Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Occidental Petroleum Corp., solvency ratios
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).
Debt Ratios
Coverage Ratios
Debt to Equity
Occidental Petroleum Corp., debt to equity calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 1,138) | 1,202) | 165) | 186) | 440) | |
| Long-term debt, net, excluding current maturities | 24,978) | 18,536) | 19,670) | 29,431) | 35,745) | |
| Total debt | 26,116) | 19,738) | 19,835) | 29,617) | 36,185) | |
| Stockholders’ equity | 34,159) | 30,250) | 30,085) | 20,327) | 18,573) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 0.76 | 0.65 | 0.66 | 1.46 | 1.95 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Chevron Corp. | 0.16 | 0.13 | 0.15 | 0.23 | — | |
| ConocoPhillips | 0.38 | 0.38 | 0.35 | 0.44 | — | |
| Exxon Mobil Corp. | 0.16 | 0.20 | 0.21 | 0.28 | — | |
| Debt to Equity, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.19 | 0.20 | 0.20 | 0.28 | — | |
| Debt to Equity, Industry | ||||||
| Energy | 0.20 | 0.21 | 0.22 | 0.31 | — | |
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).
1 2024 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 26,116 ÷ 34,159 = 0.76
2 Click competitor name to see calculations.
Debt to Equity (including Operating Lease Liability)
Occidental Petroleum Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 1,138) | 1,202) | 165) | 186) | 440) | |
| Long-term debt, net, excluding current maturities | 24,978) | 18,536) | 19,670) | 29,431) | 35,745) | |
| Total debt | 26,116) | 19,738) | 19,835) | 29,617) | 36,185) | |
| Current operating lease liabilities | 374) | 446) | 273) | 186) | 473) | |
| Non-current operating lease liabilities | 614) | 727) | 657) | 585) | 641) | |
| Total debt (including operating lease liability) | 27,104) | 20,911) | 20,765) | 30,388) | 37,299) | |
| Stockholders’ equity | 34,159) | 30,250) | 30,085) | 20,327) | 18,573) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 0.79 | 0.69 | 0.69 | 1.49 | 2.01 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Chevron Corp. | 0.19 | 0.16 | 0.17 | 0.25 | — | |
| ConocoPhillips | 0.39 | 0.40 | 0.36 | 0.45 | — | |
| Exxon Mobil Corp. | 0.18 | 0.23 | 0.24 | 0.31 | — | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.21 | 0.22 | 0.23 | 0.31 | — | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Energy | 0.23 | 0.24 | 0.25 | 0.34 | — | |
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).
1 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 27,104 ÷ 34,159 = 0.79
2 Click competitor name to see calculations.
Debt to Capital
Occidental Petroleum Corp., debt to capital calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 1,138) | 1,202) | 165) | 186) | 440) | |
| Long-term debt, net, excluding current maturities | 24,978) | 18,536) | 19,670) | 29,431) | 35,745) | |
| Total debt | 26,116) | 19,738) | 19,835) | 29,617) | 36,185) | |
| Stockholders’ equity | 34,159) | 30,250) | 30,085) | 20,327) | 18,573) | |
| Total capital | 60,275) | 49,988) | 49,920) | 49,944) | 54,758) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.43 | 0.39 | 0.40 | 0.59 | 0.66 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Chevron Corp. | 0.14 | 0.11 | 0.13 | 0.18 | — | |
| ConocoPhillips | 0.27 | 0.28 | 0.26 | 0.31 | — | |
| Exxon Mobil Corp. | 0.14 | 0.17 | 0.17 | 0.22 | — | |
| Debt to Capital, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.16 | 0.16 | 0.17 | 0.22 | — | |
| Debt to Capital, Industry | ||||||
| Energy | 0.17 | 0.18 | 0.18 | 0.24 | — | |
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).
