Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Occidental Petroleum Corp., EBITDA calculation

US$ in millions

	12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
	Net income (loss) attributable to Occidental
	Add: Net income attributable to noncontrolling interest
	Less: Income (loss) from discontinued operations, net of tax
	Add: Income tax expense
	Earnings before tax (EBT)
	Add: Interest and debt expense, net
	Earnings before interest and tax (EBIT)
	Add: Depreciation, depletion and amortization of assets
	Earnings before interest, tax, depreciation and amortization (EBITDA)

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).

Net Income (Loss) Attributable to Occidental: The net income experienced a significant negative value in 2020, with a loss of approximately $14.8 billion. This was followed by a recovery to a positive net income of $2.3 billion in 2021. The company's profitability peaked in 2022, achieving a net income of about $13.3 billion. However, the net income declined in the subsequent years to $4.7 billion in 2023 and further to $3.1 billion in 2024, indicating some volatility and decreasing profitability after the peak year.
Earnings Before Tax (EBT): The earnings before tax followed a similar pattern to net income. There was a large loss of $15.7 billion in 2020, moving to positive earnings of $3.7 billion in 2021. The highest EBT was recorded in 2022 at approximately $14.1 billion. Following this peak, earnings before tax reduced to $6.4 billion in 2023 and further to $4.1 billion in 2024, showing a marked decline after a strong recovery from the negative baseline.
Earnings Before Interest and Tax (EBIT): EBIT demonstrated a trend consistent with EBT, reflecting operating profit before interest and tax expenses. The value was negative in 2020 at around -$14.3 billion. It improved to $5.3 billion in 2021 and peaked at $15.1 billion in 2022. Despite this peak, EBIT fell in the following years to $7.4 billion in 2023 and $5.2 billion in 2024, indicating a reduction in operating profitability though still positive compared to the significant loss in 2020.
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA): EBITDA showed the most substantial recovery relative to other earnings metrics. It began with a negative value of approximately -$6.2 billion in 2020, improving sharply to $13.8 billion in 2021, and reaching a peak of $22.1 billion in 2022. Despite a decline from this peak, the EBITDA remained robust at around $14.2 billion in 2023 and $12.6 billion in 2024. This suggests that cash flow generation capacity remained relatively strong, even as profitability indicators showed declines.
Overall Financial Trend: The data shows a pronounced turnaround from substantial losses in 2020 to strong profitability peaks in 2022 across all key earnings measures. However, the years following the peak saw declines in profitability, though earnings and cash flow remained positive. This pattern may indicate an industry or company-specific recovery period followed by normalization. The EBITDA resilience suggests that operational cash flow remained healthy, despite the downturn in net income and earnings metrics after 2022.

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Enterprise Value to EBITDA Ratio, Current

Occidental Petroleum Corp., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)
Earnings before interest, tax, depreciation and amortization (EBITDA)
Valuation Ratio
EV/EBITDA
Benchmarks
EV/EBITDA, Competitors¹
Chevron Corp.
ConocoPhillips
Exxon Mobil Corp.
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels
EV/EBITDA, Industry
Energy

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

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

Occidental Petroleum Corp., historical EV/EBITDA calculation, comparison to benchmarks

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
	Selected Financial Data (US$ in millions)
	Enterprise value (EV)¹
	Earnings before interest, tax, depreciation and amortization (EBITDA)²
	Valuation Ratio
	EV/EBITDA³
	Benchmarks
	EV/EBITDA, Competitors⁴
	Chevron Corp.
	ConocoPhillips
	Exxon Mobil Corp.
	EV/EBITDA, Sector
	Oil, Gas & Consumable Fuels
	EV/EBITDA, Industry
	Energy

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).

¹ See details »

² See details »

³ 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =

⁴ Click competitor name to see calculations.

Enterprise Value (EV): The enterprise value exhibited an overall upward trend from 2020 through 2024, increasing from $68,728 million in 2020 to $78,428 million in 2024. Notably, there was a dip in 2023 to $77,093 million after reaching a peak of $81,681 million in 2022. This suggests some fluctuation in market valuation or capital structure adjustments during that period.
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA): EBITDA moved from a significant negative value of -$6,184 million in 2020 to a positive value of $13,766 million in 2021, indicating a substantial recovery or operational improvement. This positive momentum continued into 2022, reaching $22,073 million, the highest among the observed period. However, a decline followed in 2023 to $14,239 million and further decreased in 2024 to $12,616 million, reflecting reduced earnings capacity or possibly higher operating costs or external challenges.
EV/EBITDA Ratio: The EV/EBITDA ratio was not available for 2020 but started at 5.3 in 2021. It then improved to 3.7 in 2022, which coincides with peak EBITDA, indicating better valuation relative to earnings during that year. Subsequently, the ratio increased to 5.41 in 2023 and further to 6.22 in 2024, reflecting a relative increase in enterprise value compared to EBITDA. This rising ratio may suggest the company became more expensive relative to its earnings or that profitability pressures grew.
Summary: The company experienced significant operational improvement starting in 2021 through 2022, as seen by the sharp positive turnaround in EBITDA and a corresponding decrease in EV/EBITDA indicating better earnings relative to valuation. Despite the enterprise value trending upward over the entire period, earnings declined after the 2022 peak, leading to a rising EV/EBITDA multiple in 2023 and 2024. This pattern points to increased valuation risk or challenges in maintaining earnings growth beyond 2022.