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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission file number 1-9210
_____________________
OCCIDENTAL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter) | | | | | | | | | | | | | | |
| Delaware | | 95-4035997 |
(State or other jurisdiction of
incorporation or organization) | | (I.R.S. Employer
Identification No.) |
5 Greenway Plaza, Suite 110 |
| Houston, | Texas | 77046 | |
| (Address of principal executive offices) (Zip Code) |
(713) 215-7000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.20 par value | OXY | New York Stock Exchange |
Warrants to Purchase Common Stock, $0.20 par value | OXY WS | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer þ Accelerated Filer ☐ Non-Accelerated Filer ☐
Smaller Reporting Company ☐ 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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes þ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
| | | | | | | | | | | | | | |
| Class | | Outstanding as of October 31, 2024 | |
| | Common Stock, $0.20 par value | | 938,343,042 | |
| | | | | | | | |
| TABLE OF CONTENTS | PAGE |
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| Part I - Financial Information | |
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ABBREVIATIONS USED WITHIN THIS DOCUMENT | | | | | |
| $/Bbl | price per barrel |
| Anadarko | Anadarko Petroleum Corporation and its consolidated subsidiaries |
| Andes | Andes Petroleum Ecuador Ltd. |
| AOC | Administrative Order on Consent |
| Bcf | billions of cubic feet |
| BlackRock | BlackRock Inc., which has formed a joint venture with Occidental on the construction of STRATOS |
| Boe | barrels of oil equivalent |
| CERCLA | Comprehensive Environmental Response, Compensation, and Liability Act |
CO2 | carbon dioxide |
| CrownRock Acquisition | acquisition of all of the outstanding partnership interests of CrownRock, L.P. by Occidental |
| DASS | Diamond Alkali Superfund Site |
| District Court | Federal District Court in the State of New Jersey |
| DSCC | Diamond Shamrock Chemicals Company |
| DOJ | U.S. Department of Justice |
| EPA | U.S. Environmental Protection Agency |
| EPS | earnings per share |
| HLBV | Hypothetical Liquidation at Book Value |
| LIFO | last-in, first-out |
| Maxus | Maxus Energy Corporation |
| Mbbl | thousands of barrels |
| Mboe | thousands of barrels equivalent |
| Mboe/d | thousands of barrels equivalent per day |
| Mcf | thousands of cubic feet |
| MMbbl | millions of barrels |
| MMcf | millions of cubic feet |
| NCI | non-controlling interest |
| NGL | natural gas liquids |
| NPL | National Priorities List |
| Occidental | Occidental Petroleum Corporation, a Delaware corporation and one or more entities in which it owns a controlling interest (subsidiaries) |
| OECD | Organization for Economic Cooperation and Development |
| OPEC | Organization of the Petroleum Exporting Countries |
| OU | Operable Unit |
| OU4 UAO | Operable Unit 4 Unilateral Administrative Order |
| OxyChem | Occidental Chemical Corporation |
| PVC | polyvinyl chloride |
| RCF | revolving credit facility |
| ROD | Record of Decision |
| VIE | variable interest entity |
| WES | Western Midstream Partners, LP |
| WES Operating | Western Midstream Operating, LP |
| WTI | West Texas Intermediate |
| Zero Coupons | Zero Coupon senior notes due 2036 |
| 2023 Form 10-K | Occidental’s Annual Report on Form 10-K for the year ended December 31, 2023 |
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
| | | | | |
| Consolidated Condensed Balance Sheets | Occidental Petroleum Corporation and Subsidiaries |
| | | | | | | | |
| millions | September 30, 2024 | December 31, 2023 |
