Analysis of Reportable Segments
Occidental Petroleum Corp. operates in 3 segments: Oil and gas; Chemical; and Midstream and marketing.
Segment Profit Margin
Occidental Petroleum Corp., profit margin by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Oil and gas | 24.02% | 29.32% | 47.13% | 21.88% | -73.72% |
| Chemical | 22.83% | 28.77% | 37.12% | 29.43% | 17.79% |
| Midstream and marketing | 60.29% | 0.94% | 6.60% | 8.98% | -236.14% |
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 segment profit margins exhibit a general trend of recovery and volatility across the five-year period ending December 31, 2024. A significant rebound is evident in all reporting segments following severe contractions in 2020, with varying degrees of stabilization and growth in subsequent years.
- Oil and Gas Segment
- A sharp recovery is observed following a margin of -73.72% in 2020. Profitability peaked in 2022 at 47.13%, before experiencing a gradual decline to 29.32% in 2023 and 24.02% in 2024. Despite the recent downward trajectory from the 2022 peak, the segment maintains a positive margin significantly higher than the 2020 baseline.
- Chemical Segment
- This segment demonstrated the most consistent profitability over the period. Margins increased from 17.79% in 2020 to a peak of 37.12% in 2022. A subsequent moderate contraction occurred, with margins softening to 28.77% in 2023 and 22.83% in 2024, indicating a normalization of returns following the 2022 high.
- Midstream and Marketing Segment
- The most extreme volatility is found in this segment, which reported a margin of -236.14% in 2020. Following a return to profitability in 2021 at 8.98%, margins remained relatively flat and low through 2023, reaching a low of 0.94%. However, a substantial surge is recorded in 2024, with the margin increasing to 60.29%, marking the highest margin among all reported segments for that year.
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Segment Profit Margin: Oil and gas
Occidental Petroleum Corp.; Oil and gas; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 5,214) | 6,240) | 12,803) | 4,145) | (9,632) |
| Net sales | 21,705) | 21,284) | 27,165) | 18,941) | 13,066) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 24.02% | 29.32% | 47.13% | 21.88% | -73.72% |
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
Segment profit margin = 100 × Income (loss) from continuing operations before income taxes ÷ Net sales
= 100 × 5,214 ÷ 21,705 = 24.02%
The financial performance of the oil and gas segment from 2020 to 2024 is characterized by a sharp recovery from deep losses, a peak in profitability in 2022, and a subsequent period of gradual margin contraction.
- Revenue Trajectory
- Net sales exhibited significant growth between 2020 and 2022, increasing from 13,066 million US$ to a peak of 27,165 million US$. Following this peak, revenues declined in 2023 to 21,284 million US$ and remained relatively stable in 2024 at 21,705 million US$.
- Profitability and Margin Trends
- The segment profit margin underwent a drastic reversal, moving from a negative 73.72% in 2020 to a positive 21.88% in 2021. This upward trend peaked in 2022 with a margin of 47.13%. However, a downward trend emerged in the subsequent two years, with the margin contracting to 29.32% in 2023 and further declining to 24.02% by December 31, 2024.
- Operating Income Analysis
- Income from continuing operations before income taxes mirrored the margin volatility. A substantial loss of 9,632 million US$ in 2020 was replaced by a strong recovery, peaking at 12,803 million US$ in 2022. From 2022 to 2024, pre-tax income saw a consistent decline, falling to 6,240 million US$ in 2023 and ending the period at 5,214 million US$.
- Comparative Performance Insight
- While net sales showed a slight increase between 2023 and 2024, income before taxes continued to decrease during the same interval. This divergence indicates that the decline in the segment profit margin is not solely a result of falling revenues but suggests an increase in relative operating costs or a decrease in the realized price per unit of production.
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Segment Profit Margin: Chemical
Occidental Petroleum Corp.; Chemical; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 1,124) | 1,531) | 2,508) | 1,544) | 664) |
| Net sales | 4,923) | 5,321) | 6,757) | 5,246) | 3,733) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 22.83% | 28.77% | 37.12% | 29.43% | 17.79% |
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
Segment profit margin = 100 × Income (loss) from continuing operations before income taxes ÷ Net sales
= 100 × 1,124 ÷ 4,923 = 22.83%
The Chemical segment exhibited a distinct cyclical trend between 2020 and 2024, characterized by a period of rapid expansion followed by a moderate contraction in both scale and profitability.
- Revenue and Income Trajectory
- Net sales grew steadily from 3,733 million in 2020 to a peak of 6,757 million in 2022. This expansion was mirrored by income from continuing operations before income taxes, which rose from 664 million in 2020 to a peak of 2,508 million in 2022. Following the 2022 peak, both metrics entered a downward trend, with net sales falling to 4,923 million and income before taxes decreasing to 1,124 million by the end of 2024.
