UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K/A

☑	Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934		☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the fiscal year ended	December 31, 2022		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.     ☑

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 $53.0 billion computed by reference to the closing price on the New York Stock Exchange of $58.88 per share of Common Stock on June 30, 2022.

As of January 31, 2023, there were 900,072,447 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 2022 Annual Meeting of Stockholders, are incorporated by reference into Part III of this Form 10-K.

EXPLANATORY NOTE

Occidental Petroleum Corporation (“Occidental”) is filing this Amendment No. 1 (this “Amendment”) to its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 Form 10-K”) solely to include KPMG LLP’s (Firm ID: 185) conformed signature in each of the documents titled “Report of Independent Registered Public Accounting Firm” (the “Audit Reports”). The signed Audit Reports were received by Occidental prior to the original filing of the 2022 Form 10-K, but the conformed signature in each Audit Report was inadvertently omitted in the 2022 Form 10-K. No other changes have been made to the 2022 Form 10-K.

This Amendment does not reflect events occurring after the filing of the 2022 Form 10-K, does not update disclosures contained in the 2022 Form 10-K and does not modify or amend the 2022 Form 10-K except as specifically described above. Pursuant to Rule 12b-15 of the Securities Exchange Act of 1934, as amended, this Amendment contains the complete text of Item 8. Financial Statements and certifications of the Company’s Principal Executive Officer and Principal Financial Officer required under Items 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, dated as of the date of this Amendment, as well as updated inline XBRL exhibits.

 OXY 2022 FORM 10-K 3

FINANCIAL STATEMENTS INDEX

Part II

ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS	PAGE
Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements	5
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting	7
Consolidated Balance Sheets	8
Consolidated Statements of Operations	10
Consolidated Statements of Comprehensive Income (Loss)	11
Consolidated Statements of Stockholders’ Equity	12
Consolidated Statements of Cash Flows	13
Notes to Consolidated Financial Statements	14
Note 1 - Summary of Significant Accounting Policies	14
Note 2 - Revenue	22
Note 3 - Inventories	24
Note 4 - Investments and Related-Party Transactions	24
Note 5 - Acquisitions, Divestitures and Other Transactions	26
Note 6 - Long-term Debt	28
Note 7 - Lease Commitments	32
Note 8 - Derivatives	34
Note 9 - Fair Value Measurements	36
Note 10 - Income Taxes	37
Note 11 - Retirement and Postretirement Benefit Plans	40
Note 12 - Environmental Liabilities and Expenditures	44
Note 13 - Lawsuits, Claims, Commitments and Contingencies	46
Note 14 - Stockholders’ Equity	49
Note 15 - Stock-Based Incentive Plans	51
Note 16 - Industry Segments and Geographic Areas	54
Supplemental Oil and Gas Information (Unaudited)	56
Schedule II – Valuation and Qualifying Accounts	72

4  OXY 2022 FORM 10-K

FINANCIAL STATEMENTS REPORT

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

Occidental Petroleum Corporation:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Occidental Petroleum Corporation and subsidiaries (the Company) as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2022, and the related notes and financial statement schedule II - valuation and qualifying accounts (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2022, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 27, 2023 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Assessment of the estimated proved oil and gas reserves on the determination of depreciation and depletion expense for proved oil and gas properties.

As discussed in Note 1 to the consolidated financial statements, the Company determines depreciation and depletion of oil and gas producing properties by the unit-of-production method. Under this method, capitalized costs are amortized over estimated proved reserves. For the year ended December 31, 2022, the Company recorded depreciation and depletion expense related to proved oil and gas properties of $6.2 billion.

