View Filing Data

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014 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	Sep. 30, 2014
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	775,428,089
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2014	Dec. 31, 2013
CURRENT ASSETS
Cash and cash equivalents	$ 2,897	$ 3,393
Trade receivables, net	4,960	5,674
Inventories	1,359	1,200
Other current assets	1,291	1,056
Total current assets	10,507	11,323
INVESTMENTS IN UNCONSOLIDATED ENTITIES	1,544	1,459
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $36,306 at September 30, 2014 and $33,231 at December 31, 2013	58,465	55,821
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	994	840
TOTAL ASSETS	71,510	69,443
CURRENT LIABILITIES
Short-term borrowings	1,599
Accounts payable	5,511	5,520
Accrued liabilities	2,337	2,556
Domestic and foreign income taxes	74	358
Total current liabilities	9,521	8,434
LONG-TERM DEBT, NET	6,837	6,939
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred domestic and foreign income taxes	7,634	7,197
Other	3,433	3,501
Total deferred credits and other liabilities	11,067	10,698
STOCKHOLDERS' EQUITY
Common stock, at par value	178	178
Treasury stock	(8,146)	(6,095)
Additional paid-in capital	7,570	7,515
Retained earnings	44,166	41,831
Accumulated other comprehensive loss	(289)	(303)
Total equity attributable to common stock	43,479	43,126
Noncontrolling interest	606	246
Total stockholders' equity	44,085	43,372
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 71,510	$ 69,443

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2014	Dec. 31, 2013
CONSOLIDATED CONDENSED BALANCE SHEETS
PROPERTY, PLANT AND EQUIPMENT, accumulated depreciation, depletion and amortization	$ 36,306	$ 33,231

CONSOLIDATED CONDENSED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
REVENUES AND OTHER INCOME
Net sales	$ 5,996	$ 6,449	$ 18,359	$ 18,283
Interest, dividends and other income	31	26	107	89
(Loss) Gain on sale of assets and equity investments, net	(5)		520	131
TOTAL REVENUES AND OTHER INCOME	6,022	6,475	18,986	18,503
COSTS AND OTHER DEDUCTIONS
Cost of sales	3,385	3,214	9,880	9,531
Selling, general and administrative and other operating expenses	441	459	1,327	1,347
Asset impairments			471
Taxes other than on income	191	186	593	568
Exploration expense	53	68	162	196
Interest and debt expense, net	14	29	52	93
TOTAL COSTS AND OTHER DEDUCTIONS	4,084	3,956	12,485	11,735
Income before income taxes and other items	1,938	2,519	6,501	6,768
Provision for domestic and foreign income taxes	(817)	(1,037)	(2,706)	(2,782)
Income from equity investments	93	106	243	288
Income from continuing operations	1,214	1,588	4,038	4,274
Discontinued operations, net	(3)	(5)	(1)	(14)
Net income	1,211	1,583	4,037	4,260
Less: Net income attributable to noncontrolling interest	(3)		(8)
NET INCOME ATTRIBUTABLE TO COMMON STOCK	$ 1,208	$ 1,583	$ 4,029	$ 4,260
BASIC EARNINGS PER COMMON SHARE (attributable to common stock)
Income from continuing operations (in dollars per share)	$ 1.55	$ 1.97	$ 5.13	$ 5.30
Discontinued operations, net (in dollars per share)		(0.01)		(0.02)
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	1.55	1.96	5.13	5.28
DILUTED EARNINGS PER COMMON SHARE (attributable to common stock)
Income from continuing operations (in dollars per share)	1.55	1.97	5.13	5.30
Discontinued operations, net (in dollars per share)		(0.01)		(0.02)
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	1.55	1.96	5.13	5.28
DIVIDENDS PER COMMON SHARE (in dollars per share)	$ 0.72	$ 0.64	$ 2.16	$ 1.92

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

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

Net income attributable to common stock

$ 1,208

$ 1,583

$ 4,029

$ 4,260

Other comprehensive income (loss) items:

Foreign currency translation (losses) gains

(1)

Reclassification to income of realized foreign currency translation losses

^[1]

Unrealized (losses) gains on derivatives

^[2]

(5)

Reclassification to income of realized (gains) losses on derivatives

^[3]

(1)

(4)

Pension and postretirement gains

^[4]

Other comprehensive income, net of tax

^[5]

Comprehensive income attributable to common stock

$ 1,210

$ 1,591

$ 4,043

$ 4,314

[1]	Included in the net gain on sale of its equity investment in Carbocloro, a Brazilian entity which owns a chemical facility.
[2]	Net of tax of zero for both the three months ended September 30, 2014 and 2013, and $3 and $(1) for the nine months ended September 30, 2014 and 2013, respectively.
[3]	Net of tax of zero for both the three months ended September 30, 2014 and 2013, and $(5) and $2 for the nine months ended September 30, 2014 and 2013 respectively.
[4]	Net of tax of $(2) and $(5) for the three months ended September 30, 2014 and 2013, respectively, and $(7) and $(16) for the nine months ended September 30, 2014 and 2013.
[5]	There were no other comprehensive income (loss) items related to noncontrolling interests in the three and nine months ended 2014 and 2013.

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized (losses) gains on derivatives, tax	$ 0	$ 0	$ 3	$ (1)
Reclassification to income of realized (gains) losses on derivatives, tax	0	0	(5)	2
Pension and postretirement gains, tax	(2)	(5)	(7)	(16)
Other comprehensive income (loss) related to noncontrolling interests	$ 0	$ 0	$ 0	$ 0

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$ 4,037	$ 4,260
Adjustments to reconcile net income to net cash provided by operating activities:
Discontinued operations, net	1	14
Depreciation, depletion and amortization of assets	3,943	3,896
Deferred income tax provision	423	1,016
Other noncash charges to income	159	258
Gain on sale of assets and equity investments, net	(520)	(131)
Undistributed earnings from equity investments	22	(40)
Asset impairments	471
Dry hole expenses	100	115
Changes in operating assets and liabilities, net	(416)	63
Other operating, net		382
Operating cash flow from continuing operations	8,220	9,833
Operating cash flow from discontinued operations, net of taxes	(18)	(47)
Net cash provided by operating activities	8,202	9,786
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(7,525)	(6,551)
Payments for purchases of assets and businesses	(425)	(342)
Sale of assets and equity investments, net	1,387	270
Other, net	(267)	3
Net cash used by investing activities	(6,830)	(6,620)
CASH FLOW FROM FINANCING ACTIVITIES
Payment of long-term debt	(107)	(66)
Proceeds from short-term borrowings	1,599
Proceeds from issuance of common stock	20	27
Purchases of treasury stock	(2,083)	(64)
Cash dividends paid	(1,649)	(1,034)
Contributions from noncontrolling interest	351	145
Other, net	1	5
Net cash used by financing activities	(1,868)	(987)
(Decrease) increase in cash and cash equivalents	(496)	2,179
Cash and cash equivalents-beginning of period	3,393	1,592
Cash and cash equivalents-end of period	$ 2,897	$ 3,771

General	9 Months Ended
General	Sep. 30, 2014
General
General	1. General In these unaudited consolidated condensed financial statements, “Occidental” means Occidental Petroleum Corporation, a Delaware corporation (OPC), or OPC and one or more entities in which it owns a controlling interest (subsidiaries). Occidental has made its disclosures in accordance with United States generally accepted accounting principles as they apply to interim reporting, and condensed or omitted, as permitted by the Securities and Exchange Commission’s rules and regulations, certain information and disclosures normally included in consolidated financial statements and the notes. These consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto in Occidental’s Annual Report on Form 10-K for the year ended December 31, 2013. In the opinion of Occidental’s management, the accompanying consolidated condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present Occidental’s consolidated financial position as of September 30, 2014, and the consolidated statements of income, comprehensive income and cash flows for the three and nine months ended September 30, 2014 and 2013, as applicable. The income and cash flows for the periods ended September 30, 2014 and 2013 are not necessarily indicative of the income or cash flows to be expected for the full year. Certain financial statements and notes for the prior year have been reclassified to conform to the 2014 presentation.

