Occidental completed its $12.4 billion acquisition of CrownRock in 2024, issued $9.7 billion in new debt in July 2024 and assumed $1.2 billion of existing CrownRock debt in August. As of December 31, 2024, principal debt outstanding was $24.4 billion.

1. 01

   Occidental completed its $12.4 billion acquisition of CrownRock in 2024, issued $9.7 billion in new debt in July 2024 and assumed $1.2 billion of existing CrownRock debt in August. As of December 31, 2024, principal debt outstanding was $24.4 billion.

2. 02

   In 2024, Occidental sold non-core assets in the Powder River Basin and certain Delaware Basin assets for combined net proceeds of $769 million and recognized a pre-tax loss of $479 million. The company recognized a pre-tax gain of $489 million from the sale of 19.5 million of its limited partner units in WES for proceeds of $697 million.

3. 03

   Occidental said operating cash flow from continuing operations decreased in 2024 compared to 2023, citing lower realized pricing across most product lines in the chemical segment, lower realized oil and domestic gas prices in the oil and gas segment, and the final settlement related to the Andes Arbitration. It added that higher sales volumes in both the chemical and oil and gas segments partially offset these declines.

4. 04

   In 2024, Occidental generated net cash of $3.8 billion from financing activities, which included net proceeds from debt issuance of $9.6 billion, proceeds from the issuance of common stock of $584 million, debt repayment of $4.5 billion and cash dividends paid on common and preferred stock of $1.4 billion. The company said it will prioritize reducing principal debt below $15 billion before resuming share repurchases.

Key figures

Fiscal year ended December 31, 2024

Revenue

$27.4B

Net income

$3.1B

EPS

$2.44

Operating cash flow

$11.4B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). 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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