Occidental has reported its fourth-quarter 2024 financial results, highlighting progress in debt reduction, operational performance, and shareholder returns. The company completed its near-term debt repayment target of $4.5 billion and announced an additional $1.2 billion in planned divestitures for early 2025. Occidental also increased its quarterly dividend by 9% to $0.24 per share, payable in April.

Operationally, the company generated $3.6 billion in operating cash flow and $1.4 billion in free cash flow before working capital. Total production averaged 1,463 thousand barrels of oil equivalent per day, exceeding guidance expectations. The midstream, marketing, and chemical segments also outperformed income projections.

Occidental reported a net loss of $297 million for the quarter, or $0.32 per diluted share, while adjusted income stood at $792 million, or $0.80 per diluted share. The loss was primarily due to a $1.1 billion increase in long-term environmental liabilities following a federal court ruling, which the company is appealing.

The company’s oil and gas segment posted a pre-tax income of $1.2 billion. Crude oil prices saw a slight decline, with an average realized price of $69.73 per barrel, while domestic natural gas prices surged by 215% from the previous quarter.

Occidental ended 2024 with 4.6 billion barrels of oil equivalent in proved reserves, marking an increase from 4.0 billion BOE the previous year. The company’s all-in reserves replacement was 230%, with an organic reserves replacement of 112%, indicating strong long-term sustainability.

The chemicals division (OxyChem) delivered a pre-tax income of $270 million, outperforming expectations despite lower polyvinyl chloride pricing and seasonal demand declines. The midstream and marketing segment recorded a pre-tax loss of $134 million, partly due to net derivative losses.

Occidental reaffirmed its commitment to financial discipline and long-term growth, emphasizing operational efficiency and strategic capital allocation.