Selected Financial Data
since 2005
Income Statement
Occidental Petroleum Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Net income (loss) attributable to Occidental |
|---|---|---|
| Dec 31, 2024 | 26,725) | 3,056) |
| Dec 31, 2023 | 28,257) | 4,696) |
| Dec 31, 2022 | 36,634) | 13,304) |
| Dec 31, 2021 | 25,956) | 2,322) |
| Dec 31, 2020 | 17,809) | (14,831) |
| Dec 31, 2019 | 20,393) | (667) |
| Dec 31, 2018 | 17,824) | 4,131) |
| Dec 31, 2017 | 12,508) | 1,311) |
| Dec 31, 2016 | 10,090) | (574) |
| Dec 31, 2015 | 12,480) | (7,829) |
| Dec 31, 2014 | 19,312) | 616) |
| Dec 31, 2013 | 24,455) | 5,903) |
| Dec 31, 2012 | 24,172) | 4,598) |
| Dec 31, 2011 | 23,939) | 6,771) |
| Dec 31, 2010 | 19,045) | 4,530) |
| Dec 31, 2009 | 15,403) | 2,915) |
| Dec 31, 2008 | 24,217) | 6,857) |
| Dec 31, 2007 | 18,784) | 5,400) |
| Dec 31, 2006 | 17,661) | 4,182) |
| Dec 31, 2005 | 15,208) | 5,281) |
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).
The financial performance from 2005 to 2024 is characterized by significant cyclicality, with periods of steady growth interrupted by sharp contractions and subsequent recoveries.
- Revenue Trajectory
- Net sales exhibited a general upward trend from 2005 to 2013, rising from 15.2 billion USD to a peak of 24.4 billion USD. A substantial contraction occurred between 2014 and 2016, with revenues falling to a period low of 10.09 billion USD. This was followed by a strong recovery phase that culminated in an all-time high of 36.6 billion USD in 2022. Recent figures for 2023 and 2024 indicate a moderating trend, with sales stabilizing between 26.7 billion and 28.2 billion USD.
- Net Income Volatility
- Earnings attributable to the company demonstrate considerably higher volatility than revenue. From 2005 to 2013, net income remained consistently positive, generally ranging between 4 billion and 6.8 billion USD. However, severe downturns occurred in 2015, resulting in a loss of 7.8 billion USD, and again in 2020, which saw the most significant net loss of 14.8 billion USD. These declines were offset by sharp rebounds, specifically in 2022, when net income reached a peak of 13.3 billion USD.
- Operational Correlation and Margins
- A strong correlation exists between revenue fluctuations and bottom-line results. The periods of lowest net sales in 2015 and 2020 align directly with the most substantial net losses. The disproportionate surge in net income during 2022 relative to the increase in net sales suggests a period of significantly enhanced profit margins or the impact of non-operational gains. Subsequent results in 2023 and 2024 show a normalization of both revenue and earnings.
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Balance Sheet: Assets
Occidental Petroleum Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2024 | 9,070) | 85,445) |
| Dec 31, 2023 | 8,375) | 74,008) |
| Dec 31, 2022 | 8,886) | 72,609) |
| Dec 31, 2021 | 10,211) | 75,036) |
| Dec 31, 2020 | 8,819) | 80,064) |
| Dec 31, 2019 | 18,681) | 109,330) |
| Dec 31, 2018 | 9,932) | 43,854) |
| Dec 31, 2017 | 8,270) | 42,026) |
| Dec 31, 2016 | 8,428) | 43,109) |
| Dec 31, 2015 | 9,402) | 43,437) |
| Dec 31, 2014 | 13,873) | 56,259) |
| Dec 31, 2013 | 11,323) | 69,443) |
| Dec 31, 2012 | 9,492) | 64,210) |
| Dec 31, 2011 | 11,542) | 60,044) |
| Dec 31, 2010 | 13,059) | 52,432) |
| Dec 31, 2009 | 8,086) | 44,229) |
| Dec 31, 2008 | 7,172) | 41,537) |
| Dec 31, 2007 | 8,595) | 36,519) |
| Dec 31, 2006 | 6,006) | 32,355) |
| Dec 31, 2005 | 6,574) | 26,108) |
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).