- Segment Profit Margin Analysis
- The segment profit margin experienced significant volatility, peaking in 2022 at 37.12%. This represented a substantial increase from the 17.79% recorded in 2020, indicating a period of enhanced operational efficiency or favorable market pricing. However, the margin contracted to 28.77% in 2023 and further to 22.83% in 2024. Although the 2024 margin remains higher than the 2020 baseline, the decline since 2022 suggests a compression of profitability relative to sales.
- Correlation and Performance Insights
- A strong positive correlation is observed between net sales and segment profit margins from 2020 through 2022, suggesting that the segment benefited from economies of scale or rising product pricing during this period. The subsequent simultaneous decline in sales and margins through 2024 indicates a cooling phase, where the reduction in pre-tax income occurred more sharply than the reduction in net sales, leading to the observed margin erosion.
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Segment Profit Margin: Midstream and marketing
Occidental Petroleum Corp.; Midstream and marketing; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 580) | 24) | 273) | 257) | (4,175) |
| Net sales | 962) | 2,551) | 4,136) | 2,863) | 1,768) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 60.29% | 0.94% | 6.60% | 8.98% | -236.14% |
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
Segment profit margin = 100 × Income (loss) from continuing operations before income taxes ÷ Net sales
= 100 × 580 ÷ 962 = 60.29%
The Midstream and Marketing segment exhibited significant volatility in financial performance between 2020 and 2024, transitioning from a period of substantial operational losses to a state of high margin efficiency.
- Revenue Trends
- Net sales demonstrated an upward trajectory from 2020 to 2022, reaching a peak of 4,136 million US dollars. This growth was followed by a sharp contraction, with sales falling to 2,551 million US dollars in 2023 and further declining to 962 million US dollars by the end of 2024.
- Profitability and Income Recovery
- A severe loss of 4,175 million US dollars was recorded in 2020, which was reversed by 2021 as the segment returned to profitability. Income before taxes remained relatively consistent through 2022 at 273 million US dollars before dropping to a marginal 24 million US dollars in 2023. A strong recovery occurred in 2024, with income rising to 580 million US dollars, the highest level within the analyzed timeframe.
- Segment Profit Margin Analysis
- The segment profit margin shifted from a deeply negative 236.14% in 2020 to a positive 8.98% in 2021. After a period of margin compression that reached a low of 0.94% in 2023, the margin expanded drastically to 60.29% in 2024. This increase is particularly notable because it occurred during a period of declining net sales, suggesting a fundamental shift toward higher-margin activities or a significant reduction in the cost structure relative to revenue.
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Segment Return on Assets (Segment ROA)
Occidental Petroleum Corp., ROA by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Oil and gas | 8.20% | 11.60% | 23.68% | 7.38% | -15.31% |
| Chemical | 21.94% | 32.70% | 55.02% | 33.06% | 15.35% |
| Midstream and marketing | 4.25% | 0.18% | 2.26% | 2.31% | -42.36% |
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 analysis of segment return on assets reveals a synchronized performance peak across all business lines in 2022, followed by a general contraction in profitability relative to asset bases through 2024.
- Oil and gas
- A significant volatility pattern is evident, beginning with a negative return of -15.31% in 2020 before ascending to a peak of 23.68% in 2022. A subsequent downward trend is observed, with the return on assets moderating to 11.60% in 2023 and further declining to 8.20% by the end of 2024.
- Chemical
- This segment represents the most efficient utilization of assets, consistently maintaining the highest returns among the reportable segments. The ROA grew sharply from 15.35% in 2020 to a high of 55.02% in 2022, before retreating to 32.70% in 2023 and 21.94% in 2024, suggesting a normalization of performance following a period of exceptional growth.
- Midstream and marketing
- A recovery phase is observed following a severe contraction in 2020, where the return on assets reached -42.36%. While the segment transitioned to positive territory in 2021, returns remained marginal through 2023, reaching a low of 0.18%. A modest improvement is noted in 2024, with the ROA rising to 4.25%.
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Segment ROA: Oil and gas
Occidental Petroleum Corp.; Oil and gas; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 5,214) | 6,240) | 12,803) | 4,145) | (9,632) |
| Total assets | 63,596) | 53,786) | 54,058) | 56,132) | 62,931) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 8.20% | 11.60% | 23.68% | 7.38% | -15.31% |
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
Segment ROA = 100 × Income (loss) from continuing operations before income taxes ÷ Total assets
= 100 × 5,214 ÷ 63,596 = 8.20%
The financial performance of the oil and gas segment exhibits significant volatility over the analyzed five-year period, characterized by a sharp recovery from a deep deficit in 2020 to a profitability peak in 2022, followed by a moderate decline in earnings and a substantial expansion of the asset base by 2024.
- Income from Continuing Operations
- A substantial reversal is observed between 2020 and 2022, as pre-tax income shifted from a loss of US$ 9,632 million to a peak of US$ 12,803 million. Following this peak, a downward trend occurred, with income falling to US$ 6,240 million in 2023 and further to US$ 5,214 million in 2024, suggesting a normalization of earnings following a period of exceptional growth.
