Stock Analysis on Net

Occidental Petroleum Corp. (NYSE:OXY)

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Occidental Petroleum Corp., FCFE 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)
Net income attributable to noncontrolling interest 145
Net noncash charges 6,952 4,831 9,357 19,951 6,654
Changes in operating assets and liabilities 660 (1,325) (1,426) (1,278) 1,071
Net cash provided by operating activities 12,308 16,810 10,253 3,842 7,203
Capital expenditures (6,270) (4,497) (2,870) (2,535) (6,355)
Debt issuance costs (46)
Proceeds from long-term debt, net, Occidental 6,936 21,557
Payments of long-term debt, net, Occidental (22) (9,484) (6,834) (8,916) (6,959)
Proceeds from long-term debt, net, WES 1,459
Payments of long-term debt, net, WES (1,000)
Free cash flow to equity (FCFE) 5,970 2,829 549 (673) 15,905

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
FCFE Free cash flow to equity is the cash flow available to Occidental Petroleum Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Occidental Petroleum Corp. FCFE increased from 2021 to 2022 and from 2022 to 2023.

Price to FCFE Ratio, Current

Occidental Petroleum Corp., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 879,499,439
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 5,970
FCFE per share 6.79
Current share price (P) 64.20
Valuation Ratio
P/FCFE 9.46
Benchmarks
P/FCFE, Competitors1
Chevron Corp. 18.47
ConocoPhillips 13.41
Exxon Mobil Corp. 13.74
Marathon Petroleum Corp. 5.60
Pioneer Natural Resources Co. 18.87
Valero Energy Corp. 6.93
P/FCFE, Sector
Oil, Gas & Consumable Fuels 12.66
P/FCFE, Industry
Energy 13.03

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

1 Click competitor name to see calculations.

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


Price to FCFE Ratio, Historical

Occidental Petroleum Corp., historical P/FCFE calculation, comparison to benchmarks

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Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 879,499,439 900,072,447 934,063,989 931,554,718 895,224,961
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 5,970 2,829 549 (673) 15,905
FCFE per share3 6.79 3.14 0.59 -0.72 17.77
Share price1, 4 57.30 58.96 38.92 26.61 32.74
Valuation Ratio
P/FCFE5 8.44 18.76 66.22 1.84
Benchmarks
P/FCFE, Competitors6
Chevron Corp. 18.24 10.59 32.05 21.61 38.28
ConocoPhillips 11.74 8.93 10.61 497.58 14.36
Exxon Mobil Corp. 12.46 8.73 19.82 13.70 16.01
Marathon Petroleum Corp. 4.75 3.74 65.05 51.11 5.87
Pioneer Natural Resources Co. 16.98 9.25 10.38 21.68 512.10
Valero Energy Corp. 5.77 6.12 12.51 9.57 7.61
P/FCFE, Sector
Oil, Gas & Consumable Fuels 11.59 8.67 19.42 19.88 12.38
P/FCFE, Industry
Energy 11.95 9.32 20.28 19.46 12.93

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 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 5,970,000,000 ÷ 879,499,439 = 6.79

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

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 57.30 ÷ 6.79 = 8.44

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Occidental Petroleum Corp. P/FCFE ratio decreased from 2021 to 2022 and from 2022 to 2023.