Name: Occidental Petroleum Corp. (NYSE:OXY) | Income Statement
Creator: Stock Analysis on Net

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.

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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).

Financial performance between 2020 and 2024 was characterized by extreme volatility, moving from a significant net loss to a period of peak profitability, followed by a gradual decline in earnings. The overall trend suggests a strong cyclical correlation with market conditions, particularly evident in the fluctuations of net sales and operating income.

Revenue and Top-Line Trends: Net sales exhibited a sharp upward trajectory from 2020 to 2022, rising from US$ 17,809 million to a peak of US$ 36,634 million. However, this growth reversed in the subsequent two years, with sales contracting to US$ 28,257 million in 2023 and further declining to US$ 26,725 million in 2024.
Operating Expense Analysis: Oil and gas lease operating expenses showed a consistent year-over-year increase, rising from US$ 3,065 million in 2020 to US$ 4,738 million in 2024, indicating rising production or maintenance costs. In contrast, purchased commodities expenses peaked in 2022 at US$ 3,287 million before dropping sharply to US$ 337 million in 2024.
Non-Cash Charges and Impairments: The 2020 fiscal year was heavily impacted by asset impairments and other charges totaling US$ 11,083 million, which contributed significantly to the net loss for that period. While impairments remained low between 2021 and 2023, another notable charge of US$ 1,281 million occurred in 2024. Depreciation, depletion, and amortization remained relatively stable, fluctuating between US$ 6,865 million and US$ 8,447 million over the five-year period.
Profitability and Net Income: Operating income transitioned from a loss of US$ 14,228 million in 2020 to a peak gain of US$ 14,037 million in 2022. Following this peak, operating income declined to US$ 6,840 million in 2023 and US$ 4,383 million in 2024. Net income attributable to common stockholders mirrored this pattern, shifting from a loss of US$ 15,675 million in 2020 to a peak of US$ 12,504 million in 2022, before settling at US$ 2,377 million by the end of 2024.
Financial Obligations and Other Items: Interest and debt expenses peaked in 2021 at US$ 1,614 million and generally trended downward until 2023, before rising slightly to US$ 1,175 million in 2024. Preferred stock dividends and redemption premiums remained a consistent annual cash outflow, ranging between US$ 679 million and US$ 923 million throughout the analyzed period.

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