Stock Analysis on Net

Occidental Petroleum Corp. (NYSE:OXY)

Income Statement 
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Occidental Petroleum Corp., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Net sales 6,817 5,975 7,172 7,158 6,702 7,225 8,219 9,390 10,676 8,349 7,913 6,792 5,958 5,293 4,160 4,108 2,928 6,613 6,282 5,687 4,420 4,004
Interest, dividends and other income 34 36 32 50 28 29 31 37 36 49 24 18 49 75 30 21 33 34 42 56 41 78
Gains (losses) on sales of assets and other, net 28 (1) 325 192 1 4 76 74 23 135 73 5 3 111 (842) (846) 15 7 472 128 15 7
Revenues and other income 6,879 6,010 7,529 7,400 6,731 7,258 8,326 9,501 10,735 8,533 8,010 6,815 6,010 5,479 3,348 3,283 2,976 6,654 6,796 5,871 4,476 4,089
Oil and gas operating expense (1,179) (1,161) (1,277) (1,189) (1,130) (1,081) (1,103) (1,056) (1,005) (864) (843) (829) (712) (776) (709) (656) (631) (1,069) (922) (962) (717) (645)
Transportation and gathering expense (405) (353) (359) (363) (375) (384) (386) (378) (364) (347) (366) (360) (364) (329) (325) (343) (367) (565) (340) (217) (33) (31)
Chemical and midstream cost of sales (821) (742) (898) (682) (791) (745) (785) (835) (835) (818) (771) (731) (676) (594) (601) (618) (577) (612) (745) (741) (636) (669)
Purchased commodities (89) (86) (501) (520) (490) (498) (660) (785) (1,031) (811) (675) (588) (487) (558) (455) (333) (214) (393) (442) (441) (431) (365)
Selling, general and administrative expenses (259) (259) (307) (258) (277) (241) (258) (247) (244) (196) (280) (240) (177) (166) (209) (166) (225) (264) (337) (242) (163) (140)
Other operating and non-operating expense (344) (410) (438) (328) (10) (308) (362) (319) (291) (299) (303) (256) (248) (258) (342) (231) (114) (197) (564) (363) (260) (238)
Taxes other than on income (265) (235) (225) (290) (266) (306) (360) (427) (426) (335) (262) (289) (244) (210) (149) (180) (68) (225) (275) (198) (123) (111)
Depreciation, depletion and amortization (1,775) (1,693) (1,723) (1,712) (1,709) (1,721) (1,819) (1,736) (1,728) (1,643) (1,966) (1,916) (2,371) (2,194) (1,754) (1,915) (2,119) (2,309) (2,271) (1,706) (1,031) (973)
Asset impairments and other charges (209) (131) (17) (21) (135) (87) (2,723) (6,470) (1,803) (1,036) (325)
Acquisition-related costs (14) (12) (26) (7) (4) (13) (65) (31) (29) (52) (41) (37) (5) (149) (148) (673) (924) (50)
Exploration expense (83) (66) (112) (125) (102) (102) (118) (47) (26) (25) (107) (31) (86) (28) (33) (29) (33) (37) (112) (63) (35) (36)
Operating income (loss) 1,645 993 1,663 1,933 1,372 1,872 2,468 3,667 4,772 3,130 2,275 1,529 572 190 (1,353) (3,916) (7,991) (968) (921) (311) 997 881
Interest and debt expense, net (252) (284) (247) (230) (230) (238) (260) (285) (114) (371) (385) (449) (385) (395) (409) (353) (310) (352) (434) (381) (153) (98)
Income (loss) before income taxes and other items 1,393 709 1,416 1,703 1,142 1,634 2,208 3,382 4,658 2,759 1,890 1,080 187 (205) (1,762) (4,269) (8,301) (1,320) (1,355) (692) 844 783
Gains (losses) on interest rate swaps, net (15) 70 127 135 (28) (26) (223) 399 150 88 (76) (585) 266 (33)
Income (loss) from equity investments and other 242 301 143 106 185 100 207 196 201 189 168 163 179 121 187 123 193 (133) 99 104 97 73
Other items 242 301 143 106 185 100 192 266 328 324 140 137 (44) 520 337 211 117 (718) 365 71 97 73
Income (loss) from before income taxes 1,635 1,010 1,559 1,809 1,327 1,734 2,400 3,648 4,986 3,083 2,030 1,217 143 315 (1,425) (4,058) (8,184) (2,038) (990) (621) 941 856
Income tax (expense) benefit (465) (304) (361) (434) (467) (471) (473) (902) (1,231) 1,793 (469) (387) (43) (16) 276 403 1,468 25 (46) (116) (306) (225)
Income (loss) from continuing operations 1,170 706 1,198 1,375 860 1,263 1,927 2,746 3,755 4,876 1,561 830 100 299 (1,149) (3,655) (6,716) (2,013) (1,036) (737) 635 631
Discontinued operations, net of taxes 182 (24) (2) 3 (445) 37 80 (1,415) (15)
Net income (loss) 1,170 888 1,198 1,375 860 1,263 1,927 2,746 3,755 4,876 1,537 828 103 (146) (1,112) (3,575) (8,131) (2,013) (1,036) (752) 635 631
Net income attributable to noncontrolling interests (8) (103) (42)
Net income (loss) attributable to Occidental 1,162 888 1,198 1,375 860 1,263 1,927 2,746 3,755 4,876 1,537 828 103 (146) (1,112) (3,575) (8,131) (2,013) (1,139) (794) 635 631
Preferred stock dividends and redemption premiums (170) (170) (169) (219) (255) (280) (200) (200) (200) (200) (200) (200) (200) (200) (200) (203) (222) (219) (200) (118)
Net income (loss) attributable to common stockholders 992 718 1,029 1,156 605 983 1,727 2,546 3,555 4,676 1,337 628 (97) (346) (1,312) (3,778) (8,353) (2,232) (1,339) (912) 635 631

Based on: 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Income statement item Description The company
Net sales Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Occidental Petroleum Corp. net sales decreased from Q4 2023 to Q1 2024 but then increased from Q1 2024 to Q2 2024 not reaching Q4 2023 level.
Operating income (loss) The net result for the period of deducting operating expenses from operating revenues. Occidental Petroleum Corp. operating income (loss) decreased from Q4 2023 to Q1 2024 but then increased from Q1 2024 to Q2 2024 not reaching Q4 2023 level.
Income (loss) from before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Occidental Petroleum Corp. income (loss) from before income taxes decreased from Q4 2023 to Q1 2024 but then increased from Q1 2024 to Q2 2024 exceeding Q4 2023 level.
Net income (loss) attributable to Occidental The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Occidental Petroleum Corp. net income (loss) attributable to Occidental decreased from Q4 2023 to Q1 2024 but then increased from Q1 2024 to Q2 2024 not reaching Q4 2023 level.