Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net sales	6,803)	6,760)	7,173)	6,817)	5,975)	7,172)	7,158)	6,702)	7,225)	8,219)	9,390)	10,676)	8,349)	7,913)	6,792)	5,958)	5,293)	4,160)	4,108)	2,928)	6,613)
Interest, dividends and other income	59)	41)	60)	34)	36)	32)	50)	28)	29)	31)	37)	36)	49)	24)	18)	49)	75)	30)	21)	33)	34)
Gains (losses) on sales of assets and other, net	(19)	36)	(79)	28)	(1)	325)	192)	1)	4)	76)	74)	23)	135)	73)	5)	3)	111)	(842)	(846)	15)	7)
Revenues and other income	6,843)	6,837)	7,154)	6,879)	6,010)	7,529)	7,400)	6,731)	7,258)	8,326)	9,501)	10,735)	8,533)	8,010)	6,815)	6,010)	5,479)	3,348)	3,283)	2,976)	6,654)
Oil and gas lease operating expense	(1,217)	(1,191)	(1,207)	(1,179)	(1,161)	(1,277)	(1,189)	(1,130)	(1,081)	(1,103)	(1,056)	(1,005)	(864)	(843)	(829)	(712)	(776)	(709)	(656)	(631)	(1,069)
Transportation and gathering expense	(413)	(443)	(407)	(405)	(353)	(359)	(363)	(375)	(384)	(386)	(378)	(364)	(347)	(366)	(360)	(364)	(329)	(325)	(343)	(367)	(565)
Chemical and midstream cost of sales	(801)	(752)	(806)	(821)	(742)	(898)	(682)	(791)	(745)	(785)	(835)	(835)	(818)	(771)	(731)	(676)	(594)	(601)	(618)	(577)	(612)
Purchased commodities	—)	(79)	(83)	(89)	(86)	(501)	(520)	(490)	(498)	(660)	(785)	(1,031)	(811)	(675)	(588)	(487)	(558)	(455)	(333)	(214)	(393)
Selling, general and administrative expense	(267)	(276)	(268)	(259)	(259)	(307)	(258)	(277)	(241)	(258)	(247)	(244)	(196)	(280)	(240)	(177)	(166)	(209)	(166)	(225)	(264)
Other operating and non-operating expense	(392)	(493)	(334)	(344)	(410)	(438)	(328)	(10)	(308)	(362)	(319)	(291)	(299)	(303)	(256)	(248)	(258)	(342)	(231)	(114)	(197)
Taxes other than on income	(264)	(283)	(256)	(265)	(235)	(225)	(290)	(266)	(306)	(360)	(427)	(426)	(335)	(262)	(289)	(244)	(210)	(149)	(180)	(68)	(225)
Depreciation, depletion and amortization	(1,917)	(1,977)	(1,926)	(1,775)	(1,693)	(1,723)	(1,712)	(1,709)	(1,721)	(1,819)	(1,736)	(1,728)	(1,643)	(1,966)	(1,916)	(2,371)	(2,194)	(1,754)	(1,915)	(2,119)	(2,309)
Asset impairments and other charges	—)	(1,260)	(21)	—)	—)	—)	—)	(209)	—)	—)	—)	—)	—)	(131)	(17)	(21)	(135)	(87)	(2,723)	(6,470)	(1,803)
Acquisition-related costs	(6)	(9)	(49)	(14)	(12)	(26)	—)	—)	—)	(7)	(4)	(13)	(65)	(31)	(29)	(52)	(41)	(37)	(5)	(149)	(148)
Exploration expense	(55)	(69)	(57)	(83)	(66)	(112)	(125)	(102)	(102)	(118)	(47)	(26)	(25)	(107)	(31)	(86)	(28)	(33)	(29)	(33)	(37)
Operating income (loss)	1,511)	5)	1,740)	1,645)	993)	1,663)	1,933)	1,372)	1,872)	2,468)	3,667)	4,772)	3,130)	2,275)	1,529)	572)	190)	(1,353)	(3,916)	(7,991)	(968)
Interest and debt expense, net	(318)	(327)	(312)	(252)	(284)	(247)	(230)	(230)	(238)	(260)	(285)	(114)	(371)	(385)	(449)	(385)	(395)	(409)	(353)	(310)	(352)
Income (loss) before income taxes and other items	1,193)	(322)	1,428)	1,393)	709)	1,416)	1,703)	1,142)	1,634)	2,208)	3,382)	4,658)	2,759)	1,890)	1,080)	187)	(205)	(1,762)	(4,269)	(8,301)	(1,320)
