In terms of segment performance, oil and gas pre-tax income was $934 million, impacted by lower commodity prices but partially offset by increased crude oil volumes and reduced operating expenses. The average realized prices for crude oil decreased by 10%, while natural gas prices saw a significant drop of 45%. The chemical segment, OxyChem, reported pre-tax income of $213 million, remaining stable compared to the previous quarter. Additionally, Occidental is reducing its capital guidance by $100 million and international operating costs by $50 million, reflecting ongoing operational efficiencies.
linkAug 06, 2025 16:17:25
Occidental Petroleum Corporation has filed a prospectus supplement related to its existing shelf registration statement for shares of its common stock. This pertains to the 31,990,880 outstanding publicly traded warrants issued on August 3, 2020, which allow holders to purchase common stock at a set price.
The prospectus supplement was filed on July 28, 2025, and includes a validity opinion regarding the common stock that can be issued upon exercising these warrants. This filing may impact the company's stock price as it clarifies the terms under which investors can convert their warrants into shares.
linkJul 28, 2025 17:20:06
Occidental Petroleum Corporation has completed the acquisition of CrownRock, L.P. for approximately $12.4 billion. This total includes about $9.4 billion in cash, the issuance of approximately 29.6 million shares of common stock, and the assumption of $1.2 billion in CrownRock's existing debt. Concurrent with the acquisition, Occidental issued around $9.7 billion in new debt. Updated pro forma financial statements have been prepared to reflect this acquisition and provide insight into the combined financial position for the year ending December 31, 2024.
The unaudited pro forma condensed combined financial statements include adjustments for interest and debt expenses related to the new indebtedness, as well as changes in depreciation and income tax effects. The pro forma statements are intended for illustrative purposes and do not represent actual results that would have occurred had the acquisition been completed on January 1, 2024. Investors should consider these financial adjustments and the implications of the acquisition when evaluating Occidental's future performance.
linkJul 28, 2025 16:14:15
Occidental Petroleum has reported that its Gulf of America assets faced production curtailments due to third-party constraints, extended maintenance, and schedule delays. As a result, the company estimates sales volumes for the second quarter of 2025 to be approximately 125 thousand barrels of oil equivalent per day (Mboed). Despite these challenges, total company production is expected to remain within the previously provided guidance range for the quarter.
Additionally, Occidental anticipates an adjusted effective tax rate of 35-37% for the second quarter, influenced by a shift in the jurisdictional mix of income and lower expected full-year oil prices. The average diluted shares outstanding for this period are reported to be 1,010.4 million shares. The company emphasizes that these estimates may not capture all adjustments and are subject to finalization in the financial reporting process.
linkJul 14, 2025 07:00:38
Occidental Petroleum Corporation announced its first-quarter results for 2025, reporting a net income of $766 million, or $0.77 per diluted share. Adjusted earnings were $860 million, or $0.87 per diluted share. The company achieved an operating cash flow of $2.1 billion, with free cash flow before working capital at $1.2 billion. Occidental also completed asset sales totaling $1.3 billion and repaid $2.3 billion in debt during the year. Production levels were in line with guidance, averaging 1,391 thousand barrels of oil equivalent per day.
In its operational segments, Occidental's oil and gas pre-tax income rose to $1.7 billion, benefiting from higher domestic realized commodity prices despite lower sales volumes. The chemical segment, OxyChem, reported pre-tax income exceeding guidance by $15 million. The company announced a reduction in its 2025 capital guidance by $200 million and domestic operating costs by $150 million, reflecting ongoing operational efficiencies. Overall, the results indicate a solid performance across various segments, which may be of interest to investors.
linkMay 07, 2025 16:15:03
Occidental Petroleum Corporation reported that its average diluted shares outstanding for the first quarter of 2025 were 982.9 million shares. The company provided details on average realized prices for oil, natural gas liquids (NGL), and natural gas, noting that the average realized price for oil in the United States was $70.80 per barrel, while international prices were slightly higher at $72.59 per barrel. The worldwide average for oil was $71.07 per barrel, with NGL and natural gas prices also reported across domestic and international markets.
