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Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2019 shares
Document and Entity Information
Entity Registrant Name	OCCIDENTAL PETROLEUM CORP /DE/
Entity Central Index Key	0000797468
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding	747,877,859
Entity Current Reporting Status	Yes

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 1,752	$ 3,033
Trade receivables, net	5,310	4,893
Inventories	1,484	1,260
Other current assets	724	746
Total current assets	9,270	9,932
INVESTMENTS IN UNCONSOLIDATED ENTITIES	1,725	1,680
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $43,913 at March 31, 2019, and $42,983 at December 31, 2018	31,900	31,437
OPERATING LEASE ASSETS	684
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	801	805
TOTAL ASSETS	44,380	43,854
CURRENT LIABILITIES
Current maturities of long-term debt	116	116
Current lease liabilities	240
Accounts payable	5,261	4,885
Accrued liabilities	1,920	2,411
Total current liabilities	7,537	7,412
LONG-TERM DEBT, NET	10,203	10,201
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred domestic and foreign income taxes, net	918	907
Asset retirement obligations	1,430	1,424
Pension and postretirement obligations	816	809
Environmental remediation reserves	755	762
Lease liabilities	465
Other	1,020	1,009
Total deferred credits and other liabilities	5,404	4,911
STOCKHOLDERS' EQUITY
Common stock, at par value (896,293,910 shares at March 31, 2019, and 895,115,637 shares at December 31, 2018)	179	179
Treasury stock (148,416,051 shares at March 31, 2019, and 145,726,051 shares at December 31, 2018)	(10,653)	(10,473)
Additional paid-in capital	8,083	8,046
Retained earnings	23,795	23,750
Accumulated other comprehensive loss	(168)	(172)
Total stockholders’ equity	21,236	21,330
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 44,380	$ 43,854

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accumulated depreciation, depletion and amortization	$ 43,913	$ 42,983
Common stock, outstanding (in shares)	896,293,910	895,115,637
Treasury stock (in shares)	148,416,051	145,726,051

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUES AND OTHER INCOME
Net sales	$ 4,004	$ 3,763
Interest, dividends and other income	78	29
Gain on sale of assets, net	7	33
TOTAL REVENUES AND OTHER INCOME	4,089	3,825
COSTS AND OTHER DEDUCTIONS
Cost of sales	1,345	1,350
Purchased commodities	365	13
Selling, general and administrative expenses	140	130
Other operating and non-operating expenses	238	177
Taxes other than on income	111	108
Depreciation, depletion and amortization	973	921
Asset impairments and related items	0	30
Exploration expense	36	15
Interest and debt expense, net	98	97
TOTAL COSTS AND OTHER DEDUCTIONS	3,306	2,841
Income before income taxes and other items	783	984
Provision for domestic and foreign income taxes	(225)	(339)
Income from equity investments	73	63
NET INCOME	$ 631	$ 708
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	$ 0.84	$ 0.92
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	$ 0.84	$ 0.92

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

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Statement of Comprehensive Income [Abstract]

Net income

$ 631

$ 708

Other comprehensive income (loss) items:

Foreign currency translation gains

Unrealized gains (losses) on derivatives

^[1]

(3)

Pension and postretirement gains (losses)

^[2]

Reclassification of realized (gains) losses on derivatives

^[3]

Other comprehensive income, net of tax

Comprehensive income

$ 635

$ 712

[1]	Net of tax of zero and $1 for the three months ended March 31, 2019, and 2018, respectively.
[2]	Net of tax of $(1) and $(1) for the three months ended March 31, 2019, and 2018, respectively.
[3]	Net of tax of zero and $(1) for the three months ended March 31, 2019, and 2018, respectively.

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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-Name Accounting Standards Codification
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+ Details

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Unrealized gains (losses) on derivatives, tax	$ 0	$ 1
Pension and postretirement gains, tax	(1)	(1)
Reclassification to income of realized (gains) losses on derivatives, tax	$ 0	$ (1)

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$ 631	$ 708
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization of assets	973	921
Deferred income tax provision	10	94
Other noncash charges (benefits) to income	225	(23)
Asset impairments and related items	0	30
Gain on sale of assets, net	(7)	(33)
Changes in operating assets and liabilities, net	(884)	(688)
Net cash provided by operating activities	948	1,009
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(1,259)	(1,032)
Change in capital accrual	(51)	(45)
Payments for purchases of assets and businesses	(69)	(177)
Sales of assets, net	16	275
Equity investments and other, net	(52)	8
Net cash used by investing activities	(1,415)	(971)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net	0	978
Payments of long-term debt	0	(500)
Proceeds from issuance of common stock	16	10
Purchase of treasury stock	(237)	0
Cash dividends paid	(591)	(592)
Other financing, net	(2)	0
Net cash used by financing activities	(814)	(104)
Decrease in cash and cash equivalents	(1,281)	(66)
Cash and cash equivalents — beginning of period	3,033	1,672
Cash and cash equivalents — end of period	$ 1,752	$ 1,606

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive loss
Beginning balance at Dec. 31, 2017	$ 20,572	$ 179	$ (9,168)	$ 7,884	$ 21,935	$ (258)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	708				708
Other comprehensive income, net of tax	4					4
Dividends on common stock	(594)				(594)
Issuance of common stock, net	32			32
Reclassification of stranded tax effects					58	(58)
Ending balance at Mar. 31, 2018	20,722	179	(9,168)	7,916	22,107	(312)
Beginning balance at Dec. 31, 2018	21,330	179	(10,473)	8,046	23,750	(172)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	631				631
Other comprehensive income, net of tax	4					4
Dividends on common stock	(586)				(586)
Issuance of common stock, net	37			37
Purchases of treasury stock	(180)		(180)
Ending balance at Mar. 31, 2019	$ 21,236	$ 179	$ (10,653)	$ 8,083	$ 23,795	$ (168)

- Definition

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

+ References + Details

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
DIVIDENDS PER COMMON SHARE (in dollars per share)	$ 0.78	$ 0.77

General	3 Months Ended
General	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	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, 2018. 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 March 31, 2019 and December 31, 2018, and the consolidated statements of operations, comprehensive income, cash flows and stockholders' equity for the three months ended March 31, 2019, and 2018. Certain data in the financial statements and notes for prior periods have been reclassified to conform to the current presentation. The income and cash flows for the periods ended March 31, 2019, and 2018, are not necessarily indicative of the income or cash flows to be expected for the full year.

Accounting and Disclosure Changes	3 Months Ended
Accounting and Disclosure Changes	Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Accounting and Disclosure Changes	Accounting and Disclosure Changes In January 2019, Occidental adopted the new lease standard Topic 842 - Leases (ASC 842). The new standard requires Occidental to recognize most leases, including operating leases, on the balance sheet. The new rules require lessees to recognize a right-of-use asset (ROU) and lease liability for all leases with lease terms of more than 12 months. Occidental adopted the standard using the modified retrospective approach, including adopting several optional practical expedients. Occidental has developed and implemented an internal software solution to support the identification, documentation, tracking, accounting and supplemental reporting of leases under ASC 842. Continued enhancements to the software solution through 2019 are expected to ensure manual processes are streamlined while maintaining control functionality surrounding completeness in population and reporting. See Note 13, Leases.

Revenue Recognition

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue from customers is recognized when obligations under the terms of a contract with our customers are satisfied; this generally occurs with the delivery of oil, gas, natural gas liquids (NGL), chemicals or services such as transportation. Occidental does not typically receive payment in advance of satisfying its obligations under the terms of its sales contracts with customers; therefore, liabilities related to such payment are immaterial to Occidental. As of March 31, 2019, trade receivables, net, of $5.3 billion represent rights to payment for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time.

The following table shows a reconciliation of revenue from customers to total net sales (in millions):



For the three months ended March 31,	2019		2018

Revenue from customers	$	3,435	$	3,694
All other revenues ^(a)	569		69
Total net sales	$	4,004	$	3,763

(a) Includes net marketing margin and chemical exchange contracts.

The following table presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, gas and NGL at the lease or concession area. Chemical revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, Midstream revenues are shown by the location of sale (in millions):



For the three months ended March 31, 2019

Revenue by Product	United States			Middle East		Latin America		Other International		Eliminations			Total

Oil and Gas Segment
Oil	$	1,205		$	758	$	135	$	—	$	—		$	2,098
NGL	78			65		—		—		—			143
Gas	47			79		4		—		—			130
Other	(21		)	1		—		—		—			(20		)
Segment Total	$	1,309		$	903	$	139	$	—	$	—		$	2,351

Chemical Segment	$	993		$	—	$	43	$	19	$	—		$	1,055

Midstream Segment
Gas Processing	105			102		—		—		—			207
Power and Other	44			—		—		—		—			44
Segment Total	$	149		$	102	$	—	$	—	$	—		$	251

Eliminations	$	—		$	—	$	—	$	—	$	(222	)	$	(222	)

Consolidated	$	2,451		$	1,005	$	182	$	19	$	(222	)	$	3,435



For the three months ended March 31, 2018

Revenue by Product	United States		Middle East		Latin America		Other International		Eliminations			Total

Oil and Gas Segment
Oil	$	1,247	$	773	$	170	$	—	$	—		$	2,190
NGL	89		51		—		—		—			140
Gas	52		65		4		—		—			121
Other	3		—		—		—		—			3
Segment Total	$	1,391	$	889	$	174	$	—	$	—		$	2,454

Chemical Segment	$	1,049	$	—	$	52	$	21	$	—		$	1,122

Midstream Segment
Gas Processing	137		96		—		—		—			233
Pipelines	94		—		—		—		—			94
Power and Other	25		—		—		—		—			25
Segment Total	$	256	$	96	$	—	$	—	$	—		$	352

Eliminations	$	—	$	—	$	—	$	—	$	(234	)	$	(234	)

Consolidated	$	2,696	$	985	$	226	$	21	$	(234	)	$	3,694

Supplemental Cash Flow Information	3 Months Ended
Supplemental Cash Flow Information	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Occidental paid foreign and domestic state income taxes of $222 million and $227 million during the three months ended March 31, 2019, and 2018, respectively. No federal income tax payments were made during the three months ended March 31, 2019, and 2018. Interest paid totaled $114 million and $97 million during the three months ended March 31, 2019, and 2018, respectively. Occidental acquired property and equipment of $94 million under build-to-suit leases during the three months ended March 31, 2019.

Inventories

3 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

Inventories

Finished goods primarily represents crude oil, which is carried at lower of weighted average cost or market value, and caustic soda and chlorine, which are valued under the last-in, first-out (LIFO) method. Inventories as of March 31, 2019, and December 31, 2018, consisted of the following (in millions):



	2019			2018

Raw materials	$	71		$	74
Materials and supplies	470			445
Finished goods	990			788
	1,531			1,307
Revaluation to LIFO	(47		)	(47		)
Total	$	1,484		$	1,260

Environmental Liabilities and Expenditures

3 Months Ended

Mar. 31, 2019

Environmental Remediation Obligations [Abstract]

Environmental Liabilities and Expenditures

Occidental’s operations are subject to stringent federal, state, local and international 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 international 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; or operation and maintenance of remedial systems. The 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 March 31, 2019, Occidental participated in or monitored remedial activities or proceedings at 146 sites. The following table presents Occidental’s current and non-current environmental remediation reserves as of March 31, 2019, the current portion of which is included in accrued liabilities ($120 million) and the remainder in deferred credits and other liabilities - environmental remediation reserves ($755 million). The reserves are grouped as environmental remediation sites listed or proposed for listing by the United States Environmental Protection Agency (EPA) 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	$	458
Third-party sites	68	170
Occidental-operated sites	14	114
Closed or non-operated Occidental sites	29	133
Total	146	$	875

As of March 31, 2019, Occidental’s environmental reserves exceeded $10 million each at 16 of the 146 sites described above, and 91 of the sites had reserves from $0 to $1 million each. Based on current estimates, Occidental expects to expend funds corresponding to approximately 40 percent of the 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 $1.1 billion. The status of Occidental's involvement with the sites and related significant assumptions, including those sites indemnified by Maxus Energy Corporation (Maxus), has not changed materially since December 31, 2018.

Maxus Environmental Sites

When Occidental acquired Diamond Shamrock Chemicals Company (DSCC) in 1986, Maxus, a subsidiary of YPF S.A. (YPF), agreed to indemnify Occidental for a number of environmental sites, including the Diamond Alkali Superfund Site (Site) along a portion of the Passaic River. On September 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 Site.

In March 2016, the EPA issued a Record of Decision (ROD) 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 perform the design and the remediation called for in the AOC and the ROD, as well as for certain other Maxus-indemnified sites. Occidental's accrued estimated environmental reserve does not consider any recoveries for indemnified costs. Occidental’s ultimate share of this liability may be higher or lower than the reserved amount, and is subject to final design plans and the resolution of Occidental's allocable share with other potentially responsible parties. Occidental continues to evaluate the costs to be incurred to comply with the AOC, the ROD and to perform remediation at other Maxus-indemnified sites in light of the Maxus bankruptcy and the share of ultimate liability of other potentially responsible parties. In June 2018, Occidental filed a complaint under CERCLA in Federal District Court in the State of New Jersey against numerous potentially responsible parties for reimbursement of amounts incurred or to be incurred to comply with the AOC, the ROD or to perform other remediation activities at the Site.

In June 2017, the court overseeing the Maxus bankruptcy approved a Plan of Liquidation (Plan) to liquidate Maxus and create a trust to pursue claims against YPF, Repsol and others to satisfy claims by Occidental and other creditors for past and future cleanup and other costs. In July 2017, the court-approved Plan became final and the trust became effective. Among other responsibilities, the trust will pursue claims against YPF, Repsol and others and distribute assets to Maxus' creditors in accordance with the trust agreement and Plan. In June 2018, the trust filed its complaint against YPF and Repsol in Delaware bankruptcy court asserting claims based upon, among other things, fraudulent transfer and alter ego. On February 15, 2019, the bankruptcy court denied Repsol's and YPF's motions to dismiss the complaint.

Lawsuits, Claims, Commitments and Contingencies	3 Months Ended
Lawsuits, Claims, Commitments and Contingencies	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Lawsuits, Claims, Commitments and Contingencies	Lawsuits, Claims, Commitments and Contingencies Legal Matters 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, Environmental Liabilities and Expenditures, 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 March 31, 2019, and December 31, 2018, were not material to Occidental’s consolidated balance sheets. In 2016, Occidental received payments from the Republic of Ecuador of approximately $1.0 billion pursuant to a November 2015 arbitration award for Ecuador’s 2006 expropriation of Occidental's Participation Contract for Block 15. The awarded amount represented a recovery of 60 percent of the value of Block 15. In 2017, Andes Petroleum Ecuador Ltd. (Andes) filed a demand for arbitration, claiming it is entitled to a 40 percent share of the judgment amount obtained by Occidental. Occidental contends that Andes is not entitled to any of the amounts paid under the 2015 arbitration award because Occidental’s recovery was limited to Occidental’s own 60 percent economic interest in the block. The merits hearing is scheduled for May 2020. Occidental intends to vigorously defend against this claim in arbitration. The ultimate outcome and impact of outstanding lawsuits, claims and proceedings on Occidental cannot be predicted. Management believes that the resolution of these matters will not, individually or in the aggregate, have a material adverse effect on Occidental's consolidated balance sheet. If unfavorable outcomes of these matters were to occur, future results of operations or cash flows for any particular quarterly or annual period could be materially adversely affected. Occidental’s estimates are based on information known about the legal matters and its experience in contesting, litigating and settling similar matters. Occidental reassesses the probability and estimability of contingent losses as new information becomes available. 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. Taxable years through 2016 for United States federal income tax purposes have been audited by the United States Internal Revenue Service (IRS) pursuant to its Compliance Assurance Program and subsequent taxable years are currently under review. Taxable years through 2009 have been audited for state income tax purposes. While a single foreign tax jurisdiction is open for 2002 and subsequent years, all other significant audit matters in foreign jurisdictions have been resolved through 2010. 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 March 31, 2019, 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

3 Months Ended

Mar. 31, 2019

Retirement Benefits [Abstract]

Retirement and Postretirement Benefit Plans

The following table sets forth the components of the net periodic benefit costs for Occidental’s defined benefit plans for the three months ended March 31, 2019, and 2018 (in millions):



Three months ended March 31	2019						2018
Net Periodic Benefit Costs	Pension Benefit			Postretirement Benefit			Pension Benefit			Postretirement Benefit

Service cost	$	1		$	6		$	2		$	6
Interest cost	4			8			4			9
Expected return on plan assets	(5		)	—			(6		)	—
Recognized actuarial loss	2			2			1			4
Recognized prior service cost	—			(2		)	—			—
Total	$	2		$	14		$	1		$	19

Occidental contributed approximately $1 million to the defined benefit pension plans in the three months ended March 31, 2019, and 2018.