Asset Acquisitions, Dispositions and Other	9 Months Ended
Asset Acquisitions, Dispositions and Other	Sep. 30, 2014
Asset Acquisitions, Dispositions and Other
Asset Acquisitions, Dispositions and Other	2. Asset Acquisitions, Dispositions and Other In September 2014, Occidental borrowed $1.6 billion in commercial paper for short-term cash needs. In August 2014, Occidental entered into a new five-year, $2.0 billion bank credit facility (2014 Credit Facility) which replaced its previous $2.0 billion bank credit facility (2011 Credit Facility), which was scheduled to expire in October 2016. The 2014 Credit Facility has similar terms to the 2011 Credit Facility and does not contain material adverse change clauses or debt ratings triggers that could restrict Occidental’s ability to borrow under this facility. Occidental did not draw down any amounts under the 2014 Credit Facility or the 2011 Credit Facility during 2014 and no amounts were outstanding as of September 30, 2014. In February 2014, Occidental entered into an agreement to sell its Hugoton Field operations in Kansas, Oklahoma and Colorado for $1.4 billion. The transaction was completed in April 2014 and, after taking into account purchase price adjustments, it resulted in pre-tax proceeds of $1.3 billion. Occidental recorded a pre-tax gain on the sale of $532 million or $339 million after tax. In February 2014, Occidental announced the approval by the Board of Directors to pursue the spin-off of its California oil and gas business, into a standalone, publicly traded corporation tax-free. On October 2, 2014, the Board of Directors approved the spin-off of California Resources Corporation (CRC), a wholly owned Occidental subsidiary, to be executed in accordance with the Separation and Distribution Agreement. The Separation and Distribution Agreement and related ancillary agreements will govern the spin-off of the California oil and gas business, the transfer of assets and other matters related to the spin-off. For further discussion regarding the spin-off of CRC refer to Note 14.

Accounting and Disclosure Changes	9 Months Ended
Accounting and Disclosure Changes	Sep. 30, 2014
Accounting and Disclosure Changes
Accounting and Disclosure Changes	3. Accounting and Disclosure Changes In August 2014, the Financial Accounting Standards Board (FASB) issued rules relating to management’s responsibility to evaluate the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The evaluation should be based on events and conditions either known or reasonably knowable as of the financial statement issue date. If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, and substantial doubt is not alleviated after consideration of management’s plans, an entity should include a statement in the footnotes disclosing such doubts. These rules are effective for annual periods ending after December 15, 2016. The rules are not expected to have an impact on Occidental’s financial statements upon adoption. In June 2014, the FASB issued rules affecting entities that grant their employees share-based payment awards in which the terms of the awards provide that a performance target can be achieved after the requisite service period. The new rules require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Entities may apply the update either: (a) prospectively to all awards granted or modified after the effective date; or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. These rules are effective for annual periods beginning on or after December 15, 2015. The rules are not expected to have a material impact on Occidental’s financial statements upon adoption but will require assessment on an ongoing basis. In May 2014, the FASB issued rules relating to revenue recognition. Under the new rules, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects to receive in exchange for the goods or services. The rules also require more detailed disclosures related to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. These rules are effective for the Company for interim and annual periods beginning after December 15, 2016. The rules are not expected to have a material impact on Occidental’s financial statements upon adoption. In April 2014, the FASB issued rules changing the requirements for reporting discontinued operations so that only the disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results will be reported as discontinued operations in the financial statements. These rules are effective for annual periods beginning on or after December 15, 2014. The rules are not expected to have a material impact on Occidental’s financial statements upon adoption. In July 2013, the FASB issued rules requiring net, rather than gross, presentation of a deferred tax asset for a net operating loss or other tax credit and any related liability for unrecognized tax benefits. The rules became effective on January 1, 2014, and did not have a material impact on Occidental’s financial statements.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

Supplemental Cash Flow Information	9 Months Ended
Supplemental Cash Flow Information	Sep. 30, 2014
Supplemental Cash Flow Information
Supplemental Cash Flow Information	4. Supplemental Cash Flow Information Occidental paid United States federal, state and foreign income taxes for continuing operations of $2.6 billion and $1.3 billion during the nine months ended September 30, 2014 and 2013, respectively. The first nine months of 2014 included taxes paid for a portion of the gain on sale of the Hugoton Field and the 2013 sale of a portion of its equity interest in Plains All-American Pipeline, L.P. The first nine months of 2013 included the collection of a $0.4 billion tax receivable. Interest paid totaled $199 million and $215 million for the nine months ended September 30, 2014 and 2013, respectively.

Inventories

9 Months Ended

Sep. 30, 2014

Inventories

Inventories

5. Inventories

A portion of inventories is valued under the LIFO method. The valuation of LIFO inventory for interim periods is based on Occidental’s estimates of year-end inventory levels and costs. Inventories as of September 30, 2014 and December 31, 2013 consisted of the following (in millions):

	2014			2013

Raw materials	$	80		$	74
Materials and supplies	657			628
Finished goods	713			589
	1,450			1,291

LIFO reserve	(91		)	(91		)
Total	$	1,359		$	1,200

Environmental Liabilities and Expenditures

9 Months Ended

Sep. 30, 2014

Environmental Liabilities and Expenditures

Environmental Liabilities and Expenditures

6. Environmental Liabilities and Expenditures

Occidental’s operations are subject to stringent federal, state, local and foreign laws and regulations related to improving or maintaining environmental quality.

The laws that require or address environmental remediation, including the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) and similar federal, state, local and foreign laws, may apply retroactively and regardless of fault, the legality of the original activities or the current ownership or control of sites. OPC or certain of its subsidiaries participate in or actively monitor a range of remedial activities and government or private proceedings under these laws with respect to alleged past practices at operating, closed and third-party sites. Remedial activities may include one or more of the following: investigation involving sampling, modeling, risk assessment or monitoring; cleanup measures including removal, treatment or disposal of hazardous substances; or operation and maintenance of remedial systems. Government or private proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, punitive damages, civil penalties, injunctive relief and government oversight costs.

As of September 30, 2014, Occidental participated in or monitored remedial activities or proceedings at 153 sites. The following table presents Occidental’s environmental remediation reserves as of September 30, 2014, the current portion of which is included in accrued liabilities ($78 million) and the remainder in deferred credits and other liabilities — other ($252 million). The reserves are grouped as environmental remediation sites listed or proposed for listing by the United States Environmental Protection Agency on the CERCLA National Priorities List (NPL sites) and three categories of non-NPL sites — third-party sites, Occidental-operated sites and closed or non-operated Occidental sites.

