Company: OXY-WT
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000797468-25-000111
Chunk: 44

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 44
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 Additionally, Occidental has recorded no tax benefit on approximately $500 million of additional cash tax benefits realized from the utilization of tax attributes generated as a result of the deduction of the $5.2 billion Tronox Adversary Proceeding settlement payment in 2015. If the payment is ultimately determined not to be deductible, Occidental would be required to repay the tentative refund received, plus other cash benefits received related to the $5.2 billion deduction, plus interest, which as of June 30, 2025 totaled approximately $2.2 billion. As a result, should Occidental not ultimately prevail on the issue, there would be no additional tax expense recorded relative to this position for financial statement purposes other than future interest. However, in that event, as of June 30, 2025, Occidental would be required to repay approximately $1.4 billion in federal and state taxes and accrued interest of $851 million. A liability for the taxes and interest is included in other liabilities.INDEMNITIES TO THIRD PARTIESOccidental, its subsidiaries, or both have indemnified various parties against specified liabilities those parties might incur in the future in connection with purchases and other transactions that they have entered into with Occidental or its subsidiaries. These indemnities usually are contingent upon the other party incurring liabilities that reach specified thresholds. As of June 30, 2025, Occidental is not aware of circumstances that it believes would reasonably be expected to lead to indemnity claims that would result in payments materially in excess of reserves.

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NOTE 10 - EARNINGS PER SHARE AND EQUITYThe following table presents the calculation of basic and diluted EPS attributable to common stockholders: Three months ended June 30,Six months ended June 30, millions except per-share amounts2025202420252024Income from continuing operations $468 $1,170 $1,413 $1,876 Discontinued operations, net of taxes (a)— — — 182 Net income$468 $1,170 $1,413 $2,058 Less: Income attributable to noncontrolling interest(10)(8)(19)(8)Less: Preferred stock dividends(170)(170)(340)(340)Net income attributable to common stock$288 $992 $1,054 $1,710 Less: Incremental fair value for warrants inducement(25)— (25)—