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Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2016 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, 2016
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	764,188,495
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 3,180	$ 3,201
Restricted cash		1,193
Trade receivables, net	3,521	2,970
Inventories	927	986
Assets held for sale		141
Other current assets	1,083	911
Total current assets	8,711	9,402
INVESTMENTS
Investment in unconsolidated entities	1,420	1,267
Available for sale investment		167
Total investments	1,420	1,434
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $42,076 at September 30, 2016 and $39,419 at December 31, 2015	30,419	31,639
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	1,080	934
TOTAL ASSETS	41,630	43,409
CURRENT LIABILITIES
Current maturities of long-term debt		1,450
Accounts payable	3,392	3,069
Accrued liabilities	2,296	2,213
Liabilities of assets held for sale		110
Total current liabilities	5,688	6,842
LONG-TERM DEBT, NET	8,333	6,855
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred domestic and foreign income taxes	1,411	1,323
Other	3,902	4,039
Total deferred credits and other liabilities	5,313	5,362
STOCKHOLDERS' EQUITY
Common stock, at par value (892,165,801 shares at September 30, 2016 and 891,360,091 shares at December 31, 2015)	178	178
Treasury stock (127,977,306 shares at September 30, 2016 and 127,681,335 shares at December 31, 2015)	(9,143)	(9,121)
Additional paid-in capital	7,719	7,640
Retained earnings	23,836	25,960
Accumulated other comprehensive loss	(294)	(307)
Total stockholders' equity	22,296	24,350
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 41,630	$ 43,409

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
CONSOLIDATED CONDENSED BALANCE SHEETS
Accumulated depreciation, depletion and amortization	$ 42,076	$ 39,419
Common stock, outstanding shares	892,165,801	891,360,091
Treasury stock, shares	127,977,306	127,681,335

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
REVENUES AND OTHER INCOME
Net sales	$ 2,648	$ 3,116	$ 7,302	$ 9,674
Interest, dividends and other income	25	31	72	88
Gain on disposal of assets, net	60	99	198	94
TOTAL REVENUES AND OTHER INCOME	2,733	3,246	7,572	9,856
COSTS AND OTHER DEDUCTIONS
Cost of sales	1,338	1,413	3,863	4,450
Selling, general and administrative and other operating expenses	316	292	926	950
Taxes other than on income	61	79	210	293
Depreciation, depletion and amortization	1,046	1,123	3,218	3,268
Asset impairments and related items	221	3,397	299	3,721
Exploration expense	9	5	45	23
Interest and debt expense, net	68	48	216	86
TOTAL COSTS AND OTHER DEDUCTIONS	3,059	6,357	8,777	12,791
Loss before income taxes and other items	(326)	(3,111)	(1,205)	(2,935)
Benefit from domestic and foreign income taxes	30	445	329	140
Income from equity investments	58	60	142	154
Loss from continuing operations	(238)	(2,606)	(734)	(2,641)
Discontinued operations, net	(3)	(3)	432	(10)
NET LOSS	$ (241)	$ (2,609)	$ (302)	$ (2,651)
BASIC EARNINGS PER COMMON SHARE
Loss from continuing operations (in dollars per share)	$ (0.31)	$ (3.41)	$ (0.96)	$ (3.45)
Discontinued operations, net (in dollars per share)	(0.01)	(0.01)	0.56	(0.01)
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	(0.32)	(3.42)	(0.40)	(3.46)
DILUTED EARNINGS PER COMMON SHARE
Loss from continuing operations (in dollars per share)	(0.31)	(3.41)	(0.96)	(3.45)
Discontinued operations, net (in dollars per share)	(0.01)	(0.01)	0.56	(0.01)
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	(0.32)	(3.42)	(0.40)	(3.46)
DIVIDENDS PER COMMON SHARE (in dollars per share)	$ 0.76	$ 0.75	$ 2.26	$ 2.22

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

3 Months Ended

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

Net loss

$ (241)

$ (2,609)

$ (302)

$ (2,651)

Other comprehensive income (loss) items:

Foreign currency translation gains (losses)

(1)

(2)

Unrealized losses on available for sale investment

(246)

(208)

Unrealized gains (losses) on derivatives

^[1]

(12)

Pension and postretirement gains

^[2]

Reclassification to income of realized losses on derivatives

^[3]

Other comprehensive income (loss), net of tax

(243)

(202)

Comprehensive loss

$ (236)

$ (2,852)

$ (289)

$ (2,853)

[1]	Net of tax of $(1) and $(1) for the three months ended September 30, 2016 and 2015, respectively, and $6 and $(1) for the nine months ended September 30, 2016 and 2015, respectively.
[2]	Net of tax of $(2) and $(1) for the three months ended September 30, 2016 and 2015, respectively, and $(9) and $(3) for the nine months ended September 30, 2016 and 2015, respectively.
[3]	Net of tax of zero and zero for the three months ended September 30, 2016 and 2015, respectively, and $(4) and zero for the nine months ended September 30, 2016 and 2015, respectively.

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized gains (losses) on derivatives	$ (1)	$ (1)	$ 6	$ (1)
Pension and postretirement gains, tax	(2)	(1)	(9)	(3)
Reclassification to income of realized losses on derivatives, tax	$ 0	$ 0	$ (4)	$ 0

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOW FROM OPERATING ACTIVITIES
Net Loss	$ (302)	$ (2,651)
Adjustments to reconcile net loss to net cash provided by operating activities:
Discontinued operations, net	(432)	10
Depreciation, depletion and amortization of assets	3,218	3,268
Deferred income tax benefit	(162)	(417)
Other noncash charges to income	79	359
Asset impairments and related items	139	3,364
Gain on sale of assets, net	(198)	(94)
Undistributed earnings from affiliates	(4)	(3)
Dry hole expenses	33	4
Changes in operating assets and liabilities, net	(460)	(938)
Other operating, net	(313)	(499)
Operating cash flow from continuing operations	1,598	2,403
Operating cash flow from discontinued operations	870	(17)
Net cash provided by operating activities	2,468	2,386
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(1,845)	(4,192)
Change in capital accrual	(207)	(652)
Purchase of businesses and assets, net	(82)	(52)
Proceeds from sale of assets and equity investments, net	323	151
Equity investments and other, net	(165)	(373)
Net cash used by investing activities	(1,976)	(5,118)
CASH FLOW FROM FINANCING ACTIVITIES
Change in restricted cash	1,193	2,254
Proceeds from long-term debt, net	2,718	1,478
Payment of long-term debt, net	(2,710)
Proceeds from issuance of common stock	32	34
Purchases of treasury stock	(22)	(586)
Cash dividends paid	(1,724)	(1,690)
Net cash (used) provided by financing activities	(513)	1,490
Decrease in cash and cash equivalents	(21)	(1,242)
Cash and cash equivalents - beginning of period	3,201	3,789
Cash and cash equivalents - end of period	$ 3,180	$ 2,547

General	9 Months Ended
General	Sep. 30, 2016
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 (GAAP) 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 unaudited 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, 2015. In the opinion of Occidental’s management, the accompanying unaudited 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, 2016, and the consolidated statements of operations, comprehensive income and cash flows for the three and nine months ended September 30, 2016 and 2015, as applicable. The income and cash flows for the periods ended September 30, 2016 and 2015 are not necessarily indicative of the income or cash flows to be expected for the full year.