	Number of Sites	Reserve Balance (in millions)

NPL sites	30	$	24
Third-party sites	72	94
Occidental-operated sites	19	110
Closed or non-operated Occidental sites	32	102
Total	153	$	330

As of September 30, 2014, Occidental’s environmental reserves exceeded $10 million each at 11 of the 153 sites described above, and 103 of the sites had reserves from $0 to $1 million each. Based on current estimates, Occidental expects to expend funds corresponding to approximately half of the current environmental reserves at the sites described above over the next three to four years and the balance at these sites over the subsequent 10 or more years. Occidental believes its range of reasonably possible additional losses beyond those liabilities recorded for environmental remediation at these sites could be up to $390 million. The status of Occidental’s involvement with the sites and related significant assumptions has not changed materially since December 31, 2013. For additional information regarding environmental matters, refer to Note 7.

Lawsuits, Claims, Commitments and Contingencies	9 Months Ended
Lawsuits, Claims, Commitments and Contingencies	Sep. 30, 2014
Lawsuits, Claims, Commitments and Contingencies
Lawsuits, Claims, Commitments and Contingencies	7. Lawsuits, Claims, Commitments and Contingencies OPC or certain of its subsidiaries are involved, in the normal course of business, in lawsuits, claims and other legal proceedings that seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties, or injunctive or declaratory relief. OPC or certain of its subsidiaries also are involved in proceedings under CERCLA and similar federal, state, local and foreign environmental laws. These environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, punitive damages, civil penalties and injunctive relief. Usually OPC or such subsidiaries are among many companies in these environmental proceedings and have to date been successful in sharing response costs with other financially sound companies. Further, some lawsuits, claims and legal proceedings involve acquired or disposed assets with respect to which a third party or Occidental retains liability or indemnifies the other party for conditions that existed prior to the transaction. Occidental has entered into a written settlement agreement with the State of New Jersey (the State) to resolve claims asserted by the State against Occidental arising from Occidental’s acquisition of Diamond Shamrock Chemicals Company (DSCC) and historic operations of DSCC’s Lister Avenue Plant. If the settlement is approved by the court, then Occidental will pay the State $190 million and, under certain circumstances, perform or fund future work on behalf of the State along a portion of the Passaic River. When Occidental acquired the stock of DSCC in 1986, Maxus Energy Corporation, a subsidiary of YPF S.A. (Maxus), retained liability for the Lister Avenue Plant, which is part of the Diamond Alkali Superfund Site, as well as other sites. Maxus is also obligated to indemnify Occidental for the State of New Jersey settlement. Occidental is pursuing Maxus to recover the settlement costs. This State of New Jersey settlement does not cover any potential Occidental share of costs associated with the EPA’s proposed clean-up plan of the Passaic River announced in April 2014. Maxus is also responsible for federal clean-up or other costs associated with the Lister Avenue Plant and the Diamond Alkali Superfund Site. Occidental accrues reserves for currently outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. Occidental has disclosed its reserve balances for environmental matters. Reserve balances for other matters as of September 30, 2014 and December 31, 2013 were not material to Occidental’s consolidated balance sheets. Occidental also evaluates the amount of reasonably possible losses that it could incur as a result of the matters mentioned above. Occidental has disclosed its range of reasonably possible additional losses for sites where it is a participant in environmental remediation. Occidental believes that other reasonably possible losses that it could incur in excess of reserves accrued on the balance sheet would not be material to its consolidated financial position or results of operations. During the course of its operations, Occidental is subject to audit by tax authorities for varying periods in various federal, state, local and foreign tax jurisdictions. Although taxable years through 2009 for United States federal income tax purposes have been audited by the United States Internal Revenue Service (IRS) pursuant to its Compliance Assurance Program, subsequent taxable years are currently under review. Additionally, in December 2012, Occidental filed United States federal refund claims for tax years 2008 and 2009, which are subject to IRS review. Taxable years from 2000 through the current year remain subject to examination by foreign and state government tax authorities in certain jurisdictions. In certain of these jurisdictions, tax authorities are in various stages of auditing Occidental’s income taxes. During the course of tax audits, disputes have arisen and other disputes may arise as to facts and matters of law. Occidental believes that the resolution of outstanding tax matters would not have a material adverse effect on its consolidated financial position or results of operations. OPC, its subsidiaries or both have indemnified various parties against specified liabilities those parties might incur in the future in connection with purchases and other transactions that they have entered into with Occidental. These indemnities usually are contingent upon the other party incurring liabilities that reach specified thresholds. As of September 30, 2014, Occidental is not aware of circumstances that it believes would reasonably be expected to lead to indemnity claims that would result in payments materially in excess of reserves.

Retirement and Postretirement Benefit Plans

9 Months Ended

Sep. 30, 2014

Retirement and Postretirement Benefit Plans

Retirement and Postretirement Benefit Plans

8. Retirement and Postretirement Benefit Plans

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 and nine months ended September 30, 2014 and 2013 (in millions):

Three months ended September 30	2014					2013
Net Periodic Benefit Costs	Pension Benefit			Postretirement Benefit		Pension Benefit			Postretirement Benefit
Service cost	$	3		$	7	$	3		$	8
Interest cost	6			10		6			11
Expected return on plan assets	(8		)	—		(7		)	—
Recognized actuarial loss	1			4		10			9
Total	$	2		$	21	$	12		$	28

Nine months ended September 30	2014					2013
Net Periodic Benefit Costs	Pension Benefit			Postretirement Benefit		Pension Benefit			Postretirement Benefit
Service cost	$	9		$	19	$	10		$	22
Interest cost	18			34		19			32
Expected return on plan assets	(25		)	—		(23		)	—
Recognized actuarial loss	4			16		18			29
Total	$	6		$	69	$	24		$	83

Occidental contributed $1 million in each of the three month periods ended September 30, 2014 and 2013, and $4 million and $3 million in the nine month periods ended September 30, 2014 and 2013, respectively, to its defined benefit pension plans.

Fair Value Measurements

9 Months Ended

Sep. 30, 2014

Fair Value Measurements

Fair Value Measurements

9. Fair Value Measurements

Occidental has categorized its assets and liabilities that are measured at fair value in a three-level fair value hierarchy, based on the inputs to the valuation techniques: Level 1 — using quoted prices in active markets for the assets or liabilities; Level 2 — using observable inputs other than quoted prices for the 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 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) bilateral 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 and 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.

· Embedded commodity derivatives – Occidental values embedded commodity derivatives based on a market approach that considers various assumptions, including quoted forward commodity prices and market yield curves. The assumptions used include inputs that are observable and unobservable in the marketplace, and the fair value is designated as Level 3 within the valuation hierarchy.

Occidental generally uses an income approach to measure fair value when observable inputs are unavailable. This approach utilizes management’s judgments regarding expectations of projected cash flows, and discounts those cash flows using a risk-adjusted discount rate.

The following tables provide fair value measurement information for such assets and liabilities that are measured on a recurring basis as of September 30, 2014 and December 31, 2013 (in millions):

	Fair Value Measurements at
	September 30, 2014 Using
Description	Level 1		Level 2		Level 3		Netting and Collateral			(a)	Total Fair Value
Assets:
Commodity derivatives	$	580	$	110	$	—	$	(631	)		$	59
Liabilities:
Commodity derivatives	$	601	$	172	$	—	$	(655	)		$	118

	Fair Value Measurements at
	December 31, 2013 Using
Description	Level 1		Level 2		Level 3		Netting and Collateral			(a)	Total Fair Value
Assets:
Commodity derivatives	$	185	$	195	$	—	$	(329	)		$	51
Liabilities:
Commodity derivatives	$	199	$	223	$	—	$	(364	)		$	58

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

Fair Values — Nonrecurring

During the nine months ended September 30, 2014 and 2013, 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 long term fixed-rate debt, approximate fair value. The cost, if any, to terminate Occidental’s 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 instruments’ maturities. The estimated fair values of Occidental’s debt as of September 30, 2014 and December 31, 2013 was $7.1 billion, for both dates, and its carrying value was $6.9 billion for both September 30, 2014 and December 31, 2013. Occidental classifies its debt as Level 1.