The asset trajectory exhibits significant volatility and distinct growth cycles over the twenty-year period, characterized by a long-term expansion, a mid-term correction, a massive structural spike in 2019, and a subsequent period of stabilization and recovery.
- Total Asset Expansion and Contraction Cycles
- A consistent upward trend is observed from 2005 to 2013, during which total assets increased from 26,108 million US$ to a peak of 69,443 million US$. This was followed by a sharp contraction starting in 2014, with assets declining to 43,437 million US$ by 2015 and remaining relatively stagnant around the 42,000 to 43,000 million US$ range through 2018.
- Structural Asset Spike and Correction
- A substantial increase in total assets occurred in 2019, reaching a historical high of 109,330 million US$. Following this peak, a downward correction is evident, with assets decreasing to 80,064 million US$ in 2020 and further stabilizing between 72,609 million US$ and 74,008 million US$ from 2022 to 2023. A renewed upward movement is noted in 2024, with total assets rising to 85,445 million US$.
- Current Asset Dynamics
- Current assets demonstrate higher relative volatility compared to total assets, fluctuating between a low of 6,006 million US$ in 2006 and a high of 18,681 million US$ in 2019. While current assets often correlate with the broader asset trends, they maintain a relatively small proportion of the total asset base, underscoring the capital-intensive nature of the underlying operations.
- Liquidity Trends
- A period of heightened liquidity is observable between 2009 and 2014, with current assets frequently exceeding 10,000 million US$. This was followed by a period of contraction from 2015 to 2018, before the abrupt increase in 2019. Since 2020, current assets have largely stabilized within the 8,000 to 10,000 million US$ range.
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Balance Sheet: Liabilities and Stockholders’ Equity
Occidental Petroleum Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Long-term debt, including current maturities | Stockholders’ equity | |
|---|---|---|---|
| Dec 31, 2024 | 9,521) | 26,116) | 34,159) |
| Dec 31, 2023 | 9,148) | 19,738) | 30,250) |
| Dec 31, 2022 | 7,757) | 19,835) | 30,085) |
| Dec 31, 2021 | 8,324) | 29,617) | 20,327) |
| Dec 31, 2020 | 8,223) | 36,185) | 18,573) |
| Dec 31, 2019 | 14,949) | 38,588) | 34,232) |
| Dec 31, 2018 | 7,412) | 10,317) | 21,330) |
| Dec 31, 2017 | 7,400) | 9,828) | 20,572) |
| Dec 31, 2016 | 6,362) | 9,819) | 21,497) |
| Dec 31, 2015 | 6,842) | 8,333) | 24,350) |
| Dec 31, 2014 | 8,244) | 6,838) | 34,959) |
| Dec 31, 2013 | 8,434) | 6,939) | 43,126) |
| Dec 31, 2012 | 7,290) | 7,623) | 40,016) |
| Dec 31, 2011 | 7,947) | 5,871) | 37,620) |
| Dec 31, 2010 | 7,825) | 5,111) | 32,484) |
| Dec 31, 2009 | 6,092) | 2,796) | 29,081) |
| Dec 31, 2008 | 6,134) | 2,747) | 27,300) |
| Dec 31, 2007 | 6,266) | 1,788) | 22,823) |
| Dec 31, 2006 | 4,724) | 2,790) | 19,184) |
| Dec 31, 2005 | 4,280) | 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).
The financial position between 2005 and 2024 is characterized by three distinct phases: a period of steady equity growth and low leverage from 2005 through 2013, a phase of extreme volatility and significant debt accumulation between 2014 and 2020, and a subsequent period of deleveraging and equity recovery from 2021 through 2024.
- Long-Term Debt Trends
- Long-term debt remained relatively controlled, staying below $11 billion from 2005 through 2018. A critical inflection point occurred in 2019, where debt surged to $38.588 billion, representing a nearly fourfold increase from 2018 levels. Following this peak, a sustained deleveraging trend was observed, with debt decreasing to $19.835 billion by 2022, before rising again to $26.116 billion by the end of 2024.
