UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission file number 1-9210

_____________________

OCCIDENTAL PETROLEUM CORPORATION

(Exact name of registrant as specified in its charter)

Delaware			95-4035997
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
5 Greenway Plaza, Suite 110
	Houston,	Texas	77046
(Address of principal executive offices) (Zip Code)

(713) 215-7000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	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

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. þ 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). þ 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        þ    Accelerated Filer        ☐    Non-Accelerated Filer     ☐

Smaller Reporting Company    ☐    Emerging Growth 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes   þ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding as of July 31, 2024
Common Stock, $0.20 par value	905,615,720

TABLE OF CONTENTS		PAGE
Part I - Financial Information
Item 1. Financial Statements (unaudited)
	Consolidated Condensed Balance Sheets — June 30, 2024 and December 31, 2023	2
	Consolidated Condensed Statements of Operations — Three and six months ended June 30, 2024 and 2023	4
	Consolidated Condensed Statements of Comprehensive Income — Three and six months ended June 30, 2024 and 2023	5
	Consolidated Condensed Statements of Cash Flows — Six months ended June 30, 2024 and 2023	6
	Consolidated Condensed Statements of Equity — Three and six months ended June 30, 2024 and 2023	7
	Notes to Consolidated Condensed Financial Statements
	Note 1—General	9
	Note 2—Revenue	10
	Note 3—Inventories	12
	Note 4—Long-Term Debt	13
	Note 5—Acquisitions and Divestitures	15
	Note 6—Derivatives	17
	Note 7—Income Taxes	19
	Note 8—Environmental Liabilities and Expenditures	20
	Note 9—Lawsuits, Claims, Commitments and Contingencies	22
	Note 10—Earnings Per Share and Equity	24
	Note 11—Segments	25
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		26
	Cautionary Statement Regarding Forward-Looking Statements	27
	Current Business Outlook	28
	Consolidated Results of Operations and Items Affecting Comparability	30
	Segment Results of Operations	33
	Income Taxes	36
	Liquidity and Capital Resources	36
	Environmental Liabilities and Expenditures	37
	Lawsuits, Claims, Commitments and Contingencies	37
Item 3. Quantitative and Qualitative Disclosures About Market Risk		38
Item 4. Controls and Procedures		38
Part II - Other Information
Item 1. Legal Proceedings		38
Item 1A. Risk Factors		38
Item 5. Other Information		39
Item 6. Exhibits		39

ABBREVIATIONS USED WITHIN THIS DOCUMENT    

$/Bbl	price per barrel
Anadarko	Anadarko Petroleum Corporation and its consolidated subsidiaries
Andes	Andes Petroleum Ecuador Ltd.
AOC	Administrative Order on Consent
Bcf	billions of cubic feet
BlackRock	BlackRock Inc., which has formed a joint venture with Occidental on the construction of STRATOS
Boe	barrels of oil equivalent
CERCLA	Comprehensive Environmental Response, Compensation, and Liability Act
CO2	carbon dioxide
CrownRock Acquisition	acquisition of all of the outstanding partnership interests of CrownRock, L.P. by Occidental
DASS	Diamond Alkali Superfund Site
District Court	Federal District Court in the State of New Jersey
DSCC	Diamond Shamrock Chemicals Company
DOJ	U.S. Department of Justice
EPA	U.S. Environmental Protection Agency
EPS	earnings per share
HLBV	Hypothetical Liquidation at Book Value
LIFO	last-in, first-out
Maxus	Maxus Energy Corporation
Mbbl	thousands of barrels
Mboe	thousands of barrels equivalent
Mboe/d	thousands of barrels equivalent per day
Mcf	thousands of cubic feet
MMbbl	millions of barrels
MMcf	millions of cubic feet
NCI	non-controlling interest
NGL	natural gas liquids
NPL	National Priorities List
Occidental	Occidental Petroleum Corporation, a Delaware corporation and one or more entities in which it owns a controlling interest (subsidiaries)
OECD	Organization for Economic Cooperation and Development
OPEC	Organization of the Petroleum Exporting Countries
OU	Operable Unit
OU4 UAO	Operable Unit 4 Unilateral Administrative Order
OxyChem	Occidental Chemical Corporation
PVC	polyvinyl chloride
RCF	revolving credit facility
ROD	Record of Decision
VIE	variable interest entity
WES	Western Midstream Partners, LP
WES Operating	Western Midstream Operating, LP
WTI	West Texas Intermediate
Zero Coupons	Zero Coupon senior notes due 2036
2023 Form 10-K	Occidental’s Annual Report on Form 10-K for the year ended December 31, 2023

