Company: OXY-WT
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001628280-25-051071
Chunk: 26

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 26
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 $68 $— $(33)$43 Other long-term assets12 1 — (7)6 Accrued liabilities(41)(36)— 33 (44)Deferred credits and other liabilities - other(7)(2)— 7 (2)December 31, 2024Marketing DerivativesOther current assets$455 $92 $— $(512)$35 Other long-term assets— 1 — (1)— Accrued liabilities(451)(90)— 512 (29)Deferred credits and other liabilities - other— (2)— 1 (1)(a)These amounts do not include collateral. Occidental netted $31 million of collateral deposited with brokers against derivative liabilities as of September 30, 2025. As of December 31, 2024, Occidental netted $12 million of collateral received from brokers against derivative assets and $9 million collateral deposited with brokers against derivative liabilities.

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GAINS AND LOSSES ON DERIVATIVESThe following table presents gains and losses related to Occidental's derivative instruments and the location on the Consolidated Condensed Statements of Operations.millionsThree months ended September 30,Nine months ended September 30, Income Statement Classification2025202420252024Marketing derivatives (included in net sales)$(57)$86 $(67)$(210)CREDIT RISKThe majority of Occidental’s credit risk is related to the physical delivery of energy commodities to its counterparties and their potential inability to meet their settlement commitments. Occidental manages credit risk by selecting counterparties that it believes to be financially strong, by entering into netting arrangements with counterparties and by requiring collateral or other credit risk mitigants, as appropriate. Occidental actively evaluates the creditworthiness of its counterparties, assigns appropriate credit limits and monitors credit exposures against those assigned limits. Occidental also enters into futures contracts through regulated exchanges with select clearinghouses and brokers, which are subject to minimal credit risk, if any.

NOTE 7 - INCOME TAXESThe following table summarizes components of income tax expense:Three months ended September 30,Nine months ended September 30, millions2025202420252024Income before income taxes$1,166$1,594$3,236$4,239CurrentFederal(23)(286)(488)(832)State and Local—(19)(29)(43)Foreign(154)(196)(463)(530)