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DBA Group, subsidiary sign EUR6 million contract in Slovenia
PPetroleum

Occidental Petroleum : 2024 Annual Report -March 21, 2025 at 12:14 am EDT

  • 2025-03-21

Market Closed –

Nyse

04:00:02 2025-03-20 pm EDT

5-day change

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Intraday chart for Occidental Petroleum Corporation

+5.52%

-2.93%

March 21, 2025 at 12:14 am EDT

2024 ACHIEVEMENTS

FINANCIAL

Generated $4.9 B of free cash flow before working capital1
Completed the acquisition of CrownRock, L.P.
Closed $1.7 B of divestitures
Completed near-term commitment of $4.5 B of debt repayments
Increased quarterly dividend by >22%

OPERATIONAL

Achieved record annual U.S. oil production
Reduced full-year domestic operational expenditures per BOE2 by ~9% compared to 2023
Increased proved reserves by ~600 million BOE to ~4.6 billion BOE
Completed construction of STRATOS Trains 1 and 2 (the capture units)
Generated OxyChem reported income of >$1.1 B and met Battleground modernization and expansion project milestones

HEALTH, SAFETY & ENVIRONMENTAL

Achieved best employee safety performance ever with 0.16 TRIR3, tying our previous record from 2020, with higher activity levels in 2024
Sustained zero routine flaring in our U.S. oil and gas operations
Reduced routine flaring in global oil and gas operations by 80% compared to our 2020 baseline through additional gas compression and a rich gas injection project in Oman
Received 47 awards from the American Chemistry Council for OxyChem’s 2024 safety and environmental performance

ABOUT US

Oxy is an international energy company with premier diversified assets primarily located in the United States, the Middle East and North Africa and distinguished operational capabilities that create a runway for sustainable shareholder value accretion. Oxy is one of the largest oil and gas producers in the U.S., where it is a leading producer in the Permian and DJ basins, and offshore Gulf of America, and it is the largest independent oil producer in Oman. Oxy’s midstream and marketing segment provides flow assurance and enhances the value of the oil and gas segment. Oxy Low Carbon Ventures, a subsidiary within the midstream and marketing segment, is advancing leading-edge technologies and decarbonization solutions, including direct air capture, lithium development and near-zero emissions power, that seek to economically grow the business while reducing emissions. Oxy’s chemical subsidiary, OxyChem, is a leading North American manufacturer that produces the building blocks for life-enhancing products, including drinking water, medical supplies and construction materials.

For a reconciliation to the most comparable GAAP financial measure of operating cash flow, see the inside back cover.
Barrels of oil equivalent.
Our Total Recordable Injury Rate (TRIR) per 200,000 employee work hours for the year ended December 31, 2024.

LETTER FROM CEO

2024 marked an exceptional year for Oxy as we advanced our strategy and delivered outstanding financial and operational results across our businesses. We closed on the strategic acquisition of CrownRock, L.P., increasing our access to short-cycle, high-return oil assets in the U.S., and progressed our major growth projects in OxyChem and Oxy Low Carbon Ventures (OLCV), aiming to deliver longer-cycle, sustainable returns. Through our strategic advancements and operational execution, we have assembled Oxy’s best portfolio of assets and capabilities in our 100+ year history, which will position us to provide robust cash flow throughout the cycle and create and sustain long-term shareholder value.

A focus for 2024 was on strengthening our portfolio through high- grading our oil and gas assets to enhance the long-term sustainability of our business. The CrownRock acquisition significantly expanded our unconventional Permian assets, providing the scale, integrated infrastructure and years of high-margin, low-breakeven drilling opportunities in the Midland Basin to complement our leading Delaware Basin position.

The strength of our combined portfolio is demonstrated by three all-time company records we achieved in 2024:

Record U.S. oil production of 571 thousand barrels per day from our Permian, Rockies and Gulf of America assets
Record combined production from ongoing operations of 1.33 million BOE per day, with key contributions from both the U.S. and our prolific international assets in Oman, the UAE and Algeria, as well as the Dolphin Energy Project
Record year-end proved oil and gas reserves of 4.6 billion BOE, a 15 percent increase from 2023.

