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

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 10
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ICAL SEGMENT

Q1 2025 compared to Q4 2024

Chemical segment earnings for the three months ended March 31, 2025 were $185 million, compared to $270 million for the three months ended December 31, 2024. Excluding items affecting comparability, the decrease was due primarily to lower realized caustic soda and polyvinyl chloride prices along with higher ethylene and natural gas costs.

Q1 2025 compared to Q1 2024

Chemical segment earnings for the three months ended March 31, 2025 were $185 million, compared to $254 million for the three months ended March 31, 2024. Excluding items affecting comparability, the decrease in first quarter results reflected lower prices across most product lines except caustic soda and higher ethylene and natural gas costs.

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MIDSTREAM AND MARKETING SEGMENT

Q1 2025 compared to Q4 2024

Midstream and marketing segment losses for the three months ended March 31, 2025 were $77 million, compared to segment losses of $134 million for the three months ended December 31, 2024. Excluding the impact of items affecting comparability, midstream and marketing first quarter results increased due to higher crude margins related to the timing impact of crude sales and higher sulfur prices at Al Hosn.

Q1 2025 compared to Q1 2024

Midstream and marketing segment losses for the three months ended March 31, 2025 were $77 million, compared to segment losses of $33 million for the three months ended March 31, 2024. Excluding the impact of items affecting comparability, the increase in midstream and marketing first quarter results reflected higher gas margins from transportation capacity optimization in the Permian and higher sulfur prices at Al Hosn, partially offset by lower margins related to the timing impact of crude sales.

INCOME TAXES

The following table sets forth the calculation of the worldwide effective tax rate for income:

Three months endedmillions, except percentagesMarch 31, 2025December 31, 2024March 31, 2024Income (loss) before income taxes$1,332 $(169)$1,010 Income tax (expense) benefitDomestic - federal and state(237)111 (172)International(150)(62)(132)Total income tax (expense) benefit(387)49 (304)Income (loss