Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 190

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 7
Chunk 190
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 Please refer to the Supplemental Oil and Gas Information (unaudited) section of this Form 10-K for additional information on oil and gas production and sales.

Average daily production volumes from ongoing operations increased by 9% in 2024, compared to 2023. The increase in production was primarily related to increased U.S. onshore production, including volumes from the CrownRock

Acquisition closed on August 1, 2024, higher DJ basin production from new development activities and higher Al Hosn Gas production, as the Al Hosn Gas expansion project was completed in the second quarter of 2023.

Lease Operating Expense

The following table sets forth the average lease operating expense per Boe from ongoing operations for each of the three years in the period ended December 31, 2024:

202420232022Average lease operating expense per Boe$9.75 $10.48 $9.52 

Average lease operating expense per Boe decreased in 2024, compared to 2023, primarily due to lower operational costs as a result of the CrownRock Acquisition and operational efficiencies.

CHEMICAL SEGMENT

millions202420232022Segment Sales$4,923 $5,321 $6,757 Segment Results$1,124 $1,531 $2,508 Items affecting comparabilityLegal Settlements$(16)$— $— 

Chemical segment results decreased in 2024, compared to 2023, driven primarily by lower realized pricing across most product lines, partially offset by improved demand across most product lines and lower energy costs.

 OXY 2024 FORM 10-K45

table of contentsMANAGEMENT’S DISCUSSION AND ANALYSIS

MIDSTREAM AND MARKETING SEGMENT

millions202420232022Segment Sales$962 $2,551 $4,136 Segment Results (a)$580 $24 $273 Items affecting comparabilityGains on sales of assets and other, net (b)$647 $51 $98 TerraLithium fair value gain$27 $— $— Derivative losses, net (c)$(32)$(14)$(259)Asset impairments and other charges, net (c)$(21)$(60)$— Acquisition-related costs (d)$— $(20)$— Carbon Engineering fair value gain (d)$— $283 $— 

(a)Results