Analysis of Revenues
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Occidental Petroleum Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Revenues as Reported
Occidental Petroleum Corp., income statement, revenues
US$ in millions
| 12 months ended: | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Oil | |||||||||||
| NGL | |||||||||||
| Gas | |||||||||||
| Other | |||||||||||
| Oil and gas | |||||||||||
| Chemical | |||||||||||
| Midstream and marketing | |||||||||||
| Eliminations | |||||||||||
| Revenue from customers |
Based on: 10-K (reporting date: 2024-12-31), 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).
- Overall Revenue Trend
- The total revenue from customers exhibited notable growth from 2020 to 2022, increasing from $17,130 million to a peak of $36,234 million. However, a decline is observed in the subsequent years, dropping to $28,325 million in 2023 and further to $27,413 million in 2024, indicating a downturn after a period of strong growth.
- Oil Segment
- Revenue from the oil segment increased substantially from $9,888 million in 2020 to $21,356 million in 2022, representing significant growth. This was followed by a decline to $17,950 million in 2023, with a slight recovery to $18,544 million in 2024. The fluctuations suggest a volatile market environment or changing production/output levels in recent years.
- NGL (Natural Gas Liquids) Segment
- Revenue from NGL grew steadily from $1,055 million in 2020 to $3,052 million in 2022. However, it decreased sharply in 2023 to $1,991 million before rising again to $2,255 million in 2024. This pattern indicates sensitivity to market conditions or operational changes affecting this segment.
- Gas Segment
- The gas segment experienced strong growth from $986 million in 2020 to $2,733 million in 2022. However, revenue sharply contracted to $1,305 million in 2023 and declined further to $875 million in 2024. This continuous decrease after 2022 suggests weakening demand, lower prices, or reduced volumes sold in this segment.
- Other Revenue
- The 'Other' category is relatively small and fluctuates minimally, with values ranging between $24 million and $66 million over the years, indicating it is a minor contributor to total revenue.
- Oil and Gas Total
- The combined oil and gas revenue line follows the trends of its components closely, increasing significantly until 2022 ($27,165 million), then falling to $21,284 million in 2023 and slightly recovering to $21,705 million in 2024. This confirms the dominant influence of oil and gas on overall revenue.
- Chemical Segment
- Chemical revenues grew consistently from $3,726 million in 2020 to $6,738 million in 2022 before declining to $5,315 million in 2023 and further to $4,920 million in 2024. The decline after 2022 suggests challenges in this segment possibly related to market demand or cost pressures.
- Midstream and Marketing
- Midstream and marketing revenues showed moderate growth from $2,167 million in 2020 to $3,755 million in 2022, followed by a sharp decrease to $2,625 million in 2023 and $1,653 million in 2024. The steep decline after the peak points to potential structural challenges or reduction in volumes handled.
- Eliminations
- Eliminations consistently represent negative values, increasing in magnitude from -$758 million in 2020 to -$1,424 million in 2022, before reducing to -$899 million in 2023 and -$865 million in 2024. These eliminations offset part of the reported revenues, affecting the consolidated figures.