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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 June 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) | | | | | | | | | | | | | | |
Delaware | | 95-4035997 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
5 Greenway Plaza, Suite 110 |
| Houston, | Texas | 77046 | |
(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 class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $0.20 par value | OXY | New York Stock Exchange |
Warrants to Purchase Common Stock, $0.20 par value | OXY WS | New 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 July 31, 2024 | |
| Common Stock, $0.20 par value | | 905,615,720 | |
| | | | | | | | |
TABLE OF CONTENTS | PAGE |
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Part I - Financial Information | |
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ABBREVIATIONS USED WITHIN THIS DOCUMENT | | | | | |
$/Bbl | price per barrel |
Anadarko | Anadarko Petroleum Corporation and its consolidated subsidiaries |
Andes | Andes Petroleum Ecuador Ltd. |
AOC | Administrative Order on Consent |
Bcf | billions of cubic feet |
BlackRock | BlackRock Inc., which has formed a joint venture with Occidental on the construction of STRATOS |
Boe | barrels of oil equivalent |
CERCLA | Comprehensive 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 |
DASS | Diamond Alkali Superfund Site |
District Court | Federal District Court in the State of New Jersey |
DSCC | Diamond Shamrock Chemicals Company |
DOJ | U.S. Department of Justice |
EPA | U.S. Environmental Protection Agency |
EPS | earnings per share |
HLBV | Hypothetical Liquidation at Book Value |
LIFO | last-in, first-out |
Maxus | Maxus Energy Corporation |
Mbbl | thousands of barrels |
Mboe | thousands of barrels equivalent |
Mboe/d | thousands of barrels equivalent per day |
Mcf | thousands of cubic feet |
MMbbl | millions of barrels |
MMcf | millions of cubic feet |
NCI | non-controlling interest |
NGL | natural gas liquids |
NPL | National Priorities List |
Occidental | Occidental Petroleum Corporation, a Delaware corporation and one or more entities in which it owns a controlling interest (subsidiaries) |
OECD | Organization for Economic Cooperation and Development |
OPEC | Organization of the Petroleum Exporting Countries |
OU | Operable Unit |
OU4 UAO | Operable Unit 4 Unilateral Administrative Order |
OxyChem | Occidental Chemical Corporation |
PVC | polyvinyl chloride |
RCF | revolving credit facility |
ROD | Record of Decision |
VIE | variable interest entity |
WES | Western Midstream Partners, LP |
WES Operating | Western Midstream Operating, LP |
WTI | West Texas Intermediate |
Zero Coupons | Zero Coupon senior notes due 2036 |
2023 Form 10-K | Occidental’s Annual Report on Form 10-K for the year ended December 31, 2023 |
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
| | | | | |
Consolidated Condensed Balance Sheets | Occidental Petroleum Corporation and Subsidiaries |
| | | | | | | | |
millions | June 30, 2024 | December 31, 2023 |
| | |
ASSETS | | |
CURRENT ASSETS | | |
Cash and cash equivalents | $ | 1,845 | | $ | 1,426 | |
Trade receivables, net of reserves of $29 in 2024 and $29 in 2023 | 3,896 | | 3,195 | |
Inventories | 2,813 | | 2,022 | |
Other current assets | 1,538 | | 1,732 | |