Through record oil and gas production, optimized transportation and sales from our energy marketing teams and OxyChem’s strong margins, we earned $4.9 billion in free cash flow before working capital1, paid approximately $800 million of common dividends and increased the quarterly dividend by more than 22 percent in 2024. We achieved our near- term debt repayment target of $4.5 billion well ahead of schedule from a combination of non-core asset sales and organic cash flow.

Our success in 2024 reflects execution in two additional focus areas – driving operational excellence and advancing major projects – to create both short- and long-term value.

Safe and reliable operations are the cornerstone of operational excellence, and I commend our workforce for achieving company-wide record safety performance, tying 2020 for our lowest employee recordable injury rate in our history, but with much higher activity levels in 2024. In addition, OxyChem earned 47 awards from the American Chemical Council for 2024 safety and environmental performance.

Our oil and gas teams are leveraging innovative ideas to unlock greater resources, achieve cost savings and improve recoveries and margins across our world-class oil and gas portfolio. In 2024, we once again increased our year-end proved reserves balance, extending our 20-year track record of replacing reserves year after year, with the exceptions of the downturn in 2015 and the pandemic in 2020. Notably, we replaced higher-cost production with a higher volume of lower-cost new reserves, which is a testament to the portfolio’s incredibly rich resources and our team’s dedication to continuous improvement.

1For a reconciliation to the most comparable GAAP financial measure of operating cash flow, see the inside back cover.

Our execution efficiencies, strong new well deliverability and enhanced base production enabled us to achieve record U.S. oil production while reducing 2024 domestic lease operating expenses per barrel by approximately 9 percent and lowering well costs by roughly 12 percent across all unconventional basins compared to 2023.

Within our Permian operations, we are pushing the technical limits of well deliverability, deepening reservoir characterization and simulation efforts, and conducting field trials to further advance enhanced oil recovery in unconventional reservoirs. In our Gulf of America and international portfolio, we are using advanced seismic to uncover new opportunities and provide a rich dataset for AI applications. And in Algeria, we recently completed the country’s largest seismic data acquisition, which will play a key role as we look to enhance value through future development opportunities.

In 2024 we also made significant progress to advance our major growth projects. OxyChem’s Gulf Coast plant enhancement project and Battleground plant modernization and expansion project are on track for completion in 2025 and mid-2026, respectively. These projects are expected to increase cash flow through higher product volumes, operational and logistics efficiencies, lower operating costs and improved margins.

We continued to leverage our legacy of carbon management in enhanced oil recovery and demonstrate low carbon leadership across our OLCV projects, with our industrial-scale Direct Air Capture (DAC) facility, STRATOS, reaching key operational and commercial milestones in 2024. We completed construction of STRATOS Trains 1 and 2 in December, and are excited to commission and start up operations in the coming months, with a ramp-up of the initial capture capacity of 250,000 metric tons of atmospheric CO2 per year expected through year end.

Sales of Carbon Dioxide Removal (CDR) credits to be generated by STRATOS continued to progress with strong market demand signals. In 2024, we signed several foundational CDR agreements with major companies, including the sale of 500,000 metric tons of CDR credits to Microsoft in the largest DAC CDR transaction to date.

OLCV continued to progress other projects in 2024 including permit applications for CO2 sequestration, support for NET Power’s design of an ultra-low emission natural gas power plant in the Permian, and a joint venture to commercialize TerraLithium’s patented Direct Lithium Extraction and associated technologies with BHE Renewables.

In closing, I’m confident that our differentiated strategy, premier assets and industry-leading operational capabilities best position Oxy to create long-term value for our shareholders. We remain committed to strengthening our balance sheet and will continue our deleveraging progress to deliver sustainable dividend growth and enhanced shareholder returns. I’d like to thank our Board of Directors for their guidance, and our employees for their dedication to safely

and responsibly producing the energy and essential chemicals that elevate standards of living and economies in the U.S. and around the world.

We appreciate your support and investment.

