$OXY

OCCIDENTAL PETROLEUM CORP /DE/

CIK:0000797468|SEC Filings

Consolidated Condensed Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES AND OTHER INCOME
Net sales	$ 8,065	$ 5,258	$ 13,295	$ 10,962
Interest, dividends and other income	82	48	163	101
Gains (losses) on sales of assets and other, net	180	(5)	(22)	(24)
Total	8,327	5,301	13,436	11,039
COSTS AND OTHER DEDUCTIONS
Oil and gas lease operating expense	1,117	1,135	2,235	2,352
Transportation and gathering expense	463	448	884	900
General and administrative expense	262	257	507	498
Other operating and non-operating expense	332	445	688	771
Taxes other than on income	342	269	601	533
Depreciation, depletion and amortization	1,847	1,823	3,641	3,627
Asset impairments and other charges	38	0	158	0
Acquisition-related costs	0	6	0	12
Exploration expense	37	83	147	138
Interest and debt expense, net	108	271	540	581
Total	4,546	4,737	9,401	9,412
Income before income taxes and other items	3,781	564	4,035	1,627
OTHER ITEMS
Income (loss) from equity investments and other	134	(4)	270	110
Total	134	(4)	270	110
Income before income taxes	3,915	560	4,305	1,737
Income tax expense	(915)	(222)	(1,069)	(569)
Income from continuing operations	3,000	338	3,236	1,168
Discontinued operations, net of tax	(4)	130	3,119	245
NET INCOME	2,996	468	6,355	1,413
Less: Net income attributable to noncontrolling interest	(19)	(10)	(33)	(19)
Less: Preferred stock dividends	(170)	(170)	(340)	(340)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 2,807	$ 288	$ 5,982	$ 1,054
PER COMMON SHARE, BASIC
Income from continuing operations—basic (in dollars per share)	$ 2.80	$ 0.14	$ 2.86	$ 0.80
Discontinued operations—basic (in dollars per share)	0	0.13	3.12	0.26
Net income attributable to common stockholders—basic (in dollars per share)	2.80	0.27	5.98	1.06
PER COMMON SHARE, DILUTED
Income from continuing operations—diluted (in dollars per share)	2.76	0.13	2.82	0.78
Discontinued operations—diluted (in dollars per share)	(0.01)	0.13	3.07	0.25
Net income attributable to common stockholders—diluted (in dollars per share)	$ 2.75	$ 0.26	$ 5.89	$ 1.03

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$ 6,355	$ 1,413
Adjustments to reconcile net income to net cash provided by operating activities:
Discontinued operations, net	(3,119)	(245)
Depreciation, depletion and amortization of assets	3,641	3,627
Deferred income tax provision (benefit)	757	(137)
Asset impairments and other charges	105	0
Losses on sales of assets and other, net	22	24
Other noncash charges to income	100	497
Changes in operating assets and liabilities:
(Increase) decrease in trade receivables	(566)	121
(Increase) decrease in inventories	(334)	286
(Increase) decrease in joint interest receivables and other current assets	(172)	26
Decrease in accounts payable and accrued liabilities	(314)	(658)
Increase (decrease) in current domestic and foreign income taxes	3	(193)
Operating cash flow from continuing operations	6,478	4,761
Operating cash flow from discontinued operations, net of taxes	(926)	347
Net cash provided by operating activities	5,552	5,108
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(3,143)	(3,387)
Change in capital accrual	(65)	26
Purchases of assets, businesses and equity investments, net	(94)	(108)
Proceeds from sales of assets, net	71	1,450
Equity investments and other, net	(164)	(149)
Investing cash flow from continuing operations	(3,395)	(2,168)
Investing cash flow from discontinued operations	9,461	(562)
Net cash provided (used) by investing activities	6,066	(2,730)
CASH FLOW FROM FINANCING ACTIVITIES
Payments of debt	(8,695)	(2,280)
Cash dividends paid on common and preferred stock	(839)	(778)
Proceeds from issuance of common stock	295	931
Purchases of treasury stock	(117)	0
Contributions from noncontrolling interest, net	38	114
Other financing, net	(158)	(158)
Financing cash flow from continuing operations	(9,476)	(2,171)
Financing cash flow from discontinued operations	0	(4)
Net cash used by financing activities	(9,476)	(2,175)
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents	2,142	203
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period	2,046	2,157
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period	$ 4,188	$ 2,360

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 4,150	$ 1,968
Trade receivables, net of reserves	3,142	2,575
Joint interest receivables	902	684
Inventories	2,185	1,823
Other current assets	753	601
Current assets held for sale	0	1,176
Total current assets	11,132	8,827
Property, plant and equipment, gross	134,409	137,753
Accumulated depreciation, depletion and amortization	(71,809)	(74,110)
Total property, plant and equipment, net	62,600	63,643
Operating lease assets	829	908
Investments in unconsolidated entities	2,569	2,475
Non-current assets held for sale	0	5,344
Other long-term assets	3,228	2,989
Total non-current assets	6,626	11,716
TOTAL ASSETS	80,358	84,186
LIABILITIES
Current maturities of long-term debt	203	1,773
Accounts payable	3,572	3,285
Accrued liabilities	4,117	3,592
Liabilities held for sale	0	778
Total current liabilities	7,892	9,428
Long-term debt, net	13,540	20,623
Deferred income taxes, net	5,671	5,636
Asset retirement obligations	3,656	4,172
Non-current liabilities held for sale	0	418
Other deferred credits and liabilities	7,218	7,311
Total deferred credits and other liabilities	16,545	17,537
EQUITY
Preferred stock, at $1.00 per share par value, issued shares: 2026 — 84,897 and 2025 —84,897	8,287	8,287
Common stock, at $0.20 per share par value, authorized shares: 1.5 billion, issued shares: 2026 — 1,230,039,058 and 2025 — 1,214,337,600	246	243
Treasury stock: 2026 — 230,330,507 shares and 2025 — 228,311,184 shares	(15,714)	(15,597)
Additional paid-in capital	21,386	21,008
Retained earnings	27,350	21,891
Accumulated other comprehensive income	191	202
Total stockholders' equity	41,746	36,034
Noncontrolling interest	635	564
Total equity	42,381	36,598
Liabilities and Equity, Total	$ 80,358	$ 84,186