Occidental Petroleum : 1st Quarter 2024 NON GAAP Reconciliation
May 07, 2024 at 04:22 pm EDT
Share
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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Disclaimer
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.
Occidental Petroleum Corporation is one of the world's largest oil groups in the United States. Net sales (including intra-group) break down by activity as follows:
- exploration and production of hydrocarbon (70%): 226 million barrels of crude oil, 91 million barrels of natural gaz liquids and 18.4 billion m3 of natural gas produced in 2021;
- fabrication of chemicals (19.4%): basic chemicals (chlorine, caustic soda, ethylene, etc.) and performance chemicals (primarily PVC, pigments, and plastics);
- transportation, storage and distribution of hydrocarbons (10.6%).
The United States account for 84.2% of net sales.