Occidental Petroleum Corp., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to Occidental	4,696)	13,304)	2,322)	(14,831)	(667)
Net income attributable to noncontrolling interest	—)	—)	—)	—)	145)
Net noncash charges	6,952)	4,831)	9,357)	19,951)	6,654)
Changes in operating assets and liabilities	660)	(1,325)	(1,426)	(1,278)	1,071)
Net cash provided by operating activities	12,308)	16,810)	10,253)	3,842)	7,203)
Interest paid, net of capitalized interest, net of tax¹	802)	1,340)	1,264)	1,308)	720)
Capitalized interest, net of tax²	72)	65)	46)	71)	67)
Capital expenditures	(6,270)	(4,497)	(2,870)	(2,535)	(6,355)
Free cash flow to the firm (FCFF)	6,912)	13,717)	8,693)	2,686)	1,635)

Based on: 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), 10-K (reporting date: 2019-12-31).

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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 increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

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

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	27.00%	6.00%	25.00%	14.00%	21.00%
Interest Paid, Net of Tax
Interest paid, net of capitalized interest, before tax	1,099)	1,425)	1,685)	1,521)	911)
Less: Interest paid, net of capitalized interest, tax²	297)	86)	421)	213)	191)
Interest paid, net of capitalized interest, net of tax	802)	1,340)	1,264)	1,308)	720)
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax	98)	69)	61)	83)	85)
Less: Capitalized interest, tax³	26)	4)	15)	12)	18)
Capitalized interest, net of tax	72)	65)	46)	71)	67)

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ See details »

² 2023 Calculation
Interest paid, net of capitalized interest, tax = Interest paid, net of capitalized interest × EITR
= 1,099 × 27.00% = 297

³ 2023 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= 98 × 27.00% = 26

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	74,084)
Free cash flow to the firm (FCFF)	6,912)
Valuation Ratio
EV/FCFF	10.72
Benchmarks
EV/FCFF, Competitors¹
Chevron Corp.	14.85
ConocoPhillips	15.33
Exxon Mobil Corp.	15.58
Marathon Petroleum Corp.	5.61
Valero Energy Corp.	6.18
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	12.74
EV/FCFF, Industry
Energy	12.88

Based on: 10-K (reporting date: 2023-12-31).

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, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	77,093)	81,681)	72,969)	68,728)	74,628)
Free cash flow to the firm (FCFF)²	6,912)	13,717)	8,693)	2,686)	1,635)
Valuation Ratio
EV/FCFF³	11.15	5.95	8.39	25.58	45.65
Benchmarks
EV/FCFF, Competitors⁴
Chevron Corp.	14.85	8.27	13.33	106.63	16.67
ConocoPhillips	15.38	7.43	10.72	92.48	13.21
Exxon Mobil Corp.	12.47	7.84	10.06	—	44.38
Marathon Petroleum Corp.	6.31	5.22	7.80	—	13.14
Valero Energy Corp.	6.36	5.39	10.62	—	9.96
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	11.74	7.32	10.61	399.27	21.17
EV/FCFF, Industry
Energy	12.06	7.80	10.93	210.37	21.44

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 77,093 ÷ 6,912 = 11.15

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 decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

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