Occidental Petroleum produces oil and natural gas, primarily in the United States, Middle East and North Africa. Its midstream and marketing business supports commodity transportation, processing and sales and includes low-carbon ventures.
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A snapshot of what OCCIDENTAL PETROLEUM CORP /DE/ owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000797468-24-000034 | Feb 14, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000797468-25-000029 | Feb 18, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001628280-26-009059 | Feb 18, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Occidental has reduced debt substantially following its January 2026 OxyChem sale, but is now more concentrated in commodity-sensitive oil and gas. First-half continuing earnings improved beyond the disposal gain, supported by higher oil prices and stronger marketing results; negative domestic gas prices, derivatives and transaction-related items complicate that improvement. Cash generation strengthened, although sale taxes and continuing investment absorbed funds. The latest update, issued October 13, reported September Gulf production curtailments with only partial restoration, despite total production remaining within management’s guidance range. June cash and lower principal debt provide a stronger financial position, not freedom from substantial obligations: preferred dividends, retained environmental liabilities, tax litigation and uncertain low-carbon project economics remain important. Third-quarter earnings were not yet established by the supplied preliminary update.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-05 · EX-99.1 · 2026-10-13
Occidental earns money from production and from moving, processing and marketing commodities. Prices, production costs and access to pipelines matter alongside volumes. OxyChem’s sale to Berkshire Hathaway closed January 2, 2026. The June interim report put adjusted cash consideration at $9.472 billion, still subject to further adjustments. The sale removed chemicals diversification but did not transfer all legacy environmental and pre-closing liabilities; Occidental guaranteed specified indemnification obligations.
Western Midstream remains an important service provider and investment. Occidental transferred 15.3 million WES units in February alongside commercial amendments, recording a $105 million charge. Its combined share of WES and subsidiary income was 39.0% at June 30 after subsequent dilution. The disclosures do not quantify contractual savings or establish that the amendments improved net economics.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
For the six months ended June 30, 2026, continuing sales were $13.295 billion versus $10.962 billion a year earlier, and continuing income was $3.236 billion versus $1.168 billion. Consolidated net income of $6.355 billion also included $3.119 billion from discontinued operations, principally the OxyChem disposal. That sale-related contribution is not recurring operating growth. Comparatives were retrospectively adjusted for OxyChem, including sales previously eliminated between segments.
Second-quarter production exceeded guidance at 1.433 million barrels of oil equivalent per day. Management attributed stronger oil-and-gas earnings mainly to higher oil realizations: $96.78 per barrel, against $69.91 in the first quarter. Domestic gas realized negative $1.48 per thousand cubic feet, an offset—not a negative benchmark price. Domestic production gains partly offset international weakness associated with Middle East conflict, which also supported oil prices.
Marketing improvement partly reflected crude-purchase and sales timing, rather than an established permanent margin increase. First-half results also included a $220 million WES dilution gain, $230 million of Permian disposal losses and $190 million of debt-extinguishment losses. These are already included in reported earnings. Second-quarter common income was $2.807 billion, compared with $2.443 billion on the company’s non-GAAP adjusted continuing basis; management warns that excluded items may recur. Warrant exercises increased shares, and preferred dividends and EPS-specific allocations mean consolidated profit is not directly interchangeable with common-share earnings.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-05
First-half continuing operating cash flow rose to $6.478 billion from $4.761 billion. Consolidated operating cash flow was lower at $5.552 billion because discontinued operations used $926 million, primarily for OxyChem sale taxes. Continuing capital expenditures were $3.143 billion, versus $3.387 billion, with another $65 million cash use from capital-accrual changes reported separately. Disposal proceeds are investing inflows, not operating cash generation or additional profit.