- Asset Base Evolution
- Total assets experienced a gradual contraction from US$ 62,931 million in 2020 to a low of US$ 53,786 million in 2023. This trend was reversed in 2024, with assets increasing to US$ 63,596 million. This sharp increase indicates significant capital expenditure or strategic acquisitions during the final year of the period.
- Segment Return on Assets (ROA)
- The Segment ROA closely tracks the volatility of pre-tax income, recovering from -15.31% in 2020 to a high of 23.68% in 2022. A subsequent contraction is evident, with ROA declining to 11.60% in 2023 and 8.20% in 2024. The decrease in 2024 is driven by the combined effect of lower pre-tax income and a larger asset base, reflecting a reduction in the efficiency of asset utilization relative to profit generation.
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Segment ROA: Chemical
Occidental Petroleum Corp.; Chemical; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 1,124) | 1,531) | 2,508) | 1,544) | 664) |
| Total assets | 5,122) | 4,682) | 4,558) | 4,671) | 4,326) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 21.94% | 32.70% | 55.02% | 33.06% | 15.35% |
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
Segment ROA = 100 × Income (loss) from continuing operations before income taxes ÷ Total assets
= 100 × 1,124 ÷ 5,122 = 21.94%
The Chemical segment exhibited a period of significant volatility in profitability and asset utilization between 2020 and 2024, characterized by a sharp peak in performance during 2022 followed by a progressive decline in efficiency.
- Income Trends
- Income from continuing operations before income taxes experienced rapid growth from 2020 to 2022, rising from US$ 664 million to a peak of US$ 2,508 million. This growth trajectory reversed after 2022, with earnings contracting to US$ 1,531 million in 2023 and further declining to US$ 1,124 million by December 31, 2024.
- Asset Base Evolution
- Total assets remained relatively stable for the first four years of the period, fluctuating between US$ 4,326 million and US$ 4,682 million. A distinct upward shift occurred in 2024, where total assets increased to US$ 5,122 million, representing a notable expansion of the segment's resource base.
- Segment Return on Assets (ROA) Performance
- The Segment ROA demonstrated a strong upward trend in the early part of the period, increasing from 15.35% in 2020 to a peak of 55.02% in 2022. Subsequently, a downward trend is observed, with the ratio falling to 32.70% in 2023 and 21.94% in 2024. The decline in ROA during the final year was compounded by the simultaneous reduction in pre-tax income and the increase in total assets, indicating a reduction in the effectiveness of asset deployment to generate profit.
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Segment ROA: Midstream and marketing
Occidental Petroleum Corp.; Midstream and marketing; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 580) | 24) | 273) | 257) | (4,175) |
| Total assets | 13,641) | 13,327) | 12,076) | 11,132) | 9,856) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 4.25% | 0.18% | 2.26% | 2.31% | -42.36% |
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
Segment ROA = 100 × Income (loss) from continuing operations before income taxes ÷ Total assets
= 100 × 580 ÷ 13,641 = 4.25%
The Midstream and Marketing segment demonstrated a volatile but ultimately positive recovery trajectory between 2020 and 2024, characterized by a shift from severe losses to improved asset utilization and profitability.
- Profitability Trends
- Income from continuing operations before income taxes exhibited significant variance over the five-year period. A substantial deficit of US$ 4,175 million in 2020 was followed by a return to profitability in 2021. Following a period of relative stability in 2022, income declined sharply to US$ 24 million in 2023 before rebounding to a period peak of US$ 580 million in 2024.
- Asset Base Expansion
- Total assets grew consistently throughout the analyzed period, increasing from US$ 9,856 million in 2020 to US$ 13,641 million by 2024. This steady upward trend indicates a continuous expansion of the segment's capital base, irrespective of the fluctuations in annual income.
- Return on Assets (ROA) Performance
- The Segment ROA reflects the combined impact of income volatility and the growing asset base. A critical low of -42.36% in 2020 corrected to 2.31% in 2021. While the ratio declined to 0.18% in 2023, it reached its highest level of the period in 2024 at 4.25%, signaling a significant improvement in the efficiency of asset deployment.
The overall financial pattern suggests that while the segment experienced a period of instability and a near-breakeven point in 2023, the substantial increase in income in 2024 outweighed the growth in total assets, resulting in the strongest return on assets observed since 2020.
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Segment Asset Turnover
Occidental Petroleum Corp., asset turnover by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Oil and gas | 0.34 | 0.40 | 0.50 | 0.34 | 0.21 |
| Chemical | 0.96 | 1.14 | 1.48 | 1.12 | 0.86 |
| Midstream and marketing | 0.07 | 0.19 | 0.34 | 0.26 | 0.18 |
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 asset turnover ratios across all reportable segments exhibit a synchronized cyclical pattern, characterized by a steady increase from 2020, a collective peak in 2022, and a subsequent decline through 2024.