On the negative side, the press release highlighted that the information provided is preliminary and may not fully reflect changes in industry conditions or all adjustments needed for accurate financial reporting. There is a caution regarding various risks that could affect actual outcomes, including economic conditions, production challenges, and regulatory environments, which could lead to significant variances from anticipated results.
linkApr 09, 2025 16:15:37
Occidental Petroleum made significant progress in reducing its debt, achieving a near-term repayment target of $4.5 billion and announcing an additional $1.2 billion in divestitures for early 2025. The company also increased its quarterly dividend by 9% to $0.24 per share, supported by strong operational performance that resulted in an operating cash flow of $3.6 billion. Production levels exceeded guidance, with total company production reaching 1,463 thousand barrels of oil equivalent per day. The year-end proved reserves also rose to 4.6 billion barrels of oil equivalent, reflecting a robust reserves replacement ratio of 230% for 2024.
On the downside, Occidental reported a net loss of $297 million for the fourth quarter of 2024, translating to a loss of $0.32 per diluted share. This loss was primarily impacted by a significant after-tax item of $1.1 billion related to an increase in long-term environmental liabilities stemming from a federal court ruling. Additionally, the midstream and marketing segment reported a loss of $134 million, influenced by net derivative losses. Overall, despite operational successes, the financial results were affected by external legal and market challenges.
linkFeb 18, 2025 16:19:33
Occidental Petroleum Corporation reported an average diluted share count of 983.9 million for the fourth quarter of 2024. The company’s average realized prices for oil were $69.73 worldwide, with U.S. prices at $69.27 and international prices at $72.55. Additionally, natural gas realized prices were $1.41 globally, with U.S. prices at $1.26 and international at $1.88, indicating a varied performance across regions. The average realized prices for natural gas liquids (NGL) were $21.80 worldwide, with a notable difference between U.S. and international figures.
On the negative side, Occidental highlighted the potential for various factors to impact its results, including fluctuations in commodity prices, economic conditions, and operational risks. The company noted that realized prices as a percentage of average index prices were lower for NGL and domestic natural gas, suggesting challenges in those areas. Furthermore, the press release emphasized uncertainties related to market conditions, regulatory approvals, and operational disruptions that could affect future performance.
linkJan 10, 2025 16:05:20
Occidental Petroleum's third-quarter results showcased notable operational success, highlighted by an operating cash flow of $3.8 billion and free cash flow before working capital of $1.5 billion. The company exceeded production guidance with total production reaching 1,412 thousand barrels of oil equivalent per day, and achieved pre-tax income of $304 million from its chemical segment, OxyChem. Additionally, Occidental made significant progress in reducing its debt, repaying $4 billion, which is nearly 90% of its short-term debt reduction target.
However, the company faced challenges in its oil and gas segment, reporting a decrease in pre-tax income from $1.6 billion in the previous quarter to $1.2 billion. This decline was influenced by asset sales resulting in losses of $572 million, primarily from non-core U.S. onshore assets. Furthermore, lower realized commodity prices impacted overall income, with average domestic gas prices dropping 26% from the prior quarter, contributing to a less favorable financial outlook in this segment.
linkNov 12, 2024 16:13:21
Occidental Petroleum Corporation has shared preliminary earnings considerations for the third quarter of 2024, highlighting an average diluted share count of 975.7 million. The company reported average realized prices for oil, natural gas liquids, and natural gas, showing a range of prices both domestically and internationally. Notably, the average realized price for oil in the U.S. was $74.81 per barrel, while international prices were slightly higher at $78.54. These figures suggest a stable pricing environment for the company’s products, which could positively influence financial outcomes.
However, the press release also acknowledges several potential risks and uncertainties that could affect actual results. Factors such as economic conditions, energy market fluctuations, and regulatory challenges are highlighted as possible influences on performance. The company’s ability to manage debt and operational costs is also a concern, as these could impact cash flow and overall financial health. Overall, while there are positive indicators in terms of pricing, there are significant external challenges that could affect Occidental's performance in the near term.
linkOct 09, 2024 16:30:21