We identified the assessment of the estimated proved oil and gas reserves on the determination of depreciation and depletion expense related to proved oil and gas properties as a critical audit matter. Complex auditor judgment was required to assess the Company’s estimate of proved oil and gas reserves, which is a key input for the determination of depreciation and depletion expense. Estimating proved oil and gas reserves requires the expertise of professional petroleum reservoir engineers. The key assumptions included (1) estimated future production quantities, and (2) estimated operating and capital costs.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s depreciation and depletion process, including the estimation of proved oil and gas reserves. We analyzed and assessed the determination of depreciation and depletion expense for compliance with industry and regulatory standards. We

 OXY 2022 FORM 10-K 5

FINANCIAL STATEMENTS REPORT

assessed compliance of the methodology used by the Company’s engineering and technical staff to estimate proved oil and gas reserves with industry and regulatory standards. We read the findings of the independent reservoir engineering specialist’s review of the methods and procedures used by the Company in estimating the proved reserves for compliance with industry and regulatory standards. To assess the Company’s ability to accurately estimate future production quantities, we compared the future production quantity assumptions used by the Company in prior periods to the actual production amounts. We compared the estimated future production quantities used by the Company in the current period to historical production rates. We evaluated the operating and capital cost assumptions used by the Company’s engineering and technical staff by comparing them to historical costs. We evaluated the professional qualifications and the knowledge, skills, and ability of the Company’s internal reserve engineers and the independent reservoir engineering specialists engaged by the Company.

Evaluation of the environmental liability associated with the lower 8.3 miles of the Lower Passaic River site.

As discussed in Notes 1 and 12 to the consolidated financial statements, the Company accrues a liability for estimated environmental remedial activities when it is probable a liability has been incurred and the amount of remediation costs can be estimated. The Company accrued a liability related to its estimated allocable share of the costs to perform the remedial activities required for the lower 8.3 miles of the Lower Passaic River site. As of December 31, 2022, the Company’s total estimated environmental liabilities were $1 billion, which includes the estimated environmental liability for the lower 8.3 miles of the Lower Passaic River Site.

We identified the evaluation of the environmental liability associated with the lower 8.3 miles of the Lower Passaic River site as a critical audit matter. There was a high degree of subjective auditor judgment in applying and evaluating the results of our procedures due to possible changes to the Company’s estimated allocable share of the remediation costs.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s environmental liability process to estimate the Company’s allocable share of the remediation costs associated with the lower 8.3 miles of the Lower Passaic River site. We assessed the Company’s assumption for its allocable share of the remediation costs and analyzed publicly available data sources for information that might be contrary to the information used by the Company. We involved an environmental analysis professional with specialized skills and knowledge who assisted in the evaluation of information used by management, including publicly available data sources.

Determination of tax impact of the legal entity reorganization

As discussed in Note 10 to the consolidated financial statements, the Company completed a legal entity reorganization in the first quarter of 2022 that resulted in an adjustment to the tax basis in a portion of its operating assets that reduced its deferred tax liabilities. As a result of the legal entity reorganization, the Company recorded a tax benefit of $2.7 billion.

We identified the evaluation of the tax impact due to the legal entity reorganization as a critical audit matter. Evaluating the application of the United States tax laws and regulations, which can be complex, and the tax impact required a high degree of auditor effort and specialized skills and knowledge.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s process of determining the tax impact due to the legal entity reorganization including the application of United States tax laws and regulations. We evaluated the information, including third party opinions, United States tax laws and regulations, and other relevant evidence used by management to support its position regarding the tax impact of the transaction; and evaluated the legal entity reorganization related tax impact. We involved income tax professionals with specialized skills and knowledge who assisted in the evaluation of:

■    the tax impact of the legal entity reorganization

■    certain facts, representations and assumptions from management

■    the application of relevant United States tax laws and regulations.

/s/ KPMG LLP

We have served as the Company’s auditor since 2002.

