Occidental Petroleum Corporation (OXY)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	—	19,670,000	29,431,000	35,745,000	38,537,000
Total stockholders’ equity	US$ in thousands	30,250,000	30,085,000	20,327,000	18,573,000	34,232,000
Debt-to-capital ratio		0.00	0.40	0.59	0.66	0.53

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $30,250,000K)
= 0.00

The debt-to-capital ratio of Occidental Petroleum Corp. has exhibited fluctuations over the past five years. In 2020, the ratio was at its highest point at 0.66, indicating that a significant portion of the company's capital structure was funded by debt. Subsequently, there was a notable decrease in the ratio to 0.59 in 2021, suggesting a slight improvement in the company's capital structure with a lower reliance on debt.

However, there was a further decrease in the debt-to-capital ratio to 0.40 in 2022, indicating a more favorable mix of debt and equity in the company's financing. By the end of 2023, the debt-to-capital ratio had decreased slightly to 0.39, indicating a continued improvement in Occidental Petroleum Corp.'s capital structure efficiency and reduced reliance on debt for funding.

Overall, the trend in the debt-to-capital ratio over the five-year period reflects efforts by Occidental Petroleum Corp. to optimize its capital structure by managing its debt levels effectively and potentially enhancing its financial stability and flexibility.