Total current assets | 10,092 | | 8,375 | |
| | |
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 3,460 | | 3,224 | |
| | |
PROPERTY, PLANT AND EQUIPMENT | | |
Oil and gas | 111,881 | | 109,214 | |
Chemical | 8,520 | | 8,279 | |
Midstream and marketing | 8,730 | | 8,279 | |
Corporate | 1,091 | | 1,039 | |
Gross property, plant and equipment | 130,222 | | 126,811 | |
Accumulated depreciation, depletion and amortization | (71,352) | | (68,282) | |
Net property, plant and equipment | 58,870 | | 58,529 | |
| | |
OPERATING LEASE ASSETS | 1,022 | | 1,130 | |
| | |
OTHER LONG-TERM ASSETS | 2,772 | | 2,750 | |
| | |
TOTAL ASSETS | $ | 76,216 | | $ | 74,008 | |
| | |
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements. |
| | | | | |
Consolidated Condensed Balance Sheets | Occidental Petroleum Corporation and Subsidiaries |
| | | | | | | | |
millions, except share and per-share amounts | June 30, 2024 | December 31, 2023 |
| | |
LIABILITIES AND EQUITY | | |
CURRENT LIABILITIES | | |
Current maturities of long-term debt | $ | 1,347 | | $ | 1,202 | |
Current operating lease liabilities | 410 | | 446 | |
Accounts payable | 4,282 | | 3,646 | |
Accrued liabilities | 3,660 | | 3,854 | |
Total current liabilities | 9,699 | | 9,148 | |
| | |
LONG-TERM DEBT, NET | 18,390 | | 18,536 | |
| | |
DEFERRED CREDITS AND OTHER LIABILITIES | | |
Deferred income taxes, net | 5,680 | | 5,764 | |
Asset retirement obligations | 3,848 | | 3,882 | |
Pension and postretirement obligations | 935 | | 931 | |
Environmental remediation liabilities | 857 | | 889 | |
Operating lease liabilities | 668 | | 727 | |
Other | 3,880 | | 3,782 | |
Total deferred credits and other liabilities | 15,868 | | 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 — 1,133,743,780 shares and 2023 — 1,107,516,500 shares | 227 | | 222 | |
Treasury stock: 2024 — 228,183,821 shares and 2023 — 228,053,397 shares | (15,591) | | (15,582) | |
Additional paid-in capital | 17,928 | | 17,422 | |
Retained earnings | 20,938 | | 19,626 | |
Accumulated other comprehensive income | 264 | | 275 | |
Total stockholders' equity | 32,053 | | 30,250 | |
Non-controlling interest | 206 | | 99 | |
Total equity | 32,259 | | 30,349 | |
TOTAL LIABILITIES AND EQUITY | $ | 76,216 | | $ | 74,008 | |
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
| | | | | |
Consolidated Condensed Statements of Operations | Occidental Petroleum Corporation and Subsidiaries |
| | | | | | | | | | | | | | | |
| Three months ended June 30, | Six months ended June 30, | |
millions, except per-share amounts | 2024 | 2023 | 2024 | 2023 | |
| | | | | |
REVENUES AND OTHER INCOME | | | | | |
Net sales | $ | 6,817 | | $ | 6,702 | | $ | 12,792 | | $ | 13,927 | | |
Interest, dividends and other income | 34 | | 28 | | 70 | | 57 | | |
Gains on sales of assets and other, net | 28 | | 1 | | 27 | | 5 | | |
Total | 6,879 | | 6,731 | | 12,889 | | 13,989 | | |
| | | | | |
COSTS AND OTHER DEDUCTIONS | | | | | |
Oil and gas operating expense | 1,179 | | 1,130 | | 2,340 | | 2,211 | | |
Transportation and gathering expense | 405 | | 375 | | 758 | | 759 | | |
Chemical and midstream cost of sales | 821 | | 791 | | 1,563 | | 1,536 | | |
Purchased commodities | 89 | | 490 | | 175 | | 988 | | |
Selling, general and administrative expenses | 259 | | 277 | | 518 | | 518 | | |
