• Completed near-term debt repayment target of $4.5 billion
• Announced additional $1.2 billion of divestitures in the first quarter of 2025
• Increased quarterly dividend by 9% to $0.24 per share, payable April 15, 2025, to stockholders of record as of March 10, 2025
• Strong operational performance drove operating cash flow of $3.6 billion and operating cash flow before working capital of $3.1 billion
• Capital spending of $1.8 billion and contributions from noncontrolling interest of $54 million resulted in quarterly free cash flow before working capital of $1.4 billion
• Total company production of 1,463 Mboed exceeded the mid-point of guidance by 13 Mboed
• Midstream and marketing and Chemical segments exceeded income guidance
• Worldwide year-end proved reserves of 6 billion BOE with reserves replacement - all-in of 230% and reserves replacement - organic of 112%

Occidental today announced a net loss attributable to common stockholders of $297 million, or $0.32 per diluted share, and adjusted income attributable to common stockholders of $792 million, or $0.80 per diluted share, for the fourth quarter of 2024. Fourth quarter of 2024 after-tax items affecting comparability of $1.1 billion mainly comprised of booking a long-term environmental liability increase based on a recent federal court ruling. Occidental has appealed the ruling and will seek cost recovery from all potentially responsible parties. It is expected that the cash outlay for remediation costs will be expended over 10 to 20 years, or more.

"Our teams continued to demonstrate industry-leading performance during the fourth quarter of 2024, outperforming guidance across all three segments and delivering record U.S. production while improving our capital efficiency," said President and Chief Executive Officer Vicki Hollub. "Our operational excellence translated to another quarter of strong financial results, highlighted by our fourth quarter operating cash flow, enabling us to achieve our near-term debt repayment target of $4.5 billion. Additional key differentiators for Occidental are our 2024 all-in reserve replacement of 230% and organic reserves replacement of 112%, which are indicators of our long-term sustainability."

QUARTERLY RESULTS

Oil and Gas

Oil and gas pre-tax income for the fourth quarter of 2024 was $1.2 billion, compared to pre-tax income of $1.2 billion for the third quarter of 2024. For the fourth quarter of 2024, average WTI and Brent marker prices were $70.27 per barrel and $73.97 per barrel, respectively. Average worldwide realized crude oil prices decreased by 7% from the prior quarter to $69.73 per barrel. Average worldwide realized natural gas liquids prices increased by 6% from the prior quarter to $21.80 per barrel. Average domestic realized gas prices increased by 215% from the prior quarter to $1.26 per thousand cubic feet (Mcf).

Total average global production of 1,463 thousand barrels of oil equivalent per day (Mboed) for the fourth quarter of 2024 exceeded the mid-point of guidance by 13 Mboed, led by Permian and Rockies & Other Domestic, while Gulf of America and International average daily production both came within guidance.

Oil and Gas Proved Reserves

As of December 31, 2024, Occidental's worldwide proved reserves totaled 4.6 billion barrels of oil equivalent (BOE), compared to 4.0 billion BOE for the same period in the prior year. Proved reserve additions were mainly driven by purchases of 623 million BOE, primarily from the CrownRock Acquisition, extensions and discoveries of 326 million BOE, mostly in the Permian Basin, and positive revisions associated with infill development projects of 112 million BOE, primarily in the DJ and Permian Basins. The 2024 Reserves Replacement - All-In was 230% and the three-year average Reserves Replacement - All-In was 181%. The 2024 Reserves Replacement - Organic was 112% and the three-year average Reserves Replacement - Organic was 137%.

OxyChem

OxyChem pre-tax income exceeded guidance at $270 million for the fourth quarter of 2024. The decrease in fourth quarter OxyChem income, compared to third quarter of 2024 income, resulted primarily from lower realized polyvinyl chloride (PVC) pricing and lower seasonal fourth quarter demand across most product lines. This decrease was partially offset by advantageous commercial thresholds triggered in the fourth quarter.

Midstream and Marketing

Midstream and marketing pre-tax results for the fourth quarter of 2024 reflected a loss of $134 million, which included net derivative losses of $88 million. WES equity method investment income for the fourth quarter was $142 million.

KeyFacts Energy: Occidental US country profile