Asset Acquisitions, Dispositions and Other	9 Months Ended
Asset Acquisitions, Dispositions and Other	Sep. 30, 2016
Asset Acquisitions, Dispositions and Other
Asset Acquisitions, Dispositions and Other	2. Asset Acquisitions, Dispositions and Other In September 2016, Occidental completed the sale of its South Texas Eagle Ford non-operated properties for $63 million resulting in a pre-tax gain of $59 million. In September 2016, Occidental sought government approvals to sell its operations in Libya. Occidental recorded a pre-tax impairment charge of $112 million to write down the value of its Libya operations. In August 2016, Occidental terminated crude oil supply agreements at a cost of $160 million. In the second quarter of 2016, Occidental received $330 million as final payment from the settlement with the Republic of Ecuador. In January 2016, Occidental reached an understanding on the terms of payment for the approximate $1.0 billion payable to Occidental by the Republic of Ecuador under a November 2015 International Center for Settlement of Investment Disputes arbitration award. This award relates to Ecuador’s 2006 expropriation of Occidental’s Participation Contract for Block 15. Occidental recorded a pre-tax gain of $681 million in the first quarter of 2016. The results related to Ecuador were presented as discontinued operations. In May and June 2016, respectively, Occidental utilized part of the proceeds from the April 2016 senior note offering (described below) to exercise the early redemption option on $1.25 billion of 1.75-percent senior notes due in the first quarter of 2017 and to retire all $750 million of 4.125-percent senior notes that matured in June 2016. In April 2016, Occidental issued $2.75 billion of senior notes, comprised of $0.4 billion of 2.6-percent senior notes due 2022, $1.15 billion of 3.4-percent senior notes due 2026 and $1.2 billion of 4.4-percent senior notes due 2046. Occidental received net proceeds of approximately $2.72 billion. Interest on the senior notes is payable semi-annually in arrears in April and October of each year for each series of senior notes, beginning on October 15, 2016. Occidental used a portion of the proceeds to retire debt in May and June 2016, and will use the remaining proceeds for general corporate purposes. In March 2016, Occidental distributed its remaining shares of California Resources Corporation (California Resources) through a special stock dividend to stockholders of record as of February 29, 2016. Upon distribution, Occidental recorded a $78 million loss to reduce the investment to its fair market value, and Occidental no longer owns any shares of California Resources common stock. In March 2016, Occidental completed the sale of its Piceance Basin operations in Colorado for $153 million resulting in a pre-tax gain of $121 million. The assets and liabilities related to these operations were presented as held for sale at December 31, 2015, and primarily included property, plant and equipment and current accrued liabilities and asset retirement obligations. In February 2016, Occidental repaid $700 million of 2.5-percent senior notes that matured. In January 2016, Occidental completed the sale of its Occidental Tower building in Dallas, Texas, for net proceeds of approximately $85 million, resulting in a pre-tax gain of $57 million. The building was classified as held for sale as of December 31, 2015.

Accounting and Disclosure Changes	9 Months Ended
Accounting and Disclosure Changes	Sep. 30, 2016
Accounting and Disclosure Changes
Accounting and Disclosure Changes	3. Accounting and Disclosure Changes In October 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance related to the income tax consequences of intra-entity transfers of assets other than inventory. The rules become effective for the interim and annual periods beginning after December 15, 2017. Occidental is currently evaluating the impact of these rules on its financial statements. In August 2016, the FASB issued new guidance related to the classification of certain cash receipts and payments on the statement of cash flows. The rules become effective for the interim and annual periods beginning after December 15, 2017. Occidental is currently evaluating the impact of these rules on its financial statements. In March, April, and May of 2016, the FASB issued updates clarifying several aspects of the new revenue recognition standard, previously issued in May 2014. Occidental is currently evaluating the impact of these rules on its financial statements. In March 2016, the FASB issued rules affecting entities that issue share-based payment awards to their employees. These rules are designed to simplify several aspects of accounting for share-based payment award transactions, including: (1) accounting and cash flow classification for excess tax benefits and deficiencies, (2) forfeitures, and (3) tax withholding requirements and cash flow classification. The rules were adopted for the second quarter of 2016 and did not have a material impact on Occidental’s financial statements upon adoption. In March 2016, the FASB issued an update to eliminate the requirement to retrospectively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The update requires that the equity method investor add the cost of acquiring the additional interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The rules become effective for the interim and annual periods beginning after December 15, 2016. The rules do not have a material impact on Occidental’s financial statements upon adoption. In March 2016, the FASB issued rules clarifying that a change in one of the parties to a derivative contract that is part of a hedge accounting relationship does not, by itself, require dedesignation of that relationship, as long as all other hedge accounting criteria continue to be met. The rules become effective for the interim and annual periods beginning after December 15, 2016. Occidental is currently evaluating the impact of these rules on its financial statements. In February 2016, the FASB issued rules in which lessees will recognize most leases, including operating leases, on-balance sheet. These new rules will significantly increase reported assets and liabilities. The rules become effective for interim and annual periods beginning after December 15, 2018. Occidental is currently evaluating the impact of these rules on its financial statements. In April 2015, the FASB issued rules simplifying the presentation of debt issuance costs. The new rules require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Occidental adopted these rules retrospectively as of January 1, 2016. The rules do 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=66092750

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=64853466&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=64853466&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=64853466&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=68064558&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=68064558&loc=d3e725-108305

+ Details

Supplemental Cash Flow Information	9 Months Ended
Supplemental Cash Flow Information	Sep. 30, 2016
Supplemental Cash Flow Information
Supplemental Cash Flow Information	4. Supplemental Cash Flow Information Occidental paid foreign, state and federal income taxes of $442 million and $848 million during the nine months ended September 30, 2016 and 2015, respectively. During the first nine months of 2016, Occidental received federal income tax refunds of $302 million as a result of the carryback of net operating losses generated in 2015. Interest paid totaled $224 million and $198 million during the nine months ended September 30, 2016 and 2015, respectively.

Inventories

9 Months Ended

Sep. 30, 2016

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, 2016, and December 31, 2015, consisted of the following (in millions):

	2016			2015

Raw materials	$	77		$	73

Materials and supplies	503			568

Finished goods	397			395

	977			1,036

Revaluation to LIFO	(50		)	(50		)

Total	$	927		$	986

Environmental Liabilities and Expenditures

9 Months Ended

Sep. 30, 2016

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. These environmental 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, 2016, Occidental participated in or monitored remedial activities or proceedings at 150 sites. The following table presents Occidental’s environmental remediation reserves as of September 30, 2016, the current portion of which is included in accrued liabilities ($78 million) and the remainder in deferred credits and other liabilities — other ($342 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	35	$	68
Third-party sites	69	126
Occidental-operated sites	17	100
Closed or non-operated Occidental sites	29	126
Total	150	$	420

As of September 30, 2016, Occidental’s environmental reserves exceeded $10 million each at 13 of the 150 sites described above, and 97 of the sites each had reserves of $1 million or less. 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.

