0000797468-21-000009 | 10-K | XBRL Viewer | Occidental Petroleum Corp DE

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2020

At December 31, 2020 and 2019, Occidental’s long-term debt consisted of the following:


millions	2020		2019
4.850% senior notes due 2021	$	147	$	677
2.600% senior notes due 2021	224		1,500
4.100% senior note due 2021	—		1,249
Variable rate bonds due 2021 (1.193% and 2.854% as of December 31, 2020 and 2019, respectively)	27		500
Variable rate bonds due 2021 (3.151% as of December 31, 2019)	—		500
2-year variable rate Term Loan due 2021 (3.111% as of December 31, 2019)	—		1,956
2.700% senior notes due 2022	629		2,000
3.125% senior notes due 2022	276		814
2.600% senior notes due 2022	101		400
Variable rate bonds due 2022 (1.730% and 3.360% as of December 31, 2020 and 2019, respectively)	1,052		1,500
2.700% senior notes due 2023	927		1,191
8.750% medium-term notes due 2023	22		22
2.900% senior notes due 2024	3,000		3,000
6.950% senior notes due 2024	650		650
3.450% senior notes due 2024	248		248
8.000% senior notes due 2025	500		—
5.875% senior notes due 2025	900		—
3.500% senior notes due 2025	750		750
5.500% senior notes due 2025	750		—
5.550% senior notes due 2026	1,100		1,100
3.200% senior notes due 2026	1,000		1,000
3.400% senior notes due 2026	1,150		1,150
7.500% debentures due 2026	112		112
8.500% senior notes due 2027	500		—
3.000% senior notes due 2027	750		750
7.125% debentures due 2027	150		150
7.000% debentures due 2027	48		48
6.625% debentures due 2028	14		14


7.150% debentures due 2028	235		235
7.200% senior debentures due 2028	82		82
6.375% senior notes due 2028	600		—
7.200% debentures due 2029	135		135
7.950% debentures due 2029	116		116
8.450% senior debentures due 2029	116		116
3.500% senior notes due 2029	1,500		1,500
Variable rate bonds due 2030 (4.210% and 1.705% as of December 31, 2020 and 2019, respectively)	68		68
8.875% senior notes due 2030	1,000		—
6.625% senior notes due 2030	1,500		—
6.125% senior notes due 2031	1,250		—
7.500% senior notes due 2031	900		900
7.875% senior notes due 2031	500		500
6.450% senior notes due 2036	1,750		1,750
Zero Coupon senior notes due 2036	2,269		2,271
6.500% note payable to WES due 2038	—		260
4.300% senior notes due 2039	750		750
7.950% senior notes due 2039	325		325
6.200% senior notes due 2040	750		750
4.500% senior notes due 2044	625		625
4.625% senior notes due 2045	750		750
6.600% senior notes due 2046	1,100		1,100
4.400% senior notes due 2046	1,200		1,200
4.100% senior notes due 2047	750		750
4.200% senior notes due 2048	1,000		1,000
4.400% senior notes due 2049	750		750
7.730% debentures due 2096	60		60
7.500% debentures due 2096	78		78
7.250% debentures due 2096	49		49
Total borrowings at face value	$	35,235	$	37,401
Adjustments to book value:
Unamortized premium, net	748		914
Debt issuance costs	(156)		(125)
Long-term finance leases	316		347
Current finance leases	42		51
Total debt and finance leases	$	36,185	$	38,588
Less current maturities of financing leases	(42)		(51)
Less current maturities of long-term debt	(398)		—
Long-term Debt, net	$	35,745	$	38,537

The following table summarizes Occidental’s debt issuances, repurchases, repayments and exchanges for the twelve months ended December 31, 2020:


millions	Borrowings at face value
Total borrowings at face value as of December 31, 2019	$	37,401
Issuance of July 2020 notes:
8.000% senior notes due 2025	500
8.500% senior notes due 2027	500
8.875% senior notes due 2030	1,000
July tender and purchase:
4.100% senior notes due February 2021	(943)
Variable rate bonds due February 2021	(473)
4.850% senior notes due March 2021	(530)
2.600% senior notes due August 2021	(51)
Issuance of August 2020 notes:
5.875% senior notes due 2025	900
6.375% senior notes due 2028	600
6.625% senior notes due 2030	1,500
August and September tender and purchase:
4.100% senior notes due February 2021	(139)
Variable rate bonds due August 2021	(123)
2.600% senior notes due August 2021	(1,099)
Variable rate bonds due August 2022	(448)
2.600% senior notes due April 2022	(171)
2.700% senior notes due August 2022	(102)
2.700% senior notes due February 2023	(52)
August WES exchange:
6.500% note payable to WES due 2038	(260)
September Term Loan repayment:
2-year variable rate term loan due 2021	(500)
October Term Loan and note repayment:
2-year variable rate bonds due August 2021	(377)
0.00% senior notes due October 2036	(2)
2-year variable rate term loan due September 2021	(1,010)
November Term Loan repayment:
2-year variable rate term loan due September 2021	(232)
Issuance of December 2020 notes:
5.500% senior notes due 2025	750
6.125% senior notes due 2031	1,250
December tender and purchase:
2.600% senior notes due August 2021	(126)
3.125% senior notes due February 2022	(538)
2.600% senior notes due April 2022	(128)
2.700% senior notes due August 2022	(1,269)
2.700% senior notes due February 2023	(212)
December Term Loan and note repayment:
2-year variable rate term loan due September 2021	(214)
4.100% senior notes due February 2021	(167)
Total borrowings at face value as of December 31, 2020	$	35,235

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 2,008	$ 3,032
Restricted cash and restricted cash equivalents	170	485
Trade receivables, net of reserves of $24 in 2020 and $19 in 2019	2,115	4,233
Inventories	1,898	1,581
Assets held for sale	1,433	3,870
Other current assets	1,195	1,432
Total current assets	8,819	14,633
INVESTMENTS
INVESTMENTS IN UNCONSOLIDATED ENTITIES	3,250	6,389
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	118,964	124,267
Accumulated depreciation, depletion and amortization	(53,075)	(42,037)
Property, plant and equipment, net	65,889	82,230
OPERATING LEASE ASSETS	1,062	1,411
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	1,044	2,527
TOTAL ASSETS	80,064	107,190
CURRENT LIABILITIES
Current maturities of long-term debt	440	51
Current operating lease liabilities	473	579
Accounts payable	2,987	4,910
Accrued liabilities	3,570	5,447
Liabilities of assets held for sale	753	1,718
Total current liabilities	8,223	12,705
Long-term debt, net	35,745	38,537
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net	7,113	9,717
Asset retirement obligations	3,977	4,411
Pension and postretirement obligations	1,763	1,823
Environmental remediation liabilities	1,028	1,035
Operating lease liabilities	641	872
Other	3,001	3,858
Total deferred credits and other liabilities	17,523	21,716
EQUITY
Preferred stock, at $1.00 per share par value (100,000 shares at December 31, 2020)	9,762	9,762
Common stock, $0.20 per share par value, authorized shares: 1.5 billion, issued shares: 2020 — 1,080,564,947 and 2019 — 1,044,434,893	216	209
Treasury stock: 2020 — 149,051,634 shares and 2019 — 150,323,151 shares	(10,665)	(10,653)
Additional paid-in capital	16,552	14,955
Retained earnings	2,996	20,180
Accumulated other comprehensive loss	(288)	(221)
Total stockholders’ equity	18,573	34,232
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	80,064	107,190
Oil and gas
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	102,454	107,801
Chemical
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	7,356	7,172
Midstream and marketing
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	8,232	8,176
Corporate
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	$ 922	$ 1,118

Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ (14,831)

$ (522)

$ 4,131

Other comprehensive income (loss) items:

Losses on derivatives

^[1]

(2)

(129)

(6)

Pension and postretirement gains (losses)

^[2]

(71)

137

Reclassification of realized losses on derivatives

^[3]

Other comprehensive income (loss), net of tax

(67)

(49)

144

Comprehensive income (loss)

(14,898)

(571)

4,275

Less: Comprehensive income attributable to noncontrolling interests

(145)

Comprehensive income (loss) attributable to preferred and common stockholders

$ (14,898)

$ (716)

$ 4,275

[1]	Net of tax of $1, $36 and $2 in 2020, 2019 and 2018, respectively.
[2]	Net of tax of $24, $(25) and $(38) in 2020, 2019 and 2018, respectively. See Note 15 - Retirement and Postretirement Benefit Plans in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K for additional information.
[3]	Net of tax of $(2), $0 and $(4) in 2020, 2019 and 2018, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Details)	12 Months Ended
	Dec. 31, 2020
ENVIRONMENTAL LIABILITIES AND EXPENDITURES
Minimum period of investigations and cleanup for Comprehensive Environmental Response, Compensation and Liability Act National Priorities List sites	10 years

LONG-TERM DEBT - DEBT ISSUANCE, REPURCHASES, REPAYMENTS AND EXCHANGES (Details)	6 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Long-term Debt Rollforward [Roll Forward]
Total borrowings at face value as of December 31, 2019		$ 37,401,000,000
Total borrowings at face value as of December 31, 2020	$ 35,235,000,000	35,235,000,000
Variable rate bonds due February 2021 \| July Tender and Purchase
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		(473,000,000)
Variable rate bonds due February 2021 \| August and September Tender and Purchase
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		(123,000,000)
Variable rate bonds due August 2022 \| August and September Tender and Purchase
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (448,000,000)
6.500% note payable to WES due 2038 \| August Exchange \| WES
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	6.50%	6.50%
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (260,000,000)
2-year variable rate term loan due 2021
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments	$ (2,500,000,000)
2-year variable rate term loan due 2021 \| September Repayment
Debt Instrument [Line Items]
Debt instrument, term		2 years
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (500,000,000)
2-year variable rate bonds due August 2021 \| October Repayment
Debt Instrument [Line Items]
Debt instrument, term		2 years
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (377,000,000)
2-year variable rate term loan due September 2021 \| October Repayment
Debt Instrument [Line Items]
Debt instrument, term		2 years
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (1,010,000,000)
2-year variable rate term loan due September 2021 \| November Repayment
Debt Instrument [Line Items]
Debt instrument, term		2 years
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (232,000,000)
2-year variable rate term loan due September 2021 \| December Repayment
Debt Instrument [Line Items]
Debt instrument, term		2 years
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (214,000,000)
Senior notes
Long-term Debt Rollforward [Roll Forward]
Total borrowings at face value as of December 31, 2020	$ 7,000,000,000.0	$ 7,000,000,000.0
Senior notes \| 8.000% senior notes due 2025 \| Issuance of July 2020 Notes
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	8.00%	8.00%
Long-term Debt Rollforward [Roll Forward]
Issuances		$ 500,000,000
Senior notes \| 8.500% senior notes due 2027 \| Issuance of July 2020 Notes
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	8.50%	8.50%
Long-term Debt Rollforward [Roll Forward]
Issuances		$ 500,000,000
Senior notes \| 8.875% senior notes due 2030 \| Issuance of July 2020 Notes
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	8.875%	8.875%
Long-term Debt Rollforward [Roll Forward]
Issuances		$ 1,000,000,000
Senior notes \| 4.100% senior notes due February 2021 \| July Tender and Purchase
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.10%	4.10%
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (943,000,000)
Senior notes \| 4.100% senior notes due February 2021 \| August and September Tender and Purchase
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.10%	4.10%
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (139,000,000)
Senior notes \| 4.100% senior notes due February 2021 \| December Repayment
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.10%	4.10%
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (167,000,000)
Senior notes \| 4.850% senior notes due March 2021 \| July Tender and Purchase
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.85%	4.85%
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (530,000,000)
Senior notes \| 2.600% senior notes due August 2021 \| July Tender and Purchase
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.60%	2.60%
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (51,000,000)
Senior notes \| 2.600% senior notes due August 2021 \| August and September Tender and Purchase
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.60%	2.60%
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (1,099,000,000)
Senior notes \| 2.600% senior notes due August 2021 \| December Tender and Purchase
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.60%	2.60%
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (126,000,000)
Senior notes \| 5.875% senior notes due 2025 \| Issuance of August 2020 Notes
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	5.875%	5.875%
Long-term Debt Rollforward [Roll Forward]
Issuances		$ 900,000,000
Senior notes \| 6.375% senior notes due 2028 \| Issuance of August 2020 Notes
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	6.375%	6.375%
Long-term Debt Rollforward [Roll Forward]
Issuances		$ 600,000,000
Senior notes \| 6.625% senior notes due 2030 \| Issuance of August 2020 Notes
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	6.625%	6.625%
Long-term Debt Rollforward [Roll Forward]
Issuances		$ 1,500,000,000
Senior notes \| 2.600% senior notes due April 2022 \| August and September Tender and Purchase
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.60%	2.60%
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (171,000,000)
Senior notes \| 2.600% senior notes due April 2022 \| December Tender and Purchase
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.60%	2.60%
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (128,000,000)
Senior notes \| 2.700% senior notes due August 2022 \| August and September Tender and Purchase
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.70%	2.70%
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (102,000,000)
Senior notes \| 2.700% senior notes due August 2022 \| December Tender and Purchase
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.70%	2.70%
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (1,269,000,000)
Senior notes \| 2.700% senior notes due February 2023 \| August and September Tender and Purchase
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.70%	2.70%
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (52,000,000)
Senior notes \| 2.700% senior notes due February 2023 \| December Tender and Purchase
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.70%	2.70%
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (212,000,000)
Senior notes \| 0.00% senior notes due October 2036
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments	$ (2,000,000)
Senior notes \| 0.00% senior notes due October 2036 \| October Repayment
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	0.00%	0.00%
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (2,000,000)
Senior notes \| 5.500% senior notes due 2025 \| Issuance of December 2020 Notes
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	5.50%	5.50%
Long-term Debt Rollforward [Roll Forward]
Issuances		$ 750,000,000
Senior notes \| 6.125% senior notes due 2031 \| Issuance of December 2020 Notes
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	6.125%	6.125%
Long-term Debt Rollforward [Roll Forward]
Issuances		$ 1,250,000,000
Senior notes \| 3.125% senior notes due February 2022 \| December Tender and Purchase
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	3.125%	3.125%
Long-term Debt Rollforward [Roll Forward]
Tender, purchase and repayments		$ (538,000,000)

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in dollars per share)	$ 0.82	$ 3.14	$ 3.10
Dividends on preferred stock (in dollars per share)	$ 8,444	$ 3,489

REVENUE - RECONCILIATION (Details) - USD ($) $ in Millions	12 Months Ended
REVENUE - RECONCILIATION (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue from customers	$ 17,130	$ 19,192
All other revenue	679	1,719
Net sales	$ 17,809	$ 20,911	$ 17,824

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DERIVATIVES - NARRATIVE (Details) - USD ($) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jun. 26, 2020	May 29, 2020	Dec. 31, 2019	Oct. 31, 2019	Aug. 08, 2019
Derivative [Line Items]
Net cash receipts related to settlements		$ 960,000,000
Debt instrument issued		35,235,000,000			$ 37,401,000,000
Forecast
Derivative [Line Items]
Net cash receipts related to settlements	$ 52,000,000
Not designated as hedging instruments
Derivative [Line Items]
Aggregate fair value of derivative instruments with credit-risk-related contingent features for which a net liability position existed (net of collateral)		104,000,000			787,000,000
Amount of collateral posted related to derivative instruments with credit-risk-related contingent features		374,000,000			$ 169,000,000
Senior notes
Derivative [Line Items]
Debt instrument issued		7,000,000,000.0
Common Stock
Derivative [Line Items]
Exercise price of warrant (in dollars per share)			$ 59.624
Warrants issued (in shares)			3.9
Additional Paid-in Capital
Derivative [Line Items]
Warrants issued (in shares)				103.0
Anadarko Petroleum Corporation
Derivative [Line Items]
Debt instrument issued							$ 21,800,000,000
Anadarko Petroleum Corporation \| Senior notes
Derivative [Line Items]
Debt instrument issued							$ 13,000,000,000.0
Anadarko Petroleum Corporation \| Common Stock
Derivative [Line Items]
Exercise price of warrant (in dollars per share)							$ 62.50
Warrants issued (in shares)							80.0
Interest Rate Swap, 6.662%
Derivative [Line Items]
Notional Principal Amount		350,000,000				$ 125,000,000
Interest Rate Swaps
Derivative [Line Items]
Net cash payments		93,000,000
Collateral paid with respect to interest rate swap agreements		$ 270,000,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PROPERTY, PLANT AND EQUIPMENT AND GOODWILL (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Capitalized exploratory well costs for continuing operations
Balance — beginning of year	$ 424	$ 424	$ 112	$ 108
Exploratory well costs acquired through the Acquisition		0	231	0
Additions to capitalized exploratory well costs pending the determination of proved reserves		122	383	220
Reclassifications to property, plant and equipment based on the determination of proved reserves		(309)	(230)	(198)
Capitalized exploratory well costs charged to expense		(26)	(72)	(18)
Balance — end of year		211	424	$ 112
Net capitalized costs attributable to unproved properties		$ 18,600	29,500
Goodwill derecognized	$ 1,200
Chemical \| Low end of range
Capitalized exploratory well costs for continuing operations
The estimated useful lives of Occidental's chemical assets		3 years
Chemical \| High end of range
Capitalized exploratory well costs for continuing operations
The estimated useful lives of Occidental's chemical assets		50 years
Midstream and marketing
Capitalized exploratory well costs for continuing operations
Goodwill			$ 1,200

INVENTORIES

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

INVENTORIES


NOTE 6 - INVENTORIES

Finished goods primarily represents oil, which is carried at the lower of weighted-average cost or net realizable value, and caustic soda and chlorine, which are valued under the LIFO method. Inventories consisted of the following at December 31:


millions	2020		2019
Raw materials	$	70	$	75
Materials and supplies	848		974
Commodity inventory and finished goods	1,009		572
	1,927		1,621
Revaluation to LIFO	(29)		(40)
Total	$	1,898	$	1,581

REVENUE - IMPACT OF ADOPTION (Details)	12 Months Ended
REVENUE - IMPACT OF ADOPTION (Details)	Dec. 31, 2020
Low end of range
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract term	1 month
High end of range
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract term	1 year

ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Details)	1 Months Ended	3 Months Ended	12 Months Ended
ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Details)	Mar. 31, 2016 mi	Sep. 30, 2016 USD ($)	Dec. 31, 2020 USD ($) site	Dec. 31, 2019 USD ($) site	Dec. 31, 2018 USD ($)
Environmental remediation reserves
Number of sites			170	177
Environmental remediation reserves, current, included in accrued liabilities \| $			$ 123,000,000	$ 162,000,000
Environmental remediation reserves, noncurrent, included in deferred credits and other liabilities - other \| $			1,028,000,000	1,035,000,000
Remediation balance \| $			1,151,000,000	1,197,000,000
Environmental reserves, exceeding $ ten million, threshold value \| $			$ 10,000,000
Environmental reserves, exceeding $ ten million, number of sites			19
Environmental reserves, range between zero to $ one million site category, number of sites			96
Remediation Expenses \| $			$ 36,000,000	$ 112,000,000	$ 47,000,000
Percent of reserve to be funded over the next three to four years			45.00%
Minimum period of expending second half of environmental reserves			10 years
Environmental remediation additional loss range \| $			$ 1,100,000,000
Low end of range
Environmental remediation reserves
Environmental reserves, range between zero to $ one million site category \| $			$ 0
Period of expending 40 percent of environmental reserves			3 years
High end of range
Environmental remediation reserves
Environmental reserves, range between zero to $ one million site category \| $			$ 1,000,000
Period of expending 40 percent of environmental reserves			4 years
NPL sites
Environmental remediation reserves
Number of sites			35	36
Remediation balance \| $			$ 447,000,000	$ 463,000,000
Number of sites with significant environmental remediation reserves			5
Percentage of environmental reserves accounted for by associated sites			92.00%
Number of sites indemnified by third party			17
Third-party sites
Environmental remediation reserves
Number of sites			69	74
Remediation balance \| $			$ 293,000,000	$ 311,000,000
Number of sites with significant environmental remediation reserves			7
Percentage of environmental reserves accounted for by associated sites			76.00%
Number of sites indemnified by third party			69
Number of sites not indemnified by third party			69
Occidental-operated sites
Environmental remediation reserves
Number of sites			17	17
Remediation balance \| $			$ 144,000,000	$ 154,000,000
Number of sites with significant environmental remediation reserves			2
Percentage of environmental reserves accounted for by associated sites			70.00%
Closed or non-operated Occidental sites
Environmental remediation reserves
Number of sites			49	50
Remediation balance \| $			$ 267,000,000	$ 269,000,000
Number of sites with significant environmental remediation reserves			5
Percentage of environmental reserves accounted for by associated sites			70.00%
Maxus
Environmental remediation reserves
Number of sites indemnified by third party			9
Passaic River
Environmental remediation reserves
Stretch of Lower Passaic river requiring remedial actions \| mi	8.3
River stretch which may require remedial actions \| mi	9
Clean-up estimated cost \| $		$ 165,000,000

INCOME TAXES - EFFECTIVE TAX RATE RECONCILIATION (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
Enhanced oil recovery credit and other general business credits	0.00%	(2.00%)	(3.00%)
Goodwill impairment	(3.00%)	0.00%	0.00%
Tax benefit due to reversal of indefinite reinvestment assertion	0.00%	0.00%	(2.00%)
Tax impact from foreign operations	(4.00%)	135.00%	11.00%
State income taxes, net of federal benefit	0.00%	14.00%	1.00%
Uncertain tax positions	0.00%	7.00%	0.00%
Transaction costs	0.00%	10.00%	0.00%
Non-controlling interest	0.00%	(8.00%)	0.00%
Executive compensation limitation	0.00%	12.00%	0.00%
Stock warrants	0.00%	(5.00%)	0.00%
WES loss of control	0.00%	58.00%	0.00%
Other	0.00%	1.00%	(2.00%)
Worldwide effective tax rate	14.00%	243.00%	26.00%

DERIVATIVES - MARKETING DERIVATIVES (Details)	12 Months Ended
DERIVATIVES - MARKETING DERIVATIVES (Details)	Dec. 31, 2020 $ / Barrel	Dec. 31, 2020 $ / MillionCubicFeet	Dec. 31, 2020 MMBbls	Dec. 31, 2020 Bcf	Dec. 31, 2019 $ / Barrel	Dec. 31, 2019 $ / MillionCubicFeet	Dec. 31, 2019 MMBbls	Dec. 31, 2019 Bcf
Marketing Derivatives \| Not designated as hedging instruments
Outstanding commodity derivatives contracts not designated as hedging instruments
Weighted average sales price (in dollars per share)	46.05	2.58			60.60	2.17
Crude Oil & NGLs \| Long position
Outstanding commodity derivatives contracts not designated as hedging instruments
Commodity contracts Volume (MMbbl or Bcf)							55
Crude Oil & NGLs \| Short position
Outstanding commodity derivatives contracts not designated as hedging instruments
Commodity contracts Volume (MMbbl or Bcf)			31
Natural gas (in cubic feet) \| Short position
Outstanding commodity derivatives contracts not designated as hedging instruments
Commodity contracts Volume (MMbbl or Bcf) \| Bcf				117				128

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Asset retirement obligation
Beginning balance	$ 4,659	$ 1,499
Liabilities assumed in the Acquisition	0	3,370
Liabilities incurred – capitalized to PP&E	79	71
Liabilities settled and paid	(186)	(200)
Accretion expense	147	131
Acquisitions, divestitures and other, net	(294)	0
WES loss of control	0	(359)
Revisions to previous estimates	(275)	147
Ending balance	4,130	4,659
Asset retirement obligations, current balance included in Accrued Liabilities	$ 153	$ 248

INVENTORIES (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 70	$ 75
Materials and supplies	848	974
Commodity inventory and finished goods	1,009	572
Inventories	1,927	1,621
Revaluation to LIFO	(29)	(40)
Total	$ 1,898	$ 1,581

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS


NOTE 15 - RETIREMENT AND POSTRETIREMENT BENEFIT PLANS

Occidental has various defined contribution and defined benefit plans for its salaried, domestic union and nonunion hourly and certain foreign national employees. In addition, Occidental also provides medical and other benefits for certain active, retired and disabled employees and their eligible dependents.

In conjunction with the Acquisition, Occidental acquired certain Anadarko contributory and non-contributory defined benefit pension plans, which include both qualified and supplemental plans and plans that provide health care and life insurance benefits for certain retired employees. The Anadarko pension and postretirement obligations were remeasured as of the Acquisition date. The remeasurement resulted in an increase to the benefit obligation of $193 million.

Effective as of June 30, 2020 the defined benefit pension plans and certain of the supplemental plans covering active Anadarko employees were frozen. This resulted in a decrease to the benefit obligation of approximately $278 million, including a curtailment gain of approximately $124 million and a corresponding offset to accumulated other comprehensive income of approximately $154 million.

DEFINED CONTRIBUTION PLANS

All domestic employees and certain foreign national employees are eligible to participate in one or more of the defined contribution retirement or savings plans that provide for periodic contributions by Occidental based on plan-specific criteria, such as base pay, level and employee contributions. Certain salaried employees participate in a supplemental retirement plan that restores benefits lost due to governmental limitations on qualified retirement benefits. The accrued liabilities for the supplemental retirement plan were $239 million and $261 million as of December 31, 2020, and 2019, respectively. Occidental expensed $192 million in 2020, $192 million in 2019 and $152 million in 2018 under the provisions of these defined contribution and supplemental retirement plans.

DEFINED BENEFIT PLANS

Participation in defined benefit plans is limited. Approximately 400 domestic and 300 foreign national employees, mainly union, nonunion hourly and certain employees that joined Occidental from acquired operations with grandfathered benefits, are currently accruing benefits under these plans.

Pension costs for Occidental’s defined benefit pension plans, determined by independent actuarial valuations, are generally funded by payments to trust funds, which are administered by independent trustees.

POSTRETIREMENT AND OTHER BENEFIT PLANS

Occidental provides medical and dental benefits and life insurance coverage for certain active, retired and disabled employees and their eligible dependents. Occidental generally funds the benefits as they are paid during the year. These

benefit costs, including the postretirement costs, were approximately $235 million in 2020, $220 million in 2019 and $182 million in 2018.

OBLIGATIONS AND FUNDED STATUS

The following tables show the amounts recognized in Occidental’s consolidated balance sheets at December 31, 2020 and 2019, related to its pension and postretirement benefit plans:


	Pension Benefits				Postretirement Benefits
millions	2020		2019		2020		2019
Amounts recognized in the consolidated balance sheet:
Long-term receivables and other assets, net	$	167	$	149	$	—	$	—
Accrued liabilities	(9)		(96)		(74)		(72)
Deferred credits and other liabilities — pension and postretirement obligations	(578)		(720)		(1,185)		(1,103)
	$	(420)	$	(667)	$	(1,259)	$	(1,175)
Accumulated other comprehensive loss included the following after-tax balances:
Net (gain) loss	$	(3)	$	(20)	$	226	$	184
Prior service credit	—		—		(60)		(67)
	$	(3)	$	(20)	$	166	$	117

The following tables show the funding status, obligations and plan asset fair values of Occidental related to its pension and postretirement benefit plans for the years ended December 31:


	Pension Benefits				Postretirement Benefits
millions	2020		2019		2020		2019
Changes in the benefit obligation:
Benefit obligation — beginning of year	$	2,508	$	499	$	1,175	$	808
Service cost — benefits earned during the period	37		47		39		24
Interest cost on projected benefit obligation	52		40		37		36
Actuarial (gain) loss	251		(41)		73		45
Curtailment (gain) loss	(278)		(136)		2		10
Special termination benefits	23		49		—		—
Benefits paid	(948)		(99)		(73)		(51)
Sale of Colombia assets	(24)		—		—		—
Additions due to the Acquisition	—		2,136		—		301
Other	(8)		13		6		2
Benefit obligation — end of year	$	1,613	$	2,508	$	1,259	$	1,175

Changes in plan assets:
Fair value of plan assets — beginning of year	$	1,841	$	539	$	—	$	—
Actual return on plan assets	161		110		—		—
Employer contributions	146		41		67		49
Benefits paid	(948)		(99)		(73)		(51)
Additions due to the Acquisition	—		1,233		—		—
Other	(7)		17		6		2
Fair value of plan assets — end of year	$	1,193	$	1,841	$	—	$	—
Unfunded status:	$	(420)	$	(667)	$	(1,259)	$	(1,175)

Changes in actuarial gains and losses in the projected benefit obligation are primarily driven by discount rate movement.

The following table sets forth details of the obligations and assets of Occidental’s defined benefit pension plans for the years December 31:


	Accumulated Benefit Obligation in Excess of Plan Assets				Plan Assets in Excess of Accumulated Benefit Obligation
millions	2020		2019		2020		2019
Projected benefit obligation	$	1,226	$	2,191	$	387	$	317
Accumulated benefit obligation	$	1,221	$	1,931	$	379	$	311
Fair value of plan assets	$	670	$	1,375	$	523	$	466

COMPONENTS OF NET PERIODIC BENEFIT COST

The following table sets forth the components of net periodic benefit costs for the years ended December 31:


	Pension Benefits						Postretirement Benefits
millions	2020		2019		2018		2020		2019		2018
Net periodic benefit costs:
Service cost — benefits earned during the period	$	37	$	47	$	5	$	39	$	24	$	23
Interest cost on projected benefit obligation	52		40		15		37		36		34
Expected return on plan assets	(73)		(52)		(25)		—		—		—
Recognized actuarial loss	5		9		7		11		8		14
Recognized prior service credit	—		—		—		(8)		(8)		—
(Gain) loss due to curtailment	(124)		(91)		—		2		6		—
Gain due to settlement	(19)		—		—		—		—		—
Special termination benefits	22		49		—		—		—		—
Other costs and adjustments	1		(2)		1		—		—		(2)
Net periodic benefit cost	$	(99)	$	—	$	3	$	81	$	66	$	69

The service cost component of net periodic benefit cost is included in selling, general and administrative, oil and gas operating expense, chemical and midstream costs and exploration expense on Occidental’s Consolidated Statements of Operations. All other components of net periodic benefit cost are included in other operating and non-operating expense.

ADDITIONAL INFORMATION

The following table sets forth the weighted-average assumptions used to determine Occidental’s benefit obligation and net periodic benefit cost for domestic plans for the years ended December 31:


	Pension Benefits				Postretirement Benefits
	2020		2019		2020		2019
Benefit Obligation Assumptions:
Discount rate	2.19	%	3.09	%	3.05	%	3.26	%
Rate of increase in compensation levels	5.07	%	5.32	%	—		—
Net Periodic Benefit Cost Assumptions:
Discount rate	3.04	%	3.22	%	3.26	%	3.41	%
Rate of increase in compensation levels	5.34	%	5.35	%	—		—
Assumed long-term rate of return on assets	6.02	%	6.03	%	—		—

For domestic pension plans and postretirement benefit plans, Occidental based the discount rate on a AA-AAA Universe yield curve in 2020 and 2019. The assumed long-term rate of return on assets is estimated with regard to current market

factors but within the context of historical returns for the asset mix that exists at year end. Assumed rates of compensation increases for active participants in certain plans and vary by age group.

In 2020, Occidental adopted the Society of Actuaries Pri-2012 Private Retirement Plans Mortality Tables with MP-2020 Mortality Improvement Scale, which updated the mortality assumptions that private defined-benefit plans in the United States use in the actuarial valuations that determine a plan sponsor’s pension obligations. The new mortality assumption reflects additional data that the Social Security Administration has released since the previous mortality tables and improvement scales were released. The changes in the mortality improvement scale results in a decrease of $8 million and $12 million in the pension and postretirement benefit obligation, respectively, at December 31, 2020.

The postretirement benefit obligation was determined by application of the terms of medical and dental benefits and life insurance coverage, including the effect of established maximums on covered costs, together with relevant actuarial assumptions and health care cost trend rates. Health care cost trend rates for Medicare advantaged prescription drug (MAPD) plans of 9.6% starting in 2021, then grading down to 4.5% in 2028 and beyond. Health care cost trend rates used for non-MAPD plans are 6.5% to 7.0% in 2020, then grading down to 4.5% in 2028 and beyond.