Fair Value Measurements

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

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.

The following tables provide fair value measurement information for such assets and liabilities that are measured on a recurring basis as of March 31, 2019, and December 31, 2018 (in millions):



Fair Value Measurements at March 31, 2019:
Embedded derivatives	Level 1		Level 2		Level 3		Netting and Collateral		Total Fair Value

Liabilities:
Accrued liabilities	$	—	$	38	$	—	$	—	$	38
Deferred credits and other liabilities - other	$	—	$	74	$	—	$	—	$	74

Fair Value Measurements at December 31, 2018:
Embedded derivatives	Level 1		Level 2		Level 3		Netting and Collateral		Total Fair Value

Liabilities:
Accrued liabilities	$	—	$	66	$	—	$	—	$	66
Deferred credits and other liabilities - other	$	—	$	116	$	—	$	—	$	116

Fair Values — Nonrecurring

During the three months ended March 31, 2019, Occidental did not have any assets or liabilities measured at fair value on a nonrecurring basis. During 2018, Occidental recognized pre-tax impairment and related charges of $416 million primarily related to Qatar Idd El Shargi North Dome (ISND) and Idd El Shargi South Dome proved properties and inventory. The fair value of the proved properties was measured based on the income approach, which 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, estimates of oil and gas reserves, estimates of future expected operating and capital costs and a risk-adjusted discount rate of 10 percent. These inputs are categorized as Level 3 in the fair value hierarchy. As the end of the contract period for ISND approaches, significant changes to estimated future cash flows could result in additional impairment charges.

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 March 31, 2019, and December 31, 2018, was $10.8 billion and $10.3 billion, respectively. The remaining principal payments, less the discount on long-term debt, aggregated approximately $10.4 billion as of March 31, 2019, and December 31, 2018.

- 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

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Occidental uses a variety of derivative financial instruments and physical contracts, including those designated as cash flow hedges, to manage its exposure to commodity price fluctuations, transportation commitments and to fix margins on the future sale of stored volumes of oil and natural gas. Where Occidental buys product for its own consumption or sells its production to a defined customer, Occidental may elect normal purchases and normal sales exclusions. Occidental usually applies cash flow hedge accounting treatment to derivative financial instruments to lock in margins on the forecasted sales of its natural gas storage volumes, and at times for other strategies to lock in margins. Occidental also enters into derivative financial instruments for speculative or trading purposes; however, the results of any transactions are immaterial to the marketing portfolio.

The financial instruments not designated as hedges will impact Occidental's earnings through mark-to-market until the offsetting future physical commodity is delivered. Physical inventory is carried at lower of cost or market on the balance sheet. A substantial majority of Occidental's physical derivative contracts are index-based and carry no mark-to-market value in earnings. Net gains and losses associated with derivative instruments not designated as hedging instruments are recognized currently in net sales. Net gains and losses attributable to derivative instruments subject to hedge accounting reside in accumulated other comprehensive loss and are reclassified to earnings as the transactions to which the derivatives relate are recognized in earnings.

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 credit risk by selecting counterparties that it believes to be financially strong, by entering into netting arrangements with counterparties and by requiring collateral or other credit risk mitigants, as appropriate. Occidental actively evaluates the creditworthiness of its counterparties, assigns appropriate credit limits and monitors credit exposures against those assigned limits. 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 over-the-counter 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 March 31, 2019, and December 31, 2018.

Cash Flow Hedges

Occidental’s marketing operations store natural gas purchased from third parties at Occidental’s leased storage facilities. Derivative instruments are used to fix margins on the future sales of the stored volumes. As of March 31, 2019, Occidental had approximately 1 billion cubic feet (Bcf) of natural gas held in storage with no cash flow hedges currently associated with the stored volumes. As of December 31, 2018, Occidental had approximately 5 Bcf of natural gas held in storage, and had cash flow hedges for the forecast sales, to be settled by physical delivery, of approximately 4 Bcf of stored natural gas. The amount of cash flow hedges, including the ineffective portion, was immaterial for the three months ended March 31, 2019, and the year ended December 31, 2018.

Derivatives Not Designated as Hedging Instruments

Forward unrealized instruments that are derivatives not designated as hedging instruments are required to be recorded on the income statement and balance sheet at fair value. The fair value represents an unrealized gain or loss between executed sales prices and market prices at the end of the period. The fair value does not reflect the realized or cash value of the instrument. Substantially all of the fair value of Occidental's derivative instruments not designated as hedges are used to manage its exposure to commodity price fluctuations and settle within three months at a weighted average contract price of $60.04 per barrel and $2.36 per thousand cubic feet (Mcf) for crude oil and natural gas, respectively, at March 31, 2019. The remaining fair value of derivative instruments not designated as hedges was immaterial. The weighted average contract price was $58.81 per barrel and $3.18 per Mcf for crude oil and natural gas, respectively, at December 31, 2018.

The following table summarizes the amounts reported in net sales related to the outstanding commodity derivatives not designated as hedging instruments as of March 31, 2019, and December 31, 2018.



(in millions, except Long/(Short) volumes)	2019			2018

Unrealized gain (loss) on derivatives not designated as hedges
Crude Oil Commodity Contracts	$	(63	)	$	184
Natural Gas Commodity Contracts	$	3		$	5
Outstanding net volumes on derivatives not designated as hedges
Crude Oil Commodity Contracts
Volume (MMBL)	56			61
Natural Gas Commodity Contracts
Volume (Bcf)	(162		)	(142		)

Fair Value of Derivatives

The following tables present the gross and net fair values of Occidental’s outstanding derivatives:



As of March 31, 2019		Fair Value Measurements Using			Netting ^(b)		Total Fair Value
(in millions)	Balance Sheet Location	Level 1	Level 2	Level 3	Netting ^(b)		Total Fair Value
Assets:
Derivatives not designated as hedges ^(a)
Commodity Contracts	Other current assets	1,077	48	—	(1,099	)	26
Commodity Contracts	Long-term receivables and other assets, net	19	8	—	(19	)	8
Liabilities:
Derivatives not designated as hedges ^(a)
Commodity Contracts	Accrued liabilities	1,136	54	—	(1,099	)	91
Commodity Contracts	Deferred credits and other liabilities - other	20	2	—	(19	)	3


(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 condensed balance sheets.

(b)

These amounts do not include collateral. As of March 31, 2019, no collateral received has been netted against derivative assets and collateral paid of $66 million has been netted against derivative liabilities. Occidental had $94 million of initial margin deposited with brokers as of March 31, 2019. Initial margin is included in other current assets in the consolidated condensed balance sheets and has not been reflected in these derivative fair-value tables.



As of December 31, 2018		Fair Value Measurements Using			Netting ^(b)		Total Fair Value
(in millions)	Balance Sheet Location	Level 1	Level 2	Level 3	Netting ^(b)		Total Fair Value
Assets:
Derivatives not designated as hedges ^(a)
Commodity Contracts	Other current assets	2,531	110	—	(2,392	)	249
Commodity Contracts	Long-term receivables and other assets, net	5	9	—	(6	)	8
Liabilities:
Cash-flow hedges^(a)
Commodity contracts	Accrued liabilities	—	2	—	—		2

Derivatives not designated as hedges ^(a)
Commodity contracts	Accrued liabilities	2,357	101	—	(2,392	)	66
Commodity contracts	Deferred credits and other liabilities - other	6	2	—	(6	)	2


(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 condensed balance sheets.

