Common-Size Income Statement
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Occidental Petroleum Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Overall Revenue and Income Trends
- The revenues and other income as a percentage of net sales indicate a general recovery and growth trend beginning in early 2021 after notable declines in 2020. The period from March 2020 to December 2020 showed considerable reductions, largely reflecting adverse market conditions. From March 2021 through December 2023, the revenues mostly stabilized above 100%, denoting incremental income beyond net sales. However, the quarters in 2024 and 2025 show fluctuations around 100%, suggesting variable but sustained revenue levels relative to net sales.
- Operating Expenses
- Several key expense categories, including oil and gas lease operating expenses, transportation and gathering expenses, and chemical and midstream costs, consistently account for significant negative percentages of net sales. Notably, oil and gas lease operating expenses decreased considerably from early 2020 values (around -16% to -21%) to below -10% in 2021, but then gradually increased again beginning in 2023 and into 2024, reaching levels near -19%. Transportation expenses follow a downward trend from -8.54% in March 2020 to approximately -4.16% in early 2022, but then show slight increases again after mid-2023 up to around -6.5%. Chemical and midstream cost percentages exhibit a similar pattern of decline through 2021 but increase from 2022 into 2024, approaching around -13% by mid-2025.
- Purchased Commodities
- Purchased commodities' costs as a percentage of net sales presented notable volatility, with a peak around -10.94% in December 2020 decreasing to negligible levels in 2024 before values become unavailable in the last two quarters of 2025. This could reflect changes in procurement strategies or supply chain adjustments. The sharp decrease in this category by 2024 suggests a significant reduction in commodity purchasing relative to net sales.
- Selling, General and Administrative Expenses
- This expense category showed variability but generally maintained a range between -2.3% and -4.4% in relation to net sales. The lowest points occurred around 2021, with an increase evident in some quarters of 2023 and 2024, implying a potential rise in overhead or administrative costs during those periods.
- Other Operating and Non-Operating Expenses
- These expenses showed high variability, with extreme negative values during 2020 (especially Q2) and much lower levels afterward. Some quarters such as Q2 2023 experienced a significant reduction in this expense category, indicating episodic variances likely associated with non-recurring events or operational adjustments.
- Depreciation, Depletion, and Amortization
- This non-cash charge sharply decreased from large negative values near -72% in mid-2020 to more moderate levels between -16% and -30% in the following years, stabilizing around -25% to -30% in recent quarters. The initial high charge likely reflects impairment or write-down activities during pandemic-related disruptions.
- Asset Impairments and Other Charges
- There are significant negative spikes in asset impairments and other charges in early 2020, particularly in Q2 2020 (over -220%), indicating extraordinary write-downs or impairments in that period. The category stabilizes to much lower negative values afterward, with occasional small charges through to 2024, suggesting relatively infrequent impairments in recent periods.
- Operating Income and Profitability
- Operating income (loss) experienced extreme negative margins in 2020, particularly in Q2, followed by a consistent recovery beginning 2021. From March 2021 onward, operating income steadily improved, reaching positive values above 20% of net sales for most of 2021 through 2024, albeit with some variability in late 2024 and 2025 with declines in some quarters. This recovery trajectory indicates operational improvements and better cost control post-2020 disruptions.
- Interest and Debt Expense
- Interest and debt expense as a percentage of net sales decreased significantly post-2020, falling from around -10% in mid-2020 to between -1% and -5% from 2022 onward. This trend implies effective debt management or reduced borrowing costs over time.
- Income before Income Taxes and Other Items
- This measure mirrors the operating income trend, with a sharp downturn in 2020 followed by gradual recovery and consistent positive performance from 2021 through mid-2024. Occasional declines in late 2024 and 2025 suggest sensitivity to market conditions or other income statement factors in this later period.
- Income Taxes
- The effective income tax expense fluctuated widely, with large positive tax benefits seen in mid-2020 followed by more typical negative expense values roughly between -3% and -7% in subsequent periods. Some quarters, particularly in early 2022, recorded positive income tax impacts, possibly related to tax credits or adjustments.
- Net Income
- Net income attributable to common stockholders reflects a dramatic loss during 2020, consistent with operating losses and large impairments. Beginning in 2021, net income successively improved with most quarters showing positive returns relative to net sales, peaking notably in Q1 2022 at approximately 56%. The positive momentum continues through 2023 with some decline in magnitude, then shows variability with reductions and negative results in select quarters of 2024 and 2025. This pattern indicates a recovery cycle with ongoing exposure to operational and market fluctuations.
- Preferred Stock Dividends
- The dividends on preferred stock remained relatively stable as a percentage of net sales, with a general declining trend from around -3.3% to approximately -2.5% through 2021 to mid-2025. The stability suggests a consistent policy regarding preferred dividend obligations despite operational volatility.