OXY · OCCIDENTAL PETROLEUM CORP /DE/

424 filings

8-K

OXY 8-K Current Reports

OCCIDENTAL PETROLEUM CORP /DE/ - 424 current reports

Filing record · 2016–202610-K1210-Q328-K158

Showing 1-50 of 424 filings

8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Oct 13, 2026)

Occidental Petroleum (OXY) filed an 8-K on October 13, 2026 under Item 2.02 (Results of Operations and Financial Condition), furnishing Exhibit 99.1, a preliminary "Third Quarter 2026 Earnings Considerations" document. The filing is not a full earnings release: it does not report net income, EPS, or total revenue, and it explicitly states the figures are preliminary, not comprehensive, and not an estimate of third-quarter earnings. Its main purpose is to flag factors that management believes will affect Q3 2026 results, so investors should treat it as a partial, unaudited data set ahead of the full report. The key operational issue is a temporary September curtailment at certain Gulf of America facilities, caused by a third-party gas pipeline constraint and maintenance. Gulf of America net sales volumes for the quarter were about 110 Mboed, and domestic lease operating cost rose to $8.54/boe. Total company production remained within guidance, and the company said partial restoration has occurred with the rest expected once the pipeline constraint is resolved. Oil made up 48.8% of total company production. On pricing and cash flow, realized worldwide oil averaged $85.91/Bbl against WTI of $85.79 and Brent of $91.62, implying roughly 100% of WTI and 94% of Brent. Crude oil collar settlements reduced operating cash flow before working capital by $94 million. Average diluted shares were 1,012.8 million. Realized domestic natural gas was $1.61/Mcf, about 54% of NYMEX, and worldwide NGL realizations were $24.63/Bbl, about 29% of WTI.

Oct 13, 2026 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Aug 5, 2026)

Occidental Petroleum (OXY) reported second quarter 2026 results on August 5, 2026, with net income attributable to common stockholders of $2.8 billion, or $2.75 per diluted share, and adjusted EPS from continuing operations of $2.40. The quarter was driven by a sharp rise in realized prices: worldwide realized oil averaged $96.78 per barrel, up 38% from the first quarter, against WTI and Brent marker prices of $92.79 and $97.06. Oil and gas pre-tax income was $2.8 billion and midstream and marketing pre-tax income was $1.3 billion, a swing from an $87 million loss in the prior quarter. Production of 1,433 Mboed exceeded the high end of guidance, with the Permian and Gulf of America outperforming. Domestic realized gas prices were negative at -$1.48 per Mcf, a notable weak spot in the quarter. Cash generation and balance sheet repair were the other main themes. Operating cash flow from continuing operations was $5.1 billion, and operating cash flow before working capital was $4.6 billion. Free cash flow before working capital from continuing operations was $3.0 billion, the highest since the third quarter of 2022, on capital expenditures of $1.6 billion. Management reduced principal debt by $1.9 billion to $11.8 billion and is working toward a $10.0 billion target. The company also raised its quarterly dividend by roughly 8% this year to $0.28 per share, payable October 15, 2026. The quarter's reported results were flattered by items affecting comparability, including a $3.1 billion gain from discontinued operations, which is why reported EPS ($2.75) is above adjusted EPS ($2.40) on a continuing-operations basis. Management frames the outlook around resource organic improvement, cost efficiency, and significant free cash flow growth by 2030. Investors should weigh the strong Q2 cash flow against commodity-price sensitivity, since realized oil prices in this quarter were far above the first quarter's $69.91 per barrel.

Aug 5, 2026 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Jul 10, 2026)

On July 10, 2026, Occidental Petroleum (OXY) furnished an 8-K (Item 2.02, Exhibit 99.1) providing a preliminary set of "Earnings Considerations" for the second quarter of 2026. The document is explicitly not a full earnings release or an estimate of Q2 2026 earnings; it is a partial, preliminary summary of factors management expects to affect results, and it may not capture all adjustments or charges. The information is furnished rather than filed, so it is not subject to Section 18 liability and is not incorporated into Securities Act filings unless specifically referenced. The most notable quantitative disclosures are realized prices and hedging drag. Worldwide realized oil averaged $96.78/Bbl (U.S. $96.93, International $95.83), closely tracking Brent at $97.06 and WTI at $92.79, with worldwide oil realizations at 104% of WTI and 100% of Brent. Crude collar settlements reduced operating cash flow before working capital by $156 million in the quarter. Diluted weighted-average shares were 1,012.2 million. The gas and NGL data are the most striking. U.S. natural gas realized a negative $1.48/Mcf, equal to about negative 51% of NYMEX ($2.89/Mcf), and worldwide gas averaged $(0.80)/Mcf, implying significant negative price realizations, likely from transportation, processing, or marketing costs exceeding sales value in some regions. U.S. NGL realized $23.79/Bbl (about 27% of WTI), while international NGL realized $33.49/Bbl. Investors should view these figures as preliminary and watch the full Q2 release for final results, reconciliation of these items, and management's commentary on the domestic gas realization gap.

Jul 10, 2026 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (May 5, 2026)

Occidental Petroleum (OXY) reported first quarter 2026 results on May 5, 2026, with reported net income attributable to common stockholders of $3.2 billion, or $3.13 diluted EPS, driven largely by the gain on the sale of OxyChem within discontinued operations. Adjusted EPS from continuing operations was $1.06, versus $0.87 in the first quarter of 2025, reflecting strong operational performance: production of 1,426 Mboed exceeded the high end of guidance, and midstream and marketing adjusted results beat the top of guidance. Higher realized crude prices ($69.91/bbl, up 18% sequentially) lifted oil and gas pre-tax income to $1.0 billion, partially offset by lower volumes and a $369 million pre-tax domestic crude derivative loss that is excluded from adjusted results. The central investor theme is deleveraging. The company repaid $7.1 billion of principal debt through May 5, reducing principal debt to $13.3 billion and moving toward a $10.0 billion target. Long-term debt on the balance sheet fell from $20.6 billion at year-end 2025 to $15.2 billion at March 31, 2026, and cash rose to $3.8 billion. Free cash flow before working capital from continuing operations was $1.7 billion, while reported operating cash flow from continuing operations was $1.4 billion after a $1.8 billion working capital build driven by higher receivables from the March commodity price spike and seasonal first-quarter outflows. Investors should weigh the quality of the earnings headline. Reported EPS is inflated by the $3.1 billion of discontinued operations income tied to the OxyChem sale, while continuing operations contributed only $0.05 per diluted share on a reported basis due to $1.0 billion of after-tax items affecting comparability, including derivative losses, early debt extinguishment costs of $237 million pre-tax, and midstream asset charges. The debt paydown and lower interest burden are the key positives, while the rise in trade receivables and the Middle East-related operating environment remain points to monitor.

May 5, 2026 8-K

Leadership ChangesShareholder MattersRegulation FD+1

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Executive Changes (May 4, 2026)

Occidental Petroleum (OXY) announced a planned CEO transition in an 8-K filed May 4, 2026. President and CEO Vicki Hollub will retire effective June 1, 2026, after leading the company since 2016. The Board unanimously appointed Richard A. Jackson, 50, currently Senior Vice President and Chief Operating Officer, as her successor as President, CEO and Board member, also effective June 1, 2026. Hollub's retirement is treated as an eligible retirement under the company's Retirement Policy, and she will remain on the Board. The filing describes the change as part of management succession planning, with Hollub citing the completion of a decade-long portfolio transformation as the reason for the timing. For investors, the key points are continuity and a shift in emphasis. Jackson has been with Occidental since 2003 and has run U.S. onshore operations and the Permian Delaware Basin, and his stated priorities are organic resource improvement, cost efficiency, and operational execution rather than acquisitions. His compensation rises to a $1.4 million base salary, a 150% target annual cash incentive, and a $6 million RSU grant vesting over three years, which ties his pay to continued service. Hollub's continued board seat provides institutional continuity during the handover. Shareholder approval at the May 1, 2026 Annual Meeting was broadly supportive. All ten director nominees were elected, with each receiving roughly 96.7% to 99.2% support. The say-on-pay advisory vote passed with 94.34% in favor, and KPMG was ratified as auditor for 2026 with 97.70% support. Investors may want to monitor how Jackson's operating priorities affect capital allocation and production guidance after the transition.

