EX-99.1 2 oxyex99103-31x25earningsre.htm EX-99.1 Document
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PRESS RELEASE


Occidental Announces 1st Quarter 2025 Results

•Closed asset sales of $1.3 billion in the first quarter and repaid debt of $2.3 billion to date in 2025
•Strong operational performance drove first quarter operating cash flow of $2.1 billion and operating cash flow before working capital of $3.0 billion
•Capital spending of $1.9 billion and contributions from noncontrolling interest of $63 million resulted in quarterly free cash flow before working capital of $1.2 billion
•Total company production at the mid-point of guidance with 1,391 Mboed
•Midstream and marketing exceeded the mid-point of guidance for pre-tax adjusted income by $127 million
•OxyChem exceeded guidance with pre-tax adjusted income of $215 million
•Earnings per diluted share of $0.77 and adjusted earnings per diluted share of $0.87
•Reducing the mid-point of 2025 capital guidance by $200 million and domestic operating costs by $150 million, driven by continued operational efficiency gains and schedule optimization in the Permian and Gulf of America

HOUSTON — May 7, 2025 — Occidental (NYSE: OXY) today announced net income attributable to common stockholders of $766 million, or $0.77 per diluted share, and adjusted income attributable to common stockholders of $860 million, or $0.87 per diluted share, for the first quarter of 2025.

"In the first quarter, our teams’ sustained focus on operational excellence unlocked additional efficiencies and supported the delivery of resilient free cash flow," said President and Chief Executive Officer Vicki Hollub. "We continue to rapidly advance towards our debt reduction goals, and we believe our deep, diverse portfolio of high-quality assets positions us for success in any market environment."

QUARTERLY RESULTS
Oil and Gas
Oil and gas pre-tax income for the first quarter of 2025 was $1.7 billion, compared to pre-tax income of $1.2 billion for the fourth quarter of 2024. Excluding items affecting comparability, the increase in first quarter oil and gas income was due to higher domestic realized commodity prices, partially offset by lower sales volumes. For the first quarter of 2025, average WTI and Brent marker prices were $71.42 per barrel and $74.89 per barrel, respectively. Average worldwide realized crude oil prices increased by 2% from the prior quarter to $71.07 per barrel. Average worldwide realized natural gas liquids prices increased by 19% from the prior quarter to $25.94 per barrel. Average domestic realized gas prices increased by 92% from the prior quarter to $2.42 per thousand cubic feet (Mcf).

Total average global production for the first quarter of 2025 was 1,391 thousand barrels of oil equivalent per day (Mboed). Average production for Permian, Rockies & Other Domestic, Gulf of America and International were 754 Mboed, 292 Mboed, 121 Mboed and 224 Mboed, respectively.



OxyChem
OxyChem earned pre-tax income was $185 million for the first quarter of 2025. Excluding items affecting comparability, OxyChem income exceeded guidance by $15 million. Compared to the fourth quarter of 2024, the decrease in first quarter OxyChem income was primarily due to lower realized caustic soda and polyvinyl chloride (PVC) prices along with higher ethylene and natural gas costs.

Midstream and Marketing
Midstream and marketing pre-tax results for the first quarter of 2025 reflected a loss of $77 million, including net derivative losses of $84 million. Excluding items affecting comparability, the first quarter midstream and marketing results exceeded mid-point guidance by $127 million. Compared to the fourth quarter of 2024, the increase in first quarter midstream and marketing results was primarily due to the timing of crude oil sales and higher sulfur prices at Al Hosn. WES equity method investment income for the first quarter was $147 million.

Supplemental Non-GAAP Measures
This press release refers to adjusted income (loss), operating cash flow before working capital, capital expenditures, net of noncontrolling interest, free cash flow before working capital and adjusted selling, general and administrative (SG&A), other operating and non-operating expenses, 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 operating cash flow from continuing operations before working capital, capital expenditures, net of noncontrolling interest, free cash flow before working capital and adjusted SG&A, other operating and non-operating expenses 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), operating cash flow from continuing operations before working capital, capital expenditures, net of noncontrolling interest, free cash flow before working capital and adjusted SG&A, other operating and non-operating expenses 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 America. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated 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.

Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. 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; 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; government actions (including the effects of announced or future tariff increases and other geopolitical, trade, tariff, fiscal and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events; 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 government 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 divestitures; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections or 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; 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; changes in government grant or loan programs; 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 scope and duration of global or regional health pandemics or epidemics, and actions taken by government authorities and other third parties in connection therewith; 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, deductions, incentives or credits; 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 U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.




Contacts
Media
Investors
Eric Moses
R. Jordan Tanner
713-497-2017
713-552-8811
eric_moses@oxy.com
investors@oxy.com