(b)

These amounts do not include collateral. As of December 31, 2018, $45 million collateral received has been netted against derivative assets and collateral paid of $1 million has been netted against derivative liabilities. Occidental had $178 million of initial margin deposited with brokers as of December 31, 2018. Initial margin is included in other current assets in the consolidated condensed balance sheets and has not been reflected in these derivative fair-value tables.

Industry Segments

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

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, NGL and natural gas. The chemical segment mainly manufactures and markets basic chemicals and vinyls. The midstream and marketing segment purchases, markets, gathers, processes, transports and stores oil, condensate, NGL, natural gas, carbon dioxide (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 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 March 31, 2019
Net sales	$	2,351	$	1,059	$	816	$	(222	)		$	4,004
Pre-tax operating profit (loss)	$	484	$	265	$	279	$	(172	)	^(a)	$	856
Income taxes	—		—		—		(225		)	^(b)	(225		)
Net income (loss)	$	484	$	265	$	279	$	(397	)		$	631

Three months ended March 31, 2018
Net sales	$	2,454	$	1,154	$	389	$	(234	)		$	3,763
Pre-tax operating profit (loss)	$	750	$	298	$	179	$	(180	)	^(a)	$	1,047
Income taxes	—		—		—		(339		)	^(b)	(339		)
Net income (loss)	$	750	$	298	$	179	$	(519	)		$	708

(a) Includes unallocated net interest expense, administration expense, environmental remediation and other items.

(b) Includes all foreign and domestic income taxes.

Earnings Per Share

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2019, and 2018 (in millions, except per-share amounts):



	2019			2018
Basic EPS
Net Income	$	631		$	708
Less: Net income allocated to participating securities	(3		)	(3		)
Net Income, net of participating securities	628			705

Weighted average number of basic shares	748.9			765.6
Basic EPS	$	0.84		$	0.92
Diluted EPS
Net income, net of participating securities	$	628		$	705
Weighted average number of basic shares	748.9			765.6
Dilutive effect of potentially dilutive securities	1.6			1.4
Total diluted weighted average common shares	750.5			767.0
Diluted EPS	$	0.84		$	0.92

Leases

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Leases

On January 1, 2019, Occidental adopted ASC 842 using the modified retrospective approach, which provided a method for recording existing leases at adoption and did not require restatement of prior year amounts and disclosures which continue to be reflected in accordance with ASC 840. Occidental elected certain practical expedients including:


•	Leases that commenced before the effective date carried forward their historical lease classification.


•	Existing or expired land easements as of December 31, 2018 were not reassessed to determine whether or not they contained a lease.


•	Leases with a lease term of twelve months or less from lease commencement date are considered short-term leases and not recorded on the balance sheet; however, the lease expenditures recognized are captured and reported as incurred.

•

For asset classes, except long-term drilling rigs, Occidental elected to account for the lease and non-lease components as a single lease component as the non-lease portions were not significant to separate in determining the lease liability. For drilling rigs considered long-term in nature, Occidental bifurcated the lease and non-lease components using relative fair value as a stand-alone selling price between the asset rental and the services obtained.

ASC 842 requires lessees to recognize an ROU asset and lease liability for all long-term leases. An ROU asset represents Occidental’s right to use an underlying asset for the lease term and the associated lease liability represents the discounted obligation of future minimum lease payments. Occidental identifies leases through its accounts payable and contract monitoring process. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The ROU assets include the discounted obligation in addition to any upfront payments or costs incurred during the contract execution of the lease. Except for leases with explicitly defined contract terms, Occidental utilizes judgment to assess likelihood of renewals, terminations and purchase options, in order to determine the lease term. Occidental uses the incremental borrowing rate at commencement date to determine the present value of lease payments. The incremental borrowing rate equates to the rate of interest that Occidental would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain leases include variable lease payments which are over and above the minimum lease liability used to derive the ROU asset and lease liability and are based on the underlying asset’s operations. These variable lease costs are reported in the lease cost classification table below.

Recognition, measurement and presentation of expenses and cash flows arising from a lease will depend on classification as a finance or operating lease. The criteria for distinguishing between finance and operating leases are substantially similar to criteria under ASC 840. Adoption of ASC 842 resulted in recording of net lease assets and lease liabilities of $772 million, respectively, as of January 1, 2019. There was no material impact to net income, cash flows or stockholders’ equity.

Nature of Leases

Occidental’s operating lease agreements include leases for oil and gas exploration and development equipment,

including drilling rigs, compressors and other field equipment, which are recorded gross on the balance sheet and in the lease cost disclosures below. Actual expenditures are netted against joint interest recoveries on the income statement through the normal joint interest billing process. Occidental’s leases also include pipelines and other transportation equipment, rail cars, power plants, machinery, terminals, storage facilities, land, easements and residential and office space, which typically are not associated with joint interest recoveries.

The following table presents Occidental's lease balances and their location on the balance sheet at March 31, 2019 (in millions):



	Balance sheet location	2019
Assets:
Operating	Operating lease assets	$	684
Finance	Property, plant, and equipment, net	23
Total leased assets		$	707

Liabilities:
Current
Operating	Current lease liabilities	$	229
Finance	Current lease liabilities	11
Non-current
Operating	Deferred credits and other liabilities - Lease liabilities	453
Finance	Deferred credits and other liabilities - Lease liabilities	12
Total lease liabilities		$	705

At March 31, 2019, Occidental's leases matured on the following schedule (in millions):



	Operating			Finance
	Leases ^(a)			Leases ^(b)			Total
Remainder of 2019	$	166		$	9		$	175
2020	167			12			179
2021	110			1			111
2022	78			1			79
2023	53			1			54
Thereafter	170			—			170
Total lease payments	744			24			768
Less: Interest	(62		)	(1		)	(63		)
Present value of lease liabilities	$	682		$	23		$	705

(a) The weighted average remaining lease term is 5.7 years and the weighted average discount rate is 3.12%.

(b) The weighted average remaining lease term is 2.5 years and the weighted average discount rate is 2.95%.

At December 31, 2018, future undiscounted net minimum fixed lease payments for non-cancellable operating leases, prepared in accordance with accounting standards prior to the adoption of ASC 842, were as follows (in millions):



	Amount
2019	$	186
2020	147
2021	96
2022	68
2023	49
Thereafter	158
Total minimum lease payments	$	704

The following tables present Occidental's total lease cost and classifications as well as cash paid for amounts included in the measurement of operating lease liabilities. Lease costs and amounts paid associated with finance leases were immaterial for the three months ended March 31, 2019 (in millions):



Lease cost classification^(a,b)
Property, plant and equipment, net	$	91
Cost of sales	77
Selling, general and administrative expenses	16

Total	$	184

Cash paid on operating leases^(b)
Cash flow from operating activities	$	48
Cash flow from investing activities	$	19

(a) Includes short-term lease costs of $86 million and variable lease costs of $31 million.

(b) Amounts reflected are gross before joint interest recoveries.

Leases


•	Leases that commenced before the effective date carried forward their historical lease classification.


•	Existing or expired land easements as of December 31, 2018 were not reassessed to determine whether or not they contained a lease.


•	Leases with a lease term of twelve months or less from lease commencement date are considered short-term leases and not recorded on the balance sheet; however, the lease expenditures recognized are captured and reported as incurred.

•

Nature of Leases

Occidental’s operating lease agreements include leases for oil and gas exploration and development equipment,

The following table presents Occidental's lease balances and their location on the balance sheet at March 31, 2019 (in millions):



	Balance sheet location	2019
Assets:
Operating	Operating lease assets	$	684
Finance	Property, plant, and equipment, net	23
Total leased assets		$	707

Liabilities:
Current
Operating	Current lease liabilities	$	229
Finance	Current lease liabilities	11
Non-current
Operating	Deferred credits and other liabilities - Lease liabilities	453
Finance	Deferred credits and other liabilities - Lease liabilities	12
Total lease liabilities		$	705

At March 31, 2019, Occidental's leases matured on the following schedule (in millions):



	Operating			Finance
	Leases ^(a)			Leases ^(b)			Total
Remainder of 2019	$	166		$	9		$	175
2020	167			12			179
2021	110			1			111
2022	78			1			79
2023	53			1			54
Thereafter	170			—			170
Total lease payments	744			24			768
Less: Interest	(62		)	(1		)	(63		)
Present value of lease liabilities	$	682		$	23		$	705

(a) The weighted average remaining lease term is 5.7 years and the weighted average discount rate is 3.12%.

