Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 52

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 52
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3 State income taxes, net of federal benefit— 1 — Uncertain tax positions3 2 — Other— — — Worldwide effective tax rate29 %27 %6 %In 2024 and 2023, Occidental’s worldwide effective tax rate was higher than the U.S. statutory rate of 21%, primarily driven by Occidental's jurisdictional mix of income, where international income is subject to tax at statutory rates as high as 55%.In 2022, Occidental’s worldwide effective tax rate was 6%, which was lower than the U.S. statutory rate of 21% and primarily driven by a tax benefit associated with Occidental's legal entity reorganization, as described above, partially offset by higher tax rates in the foreign jurisdictions in which Occidental operates.

94 OXY 2024 FORM 10-K

table of contentsFINANCIAL STATEMENTSFOOTNOTES

The tax effects of temporary differences resulting in deferred income taxes as of December 31:millions20242023Deferred tax liabilitiesProperty, plant and equipment differences$(7,100)$(6,994)Equity investments, partnerships and international subsidiaries(633)(709)Gross long-term deferred tax liabilities(7,733)(7,703)Deferred tax assetsEnvironmental reserves416 223 Postretirement benefit accruals249 229 Deferred compensation and benefits258 237 Asset retirement obligations788 722 Foreign tax credit carryforwards1,975 2,759 Business credit carryforwards54 43 Net operating loss carryforward1,031 1,056 Interest expense carryforward11 11 All other539 586 Gross long-term deferred tax assets5,321 5,866 Valuation allowance(2,962)(3,901)Net long-term deferred tax assets$2,359 $1,965 Total deferred income tax liability, net$(5,374)$(5,738)Less: foreign deferred tax asset in long-term receivables and other assets, net(20)(26)Total deferred income tax liability$(5,394)$(5,764)Total deferred tax assets, after valuation allowances, were $2.4 billion and $2.0 billion as of December 31, 2024 and 2023, respectively. Occidental expects to realize the recorded deferred tax assets, net of any allowances, through future operating income and reversal of