Company: OXY-WT
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000797468-25-000111
Chunk: 6

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 2
Chunk 6
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 and marketingAsset impairments and other charges (a)(162)— (162)— Derivative gains (losses), net (a)95 (84)11 (86)Gains on sales of assets and other, net (a)— — — 157 TerraLithium fair value gain— — — 27 Total midstream and marketing(67)(84)(151)98 CorporateAcquisition-related costs and others (b)(6)(6)(12)(85)Total corporate(6)(6)(12)(85)Income tax impact on items affecting comparability30 26 56 (2)Income tax impact on Algeria contract renewal— — — (20)Loss(108)(94)(202)(69)Discontinued operations, net of taxes— — — 182 Total$(108)$(94)$(202)$113 

(a)    Included amounts from income from equity investments and other in the Consolidated Condensed Statement of Operations.

(b)    The six months ended June 30, 2024 included $59 million of financing costs related to the CrownRock Acquisition. The remaining amounts for each period are related to CrownRock transaction costs.

Q2 2025 compared to Q1 2025

Excluding the impact of items affecting comparability, net income for the three months ended June 30, 2025, compared to the three months ended March 31, 2025, decreased due to lower commodity prices across all products in the oil and gas segment, partially offset by higher crude oil sales volumes and lower lease operating expense in the oil and gas segment and higher gas margins from transportation capacity optimization in the Permian Basin in the midstream and marketing segment. 

YTD 2025 compared to YTD 2024

Excluding the impact of items affecting comparability, net income for the six months ended June 30, 2025, compared to the same period in 2024, decreased primarily due to lower crude oil prices in the oil and gas segment, higher ethylene and energy costs in the chemical segment, and higher interest expense related to the issuance of debt for the CrownRock Acquisition, partially offset by higher sales volumes in the oil and gas segment due to a full six months of production from CrownRock assets in 2025.

28

SELECTED STATEMENTS OF OPERATIONS ITEMS

Q2 2025 compared to Q1 2025

Net sales of $