(b) The weighted average remaining lease term is 2.5 years and the weighted average discount rate is 2.95%.



	Amount
2019	$	186
2020	147
2021	96
2022	68
2023	49
Thereafter	158
Total minimum lease payments	$	704



Lease cost classification^(a,b)
Property, plant and equipment, net	$	91
Cost of sales	77
Selling, general and administrative expenses	16

Total	$	184

Cash paid on operating leases^(b)
Cash flow from operating activities	$	48
Cash flow from investing activities	$	19

(a) Includes short-term lease costs of $86 million and variable lease costs of $31 million.

(b) Amounts reflected are gross before joint interest recoveries.

General (Policies)	3 Months Ended
General (Policies)	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	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.
Accounting and Disclosure Changes	Accounting and Disclosure Changes In January 2019, Occidental adopted the new lease standard Topic 842 - Leases (ASC 842). The new standard requires Occidental to recognize most leases, including operating leases, on the balance sheet. The new rules require lessees to recognize a right-of-use asset (ROU) and lease liability for all leases with lease terms of more than 12 months. Occidental adopted the standard using the modified retrospective approach, including adopting several optional practical expedients. Occidental has developed and implemented an internal software solution to support the identification, documentation, tracking, accounting and supplemental reporting of leases under ASC 842. Continued enhancements to the software solution through 2019 are expected to ensure manual processes are streamlined while maintaining control functionality surrounding completeness in population and reporting. See Note 13, Leases.

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

Schedule of reconciliation of revenue from customers to total net sales

The following table shows a reconciliation of revenue from customers to total net sales (in millions):



For the three months ended March 31,	2019		2018

Revenue from customers	$	3,435	$	3,694
All other revenues ^(a)	569		69
Total net sales	$	4,004	$	3,763

(a) Includes net marketing margin and chemical exchange contracts.

Schedule of revenue from customers by segment, product, and geographical area

Excluding net marketing revenue, Midstream revenues are shown by the location of sale (in millions):



For the three months ended March 31, 2019

Revenue by Product	United States			Middle East		Latin America		Other International		Eliminations			Total

Oil and Gas Segment
Oil	$	1,205		$	758	$	135	$	—	$	—		$	2,098
NGL	78			65		—		—		—			143
Gas	47			79		4		—		—			130
Other	(21		)	1		—		—		—			(20		)
Segment Total	$	1,309		$	903	$	139	$	—	$	—		$	2,351

Chemical Segment	$	993		$	—	$	43	$	19	$	—		$	1,055

Midstream Segment
Gas Processing	105			102		—		—		—			207
Power and Other	44			—		—		—		—			44
Segment Total	$	149		$	102	$	—	$	—	$	—		$	251

Eliminations	$	—		$	—	$	—	$	—	$	(222	)	$	(222	)

Consolidated	$	2,451		$	1,005	$	182	$	19	$	(222	)	$	3,435



For the three months ended March 31, 2018

Revenue by Product	United States		Middle East		Latin America		Other International		Eliminations			Total

Oil and Gas Segment
Oil	$	1,247	$	773	$	170	$	—	$	—		$	2,190
NGL	89		51		—		—		—			140
Gas	52		65		4		—		—			121
Other	3		—		—		—		—			3
Segment Total	$	1,391	$	889	$	174	$	—	$	—		$	2,454

Chemical Segment	$	1,049	$	—	$	52	$	21	$	—		$	1,122

Midstream Segment
Gas Processing	137		96		—		—		—			233
Pipelines	94		—		—		—		—			94
Power and Other	25		—		—		—		—			25
Segment Total	$	256	$	96	$	—	$	—	$	—		$	352

Eliminations	$	—	$	—	$	—	$	—	$	(234	)	$	(234	)

Consolidated	$	2,696	$	985	$	226	$	21	$	(234	)	$	3,694

Inventories (Tables)

3 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

Schedule of inventories

Inventories as of March 31, 2019, and December 31, 2018, consisted of the following (in millions):



	2019			2018

Raw materials	$	71		$	74
Materials and supplies	470			445
Finished goods	990			788
	1,531			1,307
Revaluation to LIFO	(47		)	(47		)
Total	$	1,484		$	1,260

Environmental Liabilities and Expenditures (Tables)

3 Months Ended

Mar. 31, 2019

Environmental Remediation Obligations [Abstract]

Schedule of current and non-current environmental remediation reserves by categories of sites



	Number of Sites	Reserve Balance (in millions)

NPL sites	35	$	458
Third-party sites	68	170
Occidental-operated sites	14	114
Closed or non-operated Occidental sites	29	133
Total	146	$	875

Retirement and Postretirement Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2019

Retirement Benefits [Abstract]

Components of the net periodic benefit costs

The following table sets forth the components of the net periodic benefit costs for Occidental’s defined benefit plans for the three months ended March 31, 2019, and 2018 (in millions):



Three months ended March 31	2019						2018
Net Periodic Benefit Costs	Pension Benefit			Postretirement Benefit			Pension Benefit			Postretirement Benefit

Service cost	$	1		$	6		$	2		$	6
Interest cost	4			8			4			9
Expected return on plan assets	(5		)	—			(6		)	—
Recognized actuarial loss	2			2			1			4
Recognized prior service cost	—			(2		)	—			—
Total	$	2		$	14		$	1		$	19

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

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 March 31, 2019, and December 31, 2018 (in millions):



Fair Value Measurements at March 31, 2019:
Embedded derivatives	Level 1		Level 2		Level 3		Netting and Collateral		Total Fair Value

Liabilities:
Accrued liabilities	$	—	$	38	$	—	$	—	$	38
Deferred credits and other liabilities - other	$	—	$	74	$	—	$	—	$	74

Fair Value Measurements at December 31, 2018:
Embedded derivatives	Level 1		Level 2		Level 3		Netting and Collateral		Total Fair Value

Liabilities:
Accrued liabilities	$	—	$	66	$	—	$	—	$	66
Deferred credits and other liabilities - other	$	—	$	116	$	—	$	—	$	116

Derivatives (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of net sales related to the outstanding commodity derivative instruments

The following table summarizes the amounts reported in net sales related to the outstanding commodity derivatives not designated as hedging instruments as of March 31, 2019, and December 31, 2018.



(in millions, except Long/(Short) volumes)	2019			2018

Unrealized gain (loss) on derivatives not designated as hedges
Crude Oil Commodity Contracts	$	(63	)	$	184
Natural Gas Commodity Contracts	$	3		$	5
Outstanding net volumes on derivatives not designated as hedges
Crude Oil Commodity Contracts
Volume (MMBL)	56			61
Natural Gas Commodity Contracts
Volume (Bcf)	(162		)	(142		)

Gross and net fair values of outstanding derivatives

The following tables present the gross and net fair values of Occidental’s outstanding derivatives:



As of March 31, 2019		Fair Value Measurements Using			Netting ^(b)		Total Fair Value
(in millions)	Balance Sheet Location	Level 1	Level 2	Level 3	Netting ^(b)		Total Fair Value
Assets:
Derivatives not designated as hedges ^(a)
Commodity Contracts	Other current assets	1,077	48	—	(1,099	)	26
Commodity Contracts	Long-term receivables and other assets, net	19	8	—	(19	)	8
Liabilities:
Derivatives not designated as hedges ^(a)
Commodity Contracts	Accrued liabilities	1,136	54	—	(1,099	)	91
Commodity Contracts	Deferred credits and other liabilities - other	20	2	—	(19	)	3


(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 condensed balance sheets.

(b)



As of December 31, 2018		Fair Value Measurements Using			Netting ^(b)		Total Fair Value
(in millions)	Balance Sheet Location	Level 1	Level 2	Level 3	Netting ^(b)		Total Fair Value
Assets:
Derivatives not designated as hedges ^(a)
Commodity Contracts	Other current assets	2,531	110	—	(2,392	)	249
Commodity Contracts	Long-term receivables and other assets, net	5	9	—	(6	)	8
Liabilities:
Cash-flow hedges^(a)
Commodity contracts	Accrued liabilities	—	2	—	—		2

Derivatives not designated as hedges ^(a)
Commodity contracts	Accrued liabilities	2,357	101	—	(2,392	)	66
Commodity contracts	Deferred credits and other liabilities - other	6	2	—	(6	)	2


(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 condensed balance sheets.