- 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 + Details

Derivatives

9 Months Ended

Sep. 30, 2014

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 cash-flow hedge treatment and management elects and documents such treatment. Otherwise, any fair value gains or losses are recognized in earnings in the current period.

Occidental uses a variety of derivative instruments, including cash-flow hedges and derivative instruments not designated as hedging instruments, to obtain average prices for the relevant production month and to improve realized prices for oil and gas. Occidental only occasionally hedges its oil and gas production, and, when it does, the volumes are usually insignificant. 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.

Cash-Flow Hedges

Occidental entered into financial swap agreements in November 2012 for the sale of a portion of its natural gas production in California. These swap agreements hedged 50 million cubic feet of natural gas per day beginning in January 2013 through March 2014 and qualified as cash-flow hedges. The weighted-average strike price of these swaps was $4.30.

Occidental’s marketing and trading operations, from time to time, store natural gas purchased from third parties at Occidental’s North American leased storage facilities. Derivative instruments used to fix margins on the future sales of stored volumes ended March 31, 2014. As of September 30, 2014, Occidental did not have any cash-flow hedges on stored volumes of natural gas. At December 31, 2013, Occidental had approximately 11 billion cubic feet of natural gas held in storage, and had cash-flow hedges for the forecast sale, to be settled by physical delivery, of approximately 13 billion cubic feet of stored natural gas.

Occidental’s after-tax gains and losses recognized in, and reclassified to income from, Accumulated Other Comprehensive Income (AOCI) for derivative instruments classified as cash-flow hedges for the three and nine months ended September 30, 2014 and 2013, and the ending AOCI balances for each period were not material. Occidental expects to reclassify an insignificant amount, based on the valuation as of September 30, 2014, of net after-tax derivative losses from AOCI into income during the next 12 months. The gains and losses reclassified to income were recognized in net sales, and the amount of the ineffective portion of cash-flow hedges was immaterial for the three and nine months ended September 30, 2014 and 2013.

Derivatives Not Designated as Hedging Instruments

The following table summarizes Occidental’s net volumes of outstanding commodity derivatives contracts not designated as hedging instruments, including both financial and physical derivative contracts as of September 30, 2014 and December 31, 2013.

	Net Outstanding Position
	Long / (Short)
Commodity	2014		2013
Oil (million barrels)	(24	)	(1	)
Natural gas (billion cubic feet)	(71	)	(10	)
Precious metals (million troy ounces)	—		1

The volumes in the table above exclude contracts tied to index prices, for which the fair value, if any, is minimal at any point in time. These excluded contracts do not expose Occidental to price risk because the contract prices fluctuate with index prices.

In addition, Occidental typically has certain other commodity trading contracts, such as agricultural products, power and other metals, as well as foreign exchange contracts. These contracts were not material to Occidental as of September 30, 2014 and December 31, 2013.

Occidental fulfills short positions through its own production or by third-party purchase contracts. Subsequent to September 30, 2014, Occidental entered into purchase contracts for a substantial portion of the short positions outstanding at quarter end and has sufficient production capacity and the ability to enter into additional purchase contracts to satisfy the remaining positions.

Approximately $72 million of net losses from derivatives not designated as hedging instruments and $56 million of net gains were recognized in net sales for the three months ended September 30, 2014 and 2013, respectively. Approximately $12 million of net gains from derivatives not designated as hedging instruments and $41 million of net gains were recognized in net sales for the nine months ended September 30, 2014 and 2013, respectively.

Fair Value of Derivatives

The following table presents the gross and net fair values of Occidental’s outstanding derivatives as of September 30, 2014 and December 31, 2013 (in millions):

	Asset Derivatives				Liability Derivatives
September 30, 2014	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Cash-flow hedges (a)
Commodity contracts	Other current assets	$	—		Accrued liabilities	$	—
Commodity contracts	Long-term receivables and other assets, net	—			Deferred credits and other liabilities	—
		—				—

Derivatives not designated as hedging instruments (a)
Commodity contracts	Other current assets	681			Accrued liabilities	765
Commodity contracts	Long-term receivables and other assets, net	9			Deferred credits and other liabilities	8
		690				773
Total gross fair value		690				773
Less: counterparty netting and cash collateral (b,d)		(631		)		(655		)
Total net fair value of derivatives		$	59			$	118

	Asset Derivatives				Liability Derivatives
December 31, 2013	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Cash-flow hedges (a)
Commodity contracts	Other current assets	$	—		Accrued liabilities	$	4
Commodity contracts	Long-term receivables and other assets, net	—			Deferred credits and other liabilities	—
		—				4

Derivatives not designated as hedging instruments (a)
Commodity contracts	Other current assets	367			Accrued liabilities	407
Commodity contracts	Long-term receivables and other assets, net	13			Deferred credits and other liabilities	11
		380				418
Total gross fair value		380				422
Less: counterparty netting and cash collateral (c,d)		(329		)		(364		)
Total net fair value of derivatives		$	51			$	58

(a) Fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements and presented on a net basis in the consolidated balance sheets.

(b) As of September 30, 2014, collateral received of $6 million has been netted against derivative assets and collateral paid of $31 million has been netted against derivative liabilities.

(c) As of December 31, 2013, collateral received of $11 million has been netted against derivative assets and collateral paid of $46 million has been netted against derivative liabilities.

(d) Select clearinghouses and brokers require Occidental to post an initial margin deposit. Collateral, mainly for initial margin, of $81 million and $103 million deposited by Occidental has not been reflected in these derivative fair value tables as of September 30, 2014 and December 31, 2013, respectively. This collateral is included in other current assets in the consolidated balance sheets as of September 30, 2014, and December 31, 2013, respectively.

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 minimal credit risk as a significant portion of these transactions is settled on a daily margin basis with select clearinghouses and brokers. Occidental executes the rest of its derivative transactions in the 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 September 30, 2014 and December 31, 2013, Occidental had a net liability of $6 million and $8 million, respectively, which is net of collateral posted of $24 million and $23 million, respectively. Occidental believes that if it had received a one-notch reduction in its credit ratings, it would not have resulted in a material change in its collateral-posting requirements as of September 30, 2014 and December 31, 2013.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959

Reference 9: 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=35706170&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Industry Segments

9 Months Ended

Sep. 30, 2014

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, natural gas liquids (NGLs) and natural gas. The chemical segment mainly manufactures and markets basic chemicals and vinyls. The midstream and marketing segment gathers, processes, transports, stores, purchases and markets oil, condensate, NGLs, natural gas, carbon dioxide (CO2) and power. It also trades around its assets, including transportation and storage capacity, and trades oil, NGLs, gas and other commodities. Additionally, the midstream and marketing segment invests in entities that conduct similar activities.