- Oil and gas
- Asset utilization efficiency improved significantly during the first three years of the period, rising from 0.21 in 2020 to a peak of 0.50 in 2022. This trend reversed in the following two years, with the ratio moderating to 0.40 in 2023 and settling at 0.34 by the end of 2024.
- Chemical
- This segment consistently demonstrated the highest efficiency in generating revenue relative to its asset base. The turnover ratio grew from 0.86 in 2020 to a peak of 1.48 in 2022, before retreating to 0.96 in 2024. Despite the downward trend post-2022, the Chemical segment remained the most productive segment throughout the analyzed timeframe.
- Midstream and marketing
- A pattern of significant volatility is observed in this segment. After an initial rise from 0.18 in 2020 to 0.34 in 2022, the ratio experienced a sharp contraction, falling to 0.19 in 2023 and further declining to 0.07 by December 31, 2024, marking the lowest asset turnover among all reportable segments.
The convergence of peaks in 2022 suggests a systemic factor impacting the productivity of all segments simultaneously. The subsequent decline indicates a broad reduction in asset turnover efficiency, with the Midstream and marketing segment showing the most severe deterioration in its ability to generate revenue from its assets.
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Segment Asset Turnover: Oil and gas
Occidental Petroleum Corp.; Oil and gas; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 21,705) | 21,284) | 27,165) | 18,941) | 13,066) |
| Total assets | 63,596) | 53,786) | 54,058) | 56,132) | 62,931) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.34 | 0.40 | 0.50 | 0.34 | 0.21 |
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
Segment asset turnover = Net sales ÷ Total assets
= 21,705 ÷ 63,596 = 0.34
The oil and gas segment exhibits a cyclical pattern in asset utilization and revenue generation between 2020 and 2024. Efficiency peaked in 2022 before entering a period of moderation driven by shifting asset levels and sales volatility.
- Net Sales Performance
- Revenue experienced a substantial upward trajectory from 2020 to 2022, rising from 13,066 million to a peak of 27,165 million. This growth was followed by a contraction in 2023 to 21,284 million, with a marginal recovery to 21,705 million by the end of 2024.
- Asset Base Dynamics
- Total assets showed a consistent downward trend from 62,931 million in 2020 to a low of 53,786 million in 2023. This trend reversed sharply in 2024, with assets increasing to 63,596 million, representing the highest asset valuation within the observed period.
- Segment Asset Turnover Analysis
- The asset turnover ratio improved from 0.21 in 2020 to a peak of 0.50 in 2022, indicating a significant increase in the efficiency of generating sales per unit of asset. This peak was the result of the simultaneous increase in net sales and the reduction of the asset base. Between 2022 and 2024, the ratio declined to 0.34, as the expansion of total assets in 2024 occurred while net sales remained below the 2022 levels.
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Segment Asset Turnover: Chemical
Occidental Petroleum Corp.; Chemical; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 4,923) | 5,321) | 6,757) | 5,246) | 3,733) |
| Total assets | 5,122) | 4,682) | 4,558) | 4,671) | 4,326) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.96 | 1.14 | 1.48 | 1.12 | 0.86 |
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
Segment asset turnover = Net sales ÷ Total assets
= 4,923 ÷ 5,122 = 0.96
The Chemical segment exhibited a cyclical trend in operational efficiency from 2020 to 2024, characterized by a sharp increase in asset productivity peaking in 2022, followed by a consistent decline through the end of the period.
- Net Sales Performance
- Revenue demonstrated significant volatility, rising from 3,733 million USD in 2020 to a peak of 6,757 million USD in 2022. Following this peak, net sales entered a downward trajectory, falling to 5,321 million USD in 2023 and further to 4,923 million USD by the end of 2024.
- Asset Base Stability
- Total assets remained relatively stable over the five-year period, increasing modestly from 4,326 million USD in 2020 to 5,122 million USD in 2024. This suggests that the fluctuations in segment performance were driven primarily by changes in revenue generation rather than substantial shifts in the capital investment base.
- Segment Asset Turnover Analysis
- The asset turnover ratio mirrored the sales trend, increasing from 0.86 in 2020 to a maximum of 1.48 in 2022, marking the period of highest operational efficiency. Subsequently, the ratio declined to 1.14 in 2023 and 0.96 in 2024, indicating a reduced capacity to leverage assets for revenue production toward the end of the analyzed period.
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Segment Asset Turnover: Midstream and marketing
Occidental Petroleum Corp.; Midstream and marketing; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 962) | 2,551) | 4,136) | 2,863) | 1,768) |
| Total assets | 13,641) | 13,327) | 12,076) | 11,132) | 9,856) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.07 | 0.19 | 0.34 | 0.26 | 0.18 |
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
Segment asset turnover = Net sales ÷ Total assets
= 962 ÷ 13,641 = 0.07
The Midstream and marketing segment experienced a period of significant revenue volatility contrasted by a consistent expansion of the asset base between 2020 and 2024. While the segment initially demonstrated improving efficiency in generating revenue from its assets, this trend reversed sharply in the final two years of the period.
