Current EV
Historical EV

Occidental Petroleum Corp., current enterprise value calculation

Current share price (P)	$42.54
No. shares of common stock outstanding	984,439,742
US$ in millions
Common equity (market value)¹	41,878)
Add: Preferred stock, at $1.00 per share par value (per books)	8,287)
Add: Noncontrolling interest (per books)	321)
Total equity	50,486)
Add: Current maturities of long-term debt (per books)	1,138)
Add: Long-term debt, net, excluding current maturities (per books)	24,978)
Total equity and debt	76,602)
Less: Cash and cash equivalents	2,132)
Enterprise value (EV)	74,470)

Based on: 10-K (reporting date: 2024-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 42.54 × 984,439,742

Occidental Petroleum Corp., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$48.84	$57.30	$58.96	$38.92	$26.61
No. shares of common stock outstanding¹	938,500,965	879,499,439	900,072,447	934,063,989	931,554,718
US$ in millions
Common equity (market value)³	45,836)	50,395)	53,068)	36,354)	24,789)
Add: Preferred stock, at $1.00 per share par value (book value)	8,287)	8,287)	9,762)	9,762)	9,762)
Add: Noncontrolling interest (book value)	321)	99)	—)	—)	—)
Total equity	54,444)	58,781)	62,830)	46,116)	34,551)
Add: Current maturities of long-term debt (book value)	1,138)	1,202)	165)	186)	440)
Add: Long-term debt, net, excluding current maturities (book value)	24,978)	18,536)	19,670)	29,431)	35,745)
Total equity and debt	80,560)	78,519)	82,665)	75,733)	70,736)
Less: Cash and cash equivalents	2,132)	1,426)	984)	2,764)	2,008)
Enterprise value (EV)	78,428)	77,093)	81,681)	72,969)	68,728)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Occidental Petroleum Corp. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 48.84 × 938,500,965

Common equity (market value): The market value of common equity demonstrated a clear upward trend from 2020 to 2022, increasing from $24,789 million to $53,068 million. However, this was followed by a decline in the subsequent two years, falling to $50,395 million in 2023 and further to $45,836 million in 2024. This pattern indicates a peak in market valuation in 2022, with a moderate contraction thereafter.
Total equity: Total equity showed consistent growth from 2020 through 2022, rising from $34,551 million to $62,830 million. Similar to common equity, total equity decreased in 2023 and 2024, reaching $58,781 million and $54,444 million respectively. This suggests a strengthening of the company's equity base until 2022, followed by a reduction which may reflect changes in retained earnings, other comprehensive income, or share repurchases.
Total equity and debt: The sum of total equity and debt increased steadily from 2020 to 2022, growing from $70,736 million to $82,665 million. This was followed by a decrease in 2023 to $78,519 million, and a slight increase in 2024 to $80,560 million. The fluctuations post-2022 imply adjustments in debt levels or equity that impacted the overall capital structure.
Enterprise value (EV): Enterprise value rose consistently from 2020 up to 2022, from $68,728 million to $81,681 million, mirroring the growth in equity and total capitalization. A decline occurred in 2023 to $77,093 million, with a minor rebound in 2024 to $78,428 million. This reflects changes in market capitalization and debt, suggesting a slight reduction in perceived company value or changes in financial leverage after 2022.

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Occidental Petroleum Corp. (NYSE:OXY)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)