View Filing Data

Document and Entity Information	3 Months Ended
Mar. 31, 2012 shares
Document and Entity Information
Entity Registrant Name	OCCIDENTAL PETROLEUM CORP /DE/
Entity Central Index Key	0000797468
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	811,067,420
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash and cash equivalents	$ 3,760	$ 3,781
Trade receivables, net	5,712	5,395
Marketing and trading assets and other	874	916
Inventories	1,250	1,069
Prepaid expenses and other	391	381
Total current assets	11,987	11,542
INVESTMENTS IN UNCONSOLIDATED ENTITIES	1,965	2,072
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $24,743 at March 31, 2012 and $23,687 at December 31, 2011	46,903	45,684
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	767	746
TOTAL ASSETS	61,622	60,044
CURRENT LIABILITIES
Accounts payable	5,522	5,304
Accrued liabilities	2,328	2,533
Domestic and foreign income taxes	248	110
Total current liabilities	8,098	7,947
LONG-TERM DEBT, NET	5,873	5,871
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred and other domestic and foreign income taxes	5,203	4,846
Other	3,701	3,760
Total deferred credits and other liabilities	8,904	8,606
STOCKHOLDERS' EQUITY
Common stock, at par value	177	177
Treasury stock	(4,517)	(4,502)
Additional paid-in capital	7,313	7,286
Retained earnings	36,262	35,142
Accumulated other comprehensive loss	(488)	(483)
Total stockholders' equity	38,747	37,620
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 61,622	$ 60,044

CONSOLIDATED CONDENSED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
REVENUES AND OTHER INCOME
Net sales	$ 6,268	$ 5,726
Interest, dividends and other income	14	31
Gains on disposition of assets, net	1	22
TOTAL REVENUES AND OTHER INCOME	6,283	5,779
COSTS AND OTHER DEDUCTIONS
Cost of sales	2,950	2,526
Selling, general and administrative and other operating expenses	434	441
Taxes other than on income	174	151
Exploration expense	98	84
Interest and debt expense, net	30	215
TOTAL COSTS AND OTHER DEDUCTIONS	3,686	3,417
Income before income taxes and other items	2,597	2,362
Provision for domestic and foreign income taxes	1,139	1,054
Income from equity investments	(102)	(97)
Income from continuing operations	1,560	1,405
Discontinued operations, net	(1)	144
NET INCOME	$ 1,559	$ 1,549
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations (in dollars per share)	$ 1.92	$ 1.72
Discontinued operations, net (in dollars per share)		0.18
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	1.92	1.90
DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations (in dollars per share)	1.92	1.72
Discontinued operations, net (in dollars per share)		0.18
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	1.92	1.90
DIVIDENDS PER COMMON SHARE (in dollars per share)	$ 0.54	$ 0.46

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Net income

$ 1,559

$ 1,549

Other comprehensive income (loss) items

Foreign currency translation adjustments

Pension and postretirement adjustments

^[1]

Unrealized gains (losses) on derivatives

^[2]

(25)

Reclassification of realized (gains) losses on derivatives and other

^[3]

(28)

Other comprehensive income (loss), net of tax

(5)

Comprehensive income

$ 1,554

$ 1,551

[1]	Net of tax of $(3) and $(4) in 2012 and 2011, respectively.
[2]	Net of tax of $(8) and $14 in 2012 and 2011, respectively.
[3]	Net of tax of $17 and $(8) in 2012 and 2011, respectively.

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

The increase (decrease) to accumulated comprehensive income during the period related to benefit plans, after tax, attributable to the parent entity.

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+ Details

- Definition

Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax, attributable to the parent entity.

+ References

+ Details

- Definition

This element represents Other Comprehensive Income or Loss, Net of Tax, for the period attributable to the parent entity. Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment.

+ References

+ Details

- Definition

Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.

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+ Details

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$ 1,559	$ 1,549
Adjustments to reconcile net income to net cash provided by operating activities
Discontinued operations, net	1	(144)
Depreciation, depletion and amortization of assets	1,085	890
Deferred income tax provision	350	276
Other noncash charges to income	65	115
Gains on disposition of assets, net	(1)	(22)
Undistributed earnings from equity investments	(9)	(48)
Dry hole and impairment expense	82	49
Changes in operating assets and liabilities, net	(317)	(629)
Other operating, net	(42)	183
Operating cash flow from continuing operations	2,773	2,219
Operating cash flow from discontinued operations, net of taxes	(8)	3
Net cash provided by operating activities	2,765	2,222
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(2,412)	(1,325)
Payments for purchases of assets and businesses	(97)	(3,015)
Sales of assets, net	2	44
Other, net	92	(15)
Investing cash flow from continuing operations	(2,415)	(4,311)
Investing cash flow from discontinued operations		2,570
Net cash used by investing activities	(2,415)	(1,741)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings		1,000
Payments of long-term debt		(1,523)
Proceeds from issuance of common stock	15	3
Purchases of treasury stock	(15)	(13)
Distributions to noncontrolling interest		(121)
Cash dividends paid	(374)	(310)
Other, net	3	5
Net cash used by financing activities	(371)	(959)
Decrease in cash and cash equivalents	(21)	(478)
Cash and cash equivalents-beginning of period	3,781	2,578
Cash and cash equivalents-end of period	$ 3,760	$ 2,100