- Net Sales Performance
- A strong upward trajectory in net sales was observed from 2020 to 2022, with revenues increasing from 1,768 million USD to a peak of 4,136 million USD. However, this growth was not sustained; a substantial contraction occurred in 2023, followed by a steep decline to 962 million USD by December 31, 2024, marking the lowest revenue level in the five-year sequence.
- Asset Base Growth
- Total assets within the segment showed a steady and uninterrupted increase throughout the reporting period. Assets grew from 9,856 million USD in 2020 to 13,641 million USD in 2024. This consistent growth occurred independently of the fluctuations in net sales, indicating continued investment or asset accumulation within the segment.
- Segment Asset Turnover Analysis
- The segment asset turnover ratio mirrored the volatility of net sales. Efficiency improved from 0.18 in 2020 to a peak of 0.34 in 2022, reflecting a period where revenue growth outpaced asset growth. Subsequently, a sharp deterioration in asset utilization occurred, with the ratio falling to 0.19 in 2023 and reaching a low of 0.07 in 2024. The divergence between an expanding asset base and rapidly declining sales resulted in a significant reduction in the segment's ability to generate revenue per unit of asset.
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Segment Capital Expenditures to Depreciation
Occidental Petroleum Corp., capital expenditures to depreciation by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Oil and gas | 0.82 | 0.82 | 0.63 | 0.32 | 0.31 |
| Chemical | 1.98 | 1.55 | 0.89 | 0.92 | 0.73 |
| Midstream and marketing | 2.86 | 2.04 | 0.82 | 0.33 | 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).
An examination of the capital expenditures to depreciation ratios across all reportable segments reveals a systemic increase in reinvestment intensity between 2020 and 2024. This progression indicates a strategic shift from capital preservation toward active asset expansion and modernization across the organizational portfolio.
- Oil and Gas
- A consistent upward trend is observed in this segment, with the ratio rising from 0.31 in 2020 to 0.82 by 2023. The ratio remained stagnant at 0.82 in 2024, suggesting that capital spending has reached a stabilization phase. Because the ratio remains below 1.0, the segment is investing at a rate lower than the depreciation of its existing assets.
- Chemical
- This segment demonstrated a gradual increase from 0.73 in 2020 to 0.89 in 2022, followed by a sharp acceleration. The ratio climbed to 1.55 in 2023 and reached 1.98 by 2024. The transition above the 1.0 threshold indicates that capital expenditures have surpassed depreciation, reflecting a shift toward growth and capacity expansion.
- Midstream and Marketing
- The most aggressive growth pattern is evident in this segment, which began with a ratio of 0.16 in 2020 and surged to 2.86 by 2024. This exponential increase suggests a major strategic pivot toward infrastructure investment, as the rate of capital expenditure now significantly exceeds the depreciation of existing assets.
In summary, the data indicates a synchronized increase in capital allocation across all business lines. While the Oil and Gas segment has leveled off, the Chemical and Midstream and Marketing segments are characterized by an accelerating investment trajectory, with the latter exhibiting the most substantial expansion in asset investment relative to depreciation.
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Segment Capital Expenditures to Depreciation: Oil and gas
Occidental Petroleum Corp.; Oil and gas; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Property, plant and equipment additions | 5,408) | 5,028) | 3,898) | 2,458) | 2,279) |
| Depreciation, depletion and amortization | 6,565) | 6,112) | 6,179) | 7,741) | 7,414) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.82 | 0.82 | 0.63 | 0.32 | 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
Segment capital expenditures to depreciation = Property, plant and equipment additions ÷ Depreciation, depletion and amortization
= 5,408 ÷ 6,565 = 0.82
The analysis of capital allocation within the oil and gas segment reveals a strategic shift from asset preservation to intensified investment between 2020 and 2024.
- Property, Plant, and Equipment Additions
- A consistent upward trajectory is observed in capital expenditures, which grew from 2,279 million USD in 2020 to 5,408 million USD by 2024. The most significant acceleration occurred between 2021 and 2023, reflecting a substantial increase in the scale of investment in productive assets.
- Depreciation, Depletion, and Amortization
- Expenditures related to depreciation, depletion, and amortization exhibited a fluctuating trend, peaking at 7,741 million USD in 2021 before declining to a low of 6,112 million USD in 2023. A moderate increase to 6,565 million USD was noted in 2024, though the overall levels remain below the 2020-2021 period.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation demonstrates a marked increase, rising from 0.31 in 2020 to a plateau of 0.82 in 2023 and 2024. The sharp rise beginning in 2022 indicates a transition where a much larger portion of the depreciating asset base is being replaced or expanded, moving closer to a one-to-one replacement rate of capital assets.
