Stock Analysis on Net

Occidental Petroleum Corp. (NYSE:OXY)

Enterprise Value to EBITDA (EV/EBITDA)

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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Occidental Petroleum Corp., EBITDA calculation

US$ in millions

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income (loss) attributable to Occidental 4,696 13,304 2,322 (14,831) (667)
Add: Net income attributable to noncontrolling interest 145
Less: Loss from discontinued operations, net of tax (468) (1,298) (15)
Add: Income tax expense 1,733 813 915 (2,172) 693
Earnings before tax (EBT) 6,429 14,117 3,705 (15,705) 186
Add: Interest and debt expense, net 945 1,030 1,614 1,424 1,066
Earnings before interest and tax (EBIT) 7,374 15,147 5,319 (14,281) 1,252
Add: Depreciation, depletion and amortization of assets 6,865 6,926 8,447 8,097 5,981
Earnings before interest, tax, depreciation and amortization (EBITDA) 14,239 22,073 13,766 (6,184) 7,233

Based on: 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).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Occidental Petroleum Corp. EBITDA increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Enterprise Value to EBITDA Ratio, Current

Occidental Petroleum Corp., current EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV) 83,857
Earnings before interest, tax, depreciation and amortization (EBITDA) 14,239
Valuation Ratio
EV/EBITDA 5.89
Benchmarks
EV/EBITDA, Competitors1
Chevron Corp. 6.47
ConocoPhillips 6.40
Exxon Mobil Corp. 6.45
Marathon Petroleum Corp. 5.17
Pioneer Natural Resources Co. 7.16
Valero Energy Corp. 4.32
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels 6.17
EV/EBITDA, Industry
Energy 6.34

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.


Enterprise Value to EBITDA Ratio, Historical

Occidental Petroleum Corp., historical EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 77,093 81,681 72,969 68,728 74,628
Earnings before interest, tax, depreciation and amortization (EBITDA)2 14,239 22,073 13,766 (6,184) 7,233
Valuation Ratio
EV/EBITDA3 5.41 3.70 5.30 10.32
Benchmarks
EV/EBITDA, Competitors4
Chevron Corp. 6.34 4.74 7.18 18.57 6.39
ConocoPhillips 5.64 3.82 6.34 23.12 4.13
Exxon Mobil Corp. 5.81 4.54 7.07 16.97 6.91
Marathon Petroleum Corp. 4.50 3.11 8.48 7.23
Pioneer Natural Resources Co. 6.44 4.16 10.66 22.82 8.69
Valero Energy Corp. 3.64 3.15 10.17 47.76 6.00
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels 5.63 4.19 7.13 39.03 6.59
EV/EBITDA, Industry
Energy 5.81 4.40 7.34 66.20 7.54

Based on: 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).

1 See details »

2 See details »

3 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 77,093 ÷ 14,239 = 5.41

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/EBITDA Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock. Occidental Petroleum Corp. EV/EBITDA ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.