Retirement Plans and Postretirement Benefits

3 Months Ended

Mar. 31, 2012

Retirement Plans and Postretirement Benefits

Retirement Plans and Postretirement Benefits

8. Retirement Plans and Postretirement Benefits

The following table sets forth the components of the net periodic benefit costs for Occidental’s defined benefit pension and postretirement benefit plans for the three months ended March 31, 2012 and 2011 (in millions):

	2012							2011
Net Periodic Benefit Costs	Pension Plans				Postretirement Plans			Pension Plans				Postretirement Plans
Service cost		$	3			$	7		$	5			$	6
Interest cost		7				11			7				11
Expected return on plan assets		(8		)		—			(8		)		—
Recognized actuarial loss		5				8			3				8
Total		$	7			$	26		$	7			$	25

Occidental contributed $1 million and $2 million in the three-month periods ended March 31, 2012 and 2011, respectively, to its defined benefit pension plans.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/topic&trid=2235017

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2012

Fair Value Measurements

Fair Value Measurements

9. Fair Value Measurements

Occidental has categorized its assets and liabilities that are measured at fair value, based on the priority of the inputs to the valuation techniques, in a three-level fair value hierarchy: Level 1 – using quoted prices in active markets for identical assets or liabilities; Level 2 – using observable inputs other than quoted prices for identical assets or liabilities; and Level 3 – using unobservable inputs. Transfers between levels, if any, are recognized at the end of each reporting period.

Fair Values - Recurring

Occidental primarily applies the market approach for recurring fair value measurements, maximizes its use of observable inputs and minimizes its use of unobservable inputs. Occidental utilizes the mid-point price between bid and ask prices for valuing the majority of its assets and liabilities measured and reported at fair value. In addition to using market data, Occidental makes assumptions in valuing its assets and liabilities, including assumptions about the risks inherent in the inputs to the valuation technique. For assets and liabilities carried at fair value, Occidental measures fair value using the following methods:

Commodity derivatives – Occidental values exchange-cleared commodity derivatives using closing prices provided by the exchange as of the balance sheet date. These derivatives are classified as Level 1. Over-the-Counter (OTC) financial commodity contracts, foreign exchange contracts, options and physical commodity forward purchase and sale contracts are generally valued using quotations provided by brokers or industry-standard models that consider various inputs, including quoted forward prices for commodities, time value, volatility factors, credit risk and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable prices at which transactions are executed in the marketplace. Occidental classifies these measurements as Level 2.

Occidental generally uses an income approach to measure fair value when there is not a market-observable price for an identical or similar asset or liability. This approach utilizes management’s assumptions regarding expectations of projected cash flows, and discounts the expected cash flows using a risk-adjusted risk-free discount rate.

The following tables provide fair value measurement information for such assets and liabilities that are measured on a recurring basis as of March 31, 2012 and December 31, 2011 (in millions):

	Fair Value Measurements at March 31, 2012 Using									Netting and				Total Fair
Description	Level 1			Level 2			Level 3			Collateral (a)				Value

Assets:

Commodity derivatives		$	722		$	752		$	—		$	(1,234	)		$	240

Liabilities:

Commodity derivatives		$	782		$	738		$	—		$	(1,331	)		$	189

	Fair Value Measurements at December 31, 2011 Using									Netting and				Total Fair
Description	Level 1			Level 2			Level 3			Collateral(a)				Value

Assets:

Commodity derivatives		$	310		$	640		$	—		$	(758	)		$	192

Liabilities:

Commodity derivatives		$	311		$	652		$	—		$	(782	)		$	181

(a) Represents the impact of netting assets, liabilities and collateral when a legal right of offset exists.

Fair Values - Nonrecurring

During the three months ended March 31, 2012 and 2011, Occidental did not have any assets or liabilities measured at fair value on a non-recurring basis.

Other Financial Instruments

The carrying amounts of cash and cash equivalents and other on-balance-sheet financial instruments, other than fixed-rate debt, approximate fair value. The cost, if any, to terminate off-balance-sheet financial instruments is not significant. Occidental estimates the fair value of fixed-rate debt based on the quoted market prices for those instruments or on quoted market yields for similarly rated debt instruments, taking into account such similar instruments’ maturities. The estimated fair values of Occidental’s debt as of March 31, 2012 and December 31, 2011, which were classified as Level 1, were approximately $6.3 billion and $6.4 billion, compared to carrying values of $5.9 billion and $5.9 billion, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Derivatives

3 Months Ended

Mar. 31, 2012

Derivatives

Derivatives

10. Derivatives

Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty. Occidental applies hedge accounting when transactions meet specified criteria for such treatment and management elects to do so. If a derivative does not qualify or is not designated and documented as a cash-flow hedge, any fair value gains or losses are recognized in earnings in the current period.

