Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 186

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 7
Chunk 186
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 operations in 2025. 

 OXY 2024 FORM 10-K41

table of contentsMANAGEMENT’S DISCUSSION AND ANALYSIS

SEGMENT RESULTS OF OPERATIONS AND ITEMS AFFECTING COMPARABILITY

SEGMENT RESULTS OF OPERATIONS

Segment earnings exclude income taxes, interest income, interest expense, environmental remediation expenses, unallocated corporate expenses and discontinued operations, but include gains and losses from divestitures of segment assets and income from the segments’ equity investments. Seasonality is not a primary driver of changes in Occidental’s consolidated quarterly earnings during the year.

The following table sets forth the sales and earnings of each operating segment and corporate items for the years ended December 31:

millions, except per share amounts202420232022NET SALES (a)Oil and gas$21,705 $21,284 $27,165 Chemical4,923 5,321 6,757 Midstream and marketing962 2,551 4,136 Eliminations (865)(899)(1,424)Total$26,725 $28,257 $36,634 SEGMENT RESULTS AND EARNINGSDomestic$3,715 $4,822 $10,439 International1,774 1,859 2,580 Exploration(275)(441)(216)Oil and gas 5,214 6,240 12,803 Chemical 1,124 1,531 2,508 Midstream and marketing580 24 273 Total$6,918 $7,795 $15,584 Unallocated corporate itemsInterest expense, net(1,175)(945)(1,030)Income tax expense(1,174)(1,733)(813)Other(1,673)(421)(437)Income from continuing operations$2,896 $4,696 $13,304 Discontinued operations, net 182 — — Net income3,078 4,696 13,304 Less: Net income attributable to noncontrolling interests(22)— — Less: Preferred stock dividends and redemption premiums(679)(923)(800)Net income attributable to common stockholders$2,377 $3,773 $12,504 Net income attributable to common stockholders—basic$2.59 $4.22 $13.41 Net income attributable to common stockholders—dil