| | |
| ASSETS | | |
| CURRENT ASSETS | | |
| Cash and cash equivalents | $ | 1,759 | | $ | 1,426 | |
Trade receivables, net of reserves of $29 in 2024 and $29 in 2023 | 3,924 | | 3,195 | |
| Inventories | 2,275 | | 2,022 | |
| Other current assets | 1,596 | | 1,732 | |
| Total current assets | 9,554 | | 8,375 | |
| | |
| INVESTMENTS IN UNCONSOLIDATED ENTITIES | 3,195 | | 3,224 | |
| | |
| PROPERTY, PLANT AND EQUIPMENT | | |
| Oil and gas | 120,410 | | 109,214 | |
| Chemical | 8,475 | | 8,279 | |
| Midstream and marketing | 9,004 | | 8,279 | |
| Corporate | 1,000 | | 1,039 | |
| Gross property, plant and equipment | 138,889 | | 126,811 | |
| Accumulated depreciation, depletion and amortization | (69,547) | | (68,282) | |
| Net property, plant and equipment | 69,342 | | 58,529 | |
| | |
| OPERATING LEASE ASSETS | 961 | | 1,130 | |
| | |
| OTHER LONG-TERM ASSETS | 2,751 | | 2,750 | |
| | |
| TOTAL ASSETS | $ | 85,803 | | $ | 74,008 | |
| | |
| The accompanying notes are an integral part of these Consolidated Condensed Financial Statements. |
| | | | | |
| Consolidated Condensed Balance Sheets | Occidental Petroleum Corporation and Subsidiaries |
| | | | | | | | |
| millions, except share and per-share amounts | September 30, 2024 | December 31, 2023 |
| | |
| LIABILITIES AND EQUITY | | |
| CURRENT LIABILITIES | | |
| Current maturities of long-term debt | $ | 1,179 | | $ | 1,202 | |
| Current operating lease liabilities | 376 | | 446 | |
| Accounts payable | 3,935 | | 3,646 | |
| Accrued liabilities | 4,051 | | 3,854 | |
| Total current liabilities | 9,541 | | 9,148 | |
| | |
| LONG-TERM DEBT, NET | 25,456 | | 18,536 | |
| | |
| DEFERRED CREDITS AND OTHER LIABILITIES | | |
| Deferred income taxes, net | 5,630 | | 5,764 | |
| Asset retirement obligations | 3,888 | | 3,882 | |
| Pension and postretirement obligations | 933 | | 931 | |
| Environmental remediation liabilities | 847 | | 889 | |
| Operating lease liabilities | 638 | | 727 | |
| Other | 3,936 | | 3,782 | |
| Total deferred credits and other liabilities | 15,872 | | 15,975 | |
| | |
| EQUITY | | |
Preferred stock, at $1.00 per share par value: 2024 — 84,897 shares and 2023 —84,897 shares | 8,287 | | 8,287 | |
Common stock, at $0.20 per share par value, authorized shares: 1.5 billion, issued shares: 2024 — 1,166,358,039 shares and 2023 — 1,107,516,500 shares | 233 | | 222 | |
Treasury stock: 2024 — 228,183,821 shares and 2023 — 228,053,397 shares | (15,591) | | (15,582) | |
| Additional paid-in capital | 19,802 | | 17,422 | |
| Retained earnings | 21,694 | | 19,626 | |
| Accumulated other comprehensive income | 249 | | 275 | |
| Total stockholders' equity | 34,674 | | 30,250 | |
| Non-controlling interest | 260 | | 99 | |
| Total equity | 34,934 | | 30,349 | |
| TOTAL LIABILITIES AND EQUITY | $ | 85,803 | | $ | 74,008 | |
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
| | | | | |
| Consolidated Condensed Statements of Operations | Occidental Petroleum Corporation and Subsidiaries |
| | | | | | | | | | | | | | | |
| Three months ended September 30, | Nine months ended September 30, | |
| millions, except per-share amounts | 2024 | 2023 | 2024 | 2023 | |
| | | | | |
| REVENUES AND OTHER INCOME | | | | | |
| Net sales | $ | 7,173 | | $ | 7,158 | | $ | 19,965 | | $ | 21,085 | | |
| Interest, dividends and other income | 60 | | 50 | | 130 | | 107 | | |
| Gains (losses) on sales of assets and other, net | (79) | | 192 | | (52) | | 197 | | |
| Total | 7,154 | | 7,400 | | 20,043 | | 21,389 | | |
| | | | | |
| COSTS AND OTHER DEDUCTIONS | | | | | |
| Oil and gas operating expense | 1,207 | | 1,189 | | 3,547 | | 3,400 | | |
| Transportation and gathering expense | 407 | | 363 | | 1,165 | | 1,122 | | |