Houston, Texas

February 27, 2023

6  OXY 2022 FORM 10-K

FINANCIAL STATEMENTS REPORT

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

Occidental Petroleum Corporation:

Opinion on Internal Control Over Financial Reporting

We have audited Occidental Petroleum Corporation and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2022, and the related notes and financial statement schedule II - valuation and qualifying accounts (collectively, the consolidated financial statements), and our report dated February 27, 2023 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Assessment of and Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Houston, Texas

February 27, 2023

 OXY 2022 FORM 10-K 7

FINANCIAL STATEMENTS

Consolidated Balance Sheets Occidental Petroleum Corporation
and Subsidiaries

	December 31,
millions	2022		2021
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	984	$	2,764
Trade receivables, net of reserves of $37 in 2022 and $35 in 2021	4,281		4,208
Inventories	2,059		1,846
Other current assets	1,562		1,393
Total current assets	8,886		10,211
INVESTMENTS IN UNCONSOLIDATED ENTITIES	3,176		2,938
PROPERTY, PLANT AND EQUIPMENT
Oil and gas	104,487		101,251
Chemical	7,808		7,571
Midstream and marketing	7,550		8,371
Corporate	889		964
	120,734		118,157
Accumulated depreciation, depletion and amortization	(62,350)		(58,227)
Total property, plant and equipment, net	58,384		59,930
OPERATING LEASE ASSETS	903		726
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	1,260		1,231
TOTAL ASSETS	$	72,609	$	75,036

The accompanying notes are an integral part of these Consolidated Financial Statements.

8  OXY 2022 FORM 10-K

FINANCIAL STATEMENTS

Consolidated Balance Sheets Occidental Petroleum Corporation
and Subsidiaries

	December 31,
millions except share and per-share amounts	2022		2021
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt (a)	$	165	$	186
Current operating lease liabilities	273		186
Accounts payable	4,029		3,899
Accrued liabilities	3,290		4,053
Total current liabilities	7,757		8,324
LONG-TERM DEBT, NET
Long-term debt, net (b)	19,670		29,431
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net	5,512		7,039
Asset retirement obligations	3,636		3,687
Pension and postretirement obligations	1,055		1,540
Environmental remediation liabilities	905		944
Operating lease liabilities	657		585
Other	3,332		3,159
Total deferred credits and other liabilities	15,097		16,954
EQUITY
Preferred stock, at $1.00 per share par value (100,000 shares as of December 31, 2022 and 2021)	9,762		9,762
Common stock, $0.20 per share par value, authorized shares: 1.5 billion, issued shares: 2022 — 1,098,512,626 and 2021 — 1,083,423,094	220		217
Treasury stock: 2022 — 198,653,682 shares and 2021 — 149,348,394 shares	(13,772)		(10,673)
Additional paid-in capital	17,181		16,749
Retained earnings	16,499		4,480
Accumulated other comprehensive income (loss)	195		(208)
Total stockholders’ equity	30,085		20,327
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	72,609	$	75,036

(a)Included $143 million and $85 million of current finance lease liabilities as of December 31, 2022 and 2021, respectively.

(b)Included $546 million and $504 million of finance lease liabilities as of December 31, 2022 and 2021, respectively.

The accompanying notes are an integral part of these Consolidated Financial Statements.

 OXY 2022 FORM 10-K 9

FINANCIAL STATEMENTS

Consolidated Statements of Operations Occidental Petroleum Corporation
and Subsidiaries

