Stock Analysis on Net

Occidental Petroleum Corp. (NYSE:OXY)

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

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net sales 28,257 36,634 25,956 17,809 20,393
Interest, dividends and other income 139 153 166 118 217
Gains (losses) on sales of assets and other, net 522 308 192 (1,666) 622
Revenues and other income 28,918 37,095 26,314 16,261 21,232
Oil and gas lease operating expense (4,677) (4,028) (3,160) (3,065) (3,246)
Transportation and gathering expense (1,481) (1,475) (1,419) (1,600) (621)
Chemical and midstream cost of sales (3,116) (3,273) (2,772) (2,408) (2,791)
Purchased commodities (2,009) (3,287) (2,308) (1,395) (1,679)
Selling, general and administrative (1,083) (945) (863) (864) (882)
Other operating and non-operating expense (1,084) (1,271) (1,065) (884) (1,425)
Taxes other than on income (1,087) (1,548) (1,005) (622) (707)
Depreciation, depletion and amortization (6,865) (6,926) (8,447) (8,097) (5,981)
Asset impairments and other charges (209) (304) (11,083) (1,361)
Acquisition-related costs (26) (89) (153) (339) (1,647)
Exploration expense (441) (216) (252) (132) (246)
Operating income (loss) 6,840 14,037 4,566 (14,228) 646
Interest and debt expense, net (945) (1,030) (1,614) (1,424) (1,066)
Income (loss) before income taxes and other items 5,895 13,007 2,952 (15,652) (420)
Gains (losses) on interest rate swaps, net 317 122 (423) 233
Income from equity investments and other 534 793 631 370 373
Other items 534 1,110 753 (53) 606
Income (loss) from continuing operations before income taxes 6,429 14,117 3,705 (15,705) 186
Income tax (expense) benefit (1,733) (813) (915) 2,172 (693)
Income (loss) from continuing operations 4,696 13,304 2,790 (13,533) (507)
Loss from discontinued operations, net of tax (468) (1,298) (15)
Net income (loss) 4,696 13,304 2,322 (14,831) (522)
Net income attributable to noncontrolling interest (145)
Net income (loss) attributable to Occidental 4,696 13,304 2,322 (14,831) (667)
Preferred stock dividends and redemption premiums (923) (800) (800) (844) (318)
Net income (loss) attributable to common stockholders 3,773 12,504 1,522 (15,675) (985)

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).

Income statement item Description The company
Net sales Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Occidental Petroleum Corp. net sales increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Operating income (loss) The net result for the period of deducting operating expenses from operating revenues. Occidental Petroleum Corp. operating income (loss) increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Income (loss) from continuing operations before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Occidental Petroleum Corp. income (loss) from continuing operations before income taxes increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Net income (loss) attributable to Occidental The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Occidental Petroleum Corp. net income (loss) attributable to Occidental increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.