Occidental Petroleum Beneish M-Score Historical Data
The historical data trend for Occidental Petroleum's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
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Occidental Petroleum Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.52 |
-1.80 |
-2.60 |
-2.70 |
-3.01 |
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Occidental Petroleum Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.70 |
-3.24 |
-3.46 |
-2.97 |
-3.01 |
Competitive Comparison
For the Oil & Gas E&P subindustry, Occidental Petroleum's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Occidental Petroleum Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Occidental Petroleum's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Occidental Petroleum's Beneish M-Score falls into.
Occidental Petroleum Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Occidental Petroleum for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.9676 | + | 0.528 * 1.3463 | + | 0.404 * 1.3213 | + | 0.892 * 0.7713 | + | 0.115 * 1.0136 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4858 | + | 4.679 * -0.113947 | - | 0.327 * 0.9925 |
| = | -3.01 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $3,195 Mil.
Revenue was 7172 + 7158 + 6702 + 7225 = $28,257 Mil.
Gross Profit was 2414 + 2692 + 2207 + 2796 = $10,109 Mil.
Total Current Assets was $8,375 Mil.
Total Assets was $74,008 Mil.
Property, Plant and Equipment(Net PPE) was $59,659 Mil.
Depreciation, Depletion and Amortization(DDA) was $6,865 Mil.
Selling, General, & Admin. Expense(SGA) was $1,083 Mil.
Total Current Liabilities was $9,148 Mil.
Long-Term Debt & Capital Lease Obligation was $19,263 Mil.
Net Income was 1198 + 1375 + 860 + 1263 = $4,696 Mil.
Non Operating Income was 442 + 298 + -23 + 104 = $821 Mil.
Cash Flow from Operations was 3239 + 3129 + 3070 + 2870 = $12,308 Mil.
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Total Receivables was $4,281 Mil.
Revenue was 8219 + 9390 + 10676 + 8349 = $36,634 Mil.
Gross Profit was 3466 + 4600 + 5713 + 3866 = $17,645 Mil.
Total Current Assets was $8,886 Mil.
Total Assets was $72,609 Mil.
Property, Plant and Equipment(Net PPE) was $59,287 Mil.
Depreciation, Depletion and Amortization(DDA) was $6,926 Mil.
Selling, General, & Admin. Expense(SGA) was $945 Mil.
Total Current Liabilities was $7,757 Mil.
Long-Term Debt & Capital Lease Obligation was $20,327 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (3195 / 28257) | / | (4281 / 36634) |
| = | 0.113069 | / | 0.116859 |
| | = | 0.9676 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (17645 / 36634) | / | (10109 / 28257) |
| = | 0.481656 | / | 0.357752 |
| | = | 1.3463 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (8375 + 59659) / 74008) | / | (1 - (8886 + 59287) / 72609) |
| = | 0.080721 | / | 0.061094 |
| | = | 1.3213 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 28257 | / | 36634 |
| | = | 0.7713 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (6926 / (6926 + 59287)) | / | (6865 / (6865 + 59659)) |
| = | 0.104602 | / | 0.103196 |
| | = | 1.0136 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (1083 / 28257) | / | (945 / 36634) |
| = | 0.038327 | / | 0.025796 |
| | = | 1.4858 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((19263 + 9148) / 74008) | / | ((20327 + 7757) / 72609) |
| = | 0.383891 | / | 0.386784 |
| | = | 0.9925 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (4696 - 821 | - | 12308) | / | 74008 |
| | = | -0.113947 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Occidental Petroleum has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
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