The actuarial assumptions used could change in the near-term as a result of changes in expected future trends and other factors that, depending on the nature of the changes, could cause increases or decreases in the plan assets and liabilities.

FAIR VALUE OF PENSION PLAN ASSETS

Qualified defined benefit plan assets are monitored by Occidental’s Pension and Retirement Trust and Investment Committee in its role as a fiduciary. The Investment Committee selects and employs various external professional investment management firms to manage specific investments across the spectrum of asset classes. The Investment Committee employs a liability driven investment approach that uses a diversified blend of investments (equity securities, fixed-income securities, and alternative investments) along a glide path to optimize the long-term return of plan assets relative to plan liabilities, at a prudent level of risk. Equity investments are diversified across U.S. and non-U.S. stocks, as well as differing styles and market capitalizations. Investment performance is measured and monitored on an ongoing basis through quarterly investment portfolio and manager guideline compliance reviews, annual liability measurements and periodic studies.

The fair values of Occidental’s pension plan assets by asset category were as follows:


millions	Level 1		Level 2		Level 3		Total
December 31, 2020
Asset Class:
Cash and cash equivalents	$	38	$	—	$	—	$	38
Government securities	65		—		—		65
Corporate bonds (a)	—		39		—		39
Equity securities (b)	138		—		—		138
Other	—		55		—		55
Investments measured at fair value	$	241	$	94	$	—	$	335
Investments measured at net asset value (c)	—		—		—		861
Total pension plan assets (d)	$	241	$	94	$	—	$	1,196

December 31, 2019
Asset Class:
Cash and cash equivalents	$	42	$	—	$	—	$	42
Government securities	63		—		—		63
Corporate bonds (a)	—		94		—		94
Equity securities (b)	311		—		—		311
Other	—		81		—		81
Investments measured at fair value	$	416	$	175	$	—	$	591
Investments measured at net asset value (c)	—		—		—		1,253
Total pension plan assets (d)	$	416	$	175	$	—	$	1,844

(a)This category represents investment grade bonds of U.S. and non-U.S. issuers from diverse industries.

(b)This category represents direct investments in mutual funds and common and preferred stocks from diverse U.S. and non-U.S. industries.

(c)Certain investments measured at fair value using the net asset value per share (or its equivalent) have not been categorized in the fair value hierarchy. Amounts presented in this table are intended to reconcile the fair value hierarchy to the pension plan assets.

(d)Amounts exclude net payables of approximately $3 million as of December 31, 2020 and 2019.

Occidental expects to contribute at least approximately $170 million in cash to its defined benefit pensions plans during 2021.

Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows for the years ended December 31:


millions	Pension Benefits		Postretirement Benefits
2021	$	251		$	75
2022	96			73
2023	93			71
2024	95			69
2025	90			67
2026 - 2030	399			312

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
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-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis

The following tables provide fair value measurement information for assets and liabilities that are measured on a recurring basis:


millions	Fair Value Measurements Using						Netting and Collateral		Total Fair Value
Embedded derivatives	Level 1		Level 2		Level 3
December 31, 2020
Accrued liabilities	$	—	$	64	$	—	$	—	$	64

December 31, 2019
Accrued liabilities	$	—	$	40	$	—	$	—	$	40
Deferred credits and other liabilities - other	$	—	$	49	$	—	$	—	$	49

Significant impairment and other charges measured on nonrecurring basis

The table below summarizes the significant impairments and other charges incurred to measure assets to their fair value on a nonrecurring basis throughout the year ended December 31, 2020:


millions	Total Fair Value
Asset impairments and other charges
Goodwill	$	1,153
Oil and gas properties - proved	$	2,436
Oil and gas properties - unproved	$	4,591
Oil and gas properties - discontinued operations	$	2,191
WES equity investment	$	2,673

REVENUE - SCHEDULE OF EXPECTED FUTURE REVENUE (Details) $ in Millions	Dec. 31, 2020 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation expected to be satisfied	$ 103
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation expected to be satisfied	$ 59
Remaining performance obligation, period	11 years

STOCK-BASED INCENTIVE PLANS

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

STOCK-BASED INCENTIVE PLANS


NOTE 14 - STOCK-BASED INCENTIVE PLANS

Occidental issues stock-based awards to employees in accordance with the terms of the shareholder approved 2015 Long-Term Incentive Plan. An aggregate of 133 million shares of Occidental common stock were authorized for issuance and approximately 11.6 million shares had been allocated to employee awards through December 31, 2020. As of December 31, 2020, approximately 88.3 million shares were available for grants of future awards. The plan requires each share covered by an award (other than options) to be counted as if three shares were issued in determining the number of shares that are available for future awards. Accordingly, the number of shares available for future awards may be less than 88.3 million depending on the type of award granted, and shares available for future awards may increase by the number of shares that are forfeited, canceled, or correspond to the portion of any stock-based awards settled in cash, including awards that were issued under a previous plan that remain outstanding. Current outstanding awards include RSUs, stock options, CROCEIs and TSRIs.

During 2020, non-employee directors were granted awards for 144,603 shares of common stock. Compensation expense for these awards was measured using the closing quoted market price of Occidental’s common stock on the grant date and was fully recognized at that time.

For the year ended December 31, 2020, Occidental incurred expenses of $202 million related to stock-based incentive plans, of which $59 million was related to the Acquisition. For the year ended December 31, 2019, expense related to stock-based incentive plans was $208 million of which $31 million was related to the Acquisition. For the year ended December 31, 2018, Occidental incurred expenses of $180 million related to stock-based incentive plans. The income tax benefit associated with this expense was $42 million, $43 million and $47 million in the years ended December 31, 2020, 2019, and 2018, respectively.

As of December 31, 2020, unrecognized compensation expense for all unvested stock-based incentive awards was $254 million. This expense is expected to be recognized over a weighted-average period of 1.7 years. Occidental accounts for forfeitures as they occur.

RSUs

Certain employees are awarded the right to receive RSUs, some of which have performance criteria, and are in the form of, or equivalent in value to, actual shares of Occidental common stock. Depending on their terms, RSUs may be settled in stock or may be cash settled liabilities. These awards vest from one to four years following the grant date, however, certain of the RSUs are forfeitable if performance objectives are not satisfied by the seventh anniversary of the grant date. For certain RSUs, dividend equivalents are paid during the vesting period.

CASH-SETTLED RSU LIABILITY AWARDS

The weighted-average, grant-date fair values of cash-settled RSUs granted in 2020, 2019 and 2018 were $40.86, $42.62 and $75.86 per share, respectively. Cash-Settled RSUs resulted in payments of $3 million, $4 million and $18 million, during the years ended December 31, 2020, 2019 and 2018, respectively.

STOCK-SETTLED RSU EQUITY AWARDS

The weighted-average, grant-date fair values of the stock-settled RSUs granted in 2020, 2019, and 2018 were $41.60, $58.73 and $69.87, respectively. The fair value of RSUs settled in shares during the years ended December 31, 2020, 2019 and 2018 was $62 million, $148 million and $109 million, respectively.

A summary of changes in Occidental’s unvested cash- and stock-settled RSUs during the year ended December 31, 2020, is presented below:


	Cash-Settled				Stock-Settled
thousands, except fair values	RSUs	Weighted-Average Grant-Date Fair Value			RSUs	Weighted-Average Grant-Date Fair Value
Unvested at January 1	4,347		$	43.46	4,395		$	65.88
Granted	1,500		$	40.86	4,299		$	41.60
Vested	(114)		$	61.61	(2,328)		$	64.19
Forfeitures	(276)		$	42.68	(510)		$	48.89
Unvested at December 31	5,457		$	42.41	5,856		$	50.21

TSRIs

Certain executives are awarded TSRIs that vest at the end of a three-year period following the grant date. Payout is based upon Occidental’s absolute total shareholder return and performance relative to its peers. TSRIs have payouts that range from 0% to 200% of the target award and settle in stock once certified. Dividend equivalents for TSRIs are accumulated and paid upon certification of the award. The fair value of TSRIs settled in shares during the years ended December 31, 2020, 2019 and 2018 was $9 million, $4 million and $12 million, respectively.

The fair values of TSRIs are initially determined on the grant date using a Monte Carlo simulation model based on Occidental’s assumptions, noted in the following table, and the volatility from corresponding peer group companies. The expected life is based on the vesting period (Term). The risk-free interest rate is the implied yield available on zero coupon T-notes (U.S. Treasury Strip) at the time of grant with a remaining term equal to the Term. The dividend yield is the expected annual dividend yield over the Term, expressed as a percentage of the stock price on the grant date. Estimates of fair value may not accurately predict the value ultimately realized by the employees who receive the awards, and the ultimate value may not be indicative of the reasonableness of the original estimates of fair value made by Occidental.

The grant-date assumptions used in the Monte Carlo simulation models for the estimated payout level of TSRIs were as follows:


	TSRIs
	2020		2019		2018
Assumptions used:
Risk-free interest rate	1.4%		2.5%		2.3%
Volatility factor	26%		22%		24%
Expected life (years)	3		3		3
Grant-date fair value of underlying Occidental common stock	$	41.60	$	67.19	$	69.87

A summary of Occidental’s unvested TSRIs as of December 31, 2020 and changes during the year ended December 31, 2020 is presented below:


	TSRIs
thousands, except fair values	Awards	Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested at January 1	1,537		$	67.70
Granted	641		$	41.60
Vested (a)	(563)		$	67.21
Forfeitures	(81)		$	52.47
Unvested at December 31	1,534		$	58.02

(a)Presented at the target payouts. The weighted-average payout at vesting was 40% of the target, resulting in the issuance of approximately 223,000 shares of Occidental common stock.

STOCK OPTIONS

In 2020, certain employees were granted options that vest over three years, expire on the tenth anniversary of the grant date, and settle in stock or cash. Exercise prices of the options were equal to the quoted market value of Occidental’s stock on the grant date. These options had a grant date fair value of $3.19, as estimated by the Black Scholes model. The inputs to this model are presented below:


	Options
	2020
Assumptions used:
Risk-free interest rate	1.5%
Volatility factor	25%
Expected life (years)	6
Dividend yield	7.6%
Grant-date fair value of underlying Occidental common stock	$	41.60

A summary of Occidental’s outstanding stock options as of December 31, 2020 and changes during the year ended December 31, 2020 is presented below:


	Vested			Unvested
thousands, except fair values	Options	Weighted Average Strike Price		Options	Weighted Average Strike Price
January 1	530	$	79.98	—
Granted	—			2,573	$	41.60
Anti-dilution adjustment	21	$	76.96	101	$	40.03
Vested	—			—
Expirations and Forfeitures, respectively	—			—
December 31	551	$	76.96	2,674	$	40.03

The intrinsic value of options exercised during the years ended December 31, 2020, 2019 and 2018 were insignificant. The issuance of the Common Stock Warrants, see N ote 13 - Stockholders ’ Equi ty, triggered certain anti-dilution provisions for both vested and unvested options, which resulted in an increase of the number of options exercisable and a decrease in the exercise price. As of December 31, 2020, the remaining life of fully vested options was 1.1 years.

CROCEI

Certain executives are awarded CROCEI awards that vest at the end of a three-year period if performance targets based on cash return on capital employed are met. These awards are settled in stock upon certification of the performance target, with payouts that range from 0% to 200% of the target award. Dividend equivalents are accumulated and paid upon certification of the award.


	CROCEI
thousands, except fair values	Awards	Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested at January 1	154		$	68.44
Granted	197		$	41.60
Vested (a)	(154)		$	68.47
Forfeited	—
Unvested at December 31	197		$	41.60

(a)Presented at the target payouts. The weighted-average payout at vesting was 58% of the target resulting in the issuance of approximately 89,700 shares.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - IMPAIRMENTS AND OTHER CHARGES (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of significant accounting policies
Impairments of assets	$ 8,600			$ 285
Ghana Assets
Summary of significant accounting policies
Impairments of assets			$ 2,200
Qatar ISSD
Summary of significant accounting policies
Impairments of assets				$ 39
Qatar ISND and ISSD
Summary of significant accounting policies
Impairments of assets					$ 416
Oil and gas
Summary of significant accounting policies
Impairments of assets	$ 6,400	$ 581
Oil and gas \| Proved and unproved non-core Permian
Summary of significant accounting policies
Impairments of assets			$ 7,000
Midstream and marketing
Summary of significant accounting policies
Impairments of assets					$ 100

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 2,008	$ 3,032
Restricted cash and restricted cash equivalents	170	485
Cash and restricted cash included in assets held for sale	0	3
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net	16	54
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 2,194	$ 3,574	$ 3,033	$ 1,672

STOCK-BASED INCENTIVE PLANS (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Jul. 31, 2020	Apr. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-Based Payment Award
Aggregate number of shares authorized for issuance (in shares)			133,000,000
Number of shares awarded to date (in shares)			11,600,000
Number of shares counted for each share covered by an award in determining the number of shares that are available for future awards			3
Certain stock-based incentive amounts
Compensation expense			$ 202	$ 208	$ 180
Income tax benefit recognized in the income statement			42	$ 43	$ 47
Unrecognized compensation expense			$ 254
Weighted-average period over which unrecognized compensation expense is expected to be recognized			1 year 8 months 12 days
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Issued (in shares)	11,600,000	17,300,000	36,130,000	3,188,000	1,628,000
Stock options, grant date fair value (in dollars per share)			$ 3.19
Vested
Outstanding stock options
Stock options, number of shares outstanding, beginning balance (in shares)			530,000
Granted (in shares)			0
Anti-dilution adjustment (in shares)			21,000
Vested (in shares)			0
Expirations and forfeitures (in shares)			0
Stock options, number of shares outstanding, ending balance (in shares)			551,000	530,000
Options, weighted average strike price
Stock options, weighted average strike price, beginning balance (in dollars per share)			$ 79.98
Stock options, anti-dilution adjustment, weighted average strike price (in dollars per share)			76.96
Stock options, weighted average strike price, ending balance (in dollars per share)			$ 76.96	$ 79.98
Unvested
Outstanding stock options
Stock options, number of shares outstanding, beginning balance (in shares)			0
Granted (in shares)			2,573,000
Anti-dilution adjustment (in shares)			101,000
Vested (in shares)			0
Expirations and forfeitures (in shares)			0
Stock options, number of shares outstanding, ending balance (in shares)			2,674,000	0
Options, weighted average strike price
Stock options, granted, weighted average strike price (in dollars per share)			$ 41.60
Stock options, anti-dilution adjustment, weighted average strike price (in dollars per share)			40.03
Stock options, weighted average strike price, ending balance (in dollars per share)			$ 40.03
Anadarko Petroleum Corporation
Certain stock-based incentive amounts
Compensation expense			$ 59	$ 31
High end of range
Share-based Compensation Arrangement by Share-Based Payment Award
Maximum shares available for future issuance (in shares)			88,300,000
Common Stock \| Non-employee directors
Share-based Compensation Arrangement by Share-Based Payment Award
Restricted stock granted to non-employee directors (in shares)			144,603
RSUs
Stock-Based Awards
Forfeiture of RSUs			7 years
RSUs \| Low end of range
Certain stock-based incentive amounts
Award vesting period			1 year
RSUs \| High end of range
Certain stock-based incentive amounts
Award vesting period			4 years
Cash-Settled RSUs
Certain stock-based incentive amounts
Cash paid			$ 3	$ 4	$ 18
Roll-forward of stock awards other than options and SARS.
Unvested, beginning of period (in shares)			4,347,000
Granted (in shares)			1,500,000
Vested (in shares)			(114,000)
Forfeitures (in shares)			(276,000)
Unvested, end of period (in shares)			5,457,000	4,347,000
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Unvested, beginning of period, Weighted-Average Grant-Date Fair Value (in dollars per share)			$ 43.46
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share)			40.86	$ 42.62	$ 75.86
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share)			61.61
Forfeitures, Weighted-Average Grant-Date Fair Value (in dollars per share)			42.68
Unvested, end of period, Weighted-Average Grant-Date Fair Value (in dollars per share)			$ 42.41	$ 43.46
Vested (in shares)			114,000
Stock-Settled RSUs
Certain stock-based incentive amounts
Fair value of shares vested during the year			$ 62	$ 148	$ 109
Roll-forward of stock awards other than options and SARS.
Unvested, beginning of period (in shares)			4,395,000
Granted (in shares)			4,299,000
Vested (in shares)			(2,328,000)
Forfeitures (in shares)			(510,000)
Unvested, end of period (in shares)			5,856,000	4,395,000
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Unvested, beginning of period, Weighted-Average Grant-Date Fair Value (in dollars per share)			$ 65.88
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share)			41.60	$ 58.73	$ 69.87
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share)			64.19
Forfeitures, Weighted-Average Grant-Date Fair Value (in dollars per share)			48.89
Unvested, end of period, Weighted-Average Grant-Date Fair Value (in dollars per share)			$ 50.21	$ 65.88
Vested (in shares)			2,328,000
TSRIs
Certain stock-based incentive amounts
Award vesting period			3 years
Fair value of shares vested during the year			$ 9	$ 4	$ 12
Grant-date assumptions used in the Monte Carlo simulation models
Risk-free interest rate (as a percent)			1.40%	2.50%	2.30%
Volatility factor (as a percent)			26.00%	22.00%	24.00%
Expected life (years)			3 years	3 years	3 years
Grant-date fair value of underlying Occidental common stock (in dollars per share)			$ 41.60	$ 67.19	$ 69.87
Roll-forward of stock awards other than options and SARS.
Unvested, beginning of period (in shares)			1,537,000
Granted (in shares)			641,000
Vested (in shares)			(563,000)
Forfeitures (in shares)			(81,000)
Unvested, end of period (in shares)			1,534,000	1,537,000
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Unvested, beginning of period, Weighted-Average Grant-Date Fair Value (in dollars per share)			$ 67.70
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share)			41.60
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share)			67.21
Forfeitures, Weighted-Average Grant-Date Fair Value (in dollars per share)			52.47
Unvested, end of period, Weighted-Average Grant-Date Fair Value (in dollars per share)			$ 58.02	$ 67.70
Payouts for performance-based awards granted (as a percent)			40.00%
Issued (in shares)			223,000
Vested (in shares)			563,000
TSRIs \| Low end of range
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Payouts for performance-based awards granted (as a percent)			0.00%
TSRIs \| High end of range
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Payouts for performance-based awards granted (as a percent)			200.00%
Options
Certain stock-based incentive amounts
Award vesting period			3 years
Grant-date assumptions used in the Monte Carlo simulation models
Risk-free interest rate (as a percent)			1.50%
Volatility factor (as a percent)			25.00%
Expected life (years)			6 years
Dividend yield			7.60%
Grant-date fair value of underlying Occidental common stock (in dollars per share)			$ 41.60
Option and SAR transactions
Options, weighted average strike price
Remaining life of options			1 year 1 month 6 days
ROCEI/ROAI
Certain stock-based incentive amounts
Award vesting period			3 years
Roll-forward of stock awards other than options and SARS.
Unvested, beginning of period (in shares)			154,000
Granted (in shares)			197,000
Vested (in shares)			(154,000)
Forfeitures (in shares)			0
Unvested, end of period (in shares)			197,000	154,000
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Unvested, beginning of period, Weighted-Average Grant-Date Fair Value (in dollars per share)			$ 68.44
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share)			41.60
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share)			68.47
Forfeitures, Weighted-Average Grant-Date Fair Value (in dollars per share)
Unvested, end of period, Weighted-Average Grant-Date Fair Value (in dollars per share)			$ 41.60	$ 68.44
Vested (in shares)			154,000
ROCEI/ROAI \| 52% of the target
Roll-forward of stock awards other than options and SARS.
Vested (in shares)			(89,700)
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Payout at vesting percentage			58.00%
Vested (in shares)			89,700
ROCEI/ROAI \| Low end of range
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Payouts for performance-based awards granted (as a percent)			0.00%
ROCEI/ROAI \| High end of range
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Payouts for performance-based awards granted (as a percent)			200.00%

ACCOUNTING AND DISCLOSURE CHANGES (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets	$ 1,062	$ 1,411
Lease liability	$ 1,114
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets			$ 772
Lease liability			$ 772

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NATURE OF OPERATIONS, WES INVESTMENT AND DISCONTINUED OPERATIONS (Details) shares in Millions, $ in Millions		1 Months Ended	3 Months Ended			5 Months Ended	12 Months Ended
	Aug. 08, 2019	Aug. 31, 2020 USD ($) shares	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($) segment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 31, 2020 USD ($)	Sep. 30, 2019 USD ($)
NATURE OF OPERATIONS
Number of reportable segments \| segment							3
Summary of significant accounting policies
Equity method investment amounts						$ 6,389	$ 3,250	$ 6,389	$ 1,680
Loss from equity investment							(370)	(373)	$ (331)
Impairments of assets				$ 8,600				$ 285
Anadarko Petroleum Corporation
Summary of significant accounting policies
Revenues from date of the acquisition						4,200
Equity method investment amounts							2,900
WES \| Anadarko Petroleum Corporation
Summary of significant accounting policies
Revenues from date of the acquisition						1,100
Expenses from date of the acquisition						500
Operating cash flows from date of the acquisition						498
Algeria Africa Assets
Summary of significant accounting policies
Impairments of assets				931
Ghana Assets
Summary of significant accounting policies
Impairments of assets							2,200
Disposed of by sale \| Mozambique LNG Assets
Summary of significant accounting policies
Sale consideration											$ 4,200
Disposed of by sale \| South Africa Assets
Summary of significant accounting policies
Sale consideration										$ 100
Disposed of by sale \| Ghana Assets
Summary of significant accounting policies
Impairments of assets				$ 1,400
WES
Summary of significant accounting policies
Loss on non-cash transaction		$ 46
Common units exchanged to retire note payable (in units) \| shares		27.9
Note payable retired		$ 260
WES
Summary of significant accounting policies
Percentage of unaffiliated unitholders								20.00%
WES \| Occidental
Summary of significant accounting policies
Voting percentage for certain unitholder matters, limit								45.00%
Limited partner units percentage								40.00%
Transfer of limited partner interest, percentage								2.00%
Economic interest to general partner, percentage								2.00%
WES
Summary of significant accounting policies
Pro-rata interest in net assets							$ 437
Non-voting general partner interest							2.00%
Limited partner interest							51.80%
Effective economic interest							53.50%
Ownership interest, intended reduction							50.00%
WES \| Public Ownership \| WES
Summary of significant accounting policies
Limited partner interest							44.60%	44.60%
WES Operating \| WES
Summary of significant accounting policies
Limited partner interest	98.00%
WES
Summary of significant accounting policies
Equity method investment amounts						$ 5,100	$ 1,930	$ 5,100
Impairment of equity method investment			$ 2,700					$ 1,000
Loss from equity investment					$ 236

DIVESTITURES AND OTHER TRANSACTIONS - NARRATIVE (Details) ft² in Thousands, a in Millions, $ in Millions		1 Months Ended								2 Months Ended	12 Months Ended
	Sep. 23, 2019 USD ($)	Dec. 31, 2020 USD ($)	Oct. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Nov. 30, 2019 USD ($) ft²	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Jul. 31, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Aug. 31, 2020 USD ($) a	Mar. 31, 2019 USD ($)
ACQUISITIONS, DISPOSITIONS AND OTHER TRANSACTIONS
Proceeds from real estate assets disposed				$ 565
Finance lease		$ 358								$ 358	$ 358
Acquisition cost											$ 2,619	$ 6,453	$ 5,020
Previously Leased Power And Steam Cogeneration Facility
ACQUISITIONS, DISPOSITIONS AND OTHER TRANSACTIONS
Acquisition cost								$ 443
Ecopetrol Joint Venture
ACQUISITIONS, DISPOSITIONS AND OTHER TRANSACTIONS
Area of development in joint venture \| ft²					97
Ownership percentage in joint venture					51.00%
Plains All American Pipeline, LP
ACQUISITIONS, DISPOSITIONS AND OTHER TRANSACTIONS
Net proceeds from sale of equity investment						$ 646
Pre-tax gain on sale of equity investment	$ 114
Ecopetrol \| Ecopetrol Joint Venture
ACQUISITIONS, DISPOSITIONS AND OTHER TRANSACTIONS
Amount due at closing					$ 750
Carried capital					$ 750
Minority interest in new venture					49.00%
Gain on sale					$ 563
Percentage share of capital expenditures					75.00%
Share of capital expenditures (up to)					$ 750
Failed Sale-Leaseback
ACQUISITIONS, DISPOSITIONS AND OTHER TRANSACTIONS
Lease term		13 years								13 years	13 years
Finance lease		$ 300		$ 300						$ 300	$ 300	$ 300
Disposed of by sale \| Oil and Gas Columbia Assets
ACQUISITIONS, DISPOSITIONS AND OTHER TRANSACTIONS
Loss on sale		$ 353
Disposed of by sale \| Non-core Permian acreage
ACQUISITIONS, DISPOSITIONS AND OTHER TRANSACTIONS
Loss on sale										$ 820
Disposed of by sale \| Wyoming, Colorado, and Utah Assets
ACQUISITIONS, DISPOSITIONS AND OTHER TRANSACTIONS
Loss on sale			$ 440
Area of land sold (in acres) \| a														4.5
Area of fee surface acres (in acres) \| a														1.0
Sale consideration														$ 1,330
Liabilities associated with sale			329
Proceeds received for divested assets			$ 1,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Non Core Midstream Assets
ACQUISITIONS, DISPOSITIONS AND OTHER TRANSACTIONS
Sale consideration						$ 2,600									$ 150
Proceeds received for divested assets							$ 2,400
Pre-tax net gain from divestiture							$ 907		$ 43

LONG-TERM DEBT - NARRATIVE (Details) - USD ($) shares in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Aug. 31, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Aug. 07, 2019	Jul. 01, 2019	Jun. 30, 2019
Debt Instrument [Line Items]
Debt instrument issued		$ 35,235,000,000	$ 35,235,000,000	$ 37,401,000,000
Variable-rate debt as a percentage of total debt		3.00%	3.00%	12.00%
WES
Debt Instrument [Line Items]
Common units exchanged to retire note payable (in units)	27.9
Note payable retired	$ 260,000,000
Loss on exchange	46,000,000
Gain on debt extinguished	$ 76,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity					$ 3,000,000,000.0
Dolphin Energy Limited
Debt Instrument [Line Items]
Limited recourse guarantees		$ 242,000,000	$ 242,000,000	$ 242,000,000
Level 1 \| Fair Value
Debt Instrument [Line Items]
Estimated fair value of debt		33,800,000,000	33,800,000,000	$ 38,800,000,000
2-year variable rate term loan due 2021
Debt Instrument [Line Items]
Tender, purchase and repayments		2,500,000,000
Senior notes
Debt Instrument [Line Items]
Debt instrument issued		7,000,000,000.0	7,000,000,000.0
Senior notes \| Zero Coupon senior notes due 2036
Debt Instrument [Line Items]
Debt instrument issued		$ 2,300,000,000	$ 2,300,000,000
Debt instrument interest rate stated percentage		5.24%	5.24%
Put in whole, amount		$ 1,000,000,000.0	$ 1,000,000,000.0
Senior notes \| Senior Notes Due 2021
Debt Instrument [Line Items]
Tender, purchase and repayments		3,500,000,000
Senior notes \| Senior Notes Due 2022
Debt Instrument [Line Items]
Tender, purchase and repayments		2,700,000,000
Senior notes \| Senior Notes Due 2023
Debt Instrument [Line Items]
Tender, purchase and repayments		264,000,000
Senior notes \| 0.00% senior notes due October 2036
Debt Instrument [Line Items]
Tender, purchase and repayments		$ 2,000,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity						$ 5,000,000,000.0	$ 3,000,000,000.0
Average annual facility fees			0.275%

FAIR VALUE MEASUREMENTS (Details) $ in Millions	3 Months Ended			9 Months Ended	12 Months Ended
FAIR VALUE MEASUREMENTS (Details) $ in Millions	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) $ / Barrel $ / MillionCubicFeet	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Embedded derivatives
Impairment and related charges		$ 8,600				$ 285
Goodwill derecognized			$ 1,200
Pre-tax impairment and related charges on domestic undeveloped leases						285
WES
Embedded derivatives
Goodwill derecognized			1,200
Impairment of equity method investment	$ 2,700					1,000
Other-than-temporary impairment loss	$ 2,700			$ 2,700
Low end of range
Embedded derivatives
Operating and capital cost estimates, percentage					1.00%
Operating and capital cost estimates (in dollars per barrel) \| $ / Barrel					50
High end of range
Embedded derivatives
Operating and capital cost estimates, percentage					2.00%
Operating and capital cost estimates (in dollars per barrel) \| $ / Barrel					60
Oil
Embedded derivatives
Sales price (dollars per barrel) \| $ / Barrel					62.42
Unweighted arithmetic average price (in dollars per barrel) \| $ / Barrel					59.17
Unweighted arithmetic average price, period					15 years
Oil \| Low end of range
Embedded derivatives
Sales price (dollars per barrel) \| $ / Barrel					40
Oil \| High end of range
Embedded derivatives
Sales price (dollars per barrel) \| $ / Barrel					70
Natural Gas
Embedded derivatives
Unweighted arithmetic average price (in dollars per barrel) \| $ / MillionCubicFeet					3.13
Unweighted arithmetic average price, period					15 years
Natural Gas \| Low end of range
Embedded derivatives
Sales price (dollars per barrel) \| $ / MillionCubicFeet					2.00
Natural Gas \| High end of range
Embedded derivatives
Sales price (dollars per barrel) \| $ / MillionCubicFeet					3.60
Oman, Bolivia and the Gulf of Mexico
Embedded derivatives
Impairment and related charges			293
Gulf of Mexico
Embedded derivatives
Impairment and related charges			241		$ 1,200
Algeria Oil and Gas Proved Properties
Embedded derivatives
Impairment and related charges					900
Qatar ISSD
Embedded derivatives
Impairment and related charges						39
Pre-tax impairment charges						39
Qatar ISND and ISSD
Embedded derivatives
Impairment and related charges							$ 416
Level 2 \| Domestic Onshore Unproved Acreage
Embedded derivatives
Impairment and related charges					$ 4,300
Level 3 \| Measurement Input, Weighted Average Cost of Capital
Embedded derivatives
Discount rate					10.00%
Recurring \| Accrued liabilities
Embedded derivatives
Netting and Collateral					$ 0	0
Recurring \| Accrued liabilities \| Fair Value
Embedded derivatives
Embedded derivatives					64	40
Recurring \| Accrued liabilities \| Level 1
Embedded derivatives
Embedded derivatives					0	0
Recurring \| Accrued liabilities \| Level 2
Embedded derivatives
Embedded derivatives					64	40
Recurring \| Accrued liabilities \| Level 3
Embedded derivatives
Embedded derivatives					0	0
Recurring \| Deferred credits and other liabilities - other
Embedded derivatives
Netting and Collateral						0
Recurring \| Deferred credits and other liabilities - other \| Fair Value
Embedded derivatives
Embedded derivatives						49
Recurring \| Deferred credits and other liabilities - other \| Level 1
Embedded derivatives
Embedded derivatives						0
Recurring \| Deferred credits and other liabilities - other \| Level 2
Embedded derivatives
Embedded derivatives						49
Recurring \| Deferred credits and other liabilities - other \| Level 3
Embedded derivatives
Embedded derivatives						0
Non recurring
Embedded derivatives
Goodwill impairment					1,153
Oil and gas properties - proved					2,436
Oil and gas properties - unproved					4,591
Oil and gas properties - discontinued operations, net					2,191
WES equity investment					2,673
Ghana Assets
Embedded derivatives
Impairment and related charges					$ 2,200
Ghana Assets \| Discontinued Operations, Held-for-sale
Embedded derivatives
Impairment and related charges		2,200
Impairment and related charges, net of tax		1,400
Oil and gas
Embedded derivatives
Impairment and related charges		$ 6,400	$ 581
Midstream and marketing
Embedded derivatives
Impairment and related charges							$ 100
Goodwill						$ 1,200

DERIVATIVES

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES


NOTE 9 - DERIVATIVES

OBJECTIVE AND STRATEGY

Occidental uses a variety of derivative financial instruments and physical contracts to manage its exposure to commodity price fluctuations, interest rate risks and transportation commitments and to fix margins on the future sale of stored commodity volumes. Occidental also enters into derivative financial instruments for trading purposes.

