Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Occidental Petroleum Corp., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Federal	956)	871)	1,272)	173)	(126)
State and local	50)	92)	105)	36)	6)
Foreign	629)	713)	1,080)	660)	465)
Current tax expense	1,635)	1,676)	2,457)	869)	345)
Federal	(389)	37)	(1,569)	191)	(2,384)
State and local	(28)	(25)	(57)	(153)	(103)
Foreign	(44)	45)	(18)	8)	(30)
Deferred tax expense (benefit)	(461)	57)	(1,644)	46)	(2,517)
Income tax expense (benefit)	1,174)	1,733)	813)	915)	(2,172)

Based on: 10-K (reporting date: 2024-12-31), 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).

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Item	Description	The company
Current tax expense	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Occidental Petroleum Corp. current tax expense decreased from 2022 to 2023 and from 2023 to 2024.
Deferred tax expense (benefit)	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Occidental Petroleum Corp. deferred tax expense (benefit) increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Income tax expense (benefit)	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Occidental Petroleum Corp. income tax expense (benefit) increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

Occidental Petroleum Corp., effective income tax rate (EITR) reconciliation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
U.S. federal statutory tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
Legal entity reorganization	0.00%	0.00%	-18.00%	0.00%	0.00%
Enhanced oil recovery credit and other general business credits	0.00%	0.00%	0.00%	-3.00%	0.00%
Goodwill impairment	0.00%	0.00%	0.00%	0.00%	-3.00%
Capital loss	0.00%	0.00%	0.00%	-2.00%	0.00%
Tax impact from foreign operations	5.00%	3.00%	3.00%	8.00%	-4.00%
State income taxes, net of federal benefit	0.00%	1.00%	0.00%	-2.00%	0.00%
Uncertain tax positions	3.00%	2.00%	0.00%	0.00%	0.00%
Executive compensation limitation	0.00%	0.00%	0.00%	1.00%	0.00%
Other	0.00%	0.00%	0.00%	2.00%	0.00%
Worldwide effective tax rate	29.00%	27.00%	6.00%	25.00%	14.00%

Based on: 10-K (reporting date: 2024-12-31), 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).

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Item	Description	The company
Worldwide effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Occidental Petroleum Corp. worldwide effective tax rate increased from 2022 to 2023 and from 2023 to 2024.

Occidental Petroleum Corp., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Environmental reserves	416)	223)	229)	242)	257)
Postretirement benefit accruals	249)	229)	235)	285)	398)
Deferred compensation and benefits	258)	237)	207)	286)	186)
Asset retirement obligations	788)	722)	799)	850)	942)
Foreign tax credit carryforwards	1,975)	2,759)	3,622)	3,904)	4,465)
Business credit carryforwards	54)	43)	30)	698)	607)
Net operating loss carryforward	1,031)	1,056)	1,058)	1,628)	1,797)
Interest expense carryforward	11)	11)	11)	28)	668)
All other	539)	586)	771)	689)	720)
Gross long-term deferred tax assets	5,321)	5,866)	6,962)	8,610)	10,040)
Valuation allowance	(2,962)	(3,901)	(4,785)	(5,136)	(5,695)
Net long-term deferred tax assets	2,359)	1,965)	2,177)	3,474)	4,345)
Property, plant and equipment differences	(7,100)	(6,994)	(7,218)	(9,905)	(10,744)
Equity investments, partnerships and international subsidiaries	(633)	(709)	(441)	(571)	(658)
Gross long-term deferred tax liabilities	(7,733)	(7,703)	(7,659)	(10,476)	(11,402)
Deferred income tax asset (liability), net	(5,374)	(5,738)	(5,482)	(7,002)	(7,057)

Based on: 10-K (reporting date: 2024-12-31), 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).

