Debt to Equity
since 2005
Calculation
Occidental Petroleum Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt, including current maturities1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2024 | 0.76 | = | 26,116) | ÷ | 34,159) |
| Dec 31, 2023 | 0.65 | = | 19,738) | ÷ | 30,250) |
| Dec 31, 2022 | 0.66 | = | 19,835) | ÷ | 30,085) |
| Dec 31, 2021 | 1.46 | = | 29,617) | ÷ | 20,327) |
| Dec 31, 2020 | 1.95 | = | 36,185) | ÷ | 18,573) |
| Dec 31, 2019 | 1.13 | = | 38,588) | ÷ | 34,232) |
| Dec 31, 2018 | 0.48 | = | 10,317) | ÷ | 21,330) |
| Dec 31, 2017 | 0.48 | = | 9,828) | ÷ | 20,572) |
| Dec 31, 2016 | 0.46 | = | 9,819) | ÷ | 21,497) |
| Dec 31, 2015 | 0.34 | = | 8,333) | ÷ | 24,350) |
| Dec 31, 2014 | 0.20 | = | 6,838) | ÷ | 34,959) |
| Dec 31, 2013 | 0.16 | = | 6,939) | ÷ | 43,126) |
| Dec 31, 2012 | 0.19 | = | 7,623) | ÷ | 40,016) |
| Dec 31, 2011 | 0.16 | = | 5,871) | ÷ | 37,620) |
| Dec 31, 2010 | 0.16 | = | 5,111) | ÷ | 32,484) |
| Dec 31, 2009 | 0.10 | = | 2,796) | ÷ | 29,081) |
| Dec 31, 2008 | 0.10 | = | 2,747) | ÷ | 27,300) |
| Dec 31, 2007 | 0.08 | = | 1,788) | ÷ | 22,823) |
| Dec 31, 2006 | 0.15 | = | 2,790) | ÷ | 19,184) |
| Dec 31, 2005 | 0.19 | = | 2,919) | ÷ | 15,032) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The financial trajectory from 2005 to 2024 reveals a fundamental shift in capital structure, transitioning from a highly conservative, low-leverage posture to a period of aggressive expansion and subsequent deleveraging.
- Low Leverage Period (2005–2013)
- During this interval, the debt-to-equity ratio remained consistently low, fluctuating between a minimum of 0.08 in 2007 and a maximum of 0.19 in 2005 and 2012. Stockholders' equity grew steadily from 15,032 million USD to a peak of 43,126 million USD in 2013, while long-term debt remained relatively contained, generally staying below 8,000 million USD.
- Transition and Increasing Leverage (2014–2018)
- A shift in the financial profile occurred starting in 2014, characterized by a gradual decline in stockholders' equity and a steady increase in long-term debt. Equity decreased from 34,959 million USD in 2014 to 20,572 million USD by 2017. Simultaneously, long-term debt rose to 10,317 million USD by 2018, resulting in the debt-to-equity ratio climbing from 0.20 to 0.48.
- Capital Structure Shock and Peak Leverage (2019–2020)
- A dramatic escalation in leverage is observed in 2019, as long-term debt surged from 10,317 million USD to 38,588 million USD. Although equity increased to 34,232 million USD that same year, the debt-to-equity ratio jumped to 1.13. This trend peaked in 2020, where a sharp contraction in stockholders' equity to 18,573 million USD combined with high debt levels of 36,185 million USD drove the debt-to-equity ratio to its historical maximum of 1.95.
- Deleveraging and Stabilization (2021–2024)
- The period following 2020 is marked by a concerted effort to reduce leverage. Long-term debt was reduced significantly to 19,835 million USD by 2022, while stockholders' equity recovered to 30,085 million USD. This resulted in the debt-to-equity ratio dropping to 0.66 in 2022. By the end of 2024, long-term debt rose again to 26,116 million USD and equity increased to 34,159 million USD, leaving the final debt-to-equity ratio at 0.76.
Overall, the data indicates a volatility cycle where the company moved from a position of extreme solvency to high financial risk, followed by a corrective phase to stabilize the balance sheet.