Vicki Hollub

President and

Chief Executive Officer

BOARD OF DIRECTORS & MANAGEMENT

JACK B. MOORE 3,4

VICKI HOLLUB

VICKY A. BAILEY 2,5

ANDREW GOULD 1,4,5

Independent Chairman since 2022

Director since 2015

Director since 2022

Director since 2020

Director since 2016

President and Chief Executive Officer, Oxy

Former Assistant Secretary, Domestic

Former Chairman and Chief Executive

Former President and Chief Executive

Policy and International Affairs, U.S.

Officer, Schlumberger

Dept. of Energy

Officer, Cameron International

President, Anderson Stratton

International, LLC

CARLOS M. GUTIERREZ 1,2,5

WILLIAM R. KLESSE 3,4

CLAIRE O’NEILL 2,5

AVEDICK B. POLADIAN 1,2,3

Director since 2009

Director since 2013

Former U.S. Secretary of Commerce

Former Chief Executive Officer and

Co-Founder, Former Executive

Chairman of the Board, Valero Energy

Chairman and CEO, EmPath, Inc.

KENNETH B. ROBINSON 1,3,4

ROBERT M. SHEARER 1,4,5

Director since 2023

Director since 2019

Former Senior Vice President of Audit and

Former Managing Director, BlackRock

Controls, Exelon Corporation

Advisors, LLC

COMMITTEES OF THE BOARD

Audit Committee: Robert M. Shearer, Chair
Corporate Governance and Nominating Committee: Avedick B. Poladian, Chair
Executive Compensation Committee: Jack B. Moore, Chair
Environmental, Health and Safety Committee: William R. Klesse, Chair
Sustainability and Shareholder Engagement Committee: Andrew F. Gould, Chair

Director since 2023

Director since 2008

Former Member of Parliament and

Former Executive Vice President and Chief

Minister for Energy and Clean Growth

Operating Officer, Lowe Enterprises

(UK Govt)

PRESIDENT AND CHIEF EXECUTIVE OFFICER

Vicki Hollub

SENIOR VICE PRESIDENTS AND KEY DIVISIONAL EXECUTIVES

Sunil Mathew | Senior Vice President and Chief Financial Officer

Richard A. Jackson | President, Operations, Onshore Resources and Carbon Management Kenneth Dillon | President, International Oil and Gas Operations

Robert L. Peterson | Executive Vice President, Essential Chemistry

Jeff F. Simmons | Senior Vice President, Technical and Operations Support & CPTO Sylvia J. Kerrigan | Senior Vice President and Chief Legal Officer

Peter J. Bennett | President, Commercial Development, Onshore Resources and Carbon Management Frederick A. Forthuber | President, Oxy Energy Services

Wade Alleman | President, Occidental Chemical Corporation

VICE PRESIDENTS

Jennifer L. Buchanan | Vice President, Tax

Jaime Casas | Vice President and Treasurer

Christopher O. Champion | Vice President, Chief Accounting Officer and Controller Ioannis A. (Yanni) Charalambous | Vice President and Chief Information Officer

Nicole E. Clark | Vice President, Corporate Secretary, Chief Compliance Officer and Deputy General Counsel Ian M. Davis | Vice President, Government Relations

Thomas A. Janiszewski | Vice President, Land, Regulatory, Government Relations and Corporate Affairs Darin S. Moss | Vice President, Human Resources

R. Jordan Tanner | Vice President, Investor Relations

Angela R. Johnson | Vice President, Diversity and Inclusion

Eric P. Moses | Vice President, Corporate Affairs

Karen M. Sinard | Vice President, Environmental and Sustainability

Megan M. Wiesmann | Vice President, Internal Audit

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

☑

Annual Report Pursuant to Section 13 or 15(d) of the

☐

Transition Report Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Securities Exchange Act of 1934

For the fiscal year ended December 31, 2024

For the transition period from

to

Commission File Number 1-9210

Occidental Petroleum Corporation

(Exact name of registrant as specified in its charter)

State or other jurisdiction of incorporation or organization

Delaware

I.R.S. Employer Identification No.