1

PART I FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

Consolidated Condensed Balance Sheets Occidental Petroleum Corporation and Subsidiaries

millions	June 30, 2024		December 31, 2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,845	$	1,426
Trade receivables, net of reserves of $29 in 2024 and $29 in 2023	3,896		3,195
Inventories	2,813		2,022
Other current assets	1,538		1,732
Total current assets	10,092		8,375
INVESTMENTS IN UNCONSOLIDATED ENTITIES	3,460		3,224
PROPERTY, PLANT AND EQUIPMENT
Oil and gas	111,881		109,214
Chemical	8,520		8,279
Midstream and marketing	8,730		8,279
Corporate	1,091		1,039
Gross property, plant and equipment	130,222		126,811
Accumulated depreciation, depletion and amortization	(71,352)		(68,282)
Net property, plant and equipment	58,870		58,529
OPERATING LEASE ASSETS	1,022		1,130
OTHER LONG-TERM ASSETS	2,772		2,750
TOTAL ASSETS	$	76,216	$	74,008
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

2

Consolidated Condensed Balance Sheets Occidental Petroleum Corporation and Subsidiaries

millions, except share and per-share amounts	June 30, 2024		December 31, 2023
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt	$	1,347	$	1,202
Current operating lease liabilities	410		446
Accounts payable	4,282		3,646
Accrued liabilities	3,660		3,854
Total current liabilities	9,699		9,148
LONG-TERM DEBT, NET	18,390		18,536
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net	5,680		5,764
Asset retirement obligations	3,848		3,882
Pension and postretirement obligations	935		931
Environmental remediation liabilities	857		889
Operating lease liabilities	668		727
Other	3,880		3,782
Total deferred credits and other liabilities	15,868		15,975
EQUITY
Preferred stock, at $1.00 per share par value: 2024 — 84,897 shares and 2023 —84,897 shares	8,287		8,287
Common stock, at $0.20 per share par value, authorized shares: 1.5 billion, issued shares: 2024 — 1,133,743,780 shares and 2023 — 1,107,516,500 shares	227		222
Treasury stock: 2024 — 228,183,821 shares and 2023 — 228,053,397 shares	(15,591)		(15,582)
Additional paid-in capital	17,928		17,422
Retained earnings	20,938		19,626
Accumulated other comprehensive income	264		275
Total stockholders' equity	32,053		30,250
Non-controlling interest	206		99
Total equity	32,259		30,349
TOTAL LIABILITIES AND EQUITY	$	76,216	$	74,008

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

3

Consolidated Condensed Statements of Operations Occidental Petroleum Corporation and Subsidiaries