Gains (losses) on interest rate swaps, net	—)	—)	—)	—)	—)	—)	—)	—)	—)	(15)	70)	127)	135)	(28)	(26)	(223)	399)	150)	88)	(76)	(585)
Income (loss) from equity investments and other	139)	153)	166)	242)	301)	143)	106)	185)	100)	207)	196)	201)	189)	168)	163)	179)	121)	187)	123)	193)	(133)
Other items	139)	153)	166)	242)	301)	143)	106)	185)	100)	192)	266)	328)	324)	140)	137)	(44)	520)	337)	211)	117)	(718)
Income (loss) from continuing operations before income taxes	1,332)	(169)	1,594)	1,635)	1,010)	1,559)	1,809)	1,327)	1,734)	2,400)	3,648)	4,986)	3,083)	2,030)	1,217)	143)	315)	(1,425)	(4,058)	(8,184)	(2,038)
Income tax (expense) benefit	(387)	49)	(454)	(465)	(304)	(361)	(434)	(467)	(471)	(473)	(902)	(1,231)	1,793)	(469)	(387)	(43)	(16)	276)	403)	1,468)	25)
Income (loss) from continuing operations	945)	(120)	1,140)	1,170)	706)	1,198)	1,375)	860)	1,263)	1,927)	2,746)	3,755)	4,876)	1,561)	830)	100)	299)	(1,149)	(3,655)	(6,716)	(2,013)
Discontinued operations, net of taxes	—)	—)	—)	—)	182)	—)	—)	—)	—)	—)	—)	—)	—)	(24)	(2)	3)	(445)	37)	80)	(1,415)	—)
Net income (loss)	945)	(120)	1,140)	1,170)	888)	1,198)	1,375)	860)	1,263)	1,927)	2,746)	3,755)	4,876)	1,537)	828)	103)	(146)	(1,112)	(3,575)	(8,131)	(2,013)
Net income attributable to noncontrolling interest	(9)	(7)	(7)	(8)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income (loss) attributable to Occidental	936)	(127)	1,133)	1,162)	888)	1,198)	1,375)	860)	1,263)	1,927)	2,746)	3,755)	4,876)	1,537)	828)	103)	(146)	(1,112)	(3,575)	(8,131)	(2,013)
Preferred stock dividends	(170)	(170)	(169)	(170)	(170)	(169)	(219)	(255)	(280)	(200)	(200)	(200)	(200)	(200)	(200)	(200)	(200)	(200)	(203)	(222)	(219)
Net income (loss) attributable to common stockholders	766)	(297)	964)	992)	718)	1,029)	1,156)	605)	983)	1,727)	2,546)	3,555)	4,676)	1,337)	628)	(97)	(346)	(1,312)	(3,778)	(8,353)	(2,232)

Revenue and Income Trends: Net sales exhibited significant volatility, with a steep decline from US$6,613 million in Q1 2020 to a low of US$2,928 million in Q2 2020, followed by a gradual recovery reaching US$7,225 million in Q1 2023. The next several quarters showed fluctuations but maintained a general range between US$5,975 million and US$7,173 million through early 2025. Interest, dividends, and other income remained relatively stable, generally fluctuating between US$28 million and US$60 million, indicating a steady contribution from these sources to total revenues.; Gains and losses on asset sales showed considerable variability, with large negative impacts in mid-2020 (-US$846 million and -US$842 million) but generally positive or minor losses in later periods, including significant gains in some quarters of 2022 and 2023. Overall, revenues and other income mirrored the net sales pattern, recovering from sharp declines in 2020 and stabilizing in subsequent periods.