Other operating and non-operating expense | 344 | | 10 | | 754 | | 318 | | |
Taxes other than on income | 265 | | 266 | | 500 | | 572 | | |
Depreciation, depletion and amortization | 1,775 | | 1,709 | | 3,468 | | 3,430 | | |
Asset impairments and other charges | — | | 209 | | — | | 209 | | |
Acquisition-related costs | 14 | | — | | 26 | | — | | |
Exploration expense | 83 | | 102 | | 149 | | 204 | | |
Interest and debt expense, net | 252 | | 230 | | 536 | | 468 | | |
Total | 5,486 | | 5,589 | | 10,787 | | 11,213 | | |
| | | | | |
Income before income taxes and other items | 1,393 | | 1,142 | | 2,102 | | 2,776 | | |
| | | | | |
OTHER ITEMS | | | | | |
| | | | | |
Income from equity investments and other | 242 | | 185 | | 543 | | 285 | | |
Total | 242 | | 185 | | 543 | | 285 | | |
| | | | | |
Income before income taxes | 1,635 | | 1,327 | | 2,645 | | 3,061 | | |
Income tax expense | (465) | | (467) | | (769) | | (938) | | |
Income from continuing operations | 1,170 | | 860 | | 1,876 | | 2,123 | | |
Discontinued operations, net of taxes | — | | — | | 182 | | — | | |
NET INCOME | 1,170 | | 860 | | 2,058 | | 2,123 | | |
Less: Net income attributable to noncontrolling interest | (8) | | — | | (8) | | — | | |
Less: Preferred stock dividends and redemption premiums | (170) | | (255) | | (340) | | (535) | | |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 992 | | $ | 605 | | $ | 1,710 | | $ | 1,588 | | |
| | | | | |
PER COMMON SHARE | | | | | |
Income from continuing operations—basic | $ | 1.10 | | $ | 0.68 | | $ | 1.71 | | $ | 1.76 | | |
Discontinued operations—basic | $ | — | | $ | — | | $ | 0.20 | | $ | — | | |
Net income attributable to common stockholders—basic | $ | 1.10 | | $ | 0.68 | | $ | 1.91 | | $ | 1.76 | | |
| | | | | |
Income from continuing operations—diluted | $ | 1.03 | | $ | 0.63 | | $ | 1.59 | | $ | 1.63 | | |
Discontinued operations—diluted | $ | — | | $ | — | | $ | 0.19 | | $ | — | | |
Net income attributable to common stockholders—diluted | $ | 1.03 | | $ | 0.63 | | $ | 1.78 | | $ | 1.63 | | |
| | | | | |
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements. | |
| | | | | |
Consolidated Condensed Statements of Comprehensive Income | Occidental Petroleum Corporation and Subsidiaries |
| | | | | | | | | | | | | | |
| Three months ended June 30, | Six months ended June 30, |
millions | 2024 | 2023 | 2024 | 2023 |
| | | | |
Net income | $ | 1,170 | | $ | 860 | | $ | 2,058 | | $ | 2,123 | |
Other comprehensive income (loss) items: | | | | |
Gains (losses) on derivatives (a) | (7) | | (5) | | 2 | | 58 | |
Pension and postretirement losses (b) | (8) | | (2) | | (12) | | (7) | |
Other | (1) | | (1) | | (1) | | 1 | |
Other comprehensive income, net of tax | (16) | | (8) | | (11) | | 52 | |
Comprehensive income | 1,154 | | 852 | | 2,047 | | 2,175 | |
Comprehensive income attributable to noncontrolling interest | (8) | | — | | (8) | | — | |
Comprehensive income attributable to preferred and common stockholders | $ | 1,146 | | $ | 852 | | $ | 2,039 | | $ | 2,175 | |
(a) Net of tax expense of zero for the three and six months ended June 30, 2024 and 2023.
(b) Net of tax expense of $4 million and $1 million for the three months ended June 30, 2024 and 2023 and $5 million and $2 million for the six months ended June 30, 2024 and 2023.
