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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)
Delaware95-4035997
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
5 Greenway Plaza, Suite 110
Houston,Texas77046
(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 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 value
OXY WSNew 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 CONTENTSPAGE
Part I - Financial Information
Consolidated Condensed Balance Sheets — September 30, 2024 and December 31, 2023
Consolidated Condensed Statements of Operations — Three and nine months ended September 30, 2024 and 2023
Consolidated Condensed Statements of Comprehensive Income — Three and nine months ended September 30, 2024 and 2023
Consolidated Condensed Statements of Cash Flows — Nine months ended September 30, 2024 and 2023
Consolidated Condensed Statements of Equity — Three and nine months ended September 30, 2024 and 2023
Note 4—Long-Term Debt
Note 5—Acquisitions and Divestitures
Note 10—Earnings Per Share and Equity
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits





ABBREVIATIONS USED WITHIN THIS DOCUMENT    
$/Bblprice per barrel
AnadarkoAnadarko Petroleum Corporation and its consolidated subsidiaries
AndesAndes Petroleum Ecuador Ltd.
AOCAdministrative Order on Consent
Bcfbillions of cubic feet
BlackRockBlackRock Inc., which has formed a joint venture with Occidental on the construction of STRATOS
Boebarrels of oil equivalent
CERCLAComprehensive 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
DASSDiamond Alkali Superfund Site
District CourtFederal District Court in the State of New Jersey
DSCCDiamond Shamrock Chemicals Company
DOJU.S. Department of Justice
EPAU.S. Environmental Protection Agency
EPSearnings per share
HLBVHypothetical Liquidation at Book Value
LIFOlast-in, first-out
MaxusMaxus Energy Corporation
Mbblthousands of barrels
Mboethousands of barrels equivalent
Mboe/dthousands of barrels equivalent per day
Mcfthousands of cubic feet
MMbblmillions of barrels
MMcfmillions of cubic feet
NCI
non-controlling interest
NGLnatural gas liquids
NPLNational Priorities List
OccidentalOccidental Petroleum Corporation, a Delaware corporation and one or more entities in which it owns a controlling interest (subsidiaries)
OECDOrganization for Economic Cooperation and Development
OPECOrganization of the Petroleum Exporting Countries
OUOperable Unit
OU4 UAOOperable Unit 4 Unilateral Administrative Order
OxyChemOccidental Chemical Corporation
PVCpolyvinyl chloride
RCFrevolving credit facility
RODRecord of Decision
VIE
variable interest entity
WESWestern Midstream Partners, LP
WES OperatingWestern Midstream Operating, LP
WTIWest Texas Intermediate
Zero CouponsZero Coupon senior notes due 2036
2023 Form 10-KOccidental’s Annual Report on Form 10-K for the year ended December 31, 2023
1



PART I FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)
Consolidated Condensed Balance SheetsOccidental Petroleum Corporation and Subsidiaries
millionsSeptember 30, 2024December 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 
Inventories2,275 2,022 
Other current assets1,596 1,732 
Total current assets9,554 8,375 
INVESTMENTS IN UNCONSOLIDATED ENTITIES3,195 3,224 
PROPERTY, PLANT AND EQUIPMENT
Oil and gas120,410 109,214 
Chemical8,475 8,279 
Midstream and marketing9,004 8,279 
Corporate1,000 1,039 
Gross property, plant and equipment138,889 126,811 
Accumulated depreciation, depletion and amortization(69,547)(68,282)
Net property, plant and equipment69,342 58,529 
OPERATING LEASE ASSETS961 1,130 
OTHER LONG-TERM ASSETS2,751 2,750 
TOTAL ASSETS$85,803 $74,008 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.


2



Consolidated Condensed Balance SheetsOccidental Petroleum Corporation and Subsidiaries
millions, except share and per-share amountsSeptember 30, 2024December 31, 2023
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt$1,179 $1,202 
Current operating lease liabilities376 446 
Accounts payable3,935 3,646 
Accrued liabilities4,051 3,854 
Total current liabilities9,541 9,148 
LONG-TERM DEBT, NET25,456 18,536 
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net5,630 5,764 
Asset retirement obligations3,888 3,882 
Pension and postretirement obligations933 931 
Environmental remediation liabilities847 889 
Operating lease liabilities638 727 
Other3,936 3,782 
Total deferred credits and other liabilities15,872 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 capital19,802 17,422 
Retained earnings21,694 19,626 
Accumulated other comprehensive income249 275 
Total stockholders' equity34,674 30,250 
Non-controlling interest260 99 
Total equity34,934 30,349 
TOTAL LIABILITIES AND EQUITY$85,803 $74,008 

