Occidental Petroleum Corp. (NYSE:OXY)

Current assets

The current assets show an overall moderate fluctuation across the five-year span. Starting from 8,819 million USD at the end of 2020, there is a noticeable increase to 10,211 million USD by the end of 2021. This represents a significant rise in short-term resources. However, this is followed by a decrease to 8,886 million USD in 2022 and a further decline to 8,375 million USD in 2023, marking a downward trend for two consecutive years. In 2024, current assets rebound somewhat to 9,070 million USD, indicating a partial recovery but still slightly below the 2021 peak.

Adjusted current assets

Adjusted current assets follow a similar pattern to current assets but with slightly higher values in each respective year, which may suggest adjustments for certain accounting considerations or reclassifications. The adjusted current assets rise from 8,872 million USD in 2020 to 10,345 million USD in 2021, mirroring the strong increase seen in current assets. Then, they decline to 9,044 million USD in 2022 and continue to drop to 8,512 million USD in 2023. By 2024, adjusted current assets increase again to 9,187 million USD, slightly higher than the current assets figure for the same year.

Trend Analysis

Both current assets and adjusted current assets demonstrate a similar cyclical trend with a peak in 2021, followed by two years of decline, and a modest recovery in 2024. The variance between current and adjusted values is consistent, indicating stable adjustments over time. The peak in 2021 could reflect favorable operational or market conditions leading to higher liquidity or short-term assets. The subsequent reduction in 2022 and 2023 may suggest strategic asset management, disposals, or other factors reducing liquid resources. The rise in 2024 implies an improvement or replenishment of short-term assets. Overall, the company maintains relatively stable current asset levels, despite some volatility.

Total Assets

The total assets exhibited a declining trend from 80,064 million US dollars at the end of 2020 to 72,609 million US dollars by the end of 2022. Following this period of contraction, a modest recovery occurred in 2023, with total assets increasing to 74,008 million US dollars. This upward trajectory continued more pronouncedly into 2024, reaching 85,445 million US dollars, representing a significant increase compared to prior years.

Adjusted Total Assets

Adjusted total assets closely mirrored the pattern of total assets throughout the period. Starting at 80,061 million US dollars in 2020, adjusted total assets decreased to 72,737 million US dollars by 2022. Subsequent years showed a recovery trend, rising to 74,119 million US dollars in 2023 and then advancing further to 85,542 million US dollars in 2024. The alignment between total and adjusted figures suggests consistency in asset valuation adjustments over the period.

Total liabilities

The total liabilities exhibit a downward trend from 2020 through 2022, declining from 61,491 million US dollars in 2020 to 42,524 million in 2022. In 2023, the total liabilities increased slightly to 43,659 million and rose further to 50,965 million in 2024. This pattern shows an initial significant reduction over two years, followed by a rebound in liabilities over the subsequent two years.

Adjusted total liabilities

Adjusted total liabilities follow a similar trend to total liabilities, decreasing steadily from 54,378 million US dollars in 2020 to 37,012 million in 2022. Subsequently, they rise marginally in 2023 to 37,895 million and then increase to 45,571 million in 2024. The magnitude of change in adjusted liabilities is somewhat less pronounced than that of total liabilities, but the pattern of initial decrease followed by an increase remains consistent.

General insights

Both total and adjusted liabilities show an overall reduction from 2020 to 2022, indicating efforts or circumstances leading to reduced obligations during this period. However, from 2023 onwards, there is a noticeable reversal, with liabilities increasing again, potentially reflecting changes in financing strategies, investment activities, or external economic conditions influencing the liability structure in recent years.

The analysis of the annual financial data reveals a consistent upward trajectory in both stockholders' equity and adjusted total equity over the five-year period.

Stockholders’ Equity

Stockholders’ equity increased steadily from US$18,573 million at the end of 2020 to US$34,159 million by the end of 2024. This represents an overall growth of approximately 84% across the five years. The most significant year-over-year growth occurred between 2021 and 2022, with an increase of US$7,758 million, suggesting a period of enhanced profitability or retained earnings accumulation. The growth slowed slightly but remained positive in subsequent years, indicating sustained equity value expansion.