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

The following tables present Occidental’s industry segments (in millions):

	Oil				Midstream			Corporate
	and				and			and
	Gas		Chemical		Marketing			Eliminations				Total
Three months ended September 30, 2014
Net sales	$	4,652	$	1,232	$	362		$	(250	)		$	5,996
Pre-tax operating profit (loss)	$	1,899	$	140	$	128		$	(136	)	(b)	$	2,031
Income taxes	—		—		—			(817		)	(c)	(817		)
Discontinued operations, net	—		—		—			(3		)		(3		)
Net income attributable to noncontrolling interest	—		—		(3		)	—				(3		)
Net income (loss) attributable to common stock	$	1,899	$	140	$	125		$	(956	)		$	1,208

Three months ended September 30, 2013
Net sales	$	5,018	$	1,200	$	442		$	(211	)		$	6,449
Pre-tax operating profit (loss)	$	2,363	$	181	$	212		$	(131	)	(b)	$	2,625
Income taxes	—		—		—			(1,037		)	(c)	(1,037		)
Discontinued operations, net	—		—		—			(5		)		(5		)
Net income (loss) attributable to common stock	$	2,363	$	181	$	212		$	(1,173	)		$	1,583

	Oil						Midstream			Corporate
	and						and			and
	Gas			Chemical			Marketing			Eliminations				Total
Nine months ended September 30, 2014
Net sales	$	14,135	(a)	$	3,694		$	1,327		$	(797	)		$	18,359
Pre-tax operating profit (loss)	$	6,185		$	409		$	522		$	(372	)	(b)	$	6,744
Income taxes	—			—			—			(2,706		)	(c)	(2,706		)
Discontinued operations, net	—			—			—			(1		)		(1		)
Net income attributable to noncontrolling interest	—			—			(8		)	—				(8		)
Net income (loss) attributable to common stock	$	6,185		$	409		$	514		$	(3,079	)		$	4,029

Nine months ended September 30, 2013
Net sales	$	14,179		$	3,562		$	1,164		$	(622	)		$	18,283
Pre-tax operating profit (loss)	$	6,383		$	615	(d)	$	475		$	(417	)	(b)	$	7,056
Income taxes	—			—			—			(2,782		)	(c)	(2,782		)
Discontinued operations, net	—			—			—			(14		)		(14		)
Net income (loss) attributable to common stock	$	6,383		$	615		$	475		$	(3,213	)		$	4,260

(a) Includes second quarter pre-tax gain of $532 million for the Hugoton sale. In addition, in June 2014, management determined it would not pursue the exploration and development of certain of its non-producing domestic oil and gas acreage, and Occidental recorded a pre-tax impairment charge of $471 million.

(b) Includes unallocated net interest expense, administration expense, environmental remediation and other pre-tax items. The nine month period ended September 30, 2013 includes a $55 million pre-tax charge for the estimated costs related to employment and post-employment benefits for Occidental’s former Executive Chairman and termination of certain other employees and consulting arrangements.

(d) Includes a $131 million pre-tax gain for the sale of an equity investment in Carbocloro, a Brazilian entity which owns a chemical facility.

- 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 Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share

Earnings Per Share

12. Earnings Per Share

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

Basic EPS was computed by dividing net income attributable to common stock, net of income allocated to 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 and nine months ended September 30, 2014 and 2013:

	Three months ended September 30						Nine months ended September 30
	Three months ended September 30						Nine months ended September 30
(in millions, except per-share amounts)	2014			2013			2014			2013
Basic EPS
Income from continuing operations	$	1,214		$	1,588		$	4,038		$	4,274
Less: Income from continuing operations attributable to noncontrolling interest	(3		)	—			(8		)	—
Income from contributing operations attributable to common stock	1,211			1,588			4,030			4,274
Discontinued operations, net	(3		)	(5		)	(1		)	(14		)
Net Income	1,208			1,583			4,029			4,260
Less: Net Income allocated to participating securities	(3		)	(4		)	(8		)	(9		)
Net income, net of participating securities	1,205			1,579			4,021			4,251

Weighted average number of basic shares	777.4			805.1			783.7			804.8
Basic EPS	$	1.55		$	1.96		$	5.13		$	5.28

Diluted EPS
Net income, net of participating securities	$	1,205		$	1,579		$	4,021		$	4,251
Weighted average number of basic shares	777.4			805.1			783.7			804.8
Dilutive effect of potentially dilutive securities	0.3			0.6			0.4			0.6
Total diluted weighted average common shares	777.7			805.7			784.1			805.4
Diluted EPS	$	1.55		$	1.96		$	5.13		$	5.28

Variable Interest Entity	9 Months Ended
Variable Interest Entity	Sep. 30, 2014
Variable Interest Entity
Variable Interest Entity	13. Variable Interest Entity In November 2012, Occidental and Magellan Midstream Partners, L.P. (Magellan) formed BridgeTex Pipeline Company, LLC (BridgeTex) to construct a pipeline to transport crude oil between the Permian region and the Gulf Coast refinery markets. The pipeline began commercial service in September 2014. Occidental indirectly owns a 50% interest in BridgeTex, which is a variable interest entity that Occidental consolidates. This investment is not material to Occidental’s financial statements. As of September 30, 2014 and December 31, 2013, the BridgeTex assets and liabilities mainly comprised cash and cash equivalents and property, plant and equipment (PP&E). As of September 30, 2014, BridgeTex’s total cash, PP&E and non-controlling amounts (including Magellan’s interests) were $66 million, $1 billion and $606 million, respectively. As of December 31, 2013, BridgeTex’s cash, PP&E and non controlling amounts were $82 million, $420 million and $246 million, respectively. BridgeTex’s assets cannot be used for the obligations of, nor do BridgeTex’s creditors have recourse to, OPC or its other subsidiaries.

Planned Spin-Off of California Resources Corporation	9 Months Ended
Planned Spin-Off of California Resources Corporation	Sep. 30, 2014
Planned Spin-Off of California Resources Corporation
Planned Spin-Off of California Resources Corporation	14. Planned Spin-Off of California Resources Corporation In connection with the planned spin-off, on November 30, 2014, Occidental intends to distribute, on a pro-rata basis, at least 80.1% of CRC common stock to Occidental shareholders as of November 17, 2014, the record date for the spin-off, with each Occidental shareholder to receive 0.4 shares of CRC for every share of Occidental common stock. Fractional shares of CRC will not be distributed and any fractional shares of CRC otherwise issuable to an Occidental shareholder will be sold in the open market on such shareholder’s behalf, and such shareholder will receive a cash payment with respect to that fractional share. Occidental intends to dispose of the up to 19.9% of retained CRC shares within 18 months following the spin-off. The CRC spin-off has been structured to qualify as a tax-free distribution to U.S. holders of Occidental common stock for U.S. federal income tax purposes. Occidental has received a private letter ruling from the Internal Revenue Service with respect to the treatment of certain aspects of the spin-off. Based on the private letter ruling and certain facts, assumptions, representations and undertakings made by Occidental and CRC, Occidental will receive an opinion of counsel to the effect that for U.S. federal income tax purposes, the distribution of CRC common stock and certain related transactions will not be taxable to Occidental or U.S. holders of Occidental common stock, except in respect to cash received in lieu of fractional share interests which generally will be taxable to such holders as capital gain. In October 2014, in connection with the planned spin-off from Occidental, CRC issued $5.0 billion in senior notes (the California Notes) in a private placement, including $1.0 billion of 5.0% senior notes due January 2020, $1.75 billion of 5.50% senior notes due September 2021, and $2.25 billion of 6.0% senior notes due November 2024. The California Notes are fully and unconditionally guaranteed by the material subsidiaries of CRC. Occidental received $4.95 billion in net proceeds from the private placement as a result of a cash distribution from CRC as part of the planned spin-off. In September 2014, CRC entered into a five-year, $1.0 billion Term Loan Facility and a five-year, $2.0 billion Revolving Credit Facility with a syndicate of lenders (the CRC Credit Facilities). The CRC Credit Facilities were entered into as part of the planned spin-off of CRC from Occidental. Borrowings under the CRC Credit Facilities bear interest at either LIBOR or an alternate base rate plus an applicable margin. All obligations under the CRC Credit Facilities are guaranteed by certain subsidiaries of CRC. CRC intends to borrow funds under the CRC Credit Facilities to make a $1.25 billion cash distribution to Occidental concurrent with the spin-off and to repay any intercompany balances to Occidental prior to the spin-off. When Occidental completes the spin-off of CRC at the end of November, the results of operations and cash flows of CRC will be reclassified into discontinued operations in Occidental’s consolidated statements of income and cash flows for all periods presented.

