Occidental Petroleum, a leading energy company, reported a year of mixed financial performance and strategic developments in its annual report. Financial Performance: Occidental's revenue for the year stood at $28.257 billion, a decrease from the previous year's $36.634 billion, primarily due to lower worldwide crude oil, domestic NGL, and natural gas commodity prices. The company's net income attributable to common stockholders was $3.773 billion, or $3.90 per diluted share, down from $12.504 billion, or $12.40 per diluted share in the prior year. The decrease in net income was largely due to lower commodity prices impacting the oil and gas segment and decreased demand for chemical products. Business Development: Occidental's oil and gas segment saw an increase in production volumes by 6% year-over...Show More

Occidental Petroleum, a leading energy company, reported a year of mixed financial performance and strategic developments in its annual report. Financial Performance: Occidental's revenue for the year stood at $28.257 billion, a decrease from the previous year's $36.634 billion, primarily due to lower worldwide crude oil, domestic NGL, and natural gas commodity prices. The company's net income attributable to common stockholders was $3.773 billion, or $3.90 per diluted share, down from $12.504 billion, or $12.40 per diluted share in the prior year. The decrease in net income was largely due to lower commodity prices impacting the oil and gas segment and decreased demand for chemical products. Business Development: Occidental's oil and gas segment saw an increase in production volumes by 6% year-over-year, with significant activity in the Permian Basin, Rockies, and Gulf of Mexico. The chemical segment faced softened demand, leading to a 13% decrease in PVC demand. The midstream and marketing segment experienced lower crude margins and NGL prices. Future Plans: Occidental plans to continue its focus on high-return assets and has a planned capital expenditure of between $6.4 billion and $6.6 billion for 2024. The company also announced a divestiture program of $4.5 billion to $6.0 billion to be completed within 18 months of closing the CrownRock Acquisition. Additionally, Occidental is advancing its low-carbon strategy with the construction of STRATOS, the world's largest direct air capture plant, and the acquisition of Carbon Engineering Ltd. to accelerate technological innovation in carbon capture.