Due to uncertainties surrounding the Maxus indemnified sites described further under Note 7, Lawsuits, Claims, Commitments and Contingencies, Occidental is currently unable to estimate an amount of reasonably possible losses associated with certain sites. For all other sites, Occidental believes its estimable range of reasonably possible additional losses beyond those liabilities recorded for environmental remediation at these sites could be up to $415 million. 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, 2016
Lawsuits, Claims, Commitments and Contingencies
Lawsuits, Claims, Commitments and Contingencies	7. Lawsuits, Claims, Commitments and Contingencies Occidental 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. Occidental 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 Occidental 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. In accordance with applicable accounting guidance, Occidental accrues reserves for outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. In Note 6, Occidental has disclosed its reserve balances for environmental remediation matters that satisfy this criteria. Reserve balances for matters, other than environmental remediation, that satisfy this criteria as of September 30, 2016 and December 31, 2015 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 outstanding lawsuits, claims and proceedings and discloses its estimable range of reasonably possible additional losses for sites where it is a participant in environmental remediation. Occidental believes that other reasonably possible losses for non-environmental matters 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. Occidental reassesses the probability and estimability of contingent losses as new information becomes available. Environmental Litigation When Occidental acquired Diamond Shamrock Chemicals Company (DSCC) in 1986, Maxus Energy Corporation (Maxus), currently a subsidiary of YPF S.A. (YPF), agreed to indemnify Occidental for a number of environmental sites, including the Diamond Alkali Superfund Site along a portion of the Passaic River. On June 17, 2016, Maxus and several affiliated companies filed for Chapter 11 bankruptcy in Federal District Court in the State of Delaware. Prior to filing for bankruptcy, Maxus defended and indemnified Occidental in connection with clean-up and other costs associated with the sites subject to the indemnity, including the Diamond Alkali Superfund Site. Occidental has been pursuing Maxus and its parent company, YPF, as the alter ego of Maxus, to recover all indemnified costs, which will include costs to be incurred at the Diamond Alkali Superfund Site. In March 2016, the EPA issued a Record of Decision (ROD) for the Diamond Alkali Superfund Site specifying remedial actions required for the lower 8.3 miles of the Lower Passaic River. The ROD does not address any potential remedial action for the upper nine miles of the Lower Passaic River or Newark Bay. During the third quarter of 2016, and following Maxus’s bankruptcy filing, Occidental and the EPA entered into an Administrative Order on Consent (AOC) to complete the design of the proposed clean-up plan outlined in the ROD at an estimated cost of $165 million. The EPA announced that it will pursue similar agreements with other potentially responsible parties. Occidental has accrued a reserve relating to its estimated allocable share of the costs to complete the design of the proposed clean-up plan pursuant to the AOC. Occidental’s allocable share of this liability may ultimately be higher or lower than the reserved amount, and is subject to Occidental’s pursuit of its indemnity rights against Maxus. Occidental continues to evaluate the costs to be incurred to comply with the AOC in light of the Maxus bankruptcy and the share of ultimate liability of other potentially responsible parties. Reserves have not been accrued for Occidental’s potential obligations for the remediation costs for the cleanup of the Lower Passaic River (other than its estimated allocable share of the design costs under the AOC) and for other Maxus-indemnified sites as the amounts cannot be reasonably estimated at this time for several reasons including, but not limited to, the existence of other potentially responsible parties, the presence of contaminants of concern that are not associated with DSCC or Occidental’s operations, the inherent uncertainties in estimating clean-up costs and the corrective actions that may be required. Occidental continues to evaluate the costs involved for Maxus-indemnified sites, including the costs involved in the cleanup of the Lower Passaic River as the design phase and other activities proceed. Tax Matters 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 that are subject to IRS review. Taxable years from 2002 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. Indemnities to Third Parties Occidental, 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, 2016, 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 Post-retirement Benefit Plans

9 Months Ended

Sep. 30, 2016

Retirement and Post-retirement Benefit Plans

Retirement and Post-retirement Benefit Plans

8. Retirement and Post-retirement Benefit Plans

The following tables set forth the components of the net periodic benefit costs for Occidental’s defined benefit pension and post-retirement benefit plans for the three and nine months ended September 30, 2016 and 2015 (in millions):

Three months ended September 30	2016				2015
Net Periodic Benefit Costs	Pension Benefit		Post- retirement Benefit		Pension Benefit		Post- retirement Benefit
Service cost	$	2	$	4	$	2	$	7
Interest cost	4		9		5		10
Expected return on plan assets	(6)		—		(7)		—
Recognized actuarial loss	3		3		3		6
Total	$	3	$	16	$	3	$	23

Nine months ended September 30	2016				2015
Net Periodic Benefit Costs	Pension Benefit		Post- retirement Benefit		Pension Benefit		Post- retirement Benefit
Service cost	$	6	$	14	$	6	$	21
Interest cost	12		29		15		30
Expected return on plan assets	(18)		—		(21)		—
Recognized actuarial loss	9		14		7		20
Settlement loss		2	—		—		—
Total	$	11	$	57	$	7	$	71

Occidental contributed approximately zero and $2 million in the three months ended September 30, 2016 and 2015, respectively, and approximately $2 million and $7 million in the nine months ended September 30, 2016 and 2015, respectively, to its defined benefit plans.

Fair Value Measurements

9 Months Ended

Sep. 30, 2016

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:

Occidental values exchange-cleared commodity derivatives using closing prices provided by the exchange as of the balance sheet date. Occidental values its available for sale investment based on the common stock closing share price as of the balance sheet date. These derivatives and investments 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 classified as Level 2 and 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 values 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 generally unobservable in the marketplace or are observable but have been adjusted based upon various assumptions, 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, 2016 and December 31, 2015 (in millions):

Fair Value Measurements at September 30, 2016:
Description	Level 1		Level 2		Level 3		Netting and Collateral		Total Fair Value
Assets:
Commodity derivatives	$	129	$	55	$	—	$	(149)	$	35
Liabilities:
Commodity derivatives	$	150	$	310	$	—	$	(171)	$	289

Fair Value Measurements at December 31, 2015:
Description	Level 1		Level 2		Level 3		Netting and Collateral		Total Fair Value

Assets:
Commodity derivatives	$	557	$	87	$	—	$	(535)	$	109
Available for sale investment	$	167	$	—	$	—	$	—	$	167
Liabilities:
Commodity derivatives	$	544	$	404	$	—	$	(525)	$	423

Fair Values — Nonrecurring

During the three and nine months ended September 30, 2016, Occidental did not have any assets or liabilities measured at fair value on a nonrecurring basis. The following table provides fair value measurement for such proved domestic and international oil and gas properties that are measured on a nonrecurring basis as of December 31, 2015. The impairment tests, including the fair value estimation, incorporated a number of assumptions involving expectations of future cash flows. These assumptions included estimates of future product prices, which Occidental based on forward price curves as of balance sheet date and, where applicable, contractual prices, estimates of oil and gas reserves, estimates of future expected operating and development costs, and a risk adjusted discount rate of 8 to 20 percent. These properties were impacted by persistently low worldwide oil and natural gas prices and changing development plans. Occidental used the income approach to measure the fair value of these properties, using inputs categorized as Level 3 in the fair value hierarchy.