(b)

Industry Segments (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Schedule of industry segments

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



	Oil				Midstream		Corporate
	and				and		and
	Gas		Chemical		Marketing		Eliminations				Total
Three months ended March 31, 2019
Net sales	$	2,351	$	1,059	$	816	$	(222	)		$	4,004
Pre-tax operating profit (loss)	$	484	$	265	$	279	$	(172	)	^(a)	$	856
Income taxes	—		—		—		(225		)	^(b)	(225		)
Net income (loss)	$	484	$	265	$	279	$	(397	)		$	631

Three months ended March 31, 2018
Net sales	$	2,454	$	1,154	$	389	$	(234	)		$	3,763
Pre-tax operating profit (loss)	$	750	$	298	$	179	$	(180	)	^(a)	$	1,047
Income taxes	—		—		—		(339		)	^(b)	(339		)
Net income (loss)	$	750	$	298	$	179	$	(519	)		$	708

(a) Includes unallocated net interest expense, administration expense, environmental remediation and other items.

(b) Includes all foreign and domestic income taxes.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Calculation of basic and diluted EPS

The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2019, and 2018 (in millions, except per-share amounts):



	2019			2018
Basic EPS
Net Income	$	631		$	708
Less: Net income allocated to participating securities	(3		)	(3		)
Net Income, net of participating securities	628			705

Weighted average number of basic shares	748.9			765.6
Basic EPS	$	0.84		$	0.92
Diluted EPS
Net income, net of participating securities	$	628		$	705
Weighted average number of basic shares	748.9			765.6
Dilutive effect of potentially dilutive securities	1.6			1.4
Total diluted weighted average common shares	750.5			767.0
Diluted EPS	$	0.84		$	0.92

Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Schedule of Lease Related Assets and Liabilities

The following table presents Occidental's lease balances and their location on the balance sheet at March 31, 2019 (in millions):



	Balance sheet location	2019
Assets:
Operating	Operating lease assets	$	684
Finance	Property, plant, and equipment, net	23
Total leased assets		$	707

Liabilities:
Current
Operating	Current lease liabilities	$	229
Finance	Current lease liabilities	11
Non-current
Operating	Deferred credits and other liabilities - Lease liabilities	453
Finance	Deferred credits and other liabilities - Lease liabilities	12
Total lease liabilities		$	705

Schedule of Operating Lease Maturities

At March 31, 2019, Occidental's leases matured on the following schedule (in millions):



	Operating			Finance
	Leases ^(a)			Leases ^(b)			Total
Remainder of 2019	$	166		$	9		$	175
2020	167			12			179
2021	110			1			111
2022	78			1			79
2023	53			1			54
Thereafter	170			—			170
Total lease payments	744			24			768
Less: Interest	(62		)	(1		)	(63		)
Present value of lease liabilities	$	682		$	23		$	705

(a) The weighted average remaining lease term is 5.7 years and the weighted average discount rate is 3.12%.

(b) The weighted average remaining lease term is 2.5 years and the weighted average discount rate is 2.95%.

Schedule of Finance Lease Maturities

At March 31, 2019, Occidental's leases matured on the following schedule (in millions):



	Operating			Finance
	Leases ^(a)			Leases ^(b)			Total
Remainder of 2019	$	166		$	9		$	175
2020	167			12			179
2021	110			1			111
2022	78			1			79
2023	53			1			54
Thereafter	170			—			170
Total lease payments	744			24			768
Less: Interest	(62		)	(1		)	(63		)
Present value of lease liabilities	$	682		$	23		$	705

(a) The weighted average remaining lease term is 5.7 years and the weighted average discount rate is 3.12%.

(b) The weighted average remaining lease term is 2.5 years and the weighted average discount rate is 2.95%.

Schedule of Future Net Minimum Fixed Lease Payments



	Amount
2019	$	186
2020	147
2021	96
2022	68
2023	49
Thereafter	158
Total minimum lease payments	$	704

Schedule of Lease Costs



Lease cost classification^(a,b)
Property, plant and equipment, net	$	91
Cost of sales	77
Selling, general and administrative expenses	16

Total	$	184

Cash paid on operating leases^(b)
Cash flow from operating activities	$	48
Cash flow from investing activities	$	19

(a) Includes short-term lease costs of $86 million and variable lease costs of $31 million.

(b) Amounts reflected are gross before joint interest recoveries.

Revenue Recognition - Impact of Adoption (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 5,310	$ 4,893

Revenue Recognition - Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue from customers	$ 3,435	$ 3,694
All other revenue	569	69
Total net sales	$ 4,004	$ 3,763

Revenue Recognition - Disaggregation of revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of revenue
Revenue from customers	$ 4,004	$ 3,763
Consolidated	3,435	3,694
United States
Disaggregation of revenue
Consolidated	2,451	2,696
Middle East
Disaggregation of revenue
Consolidated	1,005	985
Latin America
Disaggregation of revenue
Consolidated	182	226
Other International
Disaggregation of revenue
Consolidated	19	21
Eliminations
Disaggregation of revenue
Revenue from customers	(222)	(234)
Consolidated	(222)	(234)
Eliminations \| United States
Disaggregation of revenue
Revenue from customers	0	0
Eliminations \| Middle East
Disaggregation of revenue
Revenue from customers	0	0
Eliminations \| Latin America
Disaggregation of revenue
Revenue from customers	0	0
Eliminations \| Other International
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas Segment
Disaggregation of revenue
Revenue from customers	2,351	2,454
Oil and Gas Segment \| Oil
Disaggregation of revenue
Revenue from customers	2,098	2,190
Oil and Gas Segment \| NGL
Disaggregation of revenue
Revenue from customers	143	140
Oil and Gas Segment \| Gas
Disaggregation of revenue
Revenue from customers	130	121
Oil and Gas Segment \| Other
Disaggregation of revenue
Revenue from customers	(20)	3
Oil and Gas Segment \| United States
Disaggregation of revenue
Revenue from customers	1,309	1,391
Oil and Gas Segment \| United States \| Oil
Disaggregation of revenue
Revenue from customers	1,205	1,247
Oil and Gas Segment \| United States \| NGL
Disaggregation of revenue
Revenue from customers	78	89
Oil and Gas Segment \| United States \| Gas
Disaggregation of revenue
Revenue from customers	47	52
Oil and Gas Segment \| United States \| Other
Disaggregation of revenue
Revenue from customers	(21)	3
Oil and Gas Segment \| Middle East
Disaggregation of revenue
Revenue from customers	903	889
Oil and Gas Segment \| Middle East \| Oil
Disaggregation of revenue
Revenue from customers	758	773
Oil and Gas Segment \| Middle East \| NGL
Disaggregation of revenue
Revenue from customers	65	51
Oil and Gas Segment \| Middle East \| Gas
Disaggregation of revenue
Revenue from customers	79	65
Oil and Gas Segment \| Middle East \| Other
Disaggregation of revenue
Revenue from customers	1	0
Oil and Gas Segment \| Latin America
Disaggregation of revenue
Revenue from customers	139	174
Oil and Gas Segment \| Latin America \| Oil
Disaggregation of revenue
Revenue from customers	135	170
Oil and Gas Segment \| Latin America \| NGL
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas Segment \| Latin America \| Gas
Disaggregation of revenue
Revenue from customers	4	4
Oil and Gas Segment \| Latin America \| Other
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas Segment \| Other International
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas Segment \| Other International \| Oil
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas Segment \| Other International \| NGL
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas Segment \| Other International \| Gas
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas Segment \| Other International \| Other
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas Segment \| Eliminations
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas Segment \| Eliminations \| Oil
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas Segment \| Eliminations \| NGL
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas Segment \| Eliminations \| Gas
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas Segment \| Eliminations \| Other
Disaggregation of revenue
Revenue from customers	0	0
Chemical Segment
Disaggregation of revenue
Revenue from customers	1,055	1,122
Chemical Segment \| United States
Disaggregation of revenue
Revenue from customers	993	1,049
Chemical Segment \| Middle East
Disaggregation of revenue
Revenue from customers	0	0
Chemical Segment \| Latin America
Disaggregation of revenue
Revenue from customers	43	52
Chemical Segment \| Other International
Disaggregation of revenue
Revenue from customers	19	21
Chemical Segment \| Eliminations
Disaggregation of revenue
Revenue from customers	0	0
Midstream Segment
Disaggregation of revenue
Revenue from customers	251	352
Midstream Segment \| Gas Processing
Disaggregation of revenue
Revenue from customers	207	233
Midstream Segment \| Pipelines
Disaggregation of revenue
Revenue from customers		94
Midstream Segment \| Power and Other
Disaggregation of revenue
Revenue from customers	44	25
Midstream Segment \| United States
Disaggregation of revenue
Revenue from customers	149	256
Midstream Segment \| United States \| Gas Processing
Disaggregation of revenue
Revenue from customers	105	137
Midstream Segment \| United States \| Pipelines
Disaggregation of revenue
Revenue from customers		94
Midstream Segment \| United States \| Power and Other
Disaggregation of revenue
Revenue from customers	44	25
Midstream Segment \| Middle East
Disaggregation of revenue
Revenue from customers	102	96
Midstream Segment \| Middle East \| Gas Processing
Disaggregation of revenue
Revenue from customers	102	96
Midstream Segment \| Middle East \| Pipelines
Disaggregation of revenue
Revenue from customers		0
Midstream Segment \| Middle East \| Power and Other
Disaggregation of revenue
Revenue from customers	0	0
Midstream Segment \| Latin America
Disaggregation of revenue
Revenue from customers	0	0
Midstream Segment \| Latin America \| Gas Processing
Disaggregation of revenue
Revenue from customers	0	0
Midstream Segment \| Latin America \| Pipelines
Disaggregation of revenue
Revenue from customers		0
Midstream Segment \| Latin America \| Power and Other
Disaggregation of revenue
Revenue from customers	0	0
Midstream Segment \| Other International
Disaggregation of revenue
Revenue from customers	0	0
Midstream Segment \| Other International \| Gas Processing
Disaggregation of revenue
Revenue from customers	0	0
Midstream Segment \| Other International \| Pipelines
Disaggregation of revenue
Revenue from customers		0
Midstream Segment \| Other International \| Power and Other
Disaggregation of revenue
Revenue from customers	0	0
Midstream Segment \| Eliminations
Disaggregation of revenue
Revenue from customers	0	0
Midstream Segment \| Eliminations \| Gas Processing
Disaggregation of revenue
Revenue from customers	0	0
Midstream Segment \| Eliminations \| Pipelines
Disaggregation of revenue
Revenue from customers		0
Midstream Segment \| Eliminations \| Power and Other
Disaggregation of revenue
Revenue from customers	$ 0	$ 0

