Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 8

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 8
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 assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Houston, Texas 

February 18, 2025

 OXY 2024 FORM 10-K63

table of contentsFINANCIAL STATEMENTS

 Consolidated Balance SheetsOccidental Petroleum Corporationand Subsidiaries

December 31,millions20242023ASSETSCURRENT ASSETS  Cash and cash equivalents$2,132 $1,426 Trade receivables, net of reserves of $24 in 2024 and $29 in 20233,526 3,195 Joint interest receivables720 902 Inventories2,095 2,022 Other current assets597 830 Total current assets9,070 8,375 INVESTMENTS IN UNCONSOLIDATED ENTITIES3,159 3,224 PROPERTY, PLANT AND EQUIPMENTOil and gas121,874 109,214 Chemical8,725 8,279 Midstream and marketing9,322 8,279 Corporate1,