Occidental Petroleum Corporation
First Quarter 2025
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
20242025
QuarterlyQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Net Income ($ millions)
Reported income attributable to common stockholders$718 $992 $964 $(297)$2,377 $766 $766 
Reported EPS - Diluted ($/share)$0.75 $1.03 $0.98 $(0.32)$2.44 $0.77 $0.77 
Effective tax rate on reported income (loss) (%)30 %28 %28 %29 %29 %(a)29 %29 %
Adjusted income attributable to common stockholders (Non-GAAP) (b)
$604 $993 $977 $792 $3,366 $860 $860 
Adjusted EPS - Diluted (Non-GAAP) ($/share) (c)
$0.63 $1.03 $1.00 $0.80 $3.46 $0.87 $0.87 
Effective tax rate on adjusted income (loss) (%)29 %27 %28 %22 %27 %28 %28 %
Average Shares Outstanding - Reported & Adjusted Income
Basic (millions)884.1 893.8 927.5 940.8 911.8 941.3 941.3 
Diluted (millions)948.6 958.9 975.7 940.8 967.1 982.9 982.9 
Average Shares Outstanding - Adjusted Income (Non-GAAP)
Basic (millions)884.1 893.8 927.5 940.8 911.8 941.3 941.3 
Diluted (millions)948.6 958.9 975.7 983.9 967.1 982.9 982.9 
Daily Production Volumes
Total US (MBOE/D)943 1,031 1,186 1,233 1,099 1,167 1,167 
US Oil (MBBL/D)487 553 611 634 571 601 601 
Worldwide Production (MBOE/D)1,172 1,258 1,412 1,463 1,327 1,391 1,391 
Worldwide Sales (MBOE/D)1,175 1,260 1,411 1,463 1,328 1,391 1,391 
Commodity Price Realizations
Worldwide oil ($/BBL)$76.04 $79.89 $75.33 $69.73 $75.05 $71.07 $71.07 
Worldwide NGL ($/BBL)$22.14 $21.23 $20.47 $21.80 $21.38 $25.94 $25.94 
Domestic gas ($/MCF)$1.61 $0.54 $0.40 $1.26 $0.94 $2.42 $2.42 
Cash Flows ($ millions)
Operating cash flow before working capital (Non-GAAP) (d)
$2,446 $3,044 $3,150 $3,077 $11,717 $3,000 $3,000 
Working capital changes$(439)$(650)$632 $479 $22 $(852)$(852)
Operating cash flow$2,007 $2,394 $3,782 $3,556 $11,739 $2,148 $2,148 
Capital expenditures, net of noncontrolling interest (Non-GAAP) (d)
$(1,726)$(1,729)$(1,636)$(1,727)$(6,818)$(1,845)$(1,845)
20242025
Year-to-dateMarJunSepDecMarJunSepDec
Net Income ($ millions)
Reported income attributable to common stockholders$718 $1,710 $2,674 $2,377 $766 
Reported EPS - Diluted ($/share)$0.75 $1.78 $2.77 $2.44 $0.77 
Effective tax rate on reported income (loss) (%)30 %29 %29 %29 %29 %
Adjusted income attributable to common stockholders (Non-GAAP) (b)
$604 $1,597 $2,574 $3,366 $860 
Adjusted EPS - Diluted (Non-GAAP) ($/share) (c)
$0.63 $1.66 $2.66 $3.46 $0.87 
Effective tax rate on adjusted income (loss) (%)29 %28 %28 %27 %28 %
Average Shares Outstanding - Reported & Adjusted Income
Basic (millions)884.1 889.2 902.1 911.8 941.3 
Diluted (millions)948.6 954.1 961.4 967.1 982.9 
Average Shares Outstanding - Adjusted Income
Basic (millions)884.1 889.2 902.1 911.8 941.3 
Diluted (millions)948.6 954.1 961.4 967.1 982.9 
Daily Production Volumes
Total US (MBOE/D)943 987 1,054 1,099 1,167 
US Oil (MBBL/D)487 520 551 571 601 
Worldwide Production (MBOE/D)1,172 1,215 1,281 1,327 1,391 
Worldwide Sales (MBOE/D)1,175 1,218 1,282 1,328 1,391 
Commodity Price Realizations
Worldwide Oil ($/BBL)$76.04 $78.06 $77.06 $75.05 $71.07 
Worldwide NGL ($/BBL)$22.14 $21.68 $21.22 $21.38 $25.94 
Domestic Gas ($/MCF)$1.61 $1.06 $0.81 $0.94 $2.42 
Cash Flows ($ millions)
Operating cash flows before working capital (Non-GAAP) (d)
$2,446 $5,490 $8,640 $11,717 $3,000 
Working capital changes$(439)$(1,089)$(457)$22 $(852)
Operating cash flow$2,007 $4,401 $8,183 $11,739 $2,148 
Capital expenditures, net of noncontrolling interest (Non-GAAP) (d)
$(1,726)$(3,455)$(5,091)$(6,818)$(1,845)
(a) Percentage impacted by reported net loss.
(b) See schedule 3 for non-GAAP reconciliation.
(c) See schedule 4 for non-GAAP reconciliation.
(d) See schedule 7 for non-GAAP reconciliation.