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
3



Consolidated Condensed Statements of OperationsOccidental Petroleum Corporation and Subsidiaries
Three months ended September 30,Nine months ended September 30,
millions, except per-share amounts2024202320242023
REVENUES AND OTHER INCOME
Net sales$7,173 $7,158 $19,965 $21,085 
Interest, dividends and other income60 50 130 107 
Gains (losses) on sales of assets and other, net(79)192 (52)197 
Total7,154 7,400 20,043 21,389 
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense1,207 1,189 3,547 3,400 
Transportation and gathering expense407 363 1,165 1,122 
Chemical and midstream cost of sales806 682 2,369 2,218 
Purchased commodities83 520 258 1,508 
Selling, general and administrative expenses268 258 786 776 
Other operating and non-operating expense334 328 1,088 646 
Taxes other than on income256 290 756 862 
Depreciation, depletion and amortization1,926 1,712 5,394 5,142 
Asset impairments and other charges21  21 209 
Acquisition-related costs49  75  
Exploration expense57 125 206 329 
Interest and debt expense, net312 230 848 698 
Total5,726 5,697 16,513 16,910 
Income before income taxes and other items1,428 1,703 3,530 4,479 
OTHER ITEMS
Income from equity investments and other166 106 709 391 
Total166 106 709 391 
Income before income taxes1,594 1,809 4,239 4,870 
Income tax expense (454)(434)(1,223)(1,372)
Income from continuing operations1,140 1,375 3,016 3,498 
Discontinued operations, net of taxes  182  
NET INCOME1,140 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.
4




Consolidated Condensed Statements of Comprehensive IncomeOccidental Petroleum Corporation and Subsidiaries
Three months ended September 30,Nine months ended September 30,
millions2024202320242023
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 income1,125 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.
5



Consolidated Condensed Statements of Cash FlowsOccidental Petroleum Corporation and Subsidiaries
Nine months ended September 30,
millions20242023
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 assets5,394 5,142 
Deferred income tax provision (benefit)(182)148 
Asset impairments and other charges21 209 
(Gains) losses on sales of assets, net52 (197)
Noncash charges to income and other339 343 
Changes in operating assets and liabilities:
(Increase) decrease in receivables(532)609 
Increase in inventories(226)(44)
(Increase) decrease in other current assets219 (367)
Decrease in accounts payable and accrued liabilities(430)(583)
Increase in current domestic and foreign income taxes512 311 
Operating cash flow from continuing operations8,183 9,069 
Operating cash flow from discontinued operations, net of taxes(100) 
Net cash provided by operating activities8,083 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, net1,662 405 
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, net9,612  
Payments of long-term debt, net(4,007)(22)
Proceeds from issuance of common stock571 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 interest146  
Payment for taxes related to stock-based award settlement(103)(99)
Other financing, net(95)(99)
Net cash provided (used) by financing activities5,046 (4,435)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents329 (377)
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period1,464 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.

6




Consolidated Condensed Statements of EquityOccidental Petroleum Corporation and Subsidiaries
Equity Attributable to Common Stock
millions, except per-share amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated 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 amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Non-controlling InterestTotal 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.
7




Consolidated Condensed Statements of EquityOccidental Petroleum Corporation and Subsidiaries
Equity Attributable to Common Stock
millions, except per-share amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive IncomeTotal 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 amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Non-controlling InterestTotal 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.
8



Notes to Consolidated Condensed Financial StatementsOccidental Petroleum Corporation and Subsidiaries
NOTE 1 - GENERAL

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:

millions20242023
Cash and cash equivalents$1,759 $611 
Restricted cash and restricted cash equivalents included in other current assets18 22 
Restricted cash and restricted cash equivalents included in other long-term assets16 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:

millions20242023
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
9



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.

NOTE 2 - REVENUE

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,
millions2024202320242023
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.

10



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:

millionsUnited StatesInternationalEliminationsTotal
Three months ended September 30, 2024
Oil and gas
Oil$4,204 $726 $ $4,930 
NGL495 97  592 
Gas60 91  151 
Other23 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 
millionsUnited StatesInternationalEliminationsTotal
Three months ended September 30, 2023
Oil and gas
Oil$3,997 $742 $ $4,739 
NGL419 91  510 
Gas221 87  308 
Other37   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 

11



millionsUnited StatesInternationalEliminationsTotal
Nine months ended September 30, 2024
Oil and gas
Oil$11,564 $2,259 $ $13,823 
NGL1,314 293  1,607 
Gas314 269  583 
Other67 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 
        
millionsUnited StatesInternationalEliminationsTotal
Nine months ended September 30, 2023
Oil and gas
Oil$11,093 $2,255 $ $13,348 
NGL1,231 266  1,497 
Gas737 246  983 
Other31 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 


NOTE 3 - INVENTORIES

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:

millionsSeptember 30, 2024December 31, 2023
Raw materials$116 $115 
Materials and supplies1,217 988 
Commodity inventory and finished goods1,050 1,027 
2,383 2,130 
Revaluation to LIFO(108)(108)
Total
$2,275 $2,022 
12



NOTE 4 - LONG-TERM DEBT

As of September 30, 2024 and December 31, 2023, Occidental’s debt consisted of the following:

millionsSeptember 30, 2024December 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