Through its marketing and trading activities and within its established policy controls and procedures, Occidental uses derivative instruments, including a combination of short-term futures, forwards, options and swaps, to improve realized prices for its oil and gas. Additionally, Occidental’s Phibro trading unit engages in trading activities using derivatives for the purpose of generating profits mainly from market price changes of commodities. In the past, Occidental has also used derivatives to reduce its exposure to price volatility on a small portion of its oil and gas production.

Cash-Flow Hedges

Through December 31, 2011, Occidental held a series of collar agreements for 12,000 barrels of oil per day of its existing domestic production that qualified as cash-flow hedges at a weighted-average strike price that ranged from $32.92 to $46.35.

In 2009, Occidental entered into financial swap agreements related to the sale of a portion of its existing natural gas production from the Rocky Mountain region of the United States that qualified as cash-flow hedges and terminated as of March 31, 2012. These swap agreements hedged the sale of 50 million cubic feet of natural gas per day at an average strike price of $6.07.

Occidental’s marketing and trading operations store natural gas purchased from third parties at Occidental’s North American leased storage facilities. Derivative instruments are used to fix margins on the future sales of the stored volumes. These agreements continue through March 2013. As of March 31, 2012 and December 31, 2011, Occidental had approximately 13 billion cubic feet and 25 billion cubic feet of natural gas held in storage, respectively. As of March 31, 2012 and December 31, 2011, Occidental had cash-flow hedges for the forecast sale, to be settled by physical delivery, of approximately 16 billion cubic feet and 35 billion cubic feet of this natural gas held in storage, respectively.

The following table presents the pre-tax gains and losses recognized in, and reclassified from, Accumulated Other Comprehensive Income (AOCI) and recognized in income (net sales), including any hedge ineffectiveness, for derivative instruments classified as cash-flow hedges for the three months ended March 31, 2012 and 2011 (in millions):

Commodity Contracts – cash flow hedges	2012				2011
Unrealized gains (losses) recognized in AOCI		$	22			$	(40	)
(Gains) losses reclassified into income		$	(45	)		$	22
Losses recognized in income – ineffective portion		$	—			$	(1	)

The following table summarizes net after-tax derivative activity recorded in AOCI for the three months ended March 31, 2012 and 2011 (in millions):

	2012				2011
Beginning balance – AOCI		$	1			$	(111	)
Unrealized gains (losses) recognized in AOCI		14				(25		)
(Gains) losses reclassified to income		(28		)		14
Ending balance – AOCI		$	(13	)		$	(122	)

Occidental expects that during the next twelve months an insignificant amount of net after-tax derivative losses included in AOCI, based on their valuation as of March 31, 2012, will be reclassified into income.

Derivatives Not Designated as Hedging Instruments

Occidental’s third-party marketing and trading activities focus on purchasing oil, natural gas liquids (NGLs) and gas for resale from partners, producers and third parties whose oil and gas supply is located near its midstream and marketing assets, such as pipelines, processing plants and storage facilities. These purchases allow Occidental to aggregate volumes to maximize prices received for Occidental’s production. The third-party marketing and trading purchase and sales contracts generally approximate each other with respect to aggregate volumes and terms. In addition, Occidental’s Phibro trading unit’s strategy is to profit from market price changes using derivatives not designated as hedging instruments.

The following table presents gross volumes of Occidental’s outstanding commodity derivatives contracts not designated as hedging instruments as of March 31, 2012 and December 31, 2011:

	Volumes
Commodity	2012		2011
Sales contracts related to Occidental’s production
Oil (million barrels)		12		9

Third-party marketing and trading activities
Purchase contracts
Oil (million barrels)		252		109
Natural gas (billion cubic feet)		444		481
Precious metals (million troy ounces)		1		4

Sales contracts
Oil (million barrels)		251		109
Natural gas (billion cubic feet)		632		723
Precious metals (million troy ounces)		—		1

In addition, Occidental’s Phibro trading unit has certain other commodity trading contracts, including agricultural products and other metals, as well as foreign exchange contracts, but these were not material to Occidental as of March 31, 2012 and December 31, 2011.

For third-party marketing and trading activities, a substantial portion of sales contracts are typically fulfilled by purchase contracts with substantially identical terms entered into within a short time. For a substantial portion of the sales commitments not satisfied by such contracts as of March 31, 2012, Occidental entered into offsetting contracts after March 31, 2012. Occidental believes it has the ability to fulfill any remaining portion through its equity production or through additional third-party purchases.

Approximately $51 million and $29 million of gains from derivatives not designated as hedging instruments were recognized in net sales for the three months ended March 31, 2012 and 2011, respectively.

