Occidental Petroleum Corporation

Earnings Per Share

Reconciliation to Generally Accepted Accounting Principles (GAAP)

($/share)

Reconciliation - Diluted Earnings (Loss) Per Share

Three Months Ended March 31,

2024

2023

Reported Diluted Earnings (Loss) Per Share (GAAP)

$

0.75

$

1.00

Less: After-TaxNon-Core Adjustments

Oil & Gas

Domestic

$

-

$

0.02

Foreign

(0.05)

-

Chemical

(0.01)

-

Midstream & Marketing

0.03

(0.03)

Corporate

Interest

(0.04)

-

Other

(0.01)

-

Taxes

-

-

Discontinued operations, net of tax

0.20

-

Preferred stock redemption premiums

-

(0.08)

Total After-TaxNon-Core Adjustments

$

0.12

$

(0.09)

Adjusted Diluted Earnings (Loss) Per Share (Non-GAAP)

$

0.63

$

1.09

Average Diluted Shares Outstanding - Reported (millions)

948.6

975.3

Average Diluted Shares Outstanding - Adjusted (millions)

948.6

975.3

Occidental Petroleum Corporation

Adjusted Operating Cash Flow before Working Capital, Capital Expenditures Net of Noncontrolling Interest and Free Cash Flow

Reconciliation to Generally Accepted Accounting Principles (GAAP)

($/MM)

Three Months Ended March 31,

Free Cash Flow (Non-GAAP)

2024

2023

Operating cash flow from continuing operations (GAAP)

$

2,007

$

2,870

Plus: Working capital and other, net

439

283

Operating cash flow from continuing operations before working capital (Non-GAAP)

2,446

3,153

Capital Expenditures (GAAP)

(1,783)

(1,461)

Less: Contributions from noncontrolling interest

57

-

Capital Expenditures, net of noncontrolling interest (Non-GAAP)

(1,726)

(1,461)

Free Cash Flow (Non-GAAP)

$

720

$

1,692

Occidental Petroleum Corporation

Adjusted Chemical and Midstream Segment Earnings (EBIT)

Reconciliation to Generally Accepted Accounting Principles (GAAP)

($/MM)

Three Months Ended March 31,

Adjusted Chemical and Midstream Segment Earnings (EBIT)

2024

2023

Chemical reported income

$

254

$

472

Less:

Legal reserves

(6)

-

Adjusted Chemical income (EBIT)

$

260

$

472

Midstream and Marketing reported income (loss)

$

(33)

$

2

Less:

Asset sales gains and other, net

122

-

Derivative gains (losses), net (a)

(91)

(8)

Asset impairments and other charges (a)

-

(26)

Total items affecting comparability

31

(34)

Adjusted Midstream and Marketing income (loss) (EBIT)

$

(64)

$

36

(a) Included gains on sales, charges and derivative gains from income from equity investments and other.

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OXY - Occidental Petroleum Corporation published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 20:22:45 UTC.