Company: OXY-WT
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000797468-25-000111
Chunk: 75

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 8
Chunk 75
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illion. For information on Occidental's debt activity, see Note 4 - Long-Term Debt in the Notes to Consolidated Condensed Financial Statements in Part I, Item 1 of this Form 10-Q for additional information.

 As of June 30, 2025, approximately 90% of Occidental's outstanding debt was fixed rate.

WARRANT EXERCISE

On March 3, 2025, Occidental announced an offer to exercise its outstanding publicly traded warrants at a temporarily reduced price of $21.30 per share with an expiration date of March 31, 2025. In April 2025, Occidental issued 41.9 million shares of common stock in return for proceeds of approximately $890 million. The proceeds from the warrant exercise were used to repay near-term debt maturities. See Note 4 - Long Term Debt in the Notes to Consolidated Condensed Financial Statements in Part I, Item 1 of this Form 10-Q.

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CONSOLIDATED RESULTS OF OPERATIONS AND ITEMS AFFECTING COMPARABILITY

The following table sets forth earnings of each operating segment and corporate items:

millionsThree months ended June 30, 2025% ChangeThree months ended March 31, 2025Net incomeOil and gas (a)$934 (45)%$1,697 Chemical (a)213 15 %185 Midstream and marketing (a)49 164 %(77)Total1,196 (34)%1,805 Unallocated Corporate Items (a)Interest expense, net(276)(13)%(318)Income tax expense(270)(30)%(387)Corporate and other items, net(182)17 %(155)Net income$468 (50)%$945 Less: Net income attributable to noncontrolling interest(10)11 %(9)Less: Preferred stock dividends(170)— %(170)Net income attributable to common stockholders$288 (62)%$766 Net income per share attributable to common stockholders - diluted$0.26 (66)%$0.77 

(a)    Refer to the Items Affecting Comparability table which sets forth items affecting Occidental's earnings that vary widely and unpredictably in nature, timing and amount.

millionsSix months ended June 30, 2025% ChangeSix months ended June 30, 2024Net incomeOil and gas (a)$2,631 (