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
| | | | | |
Consolidated Condensed Statements of Cash Flows | Occidental Petroleum Corporation and Subsidiaries |
| | | | | | | | |
| Six months ended June 30, |
millions | 2024 | 2023 |
| | |
CASH FLOW FROM OPERATING ACTIVITIES | | |
Net income | $ | 2,058 | | $ | 2,123 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Discontinued operations, net | (182) | | — | |
Depreciation, depletion and amortization of assets | 3,468 | | 3,430 | |
Deferred income tax provision (benefit) | (135) | | 98 | |
Asset impairments and other charges | — | | 209 | |
Gains on sales of assets, net | (27) | | (5) | |
Noncash charges (benefits) to income and other | 308 | | (51) | |
Changes in operating assets and liabilities: | | |
(Increase) decrease in receivables | (702) | | 1,432 | |
Increase in inventories | (787) | | (75) | |
(Increase) decrease in other current assets | 146 | | (347) | |
Increase (decrease) in accounts payable and accrued liabilities | 47 | | (1,007) | |
Increase in current domestic and foreign income taxes | 207 | | 133 | |
| | |
| | |
Net cash provided by operating activities | 4,401 | | 5,940 | |
| | |
CASH FLOW FROM INVESTING ACTIVITIES | | |
Capital expenditures | (3,554) | | (3,107) | |
Change in capital accrual | (24) | | 5 | |
Purchases of assets and equity investments, net | (187) | | (140) | |
Proceeds from sales of businesses and assets, net | 148 | | 80 | |
Equity investments and other, net | (64) | | (375) | |
| | |
| | |
Net cash used by investing activities | (3,681) | | (3,537) | |
| | |
CASH FLOW FROM FINANCING ACTIVITIES | | |
| | |
Payments of long-term debt, net | — | | (22) | |
Proceeds from issuance of common stock | 504 | | 37 | |
Redemption of preferred stock | — | | (982) | |
Purchases of treasury stock | (9) | | (1,177) | |
| | |
Cash dividends paid on common and preferred stock | (698) | | (688) | |
Contribution from noncontrolling interest | 99 | | — | |
Other financing, net | (185) | | (64) | |
| | |
| | |
Net cash used by financing activities | (289) | | (2,896) | |
| | |
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 431 | | (493) | |
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period | 1,464 | | 1,026 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period | $ | 1,895 | | $ | 533 | |
| | |
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements. |
| | | | | |
Consolidated Condensed Statements of Equity | Occidental Petroleum Corporation and Subsidiaries |
| | | | | | | | | | | | | | | | | | | | | | | |
| | Equity Attributable to Common Stock | |
millions, except per-share amounts | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Equity |
Balance as of March 31, 2023 | $ | 9,130 | | $ | 221 | | $ | (14,524) | | $ | 17,159 | | $ | 17,318 | | $ | 255 | | $ | 29,559 | |
Net income | — | | — | | — | | — | | 860 | | — | | 860 | |
Other comprehensive loss, net of tax | — | | — | | — | | — | | — | | (8) | | (8) | |
Dividends on common stock, $0.18 per share | — | | — | | — | | — | | (161) | | — | | (161) | |
Dividends on preferred stock, $2,000 per share | — | | — | | — | | — | | (190) | | — | | (190) | |
Preferred stock redemption - face value | (522) | | — | | — | | — | | — | | — | | (522) | |
Preferred stock redemption - premium | — | | — | | — | | — | | (52) | | — | | (52) | |
Preferred stock redemption value in excess of carrying value | 13 | | — | | — | | — | | (13) | | — | | — | |
Shareholder warrants exercised | — | | — | | — | | 1 | | — | | — | | 1 | |
Options exercised | — | | — | | — | | 6 | | — | | — | | 6 | |
Issuance of common stock and other, net of cancellations | — | | — | | — | | 52 | | — | | — | | 52 | |
Purchases of treasury stock | — | | — | | (434) | | — | | — | | — | | (434) | |
Balance as of June 30, 2023 | $ | 8,621 | | $ | 221 | | $ | (14,958) | | $ | 17,218 | | $ | 17,762 | | $ | 247 | | $ | 29,111 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Equity Attributable to Common Stock | | |
millions, except per-share amounts | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Noncontrolling Interest | Total Equity |
Balance as of March 31, 2024 | $ | 8,287 | | $ | 223 | | $ | (15,582) | | $ | 17,456 | | $ | 20,147 | | $ | 280 | | $ | 156 | | $ | 30,967 | |
Net income | — | | — | | — | | — | | 1,162 | | — | | 8 | | 1,170 | |
Other comprehensive loss, net of tax | — | | — | | — | | — | | — | | (16) | | — | | (16) | |
Dividends on common stock, $0.22 per share | — | | — | | — | | — | | (201) | | — | | — | | (201) | |
Dividends on preferred stock, $2,000 per share | — | | — | | — | | — | | (170) | | — | | — | | (170) | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Shareholder warrants exercised | — | | 4 | | — | | 411 | | — | | — | | — | | 415 | |
| | | | | | | | |
Issuance of common stock and other, net of cancellations | — | | — | | — | | 61 | | — | | — | | — | | 61 | |
Purchase of treasury stock | — | | — | | (9) | | — | | — | | — | | — | | (9) | |
