Company: OXY-WT
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000797468-25-000076
Chunk: 71

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 71
---
.8 billion for the three months ended December 31, 2024, as the effect of higher commodity prices was offset by lower sales volumes across all products in the oil and gas segment.

Income tax expense increased to $387 million for the three months ended March 31, 2025, compared to a tax benefit of $49 million primarily resulting from the Passaic environmental reserve adjustment for the three months ended December 31, 2024.

Q1 2025 compared to Q1 2024

Net sales of $6.8 billion increased for the three months ended March 31, 2025, compared to $6.0 billion for the same period in 2024, primarily due to higher volumes across all products and higher domestic natural gas prices, partially offset by lower oil prices in the oil and gas segment.

Depreciation, depletion and amortization of $1.9 billion increased for the three months ended March 31, 2025, compared to $1.7 billion for the same period in 2024, primarily related to increased sales volumes in the Permian Basin from the CrownRock Acquisition.

SEGMENT RESULTS OF OPERATIONS

SEGMENT RESULTS OF OPERATIONS

Occidental’s principal businesses consist of three reporting segments: oil and gas, chemical and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, NGL and natural gas. The chemical segment is operated by our subsidiary OxyChem, which mainly manufactures and markets basic chemicals and vinyls. The midstream and marketing segment purchases, markets, gathers, processes, transports and stores oil (which includes condensate), NGL, natural gas, CO2 and power. It also optimizes its transportation and storage capacity and invests in entities that conduct similar activities such as WES. 

The midstream and marketing segment also includes Occidental's low-carbon ventures businesses. Occidental's low-carbon ventures businesses seek to leverage Occidental’s legacy of carbon management experience to develop carbon capture, utilization and storage projects, including the commercialization of direct air capture technology, invest in other low-carbon technologies intended to reduce greenhouse gas emissions from Occidental's operations and strategically partner with other industries to help reduce their emissions.

OIL AND GAS SEGMENT

The following table sets forth the average sales volumes per day for oil and NGL in Mbbl and for natural gas in MMcf:

Three months endedMarch 31, 2025December 31, 2024March