Supplemental Cash Flow Information (Details) - USD ($)	3 Months Ended
Supplemental Cash Flow Information (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Schedule of Cash Flow, Supplemental Disclosures [Line Items]
Interest paid	$ 114,000,000	$ 97,000,000
Property and equipment acquired	94,000,000
Foreign and State
Schedule of Cash Flow, Supplemental Disclosures [Line Items]
Income taxes paid	222,000,000	227,000,000
Domestic
Schedule of Cash Flow, Supplemental Disclosures [Line Items]
Income taxes paid	$ 0	$ 0

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 71	$ 74
Materials and supplies	470	445
Finished goods	990	788
Inventories, gross	1,531	1,307
Revaluation to LIFO	(47)	(47)
Total	$ 1,484	$ 1,260

Environmental Liabilities and Expenditures (Details) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2016 mi	Mar. 31, 2019 USD ($) site category	Sep. 30, 2016 USD ($)	Dec. 31, 2018 USD ($)
Environmental remediation reserves
Number of Sites \| site		146
Environmental remediation reserves, current, included in accrued liabilities		$ 120
Environmental remediation reserves, non-current, included in deferred credits and other liabilities - other		$ 755		$ 762
Number of non-NPL sites categories \| category		3
Reserve Balance		$ 875
Environmental reserves, exceeding $ ten million, threshold value		$ 10
Environmental reserves, exceeding $ ten million, number of sites \| site		16
Environmental reserves, range between zero to $ one million site category, number of sites \| site		91
Expected expend funds of environmental reserves (as a percent)		0.00%
Minimum period of expending second half of environmental reserves		10 years
Environmental remediation additional loss range		$ 1,100
Low end of range
Environmental remediation reserves
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
NPL sites
Environmental remediation reserves
Number of Sites \| site		35
Reserve Balance		$ 458
Third-party sites
Environmental remediation reserves
Number of Sites \| site		68
Reserve Balance		$ 170
Occidental-operated sites
Environmental remediation reserves
Number of Sites \| site		14
Reserve Balance		$ 114
Closed or non-operated Occidental sites
Environmental remediation reserves
Number of Sites \| site		29
Reserve Balance		$ 133
Lower Passaic River
Environmental remediation reserves
Stretch of Lower Passaic river requiring remedial actions \| mi	8.3
Stretch of Lower Passaic river not covered by remedial actions \| mi	9
Clean-up estimated cost			$ 165

Lawsuits, Claims, Commitments and Contingencies (Details) - Arbitration filed by Andes Petroleum Ecuador Ltd - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Lawsuits, commitments and contingencies
Proceeds from settlement		$ 1.0
Recovery of amount awarded in settlement amount (as a percent)		60.00%
Percentage of judgment amount claimed	40.00%
Own economic interest (as a percent)	60.00%

Retirement and Postretirement Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Pension Benefit
Net Periodic Benefit Costs
Service cost	$ 1	$ 2
Interest cost	4	4
Expected return on plan assets	(5)	(6)
Recognized actuarial loss	2	1
Recognized prior service cost	0	0
Total	2	1
Postretirement Benefit
Net Periodic Benefit Costs
Service cost	6	6
Interest cost	8	9
Expected return on plan assets	0	0
Recognized actuarial loss	2	4
Recognized prior service cost	(2)	0
Total	14	19
Defined benefit plans
Net Periodic Benefit Costs
Employer contributions	$ 1	$ 1

Fair Value Measurements (Details) $ in Millions	12 Months Ended
Fair Value Measurements (Details) $ in Millions	Dec. 31, 2018 USD ($)	Mar. 31, 2019 USD ($)
Liabilities:
Carrying value of debt, net of unamortized discount	$ 10,400	$ 10,400
Qatar ISND and ISSD
Liabilities:
Impairment and related charges	416
Total Fair Value
Liabilities:
Estimated fair value of debt	10,300	10,800
Recurring \| Accrued liabilities
Liabilities:
Netting and Collateral	0	0
Recurring \| Accrued liabilities \| Total Fair Value
Liabilities:
Embedded derivatives	66	38
Recurring \| Accrued liabilities \| Level 1
Liabilities:
Embedded derivatives	0	0
Recurring \| Accrued liabilities \| Level 2
Liabilities:
Embedded derivatives	66	38
Recurring \| Accrued liabilities \| Level 3
Liabilities:
Embedded derivatives	0	0
Recurring \| Deferred credits and other liabilities - other
Liabilities:
Netting and Collateral	0	0
Recurring \| Deferred credits and other liabilities - other \| Total Fair Value
Liabilities:
Embedded derivatives	116	74
Recurring \| Deferred credits and other liabilities - other \| Level 1
Liabilities:
Embedded derivatives	0	0
Recurring \| Deferred credits and other liabilities - other \| Level 2
Liabilities:
Embedded derivatives	116	74
Recurring \| Deferred credits and other liabilities - other \| Level 3
Liabilities:
Embedded derivatives	$ 0	$ 0
Non recurring \| Measurement Input, Discount Rate
Liabilities:
Risk adjusted discount rate	0.10

Derivatives - Cash Flow Hedges (Details) - Bcf	Mar. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Natural gas held in storage (in cubic feet)	1	5
Forecast sale of natural gas from storage designated as cash-flow hedges (in cubic feet)		4