	Three months ended June 30,				Six months ended June 30,
millions, except per-share amounts	2024		2023		2024		2023
REVENUES AND OTHER INCOME
Net sales	$	6,817	$	6,702	$	12,792	$	13,927
Interest, dividends and other income	34		28		70		57
Gains on sales of assets and other, net	28		1		27		5
Total	6,879		6,731		12,889		13,989
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense	1,179		1,130		2,340		2,211
Transportation and gathering expense	405		375		758		759
Chemical and midstream cost of sales	821		791		1,563		1,536
Purchased commodities	89		490		175		988
Selling, general and administrative expenses	259		277		518		518
Other operating and non-operating expense	344		10		754		318
Taxes other than on income	265		266		500		572
Depreciation, depletion and amortization	1,775		1,709		3,468		3,430
Asset impairments and other charges	—		209		—		209
Acquisition-related costs	14		—		26		—
Exploration expense	83		102		149		204
Interest and debt expense, net	252		230		536		468
Total	5,486		5,589		10,787		11,213
Income before income taxes and other items	1,393		1,142		2,102		2,776
OTHER ITEMS
Income from equity investments and other	242		185		543		285
Total	242		185		543		285
Income before income taxes	1,635		1,327		2,645		3,061
Income tax expense	(465)		(467)		(769)		(938)
Income from continuing operations	1,170		860		1,876		2,123
Discontinued operations, net of taxes	—		—		182		—
NET INCOME	1,170		860		2,058		2,123
Less: Net income attributable to noncontrolling interest	(8)		—		(8)		—
Less: Preferred stock dividends and redemption premiums	(170)		(255)		(340)		(535)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	992	$	605	$	1,710	$	1,588
PER COMMON SHARE
Income from continuing operations—basic	$	1.10	$	0.68	$	1.71	$	1.76
Discontinued operations—basic	$	—	$	—	$	0.20	$	—
Net income attributable to common stockholders—basic	$	1.10	$	0.68	$	1.91	$	1.76
Income from continuing operations—diluted	$	1.03	$	0.63	$	1.59	$	1.63
Discontinued operations—diluted	$	—	$	—	$	0.19	$	—
Net income attributable to common stockholders—diluted	$	1.03	$	0.63	$	1.78	$	1.63
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

4

Consolidated Condensed Statements of Comprehensive Income Occidental Petroleum Corporation and Subsidiaries

	Three months ended June 30,				Six months ended June 30,
millions	2024		2023		2024		2023
Net income	$	1,170	$	860	$	2,058	$	2,123
Other comprehensive income (loss) items:
Gains (losses) on derivatives (a)	(7)		(5)		2		58
Pension and postretirement losses (b)	(8)		(2)		(12)		(7)
Other	(1)		(1)		(1)		1
Other comprehensive income, net of tax	(16)		(8)		(11)		52
Comprehensive income	1,154		852		2,047		2,175
Comprehensive income attributable to noncontrolling interest	(8)		—		(8)		—
Comprehensive income attributable to preferred and common stockholders	$	1,146	$	852	$	2,039	$	2,175

(a)     Net of tax expense of zero for the three and six months ended June 30, 2024 and 2023.

(b)     Net of tax expense of $4 million and $1 million for the three months ended June 30, 2024 and 2023 and $5 million and $2 million for the six months ended June 30, 2024 and 2023.

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

5

Consolidated Condensed Statements of Cash Flows Occidental Petroleum Corporation and Subsidiaries

	Six months ended June 30,
millions	2024		2023
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$	2,058	$	2,123
Adjustments to reconcile net income to net cash provided by operating activities:
Discontinued operations, net	(182)		—
Depreciation, depletion and amortization of assets	3,468		3,430
Deferred income tax provision (benefit)	(135)		98
Asset impairments and other charges	—		209
Gains on sales of assets, net	(27)		(5)
Noncash charges (benefits) to income and other	308		(51)
Changes in operating assets and liabilities:
(Increase) decrease in receivables	(702)		1,432
Increase in inventories	(787)		(75)
(Increase) decrease in other current assets	146		(347)
Increase (decrease) in accounts payable and accrued liabilities	47		(1,007)
Increase in current domestic and foreign income taxes	207		133
Net cash provided by operating activities	4,401		5,940
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(3,554)		(3,107)
Change in capital accrual	(24)		5
Purchases of assets and equity investments, net	(187)		(140)
Proceeds from sales of businesses and assets, net	148		80
Equity investments and other, net	(64)		(375)
Net cash used by investing activities	(3,681)		(3,537)
CASH FLOW FROM FINANCING ACTIVITIES
Payments of long-term debt, net	—		(22)
Proceeds from issuance of common stock	504		37
Redemption of preferred stock	—		(982)
Purchases of treasury stock	(9)		(1,177)
Cash dividends paid on common and preferred stock	(698)		(688)
Contribution from noncontrolling interest	99		—
Other financing, net	(185)		(64)
Net cash used by financing activities	(289)		(2,896)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	431		(493)
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period	1,464		1,026
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period	$	1,895	$	533
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