The combined effect of rising capital additions and generally lower depreciation costs has resulted in a significant improvement in the reinvestment rate, signaling an aggressive expansion or modernization phase in the segment's asset base.
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Segment Capital Expenditures to Depreciation: Chemical
Occidental Petroleum Corp.; Chemical; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Property, plant and equipment additions | 718) | 551) | 331) | 316) | 261) |
| Depreciation, depletion and amortization | 363) | 356) | 370) | 343) | 356) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.98 | 1.55 | 0.89 | 0.92 | 0.73 |
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
Segment capital expenditures to depreciation = Property, plant and equipment additions ÷ Depreciation, depletion and amortization
= 718 ÷ 363 = 1.98
The financial trajectory of the Chemical segment reveals a strategic shift from asset maintenance to aggressive capacity expansion between 2020 and 2024. This transition is characterized by a substantial increase in capital investment relative to the consumption of existing assets.
- Property, Plant and Equipment Additions
- A consistent upward trend in capital expenditures is observed, with additions increasing from 261 million US dollars in 2020 to 718 million US dollars by 2024. The growth accelerated notably after 2022, with a significant surge in spending during 2023 and 2024, indicating a period of intensive investment in new or upgraded physical assets.
- Depreciation, Depletion and Amortization
- In contrast to the investment growth, depreciation, depletion and amortization expenses remained relatively stable throughout the five-year period. Values fluctuated within a narrow range, starting at 356 million US dollars in 2020 and ending at 363 million US dollars in 2024, suggesting a steady rate of asset expiration across the established infrastructure.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation serves as a primary indicator of the segment's growth phase. From 2020 to 2022, the ratio remained below 1.0, ranging from 0.73 to 0.89, which signifies that investments were primarily directed toward maintaining existing operations rather than expanding the asset base. However, a pivotal shift occurred in 2023, where the ratio rose to 1.55, and further climbed to 1.98 in 2024. This trend confirms a transition to an expansionary phase where new capital investment now nearly doubles the annual depreciation of assets.
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Segment Capital Expenditures to Depreciation: Midstream and marketing
Occidental Petroleum Corp.; Midstream and marketing; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Property, plant and equipment additions | 941) | 664) | 270) | 107) | 50) |
| Depreciation, depletion and amortization | 329) | 326) | 328) | 325) | 312) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 2.86 | 2.04 | 0.82 | 0.33 | 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
Segment capital expenditures to depreciation = Property, plant and equipment additions ÷ Depreciation, depletion and amortization
= 941 ÷ 329 = 2.86
The Midstream and marketing segment exhibits a significant shift in capital allocation strategy over the five-year period ending December 31, 2024. There is a clear transition from a period of minimal investment to an aggressive expansion phase, characterized by a sharp increase in property, plant, and equipment additions against a backdrop of stable depreciation expenses.
- Property, Plant, and Equipment Additions
- Capital spending grew exponentially from 50 million US dollars in 2020 to 941 million US dollars in 2024. The most pronounced acceleration occurred between 2022 and 2024, with expenditures increasing from 270 million US dollars to 941 million US dollars, indicating a strategic pivot toward substantial infrastructure investment.
- Depreciation, Depletion, and Amortization
- Annual depreciation and amortization expenses remained remarkably consistent throughout the analyzed period, fluctuating within a narrow range between 312 million and 329 million US dollars. This stability suggests a constant rate of asset consumption and a legacy asset base that does not fluctuate significantly despite new investments.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio demonstrates a steep upward trajectory, rising from 0.16 in 2020 to 2.86 in 2024. A ratio below 1.0 in the early years indicates that the segment was investing significantly less than the value of the assets being depreciated. The breach of the 1.0 threshold in 2023, followed by a rise to 2.86, signals a shift toward aggressive growth and capacity expansion, as current investments now far exceed the annual depreciation of the asset base.
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Net sales
Occidental Petroleum Corp., net sales by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Oil and gas | 21,705) | 21,284) | 27,165) | 18,941) | 13,066) |
| Chemical | 4,923) | 5,321) | 6,757) | 5,246) | 3,733) |
| Midstream and marketing | 962) | 2,551) | 4,136) | 2,863) | 1,768) |
| Corporate and eliminations | (865) | (899) | (1,424) | (1,094) | (758) |
| Total | 26,725) | 28,257) | 36,634) | 25,956) | 17,809) |
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).
Total net sales exhibited a period of significant expansion between 2020 and 2022, peaking at US$ 36,634 million before entering a contraction phase that brought totals to US$ 26,725 million by December 31, 2024. This overall trajectory indicates a strong growth cycle followed by a moderate correction across most reportable segments.