Inventories (Tables)

9 Months Ended

Sep. 30, 2014

Inventories

Inventories (in millions)

	2014			2013

Raw materials	$	80		$	74
Materials and supplies	657			628
Finished goods	713			589
	1,450			1,291

LIFO reserve	(91		)	(91		)
Total	$	1,359		$	1,200

Environmental Liabilities and Expenditures (Tables)

9 Months Ended

Sep. 30, 2014

Environmental Liabilities and Expenditures

Environmental loss contingencies by categories of sites

	Number of Sites	Reserve Balance (in millions)

NPL sites	30	$	24
Third-party sites	72	94
Occidental-operated sites	19	110
Closed or non-operated Occidental sites	32	102
Total	153	$	330

Retirement and Postretirement Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2014

Retirement and Postretirement Benefit Plans

Components of the net periodic benefit cost (in millions)

Three months ended September 30	2014					2013
Net Periodic Benefit Costs	Pension Benefit			Postretirement Benefit		Pension Benefit			Postretirement Benefit
Service cost	$	3		$	7	$	3		$	8
Interest cost	6			10		6			11
Expected return on plan assets	(8		)	—		(7		)	—
Recognized actuarial loss	1			4		10			9
Total	$	2		$	21	$	12		$	28

Nine months ended September 30	2014					2013
Net Periodic Benefit Costs	Pension Benefit			Postretirement Benefit		Pension Benefit			Postretirement Benefit
Service cost	$	9		$	19	$	10		$	22
Interest cost	18			34		19			32
Expected return on plan assets	(25		)	—		(23		)	—
Recognized actuarial loss	4			16		18			29
Total	$	6		$	69	$	24		$	83

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis (in millions)

	Fair Value Measurements at
	September 30, 2014 Using
Description	Level 1		Level 2		Level 3		Netting and Collateral			(a)	Total Fair Value
Assets:
Commodity derivatives	$	580	$	110	$	—	$	(631	)		$	59
Liabilities:
Commodity derivatives	$	601	$	172	$	—	$	(655	)		$	118

	Fair Value Measurements at
	December 31, 2013 Using
Description	Level 1		Level 2		Level 3		Netting and Collateral			(a)	Total Fair Value
Assets:
Commodity derivatives	$	185	$	195	$	—	$	(329	)		$	51
Liabilities:
Commodity derivatives	$	199	$	223	$	—	$	(364	)		$	58

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

Derivatives (Tables)

9 Months Ended

Sep. 30, 2014

Derivatives - table

Gross and net fair values of outstanding derivatives (in millions)

	Asset Derivatives				Liability Derivatives
September 30, 2014	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Cash-flow hedges (a)
Commodity contracts	Other current assets	$	—		Accrued liabilities	$	—
Commodity contracts	Long-term receivables and other assets, net	—			Deferred credits and other liabilities	—
		—				—

Derivatives not designated as hedging instruments (a)
Commodity contracts	Other current assets	681			Accrued liabilities	765
Commodity contracts	Long-term receivables and other assets, net	9			Deferred credits and other liabilities	8
		690				773
Total gross fair value		690				773
Less: counterparty netting and cash collateral (b,d)		(631		)		(655		)
Total net fair value of derivatives		$	59			$	118

	Asset Derivatives				Liability Derivatives
December 31, 2013	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Cash-flow hedges (a)
Commodity contracts	Other current assets	$	—		Accrued liabilities	$	4
Commodity contracts	Long-term receivables and other assets, net	—			Deferred credits and other liabilities	—
		—				4

Derivatives not designated as hedging instruments (a)
Commodity contracts	Other current assets	367			Accrued liabilities	407
Commodity contracts	Long-term receivables and other assets, net	13			Deferred credits and other liabilities	11
		380				418
Total gross fair value		380				422
Less: counterparty netting and cash collateral (c,d)		(329		)		(364		)
Total net fair value of derivatives		$	51			$	58

(a) Fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements and presented on a net basis in the consolidated balance sheets.

(b) As of September 30, 2014, collateral received of $6 million has been netted against derivative assets and collateral paid of $31 million has been netted against derivative liabilities.

(c) As of December 31, 2013, collateral received of $11 million has been netted against derivative assets and collateral paid of $46 million has been netted against derivative liabilities.

Derivatives Not Designated as Hedging Instruments | Commodity Contracts

Derivatives - table

Net volumes of outstanding commodity derivatives contracts

	Net Outstanding Position
	Long / (Short)
Commodity	2014		2013
Oil (million barrels)	(24	)	(1	)
Natural gas (billion cubic feet)	(71	)	(10	)
Precious metals (million troy ounces)	—		1

- 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 5
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959

Reference 6: 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=35706170&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Industry Segments (Tables)

9 Months Ended

Sep. 30, 2014

Industry Segments

Schedule of industry segments

	Oil				Midstream			Corporate
	and				and			and
	Gas		Chemical		Marketing			Eliminations				Total
Three months ended September 30, 2014
Net sales	$	4,652	$	1,232	$	362		$	(250	)		$	5,996
Pre-tax operating profit (loss)	$	1,899	$	140	$	128		$	(136	)	(b)	$	2,031
Income taxes	—		—		—			(817		)	(c)	(817		)
Discontinued operations, net	—		—		—			(3		)		(3		)
Net income attributable to noncontrolling interest	—		—		(3		)	—				(3		)
Net income (loss) attributable to common stock	$	1,899	$	140	$	125		$	(956	)		$	1,208

Three months ended September 30, 2013
Net sales	$	5,018	$	1,200	$	442		$	(211	)		$	6,449
Pre-tax operating profit (loss)	$	2,363	$	181	$	212		$	(131	)	(b)	$	2,625
Income taxes	—		—		—			(1,037		)	(c)	(1,037		)
Discontinued operations, net	—		—		—			(5		)		(5		)
Net income (loss) attributable to common stock	$	2,363	$	181	$	212		$	(1,173	)		$	1,583

	Oil						Midstream			Corporate
	and						and			and
	Gas			Chemical			Marketing			Eliminations				Total
Nine months ended September 30, 2014
Net sales	$	14,135	(a)	$	3,694		$	1,327		$	(797	)		$	18,359
Pre-tax operating profit (loss)	$	6,185		$	409		$	522		$	(372	)	(b)	$	6,744
Income taxes	—			—			—			(2,706		)	(c)	(2,706		)
Discontinued operations, net	—			—			—			(1		)		(1		)
Net income attributable to noncontrolling interest	—			—			(8		)	—				(8		)
Net income (loss) attributable to common stock	$	6,185		$	409		$	514		$	(3,079	)		$	4,029