May 4, 2026 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Apr 10, 2026)

Occidental Petroleum (OXY) furnished an 8-K on April 10, 2026 (Items 2.02 and 9.01) containing a preliminary "First Quarter 2026 Earnings Considerations" summary as Exhibit 99.1. The document is not a full earnings release. It does not report net income, EPS, production volumes, cash flow, or guidance, and management states it is preliminary, not comprehensive, and not an estimate of Q1 2026 earnings. Its value is in the realized pricing and share count data, which investors can use to model the quarter. The key disclosed data points are: average diluted shares of 1,006.9 million for Q1 2026; worldwide average realized oil of $69.91/Bbl (United States $70.31, International $67.59), against average WTI of $71.93 and Brent of $77.93; worldwide NGL realizations of $18.99/Bbl; and worldwide natural gas realizations of $1.20/Mcf, against NYMEX gas of $3.93/Mcf. Worldwide oil realized about 97% of WTI and 90% of Brent. Realized oil prices were therefore modestly below WTI and well below Brent, a gap consistent with the company's sales mix and pricing differentials. Domestic gas realized only about 26% of NYMEX, a very wide discount that weighs on the company's natural gas exposure. For investors, the filing confirms a commodity price environment in which oil realizations were solid in absolute terms but the gas and NGL discounts were significant. The filing also contains standard forward-looking statement cautions that cite indebtedness, the need to monetize assets and repay or refinance debt, credit ratings, the chemical business sale, and geopolitical risks, including conflicts in the Middle East. Investors should treat this document as a partial data set and await the full first quarter 2026 earnings release and Form 10-Q for profitability, cash flow, and balance sheet detail.

Apr 10, 2026 8-K

Material AgreementsShareholder MattersOther Events+1

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Material Agreement (Mar 9, 2026)

Occidental (OXY) announced early results of its cash tender offers for up to $1.2 billion aggregate principal of five series of senior notes and debentures, up from the original $700 million cap. Holders validly tendered about $2.03 billion of notes by the March 4, 2026 early tender deadline, and Occidental accepted roughly $1.2 billion, which fully uses the upsized cap. The 0.000% 2036 Notes were capped at $58 million and the cap for that series was not increased. The 6.625% 2030 Notes were prorated at 28.7%, and the 7.200% and 7.950% 2029 Debentures were not accepted. Acceptance was prioritized by series, with the 6.125% 2031 Notes accepted at 100%. Settlement is set for March 9, 2026. Because the cap was reached at the early deadline, notes tendered after that point will not be accepted unless Occidental raises the cap again. The offers expire March 19, 2026. The transaction is primarily a liability management exercise that retires roughly $1.2 billion of principal and reduces gross debt. Using the disclosed total consideration per $1,000 and the accepted amounts, we estimate the cash cost at about $1.28 billion before accrued interest. This is a rough calculation from the filing, not a figure Occidental reported. The tendered notes carried coupons of 6.125% to 6.625% (plus the zero-coupon 2036 notes), and the premium paid to holders is a $30 early tender premium per $1,000 on each series. Remaining principal after settlement is about $1.11 billion on the 6.625% 2030 Notes, about $299 million on the 6.125% 2031 Notes, and about $263 million (principal at maturity) on the 2036 zero-coupon notes. For the 6.125% 2031 Notes, the required consents were received, so a Fifth Supplemental Indenture will become operative on March 9, 2026. It eliminates certain covenants for that series and shortens the minimum redemption notice period to 5 business days. The consent thresholds were not met for the 6.625% 2030 Notes or the 2029 Debentures, so those indentures remain unchanged. The filing does not address the company's broader financial results, production, or guidance.

Mar 9, 2026 8-K

Regulation FDExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Regulation FD Disclosure (Feb 19, 2026)

On February 19, 2026, Occidental Petroleum (NYSE: OXY) launched cash tender offers and consent solicitations for up to $700.0 million aggregate principal amount of five series of its senior notes and debentures: the Zero Coupon Senior Notes due 2036, 6.125% Senior Notes due 2031, 6.625% Senior Notes due 2030, 7.200% Debentures due 2029, and 7.950% Debentures due 2029. The zero-coupon 2036 notes are subject to a separate $58.0 million sub-cap. The offers are funded with cash on hand, including proceeds from the January 2, 2026 closing of the sale of Occidental Chemical Corporation, signaling a deleveraging move that uses chemical-business sale proceeds to retire debt. Holders who tender by the Early Tender Time of 5:00 p.m. NYC time on March 4, 2026 receive the Total Consideration, which includes an early tender premium of $30 per $1,000 principal amount, plus accrued interest. Pricing is set at 10:00 a.m. NYC time on March 5, 2026, using fixed spreads of 50 to 65 basis points over the relevant U.S. Treasury yield (55 bps for the 2036 zero-coupon notes). Tenders after the early deadline but before the March 19, 2026 expiration receive only the tender offer consideration, without the premium. The offers are not conditioned on any minimum tender amount or on receiving requisite consents. For the four series other than the zero-coupon notes, Occidental is soliciting consents to amend the indentures. The amendments would eliminate certain covenants and shorten the minimum notice period for redemption to 5 business days. Non-tendering holders would be bound by these changes once the amendments become operative, which weakens protections for holders who do not participate. The filing does not disclose the size of the chemical sale proceeds or the company's post-transaction leverage, so the full credit impact of the transaction cannot be assessed from this document alone.

Feb 19, 2026 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Feb 18, 2026)

Occidental's Q4 2025 results, furnished under Item 2.02, centered on the completed sale of OxyChem on January 2, 2026, which reduced debt by $5.8 billion since mid-December 2025 and brought principal debt to $15.0 billion. Reported Q4 results were a net loss attributable to common stockholders of $68 million ($0.07 per diluted share), driven largely by charges and transaction costs tied to the OxyChem sale. Adjusted income was $315 million ($0.31 per diluted share), and full-year 2025 adjusted EPS was $2.21 versus reported EPS of $1.61. OxyChem results are now presented as discontinued operations for all periods. Operationally, the quarter was strong. Worldwide production of 1,481 Mboed beat the guidance midpoint by 21 Mboed, led by the Permian and Rockies, and midstream and marketing pre-tax adjusted income exceeded the high end of guidance. Operating cash flow before working capital was $2.7 billion and quarterly free cash flow before working capital was $1.0 billion. The headwind was pricing: realized oil fell 9% sequentially to $59.22/bbl and domestic gas fell 24%, which pulled oil and gas pre-tax income down to $0.7 billion from $1.3 billion in Q3. Capital-allocation signals are constructive. The quarterly dividend rises more than 8% to $0.26 per share, payable April 15, 2026, and year-end proved reserves were 4.6 billion BOE with an all-in replacement ratio of 98% and a three-year average of 154%. Investors should weigh the deleveraging and dividend increase against commodity-price sensitivity, since realized prices fell sharply in Q4 and the company's forward price outlook is not quantified in this filing.

Feb 18, 2026 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Jan 20, 2026)

Occidental Petroleum (OXY) furnished a preliminary summary of factors expected to affect its fourth quarter 2025 results, filed under Item 2.02 with Exhibit 99.1. The document is not an earnings estimate. Management states that it is not comprehensive, may not capture all adjustments and charges, and remains subject to finalization of the Q4 2025 financial reporting process. Investors should treat it as a partial guide to reported results, not a full earnings release. The most structural change is the completed sale of Occidental Chemical Corporation (OxyChem) on January 2, 2026. Beginning with the 2025 Form 10-K, OxyChem's results and cash flows will be presented as discontinued operations for all periods shown, so continuing-operations results will reflect the oil and gas business on a restated basis. Management expects the Q4 2025 adjusted effective tax rate to be 35% to 37% for continuing operations and 24% to 26% for discontinued operations. Average diluted shares for the quarter were 1,002.9 million. The realizations table provides the commodity backdrop for the quarter. Worldwide realized oil averaged $58.99/Bbl, equal to 100% of average WTI ($59.14) and 94% of average Brent ($63.09). Worldwide NGL realized $16.66/Bbl, about 28% of WTI, and domestic natural gas realized $1.12/Mcf, about 31% of NYMEX ($3.61/Mcf). The gap between domestic gas and NYMEX, and between NGL and WTI, is a key area for investors to monitor.

Jan 20, 2026 8-K

Acquisitions & DispositionsRegulation FDExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Acquisition Completed (Jan 2, 2026)

On January 2, 2026, Occidental (OXY) completed the sale of its chemical business, OxyChem, to Berkshire Hathaway for $9.7 billion in cash, subject to customary purchase price adjustments. The transaction was previously announced via an 8-K on October 3, 2025 under a purchase agreement dated October 1, 2025. Occidental's pro forma balance sheet shows roughly $7.75 billion of net after-tax proceeds (after about $206 million of transaction costs and $1.74 billion of cash income taxes), which were used alongside cash on hand to redeem $6.5 billion of face value Term Loan and Senior Notes. Pro forma total stockholders' equity falls modestly to about $39.5 billion from $36.3 billion, driven by a retained earnings increase of roughly $3.4 billion net of the OxyChem book value removed, and debt declines by roughly $6.8 billion on a pro forma basis. The pro forma income statements show that removing OxyChem reduces net sales by about $3.4 billion for the nine months ended September 30, 2025 and $4.7 billion for 2024, while the debt redemption lowers interest expense (at an assumed 5.97% weighted average rate). Pro forma income from continuing operations attributable to common stockholders is $1.53 billion (diluted EPS $1.50) for the nine months ended September 30, 2025, versus $1.72 billion historical (diluted EPS $1.68 for the same period on a historical basis, as presented). For 2024, pro forma diluted EPS from continuing operations is $2.69 versus $2.26 historically, though that comparison also reflects the CrownRock acquisition adjustments. Investors should note that OxyChem is now reported as discontinued operations beginning in Q4 2025, and that ERH, a subsidiary, retains legacy tort and environmental liabilities that will require remediation spending over many years. Overall, the divestiture accelerates Occidental's strategy of strengthening the balance sheet and focusing on its oil and gas portfolio. Management characterized the deal as a step toward long-term value creation through high-return oil and gas assets, though the company's continuing earnings base shrinks and its exposure to commodity prices increases correspondingly.