Derivatives - Not Designated as Hedging Instruments (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019 USD ($) $ / MillionCubicFeet $ / Barrel Bcf MMBbls	Dec. 31, 2018 USD ($) $ / MillionCubicFeet $ / Barrel Bcf MMBbls
Outstanding commodity derivatives contracts not designated as hedging instruments
Derivative instrument settlement period (within)	3 months
Not designated as hedging instruments \| Crude oil
Outstanding commodity derivatives contracts not designated as hedging instruments
Weighted average sales price (dollars per barrel) \| $ / Barrel	60.04	58.81
Not designated as hedging instruments \| Crude oil \| Net sales
Outstanding commodity derivatives contracts not designated as hedging instruments
Unrealized gain (loss) on derivatives not designated as hedges	$ (63)	$ 184
Not designated as hedging instruments \| Natural gas
Outstanding commodity derivatives contracts not designated as hedging instruments
Weighted average sales price (dollars per barrel) \| $ / MillionCubicFeet	2.36	3.18
Not designated as hedging instruments \| Natural gas \| Net sales
Outstanding commodity derivatives contracts not designated as hedging instruments
Unrealized gain (loss) on derivatives not designated as hedges	$ 3	$ 5
Not designated as hedging instruments \| Long position \| Crude oil
Outstanding commodity derivatives contracts not designated as hedging instruments
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) \| MMBbls	56	61
Not designated as hedging instruments \| Short position \| Natural gas
Outstanding commodity derivatives contracts not designated as hedging instruments
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) \| Bcf	162	142

Derivatives - Fair Value (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Gross and net fair values of outstanding derivatives (in millions)
Collateral received netted against derivative assets	$ 0	$ 45,000,000
Collateral paid netted against derivative liabilities	66,000,000	1,000,000
Collateral deposited with clearinghouses and brokers	94,000,000	178,000,000
Not designated as hedging instruments \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability		0
Total net fair value, liability		2,000,000
Not designated as hedging instruments \| Other current assets \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	1,099,000,000	2,392,000,000
Total net fair value, asset	26,000,000	249,000,000
Not designated as hedging instruments \| Long-term receivables and other assets, net \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	19,000,000	6,000,000
Total net fair value, asset	8,000,000	8,000,000
Not designated as hedging instruments \| Accrued liabilities \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	(1,099,000,000)	(2,392,000,000)
Total net fair value, liability	91,000,000	66,000,000
Not designated as hedging instruments \| Deferred credits and other liabilities - other \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	(19,000,000)	(6,000,000)
Total net fair value, liability	3,000,000	2,000,000
Not designated as hedging instruments \| Level 1 \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0
Not designated as hedging instruments \| Level 1 \| Other current assets \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	1,077,000,000	2,531,000,000
Not designated as hedging instruments \| Level 1 \| Long-term receivables and other assets, net \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	19,000,000	5,000,000
Not designated as hedging instruments \| Level 1 \| Accrued liabilities \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	1,136,000,000	2,357,000,000
Not designated as hedging instruments \| Level 1 \| Deferred credits and other liabilities - other \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	20,000,000	6,000,000
Not designated as hedging instruments \| Level 2 \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		2,000,000
Not designated as hedging instruments \| Level 2 \| Other current assets \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	48,000,000	110,000,000
Not designated as hedging instruments \| Level 2 \| Long-term receivables and other assets, net \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	8,000,000	9,000,000
Not designated as hedging instruments \| Level 2 \| Accrued liabilities \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	54,000,000	101,000,000
Not designated as hedging instruments \| Level 2 \| Deferred credits and other liabilities - other \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	2,000,000	2,000,000
Not designated as hedging instruments \| Level 3 \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0
Not designated as hedging instruments \| Level 3 \| Other current assets \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Not designated as hedging instruments \| Level 3 \| Long-term receivables and other assets, net \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Not designated as hedging instruments \| Level 3 \| Accrued liabilities \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Not designated as hedging instruments \| Level 3 \| Deferred credits and other liabilities - other \| Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	$ 0	$ 0

Industry Segments (Details) $ in Millions	3 Months Ended
Industry Segments (Details) $ in Millions	Mar. 31, 2019 USD ($) segment	Mar. 31, 2018 USD ($)
Segment Information
Number of operating segments \| segment	3
Net sales	$ 4,004	$ 3,763
Pre-tax operating profit (loss)	856	1,047
Income taxes	(225)	(339)
Net income (loss)	631	708
Operating segments \| Oil and Gas
Segment Information
Net sales	2,351	2,454
Pre-tax operating profit (loss)	484	750
Income taxes	0	0
Net income (loss)	484	750
Operating segments \| Chemical
Segment Information
Net sales	1,059	1,154
Pre-tax operating profit (loss)	265	298
Income taxes	0	0
Net income (loss)	265	298
Operating segments \| Midstream and Marketing
Segment Information
Net sales	816	389
Pre-tax operating profit (loss)	279	179
Income taxes	0	0
Net income (loss)	279	179
Corporate and Eliminations
Segment Information
Net sales	(222)	(234)
Pre-tax operating profit (loss)	(172)	(180)
Income taxes	(225)	(339)
Net income (loss)	$ (397)	$ (519)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Basic EPS
Net Income	$ 631	$ 708
Less: Net income allocated to participating securities	(3)	(3)
Net Income, net of participating securities	$ 628	$ 705
Weighted average number of basic shares (in shares)	748.9	765.6
Basic EPS (in dollars per share)	$ 0.84	$ 0.92
Diluted EPS
Net income, net of participating securities	$ 628	$ 705
Weighted average number of basic shares (in shares)	748.9	765.6
Dilutive effect of potentially dilutive securities (in shares)	1.6	1.4
Total diluted weighted average common shares (in shares)	750.5	767.0
Diluted EPS (in dollars per share)	$ 0.84	$ 0.92

Leases - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 684
Present value of lease liabilities	$ 682
Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Operating lease assets		$ 772
Present value of lease liabilities		$ 772

Leases - Lease Assets and Liabilities (Details) $ in Millions	Mar. 31, 2019 USD ($)
Assets:
Operating lease assets	$ 684
Finance lease assets	23
Total leased assets	707
Liabilities:
Current lease liabilities	240
Lease liabilities	465
Total lease liabilities	705
Current lease liabilities
Liabilities:
Current lease liabilities	229
Finance, liability, current	11
Deferred credits and other liabilities - Lease liabilities
Liabilities:
Lease liabilities	453
Finance, liability, noncurrent	$ 12

Leases - Schedule of Operating and Finance Lease Maturities (Details) $ in Millions	Mar. 31, 2019 USD ($)
Operating Leases
Remainder of 2019	$ 166
2020	167
2021	110
2022	78
2023	53
Thereafter	170
Total lease payments	744
Less: Interest	(62)
Present value of lease liabilities	682
Finance Leases
Remainder of 2019	9
2020	12
2021	1
2022	1
2023	1
Thereafter	0
Total lease payments	24
Less: Interest	(1)
Present value of lease liabilities	23
Total
Remainder of 2019	175
2020	179
2021	111
2022	79
2023	54
Thereafter	170
Total lease payments	768
Less: Interest	(63)
Present value of lease liabilities	$ 705
Weighted average lease term, operating lease	5 years 8 months 12 days
Weighted average discount rate, operating lease	3.12%
Weighted average lease term, finance lease	2 years 6 months
Weighted average discount rate, finance lease	2.95%

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Millions	Dec. 31, 2018 USD ($)
Leases [Abstract]
2019	$ 186
2020	147
2021	96
2022	68
2023	49
Thereafter	158
Total minimum lease payments	$ 704

Leases - Other Information (Details)	3 Months Ended
Leases - Other Information (Details)	Mar. 31, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Lease cost	$ 184,000,000
Cash flow from operating activities	48
Cash flow from investing activities	19
Short-term lease costs	86,000,000
Variable lease costs	31,000,000
Cost of sales
Lessee, Lease, Description [Line Items]
Lease cost	77,000,000
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Lease cost	16,000,000
Property, plant and equipment, net
Lessee, Lease, Description [Line Items]
Lease cost	$ 91,000,000