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

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 25
---
 and there is not a market-observable price for the asset or for a similar asset then the cost or income approach is used depending on the quality of information available to support management’s assumptions. The cost approach is based on management’s best estimate of the current asset replacement cost. The income approach is based on management’s best assumptions regarding expectations of future net cash flows. The expected cash flows are discounted using a commensurate risk-adjusted discount rate. Such evaluations involve significant judgment, and the results are based on expected future events or conditions such as sales prices, estimates of future oil and gas production or throughput, development and operating costs and the timing thereof, economic and regulatory climates and other factors, most of which are often outside of management’s control. However, assumptions used reflect a market participant’s view of long-term prices, costs and other factors and are consistent with assumptions used in Occidental’s business plans and investment decisions.

74 OXY 2024 FORM 10-K

table of contentsFINANCIAL STATEMENTSFOOTNOTES

ACCRUED LIABILITIES - CURRENTAccrued liabilities-current consisted of the following line items for the years ended 2024 and 2023:millions20242023Payroll and related expenses$694 $693 Income tax payable471 25 Accrued interest payable446 336 Taxes other than on income442 618 Carbon Engineering acquisition payable393 300 Current asset retirement obligations388 193 Dividends payable354 307 Other1,068 1,382 Accrued liabilities - current$4,256 $3,854 ACCRUED LIABILITIES - NON-CURRENT Accrued liabilities non-current consisted of the following line items for the years ended 2024 and 2023:millions20242023Long term tax liabilities (b)2,204 2,072 Environmental remediation liabilities (a)1,759 889 Pension and postretirement obligations1,022 931 Operating lease liabilities614 727 Other1,431 1,710 Accrued liabilities - non-current $7,030 $6,329 (a)  See Note 12 - Environmental Liabilities and Expenditures for additional information.(b)  See Note 13 - Lawsuits, Claims, Commitments and Contingencies for additional information.ENVIRONMENTAL LIABILITIES AND EXPENDITURESCertain subsidiaries of Occidental incur environmental liabilities and expenditures that relate to