Occidental Petroleum Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a mixed performance compared to the previous fiscal period. For the three months ended September 30, 2024, net sales reached $7,173 million, a slight increase from $7,158 million in the same period of 2023. However, total revenues for the nine months ended September 30, 2024, were $20,553 million, down from $20,987 million in 2023.

Net income for the third quarter of 2024 was $1,140 million, consistent with the previous quarter but lower than $1,375 million reported in Q3 2023. For the nine months, net income totaled $3,198 million, a decrease from $3,498 million in the same period last year. The decline in profitability was attributed to lower realized pricing in the chemical segment and reduced domestic gas prices in the oil and gas segment, despite increased sales volumes and higher gas marketing margins.

Occidental's operating cash flow from continuing operations for the nine months ended September 30, 2024, was $8,183 million, down from $9,100 million in 2023. This decrease was primarily due to working capital cash uses related to the timing of crude sales and changes in crude oil prices. The company reported capital expenditures of approximately $5.2 billion for the first nine months of 2024, an increase from $4.7 billion in the same period of 2023, driven by the construction of the STRATOS DAC facility and increased domestic oil and gas activities.

Strategically, Occidental completed the acquisition of CrownRock, L.P. on August 1, 2024, for a total consideration of $12.4 billion, which included $9.4 billion in cash and the assumption of $1.2 billion in existing debt. This acquisition is expected to enhance Occidental's oil and gas portfolio in the Permian Basin. To finance this acquisition, the company issued $9.7 billion in new debt and repaid $4.0 billion of debt during the nine months ended September 30, 2024.

In terms of asset management, Occidental sold non-core assets in the Powder River Basin and certain Delaware Basin assets for net proceeds of $779 million, incurring a pre-tax loss of $479 million. Additionally, the company sold 19.5 million limited partner units in WES for proceeds of $697 million, resulting in a pre-tax gain of $489 million.

As of September 30, 2024, Occidental's total borrowings at face value amounted to $24,899 million, significantly higher than $17,955 million as of December 31, 2023. The company’s cash and cash equivalents stood at $1.8 billion, with a borrowing capacity under its revolving credit facility of $4.15 billion.