(in millions)	Fair Value Measurements at December 31, 2015 Using						Net Book		Total Pre-tax (Non-cash) Impairment
Description	Level 1		Level 2		Level 3		Value (a)		Loss
Assets:
Impaired proved oil and gas assets - international	$	—	$	—	$	2,666	$	7,359	$	4,693
Impaired proved oil and gas assets - domestic	$	—	$	—	$	625	$	1,655	$	1,030
Impaired Midstream assets	$	—	$	—	$	50	$	891	$	841
Impaired Chemical property, plant, and equipment	$	—	$	—	$	3	$	124	$	121

(a) Amount represents net book value at date of assessment.

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 value of Occidental’s debt as of September 30, 2016 and December 31, 2015 was $9.1 billion and $8.4 billion, respectively, and its carrying value net of unamortized discount as of September 30, 2016 and December 31, 2015, was $8.3 billion. The majority of Occidental’s debt is classified as Level 1, with $68 million classified as Level 2.

- 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, 2016

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.

Cash-Flow Hedges

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 are used to fix margins on the future sales of the stored volumes through March 2017. As of September 30, 2016, Occidental had approximately 7 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 7 billion cubic feet of stored natural gas. As of December 31, 2015, Occidental had approximately 13 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 14 billion cubic feet of stored natural gas. The following table summarizes Occidental’s other comprehensive income related to derivatives for the three and nine months ended September 30, 2016.

	After-tax
	Three months ended September 30				Nine months ended September 30
	2016		2015		2016		2015
Unrealized losses (gains) on derivatives	$	1	$	2	$	(13)	$	2
Reclassification to income of realized loss on derivatives	$	—	$	—	$	7	$	—

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, 2016 and December 31, 2015:

	Net Outstanding Position
	Long / (Short)
Commodity	2016	2015
Oil (million barrels)	44	83
Natural gas (billion cubic feet)	(49)	(5)
Carbon dioxide (billion cubic feet)	555	603

Occidental fulfills short positions through its own production or by third-party purchase contracts. Subsequent to September 30, 2016, 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 $9 million of net gains and $119 million of net losses from derivatives not designated as hedging instruments were recognized in net sales for the three months ended September 30, 2016 and 2015, respectively. Approximately $35 million of net gains and $163 million of net losses from derivatives not designated as hedging instruments were recognized in net sales for the nine months ended September 30, 2016 and 2015, respectively.

Fair Value of Derivatives

The following table presents the gross and net fair values of Occidental’s outstanding derivatives as of September 30, 2016 and December 31, 2015 (in millions):

	Asset Derivatives	Fair		Liability Derivatives	Fair
September 30, 2016	Balance Sheet Location	Value		Balance Sheet Location	Value
Cash-flow hedges(a)
Commodity contracts	Other current assets	$	—	Accrued liabilities	$	3

Derivatives not designated as hedging instruments (a)
	Other current assets	171		Accrued liabilities	242

Commodity contracts	Long-term receivables and other assets, net	13		Deferred credits and other liabilities	215
		184			457
Total gross fair value		184			460
Less: counterparty netting and cash collateral (b,c)		(149)			(171)

Total net fair value of derivatives		$	35		$	289

	Asset Derivatives	Fair		Liability Derivatives	Fair
December 31, 2015	Balance Sheet Location	Value		Balance Sheet Location	Value
Cash-flow hedges(a)
Commodity contracts	Other current assets	$	9	Accrued liabilities	$	1

Derivatives not designated as hedging instruments (a)
	Other current assets	626		Accrued liabilities	672

Commodity contracts	Long-term receivables and other assets, net	9		Deferred credits and other liabilities	275
		635			947
Total gross fair value		644			948
Less: counterparty netting and cash collateral (c,d)		(535)			(525)
Total net fair value of derivatives		$	109		$	423

(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, 2016, collateral received of zero has been netted against the derivative assets, and collateral paid of $22 million has been netted against derivative liabilities.

(c)

Select clearinghouses and brokers require Occidental to post an initial margin deposit. Collateral, mainly for initial margin, of $32 million and $3 million deposited by Occidental has not been reflected in these derivative fair value tables as of September 30, 2016 and December 31, 2015, respectively. This collateral is included in other current assets in the consolidated balance sheets as of September 30, 2016 and December 31, 2015, respectively.

(d)

As of December 31, 2015, collateral received of $14 million has been netted against derivative assets, and collateral paid of $4 million has been netted against derivative liabilities.

See Note 9, Fair Value Measurements, for fair value measurement disclosures on derivatives.

Credit Risk

The majority of Occidental’s counterparty credit risk is related to the physical delivery of energy commodities to its customers and their inability to meet their settlement commitments. Occidental manages this credit risk by selecting counterparties that it believes to be financially strong, by entering into master netting arrangements with counterparties and by requiring collateral, as appropriate. Occidental actively reviews the creditworthiness of its counterparties and monitors credit exposures against assigned credit limits by adjusting credit limits to reflect counterparty risk, if necessary. Occidental also enters into future contracts through regulated exchanges with select clearinghouses and brokers, which are subject to minimal credit risk as a significant portion of these transactions settle on a daily margin basis.

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. 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, 2016 and December 31, 2015.

- 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

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+ Details

Industry Segments

9 Months Ended

Sep. 30, 2016

Industry Segments

Industry Segments

11. Industry Segments

Occidental conducts its operations through three segments: (1) oil and gas; (2) chemical; and (3) 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, CO2 and power. It also trades around its assets, including transportation and storage capacity. Additionally, the midstream and marketing segment invests in entities that conduct similar activities.