Occidental may elect normal purchases and normal sales exclusions when physically delivered commodities are purchased or sold to a customer. Occidental occasionally 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, such as to lock rates on forecasted debt issuances. Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty. See Note 1 - Summary of Significant Accounting Policies for Occidental’s accounting policy on derivatives.

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS

As of December 31, 2020, Occidental’s derivatives not designated as hedges consist of oil call options, natural gas collars, interest rate swaps and marketing derivatives.

Derivative instruments that are derivatives not designated as hedging instruments are required to be recorded on the balance sheet at fair value. Changes in fair value will impact Occidental’s earnings through mark-to-market adjustments until the physical commodity is delivered or the financial instrument is settled. The fair value does not reflect the realized or cash value of the instrument.

COLLARS AND OIL CALL OPTIONS

In 2019, Occidental entered into 2020 Brent-priced 3-way collars combined with 2021 call options on the same volume to manage its near-term exposure to cash flow variability from oil price risks in 2020. The 2021 call options were sold to enhance the upside retention in 2020. In 2020, management elected to hedge a portion of Occidental’s expected 2021 natural gas production to enhance cash flow stability. The majority of the collars settled in 2020 with the receipt of cash of $960 million. The remaining $52 million settled in 2021.The 2021 call options were entered into to substantially improve the terms for the ceiling price that Occidental received for the contracted commodity volumes in 2020.

In September, 2020, Occidental entered into natural gas two-way collar derivative instruments for 2021 to manage its near-term exposure to cash flow variability from natural gas price risk. A two-way collar is a combination of two options: a

sold call and a purchased put. The sold call establishes the ceiling price that Occidental will receive for the contracted commodity volume for a defined period of time. The purchased put establishes the floor price that Occidental will receive for the contracted volumes. Net gains and losses associated with collars and calls are recognized currently in net sales.

Occidental had the following collars and calls outstanding at December 31, 2020:


Collars and Calls, not designated as hedges
2021 Settlement - oil
Call options sold (MMbbl)			127.8
	Average price per barrel (Brent oil pricing)
		Ceiling sold price (call)	$	74.16

2021 Settlement - natural gas
Natural Gas Collars (millions of MMbtu)			177.0
	Volume weighted average price per MMbtu (NYMEX)
		Ceiling sold price (call)	$	3.64
		Floor purchased price (put)	$	2.50

INTEREST RATE SWAPS

Occidental acquired interest rate swap contracts in the Acquisition. The contracts lock in a fixed interest rate in exchange for a floating interest rate indexed to three-month London Inter-Bank Offered Rate (LIBOR) throughout the reference period. Net gains and losses associated with interest rate derivative instruments not designated as hedging instruments are recognized currently in gains (losses) on interest rate swaps and warrants, net.

Occidental had the following outstanding interest rate swaps at December 31, 2020:


millions except percentages			Mandatory	Weighted-Average
Notional Principal Amount		Reference Period	Termination Date	Interest Rate
$	400	September 2016 - 2046	September 2021	6.348	%
$	350	September 2017 - 2047	September 2021	6.662	%
$	275	September 2016 - 2046	September 2022	6.709	%
$	450	September 2017 - 2047	September 2023	6.445	%

Depending on market conditions, liability management actions or other factors, Occidental may enter into offsetting interest rate swap positions or settle or amend certain or all of the currently outstanding interest rate swaps. Occidental settled interest rate swaps with a notional value of $125 million in October 2019. In the first quarter of 2020, Occidental extended all 2020 mandatory termination dates to 2021 or thereafter.

Derivative settlements and collateralization are classified as cash flows from operating activities unless the derivatives contain an other-than-insignificant financing element, in which case the settlements and collateralization are classified as cash flows from financing activities. Due to the liability position of the interest rate derivatives at the date of the Acquisition, the interest rate derivatives in Occidental’s portfolio contain an other-than-insignificant financing element, and therefore, any settlements, collateralization or cash payments related to interest rate derivatives are classified as cash flow from financing activities. Net cash payments related to settlements were $93 million for the twelve months ended December 31, 2020. Collateral with respect to interest rate swap agreements was paid in the amount of $270 million for the twelve months ended December 31, 2020.

MARKETING DERIVATIVES

Occidental’s marketing derivative instruments not designated as hedges are short-duration physical and financial forward contracts. A substantial majority of Occidental’s physically settled derivative contracts are index-based and carry no mark-to-market valuation in earnings. These instruments settle at a weighted-average contract price of $46.05 per barrel and $2.58 per Mcf for oil and natural gas, respectively, at December 31, 2020. The weighted-average contract price was $60.60 per barrel and $2.17 per Mcf for oil and natural gas, respectively, at December 31, 2019. Net gains and losses associated with marketing derivative instruments not designated as hedging instruments are recognized currently in net sales.

The following table summarizes net long/(short) volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments as of December 31, 2020, and 2019:



	2020	2019
Oil Commodity Contracts
Volume (MMbbl)	(31)	55

Natural gas commodity contracts
Volume (Bcf)	(117)	(128)

THE BERKSHIRE WARRANTS

Warrants for 80 million shares of Occidental stock, with an initial exercise price of $62.50, were issued in connection with the financing of the Acquisition (the Berkshire Warrants). The Berkshire Warrants are exercisable at the holder’s option, in whole or in part, until the first anniversary of the date on which no shares of Preferred Stock remain outstanding, at which time the Berkshire Warrants expire. The holders of the Berkshire Warrants could have required net cash settlement if certain shareholder and regulatory approvals to issue shares of Occidental’s common stock underlying the Berkshire Warrants were not obtained. Prior to these approvals, the fair value of the Berkshire Warrants was remeasured each reporting date with gains and losses being recorded on the income statement.

At Occidental’s May 29, 2020 annual shareholders meeting, all remaining approvals were obtained and the Berkshire Warrants can no longer be cash settled. Upon these approvals, the fair value of the Berkshire Warrants was remeasured at May 29, 2020, using the Black-Scholes option model. The reclassification from liabilities to “Additional paid-in capital” was $103 million.

The following inputs were used in the Black-Scholes option model: the expected life of the Berkshire Warrants, a volatility factor and the exercise price. The expected life is based on the estimated term of the Berkshire Warrants, the volatility factor is based on historical volatilities of Occidental common stock and the initial exercise price of $62.50.

The Berkshire Warrants contain an anti-dilution provision that adjusts the exercise price and the number of shares of Occidental’s common stock issuable on exercise upon the occurrence of certain distributions to common shareholders. On June 26, 2020, Occidental’s Board of Directors declared a distribution to its common shareholders of warrants to purchase additional shares of common stock, See Note 13 - Stockholders ’ Equity. This distribution to common shareholders resulted in an anti-dilution adjustment to the Berkshire Warrants, which lowered its exercise price to $59.624 and increased the number of shares of Occidental’s common stock issuable on exercise of the Berkshire Warrants by approximately 3.9 million shares.

DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS

Net gains and losses attributable to derivative instruments subject to cash flow hedge accounting reside in accumulated other comprehensive loss and are reclassified to earnings as the transactions to which the derivatives relate, primarily interest expense on debt issued to partially finance the Acquisition, are recognized in earnings.

FAIR VALUE OF DERIVATIVES

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 reported at the end of each reporting period. The following table presents the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts below, including when derivatives are subject to netting arrangements, and are presented on a net basis in the Consolidated Balance Sheets.


millions	Fair Value Measurements Using								Total Fair Value
Balance Sheet Classification	Level 1		Level 2		Level 3		Netting (a)
December 31, 2020
Collars and Calls
Other current assets	$	—	$	25	$	—	$	—	$	25
Accrued liabilities	—		(42)		—		—		(42)
Marketing Derivatives
Other current assets	1,155		80		—		(1,204)		31
Long-term receivables and other assets, net	7		2		—		(7)		2
Accrued liabilities	(1,252)		(81)		—		1,204		(129)
Deferred credits and other liabilities - other	(7)		—		—		7		—
Interest Rate Swaps
Accrued liabilities	—		(936)		—		—		(936)
Deferred credits and other liabilities - other	—		(822)		—		—		(822)

December 31, 2019
Collars and Calls
Other current assets	$	—	$	92	$	—	$	—	$	92
Deferred credits and other liabilities - other	—		(160)		—		—		(160)
Marketing Derivatives
Other current assets	945		79		—		(973)		51
Long-term receivables and other assets, net	4		12		—		(4)		12
Accrued liabilities	(1,008)		(44)		—		973		(79)
Deferred credits and other liabilities - other	(4)		(1)		—		4		(1)
Interest Rate Swaps
Other current assets	—		5		—		—		5
Long-term receivables and other assets, net	—		5		—		—		5
Accrued liabilities	—		(657)		—		—		(657)
Deferred credits and other liabilities - other	—		(776)		—		—		(776)
Berkshire Warrants
Deferred credits and other liabilities - other	—		(107)		—		—		(107)

(a)These amounts do not include collateral. As of December 31, 2020, $374 million of collateral has been netted against derivative liabilities related to interest rate swaps. Occidental had $85 million and $65 million of initial margin deposited with brokers as of December 31, 2020 and 2019, respectively, related to marketing derivatives.

GAINS AND LOSSES ON DERIVATIVES

The following table presents gains and (losses) related to Occidental’s derivative instruments on the Consolidated Statements of Operations:


millions	December 31,
Income Statement Classification		2020		2019		2018

Collars and Calls
Net sales		$	1,064	$	(107)	$	—
Marketing Derivatives
Net sales (a)		(393)		1,804		2,254
Interest Rate Swaps (Excluding WES)
Gains (losses) on interest rate swaps and warrants, net		(428)		122		—
Other (b)
Gains on interest rate swaps and warrants, net		5		111		—

(a)Includes derivative and non-derivative marketing activity.

(b)Primarily includes losses and gains on Berkshire Warrants prior to the May 29, 2020 reclassification to equity.

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 futures 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 party would need to post. The aggregate fair value of derivative instruments with credit-risk-contingent features for which a net liability position existed at December 31, 2020 was $104 million (net of $374 million collateral), primarily related to acquired interest rate swaps, and $787 million (net of $169 million of collateral) existed at December 31, 2019.

DERIVATIVES - FAIR VALUE (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Oil Collars and Calls \| Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	$ 0	$ 0
Total fair value, asset	25	92
Oil Collars and Calls \| Other current assets \| Level 1
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Oil Collars and Calls \| Other current assets \| Level 2
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	25	92
Oil Collars and Calls \| Other current assets \| Level 3
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Oil Collars and Calls \| Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Netting, liability	0
Total fair value, liability	(42)
Oil Collars and Calls \| Accrued liabilities \| Level 1
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0
Oil Collars and Calls \| Accrued liabilities \| Level 2
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(42)
Oil Collars and Calls \| Accrued liabilities \| Level 3
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0
Oil Collars and Calls \| Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives (in millions)
Netting, liability		0
Total fair value, liability		(160)
Oil Collars and Calls \| Deferred credits and other liabilities - other \| Level 1
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0
Oil Collars and Calls \| Deferred credits and other liabilities - other \| Level 2
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		(160)
Oil Collars and Calls \| Deferred credits and other liabilities - other \| Level 3
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0
Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Initial margin	85	65
Marketing Derivatives \| Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	(1,204)	(973)
Total fair value, asset	31	51
Marketing Derivatives \| Other current assets \| Level 1
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	1,155	945
Marketing Derivatives \| Other current assets \| Level 2
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	80	79
Marketing Derivatives \| Other current assets \| Level 3
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Marketing Derivatives \| Long-term receivables and other assets, net
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	(7)	(4)
Total fair value, asset	2	12
Marketing Derivatives \| Long-term receivables and other assets, net \| Level 1
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	7	4
Marketing Derivatives \| Long-term receivables and other assets, net \| Level 2
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	2	12
Marketing Derivatives \| Long-term receivables and other assets, net \| Level 3
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Marketing Derivatives \| Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Netting, liability	1,204	973
Total fair value, liability	(129)	(79)
Marketing Derivatives \| Accrued liabilities \| Level 1
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(1,252)	(1,008)
Marketing Derivatives \| Accrued liabilities \| Level 2
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(81)	(44)
Marketing Derivatives \| Accrued liabilities \| Level 3
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Marketing Derivatives \| Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives (in millions)
Netting, liability	7	4
Total fair value, liability	0	(1)
Marketing Derivatives \| Deferred credits and other liabilities - other \| Level 1
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(7)	(4)
Marketing Derivatives \| Deferred credits and other liabilities - other \| Level 2
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	(1)
Marketing Derivatives \| Deferred credits and other liabilities - other \| Level 3
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Collateral paid netted against derivative liabilities	374
Interest Rate Swaps \| Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset		0
Total fair value, asset		5
Interest Rate Swaps \| Other current assets \| Level 1
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		0
Interest Rate Swaps \| Other current assets \| Level 2
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		5
Interest Rate Swaps \| Other current assets \| Level 3
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		0
Interest Rate Swaps \| Long-term receivables and other assets, net
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset		0
Total fair value, asset		5
Interest Rate Swaps \| Long-term receivables and other assets, net \| Level 1
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		0
Interest Rate Swaps \| Long-term receivables and other assets, net \| Level 2
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		5
Interest Rate Swaps \| Long-term receivables and other assets, net \| Level 3
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		0
Interest Rate Swaps \| Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Netting, liability	0	0
Total fair value, liability	(936)	(657)
Interest Rate Swaps \| Accrued liabilities \| Level 1
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Interest Rate Swaps \| Accrued liabilities \| Level 2
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(936)	(657)
Interest Rate Swaps \| Accrued liabilities \| Level 3
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Interest Rate Swaps \| Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives (in millions)
Netting, liability	0	0
Total fair value, liability	(822)	(776)
Interest Rate Swaps \| Deferred credits and other liabilities - other \| Level 1
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Interest Rate Swaps \| Deferred credits and other liabilities - other \| Level 2
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(822)	(776)
Interest Rate Swaps \| Deferred credits and other liabilities - other \| Level 3
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	$ 0	0
Berkshire Warrants \| Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives (in millions)
Netting, liability		0
Total fair value, liability		(107)
Berkshire Warrants \| Deferred credits and other liabilities - other \| Level 1
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0
Berkshire Warrants \| Deferred credits and other liabilities - other \| Level 2
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		(107)
Berkshire Warrants \| Deferred credits and other liabilities - other \| Level 3
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - RISKS AND UNCERTAINTIES AND RECEIVABLES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
RISKS AND UNCERTAINTIES
Assets	$ 80,064	$ 107,190	$ 42,159
Net sales	17,130	19,192
Trade receivables, net	2,115	$ 4,233
Outside North America
RISKS AND UNCERTAINTIES
Assets	9,500
Net sales	$ 3,400

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
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-Paragraph 1
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LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES - PURCHASE OBLIGATIONS (Details) $ in Billions	Dec. 31, 2020 USD ($)
Purchase obligations
Total purchase obligations	$ 13.2
2020	2.8
2021 and 2022	4.4
2023 and 2024	3.0
2025 and thereafter	$ 3.0

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Millions		1 Months Ended						12 Months Ended
	Aug. 08, 2019 $ / shares shares	Jan. 31, 2021 USD ($) shares	Oct. 31, 2020 USD ($)	Jul. 31, 2020 shares	Jun. 30, 2020	Apr. 30, 2020 shares	Mar. 31, 2020	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Aug. 03, 2020 USD ($) $ / shares shares	Jun. 26, 2020 $ / shares shares	Dec. 31, 2017 USD ($)
Common stock issuances
Balance at the beginning of the year (in shares)		1,080,565,000						1,044,435,000	895,116,000	893,469,000
Issued (in shares)				11,600,000		17,300,000		36,130,000	3,188,000	1,628,000
Options exercised and other, net (in shares)									146,131,000	19,000
Issued as part of the Acquisition (in shares)								0
Balance at the end of the year (in shares)								1,080,565,000	1,044,435,000	895,116,000
TREASURY STOCK
Share repurchase program, authorized shares								185,000,000
Share repurchase program, shares yet to be repurchased								44,200,000
Shares purchased under share repurchase program								0	2,700,000	16,900,000
Share repurchase program, average cost per share of shares repurchased during period (in dollars per share) \| $ / shares									$ 66.94	$ 74.92
Treasury stock, shares (in shares)								149,051,634	150,323,151	145,700,000
NONREDEEMABLE PREFERRED STOCK
Issued as part of the Acquisition (in shares)								0
Volume weighted average price					90.00%		90.00%
Volume weighted average price calculation period					10 days		10 days
Preferred stock dividends paid \| $			$ 200
Preferred stock, shares outstanding (in shares)								100,000	100,000	0
Preferred stock issued (in shares)								100,000	100,000
Basic earnings per common share
Income (loss) from continuing operations \| $								$ (13,533)	$ (507)	$ 4,131
Loss from discontinued operations, net of tax \| $								(1,298)	(15)	0
NET (LOSS) INCOME \| $								(14,831)	(522)	4,131
Less: Net loss attributable to noncontrolling interest \| $								0	(145)	0
Less: Preferred stock dividends \| $								(844)	(318)	0
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS \| $								(15,675)	(985)	4,131
Less: Net income allocated to participating securities \| $								0	0	(17)
Net income (loss), net of participating securities \| $								$ (15,675)	$ (985)	$ 4,114
Weighted average number of basic shares (in shares)								918,700,000	809,500,000	761,700,000
Basic earnings (loss) per common share (in dollars per share) \| $ / shares								$ (17.06)	$ (1.22)	$ 5.40
Diluted EPS
Net income (loss), net of participating securities \| $								$ (15,675)	$ (985)	$ 4,114
Weighted average number of basic shares (in shares)								918,700,000	809,500,000	761,700,000
Dilutive securities (in shares)								0	0	1,600,000
Total diluted weighted average common shares (in shares)								918,700,000	809,500,000	763,300,000
Diluted earnings (loss) per common share (in dollars per share) \| $ / shares								$ (17.06)	$ (1.22)	$ 5.39
ACCUMULATED OTHER COMPREHENSIVE LOSS
Accumulated other comprehensive loss \| $								$ 18,573	$ 34,232	$ 21,330			$ 20,572
Subsequent Event
NONREDEEMABLE PREFERRED STOCK
Preferred stock dividends paid \| $		$ 200
Anadarko Petroleum Corporation \| Series A Preferred Stock
Common stock issuances
Issued as part of the Acquisition (in shares)	100,000
NONREDEEMABLE PREFERRED STOCK
Issued as part of the Acquisition (in shares)	100,000
Liquidation preference (in dollars per share) \| $ / shares	$ 105,000
Dividend rate	8.00%
Dividend rate for unpaid amounts	9.00%
Common Stock
NONREDEEMABLE PREFERRED STOCK
Warrants issued (in shares)												3,900,000
Exercise price of warrant (in dollars per share) \| $ / shares												$ 59.624
ACCUMULATED OTHER COMPREHENSIVE LOSS
Accumulated other comprehensive loss \| $								216	$ 209	179			179
Common Stock \| Anadarko Petroleum Corporation
Common stock issuances
Issued as part of the Acquisition (in shares)									2,000,000
NONREDEEMABLE PREFERRED STOCK
Issued as part of the Acquisition (in shares)									2,000,000
Warrants issued (in shares)	80,000,000
Exercise price of warrant (in dollars per share) \| $ / shares	$ 62.50
Foreign currency translation adjustments
ACCUMULATED OTHER COMPREHENSIVE LOSS
Accumulated other comprehensive loss \| $								(6)	$ (7)
Losses on derivatives
ACCUMULATED OTHER COMPREHENSIVE LOSS
Accumulated other comprehensive loss \| $								(119)	(122)
Pension and postretirement adjustments
ACCUMULATED OTHER COMPREHENSIVE LOSS
Accumulated other comprehensive loss \| $								(163)	(92)
Accumulated Other Comprehensive Income (Loss)
ACCUMULATED OTHER COMPREHENSIVE LOSS
Accumulated other comprehensive loss \| $								$ (288)	$ (221)	$ (172)			$ (258)
Warrant \| Common Stock
NONREDEEMABLE PREFERRED STOCK
Warrant, rate conversion												0.125
Warrants issued (in shares)											116,000,000
Exercise price of warrant (in dollars per share) \| $ / shares											$ 22.00
Fair value of warrant, reclassification \| $											$ 767

DIVESTITURES AND OTHER TRANSACTIONS

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

DIVESTITURES AND OTHER TRANSACTIONS


NOTE 4 - DIVESTITURES AND OTHER TRANSACTIONS

DIVESTITURES AND OTHER TRANSACTIONS

2020

In November 2020 and December 2020, Occidental divested of certain non-core, largely non-operated proved and unproved acreage in the Permian for a loss of approximately $820 million. The losses have been presented within gains (losses) on sale of assets, net in the Consolidated Statement of Operations. The net proceeds were used to pay down near-term maturities.

In October 2020, Occidental entered into an agreement to sell its onshore oil and gas Colombia assets. The transaction closed in December 2020, and Occidental recorded a loss on sale of approximately $353 million. The loss has been presented within gains (losses) on sale of assets, net in the Consolidated Statement of Operations. The net proceeds were used to pay down near-term maturities.

In August 2020, Occidental entered into an agreement to sell approximately 4.5 million mineral acres and 1 million fee surface acres located in Wyoming, Colorado and Utah for approximately $1.33 billion. The transaction closed in October 2020 for net cash proceeds of approximately $1.0 billion, after satisfying $329 million of liabilities associated with the sale of future royalties. Occidental recorded a loss on sale of $440 million. The loss has been presented within gains (losses) on sale of assets, net in the Consolidated Statement of Operations. The net proceeds were utilized to pay down a portion of the 2-year variable rate Term Loan due 2021. See Note 7 - Long-Term Debt for further information.

2019

In December 2019, Occidental disposed of real estate assets for $565 million. Occidental utilized net proceeds to pay down a portion of the Term Loans. Concurrent with the sale, Occidental entered a 13-year lease for part of the real estate assets. Based on the terms of the lease, Occidental treated this as a failed sale-leaseback, retained the related book value in property, plant and equipment and recognized a finance lease of approximately $300 million based on the discounted future minimum lease payments.

In November 2019, Occidental and Ecopetrol closed on the joint venture to develop approximately 97,000 net acres of Occidental’s Midland Basin unproved properties in the Permian Basin. Ecopetrol paid $750 million in cash at closing and up to $750 million of carried capital in exchange for a 49% interest in the new venture. Occidental recognized a gain of $563 million on the sale. Following the close, Occidental owned a 51% interest and operates the joint venture. During the carry period, Ecopetrol will pay 75% of Occidental’s share of capital expenditures, up to $750 million. The joint venture allows Occidental to accelerate its development plans in the Midland Basin, where it currently has minimal activity. Occidental will retain production and cash flow from its existing operations in the Midland Basin. The proceeds were used to pay down a portion of the Term Loans.

In September 2019, Occidental sold its remaining equity investment in Plains for net proceeds of $646 million, which resulted in a pre-tax gain of $114 million. The proceeds were used to pay down a portion of the Term Loans.

2018

In September 2018, Occidental divested non-core domestic midstream assets for total consideration of $2.6 billion, of which approximately $2.4 billion was received at closing, resulting in a pre-tax net gain of $907 million. These assets include the Centurion common carrier oil pipeline and storage system, Southeast New Mexico oil gathering system and Ingleside Crude Terminal. Following the transactions, Occidental retained its long-term flow assurance, pipeline takeaway and export capacity through its retained marketing business.

In July 2018, Occidental acquired a previously leased power and steam cogeneration facility for $443 million.

In March 2018, Occidental divested non-core midstream assets for approximately $150 million, resulting in a pre-tax gain of $43 million.

DISCONTINUED OPERATIONS

The following table presents the amounts reported in discontinued operations, net of income taxes, related to the Ghana assets for the year ended December 31, 2020 and for the Ghana, Mozambique and South Africa assets subsequent to the Acquisition closing date through December 31, 2019:


millions	2020		2019
Revenues and other income
Net sales	$	419	$	221

Costs and other deductions
Oil and gas lease operating expense	117		45
Fair value adjustment on assets held for sale	2,263		85
Other	48		45
Total costs and other deductions	$	2,428	$	175

Income (loss) before income taxes	$	(2,009)	$	46
Income tax benefit (expense)	711		(61)
Discontinued operations, net of tax	$	(1,298)	$	(15)

The following table presents amounts related to the Ghana assets reported as held for sale in the Consolidated Balance Sheet as of December 31, 2020 and the amounts related to the Mozambique, South Africa and Ghana assets reported as held for sale in the Consolidated Balance Sheet as of December 31, 2019, respectively:


millions	2020		2019

Current assets	$	37	$	40
Property, plant and equipment, net	1,364		3,720
Long-term receivables and other assets, net	32		110
Assets held for sale	$	1,433	$	3,870

Current liabilities	$	84	$	264
Long-term debt, net - finance leases	175		185
Deferred income taxes	328		1,112
Asset retirement obligations	166		155
Other	—		2
Liabilities of assets held for sale	$	753	$	1,718

Net assets held for sale	$	680	$	2,152

ALGERIA OPERATIONS RECLASSIFICATION

The following table presents the amounts previously reported in discontinued operations, net of income taxes, for the year ended December 31, 2019 which was reclassified to continuing operations as a result of Occidental's decision to operate in Algeria.


millions	Year ended December 31, 2019

Revenues and other income
Net sales	$	518

Costs and other deductions
Oil and gas lease operating expense	36
Transportation expense	14
Taxes other than on income	133
Depreciation, depletion and amortization	159
Other	9
Total costs and other deductions	351

Income before income taxes	167
Income tax expense	(167)
Net income of Algeria operations, after taxes	$	—

The following table presents the amounts previously reported in the Consolidated Balance Sheets as held for sale related to Algeria that were subsequently reclassified as of December 31, 2019:


millions	December 31, 2019
Current assets	$	249
Property, plant and equipment, net	1,761
Long-term receivables and other assets, net	146
Total Assets	$	2,156

Current liabilities	$	188
Non-current liabilities	104
Total Liabilities	$	292

INCOME TAXES - DOMESTIC AND FOREIGN COMPONENTS OF INCOME (LOSS) FROM CONTINUING OPERATIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Domestic	$ (15,322)	$ (1,632)	$ 3,431
Foreign	(383)	1,986	2,177
Income (loss) from continuing operations before income taxes	$ (15,705)	$ 354	$ 5,608

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

DERIVATIVES - INTEREST-RATE DERIVATIVES (Details) - USD ($) $ in Millions	Dec. 31, 2020	Oct. 31, 2019
Interest Rate Swap, 6.348%
Derivative [Line Items]
Notional Principal Amount	$ 400
Weighted-Average Interest Rate	6.348%
Interest Rate Swap, 6.662%
Derivative [Line Items]
Notional Principal Amount	$ 350	$ 125
Weighted-Average Interest Rate	6.662%
Interest Rate Swap, 6.709%
Derivative [Line Items]
Notional Principal Amount	$ 275
Weighted-Average Interest Rate	6.709%
Interest Rate Swap, 6.445%
Derivative [Line Items]
Notional Principal Amount	$ 450
Weighted-Average Interest Rate	6.445%

INCOME TAXES

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES


NOTE 12 - INCOME TAXES

The following summarizes domestic and foreign components of income (loss) from continuing operations before domestic and foreign income taxes for the years ended December 31:


millions	2020		2019		2018
Domestic	$	(15,322)	$	(1,632)	$	3,431
Foreign	(383)		1,986		2,177
Total	$	(15,705)	$	354	$	5,608

The following summarizes components of income tax expense (benefit) on continuing operations for the years ended December 31:


millions	2020		2019		2018
Current
Federal	$	(126)	$	33	$	(23)
State and Local	6		46		52
Foreign	465		1,809		1,077
Total current tax expense	$	345	$	1,888	$	1,106
Deferred
Federal	(2,384)		(130)		422
State and Local	(103)		17		12
Foreign	(30)		(914)		(63)
Total deferred tax expense (benefit)	$	(2,517)	$	(1,027)	$	371
Total income tax expense (benefit)	$	(2,172)	$	861	$	1,477

The following reconciliation of the U.S federal statutory income tax rate to Occidental’s worldwide effective tax rate on income from continuing operations for the years ended December 31 is stated as a percentage of income (loss) from continuing operations before income taxes:


	2020		2019		2018
U.S. federal statutory tax rate	21	%	21	%	21	%
Enhanced oil recovery credit and other general business credits	—		(2)		(3)
Goodwill impairment	(3)		—		—
Tax benefit due to reversal of indefinite reinvestment assertion	—		—		(2)
Tax impact from foreign operations	(4)		135		11
State income taxes, net of federal benefit	—		14		1
Uncertain tax positions	—		7		—
Transaction costs	—		10		—
Non-controlling interest	—		(8)		—
Executive compensation limitation	—		12		—
Stock warrants	—		(5)		—
WES loss of control	—		58		—
Other	—		1		(2)
Worldwide effective tax rate	14	%	243	%	26	%

In 2020, Occidental’s worldwide effective tax rate was 14%, which was largely a result of the impairment of the WES goodwill and certain international assets for which Occidental received no tax benefit and higher-taxed foreign operations which generally caused Occidental’s tax rate to vary significantly from the U.S. corporate tax rate.

The tax effects of temporary differences resulting in deferred income taxes at December 31, 2020, and 2019 were as follows:


millions	2020		2019
Deferred tax liabilities
Property, plant and equipment differences	$	(10,744)	$	(12,375)
Equity investments, partnerships and foreign subsidiaries	(658)		(989)
Gross long-term deferred tax liabilities	(11,402)		(13,364)

Deferred tax assets
Environmental reserves	257		261
Postretirement benefit accruals	398		441
Deferred compensation and benefits	186		266
Asset retirement obligations	942		906
Foreign tax credit carryforwards	4,465		4,379
General business credit carryforwards	607		443
Net operating loss carryforward	1,797		692
Interest expense carryforward	668		492
All other	720		782
Gross long-term deferred tax assets	10,040		8,662
Valuation allowance	$	(5,695)	$	(4,959)
Net long-term deferred tax assets	$	4,345	$	3,703
Total deferred income taxes, net	$	(7,057)	$	(9,661)
Less: foreign deferred tax asset in long-term receivables and other assets, net	$	(56)	$	(56)
Total deferred income taxes	$	(7,113)	$	(9,717)

Total deferred tax assets, after valuation allowances, were $4.3 billion and $3.7 billion as of December 31, 2020, and 2019, respectively. Occidental expects to realize the recorded deferred tax assets, net of any allowances, through future operating income and reversal of temporary differences. The total deferred tax liabilities were $11.4 billion and $13.4 billion as of December 31, 2020 and 2019, respectively. The decrease in net deferred tax liability in 2020 over 2019 is primarily driven by domestic asset impairments for which Occidental does not receive an immediate tax benefit as well as an increase in net operating loss carryforwards.

As of December 31, 2020, Occidental had foreign tax credit carryforwards of $4.5 billion, federal general business credits carryforwards of $607 million and state tax credit carryforwards of $39 million. Occidental has recorded a valuation allowance for $4.4 billion of the foreign tax credit carryforwards and $30 million of the state tax credit carryforwards.

As of December 31, 2020, Occidental had tax-effected federal net operating loss carryforwards of $631 million, foreign net operating loss carryforwards of $850 million and state operating loss carryforwards of $316 million. The carryforward balances have varying carryforward periods through 2040, excluding certain attributes for which there is an indefinite carryforward period. A valuation allowance was recorded for $251 million of the tax-effected state net operating loss carryforwards and $795 million of the tax-effected foreign net operating loss carryforwards. Occidental has an additional valuation allowance of $145 million against other foreign deferred tax assets.

