)— 204 — 204 
Early debt extinguishment (14)140 (14)117 — — — — 
Total Corporate41 212 38 (13)278 — 204 — 204 
Income tax impact of legal entity reorganization2,594 — — 123 2,717 — — — — 
Foreign entity reorganization tax benefit— — 42 — 42 — — — — 
Exploration license expiration tax benefit— 13 10 — 23 — — — — 
State tax rate revaluation(29)— — — (29)— — — — 
Deferred taxes on Algeria contract renewal— — — — — — (68)(65)
Preferred stock redemption premium— — — — — (80)(65)(42)(187)
Total$2,549 $315 $81 $127 $3,072 $(86)$(56)$22 $(120)




SCHEDULE 3
Occidental Petroleum Corporation
Segment Results Before Tax Allocations
(amounts in millions, except per share and effective tax rate amounts)
20222023
Reported IncomeQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$2,546 $3,322 $2,646 $1,925 $10,439 $1,371 $699 $1,627 $3,697 
International377 798 746 659 2,580 371 462 467 1,300 
Exploration(25)(26)(47)(118)(216)(102)(102)(125)(329)
Total Oil & Gas2,898 4,094 3,345 2,466 12,803 1,640 1,059 1,969 4,668 
Chemical671 800 580 457 2,508 472 436 373 1,281 
Midstream & Marketing(50)264 104 (45)273 (30)(130)(158)
Segment income3,519 5,158 4,029 2,878 15,584 2,114 1,465 2,212 5,791 
Corporate
Interest (371)(114)(285)(260)(1,030)(238)(230)(230)(698)
Other(65)(58)(96)(218)(437)(142)92 (173)(223)
Income before taxes3,083 4,986 3,648 2,400 14,117 1,734 1,327 1,809 4,870 
Taxes
Federal and state2,037 (916)(599)(274)248 (300)(203)(322)(825)
International(244)(315)(303)(199)(1,061)(171)(264)(112)(547)
Net income 4,876 3,755 2,746 1,927 13,304 1,263 860 1,375 3,498 
Less: Preferred stock dividends and redemption premiums(200)(200)(200)(200)(800)(280)(255)(219)(754)
Net income attributable to common stockholders$4,676 $3,555 $2,546 $1,727 $12,504 $983 $605 $1,156 $2,744 
Reported diluted income per share$4.65 $3.47 $2.52 $1.74 $12.40 $1.00 $0.63 $1.20 $2.83 
Effective Tax Rate(58)%25 %25 %20 %%27 %35 %24 %28 %
Items Affecting ComparabilityQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$125 $12 $10 $$148 $26 $(209)$142 $(41)
International— 10 — 45 55 — — — — 
Exploration— — — — — — — — — 
Total Oil & Gas125 22 10 46 203 26 (209)142 (41)
Chemical— — — — — — — — — 
Midstream & Marketing(198)96 (22)(37)(161)(34)48 (64)(50)
Segment income (loss)(73)118 (12)42 (8)(161)78 (91)
Corporate
Interest (18)179 (18)149 — — — — 
Other70 92 66 (22)206 — 260 — 260 
Income (loss) before taxes(21)389 36 (7)397 (8)99 78 169 
Taxes
Federal and state2,570 (70)45 133 2,678 (22)(17)(37)
International— (4)— (3)— (68)(65)
Net income (loss)2,549 315 81 127 3,072 (6)64 67 
Less: Preferred stock redemption premiums— — — — — (80)(65)(42.00)(187)
Net income (loss) attributable to common stockholders$2,549 $315 $81 $127 $3,072 $(86)$(56)$22 $(120)
