Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 191

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 7
Chunk 191
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 included significant items affecting comparability discussed in the footnotes below.

(b)The 2024, 2023 and 2022 amounts included gains on sale of $489 million, $51 million and $62 million, respectively, from the sales of 19.5 million, 5.1 million and 10.0 million limited partner units in WES, respectively. The 2024 amount also included $158 million of income from equity investments and other related to Occidental's share of WES' gains on its asset divestitures.

(c)The 2023 amount included amounts from income from equity investments and other in the Consolidated Condensed Statement of Operations.

(d)The 2023 amount included a gain of $283 million from the remeasurement of the noncontrolling interest held prior to the Carbon Engineering acquisition to fair value and acquisition-related costs of $20 million. 

Midstream and marketing segment results, excluding items affecting comparability, increased in 2024, compared to 2023, due to higher income in the gas marketing business as a result of higher gas transportation spreads from the Permian to the Gulf Coast and higher equity method investment income from WES, partially offset by higher activities in OLCV.

CORPORATE

Significant corporate items include the following:

millions202420232022Items Affecting ComparabilityPassaic environmental reserve(a)$(925)$— $— Environmental receivable valuation allowance adjustment(a)$(84)$260 $(22)Acquisition-related costs(b)$(150)$(6)$(89)Gains on sales of assets and other, net$48 $— $— Interest rate swap gains, net $— $— $317 Early debt extinguishment$— $— $149 

(a)See Note 13 - Lawsuits, Claims, Commitments and Contingencies in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K for additional information. 

(b)The 2024 amount included $66 million of financing costs related to the CrownRock Acquisition and the remaining amounts were related to CrownRock transaction costs. The 2023 amount related to costs incurred for the CrownRock Acquisition and the 2022 amount related to the Anadarko Acquisition.

46 OXY 2024 FORM 10-K

table of contentsMANAGEMENT’S DISCUSSION AND ANALYSIS

INCOME TAXES 

Total deferred tax assets, after valuation allowance