Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Occidental Petroleum Corp., consolidated balance sheet: assets
US$ in millions
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 data reveals several trends in the company's asset structure over the five-year period from December 31, 2020, to December 31, 2024.
- Liquidity Position
- Cash and cash equivalents showed volatility, increasing from $2,008 million in 2020 to a peak of $2,764 million in 2021, then declining sharply to $984 million in 2022, before recovering to $2,132 million by the end of 2024. Trade receivables net of reserves more than doubled from 2020 to 2021, rising to $4,208 million, and remained relatively stable around $3,195 to $4,281 million over subsequent years, showing moderate fluctuation in collections or sales on credit. Joint interest receivables appear only in 2023 and 2024, amounting to $902 million and $720 million respectively, indicating new or expanded joint venture arrangements or receivables starting from 2023.
- Inventory and Other Current Assets
- Inventories were relatively stable, with slight fluctuations between $1,846 million and $2,095 million, suggesting consistent inventory management. Other current assets decreased significantly from a high of $2,798 million in 2020 to $597 million in 2024, indicating the company may have reduced miscellaneous or less liquid current assets over time.
- Total Current Assets
- Total current assets peaked in 2021 at $10,211 million but decreased to around $8,375 million in 2023 before modestly rising to $9,070 million by the end of 2024. This reflects the combined impact of the fluctuations in cash, receivables, and other current assets.
- Long-Term Assets
- Long-term assets showed a declining trend from $71,245 million in 2020 to $63,723 million in 2022, then increased steadily to reach a high of $76,375 million in 2024. This was driven largely by significant growth in property, plant, and equipment (PP&E), which decreased from 2020 to 2022 but then grew substantially to $69,378 million by 2024, marking the highest level in the period and suggesting increased capital expenditures or asset revaluation. Other long-term assets more than doubled from $1,044 million in 2020 to $2,901 million in 2024, indicating expansion in non-PP&E holdings or investments.
- Investments and Lease Assets
- Investments in unconsolidated entities fluctuated slightly, peaking at $3,224 million in 2023 and ending marginally lower at $3,159 million in 2024. Operating lease assets declined from $1,062 million in 2020 to a low of $726 million in 2021, recovered to $1,130 million in 2023, and then decreased again to $937 million in 2024, illustrating ongoing adjustments in leased asset management.
- Total Assets
- Total assets decreased steadily from $80,064 million in 2020 to a low of $72,609 million in 2022, followed by a recovery and growth to $85,445 million in 2024. This pattern reflects the combined effects of declines in current and long-term assets in the initial years, succeeded by robust asset growth, mainly fueled by increased PP&E and other long-term assets towards the end of the period.