Jan 2, 2026 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Nov 10, 2025)

Occidental Petroleum (OXY) reported third quarter 2025 results on November 10, 2025, with net income attributable to common stockholders of $661 million, or $0.65 per diluted share, and adjusted income of $649 million, or $0.64 per diluted share. Operating cash flow was $2.8 billion, and operating cash flow before working capital was $3.2 billion. Capital spending net of noncontrolling interest was $1.7 billion, producing free cash flow before working capital of $1.5 billion. Total company production of 1,465 Mboed exceeded the high end of guidance, and midstream and marketing also beat the high end of its pre-tax adjusted income guidance. Oil and gas pre-tax income was $1.3 billion, supported by higher crude volumes and prices. The quarter's operating performance was strong, but the most consequential item for investors is the announced sale of OxyChem, which CEO Vicki Hollub described as a milestone in the company's strategic transformation. The release states the proceeds will strengthen the balance sheet, accelerate shareholder returns, and fund high-return opportunities in the core oil and gas business. The company also repaid $1.3 billion of debt in the quarter, reducing principal debt to $20.8 billion from roughly $24 billion at the start of the year. The release notes the pending transaction with Berkshire is subject to regulatory approvals and other conditions that could delay or prevent completion. Sequentially, earnings declined from the second quarter's $288 million reported income, though the comparison is distorted by the second quarter's lower results. Realized oil prices rose 2% to $64.78 per barrel, while NGL prices fell 5% and midstream income was pressured by narrower Waha-to-Gulf Coast spreads. Investors should weigh the solid cash generation and debt reduction against the commodity price exposure and the execution risk around the OxyChem divestiture.

Nov 10, 2025 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Oct 10, 2025)

Occidental Petroleum (OXY) furnished an 8-K on October 10, 2025 under Item 2.02 containing preliminary "Third Quarter 2025 Earnings Considerations" (Exhibit 99.1). The document is explicitly not a full earnings estimate. It discloses the factors management believes will affect Q3 2025 results, including average diluted shares of 1,003.1 million and realized commodity prices. Because it is furnished rather than filed, it is not subject to Section 18 liability and is not incorporated into Securities Act filings unless specifically referenced. The key pricing data show Q3 2025 worldwide realized oil of $64.78/Bbl, roughly 100% of average WTI ($64.93) and 95% of average Brent ($68.14). U.S. oil realized $64.55/Bbl and international oil $66.03/Bbl. Worldwide NGL realized $19.60/Bbl, only about 30% of WTI, and domestic natural gas realized $1.48/Mcf against NYMEX at $3.28/Mcf, about 45% of benchmark. Natural gas and NGL realizations are a meaningful drag relative to oil, so investors should watch the oil-weighted mix and the widening gap between gas and NGL realizations and index prices. The filing also references the proposed sale of Occidental's chemical business to Berkshire Hathaway and notes ongoing debt reduction and asset monetization as risk factors. The document is preliminary, is subject to finalization of the company's financial reporting process, and may not capture all adjustments or charges, so investors should await the full Q3 2025 earnings release and Form 10-Q for definitive results.

Oct 10, 2025 8-K

Material AgreementsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Material Agreement (Oct 3, 2025)

Occidental Petroleum Corporation (OXY) announced a significant divestiture through an 8-K filing on October 3, 2025. The company's wholly-owned indirect subsidiaries have entered into a definitive agreement to sell its entire chemical business, OxyChem, to Berkshire Hathaway Inc. for an all-cash consideration of $9.7 billion. This strategic move is expected to streamline Occidental's operations and provide substantial capital, subject to customary adjustments and closing conditions. The transaction is anticipated to close by March 30, 2026, with potential extensions under specific circumstances. This sale represents a major portfolio shift for Occidental, allowing it to focus on its core energy businesses and potentially deleverage its balance sheet. Investors should monitor the closing conditions, particularly regulatory approvals, and how Occidental plans to utilize the proceeds from this substantial cash infusion. The agreement includes standard representations, warranties, and indemnification clauses, with Berkshire Hathaway acquiring the equity interests of Occidental Chemical Corporation.

Oct 3, 2025 8-K

Leadership ChangesRegulation FDExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Executive Changes (Oct 3, 2025)

Occidental Petroleum (OXY) filed an 8-K on October 3, 2025 disclosing a management change: the Board promoted Richard A. Jackson, 49, to Chief Operating Officer effective October 1, 2025, while he retains his Senior Vice President title. Jackson has been with Occidental since 2003 and most recently led U.S. Onshore Resources and Carbon Management operations. In the accompanying October 2, 2025 press release, the company said his COO remit covers global oil and gas operations, low-carbon integrated technologies, midstream and marketing, and health, safety and environment, with him continuing to report to CEO Vicki Hollub. For investors, this is an internal leadership elevation rather than a change in strategy or a departure. The filing does not reference any financial results, guidance, acquisitions, or divestitures. The compensation disclosures are modest in scale: base salary rises to $925,000, the 2025 target annual cash incentive is $925,000, and he received RSUs valued at $1.5 million vesting in equal annual installments over three years. The Board's stated rationale is to let Jackson focus on creating shareholder value across global operations, which signals a broadened operating mandate. The filing is largely administrative. Its significance lies in consolidating operational oversight under a single executive and in the signal that the Board sees Jackson as a successor-level operator. Investors may want to watch for any further organizational changes, updates on the low-carbon and Direct Air Capture initiatives under his oversight, and whether the broader operating scope affects execution on the Permian, DJ Basin, and Gulf of America assets.

Oct 3, 2025 8-K

Regulation FDExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Regulation FD Disclosure (Oct 2, 2025)

On October 2, 2025, Occidental Petroleum (OXY) and Berkshire Hathaway announced a definitive agreement under which Berkshire will acquire Occidental Chemical Corporation (OxyChem), Occidental's chemical business, in an all-cash transaction valued at $9.7 billion, subject to customary purchase price adjustments. The filing is a Regulation FD disclosure furnishing the joint press release and an investor presentation; the information is not deemed "filed" under Section 18 of the Exchange Act. Occidental plans to use $6.5 billion of the proceeds to repay debt, bringing principal debt below its $15 billion target set after the December 2023 CrownRock acquisition, and to put the remaining roughly $1.5 billion after tax toward the balance sheet. Management expects annual interest expense savings of more than $350 million. The company also frames the sale as a way to sharpen focus on its oil and gas business, which management says will allow it to reallocate capital to high-return projects, pursue advanced recovery technologies, and begin a multi-year, opportunistic share repurchase program. An Occidental subsidiary will retain OxyChem's legacy environmental liabilities, and Glenn Springs Holdings will continue managing existing remedial projects. The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals and other customary closing conditions. Key risks include the possibility that regulatory approvals are delayed or not obtained, the transaction failing to deliver its expected benefits, and management distraction. The filing does not disclose the financial performance of OxyChem, so investors will need to assess the implied value and the strategic trade-off against the company's lost chemical earnings.

Oct 2, 2025 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Aug 6, 2025)

Occidental Petroleum reported second-quarter 2025 results on August 6, 2025, with net income attributable to common stockholders of $288 million, or $0.26 per diluted share, and adjusted income of $396 million, or $0.39 per diluted share. Quarterly operating cash flow was $3.0 billion, and operating cash flow before working capital was $2.6 billion. After net capital spending of about $1.9 billion, free cash flow before working capital was $0.7 billion. Production of 1,400 Mboed was above the midpoint of guidance, and midstream and marketing exceeded the high end of its guidance range. Realized prices fell sharply from the first quarter: worldwide oil averaged $63.76 per barrel, down 10%, and domestic gas averaged $1.33 per Mcf, down 45%. Lower commodity prices drove the quarter-over-quarter decline in oil and gas income. The company's main focus is deleveraging. Occidental has repaid $3.0 billion of debt year-to-date using asset sales, organic cash flow, and proceeds from exercised warrants. It has also announced $950 million of additional divestitures since the start of the second quarter, of which about $370 million has already closed. Management lowered the midpoint of 2025 capital guidance by $100 million and international operating costs by $50 million. Together with earlier actions, these changes bring year-to-date capital and operating cost reductions to $500 million versus original guidance. The filing is a furnished Item 2.02 8-K with the earnings release as Exhibit 99.1. Under the 8-K's terms, that information is not deemed filed under Section 18 of the Exchange Act. Investors should weigh the strong operational and cost results against the lower price environment, the earnings impact of asset sales, and the company's continuing debt reduction program.

