The acquisition of CrownRock, L.P. closed on August 1, 2024, adding to Occidental's oil and gas portfolio in the Permian Basin. The total consideration was $12.4 billion, including $9.4 billion in cash, 29.6 million shares of common stock, and the assumption of $1.2 billion of existing debt.

Occidental sold non-core assets in the Powder River Basin and certain Delaware Basin assets for combined net proceeds of $779 million in the third quarter of 2024. In addition, Occidental sold 19.5 million of its limited partner units in WES for proceeds of $697 million.

Occidental is prioritizing proceeds from asset divestitures and excess cash flow for deleveraging until principal debt is below $15 billion, while also delivering a sustainable and growing dividend. The company declared dividends to common shareholders of $606 million or $0.66 per share during the first nine months of 2024.

Capital expenditures were approximately $5.2 billion for the nine months ended September 30, 2024, compared to $4.7 billion for the same period in 2023, representing increased activities in the domestic oil and gas segment and the continued expansion and conversion activities of OxyChem's Battleground chlor-alkali plant.

Occidental repaid $4.0 billion of debt in the nine months ended September 30, 2024. The company also amended and extended the maturity date of its existing receivables securitization facility to July 30, 2027, maintaining $600 million of available borrowing capacity.

Occidental is working to manage inflation impacts by capitalizing on operational efficiencies, proactive contract management and working closely with vendors to secure the supply of critical materials.

Occidental's operations, financial condition, cash flows and levels of expenditures are highly dependent on oil prices and, to a lesser extent, NGL and natural gas prices. The company expects oil prices to be volatile for the foreseeable future, given geopolitical risks and other factors.

Occidental is involved in various environmental proceedings and litigation, including the Alden Leeds litigation, which could have a material adverse impact on the company's results of operations. The company has accrued a reserve relating to its estimated allocable share of costs, but ultimate liability may be higher or lower.

Occidental is subject to audit by tax authorities and has ongoing disputes, including the Tronox U.S. Tax Court litigation, which could result in significant tax liabilities if the company does not prevail. The company has recorded no tax benefit on certain cash tax refunds and additional cash tax benefits.

The increase in average daily sales volumes of 151 Mboe/d for the three months ended September 30, 2024, compared to the three months ended June 30, 2024, was primarily due to the CrownRock Acquisition and other production increases in the Permian Basin.

Chemical segment earnings decreased due to lower realized pricing across most product lines, primarily caustic soda, partially offset by improved demand across most product lines and favorable energy and ethylene costs.

Midstream and marketing third quarter results decreased due to lower equity method investment income from WES and decreased ownership after the sale of limited partner units in August 2024.

Occidental is working to manage inflation impacts by capitalizing on operational efficiencies and proactive contract management. The company is also focused on streamlining actions to reduce fixed costs and improve processes.

Capital spending increased year-over-year, representing increased activities in the domestic oil and gas segment, and the continued expansion and conversion activities of OxyChem's Battleground chlor-alkali plant.

Occidental is working closely with vendors to secure the supply of critical materials, indicating a focus on supply chain performance.

Occidental's low-carbon ventures businesses seek to leverage the company's legacy of carbon management experience to develop carbon capture, utilization and storage projects, including the commercialization of direct air capture technology.

Occidental is investing in other low-carbon technologies intended to reduce greenhouse gas emissions from its operations and is strategically partnering with other industries to help reduce their emissions.

Capital spending for the nine months ended September 30, 2024, represented the continued construction of STRATOS, Occidental's first large-scale DAC facility in Ector County, Texas.

Occidental is prioritizing proceeds from asset divestitures and excess cash flow for deleveraging until principal debt is below $15 billion. The company repaid $4.0 billion of debt in the nine months ended September 30, 2024.

As of September 30, 2024, Occidental has approximately $1.2 billion remaining under its share repurchase program, which was authorized in 2023.

Occidental declared dividends to common shareholders of $606 million or $0.66 per share during the first nine months of 2024.

Occidental's low-carbon ventures businesses seek to leverage the company's legacy of carbon management experience to develop carbon capture, utilization and storage projects. The company is also investing in other low-carbon technologies intended to reduce greenhouse gas emissions.

Occidental's environmental compliance costs have generally increased over time and are expected to rise in the future, indicating ongoing environmental expenditures.

Occidental is involved in various environmental proceedings and litigation, which could have a material adverse impact on the company's results of operations. The company has accrued a reserve relating to its estimated allocable share of costs, but ultimate liability may be higher or lower.

Occidental's operations, financial condition, cash flows and levels of expenditures are highly dependent on oil prices and, to a lesser extent, NGL and natural gas prices. The company expects oil prices to be volatile for the foreseeable future, given geopolitical risks and other factors.

Occidental is working to manage inflation impacts by capitalizing on operational efficiencies, proactive contract management and working closely with vendors to secure the supply of critical materials.

The company expects oil prices to be volatile for the foreseeable future, given the current geopolitical risks, evolving macro-economic environment, and the Russia-Ukraine war and the conflicts in the Middle East.