Adjusted Income (Non-GAAP) (a)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$2,421 $3,310 $2,636 $1,924 $10,291 $1,345 $908 $1,485 $3,738 
International377 788 746 614 2,525 371 462 467 1,300 
Exploration(25)(26)(47)(118)(216)(102)(102)(125)(329)
Total Oil & Gas2,773 4,072 3,335 2,420 12,600 1,614 1,268 1,827 4,709 
Chemical671 800 580 457 2,508 472 436 373 1,281 
Midstream & Marketing148 168 126 (8)434 36 (78)(66)(108)
Adjusted segment income3,592 5,040 4,041 2,869 15,542 2,122 1,626 2,134 5,882 
Corporate
Interest (353)(293)(267)(266)(1,179)(238)(230)(230)(698)
Other(135)(150)(162)(196)(643)(142)(168)(173)(483)
Adjusted income before taxes3,104 4,597 3,612 2,407 13,720 1,742 1,228 1,731 4,701 
Taxes
Federal and state(533)(846)(644)(407)(2,430)(302)(181)(305)(788)
International(244)(311)(303)(200)(1,058)(171)(196)(115)(482)
Adjusted income2,327 3,440 2,665 1,800 10,232 1,269 851 1,311 3,431 
Less: Preferred stock dividends and redemption premiums(200)(200)(200)(200)(800)(200)(190)(177)(567)
Adjusted income attributable to common stockholders$2,127 $3,240 $2,465 $1,600 $9,432 $1,069 $661 $1,134 $2,864 
Adjusted diluted earnings per share (Non-GAAP)$2.12 $3.16 $2.44 $1.61 $9.35 $1.09 $0.68 $1.18 $2.95 
Effective Tax Rate25 %25 %26 %25 %25 %27 %31 %24 %27 %
(a) Non-GAAP Measure. Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income is not considered to be an alternative to net income reported in accordance with GAAP.





SCHEDULE 4
Occidental Petroleum Corporation
Segment Results After Tax Allocations
(Amounts in millions, except per share and effective tax rate amounts)
20222023
Reported Income (Loss)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$1,986 $2,591 $2,065 $1,501 $8,143 $1,069 $545 $1,269 $2,883 
International184 466 459 448 1,557 216 274 310 800 
Exploration(23)(24)(37)(102)(186)(82)(92)(103)(277)
Total Oil & Gas2,147 3,033 2,487 1,847 9,514 1,203 727 1,476 3,406 
Chemical519 620 449 348 1,936 364 337 288 989 
Midstream & Marketing(70)247 83 (25)235 (13)(94)(104)
Segment income2,596 3,900 3,019 2,170 11,685 1,570 1,051 1,670 4,291 
Corporate
Interest (367)(114)(285)(260)(1,026)(238)(230)(230)(698)
Other(65)(104)(96)(218)(483)(142)92 (173)(223)
Taxes2,712 73 108 235 3,128 73 (53)108 128 
Net income4,876 3,755 2,746 1,927 13,304 1,263 860 1,375 3,498 
Less: Preferred stock dividends and redemption premiums(200)(200)(200)(200)(800)(280)(255)(219)(754)
Net income attributable to common stockholders$4,676 $3,555 $2,546 $1,727 $12,504 $983 $605 $1,156 $2,744 
Reported diluted income per share$4.65 $3.47 $2.52 $1.74 $12.40 $1.00 $0.63 $1.20 $2.83 
Items Affecting ComparabilityQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$98 $$$— $115 $20 $(164)$111 $(33)
International— — 46 52 — — — — 