1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 26,116 ÷ 60,275 = 0.43
2 Click competitor name to see calculations.
Debt to Capital (including Operating Lease Liability)
Occidental Petroleum Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 1,138) | 1,202) | 165) | 186) | 440) | |
| Long-term debt, net, excluding current maturities | 24,978) | 18,536) | 19,670) | 29,431) | 35,745) | |
| Total debt | 26,116) | 19,738) | 19,835) | 29,617) | 36,185) | |
| Current operating lease liabilities | 374) | 446) | 273) | 186) | 473) | |
| Non-current operating lease liabilities | 614) | 727) | 657) | 585) | 641) | |
| Total debt (including operating lease liability) | 27,104) | 20,911) | 20,765) | 30,388) | 37,299) | |
| Stockholders’ equity | 34,159) | 30,250) | 30,085) | 20,327) | 18,573) | |
| Total capital (including operating lease liability) | 61,263) | 51,161) | 50,850) | 50,715) | 55,872) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.44 | 0.41 | 0.41 | 0.60 | 0.67 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Chevron Corp. | 0.16 | 0.14 | 0.15 | 0.20 | — | |
| ConocoPhillips | 0.28 | 0.28 | 0.26 | 0.31 | — | |
| Exxon Mobil Corp. | 0.15 | 0.19 | 0.19 | 0.24 | — | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.18 | 0.18 | 0.19 | 0.23 | — | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Energy | 0.19 | 0.20 | 0.20 | 0.25 | — | |
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).
1 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 27,104 ÷ 61,263 = 0.44
2 Click competitor name to see calculations.
Debt to Assets
Occidental Petroleum Corp., debt to assets calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 1,138) | 1,202) | 165) | 186) | 440) | |
| Long-term debt, net, excluding current maturities | 24,978) | 18,536) | 19,670) | 29,431) | 35,745) | |
| Total debt | 26,116) | 19,738) | 19,835) | 29,617) | 36,185) | |
| Total assets | 85,445) | 74,008) | 72,609) | 75,036) | 80,064) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.31 | 0.27 | 0.27 | 0.39 | 0.45 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Chevron Corp. | 0.10 | 0.08 | 0.09 | 0.13 | — | |
| ConocoPhillips | 0.20 | 0.20 | 0.18 | 0.22 | — | |
| Exxon Mobil Corp. | 0.09 | 0.11 | 0.11 | 0.14 | — | |
| Debt to Assets, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.11 | 0.11 | 0.11 | 0.15 | — | |
| Debt to Assets, Industry | ||||||
| Energy | 0.12 | 0.12 | 0.12 | 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).
1 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 26,116 ÷ 85,445 = 0.31
2 Click competitor name to see calculations.
Debt to Assets (including Operating Lease Liability)
Occidental Petroleum Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 1,138) | 1,202) | 165) | 186) | 440) | |
| Long-term debt, net, excluding current maturities | 24,978) | 18,536) | 19,670) | 29,431) | 35,745) | |
| Total debt | 26,116) | 19,738) | 19,835) | 29,617) | 36,185) | |
| Current operating lease liabilities | 374) | 446) | 273) | 186) | 473) | |
| Non-current operating lease liabilities | 614) | 727) | 657) | 585) | 641) | |
| Total debt (including operating lease liability) | 27,104) | 20,911) | 20,765) | 30,388) | 37,299) | |
| Total assets | 85,445) | 74,008) | 72,609) | 75,036) | 80,064) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.32 | 0.28 | 0.29 | 0.40 | 0.47 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Chevron Corp. | 0.12 | 0.10 | 0.11 | 0.15 | — | |
| ConocoPhillips | 0.21 | 0.20 | 0.18 | 0.23 | — | |
| Exxon Mobil Corp. | 0.11 | 0.13 | 0.13 | 0.16 | — | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.12 | 0.13 | 0.13 | 0.16 | — | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Energy | 0.13 | 0.14 | 0.14 | 0.17 | — | |
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).
1 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 27,104 ÷ 85,445 = 0.32
2 Click competitor name to see calculations.
Financial Leverage
Occidental Petroleum Corp., financial leverage calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total assets | 85,445) | 74,008) | 72,609) | 75,036) | 80,064) | |
| Stockholders’ equity | 34,159) | 30,250) | 30,085) | 20,327) | 18,573) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 2.50 | 2.45 | 2.41 | 3.69 | 4.31 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Chevron Corp. | 1.69 | 1.63 | 1.62 | 1.72 | — | |
| ConocoPhillips | 1.89 | 1.95 | 1.95 | 2.00 | — | |
| Exxon Mobil Corp. | 1.72 | 1.84 | 1.89 | 2.01 | — | |
| Financial Leverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.73 | 1.77 | 1.79 | 1.90 | — | |
| Financial Leverage, Industry | ||||||
| Energy | 1.76 | 1.80 | 1.82 | 1.93 | — | |
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).