95-4035997

Address of principal executive offices

5 Greenway Plaza, Suite 110 Houston,

Texas

Zip Code

77046

Registrant’s telephone number, including area code

(713) 215-7000

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

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, $0.20 par value

OXY

New York Stock Exchange

Warrants to Purchase Common Stock, $0.20 par value

OXY WS

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐ No ☑

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.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).

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

☑

Accelerated Filer

☐

Emerging Growth Company

☐

Non-Accelerated Filer

☐

Smaller Reporting 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the

registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based

compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ☐ No ☑

The aggregate market value of the registrant’s Common Stock held by nonaffiliates of the registrant was approximately $59.2 billion computed by reference to the closing price on the New York Stock Exchange of $63.03 per share of Common Stock on June 28, 2024.

As of January 31, 2025, there were 938,500,965 shares of Common Stock outstanding, par value $0.20 per share.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s definitive Proxy Statement, relating to its 2025 Annual Meeting of Stockholders, are incorporated by reference into Part III of this Form 10-K.

TABLE OF CONTENTS

PAGE

Part I

Items 1 and 2. Business and Properties

3

General

3

Human Capital Resources

3

Environmental Regulation

5

Available Information

5

Oil and Gas Operations

6

Chemical Operations

7

Midstream and Marketing Operations

8

Item 1A.

Risk Factors

9

Item 1B.

Unresolved Staff Comments

22

Item 1C.

Cybersecurity

22

Item 3.

Legal Proceedings

23

Item 4.

Mine Safety Disclosures

23

Information about Executive Officers

24

Part II

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer

25

Purchases of Equity Securities

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

27

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

58

Item 8.

Financial Statements and Supplementary Data

60

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial

128

Disclosure

Item 9A.

Controls and Procedures

128

Item 9B.

Other Information

128

Item 9C.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

128

Part III

Item 10.

Directors, Executive Officers and Corporate Governance

129

Item 11.

Executive Compensation

129

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related

129

Stockholder Matters

Item 13.

Certain Relationships and Related Transactions and Director Independence

129

Item 14.

Principal Accounting Fees and Services

130

Part IV

Item 15.

Exhibits and Financial Statement Schedules

130

Item 16.

Form 10-K Summary

132

ABBREVIATIONS USED WITHIN THIS DOCUMENT

AOC

Administrative Order on Consent

Anadarko

Anadarko Petroleum Corporation and its consolidated subsidiaries

Anadarko Acquisition

a transaction pursuant to the Agreement and Plan of Merger dated May 9, 2019, in which

Occidental acquired all of the outstanding shares of Anadarko on August 8, 2019, and in which

a wholly owned subsidiary of Occidental merged with and into Anadarko

Andes

Andes Petroleum Ecuador Ltd.

ARO

asset retirement obligations

Bcf

billions of cubic feet

Bcf/d

billions of cubic feet per day

Berkshire Hathaway

Berkshire Hathaway Inc.

BlackRock

BlackRock Inc., which has formed a joint venture with Occidental on the construction of STRATOS

BLM

U.S. Bureau of Land Management

the Board

Occidental Board of Directors

Boe

barrels of oil equivalent

BOEM

U.S. Bureau of Ocean Energy Management

CAD

Canadian dollar

CCUS

carbon capture, utilization and storage

CERCLA

Comprehensive Environmental Response, Compensation, and Liability Act

CEO

chief executive officer

CO2

carbon dioxide

CODM

chief operating decision maker

Common Stock Warrants

a distribution of warrants to holders of Occidental common stock

CROCE

cash return on capital employed

CROCEI

cash return on capital employed incentive

CrownRock

CrownRock, L.P.

