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Occidental Petroleum Corp. Q4 FY2023 results: revenue $7.2 billion, down 12.7% on the year

Occidental Petroleum Corp. (OXY) reported revenue of $7.2 billion for Q4 FY2023, the quarter ended 31 December 2023, down 12.7% on the same quarter a year earlier. Net income was $1.2 billion, down 37.8% on the year, and diluted earnings per share $1.07. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue$7.2 billiondown 12.7%
Net income$1.2 billiondown 37.8%
Diluted EPS$1.07
QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Revenue7,1727,158n/an/a
Cost of revenue898682n/an/a
Gross profit6,2746,476n/an/a
Gross margin87.5%90.5%n/a
Selling, general and administrative307258n/an/a
Pre-tax income1,5591,809n/an/a
Income tax361434n/an/a
Effective tax rate23.2%24.0%n/a
Net income1,1981,375n/an/a
Net margin16.7%19.2%n/a
Diluted EPS$1.07$1.20n/an/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Operating cash flow3,2393,129n/an/a
Capital expenditure1,5441,619n/an/a
Free cash flow1,6951,510n/an/a
Free cash flow margin23.6%21.1%n/a
Depreciation and amortisation1,7231,712n/an/a
Buybacks187434n/an/a
Dividend per sharen/a$0.18n/an/a
Diluted shares, weighted961m958mn/an/a
Shares outstanding at period end879m878mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Total assets74,00871,827n/an/a
Cash and equivalents1,426611n/an/a
Receivables3,1953,674n/an/a
Inventory2,0221,975n/an/a
Total debt, as filed17,955n/an/an/a
Long-term debt19,00119,059n/an/a
Long-term debt including finance leases18,53618,597n/an/a
Borrowings, as the company tags them17,95517,936n/an/a
Operating lease liabilities727577n/an/a
Finance lease liabilities591593n/an/a
Shareholders' equity30,25029,312n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue7,1587,1725,9756,8177,1736,7606,8036,4146,624n/a5,2308,065
Cost of revenue682898742821806752801847812n/an/an/a
Gross profit6,4766,2745,2335,9966,3676,0086,0025,5675,812n/an/an/a
Gross margin90%87%88%88%89%89%88%87%88%n/an/an/a
SG&A258307259259268276267284277n/a245262
Pre-tax income1,8091,5591,0101,6351,594-1691,3327381,166n/a3903,915
Tax rate24%23%30%28%28%n/a29%37%28%n/a39%23%
Net income1,3751,198888985959-295761261657n/a3,1552,787
Net margin19%17%15%14%13%-4%11%4%10%n/a60%35%
Diluted EPS$1.20$1.07$0.75$1.03$0.98-$0.32$0.77$0.26$0.65n/a$3.13$2.75
Operating cash flow3,1293,2392,0072,3943,6823,3562,1482,9602,790n/a1,2814,271
Capital expenditure1,6191,5441,7831,7711,6831,7811,9081,9981,768n/a1,5541,589
Free cash flow1,5101,6952246231,9991,5752409621,022n/a-2732,682
Buybacks4341870.09.00.018.00.00.00.0n/a56.061.0
Shares outstanding878m879m887m906m938m938m942m984m985m986m991m1,000m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 14 February 2024, accession 0000797468-24-000034: the filing on EDGAR. All of Occidental Petroleum Corp.'s filings: EDGAR company page.

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