- Oil and Gas Segment
- As the primary revenue driver, this segment experienced substantial growth from US$ 13,066 million in 2020 to a peak of US$ 27,165 million in 2022. A subsequent decline occurred in 2023, though a slight recovery was observed in 2024, with sales reaching US$ 21,705 million.
- Chemical Segment
- The chemical segment followed a growth pattern similar to the oil and gas segment, rising from US$ 3,733 million in 2020 to US$ 6,757 million in 2022. However, a consistent downward trend has been observed since that peak, with net sales decreasing to US$ 4,923 million by the end of 2024.
- Midstream and Marketing Segment
- This segment demonstrated the highest degree of volatility. After an initial increase from US$ 1,768 million in 2020 to a peak of US$ 4,136 million in 2022, sales plummeted sharply over the following two years, ending at US$ 962 million in 2024. This represents a total contraction to levels below the 2020 baseline.
- Corporate and Eliminations
- Corporate eliminations increased in magnitude in tandem with overall sales growth, peaking at negative US$ 1,424 million in 2022. These eliminations subsequently decreased in magnitude, reaching negative US$ 865 million by December 31, 2024.
The combined analysis indicates that while the company achieved a significant revenue peak in 2022, the subsequent decline was most pronounced in the Midstream and Marketing segment, whereas the Oil and Gas segment has maintained a higher revenue base relative to its 2020 starting point.
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Income (loss) from continuing operations before income taxes
Occidental Petroleum Corp., income (loss) from continuing operations before income taxes by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Oil and gas | 5,214) | 6,240) | 12,803) | 4,145) | (9,632) |
| Chemical | 1,124) | 1,531) | 2,508) | 1,544) | 664) |
| Midstream and marketing | 580) | 24) | 273) | 257) | (4,175) |
| Corporate and eliminations | (2,848) | (1,366) | (1,467) | (2,241) | (2,562) |
| Total | 4,070) | 6,429) | 14,117) | 3,705) | (15,705) |
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).
Total income from continuing operations before income taxes exhibited significant volatility between 2020 and 2024. A substantial deficit of 15,705 million US$ in 2020 was followed by a sharp recovery, peaking at 14,117 million US$ in 2022, before trending downward to 4,070 million US$ by the end of 2024.
- Oil and Gas Segment
- This segment functioned as the primary driver of overall financial fluctuations. Following a loss of 9,632 million US$ in 2020, the segment experienced a rapid ascent to a peak of 12,803 million US$ in 2022. A subsequent decline is observed over the following two years, with income moderating to 5,214 million US$ in 2024.
- Chemical Segment
- Consistent profitability was maintained throughout the analyzed period. Income grew from 664 million US$ in 2020 to a peak of 2,508 million US$ in 2022. From 2023 onward, a downward trend emerged, resulting in a value of 1,124 million US$ by 2024.
- Midstream and Marketing Segment
- A recovery pattern is evident after a significant loss of 4,175 million US$ in 2020. The segment transitioned to positive income in 2021 and remained marginally profitable through 2023. A notable increase in performance occurred in 2024, with income rising to 580 million US$.
- Corporate and Eliminations
- This category remained consistently negative, representing an ongoing cost center. Expenses showed a gradual reduction from 2,562 million US$ in 2020 to a low of 1,366 million US$ in 2023. However, a sharp increase in losses to 2,848 million US$ was recorded in 2024.
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Property, plant and equipment additions
Occidental Petroleum Corp., property, plant and equipment additions by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Oil and gas | 5,408) | 5,028) | 3,898) | 2,458) | 2,279) |
| Chemical | 718) | 551) | 331) | 316) | 261) |
| Midstream and marketing | 941) | 664) | 270) | 107) | 50) |
| Corporate and eliminations | 141) | 125) | 67) | 50) | 29) |
| Total | 7,208) | 6,368) | 4,566) | 2,931) | 2,619) |
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).
Total capital expenditures for property, plant, and equipment have demonstrated a consistent and significant upward trajectory from 2020 through 2024. Aggregate additions grew from 2,619 million US dollars in 2020 to 7,208 million US dollars by the end of 2024, representing a total increase of approximately 175% over the five-year period.
- Oil and Gas Segment
- The Oil and Gas segment remains the primary driver of capital investment. Additions increased steadily from 2,279 million US dollars in 2020 to 5,408 million US dollars in 2024. A notable acceleration in investment occurred between 2021 and 2023, where annual expenditures rose from 2,458 million US dollars to 5,028 million US dollars, indicating a period of aggressive capacity expansion or infrastructure upgrading.
- Midstream and Marketing Segment
- This segment exhibited the most substantial relative growth of all business units. Starting from a base of 50 million US dollars in 2020, additions surged to 941 million US dollars by 2024. This represents a nearly 19-fold increase, suggesting a strategic shift toward enhancing logistics and midstream capabilities to support overall production volumes.
