Occidental Petroleum Corporation (NYSE:OXY) Q4 2023 Earnings Conference Call February 15, 2024 1:00 PM ET

Company Participants

Jordan Tanner - Vice President, Investor Relations

Vicki Hollub - President and CEO

Sunil Mathew - Senior Vice President and CFO

Richard Jackson - President, Operations, U.S. Onshore Resources and Carbon Management

Ken Dillon - Senior Vice President and President, International Oil and Gas Operations

Conference Call Participants

Neil Mehta - Goldman Sachs

Doug Leggate - Bank of America

John Royall - JPMorgan

David Deckelbaum - TD Cowen

Roger Read - Wells Fargo Securities

Neal Dingmann - Truist Securities

Josh Silverstein - UBS

Michael Scialla - Stephens

Operator

Good afternoon. And welcome to Occidental’s Fourth Quarter 2023 Earnings Conference Call. All participants will be in listen only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]

Please note, this event is being recorded. I would now like to turn the conference over to Jordan Tanner, Vice President of Investor Relations. Please go ahead.

Jordan Tanner

Thank you, Gary. Good afternoon, everyone. And thank you for participating in Occidental’s fourth quarter 2023 earnings conference call. On the call with us today are Vicki Hollub, President and Chief Executive Officer; Sunil Mathew, Senior Vice President and Chief Financial Officer; Richard Jackson, President Operations, U.S. Onshore Resources and Carbon Management; and Ken Dillon, Senior Vice President and President, International Oil and Gas Operations. This afternoon, we will refer to slides available on the Investor section of our website.

The presentation includes a cautionary statement on slide two regarding forward-looking statements that will be made on the call this afternoon. We’ll also reference a few non-GAAP financial measures today. Reconciliations to the nearest corresponding GAAP measure can be found in the schedules for our earnings release and on our website.

I’ll now turn the call over to Vicki.

Vicki Hollub

Thank you, Jordan, and good afternoon, everyone. 2023 was a great year for us, thanks to the performance of all of our teams in Oxy. I’m going to start by discussing our financial performance, operational excellence and our strategic advancements in 2023. Then I’ll review our capital plans for 2024. These continue to position us to deliver sustainable and growing returns for our shareholders through our premier asset portfolio, advanced technology and robust commercial runway.

First, I’ll begin by reviewing our financial performance in 2023. Last year, our talented and committed teams across the company applied advanced technical expertise, operating skills, leading-edge technologies and innovation to our exceptional portfolio, and they delivered results, $5.5 billion in free cash flow, which enabled us to pay $600 million of common dividends, repurchase $1.8 billion of common shares and redeem $1.5 billion of preferred shares, while also investing $6.2 billion back into the business.