Stock Analysis on Net
Stock Analysis on Net

Occidental Petroleum Corp. (NYSE:OXY)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Occidental Petroleum Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Current maturities of long-term debt 1.33 1.62 0.23 0.25 0.55
Current operating lease liabilities 0.44 0.60 0.38 0.25 0.59
Accounts payable 4.39 4.93 5.55 5.20 3.73
Payroll and related expenses 0.81 0.94 0.00 0.00 0.00
Income tax payable 0.55 0.03 0.00 0.00 0.00
Accrued interest payable 0.52 0.45 0.00 0.00 0.00
Taxes other than on income 0.52 0.84 0.00 0.00 0.00
Carbon Engineering acquisition payable 0.46 0.41 0.00 0.00 0.00
Current asset retirement obligations 0.45 0.26 0.00 0.00 0.00
Dividends payable 0.41 0.41 0.00 0.00 0.00
Other 1.25 1.87 4.53 5.40 5.40
Accrued liabilities 4.98% 5.21% 4.53% 5.40% 5.40%
Current liabilities 11.14% 12.36% 10.68% 11.09% 10.27%
Long-term debt, net, excluding current maturities 29.23 25.05 27.09 39.22 44.65
Deferred income taxes, net 6.31 7.79 7.59 9.38 8.88
Asset retirement obligations 4.73 5.25 5.01 4.91 4.97
Long term tax liabilities 2.58 2.80 0.00 0.00 0.00
Environmental remediation liabilities 2.06 1.20 1.25 1.26 1.28
Pension and postretirement obligations 1.20 1.26 1.45 2.05 2.20
Non-current operating lease liabilities 0.72 0.98 0.90 0.78 0.80
Other 1.67 2.31 4.59 4.21 3.75
Other deferred credits and liabilities 8.23% 8.55% 8.19% 8.30% 8.03%
Deferred credits and other liabilities 19.27% 21.59% 20.79% 22.59% 21.89%
Noncurrent liabilities 48.50% 46.63% 47.88% 61.82% 66.53%
Total liabilities 59.65% 58.99% 58.57% 72.91% 76.80%
Preferred stock, at $1.00 per share par value 9.70 11.20 13.44 13.01 12.19
Common stock, $0.20 per share par value 0.27 0.30 0.30 0.29 0.27
Treasury stock -18.25 -21.05 -18.97 -14.22 -13.32
Additional paid-in capital 23.25 23.54 23.66 22.32 20.67
Retained earnings 24.80 26.52 22.72 5.97 3.74
Accumulated other comprehensive income (loss) 0.21 0.37 0.27 -0.28 -0.36
Stockholders’ equity 39.98% 40.87% 41.43% 27.09% 23.20%
Noncontrolling interest 0.38 0.13 0.00 0.00 0.00
Total equity 40.35% 41.01% 41.43% 27.09% 23.20%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

Current liabilities
Current liabilities as a percentage of total liabilities and equity remained relatively stable between 10.27% and 12.36% over the observed periods. Current maturities of long-term debt showed a declining trend from 0.55% in 2020 to a low of 0.23% in 2022, before increasing to 1.62% in 2023, then moderately decreasing to 1.33% in 2024. Current operating lease liabilities fluctuated modestly, decreasing from 0.59% in 2020 to 0.25% in 2021, then rising to 0.6% in 2023, and lowering again to 0.44% in 2024.
Accounts payable exhibited an increasing trend from 3.73% in 2020 to a peak of 5.55% in 2022, followed by a gradual decrease to 4.39% in 2024. New liabilities such as payroll and related expenses, income tax payable, accrued interest payable, taxes other than on income, Carbon Engineering acquisition payable, current asset retirement obligations, and dividends payable appeared only in the most recent years, collectively contributing a moderate share within current liabilities.
Noncurrent liabilities
Noncurrent liabilities showed a declining trend overall, dropping from 66.53% in 2020 to a low of 46.63% in 2023, before slightly increasing to 48.5% in 2024. Long-term debt net of current maturities declined substantially from 44.65% in 2020 to 25.05% in 2023, with a moderate rebound to 29.23% in 2024.
Deferred income taxes, net, also decreased from 8.88% in 2020 to 6.31% in 2024. Pension and postretirement obligations exhibited a consistent downward trend from 2.2% in 2020 to 1.2% in 2024. Environmental remediation liabilities, however, rose notably from around 1.25% in early years to 2.06% in 2024.
Other noncurrent liabilities such as long-term tax liabilities emerged in recent years, contributing slightly above 2.5% in the last periods. Non-current operating lease liabilities remained relatively steady around 0.7% to 1% over the period. Overall, deferred credits and other liabilities declined mildly from 21.89% in 2020 to 19.27% in 2024.
Total liabilities
Total liabilities as a proportion of total liabilities and equity decreased notably from 76.8% in 2020 to 58.57% in 2022, and then stabilized slightly below 60% through 2024, indicating a gradual reduction in reliance on liabilities.
Equity
Equity increased from 23.2% of total liabilities and equity in 2020 to a peak of 41.43% in 2022, and then held steady around 40% in subsequent years. This rise was driven primarily by a significant increase in retained earnings, which surged from 3.74% in 2020 to 26.52% in 2023 before slightly decreasing to 24.8% in 2024.
Additional paid-in capital gradually increased from 20.67% to about 23.25% over the period. Preferred stock slightly declined after 2022, dropping from 13.44% to 9.7% in 2024. Treasury stock, representing a negative component of equity, deepened from -13.32% in 2020 to -21.05% in 2023 before partially recovering to -18.25% in 2024. Accumulated other comprehensive income shifted from a small loss to modest positive values across the years.
Common stock remained stable at approximately 0.27% to 0.3%, and a small noncontrolling interest emerged in later years, contributing less than 0.5% to total equity.
Summary Insights
The data reflects a strategic reduction in long-term debt complemented by an increase in equity, particularly retained earnings, leading to a stronger equity base as a proportion of total capitalization. Current liabilities remained relatively consistent in their proportion of total liabilities and equity, while the composition of liabilities shifted somewhat with emerging items in recent years.
The rise in environmental remediation liabilities suggests increased recognition or investment related to environmental obligations. Stable or slightly declining deferred income tax liabilities and pension obligations might indicate improved management or settlement of these long-term obligations.
Overall, the balance sheet structure shows a trend toward lower leverage and greater financial stability, as evidenced by the declining total liabilities percentage and rising equity proportion over the analyzed periods.