SCHEDULE 2
Occidental Petroleum Corporation
Items Affecting Comparability Detail
(amounts in millions)
20242025
Before Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic
Gains (losses) on sales of assets and other, net$— $— $(572)$(13)(585)$— — 
Asset impairments— — — (334)(334)— — 
Total Domestic— — (572)(347)(919)— — — — — 
International
Legal reserves(44)(10)— — (54)— — 
Total International(44)(10)— — (54)— — — — — 
Total Oil and Gas(44)(10)(572)(347)(973)— — — — — 
Chemical
Legal reserves(6)— — (10)(16)(30)(30)
Total Chemical(6)— — (10)(16)(30)— — — (30)
Midstream & Marketing
Derivative gains (losses), net (a)
(91)5 142 (88)(32)(84)(84)
Gains on sales of assets and other, net (a)
122 35 490 — 647 — — 
TerraLithium fair value gain— 27 — — 27 — — 
Asset impairments and other charges (a)
— — (21)— (21)— — 
Total Midstream & Marketing31 67 611 (88)621 (84)— — — (84)
Corporate
Acquisition-related costs (b)
(56)(29)(56)(9)(150)(6)(6)
Gains on sales of assets and other, net— — — 48 48 — — 
Passaic environmental reserve— — — (925)(925)— — 
Environmental receivable valuation allowance adjustment— — — (84)(84)— — 
Total Corporate(56)(29)(56)(970)(1,111)(6)— — — (6)
Income tax impact on items affecting comparability7 (9)4 316 318 26 26 
Income tax impact on Algeria contract renewal— (20)— — (20)— — 
State tax rate revaluation— — — 10 10 — — 
Discontinued operations, net of taxes182 — — — 182 — — 
Total$114 $(1)$(13)$(1,089)$(989)$(94)$— $— $— $(94)
20242025
After Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic
Gains (losses) on sales of assets and other, net$— $— $(448)$(10)(458)$— — 
Asset impairments— — — (261)(261)— — 
Total Domestic— — (448)(271)(719)— — — — — 
International
Legal reserves(44)(10)— — (54)— — 
Total International(44)(10)— — (54)— — — — — 
Total Oil and Gas(44)(10)(448)(271)(773)— — — — — 
Chemical
Legal reserves(5)— — (8)(13)(23)(23)
Total Chemical(5)— — (8)(13)(23)— — — (23)
Midstream & Marketing
Derivative gains (losses), net (a)
(71)3 112 (69)(25)(66)(66)
Gains on sale of assets and other, net (a)
95 28 384 — 507 — — 
TerraLithium fair value gain— 21 — — 21 — — 
Asset impairments and other charges (a)
— — (16)— (16)— — 
Total Midstream & Marketing24 52 480 (69)487 (66)— — — (66)
Corporate
Acquisition-related costs (b)
(43)(23)(45)(7)(118)(5)(5)
Gains on sales of assets and other, net— — — 47 47 — — 
Passaic environmental reserve— — — (725)(725)— — 
Environmental receivable valuation allowance adjustment— — — (66)(66)— — 
Total Corporate(43)(23)(45)(751)(862)(5)— — — (5)
Discontinued operations, net of taxes182 — — — 182 — — 
Income tax impact on Algeria contract renewal— (20)— — (20)— — 
State tax rate revaluation— — — 10 10 — — 
Total$114 $(1)$(13)$(1,089)(989)$(94)$— $— $— (94)
(a) Included gains on sales, charges and derivative gains (losses) from income from equity investments and other.
(b) Included debt issuance costs from interest and debt expense, net.