- Stockholders' Equity Trajectory
- Stockholders' equity grew consistently from $15.032 billion in 2005 to a peak of $43.126 billion in 2013. A period of contraction followed, with equity falling to $20.572 billion by 2017. After a temporary spike to $34.232 billion in 2019, equity reached a cyclical low of $18.573 billion in 2020. Since then, a recovery trend has emerged, with equity returning to $34.159 billion by 2024.
- Current Liability Fluctuations
- Current liabilities generally fluctuated between $4 billion and $8 billion for the majority of the analyzed period. A notable anomaly occurred in 2019, when current liabilities peaked at $14.949 billion, nearly doubling the previous year's balance. Since 2020, these short-term obligations have stabilized, trending between $7.7 billion and $9.5 billion.
- Capital Structure and Solvency Observations
- The relationship between debt and equity shifted dramatically over the two decades. The company maintained a conservative capital structure until 2019, after which leverage increased sharply. The year 2020 represented the most stressed solvency profile, characterized by high long-term debt ($36.185 billion) coinciding with the lowest recorded stockholders' equity ($18.573 billion). The subsequent trend from 2021 to 2024 indicates a strategic effort to restore balance sheet strength through equity accumulation and debt reduction.
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Cash Flow Statement
Occidental Petroleum Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used by investing activities | Net cash provided (used) by financing activities |
|---|---|---|---|
| Dec 31, 2024 | 11,739) | (14,590) | 3,844) |
| Dec 31, 2023 | 12,308) | (6,980) | (4,890) |
| Dec 31, 2022 | 16,810) | (4,872) | (13,715) |
| Dec 31, 2021 | 10,253) | (1,174) | (8,564) |
| Dec 31, 2020 | 3,842) | (778) | (4,508) |
| Dec 31, 2019 | 7,203) | (28,873) | 22,196) |
| Dec 31, 2018 | 7,669) | (3,206) | (3,102) |
| Dec 31, 2017 | 4,996) | (3,214) | (2,343) |
| Dec 31, 2016 | 2,519) | (4,742) | 391) |
| Dec 31, 2015 | 3,254) | (5,423) | 1,484) |
| Dec 31, 2014 | 8,871) | (6,244) | (2,326) |
| Dec 31, 2013 | 12,983) | (8,193) | (2,933) |
| Dec 31, 2012 | 11,348) | (12,655) | (846) |
| Dec 31, 2011 | 12,306) | (12,473) | (1,175) |
| Dec 31, 2010 | 9,139) | (8,663) | 1,083) |
| Dec 31, 2009 | 5,856) | (5,327) | (1,033) |
| Dec 31, 2008 | 10,629) | (9,457) | (1,382) |
| Dec 31, 2007 | 6,660) | (3,117) | (3,045) |
| Dec 31, 2006 | 6,181) | (4,378) | (2,819) |
| Dec 31, 2005 | 5,337) | (3,161) | (1,186) |
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).
The long-term cash flow profile is characterized by substantial volatility in operating cash generation and periodic spikes in investing and financing activities, reflecting a strategic cycle of growth, acquisition, and subsequent deleveraging.
- Operating Cash Flow Trends
- Net cash provided by operating activities exhibited a general upward trajectory from 2005, reaching an initial peak of 12.98 billion USD in 2013. A period of contraction occurred between 2014 and 2016, with cash flow dropping to a low of 2.52 billion USD. A recovery phase followed, interrupted by a dip to 3.84 billion USD in 2020. The most significant growth phase occurred between 2021 and 2022, where operating cash flows surged to a peak of 16.81 billion USD, before stabilizing above 11 billion USD through 2024.
- Investing Activity Patterns
- Investing activities remained consistently negative throughout the period, indicating continuous capital expenditure and asset acquisition. While outflows typically ranged between 3 billion USD and 12 billion USD, a massive outlier occurred in 2019 with a net cash usage of 28.87 billion USD. This was followed by a period of significantly reduced investing activity in 2020 and 2021, before returning to a higher expenditure level of 14.59 billion USD by 2024.