The second-quarter cash-flow improvement included a working-capital reversal. Occidental’s $3.021 billion non-GAAP free-cash-flow headline instead subtracts net capital expenditure from continuing operating cash flow before working capital; it excludes discontinued operations and is not consolidated operating cash flow less capex. Low-carbon investment also carries obligations: BlackRock had fully funded its $550 million STRATOS commitment by June, but receives preferential distributions, and Occidental may owe additional payments if project thresholds are missed. The venture’s $1.3 billion construction-in-progress balance does not establish commercial operation or profitability.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-05
At June 30, cash was $4.150 billion and principal borrowings were $11.818 billion, down from $20.427 billion at year-end through $8.609 billion of repayments funded by after-tax sale proceeds and internally generated cash. Cash debt payments were separately $8.695 billion. Debt carrying value was $12.800 billion; adding finance leases produced $13.743 billion. These measures are not interchangeable or additive repayment claims.
Approximately $4.2 billion of undrawn revolving capacity expires June 30, 2028. Occidental reported covenant compliance as of August 5, but no quantitative headroom; capacity is neither cash nor unconditional funding. Approximately $8.5 billion of preferred face value carries an 8% dividend and redemption constraints. The August announcement raised the common quarterly dividend to $0.28, scheduled for October 15; supplied evidence does not confirm payment. The latest $10 billion principal-debt milestone remained a goal.
Sources: 10-Q · 2026-06-30 · 10-K · 2025-12-31 · EX-99.1 · 2026-08-05
The October 13 preliminary update reported September curtailments at certain Gulf of America facilities because of a third-party gas-pipeline constraint and maintenance. Production was only partly restored; the remaining return depended on resolving the constraint, with no completion date supplied. Management nevertheless said total third-quarter production was within guidance. Estimated Gulf net sales were 110,000 barrels of oil equivalent per day—not total-company production—and domestic lease operating cost was $8.54 per equivalent barrel. The release does not isolate the volume-denominator effect from other cost changes.
Preliminary third-quarter oil realizations were $85.91 per barrel, below the second quarter, while domestic gas recovered to positive $1.61 per thousand cubic feet. Crude-collar settlements reduced operating cash flow before working capital by $94 million; this is not total derivative earnings or total cash flow. The March–December collars cover 100,000 barrels daily with a $55 WTI floor and $75.89 weighted-average ceiling, limiting upside on covered volumes as well as providing downside protection. The October disclosure does not establish quarterly revenue, profit or ending debt.
June environmental reserves were $1.853 billion. Management estimated possible additional losses of up to $1.9 billion, but that is not a universal exposure ceiling. The Diamond Alkali appeal remained unresolved, with some additional remediation and natural-resource damages not reasonably estimable. Separately, an adverse Tronox tax decision could require approximately $2.4 billion already reserved; an appeal requires tax due to be paid or fully bonded within 90 days of decision entry. A distinct IRS review concerns a $2.7 billion reorganization tax benefit. These matters can demand cash without a matching new earnings charge.
Cash demands extend beyond debt: at December 31, 2025, purchase obligations were $12.617 billion and asset-retirement obligations $4.553 billion; these are dated balances, not updated June totals. Low-carbon returns depend on execution, demand, incentives and financing. The August release’s expectation of significant free-cash-flow growth by 2030 supplies neither a numerical target nor the assumptions needed to quantify it, and does not establish STRATOS commercial startup or unchanged annual capex guidance.
Governance also changed: the May 4 filing reported board approval on April 30 of Richard Jackson’s appointment as president and CEO effective June 1, with Vicki Hollub remaining a director. That filing was prospective. The later interim identifies a separation agreement effective June 1, but does not establish its detailed benefits; aggregate retirement charges cannot all be attributed to Hollub.
Sources: EX-99.1 · 2026-10-13 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-05 · 10-K · 2025-12-31 · 8-K · 2026-04-30
USD 21.593 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing · presentation: OxyChem discontinued
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 21.593 bn | — |
Consolidated continuing-operations net sales, including net marketing activity; excludes discontinued OxyChem and reflects retrospective presentation adjustments.
Sources: 10-K · 2025-12-31
USD 22.019 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing · presentation: retrospectively adjusted
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 22.019 bn | -4.9% |
| 2023 | USD 23.156 bn | — |
Consolidated continuing-operations net sales, including net marketing activity; excludes discontinued OxyChem and reflects retrospective presentation adjustments.
Sources: 10-K · 2025-12-31
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