SCHEDULE 3
Occidental Petroleum Corporation
Segment Results Before Tax Allocations
(amounts in millions, except per share and effective tax rate amounts)
20242025
Reported IncomeQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$863 $1,231 $763 $858 $3,715 $1,350 $1,350 
International441 491 459 383 1,774 402 402 
Exploration(66)(83)(57)(69)(275)(55)(55)
Total Oil & Gas1,238 1,639 1,165 1,172 5,214 1,697 — — — 1,697 
Chemical254 296 304 270 1,124 185 185 
Midstream & Marketing(33)116 631 (134)580 (77)(77)
Segment income1,459 2,051 2,100 1,308 6,918 1,805 — — — 1,805 
Corporate
Interest (284)(252)(312)(327)(1,175)(318)(318)
Other(165)(164)(194)(1,150)(1,673)(155)(155)
Income from continuing operations before taxes1,010 1,635 1,594 (169)4,070 1,332 — — — 1,332 
Taxes
Federal and state(172)(274)(254)111 (589)(237)(237)
International(132)(191)(200)(62)(585)(150)(150)
Income (loss) from continuing operations706 1,170 1,140 (120)2,896 945 — — — 945 
Discontinued operations, net of taxes182 — — — 182 — — 
Net income (loss)888 1,170 1,140 (120)3,078 945 — — — 945 
Less: Net income attributable to noncontrolling interest— (8)(7)(7)(22)(9)(9)
Less: Preferred stock dividends (170)(170)(169)(170)(679)(170)(170)
Net income attributable to common stockholders$718 $992 $964 $(297)$2,377 $766 $— $— $— $766 
Reported diluted income per share$0.75 $1.03 $0.98 $(0.32)$2.44 $0.77 $0.77 
Effective Tax Rate30 %28 %28 %29 %29 %29 %29 %
Items Affecting ComparabilityQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$— $— $(572)$(347)$(919)$— $— 
International(44)(10)— — (54)— — 
Exploration— — — — — — — 
Total Oil & Gas(44)(10)(572)(347)(973)— — — — — 
Chemical(6)— — (10)(16)(30)(30)
Midstream & Marketing31 67 611 (88)621 (84)(84)
Segment income (loss)(19)57 39 (445)(368)(114)— — — (114)
Corporate
Interest (44)(16)(6)3 (63)— — 
Other(12)(13)(50)(973)(1,048)(6)(6)
Income (loss) from continuing operations before taxes(75)28 (17)(1,415)(1,479)(120)— — — (120)
Taxes
Federal and state7 (9)4 326 328 26 26 
International— (20)— — (20)— — 
Income (loss) from continuing operations(68)(1)(13)(1,089)(1,171)(94)— — — (94)
Discontinued operations, net of taxes182 — — — 182 — — 
Net income (loss)114 (1)(13)(1,089)(989)(94)— — — (94)
Less: Net income attributable to noncontrolling interest— — — — — — 
Less: Preferred stock dividends— — — — — — 
Net income (loss) attributable to common stockholders$114 $(1)$(13)$(1,089)$(989)$(94)$— $— $— $(94)
Adjusted Income (Non-GAAP) (a)
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$863 $1,231 $1,335 $1,205 $4,634 $1,350 $1,350 
International485 501 459 383 1,828 402 402 
Exploration(66)(83)(57)(69)(275)(55)(55)
Total Oil & Gas1,282 1,649 1,737 1,519 6,187 1,697 — — — 1,697 
Chemical260 296 304 280 1,140 215 215 
Midstream & Marketing(64)49 20 (46)(41)7 7 
Adjusted segment income1,478 1,994 2,061 1,753 7,286 1,919 — — — 1,919 
Corporate
Interest (240)(236)(306)(330)(1,112)(318)(318)
Other(153)(151)(144)(177)(625)(149)(149)
Adjusted income from continuing operations before taxes1,085 1,607 1,611 1,246 5,549 1,452 — — — 1,452 
Taxes
Federal and state(179)(265)(258)(215)(917)(263)(263)
International(132)(171)(200)(62)(565)(150)(150)
Adjusted income774 1,171 1,153 969 4,067 1,039 — — — 1,039 
Less: Net income attributable to noncontrolling interest— (8)(7)(7)(22)(9)(9)
Less: Preferred stock dividends (170)(170)(169)(170)(679)(170)(170)
Adjusted income attributable to common stockholders$604 $993 $977 $792 $3,366 $860 $— $— $— $860 
Adjusted diluted earnings per share (Non-GAAP)$0.63 $1.03 $1.00 $0.80 $3.46 $0.87 $0.87 
Effective Tax Rate29 %27 %28 %22 %27 %28 %27 %
ADJUSTED INCOME TAX BENEFIT (EXPENSE)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
CURRENT$(356)$(555)$(257)$(270)(1,438)$(337)(337)
DEFERRED45 119 (201)(7)(44)(76)(76)
TOTAL ADJUSTED INCOME TAX BENEFIT (EXPENSE)$(311)$(436)$(458)$(277)$(1,482)$(413)$— $— $— $(413)
(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)
20242025
Reported Income (Loss)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$673 $960 $595 $669 $2,897 $1,053 $1,053 
International296 313 302 267 1,178 283 283 
Exploration(58)(75)(53)(63)(249)(51)(51)
Total Oil & Gas911 1,198 844 873 3,826 1,285 — — — 1,285 
Chemical196 227 234 206 863 141 141 
Midstream & Marketing(30)102 500 (108)464 (68)(68)
Segment income1,077 1,527 1,578 971 5,153 1,358 — — — 1,358 
Corporate
Interest (284)(252)(312)(327)(1,175)(318)(318)
Other(165)(164)(194)(1,150)(1,673)(155)(155)
Taxes78 59 68 386 591 60 60 
Income from continuing operations706 1,170 1,140 (120)2,896 945 — — — 945 
Discontinued operations, net of taxes182 — — — 182 — — — 
Net income 888 1,170 1,140 (120)3,078 945 — — — 945 
Less: Net income attributable to noncontrolling interest— (8)(7)(7)(22)(9)(9)
Less: Preferred stock dividends and redemption premiums(170)(170)(169)(170)(679)(170)(170)
Net income attributable to common stockholders$718 $992 $964 $(297)$2,377 $766 $— $— $— $766 
Reported diluted income per share$0.75 $1.03 $0.98 $(0.32)$2.44 $0.77 $0.77 
Items Affecting Comparability
Oil & Gas
Domestic$— $— $(448)$(271)$(719)$— $— 
International(44)(10)— — (54)— — 
Exploration— — — — — — — 
Total Oil & Gas(44)(10)(448)(271)(773)— — — — — 
Chemical(5)— — (8)(13)(23)(23)
Midstream & Marketing24 52 480 (69)487 (66)(66)
Segment income (loss)(25)42 32 (348)(299)(89)— — — (89)
Corporate
Interest (34)(12)(6)3 (49)— — 
Other(9)(11)(39)(754)(813)(5)(5)
Taxes— (20)— 10 (10)— — 
Income (loss) from continuing operations(68)(1)(13)(1,089)(1,171)(94)— — — (94)
Discontinued operations, net of taxes182 — — — 182 — — 
Net income (loss)114 (1)(13)(1,089)(989)(94)— — — (94)
Less: Net income attributable to noncontrolling interest— — — — — — — 
Less: Preferred stock dividends— — — — — — — 
Net income (loss) attributable to common stockholders$114 $(1)$(13)$(1,089)$(989)$(94)$— $— $— $(94)
Adjusted Income (Loss) (Non-GAAP) (a)
Oil & Gas
Domestic$673 $960 $1,043 $940 $3,616 $1,053 $1,053 
International340 323 302 267 1,232 283 283 
Exploration(58)(75)(53)(63)(249)(51)(51)
Total Oil & Gas955 1,208 1,292 1,144 4,599 1,285 — — — 1,285 
Chemical201 227 234 214 876 164 164 
Midstream & Marketing(54)50 20 (39)(23)(2)(2)
Adjusted segment income1,102 1,485 1,546 1,319 5,452 1,447 — — — 1,447 
Corporate
Interest (250)(240)(306)(330)(1,126)(318)(318)
Other(156)(153)(155)(396)(860)(150)(150)
Taxes78 79 68 376 601 60 60 
Adjusted income from continuing operations774 1,171 1,153 969 4,067 1,039 — — — 1,039 
Less: Net income attributable to noncontrolling interest— (8)(7)(7)(22)(9)(9)
Less: Preferred stock dividends(170)(170)(169)(170)(679)(170)(170)
Adjusted income attributable to common stockholders$604 $993 $977 $792 $3,366 $860 $— $— $— $860 
Adjusted diluted earnings per share (Non-GAAP)$0.63 $1.03 $1.00 $0.80 $3.46 $0.87 $0.87 
Reconciliation - Diluted Earnings Per Share
Reported Diluted Earnings Per Share (GAAP)$0.75 $1.03 $0.98 $(0.32)$2.44 $0.77 $— $— $0.77 
After-Tax Adjustments for Items Affecting Comparability
Oil & Gas
Domestic$— $— $(0.46)$(0.29)$(0.74)$— $— 
International(0.05)(0.01)— — (0.06)— — 
Chemical(0.01)— — (0.07)(0.01)(0.02)(0.02)
Midstream & Marketing0.03 0.05 0.49 — 0.50 (0.07)(0.07)
Corporate
Interest (0.04)(0.01)(0.01)— (0.05)— — 
Other(0.01)(0.01)(0.04)(0.80)(0.84)(0.01)(0.01)
Taxes— (0.02)— 0.01 (0.01)— — 
Adjustment to diluted average shares for adjusted income— — — 0.04 — 
Discontinued operations, net of taxes0.20 — — — 0.19 — — 
Preferred stock dividends— — — — — — — 
Total After-Tax Adjustments for Items Affecting Comparability$0.12 $— $(0.02)$(1.12)$(1.02)$(0.10)$— $— $— $(0.10)
Adjusted Diluted Earnings Per Share (Non-GAAP)$0.63 $1.03 $1.00 $0.80 $3.46 $0.87 $— $— $— $0.87 
Average Diluted Shares Outstanding - Reported (millions)948.6958.9975.7940.8967.1982.9982.9
Average Diluted Shares Outstanding - Adjusted (millions) (Non-GAAP)948.6958.9975.7983.9967.1982.9982.9
(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. The reported EPS (GAAP) calculations do not include dilutive effect of potential issuance of common stocks as their effect is anti-dilutive since Occidental generated net losses from continuing operations.