Aug 6, 2025 8-K

Other EventsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Corporate Update (Jul 28, 2025)

Occidental Petroleum Corporation (OXY) has filed a prospectus supplement on July 28, 2025, relating to its outstanding publicly traded warrants. This filing ensures that shares of common stock issuable upon the exercise of these warrants are properly registered under an existing shelf registration statement. As of July 21, 2025, there were approximately 31.99 million warrants still outstanding, representing a significant number of potential shares of common stock that could be issued. This action is primarily a procedural step to maintain the registration of securities underlying the warrants. Investors holding these warrants should note that OXY is fulfilling its regulatory obligations to allow for the future exercise and conversion into common stock. The filing includes a legal opinion on the validity of these shares, providing further assurance to warrant holders. No new financial performance data or operational updates are presented in this specific filing.

Jul 28, 2025 8-K

Other EventsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Corporate Update (Jul 28, 2025)

Occidental Petroleum (OXY) filed this 8-K on July 28, 2025 to provide updated unaudited pro forma condensed combined financial information for the year ended December 31, 2024, reflecting its August 1, 2024 acquisition of CrownRock, L.P. The filing does not report new operating results or a new transaction; it is a supplemental disclosure that recasts Occidental's full-year 2024 income statement as if the CrownRock deal had closed on January 1, 2024. The transaction carried total consideration of roughly $12.4 billion, consisting of about $9.4 billion in cash, about 29.6 million newly issued OXY shares, and $1.2 billion of assumed CrownRock debt, funded in part by approximately $9.7 billion of new debt. On a pro forma basis, combined revenues and other income are approximately $28.3 billion versus $26.9 billion reported historically, and pre-tax income rises to about $4.35 billion from $4.07 billion. The incremental earnings contribution is modest because the filing adds roughly $440 million of acquisition-accounting and financing charges (including $330 million of incremental interest expense on the new debt and $110 million of incremental DD&A from the fair-value step-up of acquired properties). Pro forma diluted EPS from continuing operations is $2.44, compared with $2.26 historically, though this uplift is driven largely by the larger share count being spread across a higher earnings base and should not be read as a measure of operating performance. For investors, the key takeaway is that the CrownRock acquisition meaningfully scales Occidental's production and debt load, while the pro forma figures are illustrative and exclude expected cost and revenue synergies, integration costs, and post-merger tax effects. The filing itself notes that the effective tax rate and actual results may differ materially, so investors should rely on Occidental's 10-K and subsequent 10-Q filings for the reported economics of the combined company.

Jul 28, 2025 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Jul 14, 2025)

Occidental Petroleum (OXY) filed an 8-K on July 14, 2025 furnishing preliminary "Earnings Considerations" for the second quarter of 2025. The company said it is not providing an earnings estimate. The update highlights a production shortfall in the Gulf of America and a higher expected adjusted effective tax rate, while total company production is still expected to fall within guidance. The material is furnished under Item 2.02 rather than filed, so it is not subject to Section 18 liability and is not incorporated into Securities Act filings unless specifically referenced. The main operational item is the Gulf of America. Sales volumes are estimated at 125 Mboed for the quarter because of third-party infrastructure constraints, extended facility maintenance, and schedule delays. Management said total company production should remain within guidance, which suggests other regions are offsetting the Gulf of America shortfall. On the tax side, the adjusted effective tax rate is expected to be 35-37%. Management attributes this to a shift in the jurisdictional mix of income caused by lower anticipated full-year oil prices than originally expected. The realized price data show worldwide oil at $63.76/Bbl, roughly in line with the average WTI price of $63.74/Bbl and about 96% of the average Brent price of $66.59/Bbl. Worldwide NGL realizations were $20.71/Bbl (about 32% of WTI), and domestic natural gas realized $1.33/Mcf, roughly 36% of the average NYMEX price of $3.68/Mcf. Average diluted shares outstanding were 1,010.4 million. The company cautions that these figures are preliminary, may not capture all adjustments, and are subject to finalization of its Q2 2025 financial close.

Jul 14, 2025 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (May 7, 2025)

Occidental Petroleum (OXY) reported first-quarter 2025 results on May 7, 2025, with net income attributable to common stockholders of $766 million ($0.77 per diluted share) and adjusted income of $860 million ($0.87 per diluted share). Operating cash flow was $2.1 billion, and operating cash flow before working capital was $3.0 billion. Capital spending of $1.9 billion, net of $63 million in noncontrolling interest contributions, produced quarterly free cash flow before working capital of $1.2 billion. Management emphasized debt reduction: the company closed $1.3 billion of asset sales in the quarter and has repaid $2.3 billion of debt year-to-date. Total production was 1,391 Mboed, at the midpoint of guidance. Operationally, oil and gas pre-tax income rose to $1.7 billion from $1.2 billion in the fourth quarter of 2024, driven by higher domestic realized prices (domestic gas up 92% sequentially to $2.42/Mcf) and partly offset by lower volumes. Realized worldwide oil averaged $71.07/bbl, roughly flat-to-up 2% sequentially. OxyChem pre-tax income was $185 million, and midstream and marketing posted a pre-tax loss of $77 million, which included $84 million of net derivative losses. Excluding items affecting comparability, midstream and marketing beat its guidance midpoint by $127 million. Management reduced the midpoint of 2025 capital guidance by $200 million and domestic operating costs by $150 million, citing efficiency gains and schedule optimization in the Permian and Gulf of America. The quarter's reported results were supported by a relatively clean earnings profile, with adjustments of only about $0.10 per share, mainly from midstream derivative losses and chemical legal reserves. Investors will be watching whether the cost reductions and continued asset sales are enough to accelerate deleveraging, since long-term debt stood at roughly $24.0 billion at quarter-end, with current maturities of $1.6 billion. The filing itself is a Form 8-K furnishing the earnings press release under Item 2.02, and the financial information is furnished rather than filed.

May 7, 2025 8-K

Shareholder Matters

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Shareholder Vote Results (May 6, 2025)

Occidental Petroleum Corporation (OXY) filed an 8-K detailing the outcomes of its 2025 Annual Meeting of Shareholders held on May 2, 2025. The report indicates strong shareholder support across all proposals presented. Notably, all ten director nominees were re-elected with overwhelming majority votes, reflecting shareholder confidence in the current board's leadership and strategy. Furthermore, shareholders overwhelmingly approved the executive compensation plan and ratified the appointment of KPMG as the independent auditor for the upcoming fiscal year. A significant proposal to approve the Amended and Restated 2015 Long-Term Incentive Plan also received substantial backing. These results suggest a unified shareholder base that is aligned with the company's governance and operational direction.

May 6, 2025 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Apr 9, 2025)

Occidental Petroleum (OXY) filed an 8-K on April 9, 2025, under Item 2.02 (Results of Operations and Financial Condition) to furnish a preliminary "First Quarter 2025 Earnings Considerations" document (Exhibit 99.1). The filing is not a full earnings release: management explicitly states the summary is partial, preliminary, not an estimate of Q1 2025 earnings, and may not reflect all adjustments or charges. Its purpose is to give investors a set of operating and market inputs that will shape Q1 results, namely share count and realized pricing. The key data points are average diluted shares outstanding of 982.9 million for Q1 2025 and realized prices for the quarter. Worldwide realized oil was $71.07/Bbl, which is roughly 100% of average WTI ($71.42) and 95% of average Brent ($74.89). Realized NGL was $25.94/Bbl, only about 36% of WTI, and worldwide realized natural gas was $2.30/Mcf, about 67% of the NYMEX average of $3.62/Mcf for domestic gas. The domestic/international split shows U.S. oil at $70.80 versus international at $72.59, and U.S. gas at $2.42 versus international at $1.90. For investors, the release is primarily a pre-reporting disclosure of pricing and share count rather than a profitability signal. Because the company did not provide earnings, production volumes, or cash flow figures in this filing, the 8-K should be read alongside the forthcoming Q1 2025 earnings release and Form 10-Q. The filing also carries a standard forward-looking statements disclaimer citing risks including commodity price volatility, OPEC actions, debt obligations, and the company's ability to monetize assets and reduce debt.

Apr 9, 2025 8-K

Material AgreementsShareholder MattersOther Events+1

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Material Agreement (Mar 3, 2025)

Occidental Petroleum Corporation (OXY) has announced a temporary reduction in the exercise price of its publicly traded warrants. Effective March 3, 2025, holders can exercise their warrants to purchase common stock at $21.30 per share, down from the usual $22.00, under a specific "Offer to Exercise". This offer is part of a material definitive agreement and is set to expire on March 31, 2025, although OXY reserves the right to extend this deadline at its discretion.

