Occidental Petroleum Corp., FCFE 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)
Capital expenditures	(6,270)	(4,497)	(2,870)	(2,535)	(6,355)
Debt issuance costs	(46)	—)	—)	—)	—)
Proceeds from long-term debt, net, Occidental	—)	—)	—)	6,936)	21,557)
Payments of long-term debt, net, Occidental	(22)	(9,484)	(6,834)	(8,916)	(6,959)
Proceeds from long-term debt, net, WES	—)	—)	—)	—)	1,459)
Payments of long-term debt, net, WES	—)	—)	—)	—)	(1,000)
Free cash flow to equity (FCFE)	5,970)	2,829)	549)	(673)	15,905)

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).

Download chart

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Occidental Petroleum Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Occidental Petroleum Corp. FCFE increased from 2021 to 2022 and from 2022 to 2023.

Occidental Petroleum Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	938,343,042
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	5,970)
FCFE per share	6.36
Current share price (P)	50.50
Valuation Ratio
P/FCFE	7.94
Benchmarks
P/FCFE, Competitors¹
Chevron Corp.	18.24
ConocoPhillips	11.70
Exxon Mobil Corp.	15.70
Marathon Petroleum Corp.	4.01
Valero Energy Corp.	5.58
P/FCFE, Sector
Oil, Gas & Consumable Fuels	12.46
P/FCFE, Industry
Energy	12.66

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

¹ Click competitor name to see calculations.

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

Occidental Petroleum Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	879,499,439	900,072,447	934,063,989	931,554,718	895,224,961
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	5,970)	2,829)	549)	(673)	15,905)
FCFE per share³	6.79	3.14	0.59	-0.72	17.77
Share price^1, 4	57.30	58.96	38.92	26.61	32.74
Valuation Ratio
P/FCFE⁵	8.44	18.76	66.22	—	1.84
Benchmarks
P/FCFE, Competitors⁶
Chevron Corp.	18.24	10.59	32.05	21.61	38.28
ConocoPhillips	11.74	8.93	10.61	497.58	14.36
Exxon Mobil Corp.	12.46	8.73	19.82	13.70	16.01
Marathon Petroleum Corp.	4.75	3.74	65.05	51.11	5.87
Valero Energy Corp.	5.77	6.12	12.51	9.57	7.61
P/FCFE, Sector
Oil, Gas & Consumable Fuels	11.39	8.65	20.61	19.80	11.93
P/FCFE, Industry
Energy	11.77	9.32	21.56	19.35	12.49

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 Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 5,970,000,000 ÷ 879,499,439 = 6.79

⁴ Closing price as at the filing date of Occidental Petroleum Corp. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 57.30 ÷ 6.79 = 8.44

⁶ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Occidental Petroleum Corp. P/FCFE ratio decreased from 2021 to 2022 and from 2022 to 2023.

Occidental Petroleum Corp. (NYSE:OXY)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical