Stock Analysis on Net
Stock Analysis on Net

Occidental Petroleum Corp. (NYSE:OXY)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Occidental Petroleum Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Sep 30, 2024 12.63% = 5.11% × 2.47
Jun 30, 2024 14.42% = 6.07% × 2.38
Mar 31, 2024 14.02% = 5.82% × 2.41
Dec 31, 2023 15.52% = 6.35% × 2.45
Sep 30, 2023 18.51% = 7.55% × 2.45
Jun 30, 2023 23.35% = 9.55% × 2.45
Mar 31, 2023 32.79% = 13.53% × 2.42
Dec 31, 2022 44.22% = 18.32% × 2.41
Sep 30, 2022 44.97% = 17.90% × 2.51
Jun 30, 2022 39.51% = 14.82% × 2.67
Mar 31, 2022 29.49% = 9.89% × 2.98
Dec 31, 2021 11.42% = 3.09% × 3.69
Sep 30, 2021 -1.73% = -0.43% × 4.01
Jun 30, 2021 -25.93% = -5.92% × 4.38
Mar 31, 2021 -70.84% = -16.34% × 4.34
Dec 31, 2020 -79.85% = -18.52% × 4.31
Sep 30, 2020 -74.81% = -17.60% × 4.25
Jun 30, 2020 -51.73% = -13.50% × 3.83
Mar 31, 2020 -10.58% = -3.26% × 3.25
Dec 31, 2019 -1.95% = -0.61% × 3.19
Sep 30, 2019 — = — × 3.48
Jun 30, 2019 — = — × 2.10
Mar 31, 2019 — = — × 2.09

Based on: 10-Q (reporting date: 2024-09-30), 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).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Occidental Petroleum Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 30, 2024 12.63% = 16.14% × 0.32 × 2.47
Jun 30, 2024 14.42% = 17.05% × 0.36 × 2.38
Mar 31, 2024 14.02% = 16.00% × 0.36 × 2.41
Dec 31, 2023 15.52% = 16.62% × 0.38 × 2.45
Sep 30, 2023 18.51% = 18.51% × 0.41 × 2.45
Jun 30, 2023 23.35% = 21.55% × 0.44 × 2.45
Mar 31, 2023 32.79% = 27.29% × 0.50 × 2.42
Dec 31, 2022 44.22% = 36.32% × 0.50 × 2.41
Sep 30, 2022 44.97% = 35.55% × 0.50 × 2.51
Jun 30, 2022 39.51% = 32.60% × 0.45 × 2.67
Mar 31, 2022 29.49% = 25.31% × 0.39 × 2.98
Dec 31, 2021 11.42% = 8.95% × 0.35 × 3.69
Sep 30, 2021 -1.73% = -1.47% × 0.29 × 4.01
Jun 30, 2021 -25.93% = -24.23% × 0.24 × 4.38
Mar 31, 2021 -70.84% = -78.62% × 0.21 × 4.34
Dec 31, 2020 -79.85% = -83.28% × 0.22 × 4.31
Sep 30, 2020 -74.81% = -74.55% × 0.24 × 4.25
Jun 30, 2020 -51.73% = -56.15% × 0.24 × 3.83
Mar 31, 2020 -10.58% = -14.39% × 0.23 × 3.25
Dec 31, 2019 -1.95% = -3.27% × 0.19 × 3.19
Sep 30, 2019 — = — × — × 3.48
Jun 30, 2019 — = — × — × 2.10
Mar 31, 2019 — = — × — × 2.09

Based on: 10-Q (reporting date: 2024-09-30), 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).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in efficiency measured by asset turnover ratio.