6

Consolidated Condensed Statements of Equity Occidental Petroleum Corporation and Subsidiaries

			Equity Attributable to Common Stock
millions, except per-share amounts	Preferred Stock		Common Stock		Treasury Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Equity
Balance as of March 31, 2023	$	9,130	$	221	$	(14,524)	$	17,159	$	17,318	$	255	$	29,559
Net income	—		—		—		—		860		—		860
Other comprehensive loss, net of tax	—		—		—		—		—		(8)		(8)
Dividends on common stock,   $0.18 per share	—		—		—		—		(161)		—		(161)
Dividends on preferred stock,   $2,000 per share	—		—		—		—		(190)		—		(190)
Preferred stock redemption - face value	(522)		—		—		—		—		—		(522)
Preferred stock redemption - premium	—		—		—		—		(52)		—		(52)
Preferred stock redemption value in excess of carrying value	13		—		—		—		(13)		—		—
Shareholder warrants exercised	—		—		—		1		—		—		1
Options exercised	—		—		—		6		—		—		6
Issuance of common stock and other, net of cancellations	—		—		—		52		—		—		52
Purchases of treasury stock	—		—		(434)		—		—		—		(434)
Balance as of June 30, 2023	$	8,621	$	221	$	(14,958)	$	17,218	$	17,762	$	247	$	29,111

			Equity Attributable to Common Stock
millions, except per-share amounts	Preferred Stock		Common Stock		Treasury Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income		Noncontrolling Interest		Total Equity
Balance as of March 31, 2024	$	8,287	$	223	$	(15,582)	$	17,456	$	20,147	$	280	$	156	$	30,967
Net income	—		—		—		—		1,162		—		8		1,170
Other comprehensive loss, net   of tax	—		—		—		—		—		(16)		—		(16)
Dividends on common stock,   $0.22 per share	—		—		—		—		(201)		—		—		(201)
Dividends on preferred stock,   $2,000 per share	—		—		—		—		(170)		—		—		(170)
Shareholder warrants exercised	—		4		—		411		—		—		—		415
Issuance of common stock and other, net of cancellations	—		—		—		61		—		—		—		61
Purchase of treasury stock	—		—		(9)		—		—		—		—		(9)
Noncontrolling interest contributions, net	—		—		—		—		—		—		42		42
Balance as of June 30, 2024	$	8,287	$	227	$	(15,591)	$	17,928	$	20,938	$	264	$	206	$	32,259

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

7

Consolidated Condensed Statements of Equity Occidental Petroleum Corporation and Subsidiaries

			Equity Attributable to Common Stock
millions, except per-share amounts	Preferred Stock		Common Stock		Treasury Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income		Total Equity
Balance as of December 31, 2022	$	9,762	$	220	$	(13,772)	$	17,181	$	16,499	$	195	$	30,085
Net income	—		—		—		—		2,123		—		2,123
Other comprehensive income, net of tax	—		—		—		—		—		52		52
Dividends on common stock, $0.36 per share	—		—		—		—		(325)		—		(325)
Dividends on preferred stock,  $4,000 per share	—		—		—		—		(390)		—		(390)
Preferred stock redemption - face value	(1,169)		—		—		—		—		—		(1,169)
Preferred stock redemption - premium	—		—		—		—		(117)		—		(117)
Preferred stock redemption value in excess of carrying value	28		—		—		—		(28)		—		—
Shareholder warrants exercised	—		—		—		3		—		—		3
Options exercised	—		—		—		13		—		—		13
Issuance of common stock and other, net of cancellations	—		1		—		21		—		—		22
Purchases of treasury stock	—		—		(1,186)		—		—		—		(1,186)
Balance as of June 30, 2023	$	8,621	$	221	$	(14,958)	$	17,218	$	17,762	$	247	$	29,111