Noncontrolling interest contributions, net | — | | — | | — | | — | | — | | — | | 42 | | 42 | |
Balance as of June 30, 2024 | $ | 8,287 | | $ | 227 | | $ | (15,591) | | $ | 17,928 | | $ | 20,938 | | $ | 264 | | $ | 206 | | $ | 32,259 | |
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
| | | | | |
Consolidated Condensed Statements of Equity | Occidental Petroleum Corporation and Subsidiaries |
| | | | | | | | | | | | | | | | | | | | | | | |
| | Equity Attributable to Common Stock | |
millions, except per-share amounts | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total Equity |
Balance as of December 31, 2022 | $ | 9,762 | | $ | 220 | | $ | (13,772) | | $ | 17,181 | | $ | 16,499 | | $ | 195 | | $ | 30,085 | |
Net income | — | | — | | — | | — | | 2,123 | | — | | 2,123 | |
Other comprehensive income, net of tax | — | | — | | — | | — | | — | | 52 | | 52 | |
Dividends on common stock, $0.36 per share | — | | — | | — | | — | | (325) | | — | | (325) | |
Dividends on preferred stock, $4,000 per share | — | | — | | — | | — | | (390) | | — | | (390) | |
Preferred stock redemption - face value | (1,169) | | — | | — | | — | | — | | — | | (1,169) | |
Preferred stock redemption - premium | — | | — | | — | | — | | (117) | | — | | (117) | |
Preferred stock redemption value in excess of carrying value | 28 | | — | | — | | — | | (28) | | — | | — | |
Shareholder warrants exercised | — | | — | | — | | 3 | | — | | — | | 3 | |
Options exercised | — | | — | | — | | 13 | | — | | — | | 13 | |
Issuance of common stock and other, net of cancellations | — | | 1 | | — | | 21 | | — | | — | | 22 | |
Purchases of treasury stock | — | | — | | (1,186) | | — | | — | | — | | (1,186) | |
Balance as of June 30, 2023 | $ | 8,621 | | $ | 221 | | $ | (14,958) | | $ | 17,218 | | $ | 17,762 | | $ | 247 | | $ | 29,111 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Equity Attributable to Common Stock | | |
millions, except per-share amounts | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Non-controlling Interests | Total Equity |
Balance as of December 31, 2023 | $ | 8,287 | | $ | 222 | | $ | (15,582) | | $ | 17,422 | | $ | 19,626 | | $ | 275 | | $ | 99 | | $ | 30,349 | |
Net income | — | | — | | — | | — | | 2,050 | | — | | 8 | | 2,058 | |
Other comprehensive loss, net of tax | — | | — | | — | | — | | — | | (11) | | — | | (11) | |
Dividends on common stock, $0.44 per share | — | | — | | — | | — | | (398) | | — | | — | | (398) | |
Dividends on preferred stock, $4,000 per share | — | | — | | — | | — | | (340) | | — | | — | | (340) | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Shareholder warrants exercised | — | | 4 | | — | | 483 | | — | | — | | — | | 487 | |
| | | | | | | | |
Issuance of common stock and other, net of cancellations | — | | 1 | | — | | 23 | | — | | — | | — | | 24 | |
Purchase of treasury stock | — | | — | | (9) | | — | | — | | — | | — | | (9) | |
Noncontrolling interest contributions | — | | — | | — | | — | | — | | — | | 99 | | 99 | |
Balance as of June 30, 2024 | $ | 8,287 | | $ | 227 | | $ | (15,591) | | $ | 17,928 | | $ | 20,938 | | $ | 264 | | $ | 206 | | $ | 32,259 | |
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
| | | | | |
Notes to Consolidated Condensed Financial Statements | Occidental Petroleum Corporation and Subsidiaries |
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 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 six months ended June 30, 2024 and 2023 and Occidental’s financial position as of June 30, 2024 and December 31, 2023. The income and cash flows for the periods ended June 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 June 30, 2024 and 2023:
| | | | | | | | |
| |
millions | 2024 | 2023 |
Cash and cash equivalents | $ | 1,845 | | $ | 486 | |
Restricted cash and restricted cash equivalents included in other current assets | 35 | | 29 | |
Restricted cash and restricted cash equivalents included in other long-term assets, net | 15 | | 18 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents | $ | 1,895 | | $ | 533 | |
SUPPLEMENTAL CASH FLOW INFORMATION
The following table represents U.S. federal, state and international income taxes paid and interest paid during the six months ended June 30, 2024 and 2023, respectively:
| | | | | | | | |
| |
millions | 2024 | 2023 |
Income tax payments | $ | 601 | | $ | 632 | |
Income tax refunds received | $ | — | | $ | 3 | |
Interest paid (a) | $ | 483 | | $ | 509 | |
(a) Net of capitalized interest of $67 million and $42 million for the six months ended June 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". As of June 30, 2024, Occidental owned all of the 2.3% non-voting general partner interest, 48.7% of the WES limited partner units, and a 2% non-voting limited partner interest in WES Operating, a subsidiary of WES. As of June 30, 2024, Occidental's combined share of net income from WES and its subsidiaries was 50.9%.
