Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 3

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 3
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table of contentsFINANCIAL STATEMENTSINDEX

ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO CONSOLIDATED FINANCIAL STATEMENTSPAGEReport of Independent Registered Public Accounting Firm on Consolidated Financial Statements61Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting63Consolidated Balance Sheets64Consolidated Statements of Operations66Consolidated Statements of Comprehensive Income67Consolidated Statements of Equity68Consolidated Statements of Cash Flows69Notes to Consolidated Financial Statements70Note 1 - Summary of Significant Accounting Policies70Note 2 - Revenue78Note 3 - Inventories81Note 4 - Investments and Related-Party Transactions81Note 5 - Acquisitions, Divestitures and Other Transactions82Note 6 - Long-term Debt86Note 7 - Lease Commitments89Note 8 - Derivatives91Note 9 - Fair Value Measurements92Note 10 - Income Taxes93Note 11 - Retirement and Postretirement Benefit Plans96Note 12 - Environmental Liabilities and Expenditures100Note 13 - Lawsuits, Claims, Commitments and Contingencies102Note 14 - Stockholders’ Equity104Note 15 - Stock-Based Incentive Plans106Note 16 - Industry Segments and Geographic Areas109Supplemental Oil and Gas Information (Unaudited)112Schedule II – Valuation and Qualifying Accounts127

60 OXY 2024 FORM 10-K

table of contentsFINANCIAL STATEMENTSREPORT

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors 

Occidental Petroleum Corporation:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Occidental Petroleum Corporation and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement schedule II - valuation and qualifying accounts (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles