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Occidental Petroleum | CORRESP: CORRESP

SEC announcement ·  May 9 20:00
Summary by Futu AI
Occidental Petroleum Corporation responded to a comment letter from the U.S. Securities and Exchange Commission (SEC) regarding its Form 10-K for the fiscal year ended December 31, 2023. The SEC's inquiry, dated April 30, 2024, sought clarification on the classification of Occidental's low-carbon ventures businesses (OLCV) within its financial reporting. Occidental's analysis concluded that OLCV does not meet the criteria to be considered a separate operating segment under FASB ASC 280-10-50. The company's Chief Operating Decision Maker does not review OLCV as a discrete segment, and its financial results are included within the midstream and marketing segment. OLCV's activities, which involve CO2 sequestration services and direct air capture technology, are still in the developmental stage with no significant revenue or assets. Occidental also confirmed that it has no oil and gas reserves or production associated with equity method investments. The company has agreed to remove immaterial references to equity method investees from future filings.
Occidental Petroleum Corporation responded to a comment letter from the U.S. Securities and Exchange Commission (SEC) regarding its Form 10-K for the fiscal year ended December 31, 2023. The SEC's inquiry, dated April 30, 2024, sought clarification on the classification of Occidental's low-carbon ventures businesses (OLCV) within its financial reporting. Occidental's analysis concluded that OLCV does not meet the criteria to be considered a separate operating segment under FASB ASC 280-10-50. The company's Chief Operating Decision Maker does not review OLCV as a discrete segment, and its financial results are included within the midstream and marketing segment. OLCV's activities, which involve CO2 sequestration services and direct air capture technology, are still in the developmental stage with no significant revenue or assets. Occidental also confirmed that it has no oil and gas reserves or production associated with equity method investments. The company has agreed to remove immaterial references to equity method investees from future filings.
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