Occidental Petroleum (OXY) 10-K Summary — Year Ended Dec 31, 2023
Occidental Petroleum Corporation reported a significant decline in annual revenue compared to the prior year, while net income and operating cash flow remained substantial. The filing highlights ongoing legal, environmental, and global investment exposures as material considerations.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Occidental Petroleum Corporation reported a significant decline in annual revenue compared to the prior year, while net income and operating cash flow remained substantial. The filing highlights ongoing legal, environmental, and global investment exposures as material considerations.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$23.2B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$4.7B
Net income reported for the year.
Operating cash flow
$12.3B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $26B | n/a |
| Dec 31, 2022 | $36.2B | +39.6% |
| Dec 31, 2023 | $23.2B | -35.9% |
Business overview
Occidental Petroleum Corporation is an energy company engaged in oil and gas exploration and production. The filing references its operations in the context of global investments and environmental liabilities. The company's business is described in the Management Discussion and Analysis and Risk Factors sections.
Financial performance
Revenue for the most recent annual period was substantially lower than the prior year, following a large increase in the year before. Net income and operating cash flow were reported at multi-billion dollar levels. Operating income was not disclosed in the supplied data.
Material risks
The filing identifies risk factors including legal proceedings, claims, commitments, and contingencies. Environmental liabilities and expenditures are noted as material risks. Global investments are also cited as a source of potential exposure.
Liquidity and capital
Liquidity and capital resources are discussed in a dedicated section, referencing lawsuits, environmental liabilities, and global investments. No specific capital allocation strategy or dividend policy is provided in the supplied context.
What to watch
Readers should monitor the outcome of the lawsuits, claims, and environmental liabilities discussed in the filing.