Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 76

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 76
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$61.36 Vested (a)(221)$25.39 Unvested as of December 31447 $54.55 (a)     Presented at the target payouts. In 2024, the weighted-average payout at vesting was 200% of the target, resulting in the issuance of approximately 441,000 shares of Occidental common stock.

108 OXY 2024 FORM 10-K

table of contentsFINANCIAL STATEMENTSFOOTNOTES

NOTE 16 - INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS  Occidental conducts its operations through three segments: oil and gas, chemical and midstream and marketing. Income taxes, interest income, interest expense, environmental remediation expenses and acquisition-related costs of Occidental and its operating subsidiaries and unallocated corporate expenses are consolidated under corporate and eliminations. Intersegment sales eliminate upon consolidation and are made at prices that approximate market. Identifiable assets are those assets used in the operations of the segments. Corporate assets consist of cash and restricted cash, certain corporate receivables and PP&E. Occidental’s President and CEO is ultimately responsible for allocating resources and assessing the performance of each operating segment and is Occidental’s CODM. The CEO may be assisted in this function by other members of Occidental’s executive management including, but not limited to, the Chief Financial Officer. While other executives are responsible for the performance of their individual areas, the CEO is solely responsible for allocating resources across Occidental as a whole.For all three reporting segments the CODM utilizes segment income (loss) from continuing operations before income taxes to measure performance, as well as allocate resources (including financial or capital resources) for each segment, predominantly in the annual budget and forecasting process. The following table reconciles segment income from continuing operations before taxes to net income attributable to common shares:Years Ended December 31,millions 202420232022Segment income from continuing operations before taxes   Oil and gas segment$5,214 $6,240 $12,803 Chemical segment1,124 1,531 2,508 Midstream and marketing segment580 24 273 Corporate and eliminations(1,673)(421)(437)Interest and debt expense, net(1,175)(945)(1,030)Income from continuing operations before income taxes$4,070 $6,429 $14,117 Income tax expense(1,174)(1,733)(813)Income