Mar 3, 2025 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Feb 18, 2025)

Occidental Petroleum's (OXY) Q4 and full-year 2024 results, filed via Form 8-K on February 18, 2025, show a fourth-quarter GAAP net loss attributable to common stockholders of $297 million (-$0.32 per diluted share), driven mainly by a $925 million pre-tax Passaic environmental reserve increase following a federal court ruling. Excluding items affecting comparability, adjusted income was $792 million ($0.80 per diluted share). Full-year 2024 reported net income attributable to common stockholders was $2.377 billion ($2.44 per diluted share), versus $3.773 billion in 2023, while full-year adjusted EPS was $3.46 versus $3.70. Operating performance was strong: Q4 production of 1,463 Mboed beat the guidance midpoint by 13 Mboed, and worldwide proved reserves rose to 4.6 billion BOE from 4.0 billion, with all-in reserve replacement of 230%. The central investor theme is deleveraging. Management completed its near-term debt repayment target of $4.5 billion, and the 2024 balance sheet reflects the financing of the CrownRock acquisition (long-term debt rose to about $25.0 billion at year-end from $18.5 billion a year earlier). The company also announced $1.2 billion of additional divestitures for Q1 2025 and raised the quarterly dividend 9% to $0.24 per share. Q4 operating cash flow was $3.6 billion, and free cash flow before working capital was $1.4 billion after $1.8 billion of capital spending. The main risk is the Passaic-related environmental liability, which management expects to be paid out over 10 to 20 years or longer. Occidental has appealed the ruling and will pursue cost recovery from other potentially responsible parties, so the ultimate cash cost remains uncertain. Q4 realized oil prices fell 7% sequentially to $69.73 per barrel, and domestic gas prices were weak, so earnings sensitivity to commodity prices remains significant.

Feb 18, 2025 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Jan 10, 2025)

Occidental Petroleum (OXY) furnished an 8-K on January 10, 2025 under Item 2.02 (Results of Operations and Financial Condition) containing a preliminary summary of "Earnings Considerations" for the fourth quarter of 2024 (Exhibit 99.1). The company explicitly states this is not an estimate of Q4 2024 earnings, is not comprehensive, may not reflect all adjustments and charges, and remains subject to finalization of its financial reporting process. Investors should therefore treat the figures as directional inputs for modeling rather than as reported results. The most actionable data points are the realized pricing and share count. Worldwide realized oil averaged $69.73/Bbl, equal to about 99% of average WTI ($70.27) and about 94% of Brent ($73.97), with the discount to Brent widening materially relative to WTI. Realized domestic natural gas averaged $1.26/Mcf, only about 47% of NYMEX ($2.66), while worldwide NGL realizations of $21.80/Bbl were roughly 31% of WTI, underscoring the weak economics of gas and NGL volumes relative to oil. Average diluted shares outstanding were 983.9 million for the quarter, which is useful for per-share calculations. The filing is largely a disclosure of inputs rather than a performance update. It provides no net income, EBITDA, production volumes, cash flow, or guidance, and it contains an extensive forward-looking statements section citing risks including indebtedness, the need to monetize assets and refinance debt, commodity price volatility, and geopolitical conflict. Investors should look to the full fourth-quarter earnings release for the reported results and to management commentary for the impact of these realization and share count factors.

Jan 10, 2025 8-K

Corporate ChangesExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Bylaw Amendment (Nov 12, 2024)

Occidental Petroleum Corporation (OXY) announced amendments to its Amended and Restated By-laws, effective November 6, 2024. These changes are largely technical and align the company's governance documents with recent updates to Delaware General Corporation Law. Key revisions include modifications to provisions concerning remote communication for meetings, meeting adjournments, stockholder list access, and notice requirements for both the Board and stockholders. The amendments also update the procedural and disclosure requirements for stockholder-submitted nominations and business proposals, demanding more comprehensive information from stockholders and clarifying proxy solicitation representations. Further adjustments address the process for contested director elections, including the removal of an incumbent director's automatic resignation requirement following an uncontested election without majority support (this is now handled by Corporate Governance Policies). The By-laws also stipulate proxy card color requirements for soliciting stockholders and amend indemnification provisions to advance expenses and require Board authorization for certain director/officer-initiated proceedings. While the company will advance expenses, it is no longer mandatory to grant the same indemnification and expense advancement rights to all employees and agents as provided to directors and officers.

Nov 12, 2024 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Nov 12, 2024)

Occidental Petroleum (OXY) reported third-quarter 2024 results on November 12, 2024, with reported net income attributable to common stockholders of $964 million, or $0.98 per diluted share, and adjusted income of $977 million, or $1.00 per diluted share. Results were driven by strong operations: total company production of 1,412 Mboed beat the guidance midpoint by 22 Mboed, largely on Permian output of 729 Mboed, and operating cash flow reached $3.8 billion, the highest quarterly level of 2024 at that point. Operating cash flow before working capital was $3.1 billion, and after $1.6 billion of capital spending net of noncontrolling interest, free cash flow before working capital was $1.5 billion. The quarter was also the first full period reflecting the integration of CrownRock, which increased Permian volumes and the balance sheet footprint. Reported EPS was held back by a $572 million pre-tax loss on asset sales and other items, mainly from the sale of non-core U.S. onshore assets, partly offset by a $490 million gain on sale of Western Midstream Partners (WES) units in Midstream & Marketing. Realized prices declined sequentially: worldwide oil fell 6% to $75.33 per barrel and domestic gas fell 26% to $0.40 per Mcf, reflecting weaker domestic gas markets. OxyChem contributed $304 million of pre-tax income, modestly above guidance, and Midstream & Marketing exceeded its guidance midpoint by $145 million on an adjusted basis. The balance sheet and debt reduction were a central focus. Occidental repaid $4.0 billion of debt and reached nearly 90% of its short-term debt reduction target, while total debt rose on the back of roughly $9.6 billion of new issuance tied to the CrownRock acquisition, with long-term debt, net, at $25.5 billion at quarter-end. Investors should weigh the operational beat and deleveraging progress against lower realized gas prices, the ongoing dilution from the higher share count (diluted shares rose to 975.7 million), and the execution risk of integrating CrownRock.

Nov 12, 2024 8-K

Other Events

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Corporate Update (Oct 25, 2024)

Occidental Petroleum Corporation (OXY) has filed an 8-K report to inform shareholders about an unsolicited "mini-tender offer" from TRC Capital Investment Corporation. TRC is attempting to purchase up to 2 million shares of OXY common stock at $51.51 per share. Occidental explicitly states it does not endorse this offer, has no affiliation with TRC, and strongly advises shareholders to reject it. The offer price of $51.51 is below the recent market price of OXY shares, specifically representing a discount to the closing price on October 14, 2024. The company highlights that mini-tender offers, which target less than 5% of outstanding shares, bypass many SEC protections afforded to larger tender offers. Occidental urges investors to compare TRC's offer price to current market quotations and to consult their financial advisors before taking any action.

Oct 25, 2024 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Oct 9, 2024)

Occidental Petroleum (OXY) filed an 8-K on October 9, 2024, furnishing Exhibit 99.1, a preliminary summary of "Earnings Considerations" that management believes will affect its third quarter 2024 results. Under Item 2.02, the company stresses that this is not a comprehensive results release and not an estimate of Q3 2024 earnings, and that figures remain subject to finalization of the quarter-close process. The information is furnished rather than filed, so it is not subject to Section 18 liability. The most concrete disclosures are operational and price-related. Average diluted shares outstanding for Q3 2024 were 975.7 million. Worldwide realized oil averaged $75.33/Bbl (U.S. $74.81, International $78.54), realizing roughly 100% of average WTI ($75.09) and 96% of average Brent ($78.41). Worldwide NGL realized $20.47/Bbl, about 27% of WTI, and worldwide natural gas realized $0.76/Mcf, with domestic gas at roughly 17% of the NYMEX average of $2.37/Mcf. The weak gas and NGL realizations, particularly domestically, are a notable drag relative to oil. For investors, the filing is a modest-information update: it confirms a stable share count and oil pricing near benchmark, while highlighting weak domestic gas and NGL price capture. It also references the recently completed CrownRock acquisition and the company's debt-reduction priorities as risk factors. Because the filing does not provide production volumes, costs, or net income, it should be read alongside the full Q3 2024 earnings release and 10-Q.

Oct 9, 2024 8-K

Other EventsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Corporate Update (Aug 14, 2024)

This Form 8-K discloses an underwrited secondary offering of 29,560,619 shares of Occidental Petroleum common stock (par value $0.20) by CrownRock Holdings, L.P., a selling stockholder. The underwriting agreement is dated August 12, 2024, with J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and RBC Capital Markets, LLC as underwriters, and the offering closed on August 14, 2024. The filing states that Occidental did not sell any shares and will receive no proceeds, so the transaction does not raise capital or add new shares to the company's balance sheet. The offering was made under an automatic shelf registration on Form S-3 (Registration No. 333-281228), which became effective on August 2, 2024, with preliminary and final prospectus supplements dated August 12, 2024. The filing does not give the offering price, discount, or the remaining shares CrownRock holds. Because the shares are held by a third party selling into the market, the filing does not change Occidental's share count. Investors should view it as a resale of existing equity rather than a financing event or a new dilution event. For investors, the key points are the scale of the sale, the absence of company proceeds, and the standard indemnification and representation terms in the underwriting agreement, which is filed as Exhibit 1.1. Any ongoing supply of CrownRock-held shares to the market depends on the holder's remaining position, which this filing does not disclose.

