Company: OXY-WT
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000797468-25-000111
Chunk: 83

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 8
Chunk 83
---
 respectively. There were no borrowings outstanding on Occidental's RCF or receivables securitization facility as of June 30, 2025.

32

Operating Cash Flows

Operating cash flow from continuing operations was $5.1 billion for the six months ended June 30, 2025, compared to $4.4 billion for the six months ended June 30, 2024. The increase in operating cash flow from continuing operations, compared to the same period in 2024, was primarily due to higher sales volumes, including volumes from the CrownRock Acquisition in the oil and gas segment and lower use of working capital in the midstream and marketing segment due to timing of crude oil shipments, offset primarily by lower commodity prices in the oil and gas segment and higher use of working capital due to timing of federal tax payments and other current payables.

Investing Cash Flows

Occidental’s net cash used by investing activities was $2.7 billion for the six months ended June 30, 2025, compared to $3.7 billion for the six months ended June 30, 2024. Investing activities included $1.5 billion in divestitures of non-core oil and gas assets. See Note 5 - Acquisitions and Divestitures in the Notes to Consolidated Condensed Financial Statements in Part I, Item 1 of this Form 10-Q for additional information. 

Capital expenditures, of which the majority were for the oil and gas segment, were $3.9 billion for the six months ended June 30, 2025, compared to $3.6 billion for the six months ended June 30, 2024. 

Financing Cash Flows

Occidental’s net cash used by financing activities was $2.2 billion for the six months ended June 30, 2025, which included payments of long-term debt of $2.3 billion and payments of common and preferred dividends of approximately $800 million, partially offset by cash received of approximately $890 million related to warrant exercises. See Note 4 - Long-Term Debt in the Notes to Consolidated Condensed Financial Statements in Part I, Item 1 of this Form 10-Q.

Cash used in financing activities for the six months ended June 30, 2024 was $300 million, which was primarily related to payment of common and preferred dividends of $700 million,