SCHEDULE 5
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations
(amounts in millions, except per-share amounts)
20242025
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
REVENUES AND OTHER INCOME
Net sales
Oil & Gas$4,915 $5,469 $5,697 $5,624 $21,705 $5,683 $5,683 
Chemical 1,186 1,274 1,246 1,217 4,923 1,188 1,188 
Midstream & Marketing99 282 440 141 962 203 203 
Eliminations(225)(208)(210)(222)(865)(271)(271)
Total5,975 6,817 7,173 6,760 26,725 6,803 — — — 6,803 
Interest, dividends and other income36 34 60 41 171 59 59 
Gains (losses) on sale of assets and other, net(1)28 (79)36 (16)(19)(19)
Total6,010 6,879 7,154 6,837 26,880 6,843 — — — 6,843 
COSTS AND OTHER DEDUCTIONS
Oil and gas lease operating expense1,161 1,179 1,207 1,191 4,738 1,217 1,217 
Transportation and gathering expense353 405 407 443 1,608 413 413 
Chemical and midstream costs of sales828 910 889 831 3,458 801 801 
Selling, general and administrative expense259 259 268 276 1,062 267 267 
Other operating and non-operating expense410 344 334 493 1,581 392 392 
Taxes other than on income235 265 256 283 1,039 264 264 
Depreciation, depletion and amortization1,693 1,775 1,926 1,977 7,371 1,917 1,917 
Asset impairments and other charges— — 21 1,260 1,281 — — 
Acquisition-related costs12 14 49 9 84 6 6 
Exploration expense66 83 57 69 275 55 55 
Interest and debt expense, net284 252 312 327 1,175 318 318 
Total5,301 5,486 5,726 7,159 23,672 5,650 — — — 5,650 
INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS709 1,393 1,428 (322)3,208 1,193 — — — 1,193 
OTHER ITEMS
Income from equity investments and other301 242 166 153 862 139 139 
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES1,010 1,635 1,594 (169)4,070 1,332 — — — 1,332 
Income tax expense (304)(465)(454)49 (1,174)(387)(387)
INCOME (LOSS) FROM CONTINUING OPERATIONS706 1,170 1,140 (120)2,896 945 — — — 945 
Discontinued operations, net of taxes182 — — — 182 — — 
NET INCOME (LOSS)888 1,170 1,140 (120)3,078 945 — — — 945 
Less: Net income attributable to noncontrolling interest— (8)(7)(7)(22)(9)(9)
Less: Preferred stock dividends(170)(170)(169)(170)(679)(170)(170)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$718 $992 $964 $(297)$2,377 $766 $— $— $— $766 
EARNINGS PER SHARE
BASIC EARNINGS PER COMMON SHARE
Income (loss) from continuing operations$0.60 $1.10 $1.03 $(0.32)$2.39 $0.81 $0.81 
Discontinued operations, net0.21 — — — 0.20 — — 
BASIC EARNINGS PER COMMON SHARE$0.81 $1.10 $1.03 $(0.32)$2.59 $0.81 $— $— $— $0.81 
DILUTED EARNINGS PER COMMON SHARE
Income (loss) from continuing operations$0.56 $1.03 $0.98 $(0.32)$2.26 $0.77 $0.77 
Discontinued operations, net0.19 — — — 0.18 — — 
DILUTED EARNINGS PER COMMON SHARE $0.75 $1.03 $0.98 $(0.32)$2.44 $0.77 $— $— $— $0.77 
DIVIDENDS PER COMMON SHARE$0.22 $0.22 $0.22 $0.22 $0.88 $0.24 $0.24 
AVERAGE COMMON SHARES OUTSTANDING
BASIC884.1893.8927.5 940.8 911.8941.3941.3
DILUTED948.6958.9 975.7 940.8 967.1982.9982.9
INCOME TAX BENEFIT (EXPENSE)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
CURRENT
Federal$(243)$(303)$(286)$(124)$(956)$(366)$(366)
State and local(12)(12)(19)(7)(50)(19)(19)
International(140)(194)(196)(99)(629)(131)(131)
Total(395)(509)(501)(230)(1,635)(516)— — — (516)
DEFERRED
Federal81 42 54 212 $389 143 $143 
State and local2 (1)(3)30 28 5 5 
International8 3 (4)37 44 (19)(19)
Total91 44 47 279 461 129 — — — 129 
TOTAL INCOME TAX EXPENSE$(304)$(465)$(454)$49 $(1,174)$(387)$— $— $— $(387)
ADJUSTED SG&A, OTHER OPERATING AND NON-OPERATING EXPENSES (NON-GAAP)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Selling, general and administrative expense$259 $259 $268 $276 $1,062 $267 $— $— $— $267 
Other operating and non-operating expense410 344 334 493 1,581 392 — — — 392 
Total SG&A, Other Operating and Non-Operating Expenses (GAAP)669 603 602 769 2,643 659 659 
Less: Items Affecting Comparability(50)(10)— (94)(154)(30)— — — (30)
Adjusted SG&A, Other Operating and Non-Operating Expenses (NON-GAAP) (a)
$619 $593 $602 $675 $2,489 $629 $— $— $— $629 
(a) Non-GAAP Measures. Adjusted SG&A, other operating and non-operating expenses is a non-GAAP measure. Occidental defines adjusted SG&A, other operating and non-operating expenses as the sum of selling, general and administrative expense and other operating and non-operating expense less items affecting comparability.



