OCCIDENTAL PETROLEUM CORP /DE/OXY

OCCIDENTAL PETROLEUM CORP /DE/ Fair Value Disclosure

10-KFiled Feb 18, 20261 min read
NOTE 8 - FAIR VALUE MEASUREMENTS

FAIR VALUES – NONRECURRING
There were no significant non-recurring fair value measurements in 2025.
In 2024, the Company recorded a pre-tax impairment of $334 million related to certain wells in the Gulf of America whose future net cash inflows did not indicate that the asset value is recoverable.
In 2023, the Company recorded a pre-tax impairment of $180 million related to undeveloped acreage in the northern non-core area of the Powder River Basin where the Company has decided not to pursue future exploration and appraisal activities. Impairment expense also included a $29 million impairment related to an equity method investment in Black Butte Coal Company.
FINANCIAL INSTRUMENTS FAIR VALUE
The carrying amounts of cash, cash equivalents, restricted cash, restricted cash equivalents and other financial instruments, other than fixed-rate debt, approximate fair value. See Note 5 - Long-Term Debt for the fair value of long-term debt.

Historical Timeline

Fiscal YearFiled
2025Feb 18, 2026Showing above
2024Feb 18, 2025
2023Feb 14, 2024
2022Feb 27, 2023
2021Feb 24, 2022
2020Feb 26, 2021
2019Feb 28, 2020
2018Feb 21, 2019
2017Feb 23, 2018
2016Feb 23, 2017
2015Feb 26, 2016

About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.

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