			Equity Attributable to Common Stock
millions, except per-share amounts	Preferred Stock		Common Stock		Treasury Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income		Non-controlling Interests		Total Equity
Balance as of December 31, 2023	$	8,287	$	222	$	(15,582)	$	17,422	$	19,626	$	275	$	99	$	30,349
Net income	—		—		—		—		2,050		—		8		2,058
Other comprehensive loss, net of tax	—		—		—		—		—		(11)		—		(11)
Dividends on common stock,   $0.44 per share	—		—		—		—		(398)		—		—		(398)
Dividends on preferred stock,   $4,000 per share	—		—		—		—		(340)		—		—		(340)
Shareholder warrants exercised	—		4		—		483		—		—		—		487
Issuance of common stock and   other, net of cancellations	—		1		—		23		—		—		—		24
Purchase of treasury stock	—		—		(9)		—		—		—		—		(9)
Noncontrolling interest contributions	—		—		—		—		—		—		99		99
Balance as of June 30, 2024	$	8,287	$	227	$	(15,591)	$	17,928	$	20,938	$	264	$	206	$	32,259

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

8

Notes to Consolidated Condensed Financial Statements Occidental Petroleum Corporation and Subsidiaries

NOTE 1 - GENERAL

NATURE OF OPERATIONS

Occidental conducts its operations through various subsidiaries and affiliates. Occidental has made its disclosures in accordance with United States generally accepted accounting principles as they apply to interim reporting, and condensed or omitted, as permitted by the rules and regulations of the U.S. Securities and Exchange Commission (the SEC), certain information and disclosures normally included in Consolidated Financial Statements and the notes thereto. These unaudited Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto in the 2023 Form 10-K.

In the opinion of Occidental’s management, the accompanying unaudited Consolidated Condensed Financial Statements in this report reflect all adjustments (consisting of normal recurring adjustments) that are necessary to fairly present Occidental’s results of operations and cash flows for the six months ended June 30, 2024 and 2023 and Occidental’s financial position as of June 30, 2024 and December 31, 2023. The income and cash flows for the periods ended June 30, 2024 and 2023 are not necessarily indicative of the income or cash flows to be expected for the full year.

CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS

Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balances for the periods presented include investments in government money market funds in which the carrying value approximates fair value.

The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Consolidated Condensed Statements of Cash Flows as of June 30, 2024 and 2023:

millions	2024		2023
Cash and cash equivalents	$	1,845	$	486
Restricted cash and restricted cash equivalents included in other current assets	35		29
Restricted cash and restricted cash equivalents included in other long-term assets, net	15		18
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	1,895	$	533

SUPPLEMENTAL CASH FLOW INFORMATION

The following table represents U.S. federal, state and international income taxes paid and interest paid during the six months ended June 30, 2024 and 2023, respectively:

millions	2024		2023
Income tax payments	$	601	$	632
Income tax refunds received	$	—	$	3
Interest paid (a)	$	483	$	509

(a)    Net of capitalized interest of $67 million and $42 million for the six months ended June 30, 2024 and 2023, respectively.

WES INVESTMENT

WES is a publicly traded limited partnership with its limited partner units traded on the NYSE under the ticker symbol "WES". As of June 30, 2024, Occidental owned all of the 2.3% non-voting general partner interest, 48.7% of the WES limited partner units, and a 2% non-voting limited partner interest in WES Operating, a subsidiary of WES. As of June 30, 2024, Occidental's combined share of net income from WES and its subsidiaries was 50.9%.

NON-CONTROLLING INTEREST

In 2023, Occidental and BlackRock formed a joint venture for the continued development of the first commercial scale direct air capture facility in Ector County, Texas. The joint venture is a VIE and Occidental consolidates the VIE as it is the primary beneficiary. BlackRock’s investment is accounted for as an NCI. Each party has committed to make additional investments towards the completion of the direct air capture facility, with BlackRock committed to invest up to $550 million.

