Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Occidental Petroleum Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 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).
The analysis of the quarterly financial ratios indicates notable trends in asset and equity utilization over the examined periods.
- Net Fixed Asset Turnover
- This ratio demonstrated a consistent upward trajectory from the first quarter of 2021 through the end of 2022, rising from 0.26 to a peak of 0.63. This trend reflects improving efficiency in generating sales from net fixed assets during this time frame. However, starting in early 2023, there is a gradual decline observed, with the ratio decreasing to 0.4 by the mid-2025 period. This reduction suggests a relative slowdown in asset utilization efficiency in the more recent periods.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Assets)
- A similar pattern emerges when including operating leases and right-of-use assets. The ratio increased steadily from 0.25 to 0.62 by the end of 2022, indicating enhanced productivity from both owned and leased fixed assets. Subsequently, a decline follows, with values tapering to approximately 0.39 by mid-2025, mirroring the trend without these lease considerations.
- Total Asset Turnover
- The total asset turnover ratio also indicates improvement during the initial periods, rising from 0.21 to 0.5 between March 2021 and December 2022. This indicates an overall more effective use of all company assets to generate revenue. However, this ratio similarly experiences a downward adjustment thereafter, falling gradually to around 0.32 by mid-2025, signifying a general decrease in asset productivity across the board.
- Equity Turnover
- Equity turnover showed an ascending trend from 0.9 in early 2021 to a peak of 1.28 by the end of 2021, reflecting increased sales generated per unit of equity. Post that peak, the ratio appears to decline relatively steadily, dropping to approximately 0.76 by the middle of 2025. This decline indicates a reduction in the efficiency with which equity is being employed to generate sales over the more recent periods.
In summary, the company exhibited strong improvement in asset and equity turnover ratios through 2021 into 2022, suggesting enhanced operational efficiency and asset utilization. However, from the beginning of 2023 onwards, these ratios uniformly show a declining trend, implying a slowdown in the productivity of assets and equity in generating sales. This could be indicative of changes in operational dynamics, market conditions, or asset base expansion without proportional revenue growth during the latter periods.
Net Fixed Asset Turnover
Occidental Petroleum Corp., net fixed asset turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net sales | 6,414) | 6,803) | 6,760) | 7,173) | 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) | ||||||
| Property, plant and equipment, net | 68,274) | 68,227) | 69,378) | 69,342) | 58,870) | 58,763) | 58,529) | 58,270) | 58,341) | 58,169) | 58,384) | 58,271) | 58,573) | 59,229) | 59,930) | 60,644) | 61,846) | 64,073) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | 0.40 | 0.40 | 0.39 | 0.39 | 0.46 | 0.46 | 0.48 | 0.50 | 0.54 | 0.61 | 0.63 | 0.62 | 0.58 | 0.49 | 0.43 | 0.37 | 0.32 | 0.26 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | 1.27 | 1.30 | 1.31 | 1.31 | 1.29 | 1.27 | 1.28 | 1.32 | 1.50 | 1.62 | 1.64 | 1.58 | 1.43 | 1.22 | 1.06 | 0.91 | 0.77 | 0.62 | ||||||
| ConocoPhillips | 0.61 | 0.61 | 0.58 | 0.78 | 0.80 | 0.79 | 0.80 | 0.91 | 1.02 | 1.16 | 1.21 | 1.18 | 1.02 | 0.83 | 0.71 | 0.64 | 0.51 | 0.39 | ||||||
| Exxon Mobil Corp. | 1.12 | 1.16 | 1.15 | 1.13 | 1.14 | 1.55 | 1.56 | 1.68 | 1.76 | 1.92 | 1.95 | 1.90 | 1.68 | 1.44 | 1.28 | 1.10 | 0.96 | 0.81 | ||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 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).
1 Q2 2025 Calculation
Net fixed asset turnover
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Property, plant and equipment, net
= (6,414 + 6,803 + 6,760 + 7,173)
÷ 68,274 = 0.40
2 Click competitor name to see calculations.
- Net Sales
- The net sales demonstrate a fluctuating but generally declining trend over the observed periods. From March 2021 to December 2021, sales increased steadily, peaking at $7,913 million in December 2021. This upward momentum continued reaching a higher peak at $10,676 million in June 2022. However, from June 2022 onwards, there is a noticeable decline in sales, with several periods showing a consistent downward trajectory, falling to $6,414 million by June 2025. The sales figures exhibit considerable volatility, with alternating rises and drops, but the overall trend from mid-2022 to mid-2025 reflects a reduction in revenue.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment shows a gradual decline from $64,073 million in March 2021 to approximately $58,000 million by mid-2024. Notable is a significant increase to around $69,342 million recorded in September 2024, which is maintained at a similar level through June 2025. This sudden rise may indicate a substantial capital investment or revaluation during this period. Prior to this increase, the asset base appears stable but slightly decreasing, suggesting limited asset growth or depreciation exceeding new investments.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures sales generated per dollar of net fixed assets, reveals an improvement from March 2021 to December 2022, rising from 0.26 to a peak of 0.63. This indicates increasing efficiency in utilizing property, plant, and equipment to generate revenue. However, from December 2022 onwards, the ratio declines steadily, reaching around 0.40 by June 2025. This decline coincides with the increase in net fixed assets noted earlier, suggesting that the increase in asset base was not matched proportionally by sales growth, thus reducing asset utilization efficiency.
