Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Occidental Petroleum Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net sales	26,725)	28,257)	36,634)	25,956)	17,809)
Interest, dividends and other income	171)	139)	153)	166)	118)
Gains (losses) on sales of assets and other, net	(16)	522)	308)	192)	(1,666)
Revenues and other income	26,880)	28,918)	37,095)	26,314)	16,261)
Oil and gas lease operating expense	(4,738)	(4,677)	(4,028)	(3,160)	(3,065)
Transportation and gathering expense	(1,608)	(1,481)	(1,475)	(1,419)	(1,600)
Chemical and midstream cost of sales	(3,121)	(3,116)	(3,273)	(2,772)	(2,408)
Purchased commodities	(337)	(2,009)	(3,287)	(2,308)	(1,395)
Selling, general and administrative expense	(1,062)	(1,083)	(945)	(863)	(864)
Other operating and non-operating expense	(1,581)	(1,084)	(1,271)	(1,065)	(884)
Taxes other than on income	(1,039)	(1,087)	(1,548)	(1,005)	(622)
Depreciation, depletion and amortization	(7,371)	(6,865)	(6,926)	(8,447)	(8,097)
Asset impairments and other charges	(1,281)	(209)	—)	(304)	(11,083)
Acquisition-related costs	(84)	(26)	(89)	(153)	(339)
Exploration expense	(275)	(441)	(216)	(252)	(132)
Operating income (loss)	4,383)	6,840)	14,037)	4,566)	(14,228)
Interest and debt expense, net	(1,175)	(945)	(1,030)	(1,614)	(1,424)
Income (loss) before income taxes and other items	3,208)	5,895)	13,007)	2,952)	(15,652)
Gains (losses) on interest rate swaps, net	—)	—)	317)	122)	(423)
Income from equity investments and other	862)	534)	793)	631)	370)
Other items	862)	534)	1,110)	753)	(53)
Income (loss) from continuing operations before income taxes	4,070)	6,429)	14,117)	3,705)	(15,705)
Income tax (expense) benefit	(1,174)	(1,733)	(813)	(915)	2,172)
Income (loss) from continuing operations	2,896)	4,696)	13,304)	2,790)	(13,533)
Income (loss) from discontinued operations, net of tax	182)	—)	—)	(468)	(1,298)
Net income (loss)	3,078)	4,696)	13,304)	2,322)	(14,831)
Net income attributable to noncontrolling interest	(22)	—)	—)	—)	—)
Net income (loss) attributable to Occidental	3,056)	4,696)	13,304)	2,322)	(14,831)
Preferred stock dividends and redemption premiums	(679)	(923)	(800)	(800)	(844)
Net income (loss) attributable to common stockholders	2,377)	3,773)	12,504)	1,522)	(15,675)

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).

Revenue Trends: Net sales exhibited a significant increase from 2020 to 2022, rising from approximately $17.8 billion to $36.6 billion, followed by a decline in subsequent years to around $26.7 billion in 2024. Interest, dividends, and other income showed moderate fluctuations without a clear upward or downward trend. Gains and losses on sales of assets showed volatility, with a sizable loss in 2020, gains in 2021 through 2023, and a minor loss in 2024. Overall revenues and other income mirrored the trend in net sales, peaking in 2022 before declining.
Cost and Expense Patterns: Operating expenses including oil and gas lease, transportation, chemical and midstream costs generally increased over the periods, with lease operating expenses rising steadily to nearly $4.7 billion in 2024. Transportation and gathering expenses remained relatively stable but slightly increased toward 2024. Chemical and midstream cost of sales increased until 2022 and then held steady thereafter. Purchased commodities showed a fluctuating pattern, peaking in 2022 and sharply declining by 2024. Selling, general and administrative expenses showed a gradual increase until 2023, slightly reducing in 2024. Other operating and non-operating expenses exhibited variability, with a notable peak in 2024, reaching around $1.6 billion. Taxes other than on income rose until 2022, then decreased through to 2024.
Depreciation and Impairments: Depreciation, depletion, and amortization expenses displayed a downward trend from 2020 to 2023, with a moderate increase in 2024. Asset impairments and other charges were very high in 2020, decreased sharply in 2021, and remained relatively low but with some increase in 2024.
Operating Income and Profitability: Operating income shifted from a significant loss in 2020 to strong profitability in 2021 and 2022, followed by a decline in 2023 and 2024. Interest and debt expenses showed some fluctuation but generally decreased after 2021, rising slightly again in 2024. Income before income taxes followed the same pattern as operating income, with a strong recovery post-2020 and a gradual decline thereafter.
Income Taxes and Net Income: Income tax expense was negative (a benefit) in 2020 but became a consistent cost in subsequent years, peaking in 2023 and slightly decreasing in 2024. Net income from continuing operations improved markedly from loss in 2020 to robust profits between 2021 and 2022, then moderated in the final two years. The net income reflected similar trends, showing a large loss in 2020, positive income in 2021 and 2022, followed by reductions in 2023 and 2024. Dividends paid on preferred stock remained relatively stable, with a small decrease in 2024.
Common Stockholder Earnings: Net income attributable to common stockholders experienced a turnaround from substantial loss in 2020 to positive earnings in 2021 and 2022, before decreasing in 2023 and 2024. The decline in common stockholder earnings in later years aligns with the decrease in overall profitability metrics.
Additional Observations: Income from equity investments and other items showed a generally positive contribution throughout the periods, with an upward trend in 2024. Exploration expenses fluctuated but notably peaked in 2023. Acquisition-related costs decreased progressively over time. Discontinued operations contributed negatively to income until 2021, with some positive impact in 2024. Gains (losses) on interest rate swaps were irregular but showed positive results in 2021 and 2022.

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Occidental Petroleum Corp. (NYSE:OXY)

Income Statement