| Chemical and midstream cost of sales | 806 | | 682 | | 2,369 | | 2,218 | | |
| Purchased commodities | 83 | | 520 | | 258 | | 1,508 | | |
| Selling, general and administrative expenses | 268 | | 258 | | 786 | | 776 | | |
| Other operating and non-operating expense | 334 | | 328 | | 1,088 | | 646 | | |
| Taxes other than on income | 256 | | 290 | | 756 | | 862 | | |
| Depreciation, depletion and amortization | 1,926 | | 1,712 | | 5,394 | | 5,142 | | |
| Asset impairments and other charges | 21 | | — | | 21 | | 209 | | |
| Acquisition-related costs | 49 | | — | | 75 | | — | | |
| Exploration expense | 57 | | 125 | | 206 | | 329 | | |
| Interest and debt expense, net | 312 | | 230 | | 848 | | 698 | | |
| Total | 5,726 | | 5,697 | | 16,513 | | 16,910 | | |
| | | | | |
| Income before income taxes and other items | 1,428 | | 1,703 | | 3,530 | | 4,479 | | |
| | | | | |
| OTHER ITEMS | | | | | |
| | | | | |
| Income from equity investments and other | 166 | | 106 | | 709 | | 391 | | |
| Total | 166 | | 106 | | 709 | | 391 | | |
| | | | | |
| Income before income taxes | 1,594 | | 1,809 | | 4,239 | | 4,870 | | |
| Income tax expense | (454) | | (434) | | (1,223) | | (1,372) | | |
| Income from continuing operations | 1,140 | | 1,375 | | 3,016 | | 3,498 | | |
| Discontinued operations, net of taxes | — | | — | | 182 | | — | | |
| NET INCOME | 1,140 | | 1,375 | | 3,198 | | 3,498 | | |
| Less: Net income attributable to noncontrolling interest | (7) | | — | | (15) | | — | | |
| Less: Preferred stock dividends and redemption premiums | (169) | | (219) | | (509) | | (754) | | |
| NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 964 | | $ | 1,156 | | $ | 2,674 | | $ | 2,744 | | |
| | | | | |
| PER COMMON SHARE | | | | | |
| Income from continuing operations—basic | $ | 1.03 | | $ | 1.30 | | $ | 2.75 | | $ | 3.06 | | |
| Discontinued operations—basic | $ | — | | $ | — | | $ | 0.20 | | $ | — | | |
| Net income attributable to common stockholders—basic | $ | 1.03 | | $ | 1.30 | | $ | 2.95 | | $ | 3.06 | | |
| | | | | |
| Income from continuing operations—diluted | $ | 0.98 | | $ | 1.20 | | $ | 2.58 | | $ | 2.83 | | |
| Discontinued operations—diluted | $ | — | | $ | — | | $ | 0.19 | | $ | — | | |
| Net income attributable to common stockholders—diluted | $ | 0.98 | | $ | 1.20 | | $ | 2.77 | | $ | 2.83 | | |
| | | | | |
| The accompanying notes are an integral part of these Consolidated Condensed Financial Statements. | |
| | | | | |
| Consolidated Condensed Statements of Comprehensive Income | Occidental Petroleum Corporation and Subsidiaries |
| | | | | | | | | | | | | | |
| Three months ended September 30, | Nine months ended September 30, |
| millions | 2024 | 2023 | 2024 | 2023 |
| | | | |
| Net income | $ | 1,140 | | $ | 1,375 | | $ | 3,198 | | $ | 3,498 | |
| Other comprehensive income (loss) items: | | | | |
| Gains (losses) on derivatives | (8) | | 1 | | (6) | | 59 | |
Pension and postretirement gains (losses)(a) | (7) | | 46 | | (19) | | 39 | |
| Other | — | | (1) | | (1) | | — | |
| Other comprehensive income (loss), net of tax | (15) | | 46 | | (26) | | 98 | |
| Comprehensive income | 1,125 | | 1,421 | | 3,172 | | 3,596 | |
| Comprehensive income attributable to noncontrolling interest | (7) | | — | | (15) | | — | |
| Comprehensive income attributable to preferred and common stockholders | $ | 1,118 | | $ | 1,421 | | $ | 3,157 | | $ | 3,596 | |
(a) Net of tax benefit of $1 million and tax expense of $12 million for the three months ended September 30, 2024 and 2023, respectively, and tax benefit of $6 million and tax expense of $10 million for the nine months ended September 30, 2024 and 2023, respectively.
