Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 51

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 51
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 the Company’s cash tax could increase, and its effective tax rate could be negatively impacted. In January 2025, the Trump Administration issued an executive order indicating that any commitments made by the prior U.S. administration regarding Pillar Two “have no force or effect in the United States”. The order also suggested the U.S. will consider retaliatory measures against countries that attempt to apply extraterritorial taxes on U.S. companies.   Occidental will continue to monitor the developments in the U.S., in addition to the status of legislation and guidance issued by both the OECD and the jurisdictions in which the Company operates, to assess the impact on the Company’s tax position. Occidental does not expect the global minimum tax provisions to have a material impact on its results of operations, financial position, or cash flows. The following summarizes domestic and foreign components of income from continuing operations before domestic and foreign income taxes for the years ended December 31:millions202420232022Domestic$2,398 $4,246 $11,314 Foreign1,672 2,183 2,803 Total income from continuing operations before income taxes $4,070 $6,429 $14,117 

 OXY 2024 FORM 10-K93

table of contentsFINANCIAL STATEMENTSFOOTNOTES

The following summarizes components of income tax (expense) benefit on continuing operations for the years ended December 31:millions202420232022CurrentFederal$(956)$(871)$(1,272)State and local(50)(92)(105)Foreign(629)(713)(1,080)Total current tax expense$(1,635)$(1,676)$(2,457)DeferredFederal389 (37)1,569 State and local28 25 57 Foreign44 (45)18 Total deferred tax (expense) benefit$461 $(57)$1,644 Total income tax expense$(1,174)$(1,733)$(813)The following reconciliation of the U.S. federal statutory income tax rate to Occidental’s worldwide effective tax rate on income from continuing operations for the years ended December 31 is stated as a percentage of income from continuing operations before income taxes:202420232022U.S. federal statutory tax rate21 %21 %21 %Legal entity reorganization— — (18)Tax impact from foreign operations5 3