Company: OXY-WT
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000797468-25-000111
Chunk: 56

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 8
Chunk 56
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 658 Current finance leases148 135 Total debt and finance leases$23,775 $26,116 Less: current finance leases(148)(135)Less: current maturities of long-term debt(285)(1,003)Long-term debt, net$23,342 $24,978 DEBT ACTIVITYIn the six months ended June 30, 2025, Occidental used cash on hand, proceeds from asset sales and warrant exercises to repay all of the $1.0 billion senior notes due 2025 and $870 million of senior notes due 2026 and $400 million of the two-year term loan due 2026. Subsequent to June 30, 2025, but before the date of this filing, Occidental used cash from a combination of sources to repay an additional $700 million of the two-year term loan due 2026, reducing principal debt outstanding to $21.4 billion. FAIR VALUE OF DEBTThe estimated fair value of Occidental’s debt as of June 30, 2025 and December 31, 2024, the majority of which was classified as Level 1, was $21.8 billion and $24.0 billion, respectively.

NOTE 5 - ACQUISITIONS AND DIVESTITURESCROWNROCK ACQUISITIONIn December 2023, Occidental entered into an agreement to purchase CrownRock for total consideration of $12.4 billion. The CrownRock Acquisition qualified as a business combination and was accounted for using the acquisition method of accounting. As of June 30, 2025, there were no material changes to the allocation presented in the 2024 Form 10-K and Occidental has finalized the purchase price allocation of the consideration.

14

The following summarizes the unaudited pro forma condensed financial information of Occidental as if the CrownRock Acquisition had occurred on January 1, 2024:Three months ended June 30, 2024Six months ended June 30, 2024millions, except per-share amountsRevenues$7,470 $14,057 Net income attributable to common stockholders$1,176 $1,974 Net income attributable to common stockholders per share—basic$1.27 $2.14 Net income attributable to common stockholders per share—diluted$1.18 $2.00 DIVESTITURESIn