Results 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 and geographic area 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, 2016
Net sales	$	1,660		$	988		$	202	$	(202)		$	2,648
Pre-tax operating profit (loss)	$	(51)	(a)	$	117		$	(180)	$	(154)	(b)	$	(268)
Income taxes	—			—			—		30		(c)	30
Discontinued operations, net	—			—			—		(3)			(3)
Net income (loss)	$	(51)		$	117		$	(180)	$	(127)		$	(241)

Three months ended September 30, 2015
Net sales	$	2,054		$	1,008		$	231	$	(177)		$	3,116
Pre-tax operating profit (loss)	$	(3,128)	(d)	$	272	(e)	$	24	$	(219)	(b)	$	(3,051)
Income taxes	—			—			—		445		(c)	445
Discontinued operations, net	—			—			—		(3)			(3)
Net income (loss)	$	(3,128)		$	272		$	24	$	223		$	(2,609)

	Oil						Midstream		Corporate
	and						and		and
	Gas			Chemical			Marketing		Eliminations			Total
Nine months ended September 30, 2016
Net sales	$	4,560		$	2,786		$	476	$	(520)		$	7,302
Pre-tax operating profit (loss)	$	(653)	(a)	$	419	(e)	$	(333)	$	(496)	(b)	$	(1,063)
Income taxes	—			—			—		329		(c)	329
Discontinued operations, net	—			—			—		432			432
Net income (loss)	$	(653)		$	419		$	(333)	$	265		$	(302)

Nine months ended September 30, 2015
Net sales	$	6,405		$	3,038		$	722	$	(491)		$	9,674
Pre-tax operating profit (loss)	$	(3,039)	(d)	$	547	(e)	$	96	$	(385)	(b)	$	(2,781)
Income taxes	—			—			—		140		(c)	140
Discontinued operations, net	—			—			—		(10)			(10)
Net income (loss)	$	(3,039)		$	547		$	96	$	(255)		$	(2,651)

(a)

The three and nine months ended September 30, 2016 include pre-tax impairment charges of $112 million related to Occidental’s Libya operations and $160 million related to terminated crude oil supply contracts partially offset by pre-tax gains of $59 million on the sale of South Texas Eagle Ford non-operated properties. The nine months ended September 30, 2016 also reflected a $121 million pre-tax gain on the sale of Occidental’s Piceance Basin operations in Colorado.

(b)

Includes unallocated net interest expense, administration expense, environmental remediation and other pre-tax items.

(c)

Includes all foreign and domestic income taxes from continuing operations.

(d)

The three months ended September 30, 2015 includes pre-tax impairment charges of $3.1 billion. In September 2015, Occidental entered into a sales agreement to sell its Williston operations in North Dakota, and as such an impairment charge of $756 million was recorded to write down the net book value of the assets and liabilities held for sale to the sales price. Due to the significant decline in oil and gas futures prices, Occidental also recorded impairment charges on proved and unproved properties related to Occidental’s domestic gas operations of $924 million, Iraq operations of $760 million and Libya operations of $676 million. The nine months ended September 30, 2015 also reflected first quarter impairment charges of $195 million for Occidental’s South Texas Eagle Ford non-operated properties and $41 million to write-off the remaining investment in Yemen due to the collapse of the country’s government.

(e)

The nine months ended September 30, 2016 and 2015 include gains on sale of the Occidental Tower and Indspec for $88 million and an idled chemical site for $98 million, respectively.

- 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.

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-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&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=68060357&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=68060357&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=68060357&loc=d3e8906-108599

+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2016

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, net income allocated to these participating securities has 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, 2016 and 2015 (in millions, except per-share amounts):

	Three months ended September 30				Nine months ended September 30
	2016		2015		2016		2015
Basic EPS
Loss from continuing operations	$	(238)	$	(2,606)	$	(734)	$	(2,641)
Discontinued operations, net		(3)		(3)		432		(10)
Net loss		(241)		(2,609)		(302)		(2,651)

Less: Net income allocated to participating securities		—		—		—		—
Net loss, net of participating securities		(241)		(2,609)		(302)		(2,651)

Weighted average number of basic shares		764.0		763.3		763.7		766.4
Basic EPS	$	(0.32)	$	(3.42)	$	(0.40)	$	(3.46)

Diluted EPS
Net loss, net of participating securities	$	(241)	$	(2,609)	$	(302)	$	(2,651)
Weighted average number of basic shares		764.0		763.3		763.7		766.4
Dilutive effect of potentially dilutive securities		—		—		—		—
Total diluted weighted average common shares		764.0		763.3		763.7		766.4
Diluted EPS	$	(0.32)	$	(3.42)	$	(0.40)	$	(3.46)

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2016
Subsequent Event
Subsequent Event	13. Subsequent Event In October 2016, Occidental acquired producing and non-producing leasehold acreage in the Permian Basin. This acquisition includes 35,000 net acres in Reeves and Pecos counties, Texas in the Southern Delaware Basin, in areas where Occidental currently operates or has working interests. Separately, Occidental also acquired working interests in several producing oil and gas CO2 floods and related EOR infrastructure, increasing Occidental’s ownership in several properties where it is currently the operator or an existing working interest partner. The total purchase price for these transactions is approximately $2.0 billion, which Occidental funded from existing cash on hand.

Inventories (Tables)

9 Months Ended

Sep. 30, 2016

Inventories

Schedule of inventories

Inventories as of September 30, 2016, and December 31, 2015, consisted of the following (in millions):

	2016			2015

Raw materials	$	77		$	73

Materials and supplies	503			568

Finished goods	397			395

	977			1,036

Revaluation to LIFO	(50		)	(50		)

Total	$	927		$	986

Environmental Liabilities and Expenditures (Tables)

9 Months Ended

Sep. 30, 2016

Environmental Liabilities and Expenditures

Environmental remediation reserves by categories of sites

	Number of Sites	Reserve Balance (in millions)
NPL sites	35	$	68
Third-party sites	69	126
Occidental-operated sites	17	100
Closed or non-operated Occidental sites	29	126
Total	150	$	420

Retirement and Post-retirement Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2016

Retirement and Post-retirement Benefit Plans

Components of the net periodic benefit costs

Three months ended September 30	2016				2015
Net Periodic Benefit Costs	Pension Benefit		Post- retirement Benefit		Pension Benefit		Post- retirement Benefit
Service cost	$	2	$	4	$	2	$	7
Interest cost	4		9		5		10
Expected return on plan assets	(6)		—		(7)		—
Recognized actuarial loss	3		3		3		6
Total	$	3	$	16	$	3	$	23

Nine months ended September 30	2016				2015
Net Periodic Benefit Costs	Pension Benefit		Post- retirement Benefit		Pension Benefit		Post- retirement Benefit
Service cost	$	6	$	14	$	6	$	21
Interest cost	12		29		15		30
Expected return on plan assets	(18)		—		(21)		—
Recognized actuarial loss	9		14		7		20
Settlement loss		2	—		—		—
Total	$	11	$	57	$	7	$	71

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis

The following tables provide fair value measurement information for such assets and liabilities that are measured on a recurring basis as of September 30, 2016 and December 31, 2015 (in millions):

Fair Value Measurements at September 30, 2016:
Description	Level 1		Level 2		Level 3		Netting and Collateral		Total Fair Value
Assets:
Commodity derivatives	$	129	$	55	$	—	$	(149)	$	35
Liabilities:
Commodity derivatives	$	150	$	310	$	—	$	(171)	$	289

Fair Value Measurements at December 31, 2015:
Description	Level 1		Level 2		Level 3		Netting and Collateral		Total Fair Value

Assets:
Commodity derivatives	$	557	$	87	$	—	$	(535)	$	109
Available for sale investment	$	167	$	—	$	—	$	—	$	167
Liabilities:
Commodity derivatives	$	544	$	404	$	—	$	(525)	$	423

Schedule of fair value measurement for proved domestic and international oil and gas properties that are measured on a nonrecurring basis

(in millions)	Fair Value Measurements at December 31, 2015 Using						Net Book		Total Pre-tax (Non-cash) Impairment
Description	Level 1		Level 2		Level 3		Value (a)		Loss
Assets:
Impaired proved oil and gas assets - international	$	—	$	—	$	2,666	$	7,359	$	4,693
Impaired proved oil and gas assets - domestic	$	—	$	—	$	625	$	1,655	$	1,030
Impaired Midstream assets	$	—	$	—	$	50	$	891	$	841
Impaired Chemical property, plant, and equipment	$	—	$	—	$	3	$	124	$	121

(a) Amount represents net book value at date of assessment.

