Company: OXY-WT
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000797468-25-000076
Chunk: 52

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 52
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idental has substantially completed the allocation of the consideration; however, Occidental continues to finalize customary purchase price adjustments, which are not expected to be material.

12

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 March 31, 2024millions, except per-share amountsRevenues$6,587 Net income attributable to common stockholders$798 Net income attributable to common stockholders per share—basic$0.87 Net income attributable to common stockholders per share—diluted$0.81 DIVESTITURESDuring the first quarter of 2025, Occidental sold non-core proved and unproved royalty and mineral interests in the DJ Basin for approximately $900 million and certain non-core Permian Basin assets for approximately $400 million. The difference in the assets' net book value and adjusted purchase price was treated as a normal retirement, and as a result no gain or loss was recognized.

NOTE 6 - DERIVATIVESOBJECTIVE AND STRATEGYOccidental uses a variety of derivative financial instruments and physical contracts to manage its exposure to commodity price fluctuations and transportation commitments and to fix margins on the future sale of stored commodity volumes. Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty. Occidental may occasionally use a variety of derivative financial instruments to manage its exposure to foreign currency fluctuations and interest rate risks. Occidental also enters into derivative financial instruments for trading purposes. Occidental may elect normal purchases and normal sales exclusions when physically delivered commodities are purchased from a vendor or sold to a customer. Occidental occasionally applies cash flow hedge accounting treatment to derivative financial instruments to lock in margins on the forecasted sales of its natural gas storage volumes. The value of cash flow hedges was insignificant for all periods presented. As of March 31, 2025, Occidental’s marketing derivatives are not designated as hedges. MARKETING DERIVATIVESOccidental's marketing derivative instruments are short-duration physical and financial forward contracts. As of March 31, 2025, the weighted-average settlement price of these forward contracts was $71.54 per barrel and $2.90 per Mcf for crude oil and natural gas, respectively. The weighted-average settlement price was $71.07 per barrel and $3.50 per Mcf for crude oil and natural gas, respectively, as of