Company: OXY-WT
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000797468-25-000076
Chunk: 73

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 73
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 months ended March 31, 2025, compared with segment earnings of $1.2 billion for the three months ended December 31, 2024. Excluding the impact of items affecting comparability, oil and gas segment earnings increased due to higher domestic prices across all products and higher other revenues, partially offset by lower sales volumes.

Average daily sales volumes decreased for the three months ended March 31, 2025, compared to the three months ended December 31, 2024, primarily due to ethane rejection in the Rockies and delays due to weather and third-party facility disruptions in the Permian and maintenance in GOA.

Q1 2025 compared to Q1 2024

Oil and gas segment earnings were $1.7 billion for the three months ended March 31, 2025, compared to $1.2 billion for the three months ended March 31, 2024. Excluding the impact of items affecting comparability, oil and gas segment earnings increased primarily due to higher domestic sales volumes and natural gas and NGL prices, partially offset by lower domestic crude oil prices and higher depreciation expense from the CrownRock Acquisition.

Average daily sales volumes increased for the three months ended March 31, 2025, compared to the same period in 2024, mainly due to the CrownRock Acquisition.

28

The following table presents an analysis of the impacts of changes in average realized prices and sales volumes with regard to Occidental's domestic and international oil and gas revenue:

Increase (Decrease) Related tomillionsThree months ended December 31, 2024 (b)Price RealizationsNet Sales VolumesThree months ended March 31, 2025 (b)United States RevenueOil$4,040 $82 $(292)$3,830 NGL551 111 (84)578 Natural gas200 182 (1)381 Total$4,791 $375 $(377)$4,789 International RevenueOil (a)$681 $1 $(7)$675 NGL97 — (1)96 Natural gas92 2 (10)84 Total$870 $3 $(18)$855 

Increase (Decrease) Related tomillionsThree months ended March 31, 2024 (b)Price RealizationsNet Sales VolumesThree months ended March 31, 2025 (b)United States RevenueOil$3,349 $(273)$754 $3