Occidental Petroleum Corporation reported a total revenue of $26.7 billion for the fiscal year ending December 31, 2024, a decrease from $28.3 billion in 2023. The company's net income attributable to common stockholders was $2.4 billion, or $2.39 per share, down from $3.8 billion, or $4.22 per share, in the previous year. The decline in revenue and profitability was primarily attributed to lower realized prices for oil and natural gas, despite an increase in sales volumes due to the acquisition of CrownRock, which added significant production capacity.
In 2024, Occidental completed the acquisition of CrownRock for approximately $12.4 billion, which included $9.4 billion in cash and the assumption of $1.2 billion in existing debt. This strategic acquisition is expected to enhance Occidental's position in the Permian Basin, where it is already a leading producer. The company also reported a significant increase in its proved reserves, which rose to 4.6 billion barrels of oil equivalent (Boe) from 4.0 billion Boe in 2023, reflecting successful infill development projects and the impact of the CrownRock acquisition.
Operationally, Occidental's total production increased by 9% year-over-year to 1.3 million Boe per day, driven by higher output from the Permian Basin and the Gulf of America. The company reported that its average lease operating expense per barrel decreased to $9.75 in 2024 from $10.48 in 2023, indicating improved operational efficiencies. As of December 31, 2024, Occidental employed approximately 13,323 individuals, a slight increase from the previous year, reflecting the integration of CrownRock's workforce.
Looking ahead, Occidental's management expressed a cautious outlook, anticipating continued volatility in oil and gas prices due to geopolitical risks and macroeconomic conditions. The company plans to allocate between $7.6 billion and $7.8 billion for capital expenditures in 2025, focusing on high-return projects and further integration of CrownRock's assets. Occidental remains committed to its sustainability goals, including achieving net-zero greenhouse gas emissions from its operations by 2040, and is actively pursuing carbon capture and storage initiatives to support this objective.
About OCCIDENTAL PETROLEUM CORP /DE/
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