Fair Value of Derivatives

The following table presents the gross fair value of Occidental’s outstanding derivatives as of March 31, 2012 and December 31, 2011 (in millions):

March 31, 2012	Asset Derivatives Balance Sheet Location	Fair Value			Liability Derivatives Balance Sheet Location	Fair Value

Cash-flow hedges (a)
Commodity contracts	Marketing and trading assets and other	$	6		Accrued liabilities	$	6

Derivatives not designated as hedging instruments (a)
Commodity contracts	Marketing and trading assets and other	1,398			Accrued liabilities	1,443
	Long-term receivables and other assets, net	70			Deferred credits and other liabilities	71
		1,468				1,514
Total gross fair value		1,474				1,520
Less: counterparty netting and cash collateral (b)		(1,234		)		(1,331		)
Total net fair value of derivatives		$	240			$	189

December 31, 2011	Asset Derivatives Balance Sheet Location	Fair Value			Liability Derivatives Balance Sheet Location	Fair Value

Cash-flow hedges (a)
Commodity contracts	Marketing and trading assets and other	$	41		Accrued liabilities	$	5
	Long-term receivables and other assets, net	3			Deferred credits and other liabilities	—
		44				5
Derivatives not designated as hedging instruments (a)
Commodity contracts	Marketing and trading assets and other	835			Accrued liabilities	887
	Long-term receivables and other assets, net	71			Deferred credits and other liabilities	71
		906				958
Total gross fair value		950				963
Less: counterparty netting and cash collateral (c)		(758		)		(782		)
Total net fair value of derivatives		$	192			$	181

(a) Fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements and qualify for net presentation in the consolidated balance sheet.

(b) As of March 31, 2012, collateral received of $42 million has been netted against derivative assets and collateral paid of $139 million has been netted against derivative liabilities.

(c) As of December 31, 2011, collateral received of $42 million has been netted against derivative assets and collateral paid of $66 million has been netted against derivative liabilities.

See Note 9 for fair value measurement disclosures on derivatives.

Credit Risk

A substantial portion of Occidental’s derivative transaction volume is executed through exchange-traded contracts, which are subject to nominal credit risk as a significant portion of these transactions are executed on a daily margin basis. Collateral of $175 million and $173 million deposited by Occidental for such contracts with clearing houses and brokers, which has not been reflected in the derivative fair value tables, is included in the marketing and trading assets and other balance as of March 31, 2012 and December 31, 2011, respectively.

Occidental executes the rest of its derivative transactions in the over-the-counter (OTC) market. Occidental is subject to counterparty credit risk to the extent the counterparty to the derivatives is unable to meet its settlement commitments. Occidental manages this credit risk by selecting counterparties that it believes to be financially strong, by spreading the credit risk among many such counterparties, by entering into master netting arrangements with the counterparties and by requiring collateral, as appropriate. Occidental actively monitors the creditworthiness of each counterparty and records valuation adjustments to reflect counterparty risk, if necessary.

Certain of Occidental’s OTC derivative instruments contain credit-risk-contingent features, primarily tied to credit ratings for Occidental or its counterparties, which may affect the amount of collateral that each would need to post. As of March 31, 2012 and December 31, 2011, Occidental had a net liability of $22 million and $58 million, respectively, which are net of collateral posted of $76 million and $27 million, respectively. Occidental believes that if it had received a one-notch reduction in its credit rating, it would not have resulted in a material change in its collateral-posting requirements as of March 31, 2012 and December 31, 2011.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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+ Details

Industry Segments

3 Months Ended

Mar. 31, 2012

Industry Segments

Industry Segments

11. Industry Segments

Occidental conducts its operations through three segments: (1) oil and gas; (2) chemical; and (3) midstream, marketing and other (midstream and marketing). The oil and gas segment explores for, develops and produces oil and condensate, NGLs and natural gas. The chemical segment mainly manufactures and markets basic chemicals and vinyls. The midstream and marketing segment gathers, treats, processes, transports, stores, purchases and markets oil, condensate, NGLs, natural gas, carbon dioxide (CO2) and power. It also trades around its assets, including pipelines and storage capacity, and trades oil, NGLs, gas and other commodities.

Earnings of industry segments generally exclude income taxes, interest income, interest expense, environmental remediation expenses, unallocated corporate expenses and discontinued operations, but include gains and losses from dispositions of segment assets and income from the segments’ equity investments.

The following table presents Occidental’s industry segment and corporate disclosures (in millions):

	Oil and Gas		Chemical		Midstream, Marketing and Other		Corporate and Eliminations			Total

Three months ended March 31, 2012

Net sales	$	4,902	$	1,148	$	393	$	(175	)(a)	$	6,268

Pretax operating profit (loss)	$	2,504	$	184	$	131	$	(120	)(b)	$	2,699
Income taxes	—		—		—		(1,139		)(c)	(1,139		)
Discontinued operations, net	—		—		—		(1		)	(1		)
Net income (loss)	$	2,504	$	184	$	131	$	(1,260	)	$	1,559

Three months ended March 31, 2011

Net sales	$	4,367	$	1,165	$	412	$	(218	)(a)	$	5,726

Pretax operating profit (loss)	$	2,468	$	219	$	114	$	(342	)(b)	$	2,459
Income taxes	—		—		—		(1,054		)(c)	(1,054		)
Discontinued operations, net	—		—		—		144		(d)	144
Net income (loss)	$	2,468	$	219	$	114	$	(1,252	)	$	1,549

(a) Intersegment sales eliminate upon consolidation and are generally made at prices approximately equal to those that the selling entity would be able to obtain in third-party transactions.

(b) Includes unallocated net interest expense (including the early debt extinguishment costs of $163 million for the quarter ended March 31, 2011), administration expense, environmental remediation and other pre-tax items.

(d) Reflects an after-tax gain from the sale of the Argentine operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share

Earnings Per Share

12. Earnings Per Share

Occidental’s instruments containing rights to nonforfeitable dividends granted in stock-based payment transactions are considered participating securities prior to vesting, and, therefore, have been included in the earnings allocations in computing basic and diluted EPS under the two-class method.

Basic EPS was computed by dividing net income, net of participating securities, by the weighted-average number of common shares outstanding during each period, net of treasury shares and including vested but unissued shares and share units. The computation of diluted EPS reflects the additional dilutive effect of stock options and unvested stock awards.

The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2012 and 2011:

(in millions, except per-share amounts)	2012			2011
Basic EPS

Income from continuing operations	$	1,560		$	1,405

Discontinued operations, net	(1		)	144
Net income	1,559			1,549

Less: Net income allocated to participating securities	(3		)	(3		)

Net income, net of participating securities	$	1,556		$	1,546

Weighted average number of basic shares	810.5			812.6
Basic EPS	$	1.92		$	1.90

Diluted EPS

Net income, net of participating securities	$	1,556		$	1,546

Weighted average number of basic shares	810.5			812.6

Dilutive effect of potentially dilutive securities	0.8			0.8

Total diluted weighted average common shares	811.3			813.4

Diluted EPS	$	1.92		$	1.90

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis

	Fair Value Measurements at March 31, 2012 Using									Netting and				Total Fair
Description	Level 1			Level 2			Level 3			Collateral (a)				Value

Assets:

Commodity derivatives		$	722		$	752		$	—		$	(1,234	)		$	240

Liabilities:

Commodity derivatives		$	782		$	738		$	—		$	(1,331	)		$	189

	Fair Value Measurements at December 31, 2011 Using									Netting and				Total Fair
Description	Level 1			Level 2			Level 3			Collateral(a)				Value

Assets:

Commodity derivatives		$	310		$	640		$	—		$	(758	)		$	192

Liabilities:

Commodity derivatives		$	311		$	652		$	—		$	(782	)		$	181

(a) Represents the impact of netting assets, liabilities and collateral when a legal right of offset exists.

Derivatives (Tables)

3 Months Ended

Mar. 31, 2012

Derivatives

Cash-flow hedges - Schedule of the location and amount of gains and losses reported

Commodity Contracts – cash flow hedges	2012				2011
Unrealized gains (losses) recognized in AOCI		$	22			$	(40	)
(Gains) losses reclassified into income		$	(45	)		$	22
Losses recognized in income – ineffective portion		$	—			$	(1	)

Cash-flow hedges - Net after-tax derivative activity recorded in Accumulated Other Comprehensive Income

	2012				2011
Beginning balance – AOCI		$	1			$	(111	)
Unrealized gains (losses) recognized in AOCI		14				(25		)
(Gains) losses reclassified to income		(28		)		14
Ending balance – AOCI		$	(13	)		$	(122	)

Gross fair value of outstanding derivatives

March 31, 2012	Asset Derivatives Balance Sheet Location	Fair Value			Liability Derivatives Balance Sheet Location	Fair Value

Cash-flow hedges (a)
Commodity contracts	Marketing and trading assets and other	$	6		Accrued liabilities	$	6

Derivatives not designated as hedging instruments (a)
Commodity contracts	Marketing and trading assets and other	1,398			Accrued liabilities	1,443
	Long-term receivables and other assets, net	70			Deferred credits and other liabilities	71
		1,468				1,514
Total gross fair value		1,474				1,520
Less: counterparty netting and cash collateral (b)		(1,234		)		(1,331		)
Total net fair value of derivatives		$	240			$	189

December 31, 2011	Asset Derivatives Balance Sheet Location	Fair Value			Liability Derivatives Balance Sheet Location	Fair Value

Cash-flow hedges (a)
Commodity contracts	Marketing and trading assets and other	$	41		Accrued liabilities	$	5
	Long-term receivables and other assets, net	3			Deferred credits and other liabilities	—
		44				5
Derivatives not designated as hedging instruments (a)
Commodity contracts	Marketing and trading assets and other	835			Accrued liabilities	887
	Long-term receivables and other assets, net	71			Deferred credits and other liabilities	71
		906				958
Total gross fair value		950				963
Less: counterparty netting and cash collateral (c)		(758		)		(782		)
Total net fair value of derivatives		$	192			$	181

(a) Fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements and qualify for net presentation in the consolidated balance sheet.

