Company: OXY-WT
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000797468-25-000076
Chunk: 60

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 60
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 a result of the deduction of the $5.2 billion Tronox Adversary Proceeding settlement payment in 2015. If the payment is ultimately determined not to be deductible, Occidental would be required to repay the tentative refund received, plus other cash benefits received related to the $5.2 billion deduction, plus interest, which as of March 31, 2025 totaled approximately $2.1 billion. As a result, should Occidental not ultimately prevail on the issue, there would be no additional tax expense recorded relative to this position for financial statement purposes other than future interest. However, in that event, as of March 31, 2025, Occidental would be required to repay approximately $1.4 billion in federal and state taxes and accrued interest of $805 million. A liability for the taxes and interest is included in other liabilities.INDEMNITIES TO THIRD PARTIESOccidental, its subsidiaries, or both have indemnified various parties against specified liabilities those parties might incur in the future in connection with purchases and other transactions that they have entered into with Occidental or its subsidiaries. These indemnities usually are contingent upon the other party incurring liabilities that reach specified thresholds. As of March 31, 2025, Occidental is not aware of circumstances that it believes would reasonably be expected to lead to indemnity claims that would result in payments materially in excess of reserves.

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NOTE 10 - EARNINGS PER SHARE AND EQUITYThe following table presents the calculation of basic and diluted EPS attributable to common stockholders: Three months ended March 31,millions except per-share amounts20252024Income from continuing operations $945 $706 Discontinued operations, net of taxes (a)— 182 Net income$945 $888 Less: Income attributable to noncontrolling interest(9)— Less: Preferred stock dividends(170)(170)Net income attributable to common stock$766 $718 Less: Net income allocated to participating securities(5)(4)Net income, net of participating securities$761 $714 Weighted-average number of basic shares941.3884.1Basic income per common share$0.81 $0.81 Net income attributable to common stock$766 $718 Less: Net income allocated to participating securities(5)(4)Net income, net of participating securities$761 $714 Weighted-average number of basic shares941.3 884