• Strong operational performance drove operating cash flow of $2.4 billion and operating cash flow before working capital of $3.0 billion
• Capital spending of $1.8 billion and contributions from noncontrolling interest of $42 million resulted in quarterly free cash flow before working capital of $1.3 billion
• Total company production of 1,258 Mboed exceeded the mid-point of guidance by 6 Mboed
• Midstream and marketing exceeded guidance for pre-tax adjusted income by over $180 million
• OxyChem approximated guidance with pre-tax income of $296 million
• Earnings per diluted share and adjusted earnings per diluted share of $1.03
• Maintaining full-year production guidance, excluding CrownRock, even with the expected divestiture of 15 Mboed in the fourth quarter  

Occidental announced net income and adjusted income attributable to common stockholders for the second quarter of 2024 of $1.0 billion, or $1.03 per diluted share. 

"The strength of our operational performance resulted in impressive financial results for the second quarter of 2024," said President and Chief Executive Officer Vicki Hollub. "We are excited to continue building on this positive momentum across our deep and diverse asset portfolio with the addition of CrownRock."

QUARTERLY RESULTS

Oil and Gas
Oil and gas pre-tax income for the second quarter of 2024 was $1.6 billion, compared to pre-tax income of $1.2 billion for the first quarter of 2024. Excluding items affecting comparability, second quarter adjusted oil and gas income increased from the prior quarter due to higher domestic crude oil volumes and lower depreciation, depletion and amortization rates, as our Gulf of Mexico operations overcame the extended third-party outage in mid-April, and higher domestic crude oil prices, partially offset by lower domestic gas prices and higher transportation expenses. For the second quarter of 2024, average WTI and Brent marker prices were $80.56 per barrel and $84.95 per barrel, respectively. Average worldwide realized crude oil prices increased by 5% from the prior quarter to $79.89 per barrel. Average worldwide realized natural gas liquids prices decreased by 4% from the prior quarter to $21.23 per barrel. Average domestic realized gas prices decreased by 66% from the prior quarter to $0.54 per thousand cubic feet (Mcf).

Total average global production of 1,258 thousand barrels of oil equivalent per day (Mboed) for the second quarter of 2024 exceeded the midpoint of guidance by 6 Mboed, led by Permian and Gulf of Mexico who both exceeded the midpoint of their respective production guidance with average production of 587 Mboed and 138 Mboed, respectively. Rockies & Other Domestic and International average daily production volumes were 306 Mboed and 227 Mboed, respectively.  

OxyChem
OxyChem earned pre-tax income of $296 million for the second quarter of 2024. Excluding items affecting comparability, the increase in second quarter OxyChem income, compared to first quarter of 2024 income, was primarily due to higher realized caustic soda and polyvinyl chloride prices and improved sales volumes across most product lines, partially offset by higher ethylene costs. 

Midstream and Marketing
Midstream and marketing pre-tax results for the second quarter of 2024 reflected income of $116 million. Excluding items affecting comparability, the second quarter adjusted midstream and marketing results exceeded guidance by over $180 million. WES equity method investment income, excluding items affecting comparability, for the second quarter was $163 million. Compared to the first quarter of 2024, the increase in midstream and marketing results reflected higher gas marketing income as a result of improved gas transportation spreads from the Permian to the Gulf Coast and lower equity method investment losses in our low-carbon ventures businesses. 

KeyFacts Energy: Occidental US country profile