Stock Analysis on Net

Occidental Petroleum Corp. (NYSE:OXY)

Adjustments to Financial Statements

Microsoft Excel

Adjustments to Current Assets

Occidental Petroleum Corp., adjusted current assets

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Current assets 8,375 8,886 10,211 8,819 18,681
Adjustments
Add: Allowance for doubtful accounts 29 37 35 24 19
Add: LIFO reserve1 108 121 99 29 40
After Adjustment
Adjusted current assets 8,512 9,044 10,345 8,872 18,740

Based on: 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), 10-K (reporting date: 2019-12-31).

1 LIFO reserve. See details »


Adjustments to Total Assets

Occidental Petroleum Corp., adjusted total assets

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Total assets 74,008 72,609 75,036 80,064 109,330
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Add: Allowance for doubtful accounts 29 37 35 24 19
Add: LIFO reserve2 108 121 99 29 40
Less: Foreign deferred tax asset in long-term receivables and other assets, net3 26 30 37 56 56
After Adjustment
Adjusted total assets 74,119 72,737 75,133 80,061 109,333

Based on: 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), 10-K (reporting date: 2019-12-31).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 LIFO reserve. See details »

3 Foreign deferred tax asset in long-term receivables and other assets, net. See details »


Adjustments to Total Liabilities

Occidental Petroleum Corp., adjusted total liabilities

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Total liabilities 43,659 42,524 54,709 61,491 75,098
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Deferred income tax liability2 5,764 5,512 7,039 7,113 9,717
After Adjustment
Adjusted total liabilities 37,895 37,012 47,670 54,378 65,381

Based on: 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), 10-K (reporting date: 2019-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred income tax liability. See details »


Adjustments to Stockholders’ Equity

Occidental Petroleum Corp., adjusted stockholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Stockholders’ equity 30,250 30,085 20,327 18,573 34,232
Adjustments
Less: Deferred income tax asset (liability), net1 (5,738) (5,482) (7,002) (7,057) (9,661)
Add: Allowance for doubtful accounts 29 37 35 24 19
Add: LIFO reserve2 108 121 99 29 40
Add: Non-controlling interest 99
After Adjustment
Adjusted total equity 36,224 35,725 27,463 25,683 43,952

Based on: 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), 10-K (reporting date: 2019-12-31).

1 Deferred income tax asset (liability), net. See details »

2 LIFO reserve. See details »


Adjustments to Capitalization Table

Occidental Petroleum Corp., adjusted capitalization table

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Current maturities of long-term debt 1,202 165 186 440 51
Long-term debt, net, excluding current maturities 18,536 19,670 29,431 35,745 38,537
Total reported debt 19,738 19,835 29,617 36,185 38,588
Stockholders’ equity 30,250 30,085 20,327 18,573 34,232
Total reported capital 49,988 49,920 49,944 54,758 72,820
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Current operating lease liabilities2 446 273 186 473 569
Add: Noncurrent operating lease liabilities3 727 657 585 641 854
Adjusted total debt 20,911 20,765 30,388 37,299 40,011
Adjustments to Equity
Less: Deferred income tax asset (liability), net4 (5,738) (5,482) (7,002) (7,057) (9,661)
Add: Allowance for doubtful accounts 29 37 35 24 19
Add: LIFO reserve5 108 121 99 29 40
Add: Non-controlling interest 99
Adjusted total equity 36,224 35,725 27,463 25,683 43,952
After Adjustment
Adjusted total capital 57,135 56,490 57,851 62,982 83,963

Based on: 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), 10-K (reporting date: 2019-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current operating lease liabilities. See details »

3 Noncurrent operating lease liabilities. See details »

4 Deferred income tax asset (liability), net. See details »

5 LIFO reserve. See details »


Adjustments to Reported Income

Occidental Petroleum Corp., adjusted net income (loss) attributable to Occidental

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Net income (loss) attributable to Occidental 4,696 13,304 2,322 (14,831) (667)
Adjustments
Add: Deferred income tax expense (benefit)1 57 (1,644) 46 (2,517) (1,027)
Add: Increase (decrease) in allowance for doubtful accounts (8) 2 11 5 (2)
Add: Increase (decrease) in LIFO reserve2 (13) 22 70 (11) (7)
Less: Loss from discontinued operations, net of tax (468) (1,298) (15)
Add: Other comprehensive income (loss), net of tax 80 403 80 (67) (49)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest 145
After Adjustment
Adjusted net income (loss) 4,812 12,087 2,997 (16,123) (1,592)

Based on: 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), 10-K (reporting date: 2019-12-31).

1 Deferred income tax expense (benefit). See details »

2 Increase (decrease) in LIFO reserve. See details »