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

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed May 7, 2025
Period End
May 7, 2025
Securities
OXYOXY-WT
In the record · 2016–202610-K1210-Q328-K158

OXY filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 158 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’18Mar ’18
  2. Material agreement8-K · Mar ’20Mar ’20
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · May ’26May ’26

01—Abstract

Summary

Summary of the 8-K filed May 7, 2025. Cited figures are marked; the original filing is the authoritative source.

Occidental Petroleum (OXY) reported first-quarter 2025 results on May 7, 2025, with net income attributable to common stockholders of $766 milliona ($0.77 per diluted share) and adjusted income of $860 million ($0.87 per diluted share).

Operating cash flow was $2.1 billionb, 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 billionc 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 milliond, 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.

02—Key points

Key Highlights

  1. GAAP diluted EPS of $0.77 and adjusted diluted EPS of $0.87 (net income of $766M; adjusted income of $860M).
  2. Operating cash flow of $2.1B; operating cash flow before working capital of $3.0B; quarterly free cash flow before working capital of $1.2B.
  3. Asset sales closed for $1.3B in Q1 2025, with $2.3B of debt repaid year-to-date.
  4. Oil and gas pre-tax income rose to $1.7B from $1.2B in Q4 2024, driven by higher domestic realized prices; production of 1,391 Mboed was at the guidance midpoint.
  5. Guidance improvement: 2025 capital guidance midpoint cut by $200M and domestic operating costs by $150M.
  6. OxyChem pre-tax income of $185M and midstream/marketing beat its guidance midpoint by $127M excluding items affecting comparability, though reported midstream/marketing was a $77M pre-tax loss.
  7. Long-term debt of about $24.0B at March 31, 2025, down from $25.0B at year-end 2024.

03—Questions

Frequently Asked Questions

  1. How did Occidental perform in the first quarter of 2025?

    Occidental reported net income attributable to common stockholders of $766 million, or $0.77 per diluted share, and adjusted income of $860 million, or $0.87 per diluted share. Operating cash flow before working capital was $3.0 billion, and quarterly free cash flow before working capital was $1.2 billion.

  2. What drove the increase in oil and gas earnings?

    Oil and gas pre-tax income was $1.7 billion, up from $1.2 billion in Q4 2024. The increase was mainly due to higher domestic realized commodity prices, particularly domestic natural gas, which rose 92% sequentially to $2.42 per Mcf. Lower sales volumes partly offset the gain.

  3. How is Occidental progressing on debt reduction?

    The company closed $1.3 billion of asset sales in the first quarter and has repaid $2.3 billion of debt so far in 2025. Long-term debt was about $24.0 billion at March 31, 2025, compared with about $25.0 billion at year-end 2024, and current maturities were $1.6 billion.

  4. Did Occidental change its 2025 guidance?

    Yes. The company reduced the midpoint of its 2025 capital guidance by $200 million and its domestic operating cost guidance by $150 million, citing operational efficiency gains and schedule optimization in the Permian and Gulf of America.

  5. Why was midstream and marketing reported as a loss?

    Midstream and marketing posted a pre-tax loss of $77 million, which included $84 million of net derivative losses. Excluding items affecting comparability, the segment's results exceeded the guidance midpoint by $127 million, reflecting crude oil sales timing and higher sulfur prices at Al Hosn.

04—Continue

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