Adjusted Total Equity

Adjusted total equity displayed a similar upward trend, rising from US$25,683 million in 2020 to US$39,971 million in 2024. This denotes an approximate increase of 56% over the timeframe. Notably, the jump from 2021 to 2022 saw the largest increase of US$6,262 million, mirroring the spike seen in stockholders’ equity. Post-2022 growth continued, though at a more moderated pace, reflecting continued but stabilized enhancements in adjusted equity metrics.

Overall, the data signifies a healthy strengthening of the company’s equity base, with both standard and adjusted equity figures growing consistently year over year. The substantial increases in the earlier part of the period, particularly 2021 to 2022, may be indicative of favorable operational results, capital injections, or asset revaluations contributing to the enhanced equity position. The moderation of growth in later years suggests a possible stabilization phase or management focus on maintaining equity levels. These trends imply a solid financial foundation and potential resilience in the company’s capital structure.

The financial data reveals several notable trends regarding the company's debt, equity, and overall capital structure over the five-year period ending December 31, 2024.

Total Reported Debt

The total reported debt shows a declining trend from 2020 to 2023, dropping from $36,185 million to a low of $19,738 million. However, in 2024, there is a significant increase to $26,116 million. This pattern suggests initial deleveraging followed by an increased borrowing or shift in financing strategy in the final year.

Stockholders' Equity

Stockholders' equity consistently increases across the years under review, rising from $18,573 million in 2020 to $34,159 million in 2024. The most pronounced growth occurs between 2021 and 2022, indicating strengthening equity base likely due to retained earnings or capital injections.

Total Reported Capital

Total reported capital declines from $54,758 million in 2020 to stabilize near $49,900 million between 2021 and 2023, followed by a marked increase to $60,275 million in 2024. This increase aligns with the rise in both debt and equity in 2024, suggesting an expansion of the capital base.

Adjusted Total Debt

The adjusted total debt metric closely mirrors the pattern of total reported debt, declining sharply from $37,299 million in 2020 to $20,911 million in 2023, then rising to $27,104 million in 2024. The parallel movement in reported and adjusted debt indicates consistency in debt accounting and the recognition of similar liabilities in both measures.

Adjusted Total Equity

Adjusted total equity exhibits sustained growth over the period, increasing from $25,683 million in 2020 to $39,971 million in 2024. This growth is gradual but steady, indicating an improving equity position when factoring in adjustments not captured in the reported figures.

Adjusted Total Capital

Adjusted total capital declines from $62,982 million in 2020 to about $56,490 million by 2022, remains relatively stable in 2023 at $57,135 million, then increases significantly to $67,075 million in 2024. This increase correlates with rises in both adjusted debt and adjusted equity, suggesting overall capital expansion.

In summary, the company has reduced its debt substantially from 2020 through 2023, improving its equity base consistently throughout the period. The increase in both debt and equity in 2024 points to a strategic shift toward growth or investment that requires additional capital. The alignment between reported and adjusted figures indicates stable accounting policies and reflects a robust increase in total capital by the end of the analyzed period.

Net Income (Loss) Attributable to Occidental

The net income attributable to the company shows significant volatility over the analyzed periods. In 2020, there was a substantial loss amounting to approximately -14.8 billion US dollars. This loss was followed by a notable turnaround in 2021, where the company reported a positive net income of 2.3 billion US dollars. The upward trend continued sharply in 2022, reaching a peak of approximately 13.3 billion US dollars. However, subsequent years saw a decline, with 2023 net income decreasing to about 4.7 billion and further dropping to roughly 3.1 billion US dollars in 2024. The overall pattern indicates a recovery from a major loss to strong profitability in 2022, followed by a diminishing profit level in the following two years.

Adjusted Net Income (Loss)

The adjusted net income displays a trend broadly consistent with the reported net income, but with somewhat lower magnitudes. In 2020, the adjusted loss stood at approximately -16.1 billion US dollars, slightly higher than the reported net loss. In 2021, the company returned to a positive adjusted net income of about 3.0 billion US dollars, rising to roughly 12.1 billion in 2022. Like the reported figures, adjusted net income declined in subsequent years, falling to approximately 4.8 billion in 2023 and then around 2.3 billion dollars in 2024. This suggests that after adjustments, the company’s profitability pattern remains consistent, with substantial recovery by 2022 followed by profit contraction afterward.