Occidental Petroleum Corporation (Occidental) has filed its annual Form 11-K report with the SEC for the fiscal year ended December 31, 2023. The report, audited by Weaver and Tidwell, L.L.P., presents the financial statements of the Occidental Petroleum Corporation Savings Plan, which is a defined contribution plan available to certain employees of Occidental and its participating subsidiaries. The financial statements show that the plan's net assets available for benefits increased from $2,920,409,000 in 2022 to $3,275,038,000 in 2023. The plan's investments include common stock, short-term investment funds, and interests in master trust accounts, with a significant portion invested in Occidental's own common stock. The report also includes a schedule of assets held at the end of the year and a...Show More

Occidental Petroleum Corporation (Occidental) has filed its annual Form 11-K report with the SEC for the fiscal year ended December 31, 2023. The report, audited by Weaver and Tidwell, L.L.P., presents the financial statements of the Occidental Petroleum Corporation Savings Plan, which is a defined contribution plan available to certain employees of Occidental and its participating subsidiaries. The financial statements show that the plan's net assets available for benefits increased from $2,920,409,000 in 2022 to $3,275,038,000 in 2023. The plan's investments include common stock, short-term investment funds, and interests in master trust accounts, with a significant portion invested in Occidental's own common stock. The report also includes a schedule of assets held at the end of the year and a schedule of reportable transactions. Occidental's operations and financial condition are highly dependent on oil prices, and the report acknowledges the volatility of oil prices due to geopolitical risks and other factors. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and is intended to be tax-qualified. The Plan's financial statements are prepared on an accrual basis and are in conformity with U.S. GAAP. The Plan is subject to routine audits by the IRS, with no current audits in progress.