Occidental Petroleum Corp., FCFF 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	3,056)	4,696)	13,304)	2,322)	(14,831)
Net income attributable to noncontrolling interest	22)	—)	—)	—)	—)
Net noncash charges	8,639)	6,952)	4,831)	9,357)	19,951)
Changes in operating assets and liabilities	22)	660)	(1,325)	(1,426)	(1,278)
Net cash provided by operating activities	11,739)	12,308)	16,810)	10,253)	3,842)
Interest paid, net of capitalized interest, net of tax¹	858)	802)	1,340)	1,264)	1,308)
Capitalized interest, net of tax²	134)	72)	65)	46)	71)
Capital expenditures	(7,018)	(6,270)	(4,497)	(2,870)	(2,535)
Free cash flow to the firm (FCFF)	5,713)	6,912)	13,717)	8,693)	2,686)

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
FCFF	Free cash flow to the firm is the cash flow available to the Occidental Petroleum Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Occidental Petroleum Corp. FCFF decreased from 2022 to 2023 and from 2023 to 2024.

Occidental Petroleum Corp., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	29.00%	27.00%	6.00%	25.00%	14.00%
Interest Paid, Net of Tax
Interest paid, net of capitalized interest, before tax	1,208)	1,099)	1,425)	1,685)	1,521)
Less: Interest paid, net of capitalized interest, tax²	350)	297)	86)	421)	213)
Interest paid, net of capitalized interest, net of tax	858)	802)	1,340)	1,264)	1,308)
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax	189)	98)	69)	61)	83)
Less: Capitalized interest, tax³	55)	26)	4)	15)	12)
Capitalized interest, net of tax	134)	72)	65)	46)	71)

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 2024 Calculation
Interest paid, net of capitalized interest, tax = Interest paid, net of capitalized interest × EITR
= 1,208 × 29.00% = 350

³ 2024 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= 189 × 29.00% = 55

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	78,419)
Free cash flow to the firm (FCFF)	5,713)
Valuation Ratio
EV/FCFF	13.73
Benchmarks
EV/FCFF, Competitors¹
Chevron Corp.	20.02
ConocoPhillips	17.03
Exxon Mobil Corp.	16.77
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	17.32
EV/FCFF, Industry
Energy	17.19

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

¹ Click competitor name to see calculations.

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

Occidental Petroleum Corp., historical EV/FCFF 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	78,428)	77,093)	81,681)	72,969)	68,728)
Free cash flow to the firm (FCFF)²	5,713)	6,912)	13,717)	8,693)	2,686)
Valuation Ratio
EV/FCFF³	13.73	11.15	5.95	8.39	25.58
Benchmarks
EV/FCFF, Competitors⁴
Chevron Corp.	18.98	14.85	8.27	13.33	106.63
ConocoPhillips	16.31	15.38	7.43	10.72	92.48
Exxon Mobil Corp.	15.76	12.47	7.84	10.06	—
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	16.44	13.39	7.72	10.86	163.02
EV/FCFF, Industry
Energy	16.37	13.70	8.29	11.22	117.62

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/FCFF = EV ÷ FCFF
= 78,428 ÷ 5,713 = 13.73

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Occidental Petroleum Corp. EV/FCFF ratio increased from 2022 to 2023 and from 2023 to 2024.

Occidental Petroleum Corp. (NYSE:OXY)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical