Cover and table of contents

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Cover and table of contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission file number 1-9210

_____________________

OCCIDENTAL PETROLEUM CORPORATION

(Exact name of registrant as specified in its charter)

Delaware95-4035997
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
5 Greenway Plaza, Suite 110
Houston,Texas77046
(Address of principal executive offices) (Zip Code)

(713) 215-7000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.20 par valueOXYNew York Stock Exchange
Warrants to Purchase Common Stock, $0.20 par valueOXY WSNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer þ Accelerated Filer ☐ Non-Accelerated Filer ☐

Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes þ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

ClassOutstanding as of July 31, 2024
Common Stock, $0.20 par value905,615,720
TABLE OF CONTENTSPAGE
Part I - Financial Information
Item 1. Financial Statements (unaudited)
Consolidated Condensed Balance Sheets — June 30, 2024 and December 31, 20232
Consolidated Condensed Statements of Operations — Three and six months ended June 30, 2024 and 20234
Consolidated Condensed Statements of Comprehensive Income — Three and six months ended June 30, 2024 and 20235
Consolidated Condensed Statements of Cash Flows — Six months ended June 30, 2024 and 20236
Consolidated Condensed Statements of Equity — Three and six months ended June 30, 2024 and 20237
Notes to Consolidated Condensed Financial Statements
Note 1—General9
Note 2—Revenue10
Note 3—Inventories12
Note 4—Long-Term Debt13
Note 5—Acquisitions and Divestitures15
Note 6—Derivatives17
Note 7—Income Taxes19
Note 8—Environmental Liabilities and Expenditures20
Note 9—Lawsuits, Claims, Commitments and Contingencies22
Note 10—Earnings Per Share and Equity24
Note 11—Segments25
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations26
Cautionary Statement Regarding Forward-Looking Statements27
Current Business Outlook28
Consolidated Results of Operations and Items Affecting Comparability30
Segment Results of Operations33
Income Taxes36
Liquidity and Capital Resources36
Environmental Liabilities and Expenditures37
Lawsuits, Claims, Commitments and Contingencies37
Item 3. Quantitative and Qualitative Disclosures About Market Risk38
Item 4. Controls and Procedures38
Part II - Other Information
Item 1. Legal Proceedings38
Item 1A. Risk Factors38
Item 5. Other Information39
Item 6. Exhibits39

ABBREVIATIONS USED WITHIN THIS DOCUMENT

$/Bblprice per barrel
AnadarkoAnadarko Petroleum Corporation and its consolidated subsidiaries
AndesAndes Petroleum Ecuador Ltd.
AOCAdministrative Order on Consent
Bcfbillions of cubic feet
BlackRockBlackRock Inc., which has formed a joint venture with Occidental on the construction of STRATOS
Boebarrels of oil equivalent
CERCLAComprehensive Environmental Response, Compensation, and Liability Act
CO2carbon dioxide
CrownRock Acquisitionacquisition of all of the outstanding partnership interests of CrownRock, L.P. by Occidental
DASSDiamond Alkali Superfund Site
District CourtFederal District Court in the State of New Jersey
DSCCDiamond Shamrock Chemicals Company
DOJU.S. Department of Justice
EPAU.S. Environmental Protection Agency
EPSearnings per share
HLBVHypothetical Liquidation at Book Value
LIFOlast-in, first-out
MaxusMaxus Energy Corporation
Mbblthousands of barrels
Mboethousands of barrels equivalent
Mboe/dthousands of barrels equivalent per day
Mcfthousands of cubic feet
MMbblmillions of barrels
MMcfmillions of cubic feet
NCInon-controlling interest
NGLnatural gas liquids
NPLNational Priorities List
OccidentalOccidental Petroleum Corporation, a Delaware corporation and one or more entities in which it owns a controlling interest (subsidiaries)
OECDOrganization for Economic Cooperation and Development
OPECOrganization of the Petroleum Exporting Countries
OUOperable Unit
OU4 UAOOperable Unit 4 Unilateral Administrative Order
OxyChemOccidental Chemical Corporation
PVCpolyvinyl chloride
RCFrevolving credit facility
RODRecord of Decision
VIEvariable interest entity
WESWestern Midstream Partners, LP
WES OperatingWestern Midstream Operating, LP
WTIWest Texas Intermediate
Zero CouponsZero Coupon senior notes due 2036
2023 Form 10-KOccidental’s Annual Report on Form 10-K for the year ended December 31, 2023

PART I FINANCIAL INFORMATION

Next: Item 1. Financial Statements (unaudited)