Operating Expenses: Oil and gas lease operating expenses increased steadily, rising from approximately US$1,069 million in Q1 2020 to around US$1,217 million in Q1 2025, reflecting growing operational costs or higher activity levels. Transportation and gathering expenses remained somewhat consistent, with minor fluctuations around the US$350 million to US$450 million range.; Chemical and midstream cost of sales showed a gradual upward trend until 2022 but experienced some declines thereafter; however, these costs remained substantial, reflecting the underlying cost structure. Purchased commodities expenses ramped up notably from 2020 through 2022, peaking at US$1,031 million, then sharply declined thereafter, particularly in 2024, suggesting changes in procurement or supply chain activities.; Selling, general, and administrative expenses fluctuated but generally stayed around the US$200 million to US$300 million range, without clear directional trends. Other operating and non-operating expenses were inconsistent, with periods of both significant increases and decreases, notably a sharp reduction to -US$10 million in Q2 2023, indicating volatile non-core costs.; Taxes other than on income rose substantially from 2020 to early 2022, peaking at around US$426 million, then fluctuated without clear trends between US$225 million and US$283 million through early 2025. Depreciation, depletion, and amortization expenses decreased from Q1 2020 through mid-2021 but then increased again, demonstrating changes in asset utilization or impairments.
Special Charges and Impairments: Asset impairments and other charges were highly volatile, with a notable large impairment of -US$6,470 million in Q2 2020 and continued intermittent charges thereafter, suggesting significant write-downs during the early pandemic period and occasional occurrences afterwards.; Acquisition-related costs were relatively minor and consistent, fluctuating in the low tens of millions, signifying limited but ongoing integration expenses.
Profitability Metrics: Operating income (loss) was deeply negative in early 2020 due to the pandemic and associated market conditions, hitting as low as -US$7,991 million in Q2 2020. Thereafter, the company showed robust recovery, with operating income increasing to over US$3 billion by Q1 2022, followed by a fluctuating but positive trend exceeding US$1.5 billion toward the end of 2024 and early 2025.; Interest and debt expenses remained relatively stable, mostly ranging from -US$230 million to -US$370 million per quarter, with a notable dip to -US$114 million in Q4 2021, reflecting possible debt refinancing or changes in interest rates.; Income before taxes and other items followed operating income trends, recovering strongly from losses in 2020 to positive territory over US$2.7 billion in early 2022, with some volatility thereafter but generally maintaining profitability.; Income tax expenses fluctuated widely, with substantial tax benefits in 2020 and early 2022, then swinging to significant tax expenses in subsequent quarters, contributing to variations in net income. The effective tax position appeared volatile, influenced by the company's earnings fluctuations and perhaps tax planning strategies.
Net Income and Equity Considerations: Net income attributable to the company was deeply negative at the pandemic onset, bottoming near -US$8.3 billion in Q2 2020, followed by a gradual and sustained recovery to positive territory, peaking above US$4.8 billion in early 2022. In the most recent quarters, net income showed some inconsistency but remained positive or slightly negative in isolated quarters, indicating ongoing sensitivity to market and operational factors.; Discontinued operations fluctuated sporadically with limited impact post-2020. Net income attributable to common stockholders mirrored the overall net income trend, reflecting the company's recovery and profitability improvement over the period, despite some fluctuations likely tied to market volatility and operational adjustments.
Summary Insights: The company experienced severe financial stress during the early phase of the COVID-19 pandemic, reflected in sharp declines in revenues and large impairments. However, over subsequent quarters, there was a clear trend of recovery in sales, operational profitability, and net income, supported by strong operating income growth and manageable expense levels.; Costs, particularly lease operating and transportation expenses, generally trended upward, suggesting increased activity or rising input costs, while impairments diminished post-2020 but still contributed to earnings volatility occasionally. Income tax effects showed large fluctuations, impacting net profitability across periods.; Overall, the data indicate resilience and effective cost management following substantial pandemic-related challenges, with profitability improving steadily toward pre-pandemic levels by 2022 and maintaining respectable levels through early 2025 despite various external pressures.

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Occidental Petroleum Corp. (NYSE:OXY)

Income Statement Quarterly Data

Income Statement
Quarterly Data