Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Occidental Petroleum Corp., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Federal	871)	1,272)	173)	(126)	33)
State and local	92)	105)	36)	6)	46)
Foreign	713)	1,080)	660)	465)	1,641)
Current tax expense	1,676)	2,457)	869)	345)	1,720)
Federal	37)	(1,569)	191)	(2,384)	(130)
State and local	(25)	(57)	(153)	(103)	17)
Foreign	45)	(18)	8)	(30)	(914)
Deferred tax expense (benefit)	57)	(1,644)	46)	(2,517)	(1,027)
Income tax expense (benefit)	1,733)	813)	915)	(2,172)	693)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Current tax expense	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Occidental Petroleum Corp. current tax expense increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Deferred tax expense (benefit)	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Occidental Petroleum Corp. deferred tax expense (benefit) decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Income tax expense (benefit)	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Occidental Petroleum Corp. income tax expense (benefit) decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Occidental Petroleum Corp., effective income tax rate (EITR) reconciliation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
U.S. federal statutory tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
Legal entity reorganization	0.00%	-18.00%	0.00%	0.00%	0.00%
Enhanced oil recovery credit and other general business credits	0.00%	0.00%	-3.00%	0.00%	-4.00%
Goodwill impairment	0.00%	0.00%	0.00%	-3.00%	0.00%
Capital loss	0.00%	0.00%	-2.00%	0.00%	0.00%
Tax impact from foreign operations	3.00%	3.00%	8.00%	-4.00%	187.00%
State income taxes, net of federal benefit	1.00%	0.00%	-2.00%	0.00%	28.00%
Uncertain tax positions	2.00%	0.00%	0.00%	0.00%	13.00%
Transaction costs	0.00%	0.00%	0.00%	0.00%	19.00%
Non-controlling interest	0.00%	0.00%	0.00%	0.00%	-16.00%
Executive compensation limitation	0.00%	0.00%	1.00%	0.00%	24.00%
Stock warrants	0.00%	0.00%	0.00%	0.00%	-9.00%
WES loss of control	0.00%	0.00%	0.00%	0.00%	113.00%
Other	0.00%	0.00%	2.00%	0.00%	-3.00%
Worldwide effective tax rate	27.00%	6.00%	25.00%	14.00%	373.00%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Worldwide effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Occidental Petroleum Corp. worldwide effective tax rate decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Occidental Petroleum Corp., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Environmental reserves	223)	229)	242)	257)	261)
Postretirement benefit accruals	229)	235)	285)	398)	441)
Deferred compensation and benefits	237)	207)	286)	186)	266)
Asset retirement obligations	722)	799)	850)	942)	906)
Foreign tax credit carryforwards	2,759)	3,622)	3,904)	4,465)	4,379)
Business credit carryforwards	43)	30)	698)	607)	443)
Net operating loss carryforward	1,056)	1,058)	1,628)	1,797)	692)
Interest expense carryforward	11)	11)	28)	668)	492)
All other	586)	771)	689)	720)	782)
Gross long-term deferred tax assets	5,866)	6,962)	8,610)	10,040)	8,662)
Valuation allowance	(3,901)	(4,785)	(5,136)	(5,695)	(4,959)
Net long-term deferred tax assets	1,965)	2,177)	3,474)	4,345)	3,703)
Property, plant and equipment differences	(6,994)	(7,218)	(9,905)	(10,744)	(12,375)
Equity investments, partnerships and international subsidiaries	(709)	(441)	(571)	(658)	(989)
Gross long-term deferred tax liabilities	(7,703)	(7,659)	(10,476)	(11,402)	(13,364)
Deferred income tax asset (liability), net	(5,738)	(5,482)	(7,002)	(7,057)	(9,661)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Gross long-term deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Occidental Petroleum Corp. gross long-term deferred tax assets decreased from 2021 to 2022 and from 2022 to 2023.
Net long-term deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Occidental Petroleum Corp. net long-term deferred tax assets decreased from 2021 to 2022 and from 2022 to 2023.
Deferred income tax asset (liability), net	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Occidental Petroleum Corp. deferred income tax asset (liability), net increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Occidental Petroleum Corp., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
	Foreign deferred tax asset in long-term receivables and other assets, net	26)	30)	37)	56)	56)
	Deferred income tax liability	5,764)	5,512)	7,039)	7,113)	9,717)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Foreign deferred tax asset in long-term receivables and other assets, net	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Occidental Petroleum Corp. foreign deferred tax asset in long-term receivables and other assets, net decreased from 2021 to 2022 and from 2022 to 2023.
Deferred income tax liability	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Occidental Petroleum Corp. deferred income tax liability decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Occidental Petroleum Corp., adjustments to financial statements

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported)	74,008)	72,609)	75,036)	80,064)	109,330)
Less: Noncurrent deferred tax assets, net	26)	30)	37)	56)	56)
Total assets (adjusted)	73,982)	72,579)	74,999)	80,008)	109,274)
Adjustment to Total Liabilities
Total liabilities (as reported)	43,659)	42,524)	54,709)	61,491)	75,098)
Less: Noncurrent deferred tax liabilities, net	5,764)	5,512)	7,039)	7,113)	9,717)
Total liabilities (adjusted)	37,895)	37,012)	47,670)	54,378)	65,381)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	30,250)	30,085)	20,327)	18,573)	34,232)
Less: Net deferred tax assets (liabilities)	(5,738)	(5,482)	(7,002)	(7,057)	(9,661)
Stockholders’ equity (adjusted)	35,988)	35,567)	27,329)	25,630)	43,893)
Adjustment to Net Income (loss) Attributable To Occidental
Net income (loss) attributable to Occidental (as reported)	4,696)	13,304)	2,322)	(14,831)	(667)
Add: Deferred income tax expense (benefit)	57)	(1,644)	46)	(2,517)	(1,027)
Net income (loss) attributable to Occidental (adjusted)	4,753)	11,660)	2,368)	(17,348)	(1,694)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Occidental Petroleum Corp., Financial Data: Reported vs. Adjusted