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 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 June 30, 2024, the VIE’s assets were comprised of $539 million construction in progress.
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 June 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 six months ended June 30, 2024 and 2023:
| | | | | | | | | | | | | | |
| Three months ended June 30, | Six months ended June 30, |
millions | 2024 | 2023 | 2024 | 2023 |
| | | | |
Revenue from customers | $ | 6,802 | | $ | 6,601 | | $ | 13,533 | | $ | 13,716 | |
All other revenues (a) | 15 | | 101 | | (741) | | 211 | |
Net sales | $ | 6,817 | | $ | 6,702 | | $ | 12,792 | | $ | 13,927 | |
(a) Includes other revenues from the midstream and marketing segment and chemical segment.
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. Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale:
| | | | | | | | | | | | | | |
millions | United States | International | Eliminations | Total |
| | | | |
Three months ended June 30, 2024 | | | | |
Oil and gas | | | | |
Oil | $ | 4,011 | | $ | 761 | | $ | — | | $ | 4,772 | |
NGL | 403 | | 97 | | — | | 500 | |
Gas | 67 | | 91 | | — | | 158 | |
Other | 39 | | — | | — | | 39 | |
Segment total | $ | 4,520 | | $ | 949 | | $ | — | | $ | 5,469 | |
Chemical | $ | 1,203 | | $ | 70 | | $ | — | | $ | 1,273 | |
| | | | |
| | | | |
| | | | |
| | | | |
Midstream and marketing | $ | 172 | | $ | 96 | | $ | — | | $ | 268 | |
Eliminations | $ | — | | $ | — | | $ | (208) | | $ | (208) | |
Consolidated | $ | 5,895 | | $ | 1,115 | | $ | (208) | | $ | 6,802 | |
| | | | |
millions | United States | International | Eliminations | Total |
| | | | |
Three months ended June 30, 2023 | | | | |
Oil and gas | | | | |
Oil | $ | 3,446 | | $ | 795 | | $ | — | | $ | 4,241 | |
NGL | 352 | | 90 | | — | | 442 | |
Gas | 161 | | 87 | | — | | 248 | |
Other | 10 | | — | | — | | 10 | |
Segment total | $ | 3,969 | | $ | 972 | | $ | — | | $ | 4,941 | |
Chemical | $ | 1,292 | | $ | 82 | | $ | — | | $ | 1,374 | |
| | | | |
| | | | |
| | | | |
| | | | |
Midstream and marketing | $ | 421 | | $ | 95 | | $ | — | | $ | 516 | |
Eliminations | $ | — | | $ | — | | $ | (230) | | $ | (230) | |
Consolidated | $ | 5,682 | | $ | 1,149 | | $ | (230) | | $ | 6,601 | |
| | | | | | | | | | | | | | |
millions | United States | International | Eliminations | Total |
| | | | |
Six months ended June 30, 2024 | | | | |
Oil and gas | | | | |
Oil | $ | 7,360 | | $ | 1,533 | | $ | — | | $ | 8,893 | |
NGL | 819 | | 196 | | — | | 1,015 | |
Gas | 254 | | 178 | | — | | 432 | |
Other | 44 | | — | | — | | 44 | |
Segment total | $ | 8,477 | | $ | 1,907 | | $ | — | | $ | 10,384 | |
Chemical | $ | 2,318 | | $ | 140 | | $ | — | | $ | 2,458 | |
Midstream and marketing | $ | 932 | | $ | 192 | | $ | — | | $ | 1,124 | |
| | | | |
| | | | |
| | | | |
| | | | |
Eliminations | $ | — | | $ | — | | $ | (433) | | $ | (433) | |
Consolidated | $ | 11,727 | | $ | 2,239 | | $ | (433) | | $ | 13,533 | |
| | | | | | | | | | | | | | |
millions | United States | International | Eliminations | Total |
| | | | |
Six months ended June 30, 2023 | | | | |
Oil and gas | | | | |
Oil | $ | 7,096 | | $ | 1,513 | | $ | — | | $ | 8,609 | |
NGL | 812 | | 175 | | — | | 987 | |
Gas | 516 | | 159 | | — | | 675 | |