Nine months ended September 30, 2013
Net sales	$	14,179		$	3,562		$	1,164		$	(622	)		$	18,283
Pre-tax operating profit (loss)	$	6,383		$	615	(d)	$	475		$	(417	)	(b)	$	7,056
Income taxes	—			—			—			(2,782		)	(c)	(2,782		)
Discontinued operations, net	—			—			—			(14		)		(14		)
Net income (loss) attributable to common stock	$	6,383		$	615		$	475		$	(3,213	)		$	4,260

(d) Includes a $131 million pre-tax gain for the sale of an equity investment in Carbocloro, a Brazilian entity which owns a chemical facility.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2014

Earnings Per Share

Calculation of basic and diluted EPS

	Three months ended September 30						Nine months ended September 30
	Three months ended September 30						Nine months ended September 30
(in millions, except per-share amounts)	2014			2013			2014			2013
Basic EPS
Income from continuing operations	$	1,214		$	1,588		$	4,038		$	4,274
Less: Income from continuing operations attributable to noncontrolling interest	(3		)	—			(8		)	—
Income from contributing operations attributable to common stock	1,211			1,588			4,030			4,274
Discontinued operations, net	(3		)	(5		)	(1		)	(14		)
Net Income	1,208			1,583			4,029			4,260
Less: Net Income allocated to participating securities	(3		)	(4		)	(8		)	(9		)
Net income, net of participating securities	1,205			1,579			4,021			4,251

Weighted average number of basic shares	777.4			805.1			783.7			804.8
Basic EPS	$	1.55		$	1.96		$	5.13		$	5.28

Diluted EPS
Net income, net of participating securities	$	1,205		$	1,579		$	4,021		$	4,251
Weighted average number of basic shares	777.4			805.1			783.7			804.8
Dilutive effect of potentially dilutive securities	0.3			0.6			0.4			0.6
Total diluted weighted average common shares	777.7			805.7			784.1			805.4
Diluted EPS	$	1.55		$	1.96		$	5.13		$	5.28

Asset Acquisitions, Dispositions and Other (Details) - USD ($) $ in Millions	1 Months Ended				9 Months Ended
	Sep. 30, 2014	Aug. 31, 2014	Apr. 30, 2014	Feb. 28, 2014	Sep. 30, 2014	Jul. 31, 2014
Acquisitions, dispositions and other transactions
Amount borrowed in commercial paper for short-term cash needs	$ 1,600				$ 1,599
Pre-tax gain on sale of property					532
Credit Facility
Acquisitions, dispositions and other transactions
Term of bank credit facility		5 years
Amount of bank credit facility		$ 2,000				$ 2,000
Amount outstanding under the credit facility	$ 0				0
Hugoton Field operations
Acquisitions, dispositions and other transactions
Agreed value of proceeds from sale of assets				$ 1,400
Pre-tax proceeds from sale of assets			$ 1,300
Pre-tax gain on sale of property					532
Gain on sale of property, after tax					$ 339

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Supplemental Cash Flow Information
United States federal, state and foreign income taxes paid for continuing operations	$ 2,600	$ 1,300
Tax receivable		400
Interest Paid	$ 199	$ 215

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2014	Dec. 31, 2013
Inventories
Raw materials	$ 80	$ 74
Materials and supplies	657	628
Finished goods	713	589
Inventories, Gross	1,450	1,291
LIFO reserve	(91)	(91)
Total	$ 1,359	$ 1,200

Environmental Liabilities and Expenditures (Details) $ in Millions	9 Months Ended
	Sep. 30, 2014 USD ($) site
Environmental Liabilities and Expenditures
Environmental remediation reserves, current, included in accrued liabilities	$ 78
Environmental remediation reserves, noncurrent, included in deferred credits and other liabilities - other	$ 252
Environmental remediation reserves
Number of Sites \| site	153
Reserve Balance	$ 330
Environmental reserves, exceeding $ ten million, threshold value	$ 10
Environmental reserves, range between zero to $ one million site category, number of sites \| site	103
Minimum period of expending second half of environmental reserves	10 years
Low end of range
Environmental remediation reserves
Environmental reserves, exceeding $ ten million, number of sites \| site	11
Environmental reserves, range between zero to $ one million site category	$ 0
Period of expending first half of environmental reserves	3 years
High end of range
Environmental remediation reserves
Environmental reserves, range between zero to $ one million site category	$ 1
Period of expending first half of environmental reserves	4 years
Environmental remediation additional loss range	$ 390
NPL sites
Environmental remediation reserves
Number of Sites \| site	30
Reserve Balance	$ 24
Third-party sites
Environmental remediation reserves
Number of Sites \| site	72
Reserve Balance	$ 94
Occidental-operated sites
Environmental remediation reserves
Number of Sites \| site	19
Reserve Balance	$ 110
Closed or non-operated Occidental sites
Environmental remediation reserves
Number of Sites \| site	32
Reserve Balance	$ 102

Lawsuits, Claims, Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2014 USD ($)
Written settlement agreement with the State of New Jersey to resolve claims in relation to acquisition of Diamond Shamrock Chemicals Company
Lawsuits, claims, commitments and contingencies
Amount to be paid if settlement is approved by the court	$ 190

Retirement and Postretirement Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Pension Benefit
Net periodic benefit costs:
Service cost	$ 3	$ 3	$ 9	$ 10
Interest cost	6	6	18	19
Expected return on plan assets	(8)	(7)	(25)	(23)
Recognized actuarial loss	1	10	4	18
Net periodic benefit cost	2	12	6	24
Employer contributions	1	1	4	3
Postretirement Benefit
Net periodic benefit costs:
Service cost	7	8	19	22
Interest cost	10	11	34	32
Recognized actuarial loss	4	9	16	29
Net periodic benefit cost	$ 21	$ 28	$ 69	$ 83

Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2014	Dec. 31, 2013
Level 1
Fair Value - Other Financial Instruments
Debt estimated fair value	$ 7,100	$ 7,100
Debt carrying value	6,900	6,900
Recurring
Assets:
Commodity derivatives	(631)	(329)
Liabilities:
Commodity derivatives	(655)	(364)
Recurring \| Level 1
Assets:
Commodity derivatives	580	185
Liabilities:
Commodity derivatives	601	199
Recurring \| Level 2
Assets:
Commodity derivatives	110	195
Liabilities:
Commodity derivatives	172	223
Recurring \| Total Fair Value
Assets:
Commodity derivatives	59	51
Liabilities:
Commodity derivatives	$ 118	$ 58

Derivatives (Details) ft³ in Millions	Dec. 31, 2013 ft³	Nov. 30, 2012 ft³ $ / ft³
Cash-Flow Hedges
Natural gas held in storage (in cubic feet)	11,000
Forecast sale of natural gas from storage designated as cash-flow hedges (in cubic feet)	13,000
Natural Gas - Swaps through March 2014 (in cubic feet)
Cash-Flow Hedges
Daily volume		50
Weighted-average strike price (in dollars per cubic foot) \| $ / ft³		0.00430

Derivatives (Details 2) ozt in Millions, bbl in Millions, $ in Millions, ft³ in Billions	3 Months Ended		9 Months Ended
	Sep. 30, 2014 USD ($) bbl ft³	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($) bbl ft³	Sep. 30, 2013 USD ($)	Dec. 31, 2013 ozt bbl ft³
Outstanding commodity derivatives contracts not designated as hedging instruments
Net gains (losses) from derivatives not designated as hedging instruments recognized in net sales (in dollars) \| $	$ (72)	$ 56	$ 12	$ 41
Oil (in barrels)
Outstanding commodity derivatives contracts not designated as hedging instruments
Net Outstanding Position Long/(Short) \| bbl	(24)		(24)		(1)
Natural Gas (in cubic feet)
Outstanding commodity derivatives contracts not designated as hedging instruments
Net Outstanding Position Long/(Short) \| ft³	(71)		(71)		(10)
Precious metals (in troy ounces)
Outstanding commodity derivatives contracts not designated as hedging instruments
Net Outstanding Position Long/(Short) \| ozt					1