9

In addition, Occidental has entered into agreements with the joint venture related to project management, operations and maintenance and carbon removal offtake. Occidental may incur additional payments if certain construction and operational thresholds are not met.

Occidental may call the NCI on June 30, 2035 or earlier if the plant does not achieve commercial operations or ceases and permanently discontinues operations. Dividends from the joint venture will be distributed preferentially to the NCI up to a return threshold, then preferentially to Occidental thereafter. The NCI receives preferential distributions in liquidation.

Because distributions from the joint venture will not be consistent over time, or with the initial investments or ownership interest, Occidental has determined that the appropriate methodology for attributing income and loss from the joint venture is the HLBV method. Under the HLBV method, the amounts of income and loss attributed to the NCI in the consolidated statements of operations reflect changes in the amounts the NCI would hypothetically receive at each balance sheet date if the joint venture was liquidated. As of June 30, 2024, the VIE’s assets were comprised of $539 million construction in progress.

NOTE 2 - REVENUE

Revenue from customers is recognized when obligations under the terms of a contract with customers are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services, such as transportation. As of June 30, 2024, trade receivables, net of $3.9 billion represent rights to payment for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time.

The following table shows a reconciliation of revenue from customers to total net sales for the three and six months ended June 30, 2024 and 2023:

	Three months ended June 30,				Six months ended June 30,
millions	2024		2023		2024		2023
Revenue from customers	$	6,802	$	6,601	$	13,533	$	13,716
All other revenues (a)	15		101		(741)		211
Net sales	$	6,817	$	6,702	$	12,792	$	13,927

(a)    Includes other revenues from the midstream and marketing segment and chemical segment.

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DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS

The table below presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGL and gas at the lease or concession area. Chemical segment revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale:

millions	United States		International		Eliminations		Total
Three months ended June 30, 2024
Oil and gas
Oil	$	4,011	$	761	$	—	$	4,772
NGL	403		97		—		500
Gas	67		91		—		158
Other	39		—		—		39
Segment total	$	4,520	$	949	$	—	$	5,469
Chemical	$	1,203	$	70	$	—	$	1,273
Midstream and marketing	$	172	$	96	$	—	$	268
Eliminations	$	—	$	—	$	(208)	$	(208)
Consolidated	$	5,895	$	1,115	$	(208)	$	6,802
millions	United States		International		Eliminations		Total
Three months ended June 30, 2023
Oil and gas
Oil	$	3,446	$	795	$	—	$	4,241
NGL	352		90		—		442
Gas	161		87		—		248
Other	10		—		—		10
Segment total	$	3,969	$	972	$	—	$	4,941
Chemical	$	1,292	$	82	$	—	$	1,374
Midstream and marketing	$	421	$	95	$	—	$	516
Eliminations	$	—	$	—	$	(230)	$	(230)
Consolidated	$	5,682	$	1,149	$	(230)	$	6,601

11

millions	United States		International		Eliminations		Total
Six months ended June 30, 2024
Oil and gas
Oil	$	7,360	$	1,533	$	—	$	8,893
NGL	819		196		—		1,015
Gas	254		178		—		432
Other	44		—		—		44
Segment total	$	8,477	$	1,907	$	—	$	10,384
Chemical	$	2,318	$	140	$	—	$	2,458
Midstream and marketing	$	932	$	192	$	—	$	1,124
Eliminations	$	—	$	—	$	(433)	$	(433)
Consolidated	$	11,727	$	2,239	$	(433)	$	13,533

        

millions	United States		International		Eliminations		Total
Six months ended June 30, 2023
Oil and gas
Oil	$	7,096	$	1,513	$	—	$	8,609
NGL	812		175		—		987
Gas	516		159		—		675
Other	(6)		1		—		(5)
Segment total	$	8,418	$	1,848	$	—	$	10,266
Chemical	$	2,600	$	176	$	—	$	2,776
Midstream and marketing	$	961	$	199	$	—	$	1,160
Eliminations	$	—	$	—	$	(486)	$	(486)
Consolidated	$	11,979	$	2,223	$	(486)	$	13,716

