Name: Occidental Petroleum Corp. (NYSE:OXY) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

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	18,544)	17,950)	21,356)	14,916)	9,888)
NGL	2,255)	1,991)	3,052)	2,528)	1,055)
Gas	875)	1,305)	2,733)	1,815)	986)
Other	31)	38)	24)	26)	66)
Oil and gas	21,705)	21,284)	27,165)	19,285)	11,995)
Chemical	4,920)	5,315)	6,738)	5,243)	3,726)
Midstream and marketing	1,653)	2,625)	3,755)	2,525)	2,167)
Eliminations	(865)	(899)	(1,424)	(1,094)	(758)
Revenue from customers	27,413)	28,325)	36,234)	25,959)	17,130)

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.

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