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Item	Description	The company
Gross long-term deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Occidental Petroleum Corp. gross long-term deferred tax assets decreased from 2022 to 2023 and from 2023 to 2024.
Net long-term deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Occidental Petroleum Corp. net long-term deferred tax assets decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Deferred income tax asset (liability), net	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Occidental Petroleum Corp. deferred income tax asset (liability), net decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Occidental Petroleum Corp., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
	Foreign deferred tax asset in long-term receivables and other assets, net	20)	26)	30)	37)	56)
	Deferred income tax liability	5,394)	5,764)	5,512)	7,039)	7,113)

Based on: 10-K (reporting date: 2024-12-31), 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).

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Item	Description	The company
Foreign deferred tax asset in long-term receivables and other assets, net	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Occidental Petroleum Corp. foreign deferred tax asset in long-term receivables and other assets, net decreased from 2022 to 2023 and from 2023 to 2024.
Deferred income tax liability	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Occidental Petroleum Corp. deferred income tax liability increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Occidental Petroleum Corp., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	85,445)	74,008)	72,609)	75,036)	80,064)
Less: Noncurrent deferred tax assets, net	20)	26)	30)	37)	56)
Total assets (adjusted)	85,425)	73,982)	72,579)	74,999)	80,008)
Adjustment to Total Liabilities
Total liabilities (as reported)	50,965)	43,659)	42,524)	54,709)	61,491)
Less: Noncurrent deferred tax liabilities, net	5,394)	5,764)	5,512)	7,039)	7,113)
Total liabilities (adjusted)	45,571)	37,895)	37,012)	47,670)	54,378)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	34,159)	30,250)	30,085)	20,327)	18,573)
Less: Net deferred tax assets (liabilities)	(5,374)	(5,738)	(5,482)	(7,002)	(7,057)
Stockholders’ equity (adjusted)	39,533)	35,988)	35,567)	27,329)	25,630)
Adjustment to Net Income (loss) Attributable To Occidental
Net income (loss) attributable to Occidental (as reported)	3,056)	4,696)	13,304)	2,322)	(14,831)
Add: Deferred income tax expense (benefit)	(461)	57)	(1,644)	46)	(2,517)
Net income (loss) attributable to Occidental (adjusted)	2,595)	4,753)	11,660)	2,368)	(17,348)

Based on: 10-K (reporting date: 2024-12-31), 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).

Occidental Petroleum Corp., Financial Data: Reported vs. Adjusted

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Occidental Petroleum Corp., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Profit Margin
Reported net profit margin	11.43%	16.62%	36.32%	8.95%	-83.28%
Adjusted net profit margin	9.71%	16.82%	31.83%	9.12%	-97.41%
Total Asset Turnover
Reported total asset turnover	0.31	0.38	0.50	0.35	0.22
Adjusted total asset turnover	0.31	0.38	0.50	0.35	0.22
Financial Leverage
Reported financial leverage	2.50	2.45	2.41	3.69	4.31
Adjusted financial leverage	2.16	2.06	2.04	2.74	3.12
Return on Equity (ROE)
Reported ROE	8.95%	15.52%	44.22%	11.42%	-79.85%
Adjusted ROE	6.56%	13.21%	32.78%	8.66%	-67.69%
Return on Assets (ROA)
Reported ROA	3.58%	6.35%	18.32%	3.09%	-18.52%
Adjusted ROA	3.04%	6.42%	16.07%	3.16%	-21.68%

Based on: 10-K (reporting date: 2024-12-31), 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).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Occidental Petroleum Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Occidental Petroleum Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Occidental Petroleum Corp. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Occidental Petroleum Corp. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Occidental Petroleum Corp. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Occidental Petroleum Corp., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Occidental	3,056)	4,696)	13,304)	2,322)	(14,831)
Net sales	26,725)	28,257)	36,634)	25,956)	17,809)
Profitability Ratio
Net profit margin¹	11.43%	16.62%	36.32%	8.95%	-83.28%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Occidental	2,595)	4,753)	11,660)	2,368)	(17,348)
Net sales	26,725)	28,257)	36,634)	25,956)	17,809)
Profitability Ratio
Adjusted net profit margin²	9.71%	16.82%	31.83%	9.12%	-97.41%

Based on: 10-K (reporting date: 2024-12-31), 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).

