Occidental Petroleum Corp. ( (OXY) ) has released its Q4 earnings. Here is a breakdown of the information Occidental Petroleum Corp. presented to its investors.
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Occidental Petroleum Corporation is a major international energy company primarily engaged in oil and gas production, chemical manufacturing, and low-carbon ventures, with significant operations in the United States, Middle East, and North Africa.
Occidental’s fourth-quarter 2024 earnings report highlights a continued focus on financial stability and operational excellence, despite facing certain legal challenges. The company reported a net loss attributable to common stockholders of $297 million but achieved an adjusted income of $792 million.
Key achievements for the quarter included reaching a near-term debt repayment goal of $4.5 billion, announcing $1.2 billion in divestitures, and increasing the quarterly dividend by 9% to $0.24 per share. The company also reported strong operational cash flow of $3.6 billion and a production rate that exceeded guidance. Despite a legal ruling impacting financial results, Occidental maintains robust reserves with a replacement rate of 230% all-in and 112% organically.
The chemical segment reported a pre-tax income of $270 million, slightly down from the previous quarter due to lower PVC pricing and seasonal demand. Meanwhile, the midstream and marketing segment experienced a pre-tax loss primarily due to derivative losses.
Looking ahead, Occidental’s management remains optimistic about its operational efficiency and financial strategy, focusing on sustainability and capital efficiency to drive long-term growth and shareholder value.