Occidental had a tax-effected federal interest expense carryforward of $569 million and tax-effected state interest expense carryforward of $99 million as of December 31, 2020. Occidental recorded a valuation allowance for $64 million of the state interest expense carryforward.

A deferred tax liability has not been recognized for temporary differences related to unremitted earnings of certain consolidated international subsidiaries aggregating approximately $930 million at December 31, 2020, as it is Occidental’s intention to reinvest such earnings indefinitely. If the earnings of these international subsidiaries were not indefinitely reinvested, an additional deferred tax liability of approximately $214 million would be required.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


millions	2020		2019		2018
Balance at January 1	$	2,173	$	—	$	22
Increase related to Anadarko Acquisition	—		2,143		—
Increases related to current-year positions	14		30		—
Settlements	(42)		—		(22)
Reductions for tax positions of prior years	(100)		—		—
Balance at December 31	$	2,045	$	2,173	$	—

The December 31, 2020 balance of unrecognized tax benefits of $2.0 billion included potential benefits of $2.0 billion of which, if recognized, $1.6 billion would affect the effective tax rate on income. Also included are benefits of $84 million related to tax positions for which the ultimate deductibility is highly certain, but the timing of such deductibility is uncertain. Occidental records estimated potential interest and penalties related to liabilities for unrecognized tax benefits in the provisions for domestic and foreign income taxes. During 2020, Occidental recorded interest related to liabilities for unrecognized tax benefits of $67 million, for a cumulative accrued interest related to liabilities for unrecognized tax benefits of $263 million as of December 31, 2020. There were no interest and penalties associated with liabilities for unrecognized tax benefits recorded for the years ended December 31, 2020 and 2019. Over the next 12 months, it is reasonably possible that the total amount of unrecognized tax benefits could decrease by $70 million to $80 million due to settlements with taxing authorities or lapse in statutes of limitation.

Occidental recognized $110 million and $86 million in federal and state income tax receivables at December 31, 2020, and 2019, respectively, which was recorded in other current assets. In addition, Occidental recognized $24 million in receivables associated with audits and $36 million in federal alternative minimum tax non-current receivables at December 31, 2020 and 2019, respectively, both of which were recorded in long-term receivables and other assets, net.

Occidental is subject to audit by various tax authorities in varying periods. See Note 11 - Lawsuits, Claims, Commitments and Contingencies for a discussion of these matters.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

INCOME TAXES - COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred tax liabilities
Property, plant and equipment differences	$ (10,744)	$ (12,375)
Equity investments, partnerships and foreign subsidiaries	(658)	(989)
Gross long-term deferred tax liabilities	(11,402)	(13,364)
Deferred tax assets
Environmental reserves	257	261
Postretirement benefit accruals	398	441
Deferred compensation and benefits	186	266
Asset retirement obligations	942	906
Foreign tax credit carryforwards	4,465	4,379
General business credit carryforwards	607	443
Net operating loss carryforward	1,797	692
Interest expense carryforward	668	492
All other	720	782
Gross long-term deferred tax assets	10,040	8,662
Valuation allowance	(5,695)	(4,959)
Net long-term deferred tax assets	4,345	3,703
Total deferred income taxes, net	(7,057)	(9,661)
Net long-term deferred tax assets	(56)	(56)
Total deferred income taxes	$ (7,113)	$ (9,717)

REVENUE

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

REVENUE


NOTE 5 - REVENUE

Revenue from customers is recognized when obligations under the terms of a contract are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services such as transportation. Revenue from customers is measured as the amount of consideration Occidental expects to receive in exchange for the delivery of goods or services. Contracts may last from one month to one year or more and may have renewal terms that extend indefinitely at the option of either party. Price is typically based on market indexes. Volumes fluctuate due to production and, in certain cases, customer demand and transportation availability. Occidental records revenue net of certain taxes, such as sales taxes, that are assessed by governmental authorities on Occidental’s customers.

Occidental does not incur significant costs to obtain contracts. Incidental items that are immaterial in the context of the contract are recognized as expenses. Sales of hydrocarbons and chemicals to customers are invoiced and settled on a monthly basis. Occidental is not usually subject to obligations for warranties, rebates, returns or refunds except in the case of customer incentive payments as discussed for the chemical segment below. 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. Occidental does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied

performance obligations. Revenue expected to be recognized from unsatisfied performance obligations as of December 31, 2020, was $103 million in 2021 and $59 million thereafter with the majority being recognized between 2022 and 2033.

OIL AND GAS SEGMENT

Revenue from oil and gas production is recognized when production is delivered and control passes to the customer. Revenues from the production of oil and gas properties in which Occidental has an interest with other producers are recognized on the basis of Occidental’s net revenue interest.

CHEMICALS SEGMENT

Revenue from chemical product sales is recognized when control passes to the customer. Certain incentive programs may provide for payments or credits to be made to customers based on the volume of product purchased over a defined period. Customer incentives are estimated and recorded as a reduction to revenue ratably over the contract period. Such estimates are evaluated and revised as warranted. Revenue from exchange contracts is excluded from revenue from customers.

MIDSTREAM AND MARKETING SEGMENT

Revenue from pipeline and gas processing is recognized upon the completion of the transportation or processing service. Revenue from power sales is recognized upon delivery. Net marketing revenue is recognized upon completion of contract terms that are a prerequisite to payment and upon title transfer for physical deliveries. Unless the normal purchases and sales exception has been elected, net marketing revenue is classified as a derivative, reported on a net basis, recorded at fair value and changes in fair value are reflected in net sales, and excluded from revenue from customers in the table below.

The following table reconciles revenue from customers to total net sales for the years ended December 31:


millions	2020		2019
Revenue from customers	$	17,130	$	19,192
All other revenues (a)	679		1,719
Net sales	$	17,809	$	20,911

(a)Included net marketing derivatives, oil collars and calls and chemical exchange contracts.

DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS

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


millions	United States		Middle East		Latin America		Other International		Eliminations		Total
Year ended December 31, 2020
Oil and gas
Oil	$	7,485	$	1,949	$	454	$	—	$	—	$	9,888
NGL	838		217		—		—		—		1,055
Gas	660		313		13		—		—		986
Other	65		1		—		—		—		66
Segment total	$	9,048	$	2,480	$	467	$	—	$	—	$	11,995
Chemical	$	3,524	$	—	$	137	$	65	$	—	$	3,726
Midstream and marketing
Gas processing	$	350	$	294	$	—	$	—	$	—	$	644
Marketing	1,144		—		—		278		—		1,422
Power and other	101		—		—		—		—		101
Segment total	$	1,595	$	294	$	—	$	278	$	—	$	2,167
Eliminations	$	—	$	—	$	—	$	—	$	(758)	$	(758)
Consolidated	$	14,167	$	2,774	$	604	$	343	$	(758)	$	17,130

Year ended December 31, 2019
Oil and gas
Oil	$	8,411	$	3,256	$	683	$	—	$	—	$	12,350
NGL	658		283		—		—		—		941
Gas	424		319		20		—		—		763
Other	(1)		(5)		—		—		—		(6)
Segment total	$	9,492	$	3,853	$	703	$	—	$	—	$	14,048
Chemical	$	3,858	$	—	$	155	$	67	$	—	$	4,080
Midstream and marketing (a)
Gas processing and CO2	$	395	$	351	$	—	$	—	$	—	$	746
Marketing	436		—		—		—		—		436
WES - Gas processing	1,110		—		—		—		—		1,110
Power and other	36		—		—		—		—		36
Segment total	$	1,977	$	351	$	—	$	—	$	—	$	2,328
Eliminations	$	—	$	—	$	—	$	—	$	(1,264)	$	(1,264)
Consolidated	$	15,327	$	4,204	$	858	$	67	$	(1,264)	$	19,192

(a)The midstream and marketing segment included revenues from customers from WES from the date of the Acquisition to December 31, 2019. See Note 1 - Summary of Significant Accounting Policies for more information.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

LEASE COMMITMENTS - SCHEDULE OF OPERATING AND FINANCE LEASE MATURITIES (Details) $ in Millions	Dec. 31, 2020 USD ($)
Operating Leases
2021	$ 456
2022	182
2023	108
2024	87
2025	71
Thereafter	385
Total lease payments	1,289
Less: Interest	(175)
Total lease liabilities	1,114
Finance Leases
2021	44
2022	43
2023	41
2024	46
2025	30
Thereafter	231
Total lease payments	435
Less: Interest	(77)
Total lease liabilities	358
Operating and Finance Lease Liabilities, Payments, Due [Abstract]
2021	500
2022	225
2023	149
2024	133
2025	101
Thereafter	616
Total lease payments	1,724
Less: Interest	(252)
Total lease liabilities	$ 1,472
Weighted average lease term, operating lease	6 years 2 months 12 days
Weighted average discount rate, operating lease	4.73%
Weighted average lease term, finance lease	10 years 7 months 6 days
Weighted average discount rate, finance lease	3.47%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	$ 1,600	$ 912	$ 383
Capitalized interest	83	89	46
Continuing operations
SUPPLEMENTAL CASH FLOW INFORMATION
Foreign, state and federal income taxes paid for continuing operations	500	1,900	1,100
Tax refund	223	80	82
Production, property and other taxes paid	$ 755	$ 724	$ 508

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of domestic and foreign components of income (loss) from continuing operations before domestic and foreign income taxes

The following summarizes domestic and foreign components of income (loss) from continuing operations before domestic and foreign income taxes for the years ended December 31:


millions	2020		2019		2018
Domestic	$	(15,322)	$	(1,632)	$	3,431
Foreign	(383)		1,986		2,177
Total	$	(15,705)	$	354	$	5,608

Schedule of provisions (credits) for domestic and foreign income taxes on continuing operations

The following summarizes components of income tax expense (benefit) on continuing operations for the years ended December 31:


millions	2020		2019		2018
Current
Federal	$	(126)	$	33	$	(23)
State and Local	6		46		52
Foreign	465		1,809		1,077
Total current tax expense	$	345	$	1,888	$	1,106
Deferred
Federal	(2,384)		(130)		422
State and Local	(103)		17		12
Foreign	(30)		(914)		(63)
Total deferred tax expense (benefit)	$	(2,517)	$	(1,027)	$	371
Total income tax expense (benefit)	$	(2,172)	$	861	$	1,477

Schedule of reconciliation of the United States federal statutory income tax rate to Occidental's worldwide effective tax rate on income from continuing operations stated as a percentage of pre-tax income


	2020		2019		2018
U.S. federal statutory tax rate	21	%	21	%	21	%
Enhanced oil recovery credit and other general business credits	—		(2)		(3)
Goodwill impairment	(3)		—		—
Tax benefit due to reversal of indefinite reinvestment assertion	—		—		(2)
Tax impact from foreign operations	(4)		135		11
State income taxes, net of federal benefit	—		14		1
Uncertain tax positions	—		7		—
Transaction costs	—		10		—
Non-controlling interest	—		(8)		—
Executive compensation limitation	—		12		—
Stock warrants	—		(5)		—
WES loss of control	—		58		—
Other	—		1		(2)
Worldwide effective tax rate	14	%	243	%	26	%

Schedule of tax effects of temporary differences resulting in deferred income taxes

The tax effects of temporary differences resulting in deferred income taxes at December 31, 2020, and 2019 were as follows:


millions	2020		2019
Deferred tax liabilities
Property, plant and equipment differences	$	(10,744)	$	(12,375)
Equity investments, partnerships and foreign subsidiaries	(658)		(989)
Gross long-term deferred tax liabilities	(11,402)		(13,364)

Deferred tax assets
Environmental reserves	257		261
Postretirement benefit accruals	398		441
Deferred compensation and benefits	186		266
Asset retirement obligations	942		906
Foreign tax credit carryforwards	4,465		4,379
General business credit carryforwards	607		443
Net operating loss carryforward	1,797		692
Interest expense carryforward	668		492
All other	720		782
Gross long-term deferred tax assets	10,040		8,662
Valuation allowance	$	(5,695)	$	(4,959)
Net long-term deferred tax assets	$	4,345	$	3,703
Total deferred income taxes, net	$	(7,057)	$	(9,661)
Less: foreign deferred tax asset in long-term receivables and other assets, net	$	(56)	$	(56)
Total deferred income taxes	$	(7,113)	$	(9,717)

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


millions	2020		2019		2018
Balance at January 1	$	2,173	$	—	$	22
Increase related to Anadarko Acquisition	—		2,143		—
Increases related to current-year positions	14		30		—
Settlements	(42)		—		(22)
Reductions for tax positions of prior years	(100)		—		—
Balance at December 31	$	2,045	$	2,173	$	—

INVESTMENTS AND RELATED-PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity Method Investments
Equity method investment amounts				$ 3,250	$ 6,389	$ 1,680
Goodwill impairment loss		$ 1,200
Cumulative undistributed earnings (loss)				(166)	(40)
Equity investments dividends paid				678	422	329
Excess of investments in equity investees over the underlying equity in net assets				649
Excess of investments in equity investees over the underlying equity in net assets, which represents goodwill				326
Equity-method investments financial information summarized by Income Statement line item
Revenues and other income				16,261	21,750	18,934
Costs and expenses				31,913	22,002	13,657
Net income				(15,652)	(252)	5,277
Equity-method investments financial information summarized by Balance Sheet line item
Current assets				8,819	14,633
Current liabilities				8,223	12,705
Long-term debt				35,745	38,537
Other non-current liabilities				17,523	21,716
Stockholders’ equity				18,573	34,232
RELATED-PARTY TRANSACTIONS
Sales				301	691	805
Purchases				1,112	463	502
Services (d)				1,032	28	52
Advances and amounts due from related parties				54	133	63
Amounts due to related parties				273	463	46
Equity Method Investment, Nonconsolidated Investee
Equity-method investments financial information summarized by Income Statement line item
Revenues and other income				5,455	26,520	28,091
Costs and expenses				5,455	24,084	25,029
Net income				0	2,436	3,062
Equity-method investments financial information summarized by Balance Sheet line item
Current assets				1,419	1,130	5,587
Non-current assets				18,693	21,158	25,871
Current liabilities				1,549	785	4,879
Long-term debt				7,860	8,673	12,505
Other non-current liabilities				866	859	95
Stockholders’ equity				9,837	11,971	$ 13,979
Anadarko Petroleum Corporation
Equity Method Investments
Equity method investment amounts				2,900
WES
Equity Method Investments
Equity method investment amounts				$ 1,930	$ 5,100
Equity method investment ownership percentage				53.50%
Goodwill impairment loss		$ 1,200
Other-than-temporary impairment loss	$ 2,700		$ 2,700
RELATED-PARTY TRANSACTIONS
Sales to related party (as a percent)				70.00%
Purchases from related party (as a percent)				59.00%
OxyChem Ingleside Facility
Equity Method Investments
Equity method investment amounts				$ 635
Equity method investment ownership percentage				50.00%
Dolphin Energy Limited
Equity Method Investments
Equity method investment amounts				$ 290
Equity method investment ownership percentage				24.50%
Other
Equity Method Investments
Equity method investment amounts				$ 395
General Partner of Plains All American Pipeline, L.P
RELATED-PARTY TRANSACTIONS
Sales to related party (as a percent)					87.00%	89.00%
Plains All American Pipeline, LP
Equity-method investments financial information summarized by Balance Sheet line item
Investment gross revenue					$ 24,700
Ingleside Ethylene LLC
RELATED-PARTY TRANSACTIONS
Purchases from related party (as a percent)				41.00%	98.00%	98.00%

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Schedule of inventories

Inventories consisted of the following at December 31:


millions	2020		2019
Raw materials	$	70	$	75
Materials and supplies	848		974
Commodity inventory and finished goods	1,009		572
	1,927		1,621
Revaluation to LIFO	(29)		(40)
Total	$	1,898	$	1,581

INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS - RESULTS OF OPERATIONS (Details) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) segment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment			3
Segment Information
Net sales			$ 17,809	$ 20,911	$ 17,824
Income (loss) from continuing operations before income taxes			(15,705)	354	5,608
Income tax expense			2,172	(861)	(1,477)
Income (loss) from continuing operations			(13,533)	(507)	4,131
INVESTMENTS IN UNCONSOLIDATED ENTITIES			3,250	6,389	1,680
Property, plant and equipment additions			2,619	6,453	5,020
Depreciation, depletion and amortization			8,097	6,140	3,977
Total assets			80,064	107,190	42,159
Pre-tax impairment and related charges on domestic undeveloped leases				285
Impairments of assets	$ 8,600			285
Employee severance and related costs				1,000
Crucial seismic data				401
Bank, legal and consulting fees				213
Tax expense (benefit) of pre-tax adjustments			(1,900)	(245)	198
Gains (losses) on interest rate swaps and warrants, net			(423)	233	0
Goodwill derecognized		$ 1,200
Anadarko Acquisition-related costs			339	1,647	0
Qatar ISND and ISSD
Segment Information
Impairments of assets					416
Oil and gas
Segment Information
Impairments of assets	$ 6,400	$ 581
Midstream and marketing
Segment Information
Impairments of assets					100
Midstream and marketing \| Non Core Midstream Assets
Segment Information
Pre-tax net gain from divestiture					907
Operating segments \| Oil and gas
Segment Information
Net sales			13,066	13,941	10,441
Income (loss) from continuing operations before income taxes			(9,632)	2,520	2,442
Income tax expense			0	0	0
Income (loss) from continuing operations			(9,632)	2,520	2,442
INVESTMENTS IN UNCONSOLIDATED ENTITIES			168	181	0
Property, plant and equipment additions			2,279	5,571	4,443
Depreciation, depletion and amortization			7,414	5,153	3,254
Total assets			62,931	80,093	24,874
Gain on sale				475
Pre-tax impairment and related charges on domestic undeveloped leases				39
Impairments of assets			7,100
Impairment charges				285
Pre-tax loss on sale of properties			1,600
Gains (losses) on interest rate swaps and warrants, net			1,100
Operating segments \| Chemical
Segment Information
Net sales			3,733	4,102	4,657
Income (loss) from continuing operations before income taxes			664	799	1,159
Income tax expense			0	0	0
Income (loss) from continuing operations			664	799	1,159
INVESTMENTS IN UNCONSOLIDATED ENTITIES			645	689	733
Property, plant and equipment additions			261	272	277
Depreciation, depletion and amortization			356	368	354
Total assets			4,326	4,361	4,359
Operating segments \| Midstream and marketing
Segment Information
Net sales			1,768	4,132	3,656
Income (loss) from continuing operations before income taxes			(4,175)	241	2,802
Income tax expense			0	0	0
Income (loss) from continuing operations			(4,175)	241	2,802
INVESTMENTS IN UNCONSOLIDATED ENTITIES			2,437	5,519	947
Property, plant and equipment additions			50	475	221
Depreciation, depletion and amortization			312	563	331
Total assets			9,856	14,915	9,392
Charge upon loss of control				1,000
Pre-tax gain on sale of equity investment				114
Impairment of equity method investment			2,700
Equity method investment, loss from goodwill impairment			236
Goodwill derecognized			1,400
Operating segments \| Midstream and marketing \| Interest Rate Swaps
Segment Information
Mark to market gain on interest rate swap				30
Corporate and eliminations
Segment Information
Net sales			(758)	(1,264)	(930)
Income (loss) from continuing operations before income taxes			(2,562)	(3,206)	(795)
Income tax expense			2,172	(861)	(1,477)
Income (loss) from continuing operations			(390)	(4,067)	(2,272)
INVESTMENTS IN UNCONSOLIDATED ENTITIES			0	0	0
Property, plant and equipment additions			29	135	79
Depreciation, depletion and amortization			15	56	38
Total assets			2,951	$ 7,821	$ 3,534
Anadarko Acquisition-related costs			339
Loss on interest rate swaps			$ 428

DERIVATIVES - GAINS AND LOSSES ON DERIVATIVES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	$ (423)	$ 233	$ 0
Oil Collars and Calls \| Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	1,064	(107)	0
Marketing Derivatives \| Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	(393)	1,804	2,254
Interest Rate Swaps \| Gains (losses) on interest rate swaps and warrants, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	(428)	122	0
Other \| Gains (losses) on interest rate swaps and warrants, net \| WES
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	$ 5	$ 111	$ 0

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - FUTURE BENEFIT PAYMENTS (Details) $ in Millions	Dec. 31, 2020 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure
Expected contribution to defined benefit pension plans in next fiscal year	$ 170
Estimated future benefit payments
2021	251
2022	96
2023	93
2024	95
2025	90
2026 - 2030	399
Postretirement Benefits
Estimated future benefit payments
2021	75
2022	73
2023	71
2024	69
2025	67
2026 - 2030	$ 312

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - ASSUMPTIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits
Benefit Obligation Assumptions:
Discount rate	2.19%	3.09%
Rate of increase in compensation levels	5.07%	5.32%
Net Periodic Benefit Cost Assumptions:
Discount rate	3.04%	3.22%
Rate of increase in compensation levels	5.34%	5.35%
Assumed long-term rate of return on assets	6.02%	6.03%
Net decrease in pension plan obligations	$ 8
Postretirement Benefits
Benefit Obligation Assumptions:
Discount rate	3.05%	3.26%
Rate of increase in compensation levels	0.00%	0.00%
Net Periodic Benefit Cost Assumptions:
Discount rate	3.26%	3.41%
Rate of increase in compensation levels	0.00%	0.00%
Assumed long-term rate of return on assets	0.00%	0.00%
Net decrease in postretirement plan obligations	$ 12
Postretirement Benefits \| MAPD
Assumed healthcare cost trend rates
Projected annual rates of healthcare cost trend rates, year nine and beyond (as a percent)	4.50%
Postretirement Benefits \| MAPD \| Low end of range
Assumed healthcare cost trend rates
Projected annual rates of healthcare cost trend rates, next fiscal year (as a percent)	9.60%
Postretirement Benefits \| Non-MAPD
Assumed healthcare cost trend rates
Projected annual rates of healthcare cost trend rates, year nine and beyond (as a percent)	4.50%
Postretirement Benefits \| Non-MAPD \| Low end of range
Assumed healthcare cost trend rates
Health care cost trend rates for current year (as a percent)	6.50%
Postretirement Benefits \| Non-MAPD \| High end of range
Assumed healthcare cost trend rates
Health care cost trend rates for current year (as a percent)	7.00%

STOCK-BASED INCENTIVE PLANS (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of changes in Occidental's unvested cash- and stock- settled RSUs

A summary of changes in Occidental’s unvested cash- and stock-settled RSUs during the year ended December 31, 2020, is presented below:


	Cash-Settled				Stock-Settled
thousands, except fair values	RSUs	Weighted-Average Grant-Date Fair Value			RSUs	Weighted-Average Grant-Date Fair Value
Unvested at January 1	4,347		$	43.46	4,395		$	65.88
Granted	1,500		$	40.86	4,299		$	41.60
Vested	(114)		$	61.61	(2,328)		$	64.19
Forfeitures	(276)		$	42.68	(510)		$	48.89
Unvested at December 31	5,457		$	42.41	5,856		$	50.21

Grant-date assumptions used in the Monte Carlo simulation models for the estimated payout level of TSRIs

The grant-date assumptions used in the Monte Carlo simulation models for the estimated payout level of TSRIs were as follows:


	TSRIs
	2020		2019		2018
Assumptions used:
Risk-free interest rate	1.4%		2.5%		2.3%
Volatility factor	26%		22%		24%
Expected life (years)	3		3		3
Grant-date fair value of underlying Occidental common stock	$	41.60	$	67.19	$	69.87

Summary of the changes of awards

A summary of Occidental’s unvested TSRIs as of December 31, 2020 and changes during the year ended December 31, 2020 is presented below:


	TSRIs
thousands, except fair values	Awards	Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested at January 1	1,537		$	67.70
Granted	641		$	41.60
Vested (a)	(563)		$	67.21
Forfeitures	(81)		$	52.47
Unvested at December 31	1,534		$	58.02

(a)Presented at the target payouts. The weighted-average payout at vesting was 40% of the target, resulting in the issuance of approximately 223,000 shares of Occidental common stock.


	CROCEI
thousands, except fair values	Awards	Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested at January 1	154		$	68.44
Granted	197		$	41.60
Vested (a)	(154)		$	68.47
Forfeited	—
Unvested at December 31	197		$	41.60

(a)Presented at the target payouts. The weighted-average payout at vesting was 58% of the target resulting in the issuance of approximately 89,700 shares.

Summary of stock options

The inputs to this model are presented below:


	Options
	2020
Assumptions used:
Risk-free interest rate	1.5%
Volatility factor	25%
Expected life (years)	6
Dividend yield	7.6%
Grant-date fair value of underlying Occidental common stock	$	41.60

A summary of Occidental’s outstanding stock options as of December 31, 2020 and changes during the year ended December 31, 2020 is presented below:


	Vested			Unvested
thousands, except fair values	Options	Weighted Average Strike Price		Options	Weighted Average Strike Price
January 1	530	$	79.98	—
Granted	—			2,573	$	41.60
Anti-dilution adjustment	21	$	76.96	101	$	40.03
Vested	—			—
Expirations and Forfeitures, respectively	—			—
December 31	551	$	76.96	2,674	$	40.03

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2020	Jan. 31, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Entity File Number	1-9210
Entity Registrant Name	Occidental Petroleum Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4035997
Entity Address, Address Line One	5 Greenway Plaza, Suite 110
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77046
City Area Code	(713)
Local Phone Number	215-7000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 17.0
Entity Common Stock, Shares Outstanding		931,554,718
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement, relating to its 2021 Annual Meeting of Stockholders, are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0000797468
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.20 par value
Trading Symbol	OXY
Security Exchange Name	NYSE
Warrants to Purchase Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Warrants to Purchase Common Stock, $0.20 par value
Trading Symbol	OXY WS
Security Exchange Name	NYSE

THE ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of Purchase Consideration

The following table presents the Acquisition consideration paid to Anadarko stockholders as a result of the Acquisition:


millions except per-share amounts	As of August 8, 2019
Total shares of Anadarko common stock eligible for Acquisition consideration		491.6
Cash consideration (per share of common stock and shares underlying Anadarko stock-based awards eligible for Acquisition consideration)		$	59.00
Cash portion of Acquisition consideration		$	29,002

Total shares of Anadarko common stock eligible for Acquisition consideration		491.6
Exchange ratio (per share of Anadarko common stock)		0.2934
Total shares of Occidental common stock issued to Anadarko stockholders		144
Average share price of Occidental common stock at August 8, 2019		$	46.31
Stock portion of Acquisition consideration		$	6,679

Acquisition consideration attributable to Anadarko stock-based awards		$	23

Total Acquisition consideration		$	35,704

Schedule of Preliminary Purchase Price Allocation

The following table sets forth the allocation of the Acquisition consideration. Occidental finalized the purchase price allocation during the 12 month period following the Acquisition date, those measurement period adjustments recorded were immaterial and did not result in a material impact to the statements of operations.


millions	As of August 8, 2019
Fair value of assets acquired:
Current assets		$	3,586
Assets held for sale (a)		10,616
Investments in unconsolidated entities		194
Property, plant and equipment		49,125
Other assets		836
Amount attributable to assets acquired		$	64,357

Fair value of liabilities assumed:
Current liabilities		$	3,467
Liabilities of assets held for sale (a)		2,200
Long-term debt		13,240
Deferred income taxes		8,591
Asset retirement obligations		2,724
Pension and post-retirement obligations		1,072
Non-current derivative liabilities		1,280
Other long-term liabilities		2,323
Amount attributable to liabilities assumed		$	34,897

Net assets		$	29,460
Fair value of WES net assets acquired less noncontrolling interests (a)		$	6,244
Total Acquisition consideration		$	35,704

(a)See Note 1 - Summary of S ignif icant Accounting Pol icies for a discussion for the purchase and sale agreement with Total and for a discussion of the WES investment.

The following table summarizes the fair value of the major categories of WES assets acquired and liabilities assumed at the Acquisition date as well as the noncontrolling interest, which primarily consisted of the 44.6% limited partner interest in WES owned by the public. The fair value of Occidental’s controlling interest in WES is calculated based on the market capitalization value at the Acquisition date.


millions	As of August 8, 2019
Fair value of WES assets acquired:
Current assets		$	499
Investments in unconsolidated entities		2,425
Property, plant and equipment		10,160
Intangible assets - customer relationships		1,800
Goodwill		5,772
Other assets		342
Amount attributable to assets acquired		$	20,998

Fair value of WES liabilities assumed:
Current liabilities		$	815
Long-term debt		7,407
Deferred income taxes		1,174
Asset retirement obligations		321
Other long-term liabilities		142
Amount attributable to liabilities assumed		$	9,859

Net assets		$	11,139
Less: Fair value of noncontrolling interests in WES		$	4,895
Fair value of WES net assets acquired less noncontrolling interests		$	6,244

Pro Forma Information

The following table summarizes the unaudited pro forma condensed financial information of Occidental for the year ended December 31 as if the Acquisition had occurred on January 1, 2018:


	Year ended December 31,
millions except per-share amounts	2019		2018
Revenues	$	28,723	$	31,206
Net income (loss) attributable to common stockholders (a)	$	(769)	$	2,965
Net income (loss) attributable to common stockholders per share—basic	$	(0.95)	$	3.26
Net income (loss) attributable to common stockholders per share—diluted	$	(0.95)	$	3.25

(a)Excluding the pro-forma results of WES, net income (loss) attributable to common stockholders would be $(1.1) billion and $2.8 billion for the year ended December 31, 2019 and 2018, respectively.

Schedule of Merger-Related Costs

The following table summarizes the Acquisition-related costs incurred for the year ended December 31:


millions	2020		2019
Employee severance and related employee cost	$	314	$	1,033
Licensing fees for critical seismic data	—		401
Bank, legal, consulting and other	25		213
Total	$	339	$	1,647

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES


NOTE 11 - 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. Reserves for matters, other than for environmental remediation, that satisfy this criteria as of December 31, 2020 and 2019, 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% 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% 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% economic interest in the block. The merits hearing occurred in September 2020 and an arbitration decision is expected within the next six months.

In August 2019, Sanchez Energy Corporation and certain of its affiliates (Sanchez) filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code. Sanchez is a party to agreements with Anadarko as a result of its 2017 purchase of Anadarko's Eagle Ford Shale assets. Sanchez is attempting to reject some of the agreements related to the purchase of Anadarko’s Eagle Ford Shale assets. If Sanchez is permitted to reject certain of those agreements, then Anadarko may owe deficiency payments to various third parties. Occidental intends to defend vigorously any attempt by Sanchez to reject the agreements. Occidental expects a ruling on Sanchez's purported contract rejection in the first half of 2021.

On May 26, 2020, a putative securities class action captioned City of Sterling Heights General Employees’ Retirement System, et al. v. Occidental Petroleum Corporation, et al., No. 651994/2020 (City of Sterling), was filed in the Supreme Court of the State of New York. The complaint asserts claims under Sections 11, 12 and 15 of the Securities Act of 1933, as amended (the Securities Act), based on alleged misstatements in the Securities Act filings, including the registration statement filed in connection with the Anadarko Acquisition and Occidental’s related issuance of common stock and debt securities offerings that took place in August 2019. The lawsuit was filed against Occidental, certain current and former officers and directors and certain underwriters of the debt securities offerings and seeks damages in an unspecified amount, plus attorneys’ fees and expenses. Two additional putative class actions were filed in the same court (together with City of Sterling, the State Cases) and the State Cases were consolidated into In re Occidental Petroleum Corporation Securities Litigation, No. 651830/2020. Occidental intends to vigorously defend itself in all respects in regard to the State Cases.

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 Sheets. 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 2017 for U.S. federal income tax purposes have been audited by the U.S. 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. 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.

For Anadarko, its taxable years through 2014 and tax year 2016 for U.S. federal and state income tax purposes have been audited by the IRS and respective state taxing authorities. There are outstanding significant audit matters in one foreign jurisdiction. As stated above, during the course of tax audits, disputes have arisen and other disputes may arise as to facts and matters of law. Other than the matter discussed below, Occidental believes that the resolution of these outstanding tax matters would not have a material adverse effect on its consolidated financial position or results of operations.