NOTE 3 - INVENTORIES

Finished goods primarily represent oil, which is carried at the lower of weighted-average cost or net realizable value, and caustic soda and chlorine, which are valued under the LIFO method. As of June 30, 2024 and December 31, 2023, inventories consisted of the following:

millions	June 30, 2024		December 31, 2023
Raw materials	$	121	$	115
Materials and supplies	1,157		988
Commodity inventory and finished goods	1,643		1,027
	2,921		2,130
Revaluation to LIFO	(108)		(108)
Total	$	2,813	$	2,022

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NOTE 4 - LONG-TERM DEBT

As of June 30, 2024 and December 31, 2023, Occidental’s debt consisted of the following:

millions	June 30, 2024		December 31, 2023
2.900% senior notes due 2024	$	654	$	654
6.950% senior notes due 2024	291		291
3.450% senior notes due 2024	111		111
3.500% senior notes due 2025	137		137
5.875% senior notes due 2025	606		606
5.500% senior notes due 2025	465		465
5.550% senior notes due 2026	870		870
3.200% senior notes due 2026	182		182
3.400% senior notes due 2026	284		284
7.500% debentures due 2026	112		112
8.500% senior notes due 2027	489		489
3.000% senior notes due 2027	216		216
7.125% debentures due 2027	150		150
7.000% debentures due 2027	48		48
6.625% debentures due 2028	14		14
7.150% debentures due 2028	232		232
7.200% senior debentures due 2028	82		82
6.375% senior notes due 2028	578		578
7.200% debentures due 2029	135		135
7.950% debentures due 2029	116		116
8.450% senior notes due 2029	116		116
3.500% senior notes due 2029	286		286
Variable rate bonds due 2030 (5.890% and 5.750% as of June 30, 2024 and December 31, 2023, respectively)	68		68
8.875% senior notes due 2030	1,000		1,000
6.625% senior notes due 2030	1,449		1,449
6.125% senior notes due 2031	1,143		1,143
7.500% senior notes due 2031	900		900
7.875% senior notes due 2031	500		500
6.450% senior notes due 2036	1,727		1,727
Zero Coupon senior notes due 2036	673		673
0.000% loan due 2039	19		19
4.300% senior notes due 2039	247		247
7.950% senior notes due 2039	325		325
6.200% senior notes due 2040	737		737
4.500% senior notes due 2044	191		191
4.625% senior notes due 2045	296		296
6.600% senior notes due 2046	1,117		1,117
4.400% senior notes due 2046	424		424
4.100% senior notes due 2047	258		258
(continued on next page)

13

millions (continued)	2024		2023
4.200% senior notes due 2048	304		304
4.400% senior notes due 2049	280		280
7.730% debentures due 2096	58		58
7.500% debentures due 2096	60		60
7.250% debentures due 2096	5		5
Total borrowings at face value	$	17,955	$	17,955

The following table summarizes Occidental's outstanding debt, including finance lease liabilities:

millions	June 30, 2024		December 31, 2023
Total borrowings at face value	$	17,955	$	17,955
Adjustments to book value:
Unamortized premium, net	1,099		1,152
Debt issuance costs	(60)		(106)
Net book value of debt	$	18,994	$	19,001
Long-term finance leases, included in Long-term debt	590		591
Current finance leases, included in Current maturities of long-term debt	153		146
Total debt and finance leases	$	19,737	$	19,738
Less: current maturities of financing leases	(153)		(146)
Less: current maturities of long-term debt	(1,194)		(1,056)
Long-term debt, net	$	18,390	$	18,536

DEBT ACTIVITY

In February 2024, Occidental entered into a Third Amended and Restated Credit Agreement for the RCF extending the maturity date to June 30, 2028. In May 2024, Occidental amended the RCF to add an additional $150 million commitment, increasing the borrowing capacity to $4.15 billion.

In the first quarter of 2023, Occidental used cash on hand to repay $22 million of its 8.750% medium-term notes upon maturity.