- Overall Insights
- The data reflects initial growth in both sales and asset utilization efficiency through 2022, followed by a period of declining sales and reduced efficiency from 2023 onward. The substantial increase in property, plant, and equipment in late 2024, without a corresponding rise in sales, appears to have diluted turnover ratios. This pattern may imply either an expansion phase with current revenue generation yet to fully benefit from increased assets or potential challenges in sales performance despite increased capital investment.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Occidental Petroleum Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 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).
1 Q2 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= (6,414 + 6,803 + 6,760 + 7,173)
÷ 69,463 = 0.39
- Net Sales
- Net sales demonstrated a general upward trend from March 2021 through June 2022, peaking at 10,676 million US dollars in the second quarter of 2022. Following this peak, sales experienced a fluctuating but overall downward movement through June 2025, declining to 6,414 million US dollars. This pattern indicates a period of growth followed by variable performance and a reduction in sales volume or pricing power in the later periods.
- Property, Plant and Equipment, Net (Including Operating Lease, Right-of-Use Asset)
- The net value of property, plant, and equipment showed a gradual decline from March 2021 at 65,022 million US dollars to approximately 59,287 million US dollars by December 2022. This was followed by a stabilization phase with values hovering around the 59,000 to 60,000 million range until mid-2024. Thereafter, a significant increase occurred in the third quarter of 2024, reaching above 70,000 million US dollars, maintaining this heightened level through mid-2025. This pattern suggests possible asset disposals or depreciation in the initial periods, with a substantial reinvestment or acquisition phase later on.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The net fixed asset turnover ratio rose steadily from 0.25 in March 2021 to a peak of 0.62 in December 2021, indicating improving efficiency in using fixed assets to generate sales during that time. After this peak, the ratio declined progressively, reaching 0.38 by June 2025. This decrease reflects reduced efficiency or underutilization of the fixed asset base in generating sales in the most recent periods.
- Overall Insights
- The data reflects an initial period of expanding sales and improving asset turnover, coinciding with a decline in fixed asset values possibly due to depreciation or asset sales. The latter period indicates a contraction in sales coupled with increased investment or asset base expansion, but with declining turnover ratios, pointing to challenges in leveraging the enhanced asset base effectively. These trends may suggest evolving market conditions affecting demand or operational efficiency, and capital expenditure strategies aimed at long-term capacity or capability improvements.
Total Asset Turnover
Occidental Petroleum Corp., total asset turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net sales | 6,414) | 6,803) | 6,760) | 7,173) | 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) | ||||||
| Total assets | 84,360) | 84,967) | 85,445) | 85,803) | 76,216) | 74,277) | 74,008) | 71,827) | 71,199) | 71,600) | 72,609) | 72,144) | 74,221) | 74,222) | 75,036) | 75,758) | 79,937) | 79,355) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 0.32 | 0.32 | 0.31 | 0.32 | 0.36 | 0.36 | 0.38 | 0.41 | 0.44 | 0.50 | 0.50 | 0.50 | 0.45 | 0.39 | 0.35 | 0.29 | 0.24 | 0.21 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | 0.75 | 0.75 | 0.75 | 0.75 | 0.76 | 0.74 | 0.75 | 0.77 | 0.85 | 0.91 | 0.91 | 0.87 | 0.80 | 0.71 | 0.65 | 0.56 | 0.48 | 0.40 | ||||||
| ConocoPhillips | 0.47 | 0.46 | 0.45 | 0.57 | 0.59 | 0.58 | 0.59 | 0.64 | 0.74 | 0.83 | 0.84 | 0.79 | 0.70 | 0.58 | 0.51 | 0.41 | 0.34 | 0.27 | ||||||
| Exxon Mobil Corp. | 0.74 | 0.75 | 0.75 | 0.74 | 0.74 | 0.88 | 0.89 | 0.93 | 1.00 | 1.07 | 1.08 | 1.05 | 0.96 | 0.86 | 0.82 | 0.72 | 0.64 | 0.54 | ||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 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).
1 Q2 2025 Calculation
Total asset turnover
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Total assets
= (6,414 + 6,803 + 6,760 + 7,173)
÷ 84,360 = 0.32
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibited a general upward trend from early 2021 through mid-2022, increasing from approximately $5.3 billion to a peak of about $10.7 billion in the second quarter of 2022. Following this peak, net sales declined noticeably in the latter half of 2022 and into 2023, with values fluctuating between roughly $6.7 billion and $7.2 billion. Sales showed some recovery during 2023 but did not return to the mid-2022 highs. In 2024, a moderate increase was observed, with quarterly sales rising from near $6.0 billion to over $7.1 billion before declining again in late 2024 and early 2025, settling close to $6.4 billion by mid-2025.