Other | (6) | | 1 | | — | | (5) | |
Segment total | $ | 8,418 | | $ | 1,848 | | $ | — | | $ | 10,266 | |
Chemical | $ | 2,600 | | $ | 176 | | $ | — | | $ | 2,776 | |
Midstream and marketing | $ | 961 | | $ | 199 | | $ | — | | $ | 1,160 | |
| | | | |
| | | | |
| | | | |
| | | | |
Eliminations | $ | — | | $ | — | | $ | (486) | | $ | (486) | |
Consolidated | $ | 11,979 | | $ | 2,223 | | $ | (486) | | $ | 13,716 | |
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 June 30, 2024 and December 31, 2023, inventories consisted of the following:
| | | | | | | | |
millions | June 30, 2024 | December 31, 2023 |
| | |
Raw materials | $ | 121 | | $ | 115 | |
Materials and supplies | 1,157 | | 988 | |
Commodity inventory and finished goods | 1,643 | | 1,027 | |
| 2,921 | | 2,130 | |
Revaluation to LIFO | (108) | | (108) | |
Total | $ | 2,813 | | $ | 2,022 | |
As of June 30, 2024 and December 31, 2023, Occidental’s debt consisted of the following:
| | | | | | | | | | | | |
millions | June 30, 2024 | December 31, 2023 | | | | |
2.900% senior notes due 2024 | $ | 654 | | $ | 654 | | | | | |
6.950% senior notes due 2024 | 291 | | 291 | | | | | |
3.450% senior notes due 2024 | 111 | | 111 | | | | | |
3.500% senior notes due 2025 | 137 | | 137 | | | | | |
5.875% senior notes due 2025 | 606 | | 606 | | | | | |
5.500% senior notes due 2025 | 465 | | 465 | | | | | |
5.550% senior notes due 2026 | 870 | | 870 | | | | | |
3.200% senior notes due 2026 | 182 | | 182 | | | | | |
3.400% senior notes due 2026 | 284 | | 284 | | | | | |
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 | | | | | |
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 | | | | | |
Variable rate bonds due 2030 (5.890% and 5.750% as of June 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 | | | | | |
6.450% senior notes due 2036 | 1,727 | | 1,727 | | | | | |
Zero Coupon senior notes due 2036 | 673 | | 673 | | | | | |
0.000% loan due 2039 | 19 | | 19 | | | | | |
4.300% senior notes due 2039 | 247 | | 247 | | | | | |
7.950% senior notes due 2039 | 325 | | 325 | | | | | |
6.200% senior notes due 2040 | 737 | | 737 | | | | | |
4.500% senior notes due 2044 | 191 | | 191 | | | | | |
4.625% senior notes due 2045 | 296 | | 296 | | | | | |
6.600% senior notes due 2046 | 1,117 | | 1,117 | | | | | |
4.400% senior notes due 2046 | 424 | | 424 | | | | | |
4.100% senior notes due 2047 | 258 | | 258 | | | | | |
(continued on next page) | | | | | | |
| | | | | | | | | | | | |
millions (continued) | 2024 | 2023 | | | | |
4.200% senior notes due 2048 | 304 | | 304 | | | | | |
4.400% senior notes due 2049 | 280 | | 280 | | | | | |
7.730% debentures due 2096 | 58 | | 58 | | | | | |
7.500% debentures due 2096 | 60 | | 60 | | | | | |
7.250% debentures due 2096 | 5 | | 5 | | | | | |
Total borrowings at face value | $ | 17,955 | | $ | 17,955 | | | | | |
The following table summarizes Occidental's outstanding debt, including finance lease liabilities:
| | | | | | | | |
millions | June 30, 2024 | December 31, 2023 |
Total borrowings at face value | $ | 17,955 | | $ | 17,955 | |
Adjustments to book value: | | |
Unamortized premium, net | 1,099 | | 1,152 | |
Debt issuance costs | (60) | | (106) | |
Net book value of debt | $ | 18,994 | | $ | 19,001 | |