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
| | | | | |
| Consolidated Condensed Statements of Cash Flows | Occidental Petroleum Corporation and Subsidiaries |
| | | | | | | | |
| Nine months ended September 30, |
| millions | 2024 | 2023 |
| | |
| CASH FLOW FROM OPERATING ACTIVITIES | | |
| Net income | $ | 3,198 | | $ | 3,498 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | |
| Discontinued operations, net | (182) | | — | |
| Depreciation, depletion and amortization of assets | 5,394 | | 5,142 | |
| Deferred income tax provision (benefit) | (182) | | 148 | |
| Asset impairments and other charges | 21 | | 209 | |
| (Gains) losses on sales of assets, net | 52 | | (197) | |
| Noncash charges to income and other | 339 | | 343 | |
| Changes in operating assets and liabilities: | | |
| (Increase) decrease in receivables | (532) | | 609 | |
| Increase in inventories | (226) | | (44) | |
| (Increase) decrease in other current assets | 219 | | (367) | |
| Decrease in accounts payable and accrued liabilities | (430) | | (583) | |
| Increase in current domestic and foreign income taxes | 512 | | 311 | |
| Operating cash flow from continuing operations | 8,183 | | 9,069 | |
| Operating cash flow from discontinued operations, net of taxes | (100) | | — | |
| Net cash provided by operating activities | 8,083 | | 9,069 | |
| | |
| CASH FLOW FROM INVESTING ACTIVITIES | | |
| Capital expenditures | (5,237) | | (4,726) | |
| Change in capital accrual | (39) | | (48) | |
| Purchases of assets, businesses and equity investments, net | (9,037) | | (220) | |
| Proceeds from sales of assets and equity investments, net | 1,662 | | 405 | |
| Equity investments and other, net | (149) | | (422) | |
| | |
| | |
| Net cash used by investing activities | (12,800) | | (5,011) | |
| | |
| CASH FLOW FROM FINANCING ACTIVITIES | | |
| Draws on receivables securitization facility | — | | 900 | |
| Payment of receivables securitization facility | — | | (900) | |
| Proceeds from long-term debt, net | 9,612 | | — | |
| Payments of long-term debt, net | (4,007) | | (22) | |
| Proceeds from issuance of common stock | 571 | | 92 | |
| Redemption of preferred stock | — | | (1,661) | |
| Purchases of treasury stock | (9) | | (1,611) | |
| | |
| Cash dividends paid on common and preferred stock | (1,069) | | (1,035) | |
| Contributions from noncontrolling interest | 146 | | — | |
| Payment for taxes related to stock-based award settlement | (103) | | (99) | |
| Other financing, net | (95) | | (99) | |
| | |
| | |
| Net cash provided (used) by financing activities | 5,046 | | (4,435) | |
| | |
| Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 329 | | (377) | |
| Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period | 1,464 | | 1,026 | |
| Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period | $ | 1,793 | | $ | 649 | |
| | |
| The accompanying notes are an integral part of these Consolidated Condensed Financial Statements. |
| | | | | |
| Consolidated Condensed Statements of Equity | Occidental Petroleum Corporation and Subsidiaries |
| | | | | | | | | | | | | | | | | | | | | | | |
| | Equity Attributable to Common Stock | |
| millions, except per-share amounts | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total Equity |
| Balance as of June 30, 2023 | $ | 8,621 | | $ | 221 | | $ | (14,958) | | $ | 17,218 | | $ | 17,762 | | $ | 247 | | $ | 29,111 | |
| Net income | — | | — | | — | | — | | 1,375 | | — | | 1,375 | |
Other comprehensive income, net
of tax | — | | — | | — | | — | | — | | 46 | | 46 | |
Dividends on common stock, $0.18 per share | — | | — | | — | | — | | (160) | | — | | (160) | |
Dividends on preferred stock, $2,000 per share | — | | — | | — | | — | | (177) | | — | | (177) | |
Preferred stock redemption - face
value | (342) | | — | | — | | — | | — | | — | | (342) | |
Preferred stock redemption -
premium | — | | — | | — | | — | | (34) | | — | | (34) | |
Preferred stock redemption value in
excess of carrying value | 8 | | — | | — | | — | | (8) | | — | | — | |
| Shareholder warrants exercised | — | | — | | — | | 54 | | — | | — | | 54 | |
| | | | | | | |
Issuance of common stock and
other, net of cancellations | — | | — | | — | | 54 | | — | | — | | 54 | |
| Purchases of treasury stock | — | | — | | (615) | | — | | — | | — | | (615) | |
| Balance as of September 30, 2023 | $ | 8,287 | | $ | 221 | | $ | (15,573) | | $ | 17,326 | | $ | 18,758 | | $ | 293 | | $ | 29,312 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Equity Attributable to Common Stock | | |
| millions, except per-share amounts | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | Total Equity |
| Balance as of June 30, 2024 | $ | 8,287 | | $ | 227 | | $ | (15,591) | | $ | 17,928 | | $ | 20,938 | | $ | 264 | | $ | 206 | | $ | 32,259 | |