- Financing Activity and Capital Structure
- Financing activities were predominantly negative for the majority of the timeframe, suggesting consistent debt repayment or shareholder returns. However, a major shift occurred in 2019, where net cash provided by financing activities reached 22.20 billion USD, coinciding with the spike in investing outflows. Following this period of capital injection, a strong deleveraging trend is observed from 2020 to 2023, with annual outflows peaking at 13.72 billion USD in 2022. This trend reversed in 2024, with financing activities returning to a positive 3.84 billion USD.
The relationship between the three cash flow components reveals a clear strategic pivot around 2019. The simultaneous surge in investing outflows and financing inflows suggests a large-scale acquisition funded by external debt. The subsequent years demonstrate a disciplined use of increased operating cash flows—particularly the 2022 peak—to aggressively reduce the debt incurred during that expansion phase.
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Per Share Data
Occidental Petroleum Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2024 | 2.59 | 2.44 | 0.88 |
| Dec 31, 2023 | 4.22 | 3.90 | 0.72 |
| Dec 31, 2022 | 13.41 | 12.40 | 0.52 |
| Dec 31, 2021 | 1.62 | 1.58 | 0.04 |
| Dec 31, 2020 | -17.06 | -17.06 | 0.82 |
| Dec 31, 2019 | -1.22 | -1.22 | 3.14 |
| Dec 31, 2018 | 5.40 | 5.39 | 3.10 |
| Dec 31, 2017 | 1.71 | 1.70 | 3.06 |
| Dec 31, 2016 | -0.75 | -0.75 | 3.02 |
| Dec 31, 2015 | -10.23 | -10.23 | 2.97 |
| Dec 31, 2014 | 0.79 | 0.79 | 2.88 |
| Dec 31, 2013 | 7.33 | 7.32 | 2.56 |
| Dec 31, 2012 | 5.67 | 5.67 | 2.16 |
| Dec 31, 2011 | 8.32 | 8.32 | 1.84 |
| Dec 31, 2010 | 5.57 | 5.56 | 1.47 |
| Dec 31, 2009 | 3.59 | 3.58 | 1.31 |
| Dec 31, 2008 | 8.39 | 8.35 | 1.21 |
| Dec 31, 2007 | 6.47 | 6.44 | 0.94 |
| Dec 31, 2006 | 4.90 | 4.86 | 0.80 |
| Dec 31, 2005 | 6.55 | 6.46 | 0.65 |
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, 2, 3 Data adjusted for splits and stock dividends.
The financial performance per share reveals a pattern of extreme earnings volatility contrasted by a fundamental shift in dividend policy over the analyzed period.
- Earnings Per Share Volatility
- Basic and diluted earnings per share exhibit significant cyclicality. A period of relative strength is observed from 2005 through 2013, with peaks reaching 8.39 USD in 2008 and 8.32 USD in 2011. This stability was interrupted by two severe contractions: a sharp decline in 2015 where basic EPS fell to -10.23 USD, and a more profound collapse in 2020, reaching -17.06 USD. A rapid recovery occurred in 2022, with basic EPS hitting a historical peak of 13.41 USD, followed by a moderate normalization to 2.59 USD by 2024.
- Dividend Distribution Trends
- Dividend payments followed a consistent growth trajectory for fifteen years, increasing steadily from 0.65 USD in 2005 to a peak of 3.14 USD in 2019. This trend was abruptly reversed in 2020, with dividends dropping to 0.82 USD and further declining to 0.04 USD in 2021. From 2022 onward, a staged recovery is evident, with dividends rising to 0.88 USD by 2024, although payouts remain substantially below the pre-2020 levels.
- Capital Allocation Analysis
- A divergence in dividend management is observable during periods of negative earnings. During the 2015 earnings downturn, dividends per share continued to increase, suggesting a prioritization of shareholder distributions despite net losses. In contrast, the 2020 earnings collapse triggered an immediate and drastic reduction in dividends, indicating a pivot toward liquidity preservation and a more conservative capital allocation strategy during subsequent years.
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