CrownRock Acquisition

acquisition of all of the outstanding partnership interests of CrownRock by Occidental

DAC

direct air capture

DASS

Diamond Alkali Superfund Site

DD&A

depreciation, depletion and amortization

DEL

Dolphin Energy Limited

DOE

U.S. Department of Energy

DOJ

U.S. Department of Justice

DSCC

Diamond Shamrock Chemicals Company

ECMC

Colorado Energy and Carbon Management Commission, formerly the Colorado Oil & Gas

Conservation Commission

EDC

ethylene dichloride

EOR

enhanced oil recovery

EPA

U.S. Environmental Protection Agency

EPS

earnings per share

Exchange Act

Securities Exchange Act of 1934

GAAP

Generally accepted accounting principles

GHG

greenhouse gas

GOA

Gulf of America

HSE

health, safety and environmental

IRA

Inflation Reduction Act

IRS

Internal Revenue Service

Kerr-McGee

Kerr-McGee Corporation and certain of its subsidiaries

LIFO

last-in, first-out

Maxus

Maxus Energy Corporation

Mbbl

thousands of barrels

Mbbl/d

thousands of barrels per day

Mboe

thousands of barrels equivalent

Mboe/d

thousands of barrels equivalent per day

Mcf

thousands of cubic feet

ABBREVIATIONS USED WITHIN THIS DOCUMENT

MMbbl

millions of barrels

MMbtu

million British thermal units

MMcf

millions of cubic feet

MMcf/d

millions of cubic feet per day

NAV

net asset value

NCI

noncontrolling interest

NEPA

National Environmental Policy Act

NGL

natural gas liquids

NPL

National Priorities List

NYMEX

New York Mercantile Exchange

NYSE

New York Stock Exchange

Occidental

Occidental Petroleum Corporation, a Delaware corporation and one or more entities in which it

owns a controlling interest (subsidiaries)

OCI

other comprehensive income

OECD

Organization for Economic Cooperation and Development

OLCV

Oxy Low Carbon Ventures, LLC and its consolidated subsidiaries

OPEC

Organization of the Petroleum Exporting Countries

Options

stock options

OTC

over-the-counter

OU

operable unit

OxyChem

Occidental Chemical Corporation and its consolidated subsidiaries

the Plans

the stockholder-approved 2015 Long-Term Incentive Plan, as amended and restated, for certain

employees and directors and the Phantom Share Unit Award Plan

PP&E

property, plant & equipment

PSC

production sharing contracts

PUD

proved undeveloped

PVC

polyvinyl chloride

RCF

revolving credit facility

Reserves Committee

Corporate Reserves Review Committee

ROD

Record of Decision

RSUs

restricted stock units

Ryder Scott

Ryder Scott Company, L.P.

S&P 500

Standard & Poor’s 500 Stock Index

SEC

U.S. Securities and Exchange Commission

SOFR

Secured Overnight Financing Rate

Sonatrach

the national oil and gas company of Algeria

SPEE

Society of Petroleum Evaluation Engineers

STEP

Strategic Technical Excellence Program

STRATOS

Occidental’s first large-scale DAC facility in Ector County, Texas

TSRI

total shareholder return incentive

UAE

United Arab Emirates

VCM

vinyl chloride monomer

Waha

natural gas trading hub in the Permian Basin

WES

Western Midstream Partners, LP

WTI

west Texas intermediate

Zero Coupons

Zero Coupon senior notes due 2036

2024 Form 10-K

Occidental’s Annual Report on Form 10-K for the year ended December 31, 2024

Attachments

Original document

Permalink

Disclaimer

OXY – Occidental Petroleum Corporation published this content on March 21, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 21, 2025 at 04:13:09.902.

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Logo Occidental Petroleum Corporation

Occidental Petroleum Corporation is one of the world’s largest oil groups in the United States. Net sales (including intra-group) break down by activity as follows:

– exploration and production of hydrocarbon (78.7%): 247 million barrels of crude oil, 116 million barrels of liquefied natural gas and 20.9 billion m3 of natural gas sold in 2024;

– manufacturing of chemicals (17.8%): basic chemicals (chlorine, caustic soda, ethylene, etc.) and performance chemicals (primarily PVC, pigments, and plastics);

– transportation, storage and distribution of hydrocarbons (3.5%).

The United States accounts for 84.5% of net sales.


More about the company

Sell

Consensus

Buy

Last Close Price

47.96USD

Average target price

59.52USD

Spread / Average Target

+24.11%

Consensus

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