Derivatives (Tables)

9 Months Ended

Sep. 30, 2016

Derivatives

Other comprehensive income related to derivatives

	After-tax
	Three months ended September 30				Nine months ended September 30
	2016		2015		2016		2015
Unrealized losses (gains) on derivatives	$	1	$	2	$	(13)	$	2
Reclassification to income of realized loss on derivatives	$	—	$	—	$	7	$	—

Gross and net fair values of outstanding derivatives

The following table presents the gross and net fair values of Occidental’s outstanding derivatives as of September 30, 2016 and December 31, 2015 (in millions):

	Asset Derivatives	Fair		Liability Derivatives	Fair
September 30, 2016	Balance Sheet Location	Value		Balance Sheet Location	Value
Cash-flow hedges(a)
Commodity contracts	Other current assets	$	—	Accrued liabilities	$	3

Derivatives not designated as hedging instruments (a)
	Other current assets	171		Accrued liabilities	242

Commodity contracts	Long-term receivables and other assets, net	13		Deferred credits and other liabilities	215
		184			457
Total gross fair value		184			460
Less: counterparty netting and cash collateral (b,c)		(149)			(171)

Total net fair value of derivatives		$	35		$	289

	Asset Derivatives	Fair		Liability Derivatives	Fair
December 31, 2015	Balance Sheet Location	Value		Balance Sheet Location	Value
Cash-flow hedges(a)
Commodity contracts	Other current assets	$	9	Accrued liabilities	$	1

Derivatives not designated as hedging instruments (a)
	Other current assets	626		Accrued liabilities	672

Commodity contracts	Long-term receivables and other assets, net	9		Deferred credits and other liabilities	275
		635			947
Total gross fair value		644			948
Less: counterparty netting and cash collateral (c,d)		(535)			(525)
Total net fair value of derivatives		$	109		$	423

(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, 2016, collateral received of zero has been netted against the derivative assets, and collateral paid of $22 million has been netted against derivative liabilities.

(c)

(d)

As of December 31, 2015, collateral received of $14 million has been netted against derivative assets, and collateral paid of $4 million has been netted against derivative liabilities.

Not designated as hedging instruments | Commodity contracts

Derivatives

Net volumes of outstanding commodity derivatives contracts

	Net Outstanding Position
	Long / (Short)
Commodity	2016	2015
Oil (million barrels)	44	83
Natural gas (billion cubic feet)	(49)	(5)
Carbon dioxide (billion cubic feet)	555	603

- 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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&loc=SL5624171-113959

Reference 8: 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=64837297&loc=SL5579240-113959

Reference 9: 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=64837297&loc=d3e41620-113959

Reference 10: 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, 2016

Industry Segments

Industry segment and corporate disclosures

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, 2016
Net sales	$	1,660		$	988		$	202	$	(202)		$	2,648
Pre-tax operating profit (loss)	$	(51)	(a)	$	117		$	(180)	$	(154)	(b)	$	(268)
Income taxes	—			—			—		30		(c)	30
Discontinued operations, net	—			—			—		(3)			(3)
Net income (loss)	$	(51)		$	117		$	(180)	$	(127)		$	(241)

Three months ended September 30, 2015
Net sales	$	2,054		$	1,008		$	231	$	(177)		$	3,116
Pre-tax operating profit (loss)	$	(3,128)	(d)	$	272	(e)	$	24	$	(219)	(b)	$	(3,051)
Income taxes	—			—			—		445		(c)	445
Discontinued operations, net	—			—			—		(3)			(3)
Net income (loss)	$	(3,128)		$	272		$	24	$	223		$	(2,609)

	Oil						Midstream		Corporate
	and						and		and
	Gas			Chemical			Marketing		Eliminations			Total
Nine months ended September 30, 2016
Net sales	$	4,560		$	2,786		$	476	$	(520)		$	7,302
Pre-tax operating profit (loss)	$	(653)	(a)	$	419	(e)	$	(333)	$	(496)	(b)	$	(1,063)
Income taxes	—			—			—		329		(c)	329
Discontinued operations, net	—			—			—		432			432
Net income (loss)	$	(653)		$	419		$	(333)	$	265		$	(302)

Nine months ended September 30, 2015
Net sales	$	6,405		$	3,038		$	722	$	(491)		$	9,674
Pre-tax operating profit (loss)	$	(3,039)	(d)	$	547	(e)	$	96	$	(385)	(b)	$	(2,781)
Income taxes	—			—			—		140		(c)	140
Discontinued operations, net	—			—			—		(10)			(10)
Net income (loss)	$	(3,039)		$	547		$	96	$	(255)		$	(2,651)

(a)

(b)

Includes unallocated net interest expense, administration expense, environmental remediation and other pre-tax items.

(c)

Includes all foreign and domestic income taxes from continuing operations.

(d)

(e)

The nine months ended September 30, 2016 and 2015 include gains on sale of the Occidental Tower and Indspec for $88 million and an idled chemical site for $98 million, respectively.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2016

Earnings Per Share

Calculation of basic and diluted EPS

The

The following table presents the calculation of basic and diluted EPS for the three and nine months ended September 30, 2016 and 2015 (in millions, except per-share amounts):

	Three months ended September 30				Nine months ended September 30
	2016		2015		2016		2015
Basic EPS
Loss from continuing operations	$	(238)	$	(2,606)	$	(734)	$	(2,641)
Discontinued operations, net		(3)		(3)		432		(10)
Net loss		(241)		(2,609)		(302)		(2,651)

Less: Net income allocated to participating securities		—		—		—		—
Net loss, net of participating securities		(241)		(2,609)		(302)		(2,651)

Weighted average number of basic shares		764.0		763.3		763.7		766.4
Basic EPS	$	(0.32)	$	(3.42)	$	(0.40)	$	(3.46)

Diluted EPS
Net loss, net of participating securities	$	(241)	$	(2,609)	$	(302)	$	(2,651)
Weighted average number of basic shares		764.0		763.3		763.7		766.4
Dilutive effect of potentially dilutive securities		—		—		—		—
Total diluted weighted average common shares		764.0		763.3		763.7		766.4
Diluted EPS	$	(0.32)	$	(3.42)	$	(0.40)	$	(3.46)