(b) As of March 31, 2012, collateral received of $42 million has been netted against derivative assets and collateral paid of $139 million has been netted against derivative liabilities.

(c) As of December 31, 2011, collateral received of $42 million has been netted against derivative assets and collateral paid of $66 million has been netted against derivative liabilities.

Derivatives Not Designated as Hedging Instruments | Commodity Contracts

Derivatives

Schedule of outstanding derivative instruments

	Volumes
Commodity	2012		2011
Sales contracts related to Occidental’s production
Oil (million barrels)		12		9

Third-party marketing and trading activities
Purchase contracts
Oil (million barrels)		252		109
Natural gas (billion cubic feet)		444		481
Precious metals (million troy ounces)		1		4

Sales contracts
Oil (million barrels)		251		109
Natural gas (billion cubic feet)		632		723
Precious metals (million troy ounces)		—		1

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References + Details

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

+ Details

Industry Segments (Tables)

3 Months Ended

Mar. 31, 2012

Industry Segments

Industry segment and corporate disclosures

	Oil and Gas		Chemical		Midstream, Marketing and Other		Corporate and Eliminations			Total

Three months ended March 31, 2012

Net sales	$	4,902	$	1,148	$	393	$	(175	)(a)	$	6,268

Pretax operating profit (loss)	$	2,504	$	184	$	131	$	(120	)(b)	$	2,699
Income taxes	—		—		—		(1,139		)(c)	(1,139		)
Discontinued operations, net	—		—		—		(1		)	(1		)
Net income (loss)	$	2,504	$	184	$	131	$	(1,260	)	$	1,559

Three months ended March 31, 2011

Net sales	$	4,367	$	1,165	$	412	$	(218	)(a)	$	5,726

Pretax operating profit (loss)	$	2,468	$	219	$	114	$	(342	)(b)	$	2,459
Income taxes	—		—		—		(1,054		)(c)	(1,054		)
Discontinued operations, net	—		—		—		144		(d)	144
Net income (loss)	$	2,468	$	219	$	114	$	(1,252	)	$	1,549

(a) Intersegment sales eliminate upon consolidation and are generally made at prices approximately equal to those that the selling entity would be able to obtain in third-party transactions.

(d) Reflects an after-tax gain from the sale of the Argentine operations.

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Environmental Liabilities and Expenditures (Details) $ in Millions	3 Months Ended
	Mar. 31, 2012 USD ($) Y site
Environmental Liabilities and Expenditures
Environmental remediation reserves, current, included in accrued liabilities	$ (79)
Environmental remediation reserves, noncurrent, included in deferred credits and other liabilities - other	$ (264)
Environmental remediation reserves.
Number of Sites \| site	160
Environmental remediation reserves	$ 343
Environmental reserves, exceeding $ ten million, threshold value	$ 10
Environmental reserves, exceeding $ ten million, number of sites \| site	10
Environmental reserves, range between zero to $ one million site category, number of sites \| site	109
Period of expending first half of environmental reserves (in years) \| Y	4
Minimum period of expending second half of environmental reserves (in years) \| Y	10
Environmental remediation additional loss range	$ 380
Low end of range
Environmental remediation reserves.
Environmental reserves, range between zero to $ one million site category	0
High end of range
Environmental remediation reserves.
Environmental reserves, range between zero to $ one million site category	$ 1
NPL sites
Environmental remediation reserves.
Number of Sites \| site	36
Environmental remediation reserves	$ 58
Third-party sites
Environmental remediation reserves.
Number of Sites \| site	73
Environmental remediation reserves	$ 84
Occidental-operated sites
Environmental remediation reserves.
Number of Sites \| site	22
Environmental remediation reserves	$ 117
Closed or non-operated Occidental sites
Environmental remediation reserves.
Number of Sites \| site	29
Environmental remediation reserves	$ 84

Retirement Plans and Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Pension Plans
Net periodic benefit costs:
Service cost	$ 3	$ 5
Interest cost	7	7
Expected return on plan assets	(8)	(8)
Recognized actuarial loss	5	3
Net periodic benefit cost	7	7
Employer contributions	1	2
Postretirement Plans
Net periodic benefit costs:
Service cost	7	6
Interest cost	11	11
Recognized actuarial loss	8	8
Net periodic benefit cost	$ 26	$ 25

- Definition

An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets.

+ References

+ Details

- Definition

The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.