| Net income | — | | — | | — | | — | | 1,133 | | — | | 7 | | 1,140 | |
Other comprehensive loss, net
of tax | — | | — | | — | | — | | — | | (15) | | — | | (15) | |
Dividends on common stock, $0.22 per share | — | | — | | — | | — | | (208) | | — | | — | | (208) | |
Dividends on preferred stock, $2,000 per share | — | | — | | — | | — | | (169) | | — | | — | | (169) | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Shareholder warrants exercised | — | | — | | — | | 67 | | — | | — | | — | | 67 | |
| | | | | | | | |
| Issuance of common stock and other, net of cancellations | — | | — | | — | | 58 | | — | | — | | — | | 58 | |
| | | | | | | | |
| Common Stock issued for CrownRock acquisition | — | | 6 | | — | | 1,749 | | — | | — | | — | | 1,755 | |
| Noncontrolling interest contributions, net | — | | — | | — | | — | | — | | — | | 47 | | 47 | |
| Balance as of September 30, 2024 | $ | 8,287 | | $ | 233 | | $ | (15,591) | | $ | 19,802 | | $ | 21,694 | | $ | 249 | | $ | 260 | | $ | 34,934 | |
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
| | | | | |
| Consolidated Condensed Statements of Equity | Occidental Petroleum Corporation and Subsidiaries |
| | | | | | | | | | | | | | | | | | | | | | | |
| | Equity Attributable to Common Stock | |
| millions, except per-share amounts | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total Equity |
| Balance as of December 31, 2022 | $ | 9,762 | | $ | 220 | | $ | (13,772) | | $ | 17,181 | | $ | 16,499 | | $ | 195 | | $ | 30,085 | |
| Net income | — | | — | | — | | — | | 3,498 | | — | | 3,498 | |
Other comprehensive income, net of
tax | — | | — | | — | | — | | — | | 98 | | 98 | |
Dividends on common stock, $0.54 per share | — | | — | | — | | — | | (485) | | — | | (485) | |
Dividends on preferred stock, $6,000 per share | — | | — | | — | | — | | (567) | | — | | (567) | |
Preferred stock redemption - face
value | (1,511) | | — | | — | | — | | — | | — | | (1,511) | |
Preferred stock redemption -
premium | — | | — | | — | | — | | (151) | | — | | (151) | |
Preferred stock redemption value in
excess of carrying value | 36 | | — | | — | | — | | (36) | | — | | — | |
| Shareholder warrants exercised | — | | — | | — | | 57 | | — | | — | | 57 | |
| Options exercised | — | | — | | — | | 13 | | — | | — | | 13 | |
Issuance of common stock and
other, net of cancellations | — | | 1 | | — | | 75 | | — | | — | | 76 | |
| Purchases of treasury stock | — | | — | | (1,801) | | — | | — | | — | | (1,801) | |
| Balance as of September 30, 2023 | $ | 8,287 | | $ | 221 | | $ | (15,573) | | $ | 17,326 | | $ | 18,758 | | $ | 293 | | $ | 29,312 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Equity Attributable to Common Stock | | |
| millions, except per-share amounts | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | Total Equity |
| Balance as of December 31, 2023 | $ | 8,287 | | $ | 222 | | $ | (15,582) | | $ | 17,422 | | $ | 19,626 | | $ | 275 | | $ | 99 | | $ | 30,349 | |
| Net income | — | | — | | — | | — | | 3,183 | | — | | 15 | | 3,198 | |
| Other comprehensive loss, net of tax | — | | — | | — | | — | | — | | (26) | | — | | (26) | |
Dividends on common stock, $0.66 per share | — | | — | | — | | — | | (606) | | — | | — | | (606) | |
Dividends on preferred stock, $6,000 per share | — | | — | | — | | — | | (509) | | — | | — | | (509) | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Shareholder warrants exercised | — | | 4 | | — | | 550 | | — | | — | | — | | 554 | |
| | | | | | | | |
Issuance of common stock and
other, net of cancellations | — | | 1 | | — | | 81 | | — | | — | | — | | 82 | |
| Purchases of treasury stock | — | | — | | (9) | | — | | — | | — | | — | | (9) | |
| Common Stock issued for CrownRock acquisition | — | | 6 | | — | | 1,749 | | — | | — | | — | | 1,755 | |
| Noncontrolling interest contributions, net | — | | — | | — | | — | | — | | — | | 146 | | 146 | |
| Balance as of September 30, 2024 | $ | 8,287 | | $ | 233 | | $ | (15,591) | | $ | 19,802 | | $ | 21,694 | | $ | 249 | | $ | 260 | | $ | 34,934 | |
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
| | | | | |
| Notes to Consolidated Condensed Financial Statements | Occidental Petroleum Corporation and Subsidiaries |
NATURE OF OPERATIONS
Occidental conducts its operations through various subsidiaries and affiliates. Occidental has made its disclosures in accordance with United States generally accepted accounting principles as they apply to interim reporting, and has condensed or omitted, as permitted by the rules and regulations of the U.S. Securities and Exchange Commission (the SEC), certain information and disclosures normally included in Consolidated Financial Statements and the notes thereto. These unaudited Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto in the 2023 Form 10-K.