Asset Acquisitions, Dispositions and Other (Details) - USD ($) $ in Millions	1 Months Ended
	Sep. 30, 2016	Aug. 31, 2016
Asset Acquisition, Disposition and Other Transactions [Line Items]
Crude oil supply agreements termination costs		$ 160
Libya operations
Asset Acquisition, Disposition and Other Transactions [Line Items]
Impairment charges	$ 112
South Texas Eagle Ford non-operated properties \| Disposed of by sale
Asset Acquisition, Disposition and Other Transactions [Line Items]
Sale consideration	63
Pre-tax gain on disposal	$ 59

Asset Acquisitions, Dispositions and Other - Settlement, Tax Refund and Debt Issuance (Details) - USD ($) $ in Millions	1 Months Ended					3 Months Ended		9 Months Ended
	Jun. 30, 2016	May 31, 2016	Apr. 30, 2016	Feb. 29, 2016	Jan. 31, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2016	Sep. 30, 2015
Debt Instruments [Abstract]
Net proceeds from issuance of long-term debt								$ 2,718	$ 1,478
Republic of Ecuador
Litigation Settlement
Proceeds from settlement						$ 330
Pre-tax gain on settlement							$ 681
Award amount					$ 1,000
Senior unsecured notes
Debt Instruments [Abstract]
Debt instrument issued			$ 2,750
Net proceeds from issuance of long-term debt			$ 2,720
2.60% senior unsecured notes due 2022
Debt Instruments [Abstract]
Debt instrument interest rate stated percentage			2.60%
Debt instrument issued			$ 400
3.40% senior unsecured notes due 2026
Debt Instruments [Abstract]
Debt instrument interest rate stated percentage			3.40%
Debt instrument issued			$ 1,150
4.40% senior unsecured notes due 2046
Debt Instruments [Abstract]
Debt instrument interest rate stated percentage			4.40%
Debt instrument issued			$ 1,200
2.50% senior unsecured notes
Debt Instruments [Abstract]
Debt instrument interest rate stated percentage				2.50%
Retired debt				$ 700
4.125% senior unsecured notes due 2016
Debt Instruments [Abstract]
Debt instrument interest rate stated percentage	4.125%					4.125%
Retired debt	$ 750
1.75% senior unsecured notes due 2017
Debt Instruments [Abstract]
Early repayment of debt through exercise of redemption option		$ 1,250
Debt instrument interest rate stated percentage		1.75%

Asset Acquisitions, Dispositions and Other - Distribution of Shares of California Resources (Details) $ in Millions	1 Months Ended
	Mar. 31, 2016 USD ($)
Spin-off California Resources Corp
Acquisitions, dispositions and other transactions
Impairment charges related to a special stock dividend of California Resources shares	$ 78

Asset Acquisitions, Dispositions and Other - Sale of Assets (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2016	Jan. 31, 2016
Occidental Tower Building, Dallas Texas
Acquisitions, dispositions and other transactions
Proceeds from sale of building		$ 85
Pre-tax gain on sale of building		$ 57
Piceance operations
Acquisitions, dispositions and other transactions
Sale of equity investment, net	$ 153
Gain (loss) on sale	$ 121

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Supplemental Cash Flow Information
Foreign, state and federal income taxes paid	$ 442	$ 848
Tax refund	302
Interest paid	$ 224	$ 198

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Inventories
Raw materials	$ 77	$ 73
Materials and supplies	503	568
Finished goods	397	395
Inventories, Gross	977	1,036
Revaluation to LIFO	(50)	(50)
Total	$ 927	$ 986

Environmental Liabilities and Expenditures (Details) $ in Millions	9 Months Ended
	Sep. 30, 2016 USD ($) site
Environmental remediation reserves
Number of Sites \| site	150
Environmental remediation reserves, current, included in accrued liabilities	$ 78
Environmental remediation reserves, noncurrent, included in deferred credits and other liabilities - other	342
Reserve Balance	420
Environmental reserves, exceeding $ ten million, threshold value	$ 10
Environmental reserves, exceeding $ ten million, number of sites \| site	13
Environmental reserves, range between zero to $ one million site category, number of sites \| site	97
Minimum period of expending second half of environmental reserves	10 years
Low end of range
Environmental remediation reserves
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	$ 415
NPL sites
Environmental remediation reserves
Number of Sites \| site	35
Reserve Balance	$ 68
Third-party sites
Environmental remediation reserves
Number of Sites \| site	69
Reserve Balance	$ 126
Occidental-operated sites
Environmental remediation reserves
Number of Sites \| site	17
Reserve Balance	$ 100
Closed or non-operated Occidental sites
Environmental remediation reserves
Number of Sites \| site	29
Reserve Balance	$ 126

Lawsuits, Claims, Commitments and Contingencies (Details) - EPA Record of Decision (ROD), Diamond Alkali Superfund Site $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2016 mi	Sep. 30, 2016 USD ($)
Lawsuits, commitments and contingencies
Stretch of Lower Passaic river requiring remedial actions	8.3
Stretch of Lower Passaic river not covered by remedial actions	9
Clean-up estimated cost \| $		$ 165

Retirement and Post-retirement Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Defined benefit plans
Postretirement and Other Benefit Plans Disclosure
Employer contributions	$ 0	$ 2	$ 2	$ 7
Pension Benefit
Net Periodic Benefit Costs:
Service cost	2	2	6	6
Interest cost	4	5	12	15
Expected return on plan assets	(6)	(7)	(18)	(21)
Recognized actuarial loss	3	3	9	7
Settlement loss			2
Total	3	3	11	7
Post-retirement Benefit
Net Periodic Benefit Costs:
Service cost	4	7	14	21
Interest cost	9	10	29	30
Recognized actuarial loss	3	6	14	20
Total	$ 16	$ 23	$ 57	$ 71