Five-Component Disaggregation of ROE

Occidental Petroleum Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Sep 30, 2024 12.63% = 0.73 × 0.84 × 26.02% × 0.32 × 2.47
Jun 30, 2024 14.42% = 0.75 × 0.86 × 26.55% × 0.36 × 2.38
Mar 31, 2024 14.02% = 0.73 × 0.86 × 25.47% × 0.36 × 2.41
Dec 31, 2023 15.52% = 0.73 × 0.87 × 26.10% × 0.38 × 2.45
Sep 30, 2023 18.51% = 0.75 × 0.88 × 28.08% × 0.41 × 2.45
Jun 30, 2023 23.35% = 0.75 × 0.90 × 32.10% × 0.44 × 2.45
Mar 31, 2023 32.79% = 0.76 × 0.93 × 38.48% × 0.50 × 2.42
Dec 31, 2022 44.22% = 0.94 × 0.93 × 41.35% × 0.50 × 2.41
Sep 30, 2022 44.97% = 0.94 × 0.92 × 40.95% × 0.50 × 2.51
Jun 30, 2022 39.51% = 0.97 × 0.90 × 37.38% × 0.45 × 2.67
Mar 31, 2022 29.49% = 1.14 × 0.80 × 27.71% × 0.39 × 2.98
Dec 31, 2021 11.42% = 0.72 × 0.67 × 18.69% × 0.35 × 3.69
Sep 30, 2021 -1.73% = — × -0.11 × 6.67% × 0.29 × 4.01
Jun 30, 2021 -25.93% = — × — × -19.51% × 0.24 × 4.38
Mar 31, 2021 -70.84% = — × — × -82.65% × 0.21 × 4.34
Dec 31, 2020 -79.85% = — × — × -87.48% × 0.22 × 4.31
Sep 30, 2020 -74.81% = — × — × -76.56% × 0.24 × 4.25
Jun 30, 2020 -51.73% = — × — × -55.47% × 0.24 × 3.83
Mar 31, 2020 -10.58% = — × — × -6.73% × 0.23 × 3.25
Dec 31, 2019 -1.95% = -25.65 × 0.02 × 5.35% × 0.19 × 3.19
Sep 30, 2019 — = — × — × — × — × 3.48
Jun 30, 2019 — = — × — × — × — × 2.10
Mar 31, 2019 — = — × — × — × — × 2.09

Based on: 10-Q (reporting date: 2024-09-30), 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).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in efficiency measured by asset turnover ratio.

Two-Component Disaggregation of ROA

Occidental Petroleum Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Sep 30, 2024 5.11% = 16.14% × 0.32
Jun 30, 2024 6.07% = 17.05% × 0.36
Mar 31, 2024 5.82% = 16.00% × 0.36
Dec 31, 2023 6.35% = 16.62% × 0.38
Sep 30, 2023 7.55% = 18.51% × 0.41
Jun 30, 2023 9.55% = 21.55% × 0.44
Mar 31, 2023 13.53% = 27.29% × 0.50
Dec 31, 2022 18.32% = 36.32% × 0.50
Sep 30, 2022 17.90% = 35.55% × 0.50
Jun 30, 2022 14.82% = 32.60% × 0.45
Mar 31, 2022 9.89% = 25.31% × 0.39
Dec 31, 2021 3.09% = 8.95% × 0.35
Sep 30, 2021 -0.43% = -1.47% × 0.29
Jun 30, 2021 -5.92% = -24.23% × 0.24
Mar 31, 2021 -16.34% = -78.62% × 0.21
Dec 31, 2020 -18.52% = -83.28% × 0.22
Sep 30, 2020 -17.60% = -74.55% × 0.24
Jun 30, 2020 -13.50% = -56.15% × 0.24
Mar 31, 2020 -3.26% = -14.39% × 0.23
Dec 31, 2019 -0.61% = -3.27% × 0.19
Sep 30, 2019 — = — × —
Jun 30, 2019 — = — × —
Mar 31, 2019 — = — × —

Based on: 10-Q (reporting date: 2024-09-30), 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).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2024 is the decrease in asset turnover ratio.