Exploration— — — — — — — — — 
Total Oil & Gas98 15 46 167 20 (164)111 (33)
Chemical— — — — — — — — — 
Midstream & Marketing(155)75 (17)(29)(126)(26)37 (50)(39)
Segment income (loss)(57)90 (9)17 41 (6)(127)61 (72)
Corporate
Interest (14)140 (14)117 — — — — 
Other55 72 52 (18)161 — 204 — 204 
Taxes2,565 13 52 123 2,753 — (68)(65)
Net income (loss)2,549 315 81 127 3,072 (6)64 67 
Less: Preferred stock redemption premiums— — — — — (80)(65)(42)(187)
Net income (loss) attributable to common stockholders$2,549 $315 $81 $127 $3,072 $(86)$(56)$22 $(120)
Adjusted Income (Loss) (Non-GAAP) (a)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$1,888 $2,582 $2,057 $1,501 $8,028 $1,049 $709 $1,158 $2,916 
International184 460 459 402 1,505 216 274 310 800 
Exploration(23)(24)(37)(102)(186)(82)(92)(103)(277)
Total Oil & Gas2,049 3,018 2,479 1,801 9,347 1,183 891 1,365 3,439 
Chemical519 620 449 348 1,936 364 337 288 989 
Midstream & Marketing85 172 100 361 29 (50)(44)(65)
Segment income 2,653 3,810 3,028 2,153 11,644 1,576 1,178 1,609 4,363 
Corporate
Interest (353)(254)(271)(265)(1,143)(238)(230)(230)(698)
Other(120)(176)(148)(200)(644)(142)(112)(173)(427)
Taxes147 60 56 112 375 73 15 105 193 
Adjusted income2,327 3,440 2,665 1,800 10,232 1,269 851 1,311 3,431 
Less: Preferred stock dividends and redemption premiums(200)(200)(200)(200)(800)(200)(190)(177)(567)
Adjusted income attributable to common stockholders$2,127 $3,240 $2,465 $1,600 $9,432 $1,069 $661 $1,134 $2,864 
Adjusted diluted earnings per share (Non-GAAP)$2.12 $3.16 $2.44 $1.61 $9.35 $1.09 $0.68 $1.18 $2.95 
Reconciliation - Diluted Earnings Per Share
Reported Diluted Earnings Per Share (GAAP)$4.65 $3.47 $2.52 $1.74 $12.40 $1.00 $0.63 $1.20 $— $2.83 
After-Tax Adjustments for Items Affecting Comparability
Oil & Gas
Domestic$0.09 $0.01 $0.01 $— $0.11 $0.02 $(0.17)$0.11 $(0.03)
International— 0.01 — 0.05 0.05 — — — — 
Exploration— — — — — — — — — 
Chemical— — — — — — — — — 
Midstream & Marketing(0.16)0.08 (0.02)(0.03)(0.13)(0.03)0.04 (0.05)(0.04)
Corporate
Interest (0.02)0.14 (0.01)0.01 0.12 — — — — 
Other0.05 0.07 0.05 (0.02)0.16 — 0.22 — 0.21 
Taxes2.57 — 0.05 0.12 2.74 — (0.07)— (0.07)
Preferred stock redemption premiums— — — — — (0.08)(0.07)(0.04)(0.19)
Total After-Tax Adjustments for Items Affecting Comparability$2.53 $0.31 $0.08 $0.13 $3.05 $(0.09)$(0.05)$0.02 $(0.12)
Adjusted Diluted Earnings Per Share (Non-GAAP)$2.12 $3.16 $2.44 $1.61 $9.35 $1.09 $0.68 $1.18 $2.95 
Average Diluted Shares Outstanding - Reported (millions)997.71,018.31,002.5990.51,002.0975.3958.8958.2964.4
(a) Non-GAAP Measure. Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income is not considered to be an alternative to net income reported in accordance with GAAP.