Anadarko received an $881 million tentative refund in 2016 related to its $5.2 billion Tronox Adversary Proceeding settlement payment in 2015. In September 2018, Anadarko received a statutory notice of deficiency from the IRS disallowing the net operating loss carryback and rejecting Anadarko’s refund claim. As a result, Anadarko filed a petition with the U.S. Tax Court to dispute the disallowances in November 2018. The case was in the IRS appeals process until the second quarter of 2020, however it has since been returned to the U.S. Tax Court where Occidental expects to continue pursuing resolution.

In accordance with ASC 740’s guidance on the accounting for uncertain tax positions, Occidental has recorded no tax benefit on the tentative cash tax refund of $881 million. As a result, should Occidental not ultimately prevail on the issue, there would be no additional tax expense recorded relative to this position for financial statement purposes other than future interest. However, in that event Occidental would be required to repay approximately $925 million ($898 million in federal taxes and $27 million in state taxes) plus accrued interest of approximately $255 million. A liability for this amount plus interest is included in deferred credits and other liabilities-other.

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 December 31, 2020, 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.

PURCHASE OBLIGATIONS AND COMMITMENTS

Occidental, its subsidiaries, or both, have entered into agreements providing for future payments, primarily to secure terminal and pipeline capacity, and also for drilling rigs and services, electrical power, steam and certain chemical raw materials. Occidental has certain other commitments under contracts, guarantees and joint ventures, including purchase commitments for goods and services at market-related prices and certain other contingent liabilities. At December 31, 2020, total purchase obligations were $13.2 billion, which included approximately $2.8 billion in 2021, $4.4 billion in 2022 and 2023, $3.0 billion in 2024 and 2025, and $3.0 billion in 2026 and thereafter.

LEASE COMMITMENTS - OTHER INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Amortization of ROU assets	$ 29	$ 19
Interest on lease liabilities	14	2
Total lease cost	904	953
Short-term lease cost	207	404
Variable lease cost	95	162
Operating cash flows	506	262
Investing cash flows	89	112
Financing cash flows	29	19
Finance lease	358
Failed Sale-Leaseback
Lessee, Lease, Description [Line Items]
Finance lease	300	300
Property, plant and equipment, net
Lessee, Lease, Description [Line Items]
Operating lease costs	197	449
Operating expense and cost of sales
Lessee, Lease, Description [Line Items]
Operating lease costs	557	391
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 107	$ 92

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - FAIR VALUE OF PENSION PLAN ASSETS (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure
Fair value of plan assets, net of net payables	$ 1,196	$ 1,844
Cash and cash equivalents
Defined Benefit Plan Disclosure
Fair value of plan assets	38	42
Government securities
Defined Benefit Plan Disclosure
Fair value of plan assets	65	63
Corporate bonds
Defined Benefit Plan Disclosure
Fair value of plan assets	39	94
Equity securities
Defined Benefit Plan Disclosure
Fair value of plan assets	138	311
Other
Defined Benefit Plan Disclosure
Fair value of plan assets	55	81
Net payables
Defined Benefit Plan Disclosure
Fair value of plan assets	3	3
Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure
Fair value of plan assets	335	591
Level 1
Defined Benefit Plan Disclosure
Fair value of plan assets	241	416
Fair value of plan assets, net of net payables	241	416
Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure
Fair value of plan assets	38	42
Level 1 \| Government securities
Defined Benefit Plan Disclosure
Fair value of plan assets	65	63
Level 1 \| Corporate bonds
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 1 \| Equity securities
Defined Benefit Plan Disclosure
Fair value of plan assets	138	311
Level 1 \| Other
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 2
Defined Benefit Plan Disclosure
Fair value of plan assets	94	175
Fair value of plan assets, net of net payables	94	175
Level 2 \| Cash and cash equivalents
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 2 \| Government securities
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 2 \| Corporate bonds
Defined Benefit Plan Disclosure
Fair value of plan assets	39	94
Level 2 \| Equity securities
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 2 \| Other
Defined Benefit Plan Disclosure
Fair value of plan assets	55	81
Level 3
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Fair value of plan assets, net of net payables	0	0
Level 3 \| Cash and cash equivalents
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 3 \| Government securities
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 3 \| Corporate bonds
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 3 \| Equity securities
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 3 \| Other
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Investments measured at net asset value
Defined Benefit Plan Disclosure
Fair value of plan assets	$ 861	$ 1,253

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Trade receivables, reserves	$ 24	$ 19
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, shares outstanding (in shares)	100,000	100,000
Common stock, per share par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, authorized shares (in shares)	1,500,000,000	1,500,000,000
Common stock, issued shares (in shares)	1,080,564,947	1,044,434,893
Treasury stock, shares (in shares)	149,051,634	150,323,151

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests
Beginning balance at Dec. 31, 2017	$ 20,572	$ 0	$ 179	$ (9,168)	$ 7,884	$ 21,935	$ (258)	$ 0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	4,131					4,131
Other comprehensive income (loss), net of tax	144						144
Dividends on common stock	(2,374)					(2,374)
Issuance of common stock and other, net	162				162
Purchases of treasury stock	(1,305)			(1,305)
Reclassification of stranded tax effects	0					58	(58)
Ending balance at Dec. 31, 2018	21,330	0	179	(10,473)	8,046	23,750	(172)	0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(522)					(667)		145
Other comprehensive income (loss), net of tax	(49)						(49)
Dividends on common stock	(2,585)					(2,585)
Dividends on preferred stock	(318)					(318)
Issuance of common stock and other, net	6,939		30		6,909
Issuance of preferred stock	9,762	9,762
Purchases of treasury stock	(180)			(180)
Fair value of noncontrolling interest acquired	4,895							4,895
Noncontrolling interest distributions, net	(131)							(131)
Change in control WES	(4,909)							(4,909)
Ending balance at Dec. 31, 2019	34,232	9,762	209	(10,653)	14,955	20,180	(221)	0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(14,831)					(14,831)
Other comprehensive income (loss), net of tax	(67)						(67)
Dividends on common stock	(746)					(746)
Dividends on preferred stock	(400)		6		438	(844)
Issuance of warrants on common stock	4				767	(763)
Berkshire Warrants	103				103
Issuance of common stock and other, net	290		1		289
Purchases of treasury stock	(12)			(12)
Ending balance at Dec. 31, 2020	$ 18,573	$ 9,762	$ 216	$ (10,665)	$ 16,552	$ 2,996	$ (288)	$ 0

ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Tables)

12 Months Ended

Dec. 31, 2020

Environmental Remediation Obligations [Abstract]

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


	2020			2019
millions, except number of sites	Number of Sites	Remediation Balance		Number of Sites	Remediation Balance
NPL sites	35	$	447	36	$	463
Third-party sites	69	293		74	311
Occidental-operated sites	17	144		17	154
Closed or non-operated Occidental sites	49	267		50	269
Total	170	$	1,151	177	$	1,197

INVESTMENTS AND RELATED-PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2020

Investments And Related Party Transactions Disclosure [Abstract]

INVESTMENTS AND RELATED-PARTY TRANSACTIONS


NOTE 16 - INVESTMENTS AND RELATED-PARTY TRANSACTIONS

EQUITY INVESTMENTS

As of December 31, 2020, and 2019, investments in unconsolidated entities were $3.3 billion and $6.4 billion, respectively. As of December 31, 2020, Occidental’s significant equity investments primarily consisted of the following:


millions	% Interest		Carrying amount
WES (a)	53.5	%	$	1,930
OxyChem Ingleside Facility	50.0	%	635
Dolphin Energy Limited	24.5	%	290
Other	various		395
Total			$	3,250

(a) During most of 2019, WES was a consolidated variable interest entity. On December 31, 2019, Occidental unconsolidated WES. See Note 1 - Summary of Significant Accounting Policies for more information on the accounting treatment and resulting equity interest. In the first quarter of 2020, Occidental recorded an impairment of $1.2 billion in goodwill related to its ownership in WES and in the third quarter of 2020, recorded an other than temporary impairment of $2.7 billion related to the WES equity method investment. See Note 17 - Fair Value Measurements for more information on the impairments.

As of December 31, 2020 and 2019, Occidental’s significant equity investments consisted of investments in WES, OxyChem Ingleside Facility and Dolphin Energy Limited.

As part of the Acquisition, Occidental acquired equity investments in certain oil and gas properties and gathering and processing assets and assumed an associated notes payable which Occidental has the legal right of setoff and intends to net settle with its ownership interest in the equity investments. The notes payable can be net settled starting in 2022. The carrying value of the investment and note payable were $2.9 billion at December 31, 2020, respectively. Accordingly, the equity investments and the related notes payable are presented net on the Consolidated Balance Sheets.

Dividends received from equity investments were $678 million, $422 million and $329 million to Occidental in 2020, 2019 and 2018, respectively. As of December 31, 2020 and 2019, cumulative undistributed earnings of equity-method investees since they were acquired was $166 million and $40 million, respectively. As of December 31, 2020, Occidental’s investments in equity investees exceeded the underlying equity in net assets by approximately $649 million, of which, $326 million represented property, plant and equipment and equity investments with the remainder comprised of intangibles, both are subject to amortization over their estimated average lives.

The following table presents the summarized financial information of its equity-method investments combined for the years ended and as of December 31:


millions	2020		2019		2018
Summarized Results of Operations (a)
Revenues and other income	$	5,455	$	26,520	$	28,091
Costs and expenses	5,455		24,084		25,029
Net income	$	—	$	2,436	$	3,062

Summarized Balance Sheet
Current assets	$	1,419	$	1,130	$	5,587
Non-current assets	$	18,693	$	21,158	$	25,871
Current liabilities	$	1,549	$	785	$	4,879
Long-term debt	$	7,860	$	8,673	$	12,505
Other non-current liabilities	$	866	$	859	$	95
Stockholders’ equity	$	9,837	$	11,971	$	13,979

(a)The 2019 Summarized Results of Operations include results of Plains for the period beginning January 1, 2019 through the date Occidental’s interest was sold in September 2019. Plains accounted for $24.7 billion of equity-method investment revenues and other income in 2019.

RELATED-PARTY TRANSACTIONS

From time to time, Occidental purchases oil, NGL, power, steam and chemicals from and sells oil, NGL, natural gas, chemicals and power to certain of its equity investees and other related parties. During 2020, 2019 and 2018, Occidental entered into the following related-party transactions and had the following amounts due from or to its related parties for the years ended December 31:


millions	2020		2019		2018
Sales (a,c)	$	301	$	691	$	805
Purchases (b,c)	$	1,112	$	463	$	502
Services (d)	$	1,032	$	28	$	52
Advances and amounts due from related parties	$	54	$	133	$	63
Amounts due to related parties	$	273	$	463	$	46

(a)In 2020, sales of Occidental-produced NGL and marketing fees to WES accounted for 70% of these totals. In 2019 and 2018, sales of Occidental-produced oil and NGL to Plains Pipeline affiliates accounted for 87% and 89% of these totals, respectively. In September 2019, Occidental sold its equity investment in Plains. See Note 4 - Divestitures and Other Transactions for additional information.

(b)In 2020, purchases of gas and NGL marketed on behalf of WES accounted for 59% of related-party purchases. In 2020, 2019 and 2018, purchases of ethylene from the Ingleside ethylene cracker accounted for 41%, 98% and 98% of related-party purchases, respectively.

(c)Excluded sales to and purchases from WES in 2019 as it was a consolidated subsidiary from the date of the Acquisition through December 31, 2019.

(d)In 2020, services primarily relates to fees charged by WES to gather, process and treat Occidental produced oil, NGL and natural gas.

REVENUE (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Schedule of reconciliation of revenue from customers to total net sales

The following table reconciles revenue from customers to total net sales for the years ended December 31:


millions	2020		2019
Revenue from customers	$	17,130	$	19,192
All other revenues (a)	679		1,719
Net sales	$	17,809	$	20,911

(a)Included net marketing derivatives, oil collars and calls and chemical exchange contracts.

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


millions	United States		Middle East		Latin America		Other International		Eliminations		Total
Year ended December 31, 2020
Oil and gas
Oil	$	7,485	$	1,949	$	454	$	—	$	—	$	9,888
NGL	838		217		—		—		—		1,055
Gas	660		313		13		—		—		986
Other	65		1		—		—		—		66
Segment total	$	9,048	$	2,480	$	467	$	—	$	—	$	11,995
Chemical	$	3,524	$	—	$	137	$	65	$	—	$	3,726
Midstream and marketing
Gas processing	$	350	$	294	$	—	$	—	$	—	$	644
Marketing	1,144		—		—		278		—		1,422
Power and other	101		—		—		—		—		101
Segment total	$	1,595	$	294	$	—	$	278	$	—	$	2,167
Eliminations	$	—	$	—	$	—	$	—	$	(758)	$	(758)
Consolidated	$	14,167	$	2,774	$	604	$	343	$	(758)	$	17,130

Year ended December 31, 2019
Oil and gas
Oil	$	8,411	$	3,256	$	683	$	—	$	—	$	12,350
NGL	658		283		—		—		—		941
Gas	424		319		20		—		—		763
Other	(1)		(5)		—		—		—		(6)
Segment total	$	9,492	$	3,853	$	703	$	—	$	—	$	14,048
Chemical	$	3,858	$	—	$	155	$	67	$	—	$	4,080
Midstream and marketing (a)
Gas processing and CO2	$	395	$	351	$	—	$	—	$	—	$	746
Marketing	436		—		—		—		—		436
WES - Gas processing	1,110		—		—		—		—		1,110
Power and other	36		—		—		—		—		36
Segment total	$	1,977	$	351	$	—	$	—	$	—	$	2,328
Eliminations	$	—	$	—	$	—	$	—	$	(1,264)	$	(1,264)
Consolidated	$	15,327	$	4,204	$	858	$	67	$	(1,264)	$	19,192

Transaction price allocated to remaining performance obligations

LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

LEASE COMMITMENTS


NOTE 8 - LEASE COMMITMENTS

Occidental identifies leases through its accounts payable and contract monitoring process. Since the adoption of ASC 842, 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 and amortized on a straight-line basis over the course of the lease term. 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.

Occidental’s operating lease agreements include lease liability for oil and gas exploration and development equipment, including offshore and onshore drilling rigs of $45 million, compressors of $140 million, storage facilities of $253 million, office space $406 million and other field equipment of $57 million, which are recorded gross on the Consolidated Balance Sheet and in the lease cost disclosures below. Contract expiration terms generally range from two to eight years. Further, 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, rail cars, easements, aircraft and real estate of $213 million, which typically are not associated with joint-interest recoveries. Real estate and rail cars leases have contract expiration terms ranging from one to 13 years.

Occidental’s finance lease agreements include leases for oil and gas exploration and development equipment, as well as real estate offices, compressors and field equipment of approximately $358 million. The following table presents lease balances and their location on the Consolidated Balance Sheet at December 31, 2020 and 2019:


millions	Balance sheet location	2020		2019
Assets:
Operating	Operating lease assets	$	1,062	$	1,411
Finance	Property, plant and equipment	365		397
Total lease assets		$	1,427	$	1,808

Liabilities:
Current
Operating	Current operating lease liabilities	$	473	$	579
Finance	Current maturities of long-term debt	42		51
Non-current
Operating	Deferred credits and other liabilities - Operating lease liabilities	641		872
Finance	Long-term debt, net	316		347
Total lease liabilities		$	1,472	$	1,849

At December 31, 2020, Occidental’s leases expire based on the following schedule:


millions	Operating Leases (a)		Finance Leases (b)		Total
2021	$	456	$	44	$	500
2022	182		43		225
2023	108		41		149
2024	87		46		133
2025	71		30		101
Thereafter	385		231		616
Total lease payments	1,289		435		1,724
Less: Interest	(175)		(77)		(252)
Total lease liabilities	$	1,114	$	358	$	1,472

(a)The weighted-average remaining lease term is 6.2 years and the weighted-average discount rate is 4.73%.

(b)The weighted-average remaining lease term is 10.6 years and the weighted-average discount rate is 3.47%.

The following tables present Occidental’s total lease cost and classifications, as well as cash paid for amounts included in the measurement of operating and finance lease liabilities for the years ended December 31:


millions
Lease cost classification (a)	2020		2019
Operating lease costs (b)
Property, plant and equipment, net	$	197	$	449
Operating expense and cost of sales	557		391
Selling, general and administrative expenses	107		92
Finance lease cost
Amortization of ROU assets	29		19
Interest on lease liabilities	14		2
Total lease cost	$	904	$	953

(a)Amounts reflected are gross before joint-interest recoveries.

(b)Included short-term lease cost of $207 million and $404 million and variable lease cost of $95 million and $162 million for the years ended December 31, 2020 and 2019, respectively.



millions	2020		2019
Operating cash flows	$	506	$	262
Investing cash flows	$	89	$	112
Financing cash flows (a)	$	29	$	19

(a)Excludes cash received of approximately $300 million associated with a failed sale-leaseback in 2019, see Note 4 - Divestitures and Other Tra nsactions.

LEASE COMMITMENTS


NOTE 8 - LEASE COMMITMENTS


millions	Balance sheet location	2020		2019
Assets:
Operating	Operating lease assets	$	1,062	$	1,411
Finance	Property, plant and equipment	365		397
Total lease assets		$	1,427	$	1,808

Liabilities:
Current
Operating	Current operating lease liabilities	$	473	$	579
Finance	Current maturities of long-term debt	42		51
Non-current
Operating	Deferred credits and other liabilities - Operating lease liabilities	641		872
Finance	Long-term debt, net	316		347
Total lease liabilities		$	1,472	$	1,849

At December 31, 2020, Occidental’s leases expire based on the following schedule:


millions	Operating Leases (a)		Finance Leases (b)		Total
2021	$	456	$	44	$	500
2022	182		43		225
2023	108		41		149
2024	87		46		133
2025	71		30		101
Thereafter	385		231		616
Total lease payments	1,289		435		1,724
Less: Interest	(175)		(77)		(252)
Total lease liabilities	$	1,114	$	358	$	1,472

(a)The weighted-average remaining lease term is 6.2 years and the weighted-average discount rate is 4.73%.

(b)The weighted-average remaining lease term is 10.6 years and the weighted-average discount rate is 3.47%.


millions
Lease cost classification (a)	2020		2019
Operating lease costs (b)
Property, plant and equipment, net	$	197	$	449
Operating expense and cost of sales	557		391
Selling, general and administrative expenses	107		92
Finance lease cost
Amortization of ROU assets	29		19
Interest on lease liabilities	14		2
Total lease cost	$	904	$	953

(a)Amounts reflected are gross before joint-interest recoveries.

(b)Included short-term lease cost of $207 million and $404 million and variable lease cost of $95 million and $162 million for the years ended December 31, 2020 and 2019, respectively.



millions	2020		2019
Operating cash flows	$	506	$	262
Investing cash flows	$	89	$	112
Financing cash flows (a)	$	29	$	19

(a)Excludes cash received of approximately $300 million associated with a failed sale-leaseback in 2019, see Note 4 - Divestitures and Other Tra nsactions.

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS


NOTE 17 - FAIR VALUE MEASUREMENTS

FAIR VALUES – RECURRING

In January 2012, Occidental entered into a long-term contract to purchase CO2. This contract contains a price adjustment clause that is linked to changes in NYMEX oil prices. Occidental determined that the portion of this contract linked to NYMEX oil prices is not clearly and closely related to the host contract, and Occidental therefore bifurcated this embedded pricing feature from its host contract and accounts for it at fair value in the consolidated financial statements.

The following tables provide fair value measurement information for assets and liabilities that are measured on a recurring basis:


millions	Fair Value Measurements Using						Netting and Collateral		Total Fair Value
Embedded derivatives	Level 1		Level 2		Level 3
December 31, 2020
Accrued liabilities	$	—	$	64	$	—	$	—	$	64

December 31, 2019
Accrued liabilities	$	—	$	40	$	—	$	—	$	40
Deferred credits and other liabilities - other	$	—	$	49	$	—	$	—	$	49

FAIR VALUES – NONRECURRING

The table below summarizes the significant impairments and other charges incurred to measure assets to their fair value on a nonrecurring basis throughout the year ended December 31, 2020:


millions	Total Fair Value
Asset impairments and other charges
Goodwill	$	1,153
Oil and gas properties - proved	$	2,436
Oil and gas properties - unproved	$	4,591
Oil and gas properties - discontinued operations	$	2,191
WES equity investment	$	2,673

GOODWILL

As of December 31, 2019, Occidental had $1.2 billion of goodwill related to its ownership in WES, which was included in long-term receivables and other assets, net. Significant declines in the market value of WES’ publicly traded units resulted in management’s determination that, more likely than not, the fair value of the reporting unit was significantly less than its carrying value and the remaining $1.2 billion in goodwill was fully impaired in the first quarter of 2020. The market value of WES’ publicly traded units is considered a Level 1 input.

OIL AND GAS PROPERTIES

In the second quarter 2020, as a result of the expected prolonged period of lower commodity prices brought on by the COVID-19 pandemic’s impact on oil demand, Occidental tested substantially all of its oil and gas assets for impairment. Occidental recognized total pre-tax impairments to its oil and gas proved and unproved properties of $8.6 billion, of which $6.4 billion is included in oil and gas segment results and $2.2 billion ($1.4 billion net of tax) related to Ghana is included in discontinued operations.

In the second quarter 2020, Occidental recorded proved property pre-tax impairments of $1.2 billion primarily related to certain assets for its domestic onshore and Gulf of Mexico assets and $0.9 billion to adjust the Algeria oil and gas proved properties to their fair value. The fair value of the proved properties was measured based on the income approach.

Unproved property pre-tax impairments of $4.3 billion were primarily related to domestic onshore unproved acreage. The fair value of this acreage was measured based on a market approach using an implied acreage valuation derived from domestic onshore market participants excluding the fair value assigned to proved properties.

Income approaches are considered Level 3 fair value estimates and include significant assumptions of future production and timing of production, commodity price assumptions and operating and capital cost estimates, discounted using a 10 percent weighted average cost of capital. Taxes were based on current statutory rates. Future production and timing of production is based on internal reserves estimates and internal economic models for a specific oil and gas asset. Internal reserve estimates consist of proved reserves and unproved reserves, the latter adjusted for uncertainty based on reserve category. Price assumptions were based on a combination of market information and published industry resources adjusted for historical differentials. Price assumptions ranged from approximately $40 per barrel of oil in 2020 increasing to approximately $70 per barrel of oil in 2034, with an unweighted arithmetic average price of $59.17 and $62.42 for WTI and Brent indexed assets for the 15 year period, respectively. Natural gas prices ranged from approximately $2.00 per Mcf in 2020 to approximately $3.60 per Mcf in 2034, with an unweighted arithmetic average price of $3.13 for NYMEX based assets for the 15 year period. Both oil and natural gas commodity prices were held flat after 2034 and were adjusted for location and quality differentials. Operating and capital cost estimates were based on current observable costs and were

further escalated 1 percent in every period where commodity prices exceeded $50 per barrel and 2 percent in every period where commodity prices exceeded $60 per barrel. The weighted average cost of capital is calculated based on industry peers and best approximates the cost of capital an external market participant would expect to obtain.

In the first quarter 2020, Occidental's oil and gas segment recognized pre-tax impairment and related charges of $581 million primarily related to both proved and unproved oil and gas properties and a lower of cost or net realizable value adjustment for crude inventory. Occidental recorded proved property impairments of $293 million related to certain international assets and the Gulf of Mexico. Occidental recorded unproved property impairments, of approximately $241 million, primarily related to domestic onshore undeveloped leases and offshore Gulf of Mexico where Occidental no longer intends to pursue exploration, appraisal or development activities primarily due to the reduction in near-term capital plans.

If there is a further worsening of the macroeconomic conditions and if such worsened conditions are expected to be prolonged, Occidental’s oil and gas properties may be subject to further testing for impairment, which could result in additional non-cash asset impairments. Such impairments could be material to our financial statements.

WES EQUITY INVESTMENT

At the end of the third quarter 2020, Occidental recorded an other-than-temporary impairment of $2.7 billion, as the fair value of Occidental’s investment in WES has remained significantly lower than its book value for the majority of the nine months ended September 30, 2020. Occidental concluded that the difference between the fair value and book value of WES was not temporary, primarily given both the magnitude and the duration that the fair value was below its book value. This other-than-temporary impairment was calculated based on the closing market price of WES as of September 30, 2020. The market value of WES’ publicly traded common units is considered a Level 1 input.

2019

During 2019, Occidental measured assets and liabilities at acquisition-date fair value on a nonrecurring basis related to the Acquisition. See Note 3 - The Acquisition for more detail.

In 2019, Occidental recorded a $1 billion charge as a result of recording Occidental’s equity investment in WES at fair value upon loss of control, see Note 1 - Summary of Significant A ccounting Policies. Additionally, Occidental’s oil and gas segment recognized pre-tax impairment and related charges of $285 million related to domestic undeveloped leases that were set to expire in the near-term, where Occidental had no plans to pursue exploration activities, and $39 million related to Occidental’s mutually agreed early termination of its Qatar ISSD contract.

2018

During 2018, Occidental recognized pre-tax impairment and related charges of $416 million primarily related to Qatar ISND and ISSD 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.

FINANCIAL INSTRUMENTS FAIR VALUE

The carrying amounts of cash, cash equivalents, restricted cash, restricted cash equivalents and other on-balance sheet financial instruments, other than fixed-rate debt, approximate fair value. See Note 7 - Long-term Debt for the fair value of Long-term debt.

- 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

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

LONG-TERM DEBT


NOTE 7 - LONG-TERM DEBT

At December 31, 2020 and 2019, Occidental’s long-term debt consisted of the following:


millions	2020		2019
4.850% senior notes due 2021	$	147	$	677
2.600% senior notes due 2021	224		1,500
4.100% senior note due 2021	—		1,249
Variable rate bonds due 2021 (1.193% and 2.854% as of December 31, 2020 and 2019, respectively)	27		500
Variable rate bonds due 2021 (3.151% as of December 31, 2019)	—		500
2-year variable rate Term Loan due 2021 (3.111% as of December 31, 2019)	—		1,956
2.700% senior notes due 2022	629		2,000
3.125% senior notes due 2022	276		814
2.600% senior notes due 2022	101		400
Variable rate bonds due 2022 (1.730% and 3.360% as of December 31, 2020 and 2019, respectively)	1,052		1,500
2.700% senior notes due 2023	927		1,191
8.750% medium-term notes due 2023	22		22
2.900% senior notes due 2024	3,000		3,000
6.950% senior notes due 2024	650		650
3.450% senior notes due 2024	248		248
8.000% senior notes due 2025	500		—
5.875% senior notes due 2025	900		—
3.500% senior notes due 2025	750		750
5.500% senior notes due 2025	750		—
5.550% senior notes due 2026	1,100		1,100
3.200% senior notes due 2026	1,000		1,000
3.400% senior notes due 2026	1,150		1,150
7.500% debentures due 2026	112		112
8.500% senior notes due 2027	500		—
3.000% senior notes due 2027	750		750
7.125% debentures due 2027	150		150
7.000% debentures due 2027	48		48
6.625% debentures due 2028	14		14


7.150% debentures due 2028	235		235
7.200% senior debentures due 2028	82		82
6.375% senior notes due 2028	600		—
7.200% debentures due 2029	135		135
7.950% debentures due 2029	116		116
8.450% senior debentures due 2029	116		116
3.500% senior notes due 2029	1,500		1,500
Variable rate bonds due 2030 (4.210% and 1.705% as of December 31, 2020 and 2019, respectively)	68		68
8.875% senior notes due 2030	1,000		—
6.625% senior notes due 2030	1,500		—
6.125% senior notes due 2031	1,250		—
7.500% senior notes due 2031	900		900
7.875% senior notes due 2031	500		500
6.450% senior notes due 2036	1,750		1,750
Zero Coupon senior notes due 2036	2,269		2,271
6.500% note payable to WES due 2038	—		260
4.300% senior notes due 2039	750		750
7.950% senior notes due 2039	325		325
6.200% senior notes due 2040	750		750
4.500% senior notes due 2044	625		625
4.625% senior notes due 2045	750		750
6.600% senior notes due 2046	1,100		1,100
4.400% senior notes due 2046	1,200		1,200
4.100% senior notes due 2047	750		750
4.200% senior notes due 2048	1,000		1,000
4.400% senior notes due 2049	750		750
7.730% debentures due 2096	60		60
7.500% debentures due 2096	78		78
7.250% debentures due 2096	49		49
Total borrowings at face value	$	35,235	$	37,401
Adjustments to book value:
Unamortized premium, net	748		914
Debt issuance costs	(156)		(125)
Long-term finance leases	316		347
Current finance leases	42		51
Total debt and finance leases	$	36,185	$	38,588
Less current maturities of financing leases	(42)		(51)
Less current maturities of long-term debt	(398)		—
Long-term Debt, net	$	35,745	$	38,537

DEBT MATURITIES

At December 31, 2020, future principal payments on long-term debt aggregated approximately $35.2 billion, of which, $398 million is due in 2021, $2.1 billion is due in 2022, $0.9 billion is due in 2023, $3.9 billion is due in 2024, and $27.9 billion is due in 2025 and thereafter.

DEBT ISSUED, REPAID AND EXCHANGED - 2020

The following table summarizes Occidental’s debt issuances, repurchases, repayments and exchanges for the twelve months ended December 31, 2020:


millions	Borrowings at face value
Total borrowings at face value as of December 31, 2019	$	37,401
Issuance of July 2020 notes:
8.000% senior notes due 2025	500
8.500% senior notes due 2027	500
8.875% senior notes due 2030	1,000
July tender and purchase:
4.100% senior notes due February 2021	(943)
Variable rate bonds due February 2021	(473)
4.850% senior notes due March 2021	(530)
2.600% senior notes due August 2021	(51)
Issuance of August 2020 notes:
5.875% senior notes due 2025	900
6.375% senior notes due 2028	600
6.625% senior notes due 2030	1,500
August and September tender and purchase:
4.100% senior notes due February 2021	(139)
Variable rate bonds due August 2021	(123)
2.600% senior notes due August 2021	(1,099)
Variable rate bonds due August 2022	(448)
2.600% senior notes due April 2022	(171)
2.700% senior notes due August 2022	(102)
2.700% senior notes due February 2023	(52)
August WES exchange:
6.500% note payable to WES due 2038	(260)
September Term Loan repayment:
2-year variable rate term loan due 2021	(500)
October Term Loan and note repayment:
2-year variable rate bonds due August 2021	(377)
0.00% senior notes due October 2036	(2)
2-year variable rate term loan due September 2021	(1,010)
November Term Loan repayment:
2-year variable rate term loan due September 2021	(232)
Issuance of December 2020 notes:
5.500% senior notes due 2025	750
6.125% senior notes due 2031	1,250
December tender and purchase:
2.600% senior notes due August 2021	(126)
3.125% senior notes due February 2022	(538)
2.600% senior notes due April 2022	(128)
2.700% senior notes due August 2022	(1,269)
2.700% senior notes due February 2023	(212)
December Term Loan and note repayment:
2-year variable rate term loan due September 2021	(214)
4.100% senior notes due February 2021	(167)
Total borrowings at face value as of December 31, 2020	$	35,235

In July, August, and December, 2020, Occidental issued $7.0 billion in senior unsecured notes, in aggregate, with maturities ranging from 2025 to 2031 and used the net proceeds to tender $3.5 billion of 2021, $2.7 billion of 2022 and $264 million of 2023 maturities. In addition, Occidental used proceeds from the sale of mineral and surface acres located in Wyoming, Colorado and Utah; the Colombian asset sale and proceeds from other divestitures and cash on hand to repay $2.5 billion of 2021 and $2 million of 2036 maturities.

In August 2020, Occidental exchanged approximately 27.9 million WES common units to retire a $260 million note payable to WES, resulting in a net loss of $46 million, which includes a $76 million gain on debt extinguished associated with an unamortized premium on the note payable to WES. This net loss on exchange has been presented in (losses) gains on sale of assets, net in the Consolidated Statement of Operations.

