• Strong operational performance drove operating cash flow of $3.2 billion and cash flow from operations before working capital of $2.5 billion
• Capital spending of $1,544 million and contributions from noncontrolling interest of $98 million, resulting in quarterly free cash flow before working capital of $1.1 billion
• Total company production of 1,234 Mboed exceeded the mid-point of guidance by 8 Mboed, overcoming a third-party outage in eastern Gulf of Mexico
• OxyChem exceeded guidance with pre-tax income of $250 million
• Earnings per diluted share of $1.08 and adjusted earnings per diluted share of $0.74
• Worldwide year-end proved reserves of 0 billion BOE with reserves replacement of 137%
• Increased quarterly dividend by 22% to $0.22 per share
• Announced cash flow accretive acquisition of CrownRock, strengthening Occidental's U.S. onshore portfolio with premier Permian Basin assets
• Closed acquisition of Carbon Engineering, enabling cost and capital efficiencies and the ability for Occidental to catalyze broader partnerships for Direct Air Capture deployment

Occidental today announced net income attributable to common stockholders for the fourth quarter of 2023 of $1.0 billion, or $1.08 per diluted share, and adjusted income attributable to common stockholders of $710 million, or $0.74 per diluted share.

"Our teams performed exceptionally well during the fourth quarter of 2023, concluding another year of operational excellence across all three business segments," said President and Chief Executive Officer Vicki Hollub. "We are continuing to focus on delivering long-term value for our shareholders through the 22% increase in our dividend and strategic transactions to high-grade our domestic portfolio and advance our low-carbon initiatives, including the closing of the Carbon Engineering acquisition."

Fourth quarter after-tax items affecting comparability of $319 million were primarily comprised of an after-tax fair value gain of $283 million related to the acquisition of Carbon Engineering.

Production and reserves

Total average global production of 1,234 thousand barrels of oil equivalent per day (Mboed) for the fourth quarter exceeded the midpoint of guidance by 8 Mboed, overcoming a third-party outage in the eastern Gulf of Mexico. Rockies & Other Domestic and International average daily production volumes exceeded guidance at 285 Mboed and 234 Mboed, respectively, and Permian came in above the midpoint of guidance at 588 Mboed. Average daily production for the Gulf of Mexico for the fourth quarter was 127 Mboed. 

As of December 31, 2023, Occidental's worldwide proved reserves totaled 4.0 billion barrels of oil equivalent (BOE), compared to 3.8 billion BOE as of December 31, 2022. Proved reserve additions were mainly driven by positive revisions associated with infill development projects of 303 million BOE, primarily in the DJ and Permian Basins, and extensions and discoveries of 153 million BOE, mostly in the Permian Basin. The 2023 Reserves Replacement - All-In was 137% and the three-year average Reserves Replacement - All-In for 2021 to 2023 was 183%. Finding and development (F&D) All-In and F&D - Organic costs for 2023 were $9.68 per BOE and $9.27 per BOE, respectively. The three-year average F&D All-In and F&D - Organic costs for 2021 to 2023 were $5.72 per BOE and $5.08 per BOE, respectively.

KeyFacts Energy: Occidental US country profile