Aug 14, 2024 8-K

Other EventsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Corporate Update (Aug 12, 2024)

On August 1, 2024, Occidental Petroleum (OXY) closed its acquisition of 100% of the partner interests in CrownRock, L.P., a privately held Permian Basin producer, for total consideration of roughly $12.4 billion. That consisted of about $9.4 billion in cash (including working capital adjustments), about 29.6 million shares of OXY common stock, and the assumption of roughly $1.2 billion of CrownRock debt. This 8-K supplements the July 19, 2024 filing by adding CrownRock's unaudited financial statements for the six months ended June 30, 2024, along with updated pro forma combined financials through June 30, 2024. For investors, the key point is the scale of the deal relative to OXY and the leverage it brought. OXY issued about $9.7 billion of new debt (including $5.0 billion of senior notes at a weighted average rate of about 6.22% for the new debt package and $4.7 billion of term loans), and it plans to redeem about $868 million of CrownRock's 2025 senior notes. CrownRock's standalone results for the first half of 2024 show $1.26 billion in revenue, $616 million in net income, $979 million in operating cash flow, and $479 million in capital expenditures, with total debt of $1.24 billion. Pro forma, OXY's total debt rises sharply, and the combined company's first-half 2024 pro forma diluted EPS is shown at $1.72 versus $1.59 historically, although these figures exclude expected synergies and integration costs. The filing is largely financial disclosure rather than new strategic information, but it clarifies the acquisition's financial footprint. The pro forma purchase price allocation is explicitly preliminary, with no goodwill recognized, and fair value adjustments, final valuation, and accounting policy conformity remain open. Investors should expect the purchase accounting to be refined in later filings, and watch the pace of deleveraging, the realization of cost synergies, and how CrownRock's reserves and Permian production contribute to OXY's upstream growth.

Aug 12, 2024 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Aug 7, 2024)

Occidental Petroleum (OXY) reported second quarter 2024 results on August 7, 2024, delivering net income attributable to common stockholders of $992 million, or $1.03 per diluted share, with adjusted income of $993 million, or $1.03 per diluted share. Operating cash flow was $2.4 billion and operating cash flow before working capital was $3.0 billion. Capital spending, net of noncontrolling interest, was $1.7 billion, producing free cash flow before working capital of $1.3 billion for the quarter. Year-to-date, free cash flow before working capital totaled $2.0 billion. Operationally, total worldwide production reached 1,258 Mboed, exceeding the midpoint of guidance by 6 Mboed, led by the Permian (587 Mboed) and Gulf of Mexico (138 Mboed), which recovered from an extended third-party outage in mid-April. Midstream and marketing beat guidance for pre-tax adjusted income by more than $180 million, and OxyChem delivered pre-tax income of $296 million, roughly in line with guidance. Worldwide realized oil prices rose 5% quarter over quarter to $79.89 per barrel, while domestic realized gas prices fell 66% to $0.54 per Mcf, a sharp drag on the domestic gas business. Management maintained full-year production guidance excluding CrownRock, even after accounting for an expected fourth-quarter divestiture of about 15 Mboed. The company emphasized the addition of CrownRock as a growth driver. The filing is furnished rather than filed, so the results are not subject to Section 18 liability unless specifically incorporated by reference, and the release includes forward-looking statements and non-GAAP measures that investors should review in context.

Aug 7, 2024 8-K

Other EventsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Corporate Update (Aug 2, 2024)

On August 2, 2024, Occidental Petroleum (NYSE: OXY) disclosed in an 8-K (Item 8.01, Other Events) that it has terminated its previously announced exchange offer and consent solicitation for the 5.000% Senior Notes due 2029 issued by CrownRock, L.P. and CrownRock Finance, Inc. The exchange offer had covered any and all of those notes, in exchange for up to $376,084,000 aggregate principal amount of new 5.000% Senior Notes due 2029 to be issued by Occidental, plus cash. Because the offer was terminated, no total consideration will be paid, and tendered notes will be promptly returned to holders. The termination also means the consent solicitation, which sought approval from CrownRock noteholders for proposed amendments to the CrownRock indenture, has ended, and those amendments will not take effect. The filing does not give a reason for the termination, and it contains no new financial results, guidance, or capital allocation changes. Its significance for investors is mainly that the CrownRock debt stays in place under its existing terms, so the proposed debt-exchange restructuring will not proceed as announced. For investors, the event is administrative rather than fundamental. It is a notable update on the debt-management side of the CrownRock acquisition financing, but it does not change Occidental's operating profile in the Permian, DJ, Gulf of Mexico, Middle East/North Africa, midstream, or OxyChem businesses. Holders with tendered notes should work with the exchange agent, Global Bondholder Services Corporation, to get their notes back.

Aug 2, 2024 8-K

Other Events

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Corporate Update (Aug 1, 2024)

Occidental Petroleum (OXY) filed an 8-K on August 1, 2024 under Item 8.01 (Other Events) to update investors on the structure of its CrownRock acquisition financing. Previously, Occidental had been in discussions with Ecopetrol S.A. about Ecopetrol acquiring an undivided 30% interest in the assets Occidental is purchasing from CrownRock, L.P. On July 31, 2024, Ecopetrol informed Occidental that it had decided not to acquire any interest in those assets. For investors, the key takeaway is that the Ecopetrol partnership is off the table, meaning Occidental will retain full (100%) economic interest in the CrownRock assets it is acquiring rather than sharing a portion with a partner. This keeps the full production, reserves, and cash flow from the deal on Occidental's balance sheet, but it also means Occidental will need to fund the acquisition without the partial offset that a 30% sale would have provided. The filing does not disclose the financial terms of any alternative financing or the revised purchase economics. The filing is brief and does not quantify the impact on Occidental's capital structure, leverage, or expected synergies. Investors should look to subsequent disclosures, such as the closing announcement for the CrownRock transaction or updates in quarterly earnings, for details on how the acquisition will be funded and how it affects guidance and debt levels.

Aug 1, 2024 8-K

Acquisitions & DispositionsMaterial AgreementsSecurities & Listing+2

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Material Agreement (Aug 1, 2024)

Occidental Petroleum Corporation (OXY) has officially completed its acquisition of CrownRock for approximately $12.4 billion. The transaction was finalized on August 1, 2024, and involved a cash component of roughly $9.4 billion, the issuance of 29,560,619 shares of OXY common stock, and the assumption of $1.2 billion in CrownRock's existing debt. This marks a significant strategic move for Occidental, expanding its asset base and market presence. In conjunction with the acquisition, OXY entered into a Registration Rights Agreement with the sellers of CrownRock. This agreement mandates OXY to file a resale shelf registration statement on Form S-3 with the SEC within five business days, registering the shares of common stock issued as part of the acquisition. This aims to provide liquidity for the sellers and ensures these shares can be resold in the public market. The filing also includes a press release announcing the completion of the transaction.

Aug 1, 2024 8-K

Other EventsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Corporate Update (Jul 26, 2024)

Occidental Petroleum Corporation (OXY) announced on July 26, 2024, the successful completion of a $5 billion senior unsecured notes offering. The offering, structured into five tranches with varying maturity dates and coupon rates ranging from 5.000% to 6.050%, aims to raise capital to fund the cash consideration for the recently announced CrownRock Acquisition, refinance existing debt, and cover associated fees. The net proceeds from the offering are approximately $4.945 billion. This significant debt issuance underscores OXY's strategy to finance major acquisitions through capital markets. Investors should note the diverse debt maturities, offering flexibility in managing future financial obligations. The proceeds are earmarked for strategic growth initiatives, particularly the integration of CrownRock, which is expected to be a key driver of future performance.