+ References + Details

- Definition

The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
-Name Accounting Standards Codification
-Glossary Service Cost (Component of Net Periodic Pension Cost)
-URI http://asc.fasb.org/extlink&oid=6525008

+ Details

Derivatives (Details 2) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Net After-tax Derivative Activity recorded in AOCI

Beginning balance-AOCI

$ 1

$ (111)

Unrealized gains (losses) recognized in AOCI

^[1]

(25)

(Gains) Losses reclassified into income

(28)

Ending balance - AOCI

(13)

(122)

Commodity Contracts - cash-flow hedges

Pre-tax derivative activity

Unrealized gains (losses) recognized in AOCI

(40)

(Gains) losses reclassified into income

$ (45)

Losses recognized in income - ineffective portion

$ (1)

[1]	Net of tax of $(8) and $14 in 2012 and 2011, respectively.

- Definition

Net of tax effect of the reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 24
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Derivatives (Details 4) - USD ($) $ in Millions	Mar. 31, 2012	Dec. 31, 2011
Gross fair value of derivative assets and liabilities outstanding
Less: counterparty netting and cash collateral, asset	$ (1,234)	$ (758)
Less: counterparty netting and cash collateral, liability	(1,331)	(782)
Total net fair value, asset	240	192
Total net fair value, liability	189	181
Payables in respect of collateral received netted with derivative assets	42	42
Receivables in respect of collateral paid netted with derivative liabilities	139	66
Collateral deposited with clearing houses and brokers	175	173
Credit risk contingent features
Net derivative liabilities with credit-risk-related contingent features	22	58
Amount of collateral posted	76	27
Commodity Contracts
Gross fair value of derivative assets and liabilities outstanding
Commodity contract derivatives asset, gross	1,474	950
Commodity contract derivative liability, gross	1,520	963
Cash-flow hedges \| Commodity Contracts
Gross fair value of derivative assets and liabilities outstanding
Commodity contract derivatives asset, gross		44
Commodity contract derivative liability, gross		5
Cash-flow hedges \| Commodity Contracts \| Marketing and trading assets and other
Gross fair value of derivative assets and liabilities outstanding
Commodity contract derivatives asset, gross	6	41
Cash-flow hedges \| Commodity Contracts \| Long-term receivables and other assets, net
Gross fair value of derivative assets and liabilities outstanding
Commodity contract derivatives asset, gross		3
Cash-flow hedges \| Commodity Contracts \| Accrued liabilities
Gross fair value of derivative assets and liabilities outstanding
Commodity contract derivative liability, gross	6	5
Not designated as hedging instruments \| Commodity Contracts
Gross fair value of derivative assets and liabilities outstanding
Commodity contract derivatives asset, gross	1,468	906
Commodity contract derivative liability, gross	1,514	958
Not designated as hedging instruments \| Commodity Contracts \| Marketing and trading assets and other
Gross fair value of derivative assets and liabilities outstanding
Commodity contract derivatives asset, gross	1,398	835
Not designated as hedging instruments \| Commodity Contracts \| Long-term receivables and other assets, net
Gross fair value of derivative assets and liabilities outstanding
Commodity contract derivatives asset, gross	70	71
Not designated as hedging instruments \| Commodity Contracts \| Accrued liabilities
Gross fair value of derivative assets and liabilities outstanding
Commodity contract derivative liability, gross	1,443	887
Not designated as hedging instruments \| Commodity Contracts \| Deferred credits and other liabilities
Gross fair value of derivative assets and liabilities outstanding
Commodity contract derivative liability, gross	$ 71	$ 71

Industry Segments (Details) $ in Millions	3 Months Ended
Industry Segments (Details) $ in Millions	Mar. 31, 2012 USD ($) segment	Mar. 31, 2011 USD ($)
Industry Segments
Number of reportable segments \| segment	3
Segment Information
Net sales	$ 6,268	$ 5,726
Pretax operating profit (loss)	2,699	2,459
Income taxes	(1,139)	(1,054)
Discontinued operations, net	(1)	144
Net income (loss)	1,559	1,549
Charges on debt extinguishment		163
Oil and Gas
Segment Information
Net sales	4,902	4,367
Pretax operating profit (loss)	2,504	2,468
Net income (loss)	2,504	2,468
Chemical
Segment Information
Net sales	1,148	1,165
Pretax operating profit (loss)	184	219
Net income (loss)	184	219
Midstream, Marketing and Other
Segment Information
Net sales	393	412
Pretax operating profit (loss)	131	114
Net income (loss)	131	114
Corporate and Eliminations
Segment Information
Net sales	(175)	(218)
Pretax operating profit (loss)	(120)	(342)
Income taxes	(1,139)	(1,054)
Discontinued operations, net	(1)	144
Net income (loss)	$ (1,260)	$ (1,252)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Basic EPS
Income from continuing operations	$ 1,560	$ 1,405
Discontinued operations, net	(1)	144
NET INCOME	1,559	1,549
Less: Net income allocated to participating securities	(3)	(3)
Net income, net of participating securities	$ 1,556	$ 1,546
Weighted average number of basic shares	810.5	812.6
Basic EPS (in dollars per share)	$ 1.92	$ 1.90
Diluted EPS
Net income, net of participating securities	$ 1,556	$ 1,546
Weighted average number of basic shares	810.5	812.6
Dilutive effect of potentially dilutive securities (in shares)	0.8	0.8
Total diluted weighted average common shares	811.3	813.4
Diluted EPS (in dollars per share)	$ 1.92	$ 1.90