Long-term finance leases, included in Long-term debt | 590 | | 591 | |
Current finance leases, included in Current maturities of long-term debt | 153 | | 146 | |
Total debt and finance leases | $ | 19,737 | | $ | 19,738 | |
Less: current maturities of financing leases | (153) | | (146) | |
Less: current maturities of long-term debt | (1,194) | | (1,056) | |
Long-term debt, net | $ | 18,390 | | $ | 18,536 | |
DEBT ACTIVITY
In February 2024, Occidental entered into a Third Amended and Restated Credit Agreement for the RCF extending the maturity date to June 30, 2028. In May 2024, Occidental amended the RCF to add an additional $150 million commitment, increasing the borrowing capacity to $4.15 billion.
In the first quarter of 2023, Occidental used cash on hand to repay $22 million of its 8.750% medium-term notes upon maturity.
As of June 30, 2024, Occidental had $1.2 billion of debt maturities due in the next 12 months. Subsequent to June 30, 2024, in July 2024, Occidental repaid $402 million of current maturities. In July 2024, Occidental also amended and extended the maturity date of its existing receivables securitization facility to July 30, 2027. As of June 30, 2024, the facility had $600 million of available borrowing capacity and no drawn amounts. The facility includes adjustments based on the same specified sustainability target thresholds as contained in the RCF.
In connection with the CrownRock Acquisition, Occidental issued $9.7 billion in new debt in July 2024, consisting of $4.7 billion in term loans and $5 billion in unsecured notes. The term loans and notes issued comprised the following tranches:
| | | | | |
millions | Principal |
364 day term loan due in 2025 | $ | 2,000 | |
2 year term loan due in 2026 | 2,700 | |
5.000% senior notes due in 2027 | 600 | |
5.200% senior notes due in 2029 | 1,200 | |
5.375% senior notes due in 2032 | 1,000 | |
5.550% senior notes due in 2034 | 1,200 | |
6.050% senior notes due in 2054 | 1,000 | |
Total borrowings | $ | 9,700 | |
FAIR VALUE OF DEBT
The estimated fair value of Occidental’s debt as of June 30, 2024 and December 31, 2023, substantially all of which was classified as Level 1, was approximately $17.8 billion and $18.0 billion, respectively.
| | |
NOTE 5 - ACQUISITIONS AND DIVESTITURES |
CROWNROCK ACQUISITION
In December 2023, Occidental entered into an agreement to purchase CrownRock L.P. for total consideration of approximately $12.4 billion, consisting of approximately $9.4 billion of cash consideration (inclusive of certain working capital and other customary purchase price adjustments), approximately 29.6 million shares of common stock of Occidental, and the assumption of $1.2 billion of existing debt of CrownRock. The acquisition closed August 1, 2024, adding to Occidental's oil and gas portfolio in the Permian Basin.
In connection with the CrownRock Acquisition, Occidental issued $5.0 billion of new unsecured notes, a $2.0 billion 364-day term loan, and a $2.7 billion two-year term loan.
The CrownRock Acquisition qualified as a business combination and was accounted for using the acquisition method of accounting. The following table summarizes the cash and common stock components of the purchase price:
| | | | | |
in millions of dollars and shares | Total |
Cash portion of purchase price | $ | |