SCHEDULE 6
Occidental Petroleum Corporation
Consolidated Condensed Balance Sheets
(amounts in millions)
20242025
MARJUNSEPDECMARJUNSEPDEC
CURRENT ASSETS
Cash and cash equivalents $1,272 $1,845 $1,759 $2,132 $2,612 
Trade receivables, net3,271 3,896 3,924 3,526 3,609 
Joint interest receivables783 671 789 720 657 
Inventories2,131 2,813 2,275 2,095 2,139 
Other current assets888 867 807 597 699 
Total current assets8,345 10,092 9,554 9,070 9,716 — — — 
INVESTMENTS IN UNCONSOLIDATED ENTITIES 3,400 3,460 3,195 3,159 3,121 
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment128,542 130,222 138,889 140,954 142,344 
Accumulated depreciation, depletion and amortization(69,779)(71,352)(69,547)(71,576)(74,117)
Net property, plant and equipment58,763 58,870 69,342 69,378 68,227 — — — 
OPERATING LEASE ASSETS1,038 1,022 961 937 925 
OTHER LONG-TERM ASSETS2,731 2,772 2,751 2,901 2,978 
TOTAL ASSETS$74,277 $76,216 $85,803 $85,445 $84,967 $— $— $— 
 
CURRENT LIABILITIES
Current maturities of long-term debt$1,203 $1,347 $1,179 $1,138 $1,557 
Current operating lease liabilities424 410 376 374 393 
Accounts payable3,827 4,282 3,935 3,753 3,779 
Accrued liabilities 3,358 3,660 4,051 4,256 3,894 
Total current liabilities8,812 9,699 9,541 9,521 9,623 — — — 
LONG-TERM DEBT, NET18,545 18,390 25,456 24,978 24,037 
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net5,728 5,680 5,630 5,394 5,263 
Asset retirement obligations3,867 3,848 3,888 4,042 3,854 
Other liabilities6,358 6,340 6,354 7,030 7,085 
Total deferred credits and other liabilities15,953 15,868 15,872 16,466 16,202 — — — 
EQUITY
Preferred stock, $1.00 per share par value 8,287 8,287 8,287 8,287 8,287 
Common stock, $0.20 per share par value223 227 233 233 234 
Treasury stock(15,582)(15,591)(15,591)(15,597)(15,597)
Additional paid-in capital17,456 17,928 19,802 19,868 19,892 
Retained earnings20,147 20,938 21,694 21,189 21,726 
Accumulated other comprehensive income (loss)280 264 249 179 170 
Total stockholder's equity30,811 32,053 34,674 34,159 34,712 — — — 
Noncontrolling interest156 206 260 321 393 
Total equity$30,967 $32,259 $34,934 $34,480 $35,105 $— $— $— 
TOTAL LIABILITIES AND EQUITY$74,277 $76,216 $85,803 $85,445 $84,967 $— $— $— 




