Occidental Petroleum Corp., balance sheet: debt

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Current maturities of long-term debt	1,138)	1,202)	165)	186)	440)
Long-term debt, net, excluding current maturities	24,978)	18,536)	19,670)	29,431)	35,745)
Total long-term debt, including current maturities (carrying amount)	26,116)	19,738)	19,835)	29,617)	36,185)

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Debt item	Description	The company
Total long-term debt, including current maturities (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Occidental Petroleum Corp. total debt decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

	Dec 31, 2024
Selected Financial Data (US$ in millions)
Total long-term debt, including current maturities (fair value)	24,000)
Financial Ratio
Debt, fair value to carrying amount ratio	0.92

Weighted-average interest rate on debt: 5.91%

Interest rate	Debt amount¹	Interest rate × Debt amount
5.88%	536)	31)
5.50%	465)	26)
5.55%	870)	48)
3.20%	182)	6)
3.40%	284)	10)
6.25%	2,700)	169)
7.50%	112)	8)
8.50%	489)	42)
3.00%	216)	6)
7.13%	150)	11)
7.00%	48)	3)
5.00%	600)	30)
6.63%	14)	1)
7.15%	232)	17)
7.20%	82)	6)
6.38%	578)	37)
7.20%	135)	10)
7.95%	116)	9)
8.45%	116)	10)
3.50%	286)	10)
5.20%	1,200)	62)
5.71%	68)	4)
8.88%	1,000)	89)
6.63%	1,449)	96)
6.13%	1,143)	70)
7.50%	900)	68)
7.88%	500)	39)
5.38%	1,000)	54)
5.55%	1,200)	67)
6.45%	1,727)	111)
0.00%	673)	—)
0.00%	18)	—)
4.30%	247)	11)
7.95%	325)	26)
6.20%	737)	46)
4.50%	191)	9)
4.63%	296)	14)
6.60%	1,117)	74)
4.40%	424)	19)
4.10%	258)	11)
4.20%	304)	13)
4.40%	280)	12)
6.05%	1,000)	61)
7.73%	58)	4)
7.50%	60)	5)
7.25%	5)	—)
4.80%	793)	38)
Total	25,184)	1,489)
5.91%

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,489 ÷ 25,184 = 5.91%

Occidental Petroleum Corp., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest and debt expense, net	1,175)	945)	1,030)	1,614)	1,424)
Capitalized interest	189)	98)	69)	61)	83)
Interest costs incurred	1,364)	1,043)	1,099)	1,675)	1,507)

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Debt item	Description	The company
Interest and debt expense, net	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Occidental Petroleum Corp. interest and debt expense, net decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Occidental Petroleum Corp. capitalized interest increased from 2022 to 2023 and from 2023 to 2024.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Occidental Petroleum Corp. interest costs incurred decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Occidental	3,056)	4,696)	13,304)	2,322)	(14,831)
Add: Net income attributable to noncontrolling interest	22)	—)	—)	—)	—)
Less: Income (loss) from discontinued operations, net of tax	182)	—)	—)	(468)	(1,298)
Add: Income tax expense	1,174)	1,733)	813)	915)	(2,172)
Add: Interest and debt expense, net	1,175)	945)	1,030)	1,614)	1,424)
Earnings before interest and tax (EBIT)	5,245)	7,374)	15,147)	5,319)	(14,281)

Interest costs incurred	1,364)	1,043)	1,099)	1,675)	1,507)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	4.46	7.80	14.71	3.30	-10.03
Adjusted interest coverage ratio (with capitalized interest)²	3.85	7.07	13.78	3.18	-9.48

2024 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest and debt expense, net
= 5,245 ÷ 1,175 = 4.46

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 5,245 ÷ 1,364 = 3.85

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Occidental Petroleum Corp. adjusted interest coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Occidental Petroleum Corp. (NYSE:OXY)

Analysis of Debt