Four-Component Disaggregation of ROA

Occidental Petroleum Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 30, 2024 5.11% = 0.73 × 0.84 × 26.02% × 0.32
Jun 30, 2024 6.07% = 0.75 × 0.86 × 26.55% × 0.36
Mar 31, 2024 5.82% = 0.73 × 0.86 × 25.47% × 0.36
Dec 31, 2023 6.35% = 0.73 × 0.87 × 26.10% × 0.38
Sep 30, 2023 7.55% = 0.75 × 0.88 × 28.08% × 0.41
Jun 30, 2023 9.55% = 0.75 × 0.90 × 32.10% × 0.44
Mar 31, 2023 13.53% = 0.76 × 0.93 × 38.48% × 0.50
Dec 31, 2022 18.32% = 0.94 × 0.93 × 41.35% × 0.50
Sep 30, 2022 17.90% = 0.94 × 0.92 × 40.95% × 0.50
Jun 30, 2022 14.82% = 0.97 × 0.90 × 37.38% × 0.45
Mar 31, 2022 9.89% = 1.14 × 0.80 × 27.71% × 0.39
Dec 31, 2021 3.09% = 0.72 × 0.67 × 18.69% × 0.35
Sep 30, 2021 -0.43% = — × -0.11 × 6.67% × 0.29
Jun 30, 2021 -5.92% = — × — × -19.51% × 0.24
Mar 31, 2021 -16.34% = — × — × -82.65% × 0.21
Dec 31, 2020 -18.52% = — × — × -87.48% × 0.22
Sep 30, 2020 -17.60% = — × — × -76.56% × 0.24
Jun 30, 2020 -13.50% = — × — × -55.47% × 0.24
Mar 31, 2020 -3.26% = — × — × -6.73% × 0.23
Dec 31, 2019 -0.61% = -25.65 × 0.02 × 5.35% × 0.19
Sep 30, 2019 — = — × — × — × —
Jun 30, 2019 — = — × — × — × —
Mar 31, 2019 — = — × — × — × —

Based on: 10-Q (reporting date: 2024-09-30), 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).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2024 is the decrease in efficiency measured by asset turnover ratio.

Disaggregation of Net Profit Margin

Occidental Petroleum Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 30, 2024 16.14% = 0.73 × 0.84 × 26.02%
Jun 30, 2024 17.05% = 0.75 × 0.86 × 26.55%
Mar 31, 2024 16.00% = 0.73 × 0.86 × 25.47%
Dec 31, 2023 16.62% = 0.73 × 0.87 × 26.10%
Sep 30, 2023 18.51% = 0.75 × 0.88 × 28.08%
Jun 30, 2023 21.55% = 0.75 × 0.90 × 32.10%
Mar 31, 2023 27.29% = 0.76 × 0.93 × 38.48%
Dec 31, 2022 36.32% = 0.94 × 0.93 × 41.35%
Sep 30, 2022 35.55% = 0.94 × 0.92 × 40.95%
Jun 30, 2022 32.60% = 0.97 × 0.90 × 37.38%
Mar 31, 2022 25.31% = 1.14 × 0.80 × 27.71%
Dec 31, 2021 8.95% = 0.72 × 0.67 × 18.69%
Sep 30, 2021 -1.47% = — × -0.11 × 6.67%
Jun 30, 2021 -24.23% = — × — × -19.51%
Mar 31, 2021 -78.62% = — × — × -82.65%
Dec 31, 2020 -83.28% = — × — × -87.48%
Sep 30, 2020 -74.55% = — × — × -76.56%
Jun 30, 2020 -56.15% = — × — × -55.47%
Mar 31, 2020 -14.39% = — × — × -6.73%
Dec 31, 2019 -3.27% = -25.65 × 0.02 × 5.35%
Sep 30, 2019 — = — × — × —
Jun 30, 2019 — = — × — × —
Mar 31, 2019 — = — × — × —

Based on: 10-Q (reporting date: 2024-09-30), 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).

The primary reason for the decrease in net profit margin ratio over Q3 2024 is the decrease in operating profitability measured by EBIT margin ratio.