• Strong operational performance drove operating cash flow of $2.0 billion and cash flow from operations before working capital of $2.4 billion
• Capital spending of $1.8 billion and contributions from noncontrolling interest of $57 million resulted in quarterly free cash flow before working capital of $720 million 
• Total company production of 1,172 Mboed near the mid-point of guidance while overcoming the extended third-party outage in the eastern Gulf of Mexico 
• Midstream and marketing exceeded guidance for pre-tax income by approximately $100 million 
• OxyChem exceeded guidance with pre-tax income of $260 million 
• Earnings per diluted share of $0.75 and adjusted earnings per diluted share of $0.63 

Occidental today announced net income attributable to common stockholders for the first quarter of 2024 of $718 million, or $0.75 per diluted share, and adjusted income attributable to common stockholders of $604 million, or $0.63 per diluted share. 

"Operational excellence is fundamental to everything we do at Occidental, and our teams delivered at a high level across all segments during the first quarter of 2024," said President and Chief Executive Officer Vicki Hollub. "We are executing in all areas of our diversified portfolio and positioned for free cash flow growth."

First quarter of 2024 after-tax items affecting comparability of $114 million were comprised of a net gain in litigation settlements, primarily related to the Andes arbitration, and gains on asset sales included in WES's equity method investment income, partially offset by derivative losses and CrownRock acquisition-related costs.

Oil and Gas 

Oil and gas pre-tax income for the first quarter of 2024 was $1.2 billion, compared to pre-tax income of $1.6 billion for the fourth quarter of 2023. Excluding items affecting comparability, first quarter adjusted oil and gas income of $1.3 billion declined from the prior quarter due to lower crude oil prices and domestic crude oil volumes, partially offset by lower domestic lease operating expenses. For the first quarter of 2024, average WTI and Brent marker prices were $76.96 per barrel and $81.83 per barrel, respectively. Average worldwide realized crude oil prices decreased by 4% from the prior quarter to $76.04 per barrel. Average worldwide realized NGL prices increased by 6% from the prior quarter to $22.14 per barrel. Average domestic realized gas prices decreased by 14% from the prior quarter to $1.61 per thousand cubic feet (Mcf). 

Total average global production of 1,172 thousand barrels of oil equivalent per day (Mboed) for the first quarter of 2024 came near the midpoint of guidance, while overcoming the extended third-party outage in the eastern Gulf of Mexico. Rockies & Other Domestic average daily production volumes exceeded guidance at 286 Mboed, and Permian and International came within guidance at 567 Mboed and 229 Mboed, respectively. Average daily production for the Gulf of Mexico for the first quarter was 90 Mboed. Production affected by the third-party outage in the eastern Gulf of Mexico resumed in mid-April.

OxyChem 

OxyChem earned pre-tax income of $254 million for the first quarter of 2024. Excluding items affecting comparability, first quarter adjusted OxyChem income of $260 million exceeded guidance by $10 million. Compared to fourth quarter of 2023 income, the increase in first quarter income was primarily due to improved demand for polyvinyl chloride and vinyl chloride monomer along with lower ethylene costs, partially offset by overall lower realized prices across many product lines. 

Midstream and Marketing Midstream and marketing pre-tax results for the first quarter of 2024 reflected a loss of $33 million. Excluding items affecting comparability, first quarter adjusted midstream and marketing results reflected a loss of $64 million, which exceeded guidance by approximately $100 million. WES equity method investment income, excluding items affecting comparability, for the first quarter was $161 million. Compared to the fourth quarter of 2023, the increase in midstream and marketing results reflected higher crude margins due to the timing impact of crude sales in the marketing business, partially offset by higher equity method investment losses and higher expenses due to increased activities in the low-carbon ventures businesses.

KeyFacts Energy: Occidental US country profile