Interest on the notes issued in July 2020 will be paid semi-annually on July 15 and January 15 of each year, commencing on January 15, 2021. Interest on the notes issued in August 2020 will be paid semi-annually on September 1 and March 1 of each year, commencing on March 1, 2021. Interest on the December 2025 notes issued in December 2020 will be paid semi-annually on June 1 and December 1 of each year, commencing on June 1, 2021. Interest on the January 2031 notes issued in December 2020 will be paid semi-annually on July 1 and January 1 of each year, commencing on July 1, 2021.

REVOLVING CREDIT FACILITY

In March 2020, Occidental amended the sole financial covenant in its RCF by revising the definition of “Total Capitalization” to exclude any non-cash write downs, impairments and related charges occurring after September 30, 2019.

On June 30, 2019, Occidental entered into an amendment to its existing $3.0 billion RCF pursuant to which, among other things, the commitments under the RCF were increased to $5.0 billion at the closing of the Acquisition. Borrowings under the RCF bear interest at various benchmark rates, including LIBOR, plus a margin based on Occidental’s senior debt ratings. The facility has similar terms to other debt agreements and does not contain material adverse change clauses or debt ratings triggers that could restrict Occidental’s ability to borrow, or that would permit lenders to terminate their commitments or accelerate debt repayment. The facility provides for the termination of loan commitments and requires immediate repayment of any outstanding amounts if certain events of default occur. Occidental has not drawn down any amounts under the RCF. In 2020, Occidental paid average annual facility fees of 0.275% on the total commitment amount.

ZERO COUPON NOTES DUE 2036

The Zero Coupons have an aggregate principal amount due at maturity of approximately $2.3 billion, reflecting an accretion rate of 5.24%. The Zero Coupons can be put to Occidental in October of each year, in whole or in part, for the then-accreted value of the outstanding Zero Coupons. The Zero Coupons can next be put to Occidental in October 2021, which, if put in whole, would be $1.0 billion at such date. Occidental has the ability and intent to refinance these obligations under the RCF or other committed facilities.

DEBT GUARANTEES

As of December 31, 2020, and 2019, Occidental had provided limited recourse guarantees of approximately $242 million, primarily related to Dolphin Energy Limited’s debt, which are limited to certain political and other events.

FAIR VALUE OF DEBT

Occidental estimates the fair value of fixed-rate debt based on the quoted market prices for those instruments or on quoted market yields for similarly rated debt instruments, taking into account such instruments’ maturities. The estimated fair values of Occidental’s debt at December 31, 2020, and 2019, substantially all of which were classified as Level 1, were approximately $33.8 billion and $38.8 billion, respectively. Occidental’s exposure to changes in interest rates relates primarily to its variable-rate, long-term debt obligations, and is not material. As of December 31, 2020, and 2019, variable-rate debt constituted approximately 3% and 12% of Occidental’s total debt, respectively.

DEBT RATINGS

In connection with the Senior Notes Offerings, Occidental's long-term debt credit ratings were reviewed by the three major rating agencies. As of December 31, 2020, Occidental’s long-term debt was rated BB by Fitch Ratings, Ba2 by Moody’s Investors Service and BB- by Standard and Poor’s. Any additional downgrade in credit ratings could impact Occidental's ability to access capital markets and increase its cost of capital. In addition, given that Occidental’s current debt ratings are non-investment grade, Occidental may be requested, and in some cases required, to provide collateral in the form of cash, letters of credit, surety bonds or other acceptable support as financial assurance of its performance and payment obligations under certain contractual arrangements such as pipeline transportation contracts, environmental remediation obligations, oil and gas purchase contracts and certain derivative instruments.

As of the date of this filing, Occidental has provided required financial assurances through a combination of cash, letters of credit and surety bonds and has not issued any letters of credit under the RCF or other committed facilities. For additional information, see Risk Factors in Part I, Item IA of this Form 10-K.

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY


NOTE 13 - STOCKHOLDERS’ EQUITY

The following is a summary of common stock issuances:


Shares in thousands						Common Stock
Balance, December 31, 2017						893,469
Issued						1,628
Options exercised and other, net						19
Balance, December 31, 2018						895,116
Issued						3,188
Issued as part of the Acquisition (a)						146,131
Balance, December 31, 2019						1,044,435
Issued						36,130
Options exercised and other, net						—
Balance, December 31, 2020						1,080,565

(a)Included approximately 2 million shares of common stock issued to a benefits trust for former Anadarko employees treated as treasury stock at December 31, 2019. These shares were sold from the trust in the first quarter of 2020.

TREASURY STOCK

The total number of shares authorized for Occidental’s share repurchase program is 185 million shares of which 44.2 million may yet be purchased under the repurchase program. However, the program does not obligate Occidental to acquire any specific number of shares and may be discontinued at any time. In 2020, no shares were purchased under the program. In 2019, 2.7 million shares were purchased at an average price of $66.94. In 2018, 16.9 million shares were purchased at an average price of $74.92. Additionally, Occidental purchased shares from the trustee of its defined contribution savings plan in 2020 and 2018. As of December 31, 2020, 2019 and 2018, treasury stock shares numbered 149.1 million, 150.3 million and 145.7 million, respectively.

PREFERRED STOCK

In connection with the Acquisition, Occidental issued 100,000 shares of series A preferred stock (the Preferred Stock), having a face value of $100,000 per share and a liquidation preference of $105,000 per share plus unpaid accrued dividends. In connection with the preferred stock issuance, Occidental also issued the Warrant. The holder of the Warrant and the Preferred Stock may redeem the Preferred Stock as payment for the exercise price of the Warrant in lieu of cash payment upon exercise. The Preferred Stock is redeemable at Occidental’s option after the 10th anniversary of issuance. Dividends on the Preferred Stock will accrue on the face value at a rate per annum of 8%, but will be paid only when, as and if declared by Occidental’s Board of Directors. At any time, when such dividends have not been paid in full, the unpaid amounts will accrue dividends, compounded quarterly, at a rate per annum of 9%. Following the payment in full of any accrued but unpaid dividends, the dividend rate will remain at 9% per annum.

If preferred dividends are not paid in full, Occidental is prohibited from paying dividends on common stock. In March and June 2020, the Board of Directors elected to declare its quarterly dividend on the Preferred Stock in shares of common stock. In accordance with the Certificate of Designations, the number of shares issued was calculated based on 90 percent of the average of the volume weighted average price over each of the 10 consecutive trading days following the dividend declaration date. In April and July 2020, Occidental issued approximately 17.3 million and 11.6 million shares, respectively, of common stock to the holders of the Preferred Stock. In October 2020 and January 2021, Occidental paid $200 million cash in Preferred Stock dividends for the Q3 and Q4 dividends, respectively.

At December 31, 2020 and 2019, Occidental had 100,000 shares of preferred stock issued and outstanding, and none were outstanding in 2018.

COMMON STOCK WARRANTS

On June 26, 2020, the Board of Directors declared a distribution of warrants to holders of Occidental common stock, at a rate of 0.125 warrants per share of Occidental common stock (the Common Stock Warrants). Occidental issued approximately 116 million Common Stock Warrants on August 3, 2020 to holders of record of outstanding shares of Occidental’s common stock as of the close of business on July 6, 2020, and pursuant to Occidental’s outstanding equity-based incentive awards in connection with anti-dilution adjustments resulting from such distribution. The Common Stock Warrants have an exercise price of $22.00 per share and will expire on August 3, 2027. The Common Stock Warrants are listed on the New York Stock Exchange and trade under the symbol "OXY WS".

The Common Stock Warrants were measured at fair value on the declaration date using the Black-Scholes option model and were classified as equity in "Additional paid-in capital". The following level 2 inputs were used in the Black-Scholes option model: the expected life of the Common Stock Warrants, a volatility factor and the exercise price. The expected life is based on the estimated term of the Common Stock Warrants, the volatility factor is based on historical volatilities of Occidental common stock and the exercise of $22.00 per share of Occidental common stock. As of the declaration date, the fair value of the Common Stock Warrants was determined to be $767 million.

EARNINGS PER SHARE

The following table presents the calculation of basic and diluted earnings per share for the years ended December 31:


millions except per share amounts	2020		2019		2018
Income (loss) from continuing operations	$	(13,533)	$	(507)	$	4,131
Loss from discontinued operations	(1,298)		(15)		—
Net income (loss)	$	(14,831)	$	(522)	$	4,131
Less: Net income attributable to noncontrolling interest	—		(145)		—
Less: Preferred stock dividends	(844)		(318)		—
Net income (loss) attributable to common stock	$	(15,675)	$	(985)	$	4,131
Less: Net income allocated to participating securities	—		—		(17)
Net income (loss), net of participating securities	$	(15,675)	$	(985)	$	4,114
Weighted-average number of basic shares	918.7		809.5		761.7
Basic earnings (loss) per common share	$	(17.06)	$	(1.22)	$	5.40
Net income (loss), net of participating securities	$	(15,675)	$	(985)	$	4,114
Weighted-average number of basic shares	918.7		809.5		761.7
Dilutive securities	—		—		1.6
Total diluted weighted-average common shares	918.7		809.5		763.3
Diluted earnings (loss) per common share	$	(17.06)	$	(1.22)	$	5.39

ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss consisted of the following after-tax amounts at December 31:


millions	2020		2019
Foreign currency translation adjustments	$	(6)	$	(7)
Losses on derivatives	(119)		(122)
Pension and postretirement adjustments (a)	(163)		(92)
Total	$	(288)	$	(221)

(a)See Note 15 - Retirement and Postretirement Benefit Plans for further information.

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUES AND OTHER INCOME
Net sales	$ 17,809	$ 20,911	$ 17,824
Interest, dividends and other income	118	217	136
Gains (losses) on sale of assets, net	(1,666)	622	974
Total	16,261	21,750	18,934
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense	3,065	3,282	2,761
Transportation and gathering expense	1,600	635	152
Chemical and midstream cost of sales	2,408	2,791	2,833
Purchased commodities	1,395	1,679	822
Selling, general and administrative	864	893	585
Other operating and non-operating expense	884	1,421	1,028
Depreciation, depletion and amortization	8,097	6,140	3,977
Asset impairments and other charges	11,083	1,361	561
Taxes other than on income	622	840	439
Anadarko Acquisition-related costs	339	1,647	0
Exploration expense	132	247	110
Interest and debt expense, net	1,424	1,066	389
Total	31,913	22,002	13,657
Income (loss) before income taxes and other items	(15,652)	(252)	5,277
OTHER ITEMS
Gains (losses) on interest rate swaps and warrants, net	(423)	233	0
Income from equity investments	370	373	331
Total	(53)	606	331
Income (loss) from continuing operations before income taxes	(15,705)	354	5,608
Income tax benefit (expense)	2,172	(861)	(1,477)
Income (loss) from continuing operations	(13,533)	(507)	4,131
Loss from discontinued operations, net of tax	(1,298)	(15)	0
NET (LOSS) INCOME	(14,831)	(522)	4,131
Less: Net loss attributable to noncontrolling interest	0	(145)	0
Less: Preferred stock dividends	(844)	(318)	0
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (15,675)	$ (985)	$ 4,131
PER COMMON SHARE, BASIC
Income (loss) from continuing operations—basic (in dollars per share)	$ (15.65)	$ (1.20)	$ 5.40
Loss from discontinued operations—basic (in dollars per share)	(1.41)	(0.02)	0
Net income (loss) attributable to common stockholders—basic (in dollars per share)	(17.06)	(1.22)	5.40
PER COMMON SHARE, DILUTED
Income (loss) from continuing operations—diluted (in dollars per share)	(15.65)	(1.20)	5.39
Loss from discontinued operations—diluted (in dollars per share)	(1.41)	(0.02)	0
Net income (loss) attributable to common stockholders—diluted (in dollars per share)	$ (17.06)	$ (1.22)	$ 5.39

THE ACQUISITION - SCHEDULE OF PURCHASE CONSIDERATION PAID (Details) - Anadarko Petroleum Corporation $ / shares in Units, $ in Millions	Aug. 08, 2019 USD ($) $ / shares shares
Business Acquisition [Line Items]
Total shares of Anadarko common stock eligible for acquisition consideration (in shares) \| shares	491,600,000
Cash consideration (per share of common stock and shares underlying Anadarko stock-based awards eligible for acquisition consideration) (in dollars per share) \| $ / shares	$ 59.00
Cash portion of Acquisition consideration \| $	$ 29,002
Total shares of Anadarko common stock and shares underlying Anadarko stock-based awards eligible for acquisition consideration (in shares) \| shares	491,600,000
Exchange ratio (per share of Anadarko common stock) \| shares	0.2934
Total shares of Occidental common stock issued to Anadarko stockholders (in shares) \| shares	144,000,000
Average share price of Occidental common stock at August 8, 2019 (usd per share) \| $ / shares	$ 46.31
Stock portion of Acquisition consideration \| $	$ 6,679
Acquisition consideration attributable to Anadarko stock-based awards \| $	23
Total Acquisition consideration \| $	$ 35,704

LEASE COMMITMENTS - LEASE ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets:
Operating lease assets	$ 1,062	$ 1,411
Finance lease assets	365	397
Total lease assets	1,427	1,808
Assets and Liabilities, Lessee [Abstract]
Current operating lease liabilities	473	579
Current finance lease liabilities	42	51
Non-current operating lease liabilities	641	872
Non-current finance lease liabilities	316	347
Total lease liabilities	$ 1,472	$ 1,849
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:DebtCurrent	us-gaap:DebtCurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtNoncurrent	us-gaap:LongTermDebtNoncurrent

LONG-TERM DEBT - SCHEDULE (Details) - USD ($) $ in Millions	12 Months Ended
LONG-TERM DEBT - SCHEDULE (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt, gross	$ 35,200
Long-term finance leases	316	$ 347
Current finance leases	42	51
Total debt and finance leases	36,185	38,588
Less current maturities of financing leases	(42)	(51)
Less current maturities of long-term debt	(398)	0
Long-term debt, net	35,745	38,537
Occidental
Debt Instrument [Line Items]
Long-term debt, gross	35,235	37,401
Unamortized discount, net	748	914
Debt issuance costs	(156)	(125)
Long-term finance leases	316	347
Long-term debt, net	$ 35,745	$ 38,537
4.850% senior notes due 2021 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.85%	4.85%
Long-term debt, gross	$ 147	$ 677
2.600% senior notes due 2021 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.60%	2.60%
Long-term debt, gross	$ 224	$ 1,500
4.100% senior note due 2021 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.10%	4.10%
Long-term debt, gross	$ 0	$ 1,249
Variable rate bonds due 2021 \| Variable rate bonds \| Occidental
Debt Instrument [Line Items]
Debt instrument, variable rate	1.193%	2.854%
Long-term debt, gross	$ 27	$ 500
Variable rate bonds due 2021, 3.151% \| Variable rate bonds \| Occidental
Debt Instrument [Line Items]
Debt instrument, variable rate	3.151%	3.151%
Long-term debt, gross	$ 0	$ 500
2-year variable rate Term Loan due 2021, 3.111% \| Secured Debt \| Occidental
Debt Instrument [Line Items]
Debt instrument, variable rate	3.111%	3.111%
Debt instrument, term	2 years	2 years
Long-term debt, gross	$ 0	$ 1,956
2.700% senior notes due 2022 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.70%	2.70%
Long-term debt, gross	$ 629	$ 2,000
3.125% senior notes due 2022 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	3.125%	3.125%
Long-term debt, gross	$ 276	$ 814
2.600% senior notes due 2022 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.60%	2.60%
Long-term debt, gross	$ 101	$ 400
Variable rate bonds due 2022 \| Variable rate bonds \| Occidental
Debt Instrument [Line Items]
Debt instrument, variable rate	1.73%	3.36%
Long-term debt, gross	$ 1,052	$ 1,500
2.700% senior notes due 2023 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.70%	2.70%
Long-term debt, gross	$ 927	$ 1,191
8.750% medium-term notes due 2023 \| Medium-term notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	8.75%	8.75%
Long-term debt, gross	$ 22	$ 22
2.900% senior notes due 2024 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.90%	2.90%
Long-term debt, gross	$ 3,000	$ 3,000
6.950% senior notes due 2024 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	6.95%	6.95%
Long-term debt, gross	$ 650	$ 650
3.450% senior notes due 2024 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	3.45%	3.45%
Long-term debt, gross	$ 248	$ 248
8.000% senior notes due 2025 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	8.00%	8.00%
Long-term debt, gross	$ 500	$ 0
5.875% senior notes due 2025 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	5.875%	5.875%
Long-term debt, gross	$ 900	$ 0
3.500% senior notes due 2025 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	3.50%	3.50%
Long-term debt, gross	$ 750	$ 750
5.500% senior notes due 2025 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	5.50%	5.50%
Long-term debt, gross	$ 750	$ 0
5.550% senior notes due 2026 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	5.55%	5.55%
Long-term debt, gross	$ 1,100	$ 1,100
3.200% senior notes due 2026 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	3.20%	3.20%
Long-term debt, gross	$ 1,000	$ 1,000
3.400% senior notes due 2026 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	3.40%	3.40%
Long-term debt, gross	$ 1,150	$ 1,150
7.500% debentures due 2026 \| Debentures \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	7.50%	7.50%
Long-term debt, gross	$ 112	$ 112
8.500% senior notes due 2027 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	8.50%	8.50%
Long-term debt, gross	$ 500	$ 0
3.000% senior notes due 2027 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	3.00%	3.00%
Long-term debt, gross	$ 750	$ 750
7.125% debentures due 2027 \| Debentures \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	7.125%	7.125%
Long-term debt, gross	$ 150	$ 150
7.000% debentures due 2027 \| Debentures \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	7.00%	7.00%
Long-term debt, gross	$ 48	$ 48
6.625% debentures due 2028 \| Debentures \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	6.625%	6.625%
Long-term debt, gross	$ 14	$ 14
7.150% debentures due 2028 \| Debentures \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	7.15%	7.15%
Long-term debt, gross	$ 235	$ 235
7.200% senior debentures due 2028 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	7.20%	7.20%
Long-term debt, gross	$ 82	$ 82
6.375% senior notes due 2028 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	6.375%	6.375%
Long-term debt, gross	$ 600	$ 0
7.200% debentures due 2029 \| Debentures \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	7.20%	7.20%
Long-term debt, gross	$ 135	$ 135
7.950% debentures due 2029 \| Debentures \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	7.95%	7.95%
Long-term debt, gross	$ 116	$ 116
8.450% senior debentures due 2029 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	8.45%	8.45%
Long-term debt, gross	$ 116	$ 116
3.500% senior notes due 2029 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	3.50%	3.50%
Long-term debt, gross	$ 1,500	$ 1,500
Variable rate bonds due 2030 \| Variable rate bonds \| Occidental
Debt Instrument [Line Items]
Debt instrument, variable rate	4.21%	1.705%
Long-term debt, gross	$ 68	$ 68
8.875% senior notes due 2030 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	8.875%	8.875%
Long-term debt, gross	$ 1,000	$ 0
6.625% senior notes due 2030 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	6.625%	6.625%
Long-term debt, gross	$ 1,500	$ 0
6.125% senior notes due 2031 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	6.125%	6.125%
Long-term debt, gross	$ 1,250	$ 0
7.500% senior notes due 2031 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	7.50%	7.50%
Long-term debt, gross	$ 900	$ 900
7.875% senior notes due 2031 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	7.875%	7.875%
Long-term debt, gross	$ 500	$ 500
6.450% senior notes due 2036 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	6.45%	6.45%
Long-term debt, gross	$ 1,750	$ 1,750
Zero Coupon senior notes due 2036 \| Senior notes
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	5.24%
Zero Coupon senior notes due 2036 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,269	$ 2,271
6.500% note payable to WES due 2038 \| Note payable \| WES
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	6.50%	6.50%
Long-term debt, gross	$ 0	$ 260
4.300% senior notes due 2039 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.30%	4.30%
Long-term debt, gross	$ 750	$ 750
7.950% senior notes due 2039 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	7.95%	7.95%
Long-term debt, gross	$ 325	$ 325
6.200% senior notes due 2040 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	6.20%	6.20%
Long-term debt, gross	$ 750	$ 750
4.500% senior notes due 2044 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.50%	4.50%
Long-term debt, gross	$ 625	$ 625
4.625% senior notes due 2045 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.625%	4.625%
Long-term debt, gross	$ 750	$ 750
6.600% senior notes due 2046 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	6.60%	6.60%
Long-term debt, gross	$ 1,100	$ 1,100
4.400% senior notes due 2046 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.40%	4.40%
Long-term debt, gross	$ 1,200	$ 1,200
4.100% senior notes due 2047 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.10%	4.10%
Long-term debt, gross	$ 750	$ 750
4.200% senior notes due 2048 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.20%	4.20%
Long-term debt, gross	$ 1,000	$ 1,000
4.400% senior notes due 2049 \| Senior notes \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.40%	4.40%
Long-term debt, gross	$ 750	$ 750
7.730% debentures due 2096 \| Debentures \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	7.73%	7.73%
Long-term debt, gross	$ 60	$ 60
7.500% debentures due 2096 \| Debentures \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	7.50%	7.50%
Long-term debt, gross	$ 78	$ 78
7.250% debentures due 2096 \| Debentures \| Occidental
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	7.25%	7.25%
Long-term debt, gross	$ 49	$ 49

ENVIRONMENTAL LIABILITIES AND EXPENDITURES

12 Months Ended

Dec. 31, 2020

Environmental Remediation Obligations [Abstract]

ENVIRONMENTAL LIABILITIES AND EXPENDITURES


NOTE 10 - 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 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.

ENVIRONMENTAL REMEDIATION

As of December 31, 2020, Occidental participated in or monitored remedial activities or proceedings at 170 sites. The following table presents Occidental’s current and non-current environmental remediation liabilities as of December 31, 2020 and 2019, the current portion of which is included in accrued liabilities ($123 million in 2020 and $162 million in 2019) and the remainder in deferred credits and other liabilities - environmental remediation liabilities ($1.03 billion in 2020 and $1.04 billion in 2019).

Occidental’s environmental remediation sites are grouped into four categories: NPL sites listed or proposed for listing by the EPA on the CERCLA NPL and three categories of non-NPL sites — third-party sites, Occidental-operated sites and closed or non-operated Occidental sites.


	2020			2019
millions, except number of sites	Number of Sites	Remediation Balance		Number of Sites	Remediation Balance
NPL sites	35	$	447	36	$	463
Third-party sites	69	293		74	311
Occidental-operated sites	17	144		17	154
Closed or non-operated Occidental sites	49	267		50	269
Total	170	$	1,151	177	$	1,197

As of December 31, 2020, Occidental’s environmental liabilities exceeded $10 million each at 19 of the 170 sites described above, and 96 of the sites had liabilities from $0 to $1 million each. As of December 31, 2020, two sites — the Diamond Alkali Superfund Site and a former chemical plant in Ohio (both of which are indemnified by Maxus Energy Corporation, as discussed further below) — accounted for 92% of its liabilities associated with NPL sites. 17 of the 35 NPL sites are indemnified by Maxus.

Five of the 69 third-party sites — a Maxus-indemnified chrome site in New Jersey, a former copper mining and smelting operation in Tennessee, a former oil field and a landfill in California and an active refinery in Louisiana where Occidental reimburses the current owner for certain remediation activities — accounted for 76% of Occidental’s liabilities associated with these sites. 9 of the 69 third-party sites are indemnified by Maxus.

Five sites — oil and gas operations in Colorado and chemical plants in Kansas, Louisiana, New York and Texas — accounted for 70% of the liabilities associated with the Occidental-operated sites. Seven other sites — a landfill in Western New York, a former refinery in Oklahoma, former chemical plants in California, Michigan, Tennessee and Washington and a closed coal mine in Pennsylvania — accounted for 70% of the liabilities associated with closed or non-operated Occidental sites.

Environmental remediation liabilities vary over time depending on factors such as acquisitions or divestitures, identification of additional sites and remedy selection and implementation. Occidental recorded environmental remediation expenses of $36 million, $112 million and $47 million for the years ended December 31, 2020, 2019, and 2018, respectively. Environmental remediation expenses primarily relate to changes to existing conditions from past operations. Based on current estimates, Occidental expects to expend funds corresponding to approximately 45% of the year-end remediation balance over the next three to four years with the remainder over the subsequent 10 or more years. Occidental believes its range of reasonably possible additional losses beyond those amounts currently recorded for environmental remediation for all of its environmental sites could be up to $1.1 billion.

MAXUS ENVIRONMENTAL SITES

When Occidental acquired Diamond Shamrock Chemicals Company (DSCC) in 1986, Maxus 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 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 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 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 current and former parents YPF and each of its respective subsidiaries and affiliates (YPF) and Repsol, S.A. and each of its respective subsidiaries and affiliates (Repsol), as well as 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. The trust is pursuing claims against YPF, Repsol and others and is expected to

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. During 2019, the bankruptcy court denied Repsol's and YPF's motions to dismiss the complaint as well as their motions to move the case away from the bankruptcy court. Discovery remains ongoing at the time of this report.

THE ACQUISITION - PRO FORMA INFORMATION (Details) - Anadarko Petroleum Corporation - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Revenues	$ 28,723	$ 31,206
Net income (loss) attributable to common stockholders	$ (769)	$ 2,965
Net income (loss) attributable to common stockholders per share—basic (usd per share)	$ (0.95)	$ 3.26
Net income (loss) attributable to common stockholders per share—diluted (usd per share)	$ (0.95)	$ 3.25
Net income (loss) attributable to common stockholders excluding pro-forma results of WES	$ (1,100)	$ 2,800

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts


Schedule II – Valuation and Qualifying Accounts			Occidental Petroleum Corporation and Subsidiaries


			Additions
millions	Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts		Deductions (a)		Balance at End of Period
2020
Allowance for doubtful accounts	$	788	$	37	$	(3)	$	—	$	822	(b)
Environmental, litigation and other reserves	$	2,411	$	115	$	43	$	(140)	$	2,429	(c)

2019
Allowance for doubtful accounts	$	668	$	126	$	(6)	$	—	$	788	(b)
Environmental, litigation, tax and other reserves	$	994	$	182	$	1,408	$	(173)	$	2,411	(c)

2018
Allowance for doubtful accounts	$	594	$	77	$	(3)	$	—	$	668	(b)
Environmental, litigation, tax and other reserves	$	935	$	140	$	85	$	(166)	$	994	(c)

(a)Primarily represents payments.

(b)Of these amounts, $42 million, $22 million and $24 million in 2020, 2019, and 2018, respectively, are classified as current.

(c)Of these amounts, $149 million, $188 million and $146 million in 2020, 2019, and 2018, respectively, are classified as current.

Note: The amounts presented represent continuing operations.

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)	$ (14,831)	$ (522)	$ 4,131
Adjustments to reconcile net income (loss) to net cash from operating activities:
Discontinued operations, net	1,298	15	0
Depreciation, depletion and amortization of assets	8,097	6,140	3,977
Deferred income tax (benefit) provision	(2,517)	(1,027)	371
Other noncash charges to income	419	958	34
Asset impairments and other charges	11,002	1,328	561
(Gain) loss on sales of equity investments and other assets, net	1,666	(622)	(974)
Undistributed earnings from affiliates	(61)	(50)	(43)
Dry hole expense	47	89	56
Changes in operating assets and liabilities:
Decrease in receivables	2,062	401	955
(Increase) decrease in inventories	(484)	78	(108)
Decrease in other current assets	350	170	94
Increase (decrease) in accounts payable and accrued liabilities	(3,228)	358	(1,500)
Increase in current domestic and foreign income taxes	22	20	38
Other operating, net	0	0	77
Operating cash flow from continuing operations	3,842	7,336	7,669
Operating cash flow from discontinued operations, net of taxes	113	39	0
Net cash provided by operating activities	3,955	7,375	7,669
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(2,535)	(6,367)	(4,975)
Change in capital accrual	(519)	(249)	55
Purchase of businesses and assets, net	(114)	(28,088)	(928)
Proceeds from sale of assets and equity investments, net	2,281	6,143	2,824
Equity investments and other, net	109	(291)	(182)
Investing cash flow from continuing operations	(778)	(28,852)	(3,206)
Investing cash flow from discontinued operations	(41)	(175)	0
Net cash used by investing activities	(819)	(29,027)	(3,206)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issuance of common and preferred stock	134	10,028	33
Purchases of treasury stock	(12)	(237)	(1,248)
Cash dividends paid on common and preferred stock	(1,845)	(2,624)	(2,374)
Distributions to noncontrolling interest	0	(257)	0
Payment of liabilities associated with the sale of future royalties	(386)	(28)	0
Other financing, net	(419)	257	9
Financing cash flow from continuing operations	(4,508)	22,196	(3,102)
Financing cash flow from discontinued operations	(8)	(3)	0
Net cash provided (used) by financing activities	(4,516)	22,193	(3,102)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	(1,380)	541	1,361
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of year	3,574	3,033	1,672
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of year	2,194	3,574	3,033
Occidental
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net	6,936	21,557	978
Payments of long-term debt, net	(8,916)	(6,959)	(500)
WES
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net	$ 0	$ 459	$ 0

ACCOUNTING AND DISCLOSURE CHANGES

12 Months Ended

Dec. 31, 2020

Accounting Standards Update and Change in Accounting Principle [Abstract]

ACCOUNTING AND DISCLOSURE CHANGES


NOTE 2 - ACCOUNTING AND DISCLOSURE CHANGES

RECENTLY ADOPTED ACCOUNTING AND DISCLOSURE CHANGES

In January 2020, Occidental adopted Accounting Standards Update (ASU) 2016-13 Financial Instruments - Credit Losses (Topic 326). The new standard makes significant changes to the accounting for credit losses on financial assets and disclosures regarding credit losses. For trade receivables, loans and held-to-maturity debt securities, entities will be required to estimate lifetime expected credit losses. This will result in the earlier recognition of credit losses than the current incurred-loss model. The acceleration of the recognition of losses is more material for entities whose receivables and other held-to-maturity debt investments are (1) long dated and (2) with less credit worthy counterparties.

The majority of Occidental's receivables are short dated with maturities of less than 60 days with creditworthy counterparties, including refiners, pipelines and resellers. Occidental strives to maintain a strong credit portfolio and there have been no negative indications regarding the collectability of these receivables as of the date of this filing. The adoption of this standard has no material impact. Occidental will continue to assess the risk to its receivables in the future.

In January 2019, Occidental adopted the new lease standard ASC Topic 842 - Leases (ASC 842) using the modified retrospective approach, which did not require restatement of prior year amounts and disclosures. ASC 842 requires Occidental to recognize most leases, including operating leases, on the balance sheet. The new rules require lessees to recognize a right-of-use (ROU) asset and lease liability for all leases with lease terms of more than 12 months. Occidental adopted the standard including adopting the following practical expedients:

■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 12 months or less from lease commencement date are considered short-term leases and not recorded on the Consolidated Balance Sheet; however, the lease expenditures recognized are captured and reported as incurred; and

■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 long-term drilling rig contracts, 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.