In the opinion of Occidental’s management, the accompanying unaudited Consolidated Condensed Financial Statements in this report reflect all adjustments (consisting of normal recurring adjustments) that are necessary to fairly present Occidental’s results of operations and cash flows for the nine months ended September 30, 2024 and 2023 and Occidental’s financial position as of September 30, 2024 and December 31, 2023. The income and cash flows for the periods ended September 30, 2024 and 2023 are not necessarily indicative of the income or cash flows to be expected for the full year.
CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS
Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balances for the periods presented include investments in government money market funds in which the carrying value approximates fair value.
The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Consolidated Condensed Statements of Cash Flows as of September 30, 2024 and 2023:
| | | | | | | | |
| |
| millions | 2024 | 2023 |
| Cash and cash equivalents | $ | 1,759 | | $ | 611 | |
| Restricted cash and restricted cash equivalents included in other current assets | 18 | | 22 | |
| Restricted cash and restricted cash equivalents included in other long-term assets | 16 | | 16 | |
| Cash, cash equivalents, restricted cash and restricted cash equivalents | $ | 1,793 | | $ | 649 | |
SUPPLEMENTAL CASH FLOW INFORMATION
The following table represents U.S. federal, state and international income taxes paid, refunds received and interest paid during the nine months ended September 30, 2024 and 2023, respectively:
| | | | | | | | |
| |
| millions | 2024 | 2023 |
| Income tax payments | $ | 812 | | $ | 806 | |
| Income tax refunds received | $ | 29 | | $ | 12 | |
Interest paid (a) | $ | 897 | | $ | 906 | |
(a) Net of capitalized interest of $134 million and $69 million for the nine months ended September 30, 2024 and 2023, respectively.
WES INVESTMENT
WES is a publicly traded limited partnership with its limited partner units traded on the NYSE under the ticker symbol "WES". In August 2024, Occidental sold 19.5 million of its limited partner units for proceeds of $697 million resulting in a pre-tax gain of $489 million. As of September 30, 2024, Occidental owned all of the 2.3% non-voting general partner interest, 43.5% of the WES limited partner units, and a 2% non-voting limited partner interest in WES Operating, a subsidiary of WES. As of September 30, 2024, Occidental's combined share of net income from WES and its subsidiaries was 46.0%.
NON-CONTROLLING INTEREST
In 2023, Occidental and BlackRock formed a joint venture for the continued development of the first commercial scale direct air capture facility in Ector County, Texas. The joint venture is a VIE and Occidental consolidates the VIE as it is the
primary beneficiary. BlackRock’s investment is accounted for as an NCI. Each party has committed to make additional investments towards the completion of the direct air capture facility, with BlackRock committed to invest up to $550 million. In addition, Occidental has entered into agreements with the joint venture related to project management, operations and maintenance and carbon removal offtake. Occidental may incur additional payments if certain construction and operational thresholds are not met.
Occidental may call the NCI on June 30, 2035 or earlier if the plant does not achieve commercial operations or ceases and permanently discontinues operations. Dividends from the joint venture will be distributed preferentially to the NCI up to a return threshold, then preferentially to Occidental thereafter. The NCI receives preferential distributions in liquidation.
Because distributions from the joint venture will not be consistent over time, or with the initial investments or ownership interest, Occidental has determined that the appropriate methodology for attributing income and loss from the joint venture is the HLBV method. Under the HLBV method, the amounts of income and loss attributed to the NCI in the consolidated statements of operations reflect changes in the amounts the NCI would hypothetically receive at each balance sheet date if the joint venture was liquidated. As of September 30, 2024, the VIE’s assets were comprised of $672 million construction in progress.
