Occidental Petroleum Corporation, a major oil and gas company, received a letter from the United States Securities and Exchange Commission (SEC) on April 30, 2024, regarding its Form 10-K for the fiscal year ended December 31, 2023. The SEC's review was limited to the financial statements and related disclosures, and they have requested additional information from Occidental Petroleum. Specifically, the SEC has asked for a detailed explanation of how the company evaluated whether its low-carbon ventures businesses (OLCV) should be considered a separate operating segment under FASB ASC 280-10-50. The SEC also inquired about the quantity of reported reserves attributed to equity method investments and how revenue from these investments is presented in the results of operations, seeking clarification on compliance with FASB ASC guidelines. Occidental Petroleum has been given ten business days to respond to the SEC's comments and provide the requested analyses or advise on a response timeline.

Occidental Petroleum Corporation, a major oil and gas company, received a letter from the United States Securities and Exchange Commission (SEC) on April 30, 2024, regarding its Form 10-K for the fiscal year ended December 31, 2023. The SEC's review was limited to the financial statements and related disclosures, and they have requested additional information from Occidental Petroleum. Specifically, the SEC has asked for a detailed explanation of how the company evaluated whether its low-carbon ventures businesses (OLCV) should be considered a separate operating segment under FASB ASC 280-10-50. The SEC also inquired about the quantity of reported reserves attributed to equity method investments and how revenue from these investments is presented in the results of operations, seeking clarification on compliance with FASB ASC guidelines. Occidental Petroleum has been given ten business days to respond to the SEC's comments and provide the requested analyses or advise on a response timeline.