SCHEDULE 7
Occidental Petroleum Corporation
Consolidated Condensed Statements of Cash Flows and Detail of CAPEX and DD&A
(amounts in millions)
20242025
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
OPERATING CASH FLOW
Net income $888 $1,170 $1,140 $(120)$3,078 $945 $945 
Depreciation, depletion and amortization (see detail below)1,693 1,775 1,926 1,977 7,371 1,917 1,917 
Deferred income tax provision (benefit)(91)(44)(47)(279)(461)(129)(129)
Asset impairments and other non-cash charges, net(44)143 131 1,499 1,729 267 267 
Operating cash flow before working capital (Non-GAAP) (see below) (a)
2,446 3,044 3,150 3,077 11,717 3,000 — — — 3,000 
Working capital changes(439)(650)632 479 22 (852)(852)
Operating cash flow (GAAP)2,007 2,394 3,782 3,556 11,739 2,148 — — — 2,148 
INVESTING CASH FLOW
Capital expenditures (see detail below)(1,783)(1,771)(1,683)(1,781)(7,018)(1,908)(1,908)
Changes in capital accrual51 (75)(15)135 96 5 5 
Purchases of assets, businesses and equity investments, net(142)(45)(8,850)(92)(9,129)(52)(52)
Proceeds from sales of assets and equity investments, net98 50 1,514 11 1,673 1,306 1,306 
Other investing activities (34)(30)(85)(63)(212)(82)(82)
Investing cash flow (1,810)(1,871)(9,119)(1,790)(14,590)(731)— — — (731)
FINANCING CASH FLOW
Proceeds from long-term debt, net— — 9,612 — 9,612 — — 
Payments of long-term debt, net— — (4,007)(507)(4,514)(518)(518)
Purchases of treasury stock— (9)— (18)(27)— — 
Cash dividends paid(332)(366)(371)(377)(1,446)(380)(380)
Proceeds from issuance of common stock88 416 67 13 584 25 25 
Contributions from noncontrolling interests57 42 47 54 200 63 63 
Deferred payments for purchases of assets and businesses— — — (318)(318)— — 
Other financing activities(141)(44)(13)(49)(247)(122)(122)
Financing cash flow (328)39 5,335 (1,202)3,844 (932)— — — (932)
Cash Flow From Discontinued Operations— — (100)(200)(300)— — 
Increase (decrease) in cash and cash equivalents and
     restricted cash and restricted cash equivalents		(131)562 (102)364 693 485 — — — 485 
Cash and cash equivalents and restricted cash and
     restricted cash equivalents - beginning of period		1,464 1,333 1,895 1,793 1,464 2,157 2,157 
Cash and cash equivalents and restricted cash and
     cash equivalents - end of period		$1,333 $1,895 $1,793 $2,157 $2,157 $2,642 $— $— $— $2,642 
Capital ExpendituresQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas$(1,472)$(1,349)$(1,268)$(1,231)$(5,320)$(1,546)$(1,546)
Chemical(80)(166)(164)(275)(685)(212)(212)
Midstream & Marketing(205)(221)(216)(238)(880)(134)(134)
Corporate (26)(35)(35)(37)(133)(16)(16)
Total Capital Expenditures (GAAP)$(1,783)$(1,771)$(1,683)$(1,781)$(7,018)$(1,908)$— $— $— $(1,908)
Contributions from noncontrolling interest57 42 47 54 200 63 63 
Capital Expenditures, Net of Noncontrolling Interest (Non-GAAP)$(1,726)$(1,729)$(1,636)$(1,727)$(6,818)$(1,845)$— $— $— $(1,845)
Depreciation, Depletion and Amortization Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
United States$1,365 $1,447 $1,597 $1,640 6,049 $1,582 1,582 
International132 126 125 133 516 120 120 
Chemical87 91 92 93 363 94 94 
Midstream & Marketing84 82 83 80 329 87 87 
Corporate 25 29 29 31 114 34 34 
Total Depreciation, Depletion and Amortization$1,693 $1,775 $1,926 $1,977 $7,371 $1,917 $— $— $— $1,917 
Free Cash Flow Before Working Capital (Non-GAAP) (a)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Operating cash flow (GAAP)$2,007 $2,394 $3,782 $3,556 $11,739 $2,148 $2,148 
Plus: Working capital and other, net439 650 (632)(479)(22)852 852 
Operating cash flow before working capital (Non-GAAP)2,446 3,044 3,150 3,077 11,717 3,000 — — — 3,000 
Less: Capital expenditures, net of noncontrolling interest (Non-GAAP)(1,726)(1,729)(1,636)(1,727)(6,818)(1,845)(1,845)
Free Cash Flow Before Working Capital (Non-GAAP)$720 $1,315 $1,514 $1,350 $4,899 $1,155 $— $— $— $1,155 
(a) Non-GAAP Measures. Operating cash flow before working capital, capital expenditures, net of noncontrolling interest and free cash flow before working capital are non-GAAP measures. Occidental defines operating cash flow before working capital as operating cash flow less working capital. Capital expenditures, net of noncontrolling interest is defined as capital expenditures less contributions from noncontrolling interest. Free cash flow before working capital is defined as operating cash flow before working capital less capital expenditures, net of noncontrolling interest. These non-GAAP measures are not meant to disassociate those items from management's performance, but rather are meant to provide useful information to investors interested in comparing Occidental's performance between periods. Reported operating cash flow and capital expenditures are considered representative of management's performance over the long term, and operating cash flow before working capital, capital expenditures, net of noncontrolling interest and free cash flow before working capital are not considered to be alternatives to reported operating cash flow and capital expenditures in accordance with GAAP.




SCHEDULE 8
Occidental Petroleum Corporation
Oil & Gas Net Production Volumes Per Day by Geographical Locations
TOTAL REPORTED PRODUCTION
20242025
REPORTED NET MBOE VOLUMES PER DAY:Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
United States
Permian567 587 729 771 664 754 754 
Rockies & Other Domestic286 306 321 325 310 292 292 
Gulf of America90 138 136 137 125 121 121 
Total943 1,031 1,186 1,233 1,099 1,167 — — 1,167 
International
Algeria & Other International31 33 31 33 32 33 33 
Al Hosn92 91 91 91 91 90 90 
Dolphin36 39 39 41 39 36 36 
Oman70 64 65 65 66 65 65 
Total229 227 226 230 228 224 — — 224 
TOTAL REPORTED PRODUCTION1,172 1,258 1,412 1,463 1,327 1,391 — — 1,391 
REPORTED NET PRODUCTION
VOLUMES PER DAY BY COMMODITY:
United States
Oil (MBBL)
Permian323 339 402 416 370 404 404 
Rockies & Other Domestic89 98 94 102 96 95 95 
Gulf of America75 116 115 116 105 102 102 
Total487 553 611 634 571 601 — — 601 
NGL (MBBL)
Permian136 136 186 194 163 188 188 
Rockies & Other Domestic100 103 112 106 106 77 77 
Gulf of America6 10 9 10 9 8 8 
Total242 249 307 310 278 273 — — 273 
Natural Gas (MMCF)
Permian645 671 848 964 783 974 974 
Rockies & Other Domestic584 630 691 700 649 718 718 
Gulf of America55 70 69 68 66 64 64 
Total1,284 1,371 1,608 1,732 1,498 1,756 — — 1,756 
International
Oil (MBBL)
Algeria and Other International25 27 26 26 26 27 27 
Al Hosn16 15 15 15 15 15 15 
Dolphin6 6 6 6 6 6 6 
Oman59 54 55 55 56 55 55 
Total106 102 102 102 103 103 — — 103 
NGL (MBBL)
Algeria and Other International4 3 2 3 3 3 3 
Al Hosn27 27 27 28 27 28 28 
Dolphin7 8 8 8 8 8 8 
Total38 38 37 39 38 39 — — 39 
Natural Gas (MMCF)
Algeria and Other International14 19 20 20 18 17 17 
Al Hosn295 291 292 290 293 284 284 
Dolphin140 152 152 159 150 134 134 
Oman63 59 57 63 63 58 58 
Total512 521 521 532 524 493 — — 493 