For Occidental operations, adoption of ASC 842 resulted in recording of net lease assets and lease liabilities of $772 million as of January 1, 2019. There was no material impact to net income, cash flows, or stockholders’ equity. See Note 8 - Lease Commitments.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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-Paragraph 8
-Subparagraph (e)(2)

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)

+ Details

THE ACQUISITION - PRELIMINARY PURCHASE PRICE ALLOCATION (Details) - Anadarko Petroleum Corporation $ in Millions	Aug. 08, 2019 USD ($)
Fair value of assets acquired:
Current assets	$ 3,586
Assets held for sale	10,616
Investments in unconsolidated entities	194
Property, plant and equipment	49,125
Other assets	836
Amount attributable to assets acquired	64,357
Fair value of liabilities assumed:
Current liabilities	3,467
Liabilities of assets held for sale	2,200
Long-term debt	13,240
Deferred income taxes	8,591
Asset retirement obligations	2,724
Pension and post-retirement obligations	1,072
Non-current derivative liabilities	1,280
Other long-term liabilities	2,323
Amount attributable to liabilities assumed	34,897
Net assets	29,460
Fair value of WES net assets acquired less noncontrolling interests	6,244
Total Acquisition consideration	35,704
WES
Fair value of assets acquired:
Current assets	499
Investments in unconsolidated entities	2,425
Property, plant and equipment	10,160
Intangible assets - customer relationships	1,800
Goodwill	5,772
Other assets	342
Amount attributable to assets acquired	20,998
Fair value of liabilities assumed:
Current liabilities	815
Long-term debt	7,407
Deferred income taxes	1,174
Asset retirement obligations	321
Other long-term liabilities	142
Amount attributable to liabilities assumed	9,859
Net assets	11,139
Fair value of noncontrolling interests	4,895
Total Acquisition consideration	$ 6,244

INCOME TAXES - RECONCILIATION OF UNRECOGNIZED TAX BENEFITS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, at beginning of period	$ 2,173	$ 0	$ 22
Increase related to Anadarko Acquisition	0	2,143	0
Increases related to current-year positions	14	30	0
Settlements	(42)	0	(22)
Reductions for tax positions of prior years	(100)	0	0
Balance, at end of period	$ 2,045	$ 2,173	$ 0

INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of industry segments


	Oil and gas			Chemical		Midstream and marketing			Corporate and eliminations			Total
Year ended December 31, 2020
Net sales	$	13,066		$	3,733	$	1,768		$	(758)		$	17,809
Income (loss) from continuing operations before income taxes	$	(9,632)	(a)	$	664	$	(4,175)	(b)	$	(2,562)	(c)	$	(15,705)
Income tax benefit	—			—		—			2,172		(d)	2,172
Income (loss) from continuing operations	$	(9,632)		$	664	$	(4,175)		$	(390)		$	(13,533)
Investments in unconsolidated entities	$	168		$	645	$	2,437		$	—		$	3,250
Property, plant and equipment additions (e)	$	2,279		$	261	$	50		$	29		$	2,619
Depreciation, depletion and amortization	$	7,414		$	356	$	312		$	15		$	8,097
Total assets	$	62,931		$	4,326	$	9,856		$	2,951		$	80,064

Year ended December 31, 2019
Net sales	$	13,941		$	4,102	$	4,132		$	(1,264)		$	20,911
Income (loss) from continuing operations before income taxes	$	2,520	(a)	$	799	$	241	(b)	$	(3,206)	(c)	$	354
Income tax expense	—			—		—			(861)		(d)	(861)
Income (loss) from continuing operations	$	2,520		$	799	$	241		$	(4,067)		$	(507)
Investments in unconsolidated entities	$	181		$	689	$	5,519		$	—		$	6,389
Property, plant and equipment additions (e)	$	5,571		$	272	$	475		$	135		$	6,453
Depreciation, depletion and amortization	$	5,153		$	368	$	563		$	56		$	6,140
Total assets	$	80,093		$	4,361	$	14,915		$	7,821		$	107,190

Year ended December 31, 2018
Net sales	$	10,441		$	4,657	$	3,656		$	(930)		$	17,824
Income (loss) from continuing operations before income taxes	$	2,442	(a)	$	1,159	$	2,802	(b)	$	(795)		$	5,608
Income tax expense	—			—		—			(1,477)		(d)	(1,477)
Income (loss) from continuing operations	$	2,442		$	1,159	$	2,802		$	(2,272)		$	4,131
Investments in unconsolidated entities	$	—		$	733	$	947		$	—		$	1,680
Property, plant and equipment additions (e)	$	4,443		$	277	$	221		$	79		$	5,020
Depreciation, depletion and amortization	$	3,254		$	354	$	331		$	38		$	3,977
Total assets	$	24,874		$	4,359	$	9,392		$	3,534		$	42,159

(a)The 2020 amount included $7.1 billion related to asset impairments and net asset sale losses of $1.6 billion, partially offset by a $1.1 billion gain on the oil and gas collars and calls. The 2019 amount included a net gain on sale of $475 million related to Occidental’s joint venture with Ecopetrol in the Midland Basin and sale of real estate assets, a $285 million impairment charge associated with domestic undeveloped leases that were set to expire in the near-term, where Occidental had no plans to pursue exploration activities, and a $39 million charge related to Occidental’s mutually agreed early termination of its Qatar ISSD contract. The 2018 amount included $416 million for the impairment of proved oil properties and inventory in Qatar ISND and ISSD due to the decline in oil prices.

(b)The 2020 amount included $2.7 billion of other-than-temporary impairment of WES equity investment and $1.4 billion of impairments related to the write-off of goodwill and a $236 million loss from an equity investment related to WES' write-off of its goodwill. The 2019 amount included a $1 billion charge as a result of recording Occidental’s investment in WES at fair value as of December 31, 2019 upon the loss of control, a $114 million gain on the sale of an equity investment in Plains and a $30 million mark-to-market gain on an interest rate swap for WES. The 2018 amount included pre-tax asset sale gains of $907 million on the sale of non-core domestic midstream assets.

(c)The 2020 amount included $339 million in expenses related to Anadarko Acquisition-related costs and a $428 million loss on interest rate swaps. The 2019 amount included corporate transactions related to the Acquisition including charges of $1.0 billion related to employee severance and related costs, $401 million related to crucial seismic data and $213 million for bank, legal and consulting fees. There were no significant corporate transactions and events affecting 2018 results. The tax effect of these pre-tax adjustments was a $1.9 billion benefit in 2020, a $245 million benefit in 2019, and $198 million expense in 2018.

(d)Included all foreign and domestic income taxes from continuing operations.

(e)Included capital expenditures and capitalized interest, but excluded acquisition and disposition of assets.

Net sales and property, plant and equipment, net by geographic areas


millions	Property, plant and equipment, net
For the years ended December 31,	2020		2019		2018
United States	$	59,016	$	72,808	$	23,594
International
United Arab Emirates	3,737		3,886		4,051
Oman	1,901		2,115		2,048
Algeria	664		1,761		—
Colombia	—		1,010		927
Qatar	510		563		741
Other International	61		87		76
Total International	6,873		9,422		7,843
Total	$	65,889	$	82,230	$	31,437

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
PRINCIPLES OF CONSOLIDATION	PRINCIPLES OF CONSOLIDATION The consolidated financial statements have been prepared in conformity with United States Generally Accepted Accounting Principles (GAAP) and include the accounts of OPC, its subsidiaries, its undivided interests in oil and gas exploration and production ventures and, previously, variable interest entities (VIE) for which Occidental was the primary beneficiary. Occidental accounts for its share of oil and gas exploration and production ventures, in which it has a direct working interest, by reporting its proportionate share of assets, liabilities, revenues, costs and cash flows within the relevant lines on the balance sheets, statements of operations and statements of cash flows.
INVESTMENTS IN UNCONSOLIDATED ENTITIES	INVESTMENTS IN UNCONSOLIDATED ENTITIESOccidental’s percentage interest in the underlying net assets of affiliates for which it exercises significant influence without having a controlling interest (excluding oil and gas ventures in which Occidental holds an undivided interest) are accounted for under the equity method. Occidental reviews equity-method investments for impairment whenever events or changes in circumstances indicate that an other-than-temporary decline in value may have occurred. The amount of impairment, if any, is based on quoted market prices, when available, or other valuation techniques, including discounted cash flows.
RISKS AND UNCERTAINTIES	RISKS AND UNCERTAINTIES The process of preparing consolidated financial statements in conformity with GAAP requires Occidental’s management to make informed estimates and judgments regarding certain types of financial statement balances and disclosures. Such estimates primarily relate to unsettled transactions and events as of the date of the consolidated financial statements and judgments on expected outcomes as well as the materiality of transactions and balances. Changes in facts and circumstances or discovery of new information relating to such transactions and events may result in revised estimates and judgments and actual results may differ from estimates upon settlement. Management believes that these estimates and judgments provide a reasonable basis for the fair presentation of Occidental’s financial statements. Occidental establishes a valuation allowance against net operating losses and other deferred tax assets to the extent it believes the future benefit from these assets will not be realized in the statutory carryforward periods. Realization of deferred tax assets is dependent upon Occidental generating sufficient future taxable income and reversal of temporary differences in jurisdictions where such assets originate. The accompanying consolidated financial statements include assets of approximately $9.5 billion as of December 31, 2020 and net sales of approximately $3.4 billion for the year ended December 31, 2020, relating to Occidental’s operations in countries outside North America. Occidental operates some of its oil and gas business in countries that have experienced political instability, nationalizations, corruption, armed conflict, terrorism, insurgency, civil unrest, security problems, labor unrest, OPEC production restrictions, equipment import restrictions and sanctions, all of which increase Occidental’s risk of loss, delayed or restricted production or may result in other adverse consequences. Occidental attempts to conduct its affairs so as to mitigate its exposure to such risks and would seek compensation in the event of nationalization. Because Occidental’s major products are commodities, significant changes in the prices of oil, NGL, natural gas and chemical products may have a significant impact on Occidental’s results of operations.
INVENTORIES	INVENTORIES Materials and supplies are valued at weighted-average cost and are reviewed periodically for obsolescence. Oil, NGL and natural gas inventories are valued at the lower of cost or market. For the chemical segment, Occidental’s finished goods inventories are valued at the lower of cost or market. For most of its domestic inventories, other than materials and supplies, the chemical segment uses the last-in, first-out (LIFO) method as it better matches current costs and current revenue. For other countries, Occidental uses the first-in, first-out method (if the costs of goods are specifically identifiable) or the average-cost method (if the costs of goods are not specifically identifiable).
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT OIL AND GAS The carrying value of Occidental’s property, plant and equipment (PP&E) represents the cost incurred to acquire or develop the asset, including any asset retirement obligations and capitalized interest, net of accumulated DD&A and any impairment charges. For assets acquired, PP&E cost is based on fair values at the acquisition date. Asset retirement obligations and interest costs incurred in connection with qualifying capital expenditures are capitalized and amortized over the lives of the related assets. Occidental uses the successful efforts method to account for its oil and gas properties. Under this method, Occidental capitalizes costs of acquiring properties, costs of drilling successful exploration wells and development costs. The costs of exploratory wells are initially capitalized pending a determination of whether proved reserves have been found. If proved reserves have been found, the costs of exploratory wells remain capitalized. For exploratory wells that find reserves that cannot be classified as proved when drilling is completed, costs continue to be capitalized as suspended exploratory drilling costs if there have been sufficient reserves found to justify completion as a producing well and sufficient progress is being made in assessing the reserves and the economic and operating viability of the project. At the end of each quarter, management reviews the status of all suspended exploratory drilling costs in light of ongoing exploration activities, in particular, whether Occidental is making sufficient progress in its ongoing exploration and appraisal efforts or, in the case of discoveries requiring government sanctioning, analyzing whether development negotiations are underway and proceeding as planned. If management determines that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. Occidental expenses annual lease rentals, the costs of injectants used in production and geological and geophysical costs as incurred. Occidental determines depreciation and depletion of oil and gas producing properties by the unit-of-production method. It amortizes leasehold costs over total proved reserves and capitalized development and successful exploration costs over proved developed reserves. Proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs and under existing economic conditions, operating methods and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. Proved reserves includes proved undeveloped reserves. Proved undeveloped reserves are supported by a management approved, detailed, field-level development plan where sufficient capital has been committed to develop those reserves. A majority of the proved undeveloped reserves are supported by a five-year, development plan while certain international proved undeveloped reserves are associated with approved long-term development plans. Occidental performs impairment tests with respect to its proved properties whenever events or circumstances indicate that the carrying value of property may not be recoverable. If there is an indication the carrying amount of the asset may not be recovered due to prolonged declines in current and forward prices, significant changes in reserve estimates, changes in management’s plans, or other significant events, management will evaluate the property for impairment. Under the successful efforts method, if the sum of the undiscounted cash flows is less than the carrying value of the proved property, the carrying value is reduced to estimated fair value and reported as an impairment charge in the period. Individual proved properties are grouped for impairment purposes at the lowest level for which there are identifiable cash flows. The fair value of impaired assets is typically determined based on the present value of expected future cash flows using discount rates believed to be consistent with those used by market participants. The impairment test incorporates a number of assumptions involving expectations of future cash flows which can change significantly over time. These assumptions include future production and timing of production, estimates of future product prices, contractual prices, estimates of risk-adjusted oil and gas reserves and estimates of future operating and development costs. See Note 17 - Fair Value Measurements and below for further discussion of asset impairments. Significant unproved properties, primarily as a result of the Acquisition, are assessed individually for impairment and when events or circumstances indicate that the carrying value of property may not be recovered a valuation allowance is provided if an impairment is indicated. Occidental periodically reviews significant unproved properties for impairments; numerous factors are considered, including but not limited to, availability of funds for future exploration and development activities, current exploration and development plans, favorable or unfavorable exploration activity on the property or the adjacent property, geologists’ evaluation of the property, the current and projected political and regulatory climate, contractual conditions and the remaining lease term for the properties. If an impairment is indicated, Occidental will first determine whether a comparable transaction for similar properties or implied acreage valuation derived from domestic onshore market participants is available and will adjust the carrying amount of the unproved property to its fair value using the market approach. In situations where the market approach is not observable and unproved reserves are available, undiscounted future net cash flows used in the impairment analysis are determined based on managements’ risk adjusted estimates of unproved reserves, future commodity prices and future costs to produce the reserves. If undiscounted future net cash flows are less than the carrying value of the property, the future net cash flows are discounted and compared to the carrying value for determining the amount of the impairment loss to record. Occidental utilizes the same assumptions and methodology discussed above for cash flows associated with proved properties. CHEMICAL Occidental’s chemical assets are depreciated using either the unit-of-production or the straight-line method, based upon the estimated useful lives of the facilities. The estimated useful lives of Occidental’s chemical assets, which range from three years to 50 years, are also used for impairment tests. The estimated useful lives for the chemical facilities are based on the assumption that Occidental will provide an appropriate level of annual expenditures to ensure productive capacity is sustained. Such expenditures consist of ongoing routine repairs and maintenance, as well as planned major maintenance activities (PMMA). Ongoing routine repairs and maintenance expenditures are expensed as incurred. PMMA costs are capitalized and amortized over the period until the next planned overhaul. Additionally, Occidental incurs capital expenditures that extend the remaining useful lives of existing assets, increase their capacity or operating efficiency beyond the original specification or add value through modification for a different use. These capital expenditures are not considered in the initial determination of the useful lives of these assets at the time they are placed into service. The resulting revision, if any, of the asset’s estimated useful life is measured and accounted for prospectively. Without these continued expenditures, the useful lives of these assets could decrease significantly. Other factors that could change the estimated useful lives of Occidental’s chemical assets include sustained higher or lower product prices, which are affected by domestic and international competition, demand, feedstock costs, energy prices, environmental regulations and technological changes. Occidental performs impairment tests on its chemical assets whenever events or changes in circumstances lead to a reduction in the estimated useful lives or estimated future cash flows that would indicate that the carrying amount may not be recoverable, or when management’s plans change with respect to those assets. Any impairment loss would be calculated as the excess of the asset’s net book value over its estimated fair value. MIDSTREAM AND MARKETING Occidental’s midstream and marketing PP&E is depreciated over the estimated useful lives of the assets, using either the unit-of-production or straight-line method. Occidental performs impairment tests on its midstream and marketing assets whenever events or changes in circumstances lead to a reduction in the estimated useful lives or estimated future cash flows that would indicate that the carrying amount may not be recoverable, or when management’s plans change with respect to those assets. Any impairment loss would be calculated as the excess of the asset’s net book value over its estimated fair value.
GOODWILL	GOODWILLAs of December 31, 2019, Occidental had $1.2 billion of goodwill related to its ownership in WES, which was included in long-term receivables and other assets, net. Significant declines in the market value of WES’ publicly traded units resulted in management’s determination that, more likely than not, the fair value of the reporting unit was significantly less than its carrying value and the entire $1.2 billion in goodwill was fully impaired in the first quarter of 2020. The market value of WES’ publicly traded units is considered a Level 1 input.
IMPAIRMENTS AND OTHER CHARGES	IMPAIRMENTS AND OTHER CHARGES During 2020, Occidental’s oil and gas segment recognized pre-tax impairment and related charges of $7.0 billion relating to proved and unproved properties. An additional pre-tax impairment of $2.2 billion related to Ghana is included in discontinued operations. During 2019, Occidental’s oil and gas segment recognized pre-tax impairment and related charges of $285 million related to domestic undeveloped leases that were set to expire in the near-term, where Occidental had no plans to pursue exploration activities, and $39 million related to Occidental’s mutually agreed early termination of its Qatar Idd El Shargi South Dome (ISSD) contract. In 2018, Occidental recognized pre-tax impairment and related charges of $416 million related to Qatar Idd El Shargi North Dome (ISND) and ISSD proved properties and inventory. Also in 2018, the midstream and marketing segment incurred approximately $100 million of charges primarily for lower of cost or market adjustments on its crude inventory and line fill. It is reasonably possible that prolonged declines in commodity prices, reduced capital spending in response to lower prices or increases in operating costs could result in additional impairments.
FAIR VALUE MEASUREMENTS	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 reported 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. These derivatives are classified as Level 1. ■OTC bilateral financial commodity contracts, foreign exchange contracts, interest rate swaps, warrants, 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 values debt using market-observable information for debt instruments that are traded on secondary markets. For debt instruments that are not traded, the fair value is determined by interpolating the value based on debt with similar terms and credit risk. NON-FINANCIAL ASSETS Occidental uses market-observable prices for assets when comparable transactions can be identified that are similar to the asset being valued. When Occidental is required to measure fair value and there is not a market-observable price for the asset or for a similar asset then the cost or income approach is used depending on the quality of information available to support management’s assumptions. The cost approach is based on management’s best estimate of the current asset replacement cost. The income approach is based on management’s best assumptions regarding expectations of future net cash flows. The expected cash flows are discounted using a commensurate risk-adjusted discount rate. Such evaluations involve significant judgment, and the results are based on expected future events or conditions such as sales prices, estimates of future oil and gas production or throughput, development and operating costs and the timing thereof, economic and regulatory climates and other factors, most of which are often outside of management’s control. However, assumptions used reflect a market participant’s view of long-term prices, costs and other factors and are consistent with assumptions used in Occidental’s business plans and investment decisions.
ACCRUED LIABILITIES-CURRENT	ACCRUED LIABILITIES - CURRENT Accrued liabilities - current included accrued payroll, commissions and related expenses of $461 million and $1.2 billion at December 31, 2020, and 2019, respectively. Dividends payable, also included in accrued liabilities - current, were $189 million and $884 million at December 31, 2020, and 2019, respectively. Derivative financial instruments, also included in accrued liabilities - current, were $1.1 billion and $641 million at December 31, 2020, and 2019, respectively.
ENVIRONMENTAL LIABILITIES AND EXPENDITURES	ENVIRONMENTAL LIABILITIES AND EXPENDITURES Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Occidental records environmental liabilities and related charges and expenses for estimated remediation costs that relate to existing conditions from past operations when environmental remediation efforts are probable and the costs can be reasonably estimated. In determining the environmental remediation liability and the range of reasonably possible additional losses, Occidental refers to currently available information, including relevant past experience, remedial objectives, available technologies, applicable laws and regulations and cost-sharing arrangements. Occidental bases its environmental remediation liabilities on management’s estimate of the most likely cost to be incurred, using the most cost-effective technology reasonably expected to achieve the remedial objective. Occidental periodically reviews its environmental remediation liabilities and adjusts them as new information becomes available. Occidental records environmental remediation liabilities on a discounted basis when it deems the aggregate amount and timing of cash payments to be reliably determinable at the time the reserves are established. The reserve methodology with respect to discounting for a specific site is not modified once it is established. Presently none of its environmental remediation liabilities are recorded on a discounted basis. Occidental generally records reimbursements or recoveries of environmental remediation costs in income when received, or when receipt of recovery is highly probable. Many factors could affect Occidental’s future remediation costs and result in adjustments to its environmental remediation liabilities and the range of reasonably possible additional losses. The most significant are: (1) cost estimates for remedial activities may vary from the initial estimate; (2) the length of time, type or amount of remediation necessary to achieve the remedial objective may change due to factors such as site conditions, the ability to identify and control contaminant sources or the discovery of additional contamination; (3) a regulatory agency may ultimately reject or modify Occidental’s proposed remedial plan; (4) improved or alternative remediation technologies may change remediation costs; (5) laws and regulations may change remediation requirements or affect cost sharing or allocation of liability; and (6) changes in allocation or cost-sharing arrangements may occur. Certain sites involve multiple parties with various cost-sharing arrangements, which fall into the following three categories: (1) environmental proceedings that result in a negotiated or prescribed allocation of remediation costs among Occidental and other alleged potentially responsible parties; (2) oil and gas ventures in which each participant pays its proportionate share of remediation costs reflecting its working interest; or (3) contractual arrangements, typically relating to purchases and sales of properties, in which the parties to the transaction agree to methods of allocating remediation costs. In these circumstances, Occidental evaluates the financial viability of other parties with whom it is alleged to be jointly liable, the degree of their commitment to participate and the consequences to Occidental of their failure to participate when estimating Occidental’s ultimate share of liability. Occidental records its environmental remediation liabilities at its expected net cost of remedial activities and, based on these factors, believes that it will not be required to assume a share of liability of such other potentially responsible parties in an amount materially above amounts reserved. In addition to the costs of investigations and cleanup measures, which often take in excess of 10 years at CERCLA NPL sites, Occidental’s environmental remediation liabilities include management’s estimates of the costs to operate and maintain remedial systems. If remedial systems are modified over time in response to significant changes in site-specific data, laws, regulations, technologies or engineering estimates, Occidental reviews and adjusts its environmental remediation liabilities accordingly.
ASSET RETIREMENT OBLIGATIONS	ASSET RETIREMENT OBLIGATIONS Occidental recognizes the fair value of asset retirement obligations in the period in which a determination is made that a legal obligation exists to dismantle an asset and reclaim or remediate the property at the end of its useful life and the cost of the obligation can be reasonably estimated. The liability amounts are based on future retirement cost estimates and incorporate many assumptions such as time to abandonment, future inflation rates and the risk-adjusted discount rate. When the liability is initially recorded, Occidental capitalizes the cost by increasing the related PP&E balances. If the estimated future cost of the asset retirement obligations changes, Occidental records an adjustment to both the asset retirement obligations and PP&E. Over time, the liability is increased and expense is recognized for accretion, and the capitalized cost is depreciated over the useful life of the asset. The majority of Occidental’s asset retirement obligations relate to the plugging of wells and the related abandonment of oil and gas properties. Revisions in estimated liabilities during the period primarily relate to liabilities acquired in the Acquisition and include, but are not limited to, changes in estimates of asset retirement costs, revisions of estimated inflation rates, changes in property lives and the expected timing of settlements. At a certain number of its facilities, Occidental has identified conditional asset retirement obligations that are related mainly to plant decommissioning. Occidental does not know or cannot estimate when it may settle these obligations. Therefore, Occidental cannot reasonably estimate the fair value of these liabilities. Occidental will recognize these conditional asset retirement obligations in the periods in which sufficient information becomes available to reasonably estimate their fair values.
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS 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. For cash flow hedges, the gain or loss on the effective portion of the derivative is reported as a component of other comprehensive income (OCI) with an offsetting adjustment to the carrying value of the item being hedged. Realized gains or losses from cash flow hedges, and any ineffective portion, are recorded as a component of net sales in the consolidated statements of operations. Ineffectiveness is primarily created by a lack of correlation between the hedged item and the hedging instrument due to location, quality, grade or changes in the expected quantity of the hedged item. Gains and losses from derivative instruments are reported net in the consolidated statements of operations. There were no fair value hedges as of and during the years ended December 31, 2020, 2019 and 2018.
STOCK-BASED INCENTIVE PLANS	STOCK-BASED INCENTIVE PLANS Occidental has established several stockholder-approved stock-based incentive plans for certain employees and directors (Plans) that are more fully described in Note 14 - Stock-Based Incentive Plans. A summary of Occidental’s accounting policy for awards issued under the Plans is as follows. For cash- and stock-settled restricted stock units (RSU) and cash return on capital employed incentive awards (CROCEI), compensation value is initially measured on the grant date using the quoted market price of Occidental’s common stock and the estimated payout on the grant date. The fair value of stock options is estimated using a Black Scholes model. For total shareholder return incentive awards (TSRI), compensation value is initially measured on the grant date using the fair value derived from a Monte Carlo valuation model. Compensation expense for all awards is recognized on a straight-line basis over the requisite service periods, which is generally over the awards’ respective vesting or performance periods. The stock-settled portion of these awards is expensed using the initially measured compensation value. The liability resulting from the cash settled portion of these awards and accrued dividends are remeasured at each reporting period. Dividends accrued on unvested awards are adjusted quarterly for any changes in the number of share equivalents expected to be paid based on the relevant performance and market criteria, if applicable.
EARNINGS PER SHARE (EPS)	EARNINGS PER SHARE (EPS) Occidental’s instruments containing rights to nonforfeitable dividends granted in stock-based awards are considered participating securities prior to vesting and, therefore, have been deducted from earnings in computing basic and diluted EPS under the two-class method. Basic EPS was computed by dividing net income attributable to common stock, net of income allocated to participating securities, by the weighted-average number of common shares outstanding during each period, 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.
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	RETIREMENT AND POSTRETIREMENT BENEFIT PLANS Occidental recognizes the overfunded or underfunded amounts of its defined benefit pension and postretirement plans, which are more fully described in Note 15 - Retirement and Postretirement Benefit Plans, in its financial statements using a December 31 measurement date. Occidental’s defined benefit pension and postretirement benefit plan obligations are actuarially determined based on various assumptions and discount rates. The discount rate assumptions used are meant to reflect the interest rate at which the obligations could effectively be settled on the measurement date. Occidental estimates the rate of return on assets with regard to current market factors but within the context of historical returns. Occidental funds and expenses negotiated pension increases for domestic union employees over the terms of the applicable collective bargaining agreements. Pension and any postretirement plan assets are measured at fair value. Common stock, preferred stock, publicly registered mutual funds, U.S. government securities and corporate bonds are valued using quoted market prices in active markets when available. When quoted market prices are not available, these investments are valued using pricing models with observable inputs from both active and non-active markets. Common and collective trusts are valued at the fund units’ net asset value (NAV) provided by the issuer, which represents the quoted price in a non-active market. Short-term investment funds are valued at the fund units’ NAV provided by the issuer.
CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS	CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balance at December 31, 2020, included investments in government money market funds in which the carrying value approximates fair value. Total restricted cash and restricted cash equivalents are primarily associated with an international joint venture, a benefits trust for former Anadarko employees and a judicially-controlled account related to a Brazilian tax dispute. Total restricted cash at December 31, 2019 also included payments of future hard-minerals royalties conveyed, the related liability of which was settled in August 2020, see Note 4 - Divestitures and Other Transactions.
FOREIGN CURRENCY TRANSACTIONS	FOREIGN CURRENCY TRANSACTIONS The functional currency applicable to all of Occidental’s international oil and gas operations is the U.S. dollar since cash flows are denominated principally in U.S. dollars. In Occidental’s other operations, Occidental’s use of non-United States dollar functional currencies was not material for all years presented. The effect of exchange rates on transactions in foreign currencies is included in periodic income. Occidental reports the exchange rate differences arising from translating foreign-currency-denominated balance sheet accounts to the United States dollar as of the reporting date in other comprehensive income. Exchange-rate gains and losses for continuing operations were not material for all years presented.
INCOME TAXES	INCOME TAXESOccidental files various U.S. federal, state and foreign income tax returns. The impact of changes in tax regulations are reflected when enacted. In general, deferred federal, state and foreign income taxes are provided on temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Occidental routinely assesses the realizability of its deferred tax assets. If Occidental concludes that it is more likely than not that some of the deferred tax assets will not be realized, the tax asset is reduced by a valuation allowance. Occidental recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, based on the technical merits of the position. The tax benefit recorded is equal to the largest amount that is greater than 50% likely to be realized through final settlement with a taxing authority. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense (benefit).
OTHER LOSS CONTINGENCIES	OTHER LOSS 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 international 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.
RECENTLY ADOPTED ACCOUNTING AND DISCLOSURE CHANGES	RECENTLY ADOPTED ACCOUNTING AND DISCLOSURE CHANGES In January 2020, Occidental adopted Accounting Standards Update (ASU) 2016-13 Financial Instruments - Credit Losses (Topic 326). The new standard makes significant changes to the accounting for credit losses on financial assets and disclosures regarding credit losses. For trade receivables, loans and held-to-maturity debt securities, entities will be required to estimate lifetime expected credit losses. This will result in the earlier recognition of credit losses than the current incurred-loss model. The acceleration of the recognition of losses is more material for entities whose receivables and other held-to-maturity debt investments are (1) long dated and (2) with less credit worthy counterparties. The majority of Occidental's receivables are short dated with maturities of less than 60 days with creditworthy counterparties, including refiners, pipelines and resellers. Occidental strives to maintain a strong credit portfolio and there have been no negative indications regarding the collectability of these receivables as of the date of this filing. The adoption of this standard has no material impact. Occidental will continue to assess the risk to its receivables in the future. In January 2019, Occidental adopted the new lease standard ASC Topic 842 - Leases (ASC 842) using the modified retrospective approach, which did not require restatement of prior year amounts and disclosures. ASC 842 requires Occidental to recognize most leases, including operating leases, on the balance sheet. The new rules require lessees to recognize a right-of-use (ROU) asset and lease liability for all leases with lease terms of more than 12 months. Occidental adopted the standard including adopting the following practical expedients: ■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 12 months or less from lease commencement date are considered short-term leases and not recorded on the Consolidated Balance Sheet; however, the lease expenditures recognized are captured and reported as incurred; and ■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 long-term drilling rig contracts, 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. For Occidental operations, adoption of ASC 842 resulted in recording of net lease assets and lease liabilities of $772 million as of January 1, 2019. There was no material impact to net income, cash flows, or stockholders’ equity. See Note 8 - Lease Commitments.
REVENUE RECOGNITION	Revenue from customers is recognized when obligations under the terms of a contract are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services such as transportation. Revenue from customers is measured as the amount of consideration Occidental expects to receive in exchange for the delivery of goods or services. Contracts may last from one month to one year or more and may have renewal terms that extend indefinitely at the option of either party. Price is typically based on market indexes. Volumes fluctuate due to production and, in certain cases, customer demand and transportation availability. Occidental records revenue net of certain taxes, such as sales taxes, that are assessed by governmental authorities on Occidental’s customers. Occidental does not incur significant costs to obtain contracts. Incidental items that are immaterial in the context of the contract are recognized as expenses. Sales of hydrocarbons and chemicals to customers are invoiced and settled on a monthly basis. Occidental is not usually subject to obligations for warranties, rebates, returns or refunds except in the case of customer incentive payments as discussed for the chemical segment below. 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. Occidental does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied performance obligations. Revenue expected to be recognized from unsatisfied performance obligations as of December 31, 2020, was $103 million in 2021 and $59 million thereafter with the majority being recognized between 2022 and 2033. OIL AND GAS SEGMENT Revenue from oil and gas production is recognized when production is delivered and control passes to the customer. Revenues from the production of oil and gas properties in which Occidental has an interest with other producers are recognized on the basis of Occidental’s net revenue interest. CHEMICALS SEGMENT Revenue from chemical product sales is recognized when control passes to the customer. Certain incentive programs may provide for payments or credits to be made to customers based on the volume of product purchased over a defined period. Customer incentives are estimated and recorded as a reduction to revenue ratably over the contract period. Such estimates are evaluated and revised as warranted. Revenue from exchange contracts is excluded from revenue from customers. MIDSTREAM AND MARKETING SEGMENT Revenue from pipeline and gas processing is recognized upon the completion of the transportation or processing service. Revenue from power sales is recognized upon delivery. Net marketing revenue is recognized upon completion of contract terms that are a prerequisite to payment and upon title transfer for physical deliveries. Unless the normal purchases and sales exception has been elected, net marketing revenue is classified as a derivative, reported on a net basis, recorded at fair value and changes in fair value are reflected in net sales, and excluded from revenue from customers in the table below.

