Occidental Petroleum Corporation (Oxy) has reported its financial results for the fiscal year 2023. The company's operating cash flow before working capital was $11.648 billion, and after accounting for capital expenditures and contributions from noncontrolling interest, the free cash flow before working capital stood at $5.476 billion. Oxy's performance was influenced by various factors, including commodity price fluctuations, operational efficiencies, and strategic acquisitions. Notably, Oxy entered into an agreement to purchase CrownRock L.P. for approximately $12.0 billion, planning to finance the acquisition with new debt issuance, common equity, and the assumption of CrownRock's existing debt. The company also reported asset divestitures, including the sale of non-core proved and unproved properties in the Permian Basin, and completed the acquisition of...Show More

Occidental Petroleum Corporation (Oxy) has reported its financial results for the fiscal year 2023. The company's operating cash flow before working capital was $11.648 billion, and after accounting for capital expenditures and contributions from noncontrolling interest, the free cash flow before working capital stood at $5.476 billion. Oxy's performance was influenced by various factors, including commodity price fluctuations, operational efficiencies, and strategic acquisitions. Notably, Oxy entered into an agreement to purchase CrownRock L.P. for approximately $12.0 billion, planning to finance the acquisition with new debt issuance, common equity, and the assumption of CrownRock's existing debt. The company also reported asset divestitures, including the sale of non-core proved and unproved properties in the Permian Basin, and completed the acquisition of Carbon Engineering Ltd., making it a wholly-owned subsidiary. Oxy's financial position was further strengthened by the repayment of debt, reducing the total face value of its debt to less than $18.0 billion. The company's stock performance was also addressed, with share repurchases under a $3.0 billion program and preferred stock redemptions. Oxy's commitment to sustainability and environmental stewardship was evident in its ongoing development of carbon management and storage solutions, as well as its efforts to achieve net-zero greenhouse gas emissions. The company's financial statements were audited by KPMG LLP, which confirmed the effectiveness of Oxy's internal control over financial reporting.