Revenue from customers is recognized when obligations under the terms of a contract with customers are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services, such as transportation. As of September 30, 2024, trade receivables, net of $3.9 billion represent rights to payment for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time.
The following table shows a reconciliation of revenue from customers to total net sales for the three and nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | |
| Three months ended September 30, | Nine months ended September 30, |
| millions | 2024 | 2023 | 2024 | 2023 |
| | | | |
| Revenue from customers | $ | 7,020 | | $ | 7,271 | | $ | 20,553 | | $ | 20,987 | |
All other revenues (a) | 153 | | (113) | | (588) | | 98 | |
| Net sales | $ | 7,173 | | $ | 7,158 | | $ | 19,965 | | $ | 21,085 | |
(a) Includes other net revenues from the midstream and marketing segment and chemical segment.
DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
The table below presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGL and gas at the lease or concession area. Chemical segment revenues are shown by geographic area based on the location of the sale. Midstream and marketing segment revenues are shown by the location of sale:
| | | | | | | | | | | | | | |
| millions | United States | International | Eliminations | Total |
| | | | |
| Three months ended September 30, 2024 | | | | |
| Oil and gas | | | | |
| Oil | $ | 4,204 | | $ | 726 | | $ | — | | $ | 4,930 | |
| NGL | 495 | | 97 | | — | | 592 | |
| Gas | 60 | | 91 | | — | | 151 | |
| Other | 23 | | 1 | | — | | 24 | |
| Segment total | $ | 4,782 | | $ | 915 | | $ | — | | $ | 5,697 | |
| Chemical | $ | 1,171 | | $ | 75 | | $ | — | | $ | 1,246 | |
| | | | |
| | | | |
| | | | |
| | | | |
| Midstream and marketing | $ | 186 | | $ | 101 | | $ | — | | $ | 287 | |
| Eliminations | $ | — | | $ | — | | $ | (210) | | $ | (210) | |
| Consolidated | $ | 6,139 | | $ | 1,091 | | $ | (210) | | $ | 7,020 | |
| | | | |
| millions | United States | International | Eliminations | Total |
| | | | |
| Three months ended September 30, 2023 | | | | |
| Oil and gas | | | | |
| Oil | $ | 3,997 | | $ | 742 | | $ | — | | $ | 4,739 | |
| NGL | 419 | | 91 | | — | | 510 | |
| Gas | 221 | | 87 | | — | | 308 | |
| Other | 37 | | — | | — | | 37 | |
| Segment total | $ | 4,674 | | $ | 920 | | $ | — | | $ | 5,594 | |
| Chemical | $ | 1,234 | | $ | 74 | | $ | — | | $ | 1,308 | |
| | | | |
| | | | |
| | | | |
| | | | |
| Midstream and marketing | $ | 563 | | $ | 103 | | $ | — | | $ | 666 | |
| Eliminations | $ | — | | $ | — | | $ | (297) | | $ | (297) | |
| Consolidated | $ | 6,471 | | $ | 1,097 | | $ | (297) | | $ | 7,271 | |
| | | | | | | | | | | | | | |
| millions | United States | International | Eliminations | Total |
| | | | |
| Nine months ended September 30, 2024 | | | | |
| Oil and gas | | | | |
| Oil | $ | 11,564 | | $ | 2,259 | | $ | — | | $ | 13,823 | |
| NGL | 1,314 | | 293 | | — | | 1,607 | |
| Gas | 314 | | 269 | | — | | 583 | |
| Other | 67 | | 1 | | — | | 68 | |
| Segment total | $ | 13,259 | | $ | 2,822 | | $ | — | | $ | 16,081 | |
| Chemical | $ | 3,489 | | $ | 215 | | $ | — | | $ | 3,704 | |
| Midstream and marketing | $ | 1,118 | | $ | 293 | | $ | — | | $ | 1,411 | |
| | | | |
| | | | |
| | | | |
| | | | |
| Eliminations | $ | — | | $ | — | | $ | (643) | | $ | (643) | |
| Consolidated | $ | 17,866 | | $ | 3,330 | | $ | (643) | | $ | 20,553 | |
| | | | | | | | | | | | | | |