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2012	Dec. 31, 2011
CONSOLIDATED CONDENSED BALANCE SHEETS
PROPERTY, PLANT AND EQUIPMENT, accumulated depreciation, depletion and amortization	$ 24,743	$ 23,687

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Pension and postretirement adjustments, tax	$ (3)	$ (4)
Unrealized gains (losses) on derivatives, tax	(8)	14
Reclassification of realized (gains) losses on derivatives and other, tax	$ 17	$ (8)

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Supplemental Cash Flow Information
United States federal, state and foreign income taxes paid	$ 501	$ 584
Interest Paid	$ 72	213
Charges on debt extinguishment before write-off of deferred debt issuance cost		$ 154

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2012	Dec. 31, 2011
Inventories
Raw materials	$ 70	$ 69
Materials and supplies	475	443
Finished goods	803	655
Inventories, Gross	1,348	1,167
LIFO reserve	(98)	(98)
Total	$ 1,250	$ 1,069

Derivatives (Details)	Mar. 31, 2012 mcf USDperthousandcubicfeet bcf	Dec. 31, 2011 bbl mcf USDperBarrel USDperthousandcubicfeet bcf
Cash-Flow Hedges
Natural gas held in storage (in billion cubic feet) \| bcf	13	25
Forecasted sale of natural gas from storage designated as cash-flow hedges (in billion cubic feet) \| bcf	16	35
Crude Oil - Collars 2011 (in barrels)
Cash-Flow Hedges
Daily volume \| bbl		12,000
Average Floor (in dollars per barrel) \| USDperBarrel		32.92
Average Cap (in dollars per barrel) \| USDperBarrel		46.35
Natural Gas - Swaps January 2012- March 2012 (in million cubic feet)
Cash-Flow Hedges
Daily volume \| mcf	50	50
Average Price (in dollars per thousands of cubic feet) \| USDperthousandcubicfeet	6.07	6.07

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2012	Dec. 31, 2011
Fair Value - Other Financial Instruments
Debt fair value	$ 6,300	$ 6,400
Debt carrying value	5,900	5,900
Recurring \| Level 1
Assets:
Commodity derivatives	722	310
Liabilities:
Commodity derivatives	782	311
Recurring \| Level 2
Assets:
Commodity derivatives	752	640
Liabilities:
Commodity derivatives	738	652
Recurring \| Netting and Collateral
Assets:
Commodity derivatives	(1,234)	(758)
Liabilities:
Commodity derivatives	(1,331)	(782)
Recurring \| Total Fair Value
Assets:
Commodity derivatives	240	192
Liabilities:
Commodity derivatives	$ 189	$ 181

Derivatives (Details 3) $ in Millions	3 Months Ended
Derivatives (Details 3) $ in Millions	Mar. 31, 2012 USD ($) bbl ozt ft3	Mar. 31, 2011 USD ($)	Dec. 31, 2011 bbl ozt ft3
Outstanding commodity derivatives contracts not designated as hedging instruments
Net Gains from derivatives not designated as hedging instruments. (in dollars) \| $	$ 51	$ 29
Occidental's production, Sales contracts \| Oil (in barrels)
Outstanding commodity derivatives contracts not designated as hedging instruments
Gross volumes	12,000,000		9,000,000
Third-party marketing and trading activities, Purchase contracts \| Oil (in barrels)
Outstanding commodity derivatives contracts not designated as hedging instruments
Gross volumes	252,000,000		109,000,000
Third-party marketing and trading activities, Purchase contracts \| Natural Gas (in cubic feet)
Outstanding commodity derivatives contracts not designated as hedging instruments
Gross volumes \| ft3	444,000,000,000		481,000,000,000
Third-party marketing and trading activities, Purchase contracts \| Precious metals (in troy ounces)
Outstanding commodity derivatives contracts not designated as hedging instruments
Gross volumes \| ozt	1,000,000		4,000,000
Third-party marketing and trading activities, Sales contracts \| Oil (in barrels)
Outstanding commodity derivatives contracts not designated as hedging instruments
Gross volumes	251,000,000		109,000,000
Third-party marketing and trading activities, Sales contracts \| Natural Gas (in cubic feet)
Outstanding commodity derivatives contracts not designated as hedging instruments
Gross volumes \| ft3	632,000,000,000		723,000,000,000
Third-party marketing and trading activities, Sales contracts \| Precious metals (in troy ounces)
Outstanding commodity derivatives contracts not designated as hedging instruments
Gross volumes \| ozt			1,000,000