Fair Value Measurements (Details) - USD ($) $ in Millions	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2015	Sep. 30, 2016
Fair Value - Other Financial Instruments
Carrying value of debt, net of unamortized discount	$ 8,300	$ 8,300
Midstream
Fair Value - Other Financial Instruments
Net Book Value	891
Total Pre-tax (Non-cash) Impairment Loss	841
Impaired proved oil and gas assets - international
Fair Value - Other Financial Instruments
Net Book Value	7,359
Total Pre-tax (Non-cash) Impairment Loss	4,693
Impaired proved oil and gas assets - domestic
Fair Value - Other Financial Instruments
Net Book Value	1,655
Total Pre-tax (Non-cash) Impairment Loss	1,030
Impaired Chemical property, plant, and equipment \| Chemical
Fair Value - Other Financial Instruments
Net Book Value	124
Total Pre-tax (Non-cash) Impairment Loss	121
Level 2
Fair Value - Other Financial Instruments
Debt estimated fair value		68
Level 3 \| Midstream
Fair Value - Other Financial Instruments
Assets, Fair value, nonrecurring	50
Level 3 \| Impaired proved oil and gas assets - international
Fair Value - Other Financial Instruments
Assets, Fair value, nonrecurring	2,666
Level 3 \| Impaired proved oil and gas assets - domestic
Fair Value - Other Financial Instruments
Assets, Fair value, nonrecurring	625
Level 3 \| Impaired Chemical property, plant, and equipment \| Chemical
Fair Value - Other Financial Instruments
Assets, Fair value, nonrecurring	3
Total Fair Value
Fair Value - Other Financial Instruments
Debt estimated fair value	8,400	9,100
Recurring
Assets:
Netting and Collateral	(535)	(149)
Liabilities:
Netting and Collateral	(525)	(171)
Recurring \| Level 1
Assets:
Commodity derivatives	557	129
Available for sale investment	167
Liabilities:
Commodity derivatives	544	150
Recurring \| Level 2
Assets:
Commodity derivatives	87	55
Liabilities:
Commodity derivatives	404	310
Recurring \| Total Fair Value
Assets:
Commodity derivatives	109	35
Available for sale investment	167
Liabilities:
Commodity derivatives	$ 423	$ 289
Non recurring \| Low end of range
Fair Value - Other Financial Instruments
Risk adjusted discount rate	8.00%
Non recurring \| High end of range
Fair Value - Other Financial Instruments
Risk adjusted discount rate	20.00%

Derivatives - Cash Flow Hedges Outstanding (Details) - ft³ ft³ in Billions	Sep. 30, 2016	Dec. 31, 2015
Derivatives
Natural gas held in storage (in cubic feet)	7	13
Forecast sale of natural gas from storage designated as cash-flow hedges (in cubic feet)	7	14

Derivatives - Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
After-tax Derivative Activity recorded in AOCI
Unrealized losses (gains) on derivatives	$ 1	$ 2	$ (13)	$ 2
Reclassification to income of realized loss on derivatives			$ 7

Derivatives - Outstanding Commodity Derivative Contracts (Details) - Not designated as hedging instruments item in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016 USD ($) item	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) item	Sep. 30, 2015 USD ($)	Dec. 31, 2015 item
Net sales
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) \| $	$ 9	$ (119)	$ 35	$ (163)
Oil (in barrels) \| Long position
Outstanding commodity derivatives contracts not designated as hedging instruments
Net Outstanding Position	44		44		83
Natural gas (in cubic feet) \| Short position
Outstanding commodity derivatives contracts not designated as hedging instruments
Net Outstanding Position	49,000		49,000		5,000
Carbon dioxide (in cubic feet) \| Long position
Outstanding commodity derivatives contracts not designated as hedging instruments
Net Outstanding Position	555,000		555,000		603,000

Derivatives - Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Gross and net fair values of outstanding derivatives (in millions)
Collateral received netted against derivative assets	$ 0	$ 14
Collateral paid netted against derivative liabilities	22	4
Collateral deposited with clearinghouses and brokers	32	3
Commodity contracts
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	184	644
Less: counterparty netting and cash collateral, asset	(149)	(535)
Total net fair value, asset	35	109
Commodity contract derivative liability, gross	460	948
Less: counterparty netting and cash collateral, liability	(171)	(525)
Total net fair value, liability	289	423
Cash-flow hedges \| Commodity contracts \| Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		9
Cash-flow hedges \| Commodity contracts \| Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	3	1
Not designated as hedging instruments \| Commodity contracts
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	184	635
Commodity contract derivative liability, gross	457	947
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	171	626
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	13	9
Not designated as hedging instruments \| Commodity contracts \| Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	242	672
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	$ 215	$ 275

Industry Segments (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
Industry Segments (Details) $ in Millions	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) segment	Sep. 30, 2015 USD ($) segment
Segment Information
Number of operating segments \| segment				3	3
Net sales		$ 2,648	$ 3,116	$ 7,302	$ 9,674
Pre-tax operating profit (loss)		(268)	(3,051)	(1,063)	(2,781)
Income taxes		30	445	329	140
Discontinued operations, net		(3)	(3)	432	(10)
NET LOSS		(241)	(2,609)	(302)	(2,651)
Oil and Gas
Segment Information
Loss from contract termination		160		160
Impairment charges			3,100
Oil and Gas \| Williston operations
Segment Information
Impairment charges	$ 756
Oil and Gas \| Domestic gas operations
Segment Information
Impairment charges			924		924
Oil and Gas \| Piceance basin
Segment Information
Gain on sale of properties				121
Oil and Gas \| Iraq Operations
Segment Information
Impairment charges			760		760
Oil and Gas \| Libya operations
Segment Information
Impairment charges		112	676	112	676
Oil and Gas \| South Texas Eagle Ford non-operated properties
Segment Information
Impairment charges					195
Gain on sale of properties		59		59
Oil and Gas \| Yemen
Segment Information
Impairment charges					41
Chemical
Segment Information
Gain on sale of property				88	98
Operating segments \| Oil and Gas
Segment Information
Net sales		1,660	2,054	4,560	6,405
Pre-tax operating profit (loss)		(51)	(3,128)	(653)	(3,039)
NET LOSS		(51)	(3,128)	(653)	(3,039)
Operating segments \| Chemical
Segment Information
Net sales		988	1,008	2,786	3,038
Pre-tax operating profit (loss)		117	272	419	547
NET LOSS		117	272	419	547
Operating segments \| Midstream and Marketing
Segment Information
Net sales		202	231	476	722
Pre-tax operating profit (loss)		(180)	24	(333)	96
NET LOSS		(180)	24	(333)	96
Corporate and Elimination
Segment Information
Net sales		(202)	(177)	(520)	(491)
Pre-tax operating profit (loss)		(154)	(219)	(496)	(385)
Income taxes		30	445	329	140
Discontinued operations, net		(3)	(3)	432	(10)
NET LOSS		$ (127)	$ 223	$ 265	$ (255)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Basic EPS
Loss from continuing operations	$ (238)	$ (2,606)	$ (734)	$ (2,641)
Discontinued operations, net	(3)	(3)	432	(10)
NET LOSS	(241)	(2,609)	(302)	(2,651)
Net loss, net of participating securities	$ (241)	$ (2,609)	$ (302)	$ (2,651)
Weighted average number of basic shares	764.0	763.3	763.7	766.4
Basic EPS (in dollars per share)	$ (0.32)	$ (3.42)	$ (0.40)	$ (3.46)
Diluted EPS
Net loss, net of participating securities	$ (241)	$ (2,609)	$ (302)	$ (2,651)
Weighted average number of basic shares	764.0	763.3	763.7	766.4
Total diluted weighted average common shares	764.0	763.3	763.7	766.4
Diluted EPS (in dollars per share)	$ (0.32)	$ (3.42)	$ (0.40)	$ (3.46)

Subsequent Event (Details) - Subsequent Event $ in Billions	1 Months Ended
Subsequent Event (Details) - Subsequent Event $ in Billions	Oct. 31, 2016 USD ($) a
Subsequent Event
Total purchase price \| $	$ 2.0
Southern Delaware Basin
Subsequent Event
Land acquired \| a	35,000