| millions | United States | International | Eliminations | Total |
| | | | |
| Nine months ended September 30, 2023 | | | | |
| Oil and gas | | | | |
| Oil | $ | 11,093 | | $ | 2,255 | | $ | — | | $ | 13,348 | |
| NGL | 1,231 | | 266 | | — | | 1,497 | |
| Gas | 737 | | 246 | | — | | 983 | |
| Other | 31 | | 1 | | — | | 32 | |
| Segment total | $ | 13,092 | | $ | 2,768 | | $ | — | | $ | 15,860 | |
| Chemical | $ | 3,834 | | $ | 250 | | $ | — | | $ | 4,084 | |
| Midstream and marketing | $ | 1,524 | | $ | 302 | | $ | — | | $ | 1,826 | |
| | | | |
| | | | |
| | | | |
| | | | |
| Eliminations | $ | — | | $ | — | | $ | (783) | | $ | (783) | |
| Consolidated | $ | 18,450 | | $ | 3,320 | | $ | (783) | | $ | 20,987 | |
Finished goods primarily represent oil, which is carried at the lower of weighted-average cost or net realizable value, and caustic soda and chlorine, which are valued under the LIFO method. As of September 30, 2024 and December 31, 2023, inventories consisted of the following:
| | | | | | | | |
| millions | September 30, 2024 | December 31, 2023 |
| | |
| Raw materials | $ | 116 | | $ | 115 | |
| Materials and supplies | 1,217 | | 988 | |
| Commodity inventory and finished goods | 1,050 | | 1,027 | |
| 2,383 | | 2,130 | |
| Revaluation to LIFO | (108) | | (108) | |
Total | $ | 2,275 | | $ | 2,022 | |
As of September 30, 2024 and December 31, 2023, Occidental’s debt consisted of the following:
| | | | | | | | | | | | |
| millions | September 30, 2024 | December 31, 2023 | | | | |
2.900% senior notes due 2024 | $ | — | | $ | 654 | | | | | |
6.950% senior notes due 2024 | — | | 291 | | | | | |
3.450% senior notes due 2024 | — | | 111 | | | | | |
3.500% senior notes due 2025 | 137 | | 137 | | | | | |
364-day term loan due 2025 (6.801% as of September 30, 2024) | 300 | | — | | | | | |
5.875% senior notes due 2025 | 606 | | 606 | | | | | |
5.500% senior notes due 2025 | 465 | | 465 | | | | | |
5.550% senior notes due 2026 | 870 | | 870 | | | | | |
3.400% senior notes due 2026 | 284 | | 284 | | | | | |
Two-year term loan due 2026 (6.926% as of September 30, 2024) | 2,700 | | — | | | | | |
3.200% senior notes due 2026 | 182 | | 182 | | | | | |
7.500% debentures due 2026 | 112 | | 112 | | | | | |
8.500% senior notes due 2027 | 489 | | 489 | | | | | |
3.000% senior notes due 2027 | 216 | | 216 | | | | | |
7.125% debentures due 2027 | 150 | | 150 | | | | | |
7.000% debentures due 2027 | 48 | | 48 | | | | | |
5.000% senior notes due 2027 | 600 | | — | | | | | |
6.625% debentures due 2028 | 14 | | 14 | | | | | |
7.150% debentures due 2028 | 232 | | 232 | | | | | |
7.200% senior debentures due 2028 | 82 | | 82 | | | | | |
6.375% senior notes due 2028 | 578 | | 578 | | | | | |
7.200% debentures due 2029 | 135 | | 135 | | | | | |
7.950% debentures due 2029 | 116 | | 116 | | | | | |
8.450% senior notes due 2029 | 116 | | 116 | | | | | |
3.500% senior notes due 2029 | 286 | | 286 | | | | | |
5.200% senior notes due 2029 | 1,200 | | — | | | | | |
Variable rate bonds due 2030 (5.200% and 5.750% as of September 30, 2024 and December 31, 2023, respectively) | 68 | | 68 | | | | | |
8.875% senior notes due 2030 | 1,000 | | 1,000 | | | | | |
6.625% senior notes due 2030 | 1,449 | | 1,449 | | | | | |
6.125% senior notes due 2031 | 1,143 | | 1,143 | | | | | |
7.500% senior notes due 2031 | 900 | | 900 | | | | | |
7.875% senior notes due 2031 | 500 | | 500 | | | | | |
5.375% senior notes due 2032 | 1,000 | | — | | | | | |
5.550% senior notes due 2034 | 1,200 | | — | | | | | |
6.450% senior notes due 2036 | 1,727 | | |