1 2024 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 85,445 ÷ 34,159 = 2.50
2 Click competitor name to see calculations.
Interest Coverage
Occidental Petroleum Corp., interest coverage calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) attributable to Occidental | 3,056) | 4,696) | 13,304) | 2,322) | (14,831) | |
| Add: Net income attributable to noncontrolling interest | 22) | —) | —) | —) | —) | |
| Less: Income (loss) from discontinued operations, net of tax | 182) | —) | —) | (468) | (1,298) | |
| Add: Income tax expense | 1,174) | 1,733) | 813) | 915) | (2,172) | |
| Add: Interest and debt expense, net | 1,175) | 945) | 1,030) | 1,614) | 1,424) | |
| Earnings before interest and tax (EBIT) | 5,245) | 7,374) | 15,147) | 5,319) | (14,281) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 4.46 | 7.80 | 14.71 | 3.30 | -10.03 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Chevron Corp. | 47.31 | 64.08 | 97.27 | 31.39 | — | |
| ConocoPhillips | 18.46 | 21.88 | 36.07 | 15.38 | — | |
| Exxon Mobil Corp. | 50.07 | 63.17 | 98.43 | 33.98 | — | |
| Interest Coverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | 38.95 | 48.02 | 74.46 | 26.79 | — | |
| Interest Coverage, Industry | ||||||
| Energy | 34.18 | 40.96 | 62.30 | 23.05 | — | |
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).
1 2024 Calculation
Interest coverage = EBIT ÷ Interest expense
= 5,245 ÷ 1,175 = 4.46
2 Click competitor name to see calculations.
Fixed Charge Coverage
Occidental Petroleum Corp., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| U.S. federal statutory tax rate | 21.00% | 21.00% | 21.00% | 21.00% | 21.00% | |
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) attributable to Occidental | 3,056) | 4,696) | 13,304) | 2,322) | (14,831) | |
| Add: Net income attributable to noncontrolling interest | 22) | —) | —) | —) | —) | |
| Less: Income (loss) from discontinued operations, net of tax | 182) | —) | —) | (468) | (1,298) | |
| Add: Income tax expense | 1,174) | 1,733) | 813) | 915) | (2,172) | |
| Add: Interest and debt expense, net | 1,175) | 945) | 1,030) | 1,614) | 1,424) | |
| Earnings before interest and tax (EBIT) | 5,245) | 7,374) | 15,147) | 5,319) | (14,281) | |
| Add: Operating lease costs | 518) | 398) | 374) | 818) | 861) | |
| Earnings before fixed charges and tax | 5,763) | 7,772) | 15,521) | 6,137) | (13,420) | |
| Interest and debt expense, net | 1,175) | 945) | 1,030) | 1,614) | 1,424) | |
| Operating lease costs | 518) | 398) | 374) | 818) | 861) | |
| Preferred stock dividends and redemption premiums | 679) | 923) | 800) | 800) | 844) | |
| Preferred stock dividends and redemption premiums, tax adjustment1 | 180) | 245) | 213) | 213) | 224) | |
| Preferred stock dividends and redemption premiums, after tax adjustment | 859) | 1,168) | 1,013) | 1,013) | 1,068) | |
| Fixed charges | 2,552) | 2,511) | 2,417) | 3,445) | 3,353) | |
| Solvency Ratio | ||||||
| Fixed charge coverage2 | 2.26 | 3.09 | 6.42 | 1.78 | -4.00 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors3 | ||||||
| Chevron Corp. | 7.81 | 9.57 | 18.28 | 8.43 | — | |
| ConocoPhillips | 13.34 | 17.14 | 28.76 | 11.94 | — | |
| Exxon Mobil Corp. | 15.85 | 19.68 | 31.21 | 13.55 | — | |
| Fixed Charge Coverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | 11.67 | 14.54 | 25.07 | 10.99 | — | |
| Fixed Charge Coverage, Industry | ||||||
| Energy | 10.25 | 12.31 | 20.61 | 9.19 | — | |
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).
1 2024 Calculation
Preferred stock dividends and redemption premiums, tax adjustment = (Preferred stock dividends and redemption premiums × U.S. federal statutory tax rate) ÷ (1 − U.S. federal statutory tax rate)
= (679 × 21.00%) ÷ (1 − 21.00%) = 180
2 2024 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 5,763 ÷ 2,552 = 2.26
3 Click competitor name to see calculations.