As of June 30, 2024, Occidental had $1.2 billion of debt maturities due in the next 12 months. Subsequent to June 30, 2024, in July 2024, Occidental repaid $402 million of current maturities. In July 2024, Occidental also amended and extended the maturity date of its existing receivables securitization facility to July 30, 2027. As of June 30, 2024, the facility had $600 million of available borrowing capacity and no drawn amounts. The facility includes adjustments based on the same specified sustainability target thresholds as contained in the RCF.

In connection with the CrownRock Acquisition, Occidental issued $9.7 billion in new debt in July 2024, consisting of $4.7 billion in term loans and $5 billion in unsecured notes. The term loans and notes issued comprised the following tranches:

millions	Principal
364 day term loan due in 2025	$	2,000
2 year term loan due in 2026	2,700
5.000% senior notes due in 2027	600
5.200% senior notes due in 2029	1,200
5.375% senior notes due in 2032	1,000
5.550% senior notes due in 2034	1,200
6.050% senior notes due in 2054	1,000
Total borrowings	$	9,700

See Note 5 - Acquisitions and Divestitures for details on the CrownRock Acquisition.

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FAIR VALUE OF DEBT

The estimated fair value of Occidental’s debt as of June 30, 2024 and December 31, 2023, substantially all of which was classified as Level 1, was approximately $17.8 billion and $18.0 billion, respectively.

NOTE 5 - ACQUISITIONS AND DIVESTITURES

CROWNROCK ACQUISITION

In December 2023, Occidental entered into an agreement to purchase CrownRock L.P. for total consideration of approximately $12.4 billion, consisting of approximately $9.4 billion of cash consideration (inclusive of certain working capital and other customary purchase price adjustments), approximately 29.6 million shares of common stock of Occidental, and the assumption of $1.2 billion of existing debt of CrownRock. The acquisition closed August 1, 2024, adding to Occidental's oil and gas portfolio in the Permian Basin.

In connection with the CrownRock Acquisition, Occidental issued $5.0 billion of new unsecured notes, a $2.0 billion 364-day term loan, and a $2.7 billion two-year term loan.

The CrownRock Acquisition qualified as a business combination and was accounted for using the acquisition method of accounting. The following table summarizes the cash and common stock components of the purchase price:

in millions of dollars and shares	Total
Cash portion of purchase price	$	9,100
Closing Adjustments
Net Working Capital and Other Purchase Price Adjustments	257
Pre-closing dividends declared by Occidental	$	13
Total Cash Purchase Price	$	9,370
Total shares of Occidental common stock issued	29.6
Occidental common stock share price	$	59.38
Stock portion of purchase price	$	1,755
Total purchase price	$	11,125

The following table sets forth the preliminary allocation of the acquisition consideration. Certain data necessary to complete the purchase price allocation is not yet available, and includes, but is not limited to, final appraisals of assets acquired and liabilities assumed. Occidental will finalize the purchase price allocation during the 12-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate.

in millions	August 1, 2024
Fair value of assets acquired:
Cash and cash equivalents	$	581
Trade receivables, net	244
Other current assets	8
Property, plant and equipment, Oil and gas	11,825
Amount attributable to assets acquired	$	12,658
Fair value of liabilities acquired:
Current maturities of long-term debt	$	868
Accounts payable	130
Accrued liabilities	111
Long-term debt	376
Asset retirement obligations	48
Amount attributable to liabilities acquired	$	1,533
Fair value of net assets acquired:	$	11,125

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The aggregate purchase price noted above was allocated to the major categories of assets and liabilities acquired based upon their preliminary estimated fair values at the date of the acquisition. The valuation of certain assets, including property, was based on preliminary appraisals. The majority of measurements of assets acquired and liabilities assumed were based on inputs that are not observable in the market and thus represent Level 3 inputs. The fair value of acquired properties and equipment was based on both available market data and a cost approach. Oil and natural gas properties were valued using either available market data based on the nature of the properties and their location or an income approach.

It is impractical to present unaudited pro-forma information as of June 30, 2024 because the required information is not yet available at the time of this filing.