	Years Ended December 31,
millions except per-share amounts	2022		2021		2020
REVENUES AND OTHER INCOME
Net sales	$	36,634	$	25,956	$	17,809
Interest, dividends and other income	153		166		118
Gains (losses) on sale of assets, net	308		192		(1,666)
Total	37,095		26,314		16,261
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense	4,028		3,160		3,065
Transportation and gathering expense	1,475		1,419		1,600
Chemical and midstream cost of sales	3,273		2,772		2,408
Purchased commodities	3,287		2,308		1,395
Selling, general and administrative	945		863		864
Other operating and non-operating expense	1,271		1,065		884
Taxes other than on income	1,548		1,005		622
Depreciation, depletion and amortization	6,926		8,447		8,097
Asset impairments and other charges	—		304		11,083
Anadarko Acquisition-related costs	89		153		339
Exploration expense	216		252		132
Interest and debt expense, net	1,030		1,614		1,424
Total	24,088		23,362		31,913
Income (loss) before income taxes and other items	13,007		2,952		(15,652)
OTHER ITEMS
Gains (losses) on interest rate swaps and warrants, net	317		122		(423)
Income from equity investments	793		631		370
Total	1,110		753		(53)
Income (loss) from continuing operations before income taxes	14,117		3,705		(15,705)
Income tax benefit (expense)	(813)		(915)		2,172
Income (loss) from continuing operations	13,304		2,790		(13,533)
Loss from discontinued operations, net of tax	—		(468)		(1,298)
NET INCOME (LOSS)	13,304		2,322		(14,831)
Less: Preferred stock dividends	(800)		(800)		(844)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	12,504	$	1,522	$	(15,675)
PER COMMON SHARE
Income (loss) from continuing operations—basic	$	13.41	$	2.12	$	(15.65)
Loss from discontinued operations—basic	—		(0.50)		(1.41)
Net income (loss) attributable to common stockholders—basic	$	13.41	$	1.62	$	(17.06)
Income (loss) from continuing operations—diluted	$	12.40	$	2.06	$	(15.65)
Loss from discontinued operations—diluted	—		(0.48)		(1.41)
Net income (loss) attributable to common stockholders—diluted	$	12.40	$	1.58	$	(17.06)

The accompanying notes are an integral part of these Consolidated Financial Statements.

10  OXY 2022 FORM 10-K

FINANCIAL STATEMENTS

Consolidated Statements of Comprehensive
Income (Loss) Occidental Petroleum Corporation
and Subsidiaries

	Years Ended December 31,
millions	2022		2021		2020
Net income (loss)	$	13,304	$	2,322	$	(14,831)
Other comprehensive income (loss) items:
Gains on derivatives (a)	80		14		4
Pension and postretirement gains (losses) (b)	321		67		(71)
Other	2		(1)		—
Other comprehensive income (loss), net of tax	403		80		(67)
Comprehensive income (loss)	13,707		2,402		(14,898)
Comprehensive income (loss) attributable to preferred and common stockholders	$	13,707	$	2,402	$	(14,898)

(a)Net of tax expense of $(22), $(4) and $(1) in 2022, 2021 and 2020, respectively.

(b)Net of tax benefit (expense) of $(99), $(18) and $24 in 2022, 2021 and 2020, respectively. See Note 11 - Retirement and Postretirement Benefit Plans in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K for additional information.

The accompanying notes are an integral part of these Consolidated Financial Statements.

 OXY 2022 FORM 10-K 11

FINANCIAL STATEMENTS

Consolidated Statements of Stockholders’ Equity Occidental Petroleum Corporation
and Subsidiaries