Jul 26, 2024 8-K

Other EventsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Corporate Update (Jul 19, 2024)

Occidental Petroleum (OXY) filed this 8-K to supply financial statements and related exhibits for its pending acquisition of CrownRock, L.P., a privately held Permian Basin (Midland Basin) producer. The Purchase Agreement, signed December 10, 2023, covers 100% of CrownRock's partner interests. The HSR waiting period has expired, so the closing conditions are satisfied apart from those to be met at closing, and the deal is expected to close in August 2024 after the financing marketing period. Per the pro forma statements, total consideration is about $12.5 billion, made up of roughly $9.4 billion in cash, about 29.6 million OXY shares, and $1.2 billion of assumed CrownRock debt. Occidental plans to fund the cash portion with $9.7 billion of new debt and cash on hand. At the $63.15 assumed share price, the stock component is about $1.9 billion, and the preliminary total estimated purchase price is about $11.3 billion. The filing also discloses a potential Ecopetrol Transaction. Ecopetrol has signaled intent to acquire an undivided 30% interest in the CrownRock assets for about $3.6 billion, with proceeds going to pay down term loans. No definitive agreement exists yet. If the parties cannot agree on structure by August 2024, Ecopetrol holds an option, expiring in August 2024, to acquire an indirect 49% interest through the existing Rodeo Midland Basin Joint Venture. The pro forma statements show both the 100% and 70% CrownRock ownership cases, so investors should treat the Ecopetrol outcome as a key variable for net debt, share count and per-barrel economics. The exhibits include CrownRock's audited FY2023 financials (net income of about $1.28 billion on about $2.52 billion of revenue, with total assets of $4.44 billion), Cawley, Gillespie & Associates' SEC-pricing reserve audit (about 666.5 MMBoe proved reserves at year-end 2023, roughly 41% proved developed), and unaudited Q1 2024 interim statements. The pro forma data show Occidental's combined leverage rising materially: long-term debt moves from about $18.5 billion to roughly $26.6 billion before any Ecopetrol proceeds. The purchase price allocation is preliminary and may change materially. Forward-looking risks include oil price exposure, integration, and regulatory approval, and the filing notes that Ecopetrol's participation is not assured.

Jul 19, 2024 8-K

Other EventsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Corporate Update (Jul 19, 2024)

On July 19, 2024, Occidental Petroleum (NYSE: OXY) launched a private exchange offer and concurrent consent solicitation for any and all of the $376.084 million outstanding 5.000% Senior Notes due 2029 issued by CrownRock, L.P. and CrownRock Finance, Inc. Eligible holders can exchange each $1,000 of CrownRock Notes for new Occidental 5.000% Senior Notes due 2029 (same coupon, maturity, and redemption terms), plus cash and premium if they tender early. The offer is conditioned on the closing of Occidental's previously announced acquisition of 100% of CrownRock, L.P., which was expected to close in August 2024, and is part of the financing of that transaction. The consent solicitation seeks majority holder approval to strip substantially all restrictive covenants, certain Events of Default, the reporting covenant, the merger/asset-sale restrictions, and the change-of-control repurchase obligation from the CrownRock Indenture. If the requisite consent is obtained, non-tendered CrownRock Notes would remain outstanding but governed by a much weaker indenture, which is a material consideration for holders who decline to exchange. For Occidental, the transaction consolidates CrownRock's debt into its own capital structure at a 97% exchange ratio for base consideration, with a 3% early participation premium incentivizing tenders before August 1, 2024. For investors, this 8-K is primarily a financing mechanics disclosure rather than a change in operating or financial outlook. It does not disclose new financial results or purchase price changes, and the offering is subject to the usual caveats, including the Occidental Notes not being registered under the Securities Act. Investors should monitor the acquisition closing, the early tender results, and the final amount of new Occidental debt issued relative to the $376 million exchange universe.

Jul 19, 2024 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Jul 10, 2024)

Occidental Petroleum (OXY) furnished an 8-K on July 10, 2024 under Item 2.02 that provides a preliminary summary of factors management expects to affect its second quarter 2024 results, as set out in Exhibit 99.1 ("Earnings Considerations"). The document is explicitly not a full earnings release or an estimate of Q2 2024 earnings. It is preliminary, may not capture all adjustments or charges, and remains subject to finalization of the company's Q2 close. Its main content is operating data: average diluted shares of 958.9 million and realized prices for the quarter. Realized pricing was broadly in line with benchmarks for oil and weak for gas and NGLs. Worldwide oil realized $79.89/Bbl, about 99% of average WTI ($80.56) and 94% of average Brent ($84.95). Worldwide NGL realized $21.23/Bbl, only about 26% of WTI, and U.S. natural gas realized $0.54/Mcf against NYMEX at $1.99/Mcf, or roughly 27%. Gas and NGL realizations were thus a small share of benchmark prices, which is typical for the company's U.S. gas and NGL mix but weighs on blended revenue per barrel of oil equivalent. For investors, the filing is a useful data point for reconciling Q2 2024 production and revenue, but it does not provide earnings, cash flow, or guidance. The forward-looking-statement caveats highlight risks tied to debt reduction, the CrownRock acquisition, commodity price volatility, and OPEC actions. Investors should await the full Q2 2024 earnings release and 10-Q for reported results and management commentary.

Jul 10, 2024 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (May 7, 2024)

Occidental Petroleum (OXY) reported first-quarter 2024 net income attributable to common stockholders of $718 million, or $0.75 per diluted share, versus $983 million ($1.00) in Q1 2023. Excluding items affecting comparability (a net $114 million after-tax benefit, driven by litigation settlement gains tied to the Andes arbitration, asset-sale gains at WES, and a $182 million after-tax discontinued operations gain, partially offset by derivative losses, legal reserves and CrownRock acquisition-related costs), adjusted income was $604 million, or $0.63 per diluted share, down from $1.09 a year earlier. The decline reflects weaker commodity prices (worldwide realized oil fell to $76.04/bbl from $74.22 in Q1 2023 but was down 4% sequentially, and domestic gas fell to $1.61/Mcf from $3.01) and lower production. Operationally, total production was 1,172 Mboed, near the midpoint of guidance despite an extended third-party outage in the eastern Gulf of Mexico that resumed in mid-April. Oil and gas adjusted pre-tax income was $1.3 billion, OxyChem exceeded guidance with $260 million of adjusted pre-tax income, and midstream and marketing beat guidance by roughly $100 million. Cash generation was solid: operating cash flow was $2.0 billion and cash flow before working capital was $2.4 billion, with capex net of noncontrolling interest of $1.7 billion, yielding free cash flow before working capital of $720 million. Management emphasized that the company is positioned for free cash flow growth. For investors, the headline GAAP EPS beat is flattered by one-time gains, so the adjusted figure is the better gauge of underlying performance. Balance sheet metrics were stable, with cash of $1.27 billion, long-term debt of about $18.5 billion, and preferred stock reduced to $8.3 billion. Quarterly dividends per common share rose to $0.22 from $0.18, and diluted shares fell to 948.6 million from 975.3 million a year earlier, reflecting ongoing buybacks and capital return.

May 7, 2024 8-K

Shareholder Matters

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Shareholder Vote Results (May 6, 2024)

Occidental Petroleum Corporation (OXY) held its 2024 Annual Meeting of Shareholders on May 2, 2024, and this 8-K filing reports the outcomes of key shareholder votes. The most significant outcome is the overwhelming approval of all ten director nominees, with each receiving well over 97% of the votes cast in favor. This indicates strong shareholder confidence in the current Board of Directors and their leadership. Furthermore, shareholders overwhelmingly supported the executive compensation plan, with nearly 97% voting in favor, and also ratified the appointment of KPMG as the independent auditor for fiscal year 2024 with a similar high level of approval. Conversely, a shareholder proposal requesting an annual report on lobbying activities was decisively rejected, failing to garner even 15% of the shareholder votes.

May 6, 2024 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Apr 10, 2024)

Occidental Petroleum (OXY) furnished a preliminary 'Earnings Considerations' document on April 10, 2024, previewing factors expected to affect its first quarter 2024 results. The document is explicitly not a full earnings estimate and is subject to finalization of the company's Q1 2024 financial reporting process. The central item is an unplanned production disruption: on November 16, 2023, at the request of the Main Pass Oil Gathering system operator, Occidental temporarily halted certain eastern Gulf of Mexico operations. The company said it is awaiting restart instructions pending final regulatory approvals, with production start-up expected within days. Management estimates Gulf of Mexico sales volumes of about 90 Mboed for the quarter and domestic operating costs of $10.31/boe, reflecting the downtime. Management also said total company production should remain within guidance despite the third-party outage. Other key metrics for the quarter include total company production mix of 50.6% oil and 25.5% gas, an adjusted total effective tax rate of 28-30%, and an adjusted current effective tax rate of 32-34%. Average diluted shares outstanding were 948.6 million. Realized prices were $76.04/Bbl for oil worldwide (99% of average WTI at $76.96 and 93% of Brent at $81.83), $22.14/Bbl for NGLs, and $1.68/Mcf for natural gas, with domestic gas at 69% of NYMEX ($2.35/Mcf). For investors, the filing is mainly a pre-announcement of a modest operational headwind rather than a change in guidance. The Gulf of Mexico outage is the main variable to watch, along with the timing of restart and whether the reduced volumes affect full-quarter results. The filing is furnished rather than filed under Section 18 of the Exchange Act, and it carries standard forward-looking-statement cautions.

