Occidental Petroleum reported a decrease in net income for the first quarter of 2024, with figures showing a drop from $1,263 million in Q1 2023 to $888 million in Q1 2024. The company's income from continuing operations also fell to $706 million from $1,263 million year-on-year. Basic income per common share decreased from $1.08 to $0.81, and diluted income per common share went down from $1.00 to $0.75. Despite the decline in net income, Occidental's oil and gas segment reported net sales of $4,915 million and a net income of $1,238 million for the quarter. The chemical segment also performed well with net sales of $1,186 million and a net income of $254 million. However, the midstream and marketing segment experienced a loss of $33 million. The company is facing a potential repayment of...Show More

Occidental Petroleum reported a decrease in net income for the first quarter of 2024, with figures showing a drop from $1,263 million in Q1 2023 to $888 million in Q1 2024. The company's income from continuing operations also fell to $706 million from $1,263 million year-on-year. Basic income per common share decreased from $1.08 to $0.81, and diluted income per common share went down from $1.00 to $0.75. Despite the decline in net income, Occidental's oil and gas segment reported net sales of $4,915 million and a net income of $1,238 million for the quarter. The chemical segment also performed well with net sales of $1,186 million and a net income of $254 million. However, the midstream and marketing segment experienced a loss of $33 million. The company is facing a potential repayment of approximately $1.4 billion in federal taxes, $28 million in state taxes, and accrued interest of $622 million, pending the outcome of a tax court opinion. Occidental has not recorded any tax benefit from the tentative cash tax refund of $881 million or from the additional cash tax benefits of approximately $500 million. In terms of business development, Occidental continues to operate through its three segments: oil and gas, chemical, and midstream and marketing. The company has also been involved in indemnity agreements, but as of March 31, 2024, does not anticipate indemnity claims that would significantly exceed reserves.