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

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Occidental Petroleum Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss)	3,078)	4,696)	13,304)	2,322)	(14,831)
Discontinued operations, net	(182)	—)	—)	468)	1,298)
Depreciation, depletion and amortization of assets	7,371)	6,865)	6,926)	8,447)	8,097)
Deferred income tax provision (benefit)	(461)	57)	(1,644)	46)	(2,517)
Other noncash (benefit) charges to income	543)	(100)	(8)	229)	419)
Asset impairments and related items	1,281)	209)	—)	304)	11,002)
(Gains) losses on sales of assets and other, net	60)	(522)	(308)	(192)	1,666)
Undistributed (earnings) losses from equity investments	(79)	144)	(219)	(70)	(61)
Dry hole expense	106)	299)	84)	125)	47)
(Increase) decrease in receivables	(133)	1,088)	(97)	(2,086)	2,062)
(Increase) decrease in inventories	(46)	(91)	(230)	(86)	(484)
(Increase) decrease in joint interest receivables and other current assets	303)	(13)	(335)	(119)	350)
Increase (decrease) in accounts payable and accrued liabilities	(661)	(549)	(478)	865)	(3,228)
Increase (decrease) in current domestic and foreign income taxes	559)	225)	(185)	—)	22)
Changes in operating assets and liabilities	22)	660)	(1,325)	(1,426)	(1,278)
Adjustments to reconcile net income (loss) to net cash from operating activities	8,661)	7,612)	3,506)	7,931)	18,673)
Net cash provided by operating activities	11,739)	12,308)	16,810)	10,253)	3,842)
Capital expenditures	(7,018)	(6,270)	(4,497)	(2,870)	(2,535)
Change in capital accrual	96)	25)	147)	97)	(519)
Purchases of assets, businesses and equity investments, net	(9,129)	(713)	(990)	(431)	(114)
Proceeds from sale of assets and equity investments, net	1,673)	448)	584)	1,624)	2,281)
Equity investments and other, net	(212)	(470)	(116)	406)	109)
Net cash used by investing activities	(14,590)	(6,980)	(4,872)	(1,174)	(778)
Draws on receivables securitization facility	—)	900)	400)	—)	—)
Payment of receivables securitization facility	—)	(900)	(400)	—)	—)
Proceeds from long-term debt, net	9,612)	(46)	—)	—)	6,936)
Payments of long-term debt, net	(4,514)	(22)	(9,484)	(6,834)	(8,916)
Redemption of preferred stock	—)	(1,661)	—)	—)	—)
Purchases of treasury stock	(27)	(1,798)	(3,099)	(8)	(12)
Cash dividends paid on common and preferred stock	(1,446)	(1,365)	(1,184)	(839)	(1,845)
Proceeds from issuance of common stock	584)	135)	293)	31)	134)
Contribution from noncontrolling interest	200)	100)	—)	—)	—)
Payment of liabilities associated with the sale of future royalties	—)	—)	—)	—)	(386)
Financing portion of net cash paid for derivative instruments	—)	—)	(111)	(834)	(362)
Deferred payments for purchases of assets and businesses	(318)	—)	—)	—)	—)
Other financing, net	(247)	(233)	(130)	(80)	(57)
Net cash provided (used) by financing activities	3,844)	(4,890)	(13,715)	(8,564)	(4,508)
Operating cash flow from discontinued operations	(300)	—)	—)	181)	113)
Investing cash flow from discontinued operations	—)	—)	—)	(79)	(41)
Financing cash flow from discontinued operations	—)	—)	—)	(8)	(8)
Cash flow from discontinued operations	(300)	—)	—)	94)	64)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	693)	438)	(1,777)	609)	(1,380)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of year	1,464)	1,026)	2,803)	2,194)	3,574)
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of year	2,157)	1,464)	1,026)	2,803)	2,194)

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 cash flow profile from 2020 to 2024 reveals a transition from a period of significant financial volatility and recovery to a phase of aggressive capital investment funded by a combination of operational cash flow and strategic debt issuance.

Operating Cash Flow and Earnings Performance: A stark recovery in profitability is evident, moving from a net loss of 14.8 billion USD in 2020 to a peak net income of 13.3 billion USD in 2022. While net income moderated in 2023 and 2024, net cash provided by operating activities remained robust. After an initial 3.8 billion USD in 2020, operating cash flow peaked at 16.8 billion USD in 2022 and stabilized between 11.7 billion USD and 12.3 billion USD in the final two years of the period. The reconciliation of net income to operating cash flow was heavily influenced by non-cash charges, most notably 11 billion USD in asset impairments in 2020 and consistent annual depreciation, depletion, and amortization charges ranging from 6.8 billion USD to 8.4 billion USD.
Investing Activities and Capital Expenditure: A consistent upward trend in capital expenditures is observed, increasing from 2.5 billion USD in 2020 to 7.0 billion USD in 2024. This suggests a strategic shift toward increased asset development and infrastructure investment. Investing activities became significantly more cash-intensive over the period, culminating in a net cash outflow of 14.6 billion USD in 2024. This surge was primarily driven by a substantial increase in the purchase of assets, businesses, and equity investments, which reached 9.1 billion USD in 2024 compared to much lower levels in previous years.
Financing Strategy and Debt Management: The financing activities indicate a pivot from aggressive deleveraging to strategic funding. Between 2020 and 2022, the company focused on reducing its debt load, with payments of long-term debt totaling approximately 25.8 billion USD over those three years. However, 2024 marked a shift in strategy, with proceeds from long-term debt totaling 9.6 billion USD, resulting in a net positive cash flow from financing of 3.8 billion USD for that year. Common stock dividends remained relatively stable, averaging between 1.1 billion USD and 1.4 billion USD annually from 2021 onward.
Liquidity and Cash Position: The ending cash, cash equivalents, and restricted cash balance fluctuated throughout the period, starting at 2.2 billion USD in 2020 and ending at 2.16 billion USD in 2024. The volatility in the annual increase or decrease of cash reflects the timing of large-scale asset acquisitions and debt repayments. The company successfully maintained a positive cash balance despite heavy investing outflows in 2024 by utilizing a combination of operating cash flows and new debt issuance.

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