Stock Analysis on Net
Stock Analysis on Net

Occidental Petroleum Corp. (NYSE:OXY)

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Analysis of Debt

Microsoft Excel

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Total Debt (Carrying Amount)

Occidental Petroleum Corp., balance sheet: debt

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Current maturities of long-term debt
Long-term debt, net, excluding current maturities
Total long-term debt, including current maturities (carrying amount)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Debt item Description The company
Total long-term debt, including current maturities (carrying amount) Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. Occidental Petroleum Corp. total debt decreased from 2021 to 2022 and from 2022 to 2023.

Total Debt (Fair Value)

Microsoft Excel
Dec 31, 2023
Selected Financial Data (US$ in millions)
Total long-term debt, including current maturities (fair value)
Financial Ratio
Debt, fair value to carrying amount ratio

Based on: 10-K (reporting date: 2023-12-31).

Weighted-average Interest Rate on Debt

Weighted-average interest rate on debt:

Interest rate Debt amount1 Interest rate × Debt amount Weighted-average interest rate2
Total

Based on: 10-K (reporting date: 2023-12-31).

1 US$ in millions

2 Weighted-average interest rate = 100 × ÷ =

Interest Costs Incurred

Occidental Petroleum Corp., interest costs incurred

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Interest and debt expense, net
Capitalized interest
Interest costs incurred

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Debt item Description The company
Interest and debt expense, net Amount of the cost of borrowed funds accounted for as interest expense for debt. Occidental Petroleum Corp. interest and debt expense, net decreased from 2021 to 2022 and from 2022 to 2023.
Capitalized interest Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. Occidental Petroleum Corp. capitalized interest increased from 2021 to 2022 and from 2022 to 2023.
Interest costs incurred Total interest costs incurred during the period and either capitalized or charged against earnings. Occidental Petroleum Corp. interest costs incurred decreased from 2021 to 2022 and from 2022 to 2023.

Adjusted Interest Coverage Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Occidental
Add: Net income attributable to noncontrolling interest
Less: Loss from discontinued operations, net of tax
Add: Income tax expense
Add: Interest and debt expense, net
Earnings before interest and tax (EBIT)
 
Interest costs incurred
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)1
Adjusted interest coverage ratio (with capitalized interest)2

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest and debt expense, net
= ÷ =

2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= ÷ =

Solvency ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). Occidental Petroleum Corp. adjusted interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.