			Equity Attributable to Common Stock
	Preferred Stock		Common Stock		Treasury Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Equity
Balance, December 31, 2019	$	9,762	$	209	$	(10,653)	$	14,955	$	20,180	$	(221)	$	34,232
Net loss	—		—		—		—		(14,831)		—		(14,831)
Other comprehensive loss, net of tax	—		—		—		—		—		(67)		(67)
Dividends on common stock, $0.82 per share	—		—		—		—		(746)		—		(746)
Dividends on preferred stock, $8,444 per share	—		6		—		438		(844)		—		(400)
Issuance of warrants on common stock	—		—		—		767		(763)		—		4
Berkshire Warrants	—		—		—		103		—		—		103
Issuance of common stock and other, net	—		1		—		289		—		—		290
Purchases of treasury stock	—		—		(12)		—		—		—		(12)
Balance, December 31, 2020	$	9,762	$	216	$	(10,665)	$	16,552	$	2,996	$	(288)	$	18,573
Net income	—		—		—		—		2,322		—		2,322
Other comprehensive income, net of tax	—		—		—		—		—		80		80
Dividends on common stock, $0.04 per share	—		—		—		—		(38)		—		(38)
Dividends on preferred stock, $8,000 per share	—		—		—		—		(800)		—		(800)
Shareholder warrants exercised	—		—		—		7		—		—		7
Issuance of common stock and other, net	—		1		—		190		—		—		191
Purchases of treasury stock	—		—		(8)		—		—		—		(8)
Balance, December 31, 2021	$	9,762	$	217	$	(10,673)	$	16,749	$	4,480	$	(208)	$	20,327
Net income	—		—		—		—		13,304		—		13,304
Other comprehensive income, net of tax	—		—		—		—		—		403		403
Dividends on common stock, $0.52 per share	—		—		—		—		(485)		—		(485)
Dividends on preferred stock, $8,000 per share	—		—		—		—		(800)		—		(800)
Shareholder warrants exercised	—		2		—		252		—		—		254
Options Exercised	—		—		—		27		—		—		27
Issuance of common stock and other, net	—		1		—		153		—		—		154
Purchases of treasury stock	—		—		(3,099)		—		—		—		(3,099)
Balance, December 31, 2022	$	9,762	$	220	$	(13,772)	$	17,181	$	16,499	$	195	$	30,085

The accompanying notes are an integral part of these Consolidated Financial Statements.

12  OXY 2022 FORM 10-K

FINANCIAL STATEMENTS

Consolidated Statements of Cash Flows Occidental Petroleum Corporation
and Subsidiaries

	Years Ended December 31,
millions	2022		2021		2020
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)	$	13,304	$	2,322	$	(14,831)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Discontinued operations, net	—		468		1,298
Depreciation, depletion and amortization of assets	6,926		8,447		8,097
Deferred income tax provision (benefit)	(1,644)		46		(2,517)
Noncash charges (benefit) to income and other	(8)		229		419
Asset impairments and other charges	—		304		11,002
(Gain) loss on sales of equity investments and other assets, net	(308)		(192)		1,666
Undistributed earnings from affiliates	(219)		(70)		(61)
Dry hole expense	84		125		47
Changes in operating assets and liabilities:
(Increase) decrease in receivables	(97)		(2,086)		2,062
(Increase) decrease in inventories	(230)		(86)		(484)
(Increase) decrease in other current assets	(335)		(119)		350
Increase (decrease) in accounts payable and accrued liabilities	(478)		865		(3,228)
Increase (decrease) in current domestic and foreign income taxes	(185)		—		22
Operating cash flow from continuing operations	16,810		10,253		3,842
Operating cash flow from discontinued operations, net of taxes	—		181		113
Net cash provided by operating activities	16,810		10,434		3,955
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(4,497)		(2,870)		(2,535)
Change in capital accrual	147		97		(519)
Purchase of businesses, assets and equity investments, net	(990)		(431)		(114)
Proceeds from sale of assets and equity investments, net	584		1,624		2,281
Equity investments and other, net	(116)		406		109
Investing cash flow from continuing operations	(4,872)		(1,174)		(778)
Investing cash flow from discontinued operations	—		(79)		(41)
Net cash used by investing activities	(4,872)		(1,253)		(819)
CASH FLOW FROM FINANCING ACTIVITIES
Draws on receivables securitization facility	400		—		—
Payment of receivables securitization facility	(400)		—		—
Proceeds from long-term debt, net	—		—		6,936
Payments of long-term debt, net	(9,484)		(6,834)		(8,916)
Proceeds from issuance of common stock	293		31		134
Purchases of treasury stock	(3,099)		(8)		(12)
Cash dividends paid on common and preferred stock	(1,184)		(839)		(1,845)
Payment of liabilities associated with the sale of future royalties	—		—		(386)
Financing portion of net cash paid for derivative instruments	(111)		(834)		(