Derivatives (Details 3) - USD ($) $ in Millions	Sep. 30, 2014	Dec. 31, 2013
Gross and net fair values of outstanding derivatives (in millions)
Less: counterparty netting and cash collateral, asset	$ (631)	$ (329)
Less: counterparty netting and cash collateral, liability	(655)	(364)
Total net fair value, asset	59	51
Total net fair value, liability	118	58
Collateral received netted against derivative assets	6	11
Collateral paid netted against derivative liabilities	31	46
Collateral deposited with clearinghouses and brokers	81	103
Credit risk contingent features
Net derivative liabilities with credit-risk-contingent features	6	8
Amount of collateral posted	24	23
Commodity Contracts
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	690	380
Commodity contract derivative liability, gross	773	422
Cash-flow hedges \| Commodity Contracts
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		4
Cash-flow hedges \| Commodity Contracts \| Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		4
Not designated as hedging instruments \| Commodity Contracts
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	690	380
Commodity contract derivative liability, gross	773	418
Not designated as hedging instruments \| Commodity Contracts \| Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	681	367
Not designated as hedging instruments \| Commodity Contracts \| Long-term receivables and other assets, net
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	9	13
Not designated as hedging instruments \| Commodity Contracts \| Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	765	407
Not designated as hedging instruments \| Commodity Contracts \| Deferred credits and other liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	$ 8	$ 11

Industry Segments (Details) $ in Millions	3 Months Ended		9 Months Ended
Industry Segments (Details) $ in Millions	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($) segment	Sep. 30, 2013 USD ($)
Industry Segments
Number of operating segments \| segment			3
Segment Information
Net sales	$ 5,996	$ 6,449	$ 18,359	$ 18,283
Pre-tax operating profit (loss)	2,031	2,625	6,744	7,056
Income taxes	(817)	(1,037)	(2,706)	(2,782)
Discontinued operations, net	(3)	(5)	(1)	(14)
Net income attributable to noncontrolling interest	(3)		(8)
Net income (loss) attributable to common stock	1,208	1,583	4,029	4,260
Pre-tax gain on sale of property			532
Impairment charges, before tax			471
Gain on sale of equity investment				131
Charge for former employees and consultants				55
Operating segments \| Oil and Gas
Segment Information
Net sales	4,652	5,018	14,135	14,179
Pre-tax operating profit (loss)	1,899	2,363	6,185	6,383
Net income (loss) attributable to common stock	1,899	2,363	6,185	6,383
Operating segments \| Chemical
Segment Information
Net sales	1,232	1,200	3,694	3,562
Pre-tax operating profit (loss)	140	181	409	615
Net income (loss) attributable to common stock	140	181	409	615
Operating segments \| Midstream and Marketing
Segment Information
Net sales	362	442	1,327	1,164
Pre-tax operating profit (loss)	128	212	522	475
Net income attributable to noncontrolling interest	(3)		(8)
Net income (loss) attributable to common stock	125	212	514	475
Corporate and Eliminations
Segment Information
Net sales	(250)	(211)	(797)	(622)
Pre-tax operating profit (loss)	(136)	(131)	(372)	(417)
Income taxes	(817)	(1,037)	(2,706)	(2,782)
Discontinued operations, net	(3)	(5)	(1)	(14)
Net income (loss) attributable to common stock	$ (956)	$ (1,173)	$ (3,079)	$ (3,213)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Basic EPS
Income from continuing operations	$ 1,214	$ 1,588	$ 4,038	$ 4,274
Less: Net income attributable to noncontrolling interest	(3)		(8)
Income from continuing operations attributable to common stock	1,211	1,588	4,030	4,274
Discontinued operations, net	(3)	(5)	(1)	(14)
NET INCOME ATTRIBUTABLE TO COMMON STOCK	1,208	1,583	4,029	4,260
Less: Net Income allocated to participating securities	(3)	(4)	(8)	(9)
Net income, net of participating securities	$ 1,205	$ 1,579	$ 4,021	$ 4,251
Weighted average number of basic shares	777.4	805.1	783.7	804.8
Basic EPS (in dollars per share)	$ 1.55	$ 1.96	$ 5.13	$ 5.28
Diluted EPS
Net income, net of participating securities	$ 1,205	$ 1,579	$ 4,021	$ 4,251
Weighted average number of basic shares	777.4	805.1	783.7	804.8
Dilutive effect of potentially dilutive securities (in shares)	0.3	0.6	0.4	0.6
Total diluted weighted average common shares	777.7	805.7	784.1	805.4
Diluted EPS (in dollars per share)	$ 1.55	$ 1.96	$ 5.13	$ 5.28

Variable Interest Entity (Details) - USD ($) $ in Millions	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
Variable interest entities
Cash and cash equivalents	$ 2,897	$ 3,393	$ 3,771	$ 1,592
PP&E	58,465	55,821
Non-controlling amounts	$ 606	246
BridgeTex
Variable interest entities
Minority ownership interest (as a percent)	50.00%
Cash and cash equivalents	$ 66	82
PP&E	1,000	420
Non-controlling amounts	$ 606	$ 246

Planned Spin-Off of California Resources Corporation (Details) - USD ($) $ in Millions		1 Months Ended
	Nov. 17, 2014	Oct. 31, 2014	Sep. 30, 2014	Aug. 31, 2014
CRC Credit Facilities
Planned separation of California Resources Corporation
Debt Instrument term				5 years
California Resources Corporation \| Term Loan Facility
Planned separation of California Resources Corporation
Debt Instrument term			5 years
Debt instrument amount			$ 1,000
California Resources Corporation \| Revolving Credit Facility
Planned separation of California Resources Corporation
Debt Instrument term			5 years
Debt instrument amount			$ 2,000
California Resources Corporation \| Subsequent event
Planned separation of California Resources Corporation
Percentage of common stock that is intended to be distributed	80.10%
Common stock conversion ratio	0.4
Maximum percentage of retained shares that is intended to be disposed	19.90%
Period following the spin-off within which specified percentage of common stock retained is intended to be disposed	18 months
California Resources Corporation \| Subsequent event \| California Notes
Planned separation of California Resources Corporation
Amount issued		$ 5,000
Net proceeds from the private placement		4,950
California Resources Corporation \| Subsequent event \| 5.0% senior notes due January 2020
Planned separation of California Resources Corporation
Amount issued		$ 1,000
Debt instrument interest rate stated percentage		5.00%
California Resources Corporation \| Subsequent event \| 5.50% senior notes due September 2021
Planned separation of California Resources Corporation
Amount issued		$ 1,750
Debt instrument interest rate stated percentage		5.50%
California Resources Corporation \| Subsequent event \| 6.0% senior notes due November 2024
Planned separation of California Resources Corporation
Amount issued		$ 2,250
Debt instrument interest rate stated percentage		6.00%
California Resources Corporation \| Subsequent event \| CRC Credit Facilities
Planned separation of California Resources Corporation
Amount of funds intended to be borrowed to make distribution concurrent with the spin-off			$ 1,250