SCHEDULE 5
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations
(amounts in millions, except per-share amounts)
20222023
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
REVENUES AND OTHER INCOME
Net sales
Oil & Gas$6,075 $7,696 $7,098 $6,296 $27,165 $5,325 $4,941 $5,594 $15,860 
Chemical 1,684 1,909 1,691 1,473 6,757 1,405 1,375 1,309 4,089 
Midstream & Marketing882 1,474 1,005 775 4,136 751 616 552 1,919 
Eliminations(292)(403)(404)(325)(1,424)(256)(230)(297)(783)
Total8,349 10,676 9,390 8,219 36,634 7,225 6,702 7,158 21,085 
Interest, dividends and other income49 36 37 31 153 29 28 50 107 
Gains on sale of assets, net135 23 74 76 308 192 197 
Total8,533 10,735 9,501 8,326 37,095 7,258 6,731 7,400 21,389 
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense864 1,005 1,056 1,103 4,028 1,081 1,130 1,189 3,400 
Transportation and gathering expense347 364 378 386 1,475 384 375 363 1,122 
Chemical and midstream costs of sales818 835 835 785 3,273 745 791 682 2,218 
Purchased commodities811 1,031 785 660 3,287 498 490 520 1,508 
Selling, general and administrative196 244 247 258 945 241 277 258 776 
Other operating and non-operating expense299 291 319 362 1,271 308 10 328 646 
Taxes other than on income335 426 427 360 1,548 306 266 290 862 
Depreciation, depletion and amortization1,643 1,728 1,736 1,819 6,926 1,721 1,709 1,712 5,142 
Asset impairments and other charges— — — — — — 209 — 209 
Anadarko acquisition-related costs65 13 89 — — — — 
Exploration expense25 26 47 118 216 102 102 125 329 
Interest and debt expense, net371 114 285 260 1,030 238 230 230 698 
Total5,774 6,077 6,119 6,118 24,088 5,624 5,589 5,697 16,910 
INCOME BEFORE INCOME TAXES AND OTHER ITEMS2,759 4,658 3,382 2,208 13,007 1,634 1,142 1,703 4,479 
OTHER ITEMS
Gains (losses) on interest rate swaps and warrants, net135 127 70 (15)317 — — — — 
Income from equity method investments and other189 201 196 207 793 100 185 106 391 
Total324 328 266 192 1,110 100 185 106 391 
INCOME BEFORE INCOME TAXES3,083 4,986 3,648 2,400 14,117 1,734 1,327 1,809 4,870 
Income tax benefit (expense) 1,793 (1,231)(902)(473)(813)(471)(467)(434)(1,372)
NET INCOME4,876 3,755 2,746 1,927 13,304 1,263 860 1,375 3,498 
Less: Preferred stock dividend(200)(200)(200)(200)(800)(280)(255)(219)(754)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$4,676 $3,555 $2,546 $1,727 $12,504 $983 $605 $1,156 $2,744 
EARNINGS PER SHARE
BASIC EARNINGS PER COMMON SHARE$4.96 $3.76 $2.74 $1.90 $13.41 $1.08 $0.68 $1.30 $3.06 
DILUTED EARNINGS PER COMMON SHARE $4.65 $3.47 $2.52 $1.74 $12.40 $1.00 $0.63 $1.20 $2.83 
DIVIDENDS PER COMMON SHARE$0.13 $0.13 $0.13 $0.13 $0.52 $0.18 $0.18 $0.18 $0.54 
AVERAGE COMMON SHARES OUTSTANDING
BASIC936.7 939.2 922.0 905.7 926.2 901.2889.3884.0 891.9
DILUTED997.7 1,018.3 1,002.5 990.5 1,002.0 975.3958.8 958.2 964.4
INCOME TAX BENEFIT (EXPENSE)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
CURRENT
Federal$(215)$(640)$(297)$(120)$(1,272)$(265)$(181)$(243)$(689)
State and local(34)(50)(43)22 (105)(18)(14)(21)(53)
International(198)(338)(290)(254)(1,080)(171)(191)(120)(482)
Total$(447)$(1,028)$(630)$(352)$(2,457)$(454)$(386)$(384)$(1,224)
DEFERRED
Federal$2,213 $(231)$(264)$(149)$1,569 $(14)$(5)$(56)$(75)
State and local73 (26)57 (3)(3)(2)(8)
International(46)23 (13)54 18 — (73)(65)
Total$2,240 $(203)$(272)$(121)$1,644 $(17)$(81)$(50)$(148)
TOTAL INCOME TAX BENEFIT (EXPENSE)$1,793 $(1,231)$(902)$(473)$(813)$(471)$(467)$(434)$(1,372)










SCHEDULE 6
Occidental Petroleum Corporation
Consolidated Condensed Balance Sheets
(amounts in millions)
20222023
MARJUNSEPDECMARJUNSEPDEC
CURRENT ASSETS
Cash and cash equivalents $1,909 $1,362 $1,233 $984 $1,165 $486 $611 
Trade receivables, net5,434