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ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of purchase consideration | The following table summarizes the cash and common stock components of the purchase price:
in millions of dollars and shares (except per-share price) | Total
Cash portion of purchase price | $ | 9,100 |
Closing Adjustments |
Net Working Capital and Other Purchase Price Adjustments | 254 |
Pre-closing dividends declared by Occidental | 13
Total Cash Purchase Price | $ | 9,367
Total shares of Occidental common stock issued | 29.6 |
Occidental common stock share price | $ | 59.38 |
Stock portion of purchase price | $ | 1,755 |
Total purchase price | $ | 11,122
Schedule of preliminary purchase price | The following table sets forth the preliminary allocation of the acquisition consideration. Certain data necessary to complete the purchase price allocation is not yet available, including, but not limited to, final appraisals of PP&E. Occidental will finalize the purchase price allocation during the 12-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate.
in millions | August 1, 2024
Fair value of assets acquired: |
Cash and cash equivalents | $ | 589 |
Trade receivables, net | 198 |
Other current assets | 39 |
Property, plant and equipment, oil and gas | 11,818 |
Amount attributable to assets acquired | $ | 12,644
Fair value of liabilities acquired: |
Current maturities of long-term debt | $ | 868 |
Accounts payable | 207 |
Accrued liabilities | 22 |
Long-term debt | 378 |
Asset retirement obligations | 47 |
Amount attributable to liabilities acquired | $ | 1,522 |
Fair value of net assets acquired: | $ | 11,122
Occidental allocated the preliminary purchase price to the fair value of Carbon Engineering’s assets as follows:
millions | 2023
Fair value of assets acquired:
Cash and other current assets | $ | 154 |
Property, plant and equipment | 11 |
Intangible assets related to developed technology | 845 |
Goodwill | 668 |
Total fair value of assets acquired | $ | 1,678 |
Fair value of liabilities acquired:
Liabilities acquired | 110 |
Deferred tax liability | 190 |
Total liabilities assumed | $ | 300 |
Fair value of previously held interest | 371 |
Total acquisition consideration | $ | 1,007 |
Schedule of pro forma financial information | The following summarizes the unaudited pro forma condensed financial information of Occidental as if the CrownRock Acquisition had occurred on January 1, 2023:
|  |  | Years ended
millions, except per-share amounts |  |  |  |  | 2024 |  | 2023
Revenues |  |  |  |  | $ | 28,184 |  |  | $ | 30,777 |
Net income attributable to common stockholders |  |  |  |  | $ | 2,713 |  |  | $ | 4,197 |
Net income attributable to common stockholders per share—basic |  |  |  |  | $ | 2.90 |  |  | $ | 4.54 |
Net income attributable to common stockholders per share—diluted |  |  |  |  | $ | 2.74 |  |  | $ | 4.21 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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