SCHEDULE 9
Occidental Petroleum Corporation
Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographical Locations
20242025
NET SALES MBOE VOLUMES PER DAY:Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
United States 943 1,031 1,186 1,233 1,099 1,167 1,167 
International
Algeria and Other International33 33 29 33 33 34 34 
Al Hosn93 91 91 91 91 90 90 
Dolphin36 39 40 40 39 36 36 
Oman70 66 65 66 66 64 64 
Total232 229 225 230 229 224 — — 224 
TOTAL REPORTED SALES1,175 1,260 1,411 1,463 1,328 1,391 — — 1,391 
REALIZED PRICES
United States
Oil ($/BBL)$75.54 $79.79 $74.81 $69.27 $74.62 $70.80 $70.80 
NGL ($/BBL)$21.17 $20.19 $19.50 $21.14 $20.48 $25.67 $25.67 
Natural Gas ($/MCF)$1.61 $0.54 $0.40 $1.26 $0.94 $2.42 $2.42 
International
Oil ($/BBL)$78.29 $80.40 $78.54 $72.55 $77.46 $72.59 $72.59 
NGL ($/BBL)$28.33 $28.11 $28.48 $27.11 $28.00 $27.85 $27.85 
Natural Gas ($/MCF)$1.87 $1.91 $1.90 $1.88 $1.89 $1.90 $1.90 
Total Worldwide
Oil ($/BBL)$76.04 $79.89 $75.33 $69.73 $75.05 $71.07 $71.07 
NGL ($/BBL)$22.14 $21.23 $20.47 $21.80 $21.38 $25.94 $25.94 
Natural Gas ($/MCF)$1.68 $0.92 $0.76 $1.41 $1.18 $2.30 $2.30 
Index Prices
WTI Oil ($/BBL)$76.96 $80.56 $75.09 $70.27 $75.72 $71.42 $71.42 
Brent Oil ($/BBL)$81.83 $84.95 $78.41 $73.97 $79.79 $74.89 $74.89 
NYMEX Natural Gas ($/MCF)$2.35 $1.99 $2.37 $2.66 $2.34 $3.62 $3.62 
Percentage of Index Prices
Worldwide Oil as a percentage of WTI99 %99 %100 %99 %99 %100 %100 %
Worldwide Oil as a percentage of Brent93 %94 %96 %94 %94 %95 %95 %
Worldwide NGL as a percentage of WTI29 %26 %27 %31 %28 %36 %36 %
Worldwide NGL as a percentage of Brent27 %25 %26 %29 %27 %35 %35 %
Domestic Natural Gas as a percentage of NYMEX68 %27 %17 %47 %40 %67 %67 %




SCHEDULE 10
Occidental Petroleum Corporation
Oil & Gas Metrics
20242025
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Lease operating expenses ($/BOE)
United States$10.31 $9.85 $8.68 $8.15 $9.15 $9.05 $9.05 
International$13.10 $12.23 $12.55 $12.66 $12.64 $13.20 $13.20 
Total Oil and Gas$10.86 $10.28 $9.30 $8.85 $9.75 $9.72 $9.72 
Transportation costs ($/BOE)
United States$3.89 $4.12 $3.54 $3.66 $3.78 $3.73 $3.73 
Total Oil and Gas$3.25 $3.49 $3.09 $3.23 $3.26 $3.25 $3.25 
Taxes other than on income ($/BOE)
United States$2.64 $2.74 $2.26 $2.40 $2.50 $2.42 $2.42 
Total Oil and Gas$2.17 $2.30 $1.95 $2.06 $2.11 $2.07 $2.07 
DD&A expense ($/BOE)
United States$15.91 $15.42 $14.63 $14.46 $15.04 $15.06 $15.06 
International$6.23 $6.04 $6.05 $6.30 $6.16 $5.93 $5.93 
Total Oil and Gas$14.00 $13.72 $13.27 $13.18 $13.51 $13.59 $13.59 
G&A and other operating expenses ($/BOE)$3.34 $2.86 $2.43 $2.64 $2.79 $2.61 $2.68 
Exploration Expense ($ millions)
United States$36 $36 $19 $28 $119 $18 $18 
International30 47 38 41 156 37 37 
Total Exploration Expense$66 $83 $57 $69 $275 $55 $— $— $— $55 
Capital Expenditures ($ millions)
Permian$(725)$(621)$(660)$(722)$(2,728)$(900)$(940)
Rockies & Other Domestic(210)(205)(217)(156)(788)(236)(236)
Gulf of America(249)(175)(148)(151)(723)(220)(220)
International(142)(124)(125)(134)(525)(111)(111)
Exploration Drilling(146)(224)(118)(68)(556)(79)(79)
Total Oil and Gas$(1,472)$(1,349)$(1,268)$(1,231)$(5,320)$(1,546)$— $— $— $(1,586)