- Chemical Segment
- Investment in the Chemical segment showed a consistent increase, rising from 261 million US dollars in 2020 to 718 million US dollars in 2024. The growth rate accelerated particularly in the final two years of the period, with additions jumping from 331 million US dollars in 2022 to 718 million US dollars in 2024.
- Corporate and Eliminations
- Expenditures within the Corporate and Eliminations category followed a similar growth pattern to the operating segments, increasing from 29 million US dollars in 2020 to 141 million US dollars in 2024. This growth is proportional to the overall scaling of the company's asset base.
The combined data indicates a comprehensive expansion strategy across all reportable segments. While the Oil and Gas segment continues to command the largest share of total capital allocation, the exponential growth in the Midstream and Marketing segment suggests an increasing emphasis on integrating the value chain.
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Depreciation, depletion and amortization
Occidental Petroleum Corp., depreciation, depletion and amortization by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Oil and gas | 6,565) | 6,112) | 6,179) | 7,741) | 7,414) |
| Chemical | 363) | 356) | 370) | 343) | 356) |
| Midstream and marketing | 329) | 326) | 328) | 325) | 312) |
| Corporate and eliminations | 114) | 71) | 49) | 38) | 15) |
| Total | 7,371) | 6,865) | 6,926) | 8,447) | 8,097) |
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).
Total depreciation, depletion, and amortization (DD&A) expenses exhibit a fluctuating trend over the analyzed period, characterized by a peak in 2021 followed by a notable contraction and a subsequent recovery phase beginning in 2024.
- Oil and Gas Segment Performance
- This segment is the primary driver of overall DD&A volatility. Expenses increased from 7,414 million USD in 2020 to a peak of 7,741 million USD in 2021, before experiencing a significant reduction to 6,179 million USD in 2022. After reaching a five-year low of 6,112 million USD in 2023, the segment showed a recovery to 6,565 million USD by the end of 2024.
- Chemical and Midstream Stability
- Both the Chemical and Midstream and marketing segments demonstrate high stability in their DD&A charges. Chemical expenses remained within a narrow range, fluctuating between 343 million USD and 370 million USD. Midstream and marketing expenses showed a marginal but steady increase, rising from 312 million USD in 2020 to 329 million USD in 2024.
- Corporate and Eliminations Trend
- A consistent and accelerating upward trend is observed in the Corporate and eliminations category. Expenses grew steadily from 15 million USD in 2020 to 114 million USD in 2024, marking a significant relative increase compared to the other reportable segments.
- Aggregate Expenditure Analysis
- The total DD&A across all segments peaked in 2021 at 8,447 million USD and reached a trough in 2023 at 6,865 million USD. The overall trajectory closely mirrors the movements in the Oil and Gas segment, which constitutes the vast majority of the total annual charges.
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Total assets
Occidental Petroleum Corp., total assets by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Oil and gas | 63,596) | 53,786) | 54,058) | 56,132) | 62,931) |
| Chemical | 5,122) | 4,682) | 4,558) | 4,671) | 4,326) |
| Midstream and marketing | 13,641) | 13,327) | 12,076) | 11,132) | 9,856) |
| Corporate and eliminations | 3,086) | 2,213) | 1,917) | 3,101) | 2,951) |
| Total | 85,445) | 74,008) | 72,609) | 75,036) | 80,064) |
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).
Total assets exhibited a fluctuating trend between 2020 and 2024, characterized by a period of contraction followed by a significant expansion in the final year. After decreasing from US$ 80,064 million in 2020 to a low of US$ 72,609 million in 2022, total assets grew to US$ 85,445 million by the end of 2024, representing a substantial recovery and an overall increase of approximately 6.8% over the five-year period.
- Oil and Gas Segment
- This segment represents the dominant portion of the asset base. A downward trajectory was observed from 2020 (US$ 62,931 million) through 2023 (US$ 53,786 million). This trend reversed sharply in 2024, with assets rising to US$ 63,596 million, indicating a significant increase in capital allocation or asset acquisition in the final year.
- Midstream and Marketing Segment
- A consistent and linear growth pattern is evident in this segment. Assets increased steadily every year, rising from US$ 9,856 million in 2020 to US$ 13,641 million in 2024. This represents the most stable growth trend across all segments.
- Chemical Segment
- Asset values within the chemical segment remained relatively stable with a modest upward trend. Assets grew from US$ 4,326 million in 2020 to US$ 5,122 million in 2024, exhibiting the lowest volatility among the primary business segments.
- Corporate and Eliminations
- This category experienced notable volatility, characterized by a significant dip in 2022 to US$ 1,917 million, followed by a recovery to US$ 3,086 million by the end of 2024.
The overall asset composition indicates a heavy reliance on the Oil and Gas segment, which drove the majority of the total asset volatility. While the total asset base returned to growth in 2024, the steady expansion of the Midstream and Marketing segment suggests a strategic diversification of the asset portfolio over the five-year window.
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