Stock Analysis on Net
Stock Analysis on Net

Occidental Petroleum Corp. (NYSE:OXY)

This company has been moved to the archive! The financial data has not been updated since August 6, 2025.

Common-Size Income Statement

Occidental Petroleum Corp., common-size consolidated income statement

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12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net sales 100.00 100.00 100.00 100.00 100.00
Interest, dividends and other income 0.64 0.49 0.42 0.64 0.66
Gains (losses) on sales of assets and other, net -0.06 1.85 0.84 0.74 -9.35
Revenues and other income 100.58% 102.34% 101.26% 101.38% 91.31%
Oil and gas lease operating expense -17.73 -16.55 -11.00 -12.17 -17.21
Transportation and gathering expense -6.02 -5.24 -4.03 -5.47 -8.98
Chemical and midstream cost of sales -11.68 -11.03 -8.93 -10.68 -13.52
Purchased commodities -1.26 -7.11 -8.97 -8.89 -7.83
Selling, general and administrative expense -3.97 -3.83 -2.58 -3.32 -4.85
Other operating and non-operating expense -5.92 -3.84 -3.47 -4.10 -4.96
Taxes other than on income -3.89 -3.85 -4.23 -3.87 -3.49
Depreciation, depletion and amortization -27.58 -24.29 -18.91 -32.54 -45.47
Asset impairments and other charges -4.79 -0.74 0.00 -1.17 -62.23
Acquisition-related costs -0.31 -0.09 -0.24 -0.59 -1.90
Exploration expense -1.03 -1.56 -0.59 -0.97 -0.74
Operating income (loss) 16.40% 24.21% 38.32% 17.59% -79.89%
Interest and debt expense, net -4.40 -3.34 -2.81 -6.22 -8.00
Income (loss) before income taxes and other items 12.00% 20.86% 35.51% 11.37% -87.89%
Gains (losses) on interest rate swaps, net 0.00 0.00 0.87 0.47 -2.38
Income from equity investments and other 3.23 1.89 2.16 2.43 2.08
Other items 3.23% 1.89% 3.03% 2.90% -0.30%
Income (loss) from continuing operations before income taxes 15.23% 22.75% 38.54% 14.27% -88.19%
Income tax (expense) benefit -4.39 -6.13 -2.22 -3.53 12.20
Income (loss) from continuing operations 10.84% 16.62% 36.32% 10.75% -75.99%
Income (loss) from discontinued operations, net of tax 0.68 0.00 0.00 -1.80 -7.29
Net income (loss) 11.52% 16.62% 36.32% 8.95% -83.28%
Net income attributable to noncontrolling interest -0.08 0.00 0.00 0.00 0.00
Net income (loss) attributable to Occidental 11.43% 16.62% 36.32% 8.95% -83.28%
Preferred stock dividends and redemption premiums -2.54 -3.27 -2.18 -3.08 -4.74
Net income (loss) attributable to common stockholders 8.89% 13.35% 34.13% 5.86% -88.02%

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).

The financial performance over the analyzed five-year period is characterized by a severe contraction in 2020, followed by a robust recovery peaking in 2022, and a subsequent gradual normalization of margins through 2024. The transition from a significant net loss to consistent profitability reflects a stabilization of the cost structure and a recovery in operational efficiency.

Profitability and Operating Margins
Operating income exhibited extreme volatility, starting at a deficit of -79.89% of net sales in 2020 before rebounding to 17.59% in 2021 and peaking at 38.32% in 2022. A downward trend followed this peak, with operating income contracting to 24.21% in 2023 and 16.40% in 2024. This pattern is mirrored in the net income attributable to common stockholders, which recovered from a loss of -88.02% in 2020 to a high of 34.13% in 2022, before settling at 8.89% by the end of 2024.
Cost Structure and Asset Management
The massive loss in 2020 was primarily driven by non-recurring charges, specifically asset impairments and other charges at -62.23% and depreciation, depletion, and amortization (DD&A) at -45.47%. Asset impairments returned to negligible levels in subsequent years, although a slight increase to -4.79% was noted in 2024. DD&A costs saw a significant reduction by 2022 (-18.91%) but have trended upward again, reaching -27.58% in 2024.
Operational Expense Trends
Oil and gas lease operating expenses showed a general increase in the latter half of the period, rising from -11.00% in 2022 to -17.73% in 2024. Similarly, transportation and gathering expenses increased from a low of -4.03% in 2022 to -6.02% in 2024. Conversely, the cost of purchased commodities decreased sharply from -8.97% in 2022 to -1.26% in 2024, suggesting a strategic shift in commodity procurement or a change in pricing dynamics.
Financial Obligations and Tax Impact
Interest and debt expenses, net, peaked at -8.00% in 2020, declined to a low of -2.81% in 2022, and have since risen to -4.40% in 2024. Tax impacts shifted from a significant benefit of 12.20% in 2020, which mitigated the net loss, to consistent tax expenses ranging between -2.22% and -6.13% during the profitable years of 2021 through 2024.

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