Occidental Announces 4th Quarter 2022 Results
Occidental announced net income attributable to common stockholders for the fourth quarter of 2022 of $1.7 billion, or $1.74 per diluted share, and adjusted income attributable to common stockholders of $1.6 billion, or $1.61 per diluted share. Fourth quarter after-tax items affecting comparability of $127 million included a non-cash tax benefit adjustment of $123 million related to a post-Anadarko acquisition reorganization of legal entities.
Highlights:
Announced enhanced shareholder return framework including a new $3.0 billion share repurchase authorization and 38% increase to common dividend
Completed $3.0 billion share repurchase program with $562 million of repurchases in the fourth quarter, bringing total year repurchases to 47.7 million shares
Repaid $1.1 billion of debt and retired $450 million of interest rate swaps during the fourth quarter, with total year debt repayments of over $10.5 billion, representing 37% of total outstanding principal
OxyChem exceeded guidance with pre-tax earnings of $457 million, establishing record year pre-tax earnings of $2.5 billion
Cash flow from continuing operations of $4.0 billion and cash flow from continuing operations before working capital of $4.1 billion
Capital spending of $1.5 billion, resulting in quarterly free cash flow before working capital of $2.6 billion
Earnings per diluted share of $1.74 and adjusted earnings per diluted share of $1.61
Worldwide year-end proved reserves of 3.8 billion BOE, with reserves replacement of 172% and finding and development costs of $6.60 per BOE
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