The company said oil and gas segment earnings for the quarter ended March 31, 2024 were $1.2 billion, down from $1.6 billion in the prior quarter ended December 31, 2023. The company cited lower domestic crude oil volumes due to a third-party shut-in of production in Eastern GOM, along with lower crude oil and domestic natural gas prices, as factors.

1. 01

   The company said oil and gas segment earnings for the quarter ended March 31, 2024 were $1.2 billion, down from $1.6 billion in the prior quarter ended December 31, 2023. The company cited lower domestic crude oil volumes due to a third-party shut-in of production in Eastern GOM, along with lower crude oil and domestic natural gas prices, as factors.

2. 02

   The company said operating cash flow for the quarter ended March 31, 2024 was $2.0 billion, down from $2.9 billion a year earlier. The company cited lower domestic sales volumes due to the third-party shut-in of production in Eastern GOM and lower natural gas and NGL prices as factors. It said capital expenditures for the same quarter were approximately $1.8 billion.

3. 03

   Occidental said it has secured a fully committed $5.3 billion bridge loan facility, a $2.0 billion 364-day-day term loan and a $2.7 billion two-year term loan for the planned CrownRock Acquisition. The company said it plans to repay at least $4.5 billion of debt within 12 months of closing the acquisition, using proceeds from the divestiture program and excess cash flow.

4. 04

   Occidental said it had $1.3 billion of cash and cash equivalents as of March 31, 2024, along with $4.0 billion of borrowing capacity under its RCF, which matures on June 30, 2028, and up to $600 million under its receivables securitization facility. No borrowings were outstanding under either facility. The company said its debt maturities are $1.1 billion in 2024 and $1.2 billion in 2025.

Key figures

Quarter ended March 31, 2024

Revenue

$6.7B

Net income

$888M

EPS

$0.75

Operating cash flow

$2.0B

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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