2024 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to Occidental ÷ Net sales
= 100 × 3,056 ÷ 26,725 = 11.43%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to Occidental ÷ Net sales
= 100 × 2,595 ÷ 26,725 = 9.71%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Occidental Petroleum Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net sales	26,725)	28,257)	36,634)	25,956)	17,809)
Total assets	85,445)	74,008)	72,609)	75,036)	80,064)
Activity Ratio
Total asset turnover¹	0.31	0.38	0.50	0.35	0.22
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net sales	26,725)	28,257)	36,634)	25,956)	17,809)
Adjusted total assets	85,425)	73,982)	72,579)	74,999)	80,008)
Activity Ratio
Adjusted total asset turnover²	0.31	0.38	0.50	0.35	0.22

Based on: 10-K (reporting date: 2024-12-31), 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).

2024 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 26,725 ÷ 85,445 = 0.31

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 26,725 ÷ 85,425 = 0.31

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Occidental Petroleum Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	85,445)	74,008)	72,609)	75,036)	80,064)
Stockholders’ equity	34,159)	30,250)	30,085)	20,327)	18,573)
Solvency Ratio
Financial leverage¹	2.50	2.45	2.41	3.69	4.31
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	85,425)	73,982)	72,579)	74,999)	80,008)
Adjusted stockholders’ equity	39,533)	35,988)	35,567)	27,329)	25,630)
Solvency Ratio
Adjusted financial leverage²	2.16	2.06	2.04	2.74	3.12

Based on: 10-K (reporting date: 2024-12-31), 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).

2024 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 85,445 ÷ 34,159 = 2.50

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 85,425 ÷ 39,533 = 2.16

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Occidental Petroleum Corp. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Occidental	3,056)	4,696)	13,304)	2,322)	(14,831)
Stockholders’ equity	34,159)	30,250)	30,085)	20,327)	18,573)
Profitability Ratio
ROE¹	8.95%	15.52%	44.22%	11.42%	-79.85%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Occidental	2,595)	4,753)	11,660)	2,368)	(17,348)
Adjusted stockholders’ equity	39,533)	35,988)	35,567)	27,329)	25,630)
Profitability Ratio
Adjusted ROE²	6.56%	13.21%	32.78%	8.66%	-67.69%

Based on: 10-K (reporting date: 2024-12-31), 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).

2024 Calculations

¹ ROE = 100 × Net income (loss) attributable to Occidental ÷ Stockholders’ equity
= 100 × 3,056 ÷ 34,159 = 8.95%

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to Occidental ÷ Adjusted stockholders’ equity
= 100 × 2,595 ÷ 39,533 = 6.56%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Occidental Petroleum Corp. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Occidental	3,056)	4,696)	13,304)	2,322)	(14,831)
Total assets	85,445)	74,008)	72,609)	75,036)	80,064)
Profitability Ratio
ROA¹	3.58%	6.35%	18.32%	3.09%	-18.52%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Occidental	2,595)	4,753)	11,660)	2,368)	(17,348)
Adjusted total assets	85,425)	73,982)	72,579)	74,999)	80,008)
Profitability Ratio
Adjusted ROA²	3.04%	6.42%	16.07%	3.16%	-21.68%

Based on: 10-K (reporting date: 2024-12-31), 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).

2024 Calculations

¹ ROA = 100 × Net income (loss) attributable to Occidental ÷ Total assets
= 100 × 3,056 ÷ 85,445 = 3.58%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to Occidental ÷ Adjusted total assets
= 100 × 2,595 ÷ 85,425 = 3.04%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Occidental Petroleum Corp. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Occidental Petroleum Corp. (NYSE:OXY)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Occidental Petroleum Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Occidental Petroleum Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)