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Occidental Petroleum Corp., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	16.62%	36.32%	8.95%	-83.28%	-3.27%
Adjusted net profit margin	16.82%	31.83%	9.12%	-97.41%	-8.31%
Total Asset Turnover
Reported total asset turnover	0.38	0.50	0.35	0.22	0.19
Adjusted total asset turnover	0.38	0.50	0.35	0.22	0.19
Financial Leverage
Reported financial leverage	2.45	2.41	3.69	4.31	3.19
Adjusted financial leverage	2.06	2.04	2.74	3.12	2.49
Return on Equity (ROE)
Reported ROE	15.52%	44.22%	11.42%	-79.85%	-1.95%
Adjusted ROE	13.21%	32.78%	8.66%	-67.69%	-3.86%
Return on Assets (ROA)
Reported ROA	6.35%	18.32%	3.09%	-18.52%	-0.61%
Adjusted ROA	6.42%	16.07%	3.16%	-21.68%	-1.55%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Occidental Petroleum Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Occidental Petroleum Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Occidental Petroleum Corp. adjusted financial leverage ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Occidental Petroleum Corp. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Occidental Petroleum Corp. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Occidental Petroleum Corp., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Occidental	4,696)	13,304)	2,322)	(14,831)	(667)
Net sales	28,257)	36,634)	25,956)	17,809)	20,393)
Profitability Ratio
Net profit margin¹	16.62%	36.32%	8.95%	-83.28%	-3.27%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Occidental	4,753)	11,660)	2,368)	(17,348)	(1,694)
Net sales	28,257)	36,634)	25,956)	17,809)	20,393)
Profitability Ratio
Adjusted net profit margin²	16.82%	31.83%	9.12%	-97.41%	-8.31%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to Occidental ÷ Net sales
= 100 × 4,696 ÷ 28,257 = 16.62%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to Occidental ÷ Net sales
= 100 × 4,753 ÷ 28,257 = 16.82%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Occidental Petroleum Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net sales	28,257)	36,634)	25,956)	17,809)	20,393)
Total assets	74,008)	72,609)	75,036)	80,064)	109,330)
Activity Ratio
Total asset turnover¹	0.38	0.50	0.35	0.22	0.19
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net sales	28,257)	36,634)	25,956)	17,809)	20,393)
Adjusted total assets	73,982)	72,579)	74,999)	80,008)	109,274)
Activity Ratio
Adjusted total asset turnover²	0.38	0.50	0.35	0.22	0.19

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 28,257 ÷ 74,008 = 0.38

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 28,257 ÷ 73,982 = 0.38

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Occidental Petroleum Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	74,008)	72,609)	75,036)	80,064)	109,330)
Stockholders’ equity	30,250)	30,085)	20,327)	18,573)	34,232)
Solvency Ratio
Financial leverage¹	2.45	2.41	3.69	4.31	3.19
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	73,982)	72,579)	74,999)	80,008)	109,274)
Adjusted stockholders’ equity	35,988)	35,567)	27,329)	25,630)	43,893)
Solvency Ratio
Adjusted financial leverage²	2.06	2.04	2.74	3.12	2.49

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 74,008 ÷ 30,250 = 2.45

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 73,982 ÷ 35,988 = 2.06

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Occidental Petroleum Corp. adjusted financial leverage ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Occidental	4,696)	13,304)	2,322)	(14,831)	(667)
Stockholders’ equity	30,250)	30,085)	20,327)	18,573)	34,232)
Profitability Ratio
ROE¹	15.52%	44.22%	11.42%	-79.85%	-1.95%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Occidental	4,753)	11,660)	2,368)	(17,348)	(1,694)
Adjusted stockholders’ equity	35,988)	35,567)	27,329)	25,630)	43,893)
Profitability Ratio
Adjusted ROE²	13.21%	32.78%	8.66%	-67.69%	-3.86%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROE = 100 × Net income (loss) attributable to Occidental ÷ Stockholders’ equity
= 100 × 4,696 ÷ 30,250 = 15.52%

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to Occidental ÷ Adjusted stockholders’ equity
= 100 × 4,753 ÷ 35,988 = 13.21%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Occidental Petroleum Corp. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Occidental	4,696)	13,304)	2,322)	(14,831)	(667)
Total assets	74,008)	72,609)	75,036)	80,064)	109,330)
Profitability Ratio
ROA¹	6.35%	18.32%	3.09%	-18.52%	-0.61%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Occidental	4,753)	11,660)	2,368)	(17,348)	(1,694)
Adjusted total assets	73,982)	72,579)	74,999)	80,008)	109,274)
Profitability Ratio
Adjusted ROA²	6.42%	16.07%	3.16%	-21.68%	-1.55%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROA = 100 × Net income (loss) attributable to Occidental ÷ Total assets
= 100 × 4,696 ÷ 74,008 = 6.35%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to Occidental ÷ Adjusted total assets
= 100 × 4,753 ÷ 73,982 = 6.42%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Occidental Petroleum Corp. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Occidental Petroleum Corp. (NYSE:OXY)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Occidental Petroleum Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Occidental Petroleum Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)