Apr 10, 2024 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Feb 14, 2024)

Occidental Petroleum (OXY) reported fourth-quarter 2023 results on February 14, 2024, with reported net income attributable to common stockholders of $1.0 billion ($1.08 per diluted share) and adjusted income of $710 million ($0.74 per diluted share). The reported figure was boosted by about $319 million in after-tax items affecting comparability, primarily a $283 million after-tax fair value gain tied to the Carbon Engineering acquisition. Operating cash flow was $3.2 billion, cash flow from operations before working capital was $2.5 billion, and free cash flow before working capital was $1.1 billion after $1.4 billion of capital spending net of noncontrolling interest. For full-year 2023, reported EPS was $3.90 and adjusted EPS was $3.70, with free cash flow before working capital of $5.5 billion. Operationally, total company production of 1,234 Mboed beat the midpoint of guidance by 8 Mboed despite a third-party outage in the eastern Gulf of Mexico. Year-end 2023 worldwide proved reserves rose to 4.0 billion BOE from 3.8 billion BOE, with all-in reserves replacement of 137% for the year and a three-year average of 183%. OxyChem's pre-tax income of $250 million exceeded guidance, though it declined from the prior quarter after a planned outage at Ingleside, Texas. Midstream and marketing swung to $182 million of pre-tax income from a loss in Q3. Management highlighted a 22% increase in the quarterly dividend to $0.22 per share, the announced CrownRock acquisition described as cash-flow accretive and focused on Permian assets, and the closing of Carbon Engineering. The 8-K itself only furnishes the press release under Item 2.02 and is not deemed filed under the Exchange Act. The release's forward-looking statements flag risks including commodity price volatility, indebtedness, and acquisition integration.

Feb 14, 2024 8-K

Material AgreementsFinancial EventsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Material Agreement (Feb 5, 2024)

Occidental Petroleum Corporation (OXY) has entered into a Third Amended and Restated Credit Agreement for its revolving credit facility, effective February 2, 2024. This amendment primarily extends the maturity date of the facility from June 30, 2025, to June 30, 2028, providing enhanced financial flexibility and a longer-term liquidity runway for the company. The agreement continues to offer interest rate options based on Adjusted Term SOFR or Alternate Base Rates, with margins tied to Occidental's senior unsecured debt ratings from Moody's, S&P, and Fitch.

Feb 5, 2024 8-K

Other Events

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Corporate Update (Jan 22, 2024)

Occidental Petroleum Corporation (OXY) announced via an 8-K filing on January 22, 2024, that the company and the sellers of CrownRock, L.P. have received a "Second Request" from the Federal Trade Commission (FTC) regarding the proposed acquisition. This Second Request signifies an extension of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act), indicating that the FTC requires more information before granting its approval for the transaction. While this development may introduce a delay in the closing of the acquisition, Occidental and the sellers are cooperating with the FTC and continue to work constructively in its review. Investors should be aware that the HSR Act waiting period will now extend until 30 days after substantial compliance with the Second Request, unless otherwise agreed. This filing serves as a disclosure of this material event impacting the timeline of the CrownRock acquisition.

Jan 22, 2024 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Jan 10, 2024)

Occidental Petroleum (OXY) furnished an 8-K on January 10, 2024 containing preliminary "Earnings Considerations" for the fourth quarter of 2023 rather than full results. The company states that total company production is expected to remain within its guidance range despite an unplanned outage in the eastern Gulf of Mexico. The disruption followed a November 16, 2023 request from the Main Pass Oil Gathering (MPOG) system operator that led Occidental to temporarily halt certain operations there, with restart guidance expected in the coming weeks. The company's own estimates show Gulf of Mexico sales volumes of 127 Mboed and domestic operating costs of $10.96/boe for the quarter, both reflecting the downtime. Realized pricing was broadly in line with the commodity backdrop. Worldwide realized oil averaged $78.85/Bbl, against WTI of $78.32 and Brent of $82.69, equal to roughly 101% of WTI and 95% of Brent. Worldwide NGL realizations were $20.93/Bbl, only about 27% of WTI, and domestic natural gas realized $1.88/Mcf, about 63% of NYMEX. The adjusted effective tax rate is guided to 32-33%, and average diluted shares were 950.1 million. The document is explicitly preliminary, is not a full earnings estimate, and may not capture all adjustments. Investors should treat the figures as directional inputs to the formal Q4 2023 earnings release rather than final results, and should watch for the MPOG restart timing and any further production or cost revisions.

Jan 10, 2024 8-K

Material AgreementsFinancial EventsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Material Agreement (Dec 28, 2023)

Occidental Petroleum Corporation (OXY) has entered into a $4.7 billion Term Loan Agreement, finalized on December 28, 2023. This financing is structured into two tranches: a $2.0 billion 364-day senior unsecured term loan and a $2.7 billion two-year senior unsecured term loan. The primary purpose of these facilities is to fund a portion of the cash consideration for Occidental's previously announced acquisition of CrownRock, L.P., as well as to refinance certain debt of CrownRock and cover related expenses. Investors should note that the loan's interest rates are variable, tied to either Term SOFR or the Alternate Base Rate, plus an applicable margin that fluctuates based on Occidental's long-term debt ratings. The agreement includes standard covenants and events of default, with a specific requirement for Occidental to maintain a Total Debt to Total Capitalization ratio not exceeding 0.65 to 1.00. This filing details the financial commitments made to support a significant strategic acquisition.

Dec 28, 2023 8-K

Material AgreementsSecurities & ListingRegulation FD+1

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Material Agreement (Dec 12, 2023)

On December 10, 2023, Occidental Petroleum (OXY) agreed to acquire 100% of the partner interests in CrownRock, L.P., a Midland Basin producer, for an aggregate consideration of approximately $12.0 billion. The package comprises $9.1 billion in cash, 29,560,619 newly issued OXY common shares (the stock component, roughly $1.7 billion per the press release), and the assumption of about $1.2 billion of CrownRock debt. The cash portion is expected to be funded with new debt, backed by a $10.0 billion 364-day bridge commitment from BofA. The transaction is expected to close in the first quarter of 2024, subject to HSR clearance and other customary conditions, with an outside date of December 10, 2024 that can be extended to mid-2025 or late 2025 if antitrust matters are pending. Management frames the deal as immediately free-cash-flow accretive, citing roughly $1 billion of first-year FCF at $70/bbl WTI, about 170 Mboed of lower-decline unconventional production expected in 2024, and approximately 1,700 undeveloped locations, of which 750 are sub-$40 WTI breakeven. OXY also plans to fund debt reduction of at least $4.5 billion within 12 months using the acquired cash flow and a new $4.5 to $6.0 billion divestiture program, and expects to retain its investment-grade ratings. Alongside the deal, OXY announced an increase in its quarterly common dividend of $0.04 per share, to $0.22, beginning with the February 2024 declaration. Investors should note that the purchase price is subject to working capital, title and environmental adjustments, and that the agreement includes a closing condition tied to title defects capped at approximately $1.1 billion. Leverage will rise materially at close, so execution on debt paydown and the divestiture program will be central to the investment case.

Dec 12, 2023 8-K

Earnings & ResultsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Financial Results (Nov 7, 2023)

Occidental (OXY) reported third-quarter 2023 results that beat expectations on several fronts. Reported net income attributable to common stockholders was $1.2 billion, or $1.20 per diluted share, and adjusted EPS was $1.18, up from $0.63 reported and $0.68 adjusted in Q2 2023. The quarter's improvement was driven mainly by higher domestic crude prices and volumes: average worldwide realized oil prices rose about 10% sequentially to $80.70 per barrel, and total production of 1,220 Mboed exceeded the midpoint of guidance by 34 Mboed. Operating cash flow was $3.1 billion, cash flow before working capital was $3.3 billion, and free cash flow before working capital was $1.7 billion on $1.6 billion of capital spending. Oil and gas pre-tax income rose to $2.0 billion from $1.1 billion, while OxyChem (pre-tax income of $373 million) beat guidance but declined from Q2 on lower caustic soda prices. Capital return and balance sheet activity were significant. Occidental repurchased $600 million of common stock, bringing year-to-date buybacks to roughly 60% of the $3.0 billion program, and it redeemed $342 million of preferred stock in the quarter, bringing year-to-date preferred redemptions above $1.5 billion, or about 15% of preferred equity. Full-year 2023 production guidance was raised by 11 Mboed. Investors should note that the quarter included $22 million of after-tax net items affecting comparability, mostly asset sale gains, and that preferred redemption premiums continued to weigh on reported earnings. Total debt declined to about $19.8 billion at quarter end (current plus long-term debt, per the balance sheet). The filing is a furnished (not filed) Item 2.02 report attaching the earnings press release as Exhibit 99.1. The results show a company that is generating strong cash flow, returning capital through buybacks and preferred redemptions, and advancing low-carbon projects such as securing a joint venture partner for its first Direct Air Capture plant. The main risks remain commodity price volatility, particularly the sharp decline in domestic gas and NGL prices, and the Midstream & Marketing segment's pre-tax loss of $130 million.

Nov 7, 2023

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