Company: OXY-WT
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000797468-25-000111
Chunk: 78

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 8
Chunk 78
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 higher domestic natural gas and NGL prices, partially offset by lower oil prices in the oil and gas segment.

Depreciation, depletion and amortization of $3.9 billion increased for the six months ended June 30, 2025, compared to $3.5 billion for the same period in 2024, primarily due to a full six months of production from the CrownRock assets.

Income from equity investments and other of $163 million decreased for the six months ended June 30, 2025, compared to $543 million for the same period in 2024, primarily due to Occidental's share of losses recognized by its investee, Net Power.

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 sequestration 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 endedSix months endedJune 30, 2025March 31, 2025June 30, 2025June 30, 2024Sales Volumes per DayOil (Mbbl)United States604 601 603 520 International110 104 107 106 NGL (Mbbl)United States 279 273 276 246 International37 39 38 38 Natural Gas (MMcf)United States 1,701 1,756 1,728 1