Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
Occidental Petroleum Corp., consolidated statement of comprehensive income
US$ in millions
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 financial data reveals significant fluctuations in the company's profitability and related comprehensive income components over the five-year period.
- Net Income (Loss)
- The net income shows a dramatic recovery from a large loss in 2020 of -$14,831 million to a profit of $2,322 million in 2021. This positive trend strengthened substantially in 2022 with net income reaching $13,304 million. However, after this peak, net income decreased to $4,696 million in 2023 and further to $3,078 million in 2024, indicating a downward trend in profitability during the last two years under review.
- Gains (Losses) on Derivatives
- Gains on derivatives have generally increased from 2020 to 2022, starting at $4 million, rising to $14 million in 2021, and peaking at $80 million in 2022. Subsequently, gains declined to $44 million in 2023, and turned into a small loss of -$5 million in 2024. This suggests growing volatility or changing strategies in derivative positions, with a notable reversal in the most recent year.
- Pension and Postretirement Gains (Losses)
- This component showed volatility, with a loss of -$71 million in 2020, improving to a gain of $67 million in 2021, and further increasing substantially to $321 million in 2022. The gains declined sharply thereafter to $34 million in 2023 and turned negative at -$89 million in 2024, indicating fluctuations in pension-related financial performance or actuarial assumptions impacting equity.
- Other and Other Comprehensive Income (Loss), Net of Tax
- The 'Other' category contains minor variations around zero, with losses or gains of small magnitude, suggesting limited impact on overall results. Other comprehensive income net of tax tracks similarly to pension gains, with a recovery from -$67 million in 2020 to $80 million in 2021, peaking at $403 million in 2022. It then dropped back to $80 million in 2023 and turned negative at -$96 million in 2024, reflecting broader trends in comprehensive income components beyond net income.
- Comprehensive Income (Loss)
- The comprehensive income largely mirrors the net income pattern, with a very large loss in 2020 (-$14,898 million), followed by positive results increasing to $2,402 million in 2021 and reaching a high of $13,707 million in 2022. Comprehensive income then declines to $4,776 million in 2023 and further to $2,982 million in 2024. This pattern confirms the decrease in overall profitability and other comprehensive elements in the most recent years.
- Comprehensive Income Attributable to Stockholders
- The amount attributable to preferred and common stockholders closely follows total comprehensive income figures, confirming minimal noncontrolling interest impact except for 2024, where a small negative adjustment of -$22 million is recorded. This suggests that stockholders experience the bulk of the variability in comprehensive income.
In summary, the data demonstrates a substantial recovery in profitability and comprehensive income after 2020's significant loss, with peaks around 2022. Thereafter, income measures decline notably over the last two years, reflecting reduced earnings and increased volatility in derivative and pension-related components. The variability in comprehensive income also indicates shifts in other comprehensive elements affecting total equity beyond net earnings. Overall, the trends suggest a period of volatility with a recent downward trajectory in financial results.