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Comparison to Competitors
Occidental Petroleum Corp., debt to equity, long-term trends, comparison to competitors
| Occidental Petroleum Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Dec 31, 2024 | 0.76 | 0.16 | 0.38 | 0.16 |
| Dec 31, 2023 | 0.65 | 0.13 | 0.38 | 0.20 |
| Dec 31, 2022 | 0.66 | 0.15 | 0.35 | 0.21 |
| Dec 31, 2021 | 1.46 | 0.23 | 0.44 | 0.28 |
| Dec 31, 2020 | 1.95 | 0.34 | 0.51 | 0.43 |
| Dec 31, 2019 | 1.13 | 0.19 | 0.43 | 0.24 |
| Dec 31, 2018 | 0.48 | 0.22 | 0.47 | 0.20 |
| Dec 31, 2017 | 0.48 | 0.26 | 0.64 | 0.23 |
| Dec 31, 2016 | 0.46 | 0.32 | 0.78 | 0.26 |
| Dec 31, 2015 | 0.34 | 0.25 | 0.63 | 0.23 |
| Dec 31, 2014 | 0.20 | 0.18 | 0.43 | 0.17 |
| Dec 31, 2013 | 0.16 | 0.14 | 0.42 | 0.13 |
| Dec 31, 2012 | 0.19 | 0.09 | 0.45 | 0.07 |
| Dec 31, 2011 | 0.16 | 0.08 | 0.35 | 0.11 |
| Dec 31, 2010 | 0.16 | 0.11 | 0.34 | 0.10 |
| Dec 31, 2009 | 0.10 | 0.11 | 0.46 | 0.09 |
| Dec 31, 2008 | 0.10 | 0.10 | 0.50 | 0.08 |
| Dec 31, 2007 | 0.08 | 0.09 | 0.24 | 0.08 |
| Dec 31, 2006 | 0.15 | 0.14 | 0.33 | 0.07 |
| Dec 31, 2005 | 0.19 | 0.21 | 0.24 | 0.07 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Occidental Petroleum Corp., debt to equity, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Occidental Petroleum Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2024 | 0.76 | 0.19 |
| Dec 31, 2023 | 0.65 | 0.20 |
| Dec 31, 2022 | 0.66 | 0.20 |
| Dec 31, 2021 | 1.46 | 0.28 |
| Dec 31, 2020 | 1.95 | 0.40 |
| Dec 31, 2019 | 1.13 | 0.24 |
| Dec 31, 2018 | 0.48 | 0.23 |
| Dec 31, 2017 | 0.48 | 0.28 |
| Dec 31, 2016 | 0.46 | 0.33 |
| Dec 31, 2015 | 0.34 | 0.28 |
| Dec 31, 2014 | 0.20 | 0.21 |
| Dec 31, 2013 | 0.16 | 0.17 |
| Dec 31, 2012 | 0.19 | 0.13 |
| Dec 31, 2011 | 0.16 | 0.15 |
| Dec 31, 2010 | 0.16 | 0.16 |
| Dec 31, 2009 | 0.10 | 0.18 |
| Dec 31, 2008 | 0.10 | 0.18 |
| Dec 31, 2007 | 0.08 | 0.13 |
| Dec 31, 2006 | 0.15 | 0.17 |
| Dec 31, 2005 | 0.19 | 0.15 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Occidental Petroleum Corp., debt to equity, long-term trends, comparison to industry (energy)
| Occidental Petroleum Corp. | Energy | |
|---|---|---|
| Dec 31, 2024 | 0.76 | 0.20 |
| Dec 31, 2023 | 0.65 | 0.21 |
| Dec 31, 2022 | 0.66 | 0.22 |
| Dec 31, 2021 | 1.46 | 0.31 |
| Dec 31, 2020 | 1.95 | 0.44 |
| Dec 31, 2019 | 1.13 | 0.26 |
| Dec 31, 2018 | 0.48 | 0.25 |
| Dec 31, 2017 | 0.48 | 0.30 |
| Dec 31, 2016 | 0.46 | 0.35 |
| Dec 31, 2015 | 0.34 | 0.30 |
| Dec 31, 2014 | 0.20 | 0.22 |
| Dec 31, 2013 | 0.16 | 0.19 |
| Dec 31, 2012 | 0.19 | 0.15 |
| Dec 31, 2011 | 0.16 | 0.16 |
| Dec 31, 2010 | 0.16 | 0.17 |
| Dec 31, 2009 | 0.10 | 0.19 |
| Dec 31, 2008 | 0.10 | 0.19 |
| Dec 31, 2007 | 0.08 | 0.15 |
| Dec 31, 2006 | 0.15 | 0.19 |
| Dec 31, 2005 | 0.19 | 0.16 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).