- Total Assets
- Total assets remained relatively stable in 2021 and the first half of 2022, fluctuating slightly around the $74 billion to $79 billion range. However, from late 2023 into 2024, there was a notable increase in total assets, reaching a maximum near $85.8 billion by the third quarter of 2024. This upward trend was followed by a modest decline towards early and mid-2025, with assets decreasing to about $84.4 billion. Overall, total assets showed a moderate expansion in the later part of the observed period after a phase of relative stability.
- Total Asset Turnover
- The total asset turnover ratio showed a clear rising trend from 0.21 in the first quarter of 2021 to a peak of 0.50 in the second half of 2022. This improvement indicates increased efficiency in using assets to generate sales during this period. After reaching the peak, the ratio started a gradual decline through 2023 and into 2024, falling to approximately 0.31–0.32 by mid-2025. This decline suggests a reduction in asset efficiency relative to sales, possibly due to the stabilization or decrease in net sales against a relatively stable or growing asset base in the later quarters.
- Summary of Trends and Insights
- Overall, the company experienced a strong growth phase in net sales leading up to mid-2022, coinciding with increasing asset turnover and relative asset stability. Following that peak, sales began to moderate, and asset turnover decreased, indicating a potential softening in sales momentum or increased asset base without proportional sales growth. Total assets showed a significant increase starting in late 2023 through 2024, which may reflect investments or acquisitions; however, the corresponding asset turnover decline suggests these assets have yet to fully translate into higher sales. The recent periods indicate a phase of adjustment with some volatility in sales and asset efficiency, pointing to the need for monitoring asset utilization going forward.
Equity Turnover
Occidental Petroleum Corp., equity turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net sales | 6,414) | 6,803) | 6,760) | 7,173) | 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) | ||||||
| Stockholders’ equity | 35,722) | 34,712) | 34,159) | 34,674) | 32,053) | 30,811) | 30,250) | 29,312) | 29,111) | 29,559) | 30,085) | 28,720) | 27,830) | 24,907) | 20,327) | 18,873) | 18,244) | 18,300) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | 0.76 | 0.79 | 0.78 | 0.78 | 0.85 | 0.88 | 0.93 | 1.00 | 1.08 | 1.20 | 1.22 | 1.26 | 1.21 | 1.16 | 1.28 | 1.18 | 1.07 | 0.90 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | 1.28 | 1.29 | 1.27 | 1.24 | 1.24 | 1.21 | 1.22 | 1.23 | 1.35 | 1.46 | 1.48 | 1.43 | 1.34 | 1.21 | 1.12 | 0.99 | 0.87 | 0.73 | ||||||
| ConocoPhillips | 0.88 | 0.88 | 0.84 | 1.11 | 1.13 | 1.12 | 1.14 | 1.26 | 1.40 | 1.58 | 1.64 | 1.53 | 1.30 | 1.09 | 1.01 | 0.82 | 0.66 | 0.52 | ||||||
| Exxon Mobil Corp. | 1.25 | 1.29 | 1.29 | 1.27 | 1.27 | 1.61 | 1.63 | 1.73 | 1.83 | 1.99 | 2.04 | 2.08 | 1.99 | 1.81 | 1.64 | 1.50 | 1.35 | 1.15 | ||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 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).
1 Q2 2025 Calculation
Equity turnover
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Stockholders’ equity
= (6,414 + 6,803 + 6,760 + 7,173)
÷ 35,722 = 0.76
2 Click competitor name to see calculations.
- Net Sales
- Net sales demonstrated a general upward trend from the first quarter of 2021 through mid-2022, peaking at 10,676 million USD in June 2022. After this peak, net sales exhibited a fluctuating but overall declining pattern, with values declining to 6,414 million USD by June 2025. This indicates a period of growth followed by a significant reduction in revenue generation in the latter quarters.
- Stockholders’ Equity
- Stockholders’ equity showed a consistent and steady increase throughout the entire period analyzed. Starting at 18,300 million USD in March 2021, the equity rose progressively to reach 35,722 million USD by June 2025. This signifies an ongoing accumulation of value or retained earnings within the company, reflecting improved capitalization or asset valuation over time.
- Equity Turnover
- Equity turnover experienced an increase during the early quarters, rising from 0.90 in March 2021 to a peak of 1.28 in December 2021. After this peak, there was a continuous and gradual decline, dropping to 0.76 by June 2025. The decreasing equity turnover suggests diminishing efficiency in generating sales from shareholders’ equity during the latter period, which aligns with the reduction in net sales observed.
- Summary of Trends and Insights
- The financial data reflects an initial period of growth in net sales coupled with improving operational performance as indicated by higher equity turnover ratios. Concurrently, stockholders’ equity was consistently increasing, implying strengthening financial position or capital growth. However, after mid-2022, net sales declined markedly, and equity turnover ratios dropped steadily, suggesting that the company became less effective at utilizing its equity base to generate sales. The persistent rise in stockholders’ equity despite falling sales could indicate reinvestment of profits, capital injections, or asset revaluations even as operational efficiency weakened.