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for doubtful accounts
Valuation and qualifying accounts
Balance at Beginning of Period	$ 788	$ 668	$ 594
Charged to Costs and Expenses	37	126	77
Charged to Other Accounts	(3)	(6)	(3)
Deductions	0	0	0
Balance at End of Period	822	788	668
Valuation allowance and reserves, current	42	22	24
Environmental, litigation and other reserves
Valuation and qualifying accounts
Balance at Beginning of Period	2,411	994	935
Charged to Costs and Expenses	115	182	140
Charged to Other Accounts	43	1,408	85
Deductions	(140)	(173)	(166)
Balance at End of Period	2,429	2,411	994
Environmental litigation tax and other reserves, current	$ 149	$ 188	$ 146

THE ACQUISITION - NARRATIVE (Details) - USD ($)		1 Months Ended	5 Months Ended	12 Months Ended
THE ACQUISITION - NARRATIVE (Details) - USD ($)	Aug. 08, 2019	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 26, 2020	Aug. 07, 2019	Jul. 01, 2019	Jun. 30, 2019
Business Acquisition [Line Items]
Debt instrument issued			$ 37,401,000,000	$ 35,235,000,000	$ 37,401,000,000
WES \| Public Ownership \| WES
Business Acquisition [Line Items]
Limited partner interest				44.60%	44.60%
Revolving Credit Facility
Business Acquisition [Line Items]
Revolving credit facility, maximum borrowing capacity							$ 3,000,000,000.0
Common Stock
Business Acquisition [Line Items]
Exercise price of warrant (in dollars per share)						$ 59.624
Senior notes
Business Acquisition [Line Items]
Debt instrument issued				$ 7,000,000,000.0
Line of Credit \| Revolving Credit Facility
Business Acquisition [Line Items]
Revolving credit facility, maximum borrowing capacity								$ 5,000,000,000.0	$ 3,000,000,000.0
Anadarko Petroleum Corporation
Business Acquisition [Line Items]
Cash of acquirer in exchange for acquiree (usd per share)	$ 59.00
Exchange ratio (per share of Anadarko common stock)	0.2934
Closing price per share, common stock (usd per share)	$ 46.31
Debt instrument issued	$ 21,800,000,000
Shares issued (in shares)	144,000,000
Amount from exercise of warrants	$ 10,000,000,000
Assumed debt	13,240,000,000
Property, plant and equipment	49,125,000,000
Revenues from date of merger			4,200,000,000
Net loss attributable to common shareholders from date of merger			1,700,000,000
Long-term debt	11,900,000,000
Anadarko Petroleum Corporation \| WES
Business Acquisition [Line Items]
Revenues from date of merger			$ 1,100,000,000
Anadarko Petroleum Corporation \| Proved gas and oil properties
Business Acquisition [Line Items]
Property, plant and equipment	19,100,000,000
Anadarko Petroleum Corporation \| Unproved Properties
Business Acquisition [Line Items]
Property, plant and equipment	27,400,000,000
Anadarko Petroleum Corporation \| Land, Mineral Interests And Corporate Properties
Business Acquisition [Line Items]
Property, plant and equipment	$ 2,500,000,000
Anadarko Petroleum Corporation \| Customer Relationships
Business Acquisition [Line Items]
Amortization period	30 years
Anadarko Petroleum Corporation \| Level 2
Business Acquisition [Line Items]
Assumed debt	$ 2,500,000,000
Anadarko Petroleum Corporation \| WES
Business Acquisition [Line Items]
Assumed debt	7,407,000,000
Property, plant and equipment	10,160,000,000
Anadarko Petroleum Corporation \| WES \| Level 2
Business Acquisition [Line Items]
Assumed debt	730,000,000
Anadarko Petroleum Corporation \| Revolving Credit Facility
Business Acquisition [Line Items]
Revolving credit facility, additional commitment	$ 2,000,000,000.0
Anadarko Petroleum Corporation \| Series A Preferred Stock
Business Acquisition [Line Items]
Shares issued (in shares)	100,000
Anadarko Petroleum Corporation \| Common Stock
Business Acquisition [Line Items]
Number of securities called by warrant (in shares)	80,000,000
Exercise price of warrant (in dollars per share)	$ 62.50
Anadarko Petroleum Corporation \| Senior notes
Business Acquisition [Line Items]
Debt instrument issued	$ 13,000,000,000.0
Long-term debt	11,900,000,000
Amount tendered and accepted in exchange offers, percentage		97.00%
Amount tendered and accepted in exchange offers,		$ 11,500,000,000
Portion not exchanged		$ 400,000,000
Anadarko Petroleum Corporation \| Secured Debt
Business Acquisition [Line Items]
Debt instrument issued	8,800,000,000
Anadarko Petroleum Corporation \| Line of Credit \| Senior Unsecured Term Loan Facility, 364-Day
Business Acquisition [Line Items]
Debt instrument issued	4,400,000,000
Anadarko Petroleum Corporation \| Line of Credit \| Term Loan Facility
Business Acquisition [Line Items]
Debt instrument issued	$ 4,400,000,000
Debt instrument, term	2 years

INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS


NOTE 18 - INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS

Occidental conducts its operations through three segments: (1) oil and gas; (2) chemical; and (3) midstream and marketing. The factors used to identify these segments are based on the nature of the operations that are undertaken in each segment. Income taxes, interest income, interest expense, environmental remediation expenses, Anadarko Acquisition-related costs and unallocated corporate expenses are included under Corporate and Eliminations. 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. Identifiable assets are those assets used in the operations of the segments. Corporate assets consist of cash and restricted cash, certain corporate receivables and PP&E. The chief operating decision maker analyzes each segment’s operating results to make decisions about resources to be allocated to the segment and to assess its performance as well as Occidental’s overall performance.


	Oil and gas			Chemical		Midstream and marketing			Corporate and eliminations			Total
Year ended December 31, 2020
Net sales	$	13,066		$	3,733	$	1,768		$	(758)		$	17,809
Income (loss) from continuing operations before income taxes	$	(9,632)	(a)	$	664	$	(4,175)	(b)	$	(2,562)	(c)	$	(15,705)
Income tax benefit	—			—		—			2,172		(d)	2,172
Income (loss) from continuing operations	$	(9,632)		$	664	$	(4,175)		$	(390)		$	(13,533)
Investments in unconsolidated entities	$	168		$	645	$	2,437		$	—		$	3,250
Property, plant and equipment additions (e)	$	2,279		$	261	$	50		$	29		$	2,619
Depreciation, depletion and amortization	$	7,414		$	356	$	312		$	15		$	8,097
Total assets	$	62,931		$	4,326	$	9,856		$	2,951		$	80,064

Year ended December 31, 2019
Net sales	$	13,941		$	4,102	$	4,132		$	(1,264)		$	20,911
Income (loss) from continuing operations before income taxes	$	2,520	(a)	$	799	$	241	(b)	$	(3,206)	(c)	$	354
Income tax expense	—			—		—			(861)		(d)	(861)
Income (loss) from continuing operations	$	2,520		$	799	$	241		$	(4,067)		$	(507)
Investments in unconsolidated entities	$	181		$	689	$	5,519		$	—		$	6,389
Property, plant and equipment additions (e)	$	5,571		$	272	$	475		$	135		$	6,453
Depreciation, depletion and amortization	$	5,153		$	368	$	563		$	56		$	6,140
Total assets	$	80,093		$	4,361	$	14,915		$	7,821		$	107,190

Year ended December 31, 2018
Net sales	$	10,441		$	4,657	$	3,656		$	(930)		$	17,824
Income (loss) from continuing operations before income taxes	$	2,442	(a)	$	1,159	$	2,802	(b)	$	(795)		$	5,608
Income tax expense	—			—		—			(1,477)		(d)	(1,477)
Income (loss) from continuing operations	$	2,442		$	1,159	$	2,802		$	(2,272)		$	4,131
Investments in unconsolidated entities	$	—		$	733	$	947		$	—		$	1,680
Property, plant and equipment additions (e)	$	4,443		$	277	$	221		$	79		$	5,020
Depreciation, depletion and amortization	$	3,254		$	354	$	331		$	38		$	3,977
Total assets	$	24,874		$	4,359	$	9,392		$	3,534		$	42,159

(d)Included all foreign and domestic income taxes from continuing operations.

(e)Included capital expenditures and capitalized interest, but excluded acquisition and disposition of assets.

GEOGRAPHIC AREAS


millions	Property, plant and equipment, net
For the years ended December 31,	2020		2019		2018
United States	$	59,016	$	72,808	$	23,594
International
United Arab Emirates	3,737		3,886		4,051
Oman	1,901		2,115		2,048
Algeria	664		1,761		—
Colombia	—		1,010		927
Qatar	510		563		741
Other International	61		87		76
Total International	6,873		9,422		7,843
Total	$	65,889	$	82,230	$	31,437

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - OBLIGATIONS AND FUNDED STATUS (Details) - USD ($) $ in Millions			12 Months Ended
	Jun. 30, 2020	Aug. 08, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amounts recognized in the consolidated balance sheet:
Deferred credits and other liabilities — pension and postretirement obligations			$ (1,763)	$ (1,823)
Pension Benefits
Amounts recognized in the consolidated balance sheet:
Long-term receivables and other assets, net			167	149
Accrued liabilities			(9)	(96)
Deferred credits and other liabilities — pension and postretirement obligations			(578)	(720)
Total amount recognized in consolidated balance sheet			(420)	(667)
Accumulated other comprehensive loss included the following after-tax balances:
Net loss			(3)	(20)
Prior service cost			0	0
AOCI after-tax balances			(3)	(20)
Changes in the benefit obligation:
Benefit obligation — beginning of year			2,508	499
Service cost — benefits earned during the period			37	47	$ 5
Interest cost on projected benefit obligation			52	40	15
Actuarial (gain) loss			251	(41)
Curtailment (gain) loss	$ (124)		(278)	(136)
Special termination benefits			23	49
Benefits paid			(948)	(99)
Sale of Colombia assets			(24)	0
Additions due to the Acquisition		$ 193	0	2,136
Other	$ (278)		(8)	13
Benefit obligation — end of year			1,613	2,508	499
Changes in plan assets:
Fair value of plan assets — beginning of year			1,841	539
Actual return on plan assets			161	110
Employer contributions			146	41
Benefits paid			(948)	(99)
Additions due to the Acquisition			0	1,233
Other			(7)	17
Fair value of plan assets — end of year			1,193	1,841	539
Unfunded status:			(420)	(667)
Accumulated Benefit Obligation in Excess of Plan Assets
Projected benefit obligation			1,226	2,191
Accumulated benefit obligation			1,221	1,931
Fair value of plan assets			670	1,375
Plan Assets in Excess of Accumulated Benefit Obligation
Projected benefit obligation			387	317
Accumulated benefit obligation			379	311
Fair value of plan assets			523	466
Postretirement Benefits
Amounts recognized in the consolidated balance sheet:
Long-term receivables and other assets, net			0	0
Accrued liabilities			(74)	(72)
Deferred credits and other liabilities — pension and postretirement obligations			(1,185)	(1,103)
Total amount recognized in consolidated balance sheet			(1,259)	(1,175)
Accumulated other comprehensive loss included the following after-tax balances:
Net loss			226	184
Prior service cost			(60)	(67)
AOCI after-tax balances			166	117
Changes in the benefit obligation:
Benefit obligation — beginning of year			1,175	808
Service cost — benefits earned during the period			39	24	23
Interest cost on projected benefit obligation			37	36	34
Actuarial (gain) loss			73	45
Curtailment (gain) loss			2	10
Special termination benefits			0	0
Benefits paid			(73)	(51)
Sale of Colombia assets			0	0
Additions due to the Acquisition			0	301
Other			6	2
Benefit obligation — end of year			1,259	1,175	808
Changes in plan assets:
Fair value of plan assets — beginning of year			0	0
Actual return on plan assets			0	0
Employer contributions			67	49
Benefits paid			(73)	(51)
Additions due to the Acquisition			0	0
Other			6	2
Fair value of plan assets — end of year			0	0	$ 0
Unfunded status:			$ (1,259)	$ (1,175)

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Unrealized losses on derivatives, tax	$ 1	$ 36	$ 2
Pension and postretirement gains (losses), tax	24	(25)	(38)
Reclassification of realized losses on derivatives, tax	$ (2)	$ 0	$ (4)

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Summary of common stock issuances

The following is a summary of common stock issuances:


Shares in thousands						Common Stock
Balance, December 31, 2017						893,469
Issued						1,628
Options exercised and other, net						19
Balance, December 31, 2018						895,116
Issued						3,188
Issued as part of the Acquisition (a)						146,131
Balance, December 31, 2019						1,044,435
Issued						36,130
Options exercised and other, net						—
Balance, December 31, 2020						1,080,565

Calculation of basic and diluted EPS

The following table presents the calculation of basic and diluted earnings per share for the years ended December 31:


millions except per share amounts	2020		2019		2018
Income (loss) from continuing operations	$	(13,533)	$	(507)	$	4,131
Loss from discontinued operations	(1,298)		(15)		—
Net income (loss)	$	(14,831)	$	(522)	$	4,131
Less: Net income attributable to noncontrolling interest	—		(145)		—
Less: Preferred stock dividends	(844)		(318)		—
Net income (loss) attributable to common stock	$	(15,675)	$	(985)	$	4,131
Less: Net income allocated to participating securities	—		—		(17)
Net income (loss), net of participating securities	$	(15,675)	$	(985)	$	4,114
Weighted-average number of basic shares	918.7		809.5		761.7
Basic earnings (loss) per common share	$	(17.06)	$	(1.22)	$	5.40
Net income (loss), net of participating securities	$	(15,675)	$	(985)	$	4,114
Weighted-average number of basic shares	918.7		809.5		761.7
Dilutive securities	—		—		1.6
Total diluted weighted-average common shares	918.7		809.5		763.3
Diluted earnings (loss) per common share	$	(17.06)	$	(1.22)	$	5.39

Components of accumulated other comprehensive loss

Accumulated other comprehensive loss consisted of the following after-tax amounts at December 31:


millions	2020		2019
Foreign currency translation adjustments	$	(6)	$	(7)
Losses on derivatives	(119)		(122)
Pension and postretirement adjustments (a)	(163)		(92)
Total	$	(288)	$	(221)

(a)See Note 15 - Retirement and Postretirement Benefit Plans for further information.

DIVESTITURES AND OTHER TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Summary of Revenues, Costs and Assets Held for Sale of Discontinued Operations


millions	2020		2019
Revenues and other income
Net sales	$	419	$	221

Costs and other deductions
Oil and gas lease operating expense	117		45
Fair value adjustment on assets held for sale	2,263		85
Other	48		45
Total costs and other deductions	$	2,428	$	175

Income (loss) before income taxes	$	(2,009)	$	46
Income tax benefit (expense)	711		(61)
Discontinued operations, net of tax	$	(1,298)	$	(15)


millions	2020		2019

Current assets	$	37	$	40
Property, plant and equipment, net	1,364		3,720
Long-term receivables and other assets, net	32		110
Assets held for sale	$	1,433	$	3,870

Current liabilities	$	84	$	264
Long-term debt, net - finance leases	175		185
Deferred income taxes	328		1,112
Asset retirement obligations	166		155
Other	—		2
Liabilities of assets held for sale	$	753	$	1,718

Net assets held for sale	$	680	$	2,152

ALGERIA OPERATIONS RECLASSIFICATION


millions	Year ended December 31, 2019

Revenues and other income
Net sales	$	518

Costs and other deductions
Oil and gas lease operating expense	36
Transportation expense	14
Taxes other than on income	133
Depreciation, depletion and amortization	159
Other	9
Total costs and other deductions	351

Income before income taxes	167
Income tax expense	(167)
Net income of Algeria operations, after taxes	$	—

The following table presents the amounts previously reported in the Consolidated Balance Sheets as held for sale related to Algeria that were subsequently reclassified as of December 31, 2019:


millions	December 31, 2019
Current assets	$	249
Property, plant and equipment, net	1,761
Long-term receivables and other assets, net	146
Total Assets	$	2,156

Current liabilities	$	188
Non-current liabilities	104
Total Liabilities	$	292

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS - CORPORATE AND GEOGRAPHIC AREAS (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Information
Property, plant and equipment, net	$ 65,889	$ 82,230	$ 31,437
United States
Segment Information
Property, plant and equipment, net	59,016	72,808	23,594
Total Foreign
Segment Information
Property, plant and equipment, net	6,873	9,422	7,843
United Arab Emirates
Segment Information
Property, plant and equipment, net	3,737	3,886	4,051
Oman
Segment Information
Property, plant and equipment, net	1,901	2,115	2,048
Algeria
Segment Information
Property, plant and equipment, net	664	1,761	0
Colombia
Segment Information
Property, plant and equipment, net	0	1,010	927
Qatar
Segment Information
Property, plant and equipment, net	510	563	741
Other International
Segment Information
Property, plant and equipment, net	$ 61	$ 87	$ 76

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES - LEGAL MATTERS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Long-term Purchase Commitment [Line Items]
Potential income tax expense	$ 925
Federal
Long-term Purchase Commitment [Line Items]
Potential income tax expense	898
State
Long-term Purchase Commitment [Line Items]
Potential income tax expense	27
Anadarko Petroleum Corporation
Long-term Purchase Commitment [Line Items]
Tax refund	881		$ 881
Accrued interest on potential income tax expense	$ 255
Arbitration Demand Filed By Andes Petroleum Ecuador Ltd
Long-term Purchase Commitment [Line Items]
Proceeds from settlement			$ 1,000
Recovery of amount awarded in settlement amount (as a percent)			60.00%
Claim to a settlement amount (as a percent)		40.00%
Own economic interest (as a percent)		60.00%
Tronox Settlement
Long-term Purchase Commitment [Line Items]
Payments for settlement				$ 5,200

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Components of amounts recognized in the consolidated balance sheets

The following tables show the amounts recognized in Occidental’s consolidated balance sheets at December 31, 2020 and 2019, related to its pension and postretirement benefit plans:


	Pension Benefits				Postretirement Benefits
millions	2020		2019		2020		2019
Amounts recognized in the consolidated balance sheet:
Long-term receivables and other assets, net	$	167	$	149	$	—	$	—
Accrued liabilities	(9)		(96)		(74)		(72)
Deferred credits and other liabilities — pension and postretirement obligations	(578)		(720)		(1,185)		(1,103)
	$	(420)	$	(667)	$	(1,259)	$	(1,175)
Accumulated other comprehensive loss included the following after-tax balances:
Net (gain) loss	$	(3)	$	(20)	$	226	$	184
Prior service credit	—		—		(60)		(67)
	$	(3)	$	(20)	$	166	$	117

Funding status of Occidental's plans

The following tables show the funding status, obligations and plan asset fair values of Occidental related to its pension and postretirement benefit plans for the years ended December 31:


	Pension Benefits				Postretirement Benefits
millions	2020		2019		2020		2019
Changes in the benefit obligation:
Benefit obligation — beginning of year	$	2,508	$	499	$	1,175	$	808
Service cost — benefits earned during the period	37		47		39		24
Interest cost on projected benefit obligation	52		40		37		36
Actuarial (gain) loss	251		(41)		73		45
Curtailment (gain) loss	(278)		(136)		2		10
Special termination benefits	23		49		—		—
Benefits paid	(948)		(99)		(73)		(51)
Sale of Colombia assets	(24)		—		—		—
Additions due to the Acquisition	—		2,136		—		301
Other	(8)		13		6		2
Benefit obligation — end of year	$	1,613	$	2,508	$	1,259	$	1,175

Changes in plan assets:
Fair value of plan assets — beginning of year	$	1,841	$	539	$	—	$	—
Actual return on plan assets	161		110		—		—
Employer contributions	146		41		67		49
Benefits paid	(948)		(99)		(73)		(51)
Additions due to the Acquisition	—		1,233		—		—
Other	(7)		17		6		2
Fair value of plan assets — end of year	$	1,193	$	1,841	$	—	$	—
Unfunded status:	$	(420)	$	(667)	$	(1,259)	$	(1,175)

Schedule of projected benefit obligation, accumulated benefit obligation and fair value of plan assets for defined benefit pension plans with an accumulated benefit obligation in excess of plan assets and plan assets in excess of the accumulated benefit obligation

The following table sets forth details of the obligations and assets of Occidental’s defined benefit pension plans for the years December 31:


	Accumulated Benefit Obligation in Excess of Plan Assets				Plan Assets in Excess of Accumulated Benefit Obligation
millions	2020		2019		2020		2019
Projected benefit obligation	$	1,226	$	2,191	$	387	$	317
Accumulated benefit obligation	$	1,221	$	1,931	$	379	$	311
Fair value of plan assets	$	670	$	1,375	$	523	$	466

Components of the net periodic benefit costs

The following table sets forth the components of net periodic benefit costs for the years ended December 31:


	Pension Benefits						Postretirement Benefits
millions	2020		2019		2018		2020		2019		2018
Net periodic benefit costs:
Service cost — benefits earned during the period	$	37	$	47	$	5	$	39	$	24	$	23
Interest cost on projected benefit obligation	52		40		15		37		36		34
Expected return on plan assets	(73)		(52)		(25)		—		—		—
Recognized actuarial loss	5		9		7		11		8		14
Recognized prior service credit	—		—		—		(8)		(8)		—
(Gain) loss due to curtailment	(124)		(91)		—		2		6		—
Gain due to settlement	(19)		—		—		—		—		—
Special termination benefits	22		49		—		—		—		—
Other costs and adjustments	1		(2)		1		—		—		(2)
Net periodic benefit cost	$	(99)	$	—	$	3	$	81	$	66	$	69

Weighted-average assumptions used to determine Occidental's benefit obligation and net periodic benefit cost for domestic plans

The following table sets forth the weighted-average assumptions used to determine Occidental’s benefit obligation and net periodic benefit cost for domestic plans for the years ended December 31:


	Pension Benefits				Postretirement Benefits
	2020		2019		2020		2019
Benefit Obligation Assumptions:
Discount rate	2.19	%	3.09	%	3.05	%	3.26	%
Rate of increase in compensation levels	5.07	%	5.32	%	—		—
Net Periodic Benefit Cost Assumptions:
Discount rate	3.04	%	3.22	%	3.26	%	3.41	%
Rate of increase in compensation levels	5.34	%	5.35	%	—		—
Assumed long-term rate of return on assets	6.02	%	6.03	%	—		—

Fair values of Occidental's pension plan assets by asset category

The fair values of Occidental’s pension plan assets by asset category were as follows:


millions	Level 1		Level 2		Level 3		Total
December 31, 2020
Asset Class:
Cash and cash equivalents	$	38	$	—	$	—	$	38
Government securities	65		—		—		65
Corporate bonds (a)	—		39		—		39
Equity securities (b)	138		—		—		138
Other	—		55		—		55
Investments measured at fair value	$	241	$	94	$	—	$	335
Investments measured at net asset value (c)	—		—		—		861
Total pension plan assets (d)	$	241	$	94	$	—	$	1,196

December 31, 2019
Asset Class:
Cash and cash equivalents	$	42	$	—	$	—	$	42
Government securities	63		—		—		63
Corporate bonds (a)	—		94		—		94
Equity securities (b)	311		—		—		311
Other	—		81		—		81
Investments measured at fair value	$	416	$	175	$	—	$	591
Investments measured at net asset value (c)	—		—		—		1,253
Total pension plan assets (d)	$	416	$	175	$	—	$	1,844

(a)This category represents investment grade bonds of U.S. and non-U.S. issuers from diverse industries.

(b)This category represents direct investments in mutual funds and common and preferred stocks from diverse U.S. and non-U.S. industries.

(d)Amounts exclude net payables of approximately $3 million as of December 31, 2020 and 2019.

Estimated future benefit payments, which reflect expected future service, as appropriate

Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows for the years ended December 31:


millions	Pension Benefits		Postretirement Benefits
2021	$	251		$	75
2022	96			73
2023	93			71
2024	95			69
2025	90			67
2026 - 2030	399			312

DERIVATIVES - SUMMARY OF DERIVATIVE INSTRUMENTS (Details)	Dec. 31, 2020 ThousandBarrels / d $ / Barrel $ / bbl
Oil \| 2021 Settlement - oil
Derivative [Line Items]
Derivative instruments (mmbls or mmbtu) \| ThousandBarrels / d	127,800
Oil \| 2021 Settlement - oil \| Short position
Derivative [Line Items]
Ceiling sold price (dollars per barrel) \| $ / Barrel	74.16
Gas \| 2021 Settlement - natural gas
Derivative [Line Items]
Derivative instruments (mmbls or mmbtu) \| ThousandBarrels / d	177,000.0
Gas \| 2021 Settlement - natural gas \| Short position
Derivative [Line Items]
Ceiling sold price (dollars per barrel) \| $ / Barrel	3.64
Gas \| 2021 Settlement - natural gas \| Long position
Derivative [Line Items]
Purchase price (dollars per barrel) \| $ / bbl	2.50

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - NARRATIVE (Details) $ in Millions			12 Months Ended
	Jun. 30, 2020 USD ($)	Aug. 08, 2019 USD ($)	Dec. 31, 2020 USD ($) employee	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Defined Benefit Plan Disclosure
Accrued liabilities for the supplemental retirement plan			$ 239	$ 261
Expenses under provisions of defined contribution and supplemental retirement plans			192	192	$ 152
Total benefit costs, including postretirement costs			$ 235	220	$ 182
United States
Defined Benefit Plan Disclosure
Number of employees accruing benefits under defined benefit plans \| employee			400
Foreign
Defined Benefit Plan Disclosure
Number of employees accruing benefits under defined benefit plans \| employee			300
Pension Benefits
Defined Benefit Plan Disclosure
Additions due to the Acquisition		$ 193	$ 0	2,136
Curtailment gain	$ 124		278	136
Offset to accumulated other comprehensive income	154
Decrease to benefit obligation	$ 278		$ 8	$ (13)

DIVESTITURES AND OTHER TRANSACTIONS - SUMMARY OF ASSETS HELD FOR SALE (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Anadarko's Africa Assets \| Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets	$ 37	$ 40
Property, plant and equipment, net	1,364	3,720
Long-term receivables and other assets, net	32	110
Assets held for sale	1,433	3,870
Current liabilities	84	264
Long-term debt, net - finance leases	175	185
Deferred income taxes	328	1,112
Asset retirement obligations	166	155
Other	0	2
Liabilities of assets held for sale	753	1,718
Net assets held for sale	$ 680	2,152
Algeria Africa Assets \| Reclassifications
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets		249
Property, plant and equipment, net		1,761
Long-term receivables and other assets, net		146
Assets held for sale		2,156
Current liabilities		188
Other		104
Liabilities of assets held for sale		$ 292

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - COMPONENTS OF NET PERIODIC BENEFIT COST (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension Benefits
Net periodic benefit costs:
Service cost — benefits earned during the period	$ 37	$ 47	$ 5
Interest cost on projected benefit obligation	52	40	15
Expected return on plan assets	(73)	(52)	(25)
Recognized actuarial loss	5	9	7
Recognized prior service credit	0	0	0
(Gain) loss due to curtailment	(124)	(91)	0
Gain due to settlement	(19)	0	0
Special termination benefits	22	49	0
Other costs and adjustments	1	(2)	1
Net periodic benefit cost	(99)	0	3
Postretirement Benefits
Net periodic benefit costs:
Service cost — benefits earned during the period	39	24	23
Interest cost on projected benefit obligation	37	36	34
Expected return on plan assets	0	0	0
Recognized actuarial loss	11	8	14
Recognized prior service credit	(8)	(8)	0
(Gain) loss due to curtailment	2	6	0
Gain due to settlement	0	0	0
Special termination benefits	0	0	0
Other costs and adjustments	0	0	(2)
Net periodic benefit cost	$ 81	$ 66	$ 69

LEASE COMMITMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of lease related assets and liabilities

The following table presents lease balances and their location on the Consolidated Balance Sheet at December 31, 2020 and 2019:


millions	Balance sheet location	2020		2019
Assets:
Operating	Operating lease assets	$	1,062	$	1,411
Finance	Property, plant and equipment	365		397
Total lease assets		$	1,427	$	1,808

Liabilities:
Current
Operating	Current operating lease liabilities	$	473	$	579
Finance	Current maturities of long-term debt	42		51
Non-current
Operating	Deferred credits and other liabilities - Operating lease liabilities	641		872
Finance	Long-term debt, net	316		347
Total lease liabilities		$	1,472	$	1,849

Schedule of operating lease maturities

At December 31, 2020, Occidental’s leases expire based on the following schedule:


millions	Operating Leases (a)		Finance Leases (b)		Total
2021	$	456	$	44	$	500
2022	182		43		225
2023	108		41		149
2024	87		46		133
2025	71		30		101
Thereafter	385		231		616
Total lease payments	1,289		435		1,724
Less: Interest	(175)		(77)		(252)
Total lease liabilities	$	1,114	$	358	$	1,472

(a)The weighted-average remaining lease term is 6.2 years and the weighted-average discount rate is 4.73%.

(b)The weighted-average remaining lease term is 10.6 years and the weighted-average discount rate is 3.47%.

Schedule of finance lease maturities

At December 31, 2020, Occidental’s leases expire based on the following schedule:


millions	Operating Leases (a)		Finance Leases (b)		Total
2021	$	456	$	44	$	500
2022	182		43		225
2023	108		41		149
2024	87		46		133
2025	71		30		101
Thereafter	385		231		616
Total lease payments	1,289		435		1,724
Less: Interest	(175)		(77)		(252)
Total lease liabilities	$	1,114	$	358	$	1,472

(a)The weighted-average remaining lease term is 6.2 years and the weighted-average discount rate is 4.73%.

(b)The weighted-average remaining lease term is 10.6 years and the weighted-average discount rate is 3.47%.

Schedule of lease costs


millions
Lease cost classification (a)	2020		2019
Operating lease costs (b)
Property, plant and equipment, net	$	197	$	449
Operating expense and cost of sales	557		391
Selling, general and administrative expenses	107		92
Finance lease cost
Amortization of ROU assets	29		19
Interest on lease liabilities	14		2
Total lease cost	$	904	$	953

(a)Amounts reflected are gross before joint-interest recoveries.

(b)Included short-term lease cost of $207 million and $404 million and variable lease cost of $95 million and $162 million for the years ended December 31, 2020 and 2019, respectively.



millions	2020		2019
Operating cash flows	$	506	$	262
Investing cash flows	$	89	$	112
Financing cash flows (a)	$	29	$	19

(a)Excludes cash received of approximately $300 million associated with a failed sale-leaseback in 2019, see Note 4 - Divestitures and Other Tra nsactions.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ACCRUED LIABILITIES-CURRENT (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
ACCRUED LIABILITIES-CURRENT
Accrued liabilities for accrued payroll, commissions and related expenses	$ 461	$ 1,200
Dividends payable	189	884
Derivative financial instruments, included in accrued liabilities - current	$ 1,100	$ 641

THE ACQUISITION - AQCUISITION-RELATED COSTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Total	$ 339	$ 1,647	$ 0
Anadarko Petroleum Corporation
Business Acquisition [Line Items]
Employee severance and related employee cost	314	1,033
Licensing fees for critical seismic data	0	401
Bank, legal, consulting and other	25	213
Total	$ 339	$ 1,647

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF OPERATIONS

In this report, “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 conducts its operations through various subsidiaries and affiliates. On August 8, 2019, pursuant to the Agreement and Plan of Merger dated as of May 9, 2019 (the Merger Agreement), among Occidental, Baseball Merger Sub 1, Inc., a Delaware corporation and an indirect, wholly owned subsidiary of Occidental (Merger Subsidiary), and Anadarko Petroleum Corporation (Anadarko), Occidental acquired all of the outstanding shares of Anadarko through a transaction in which Merger Subsidiary merged with and into Anadarko (the Acquisition), with Anadarko continuing as the surviving entity and as an indirect, wholly owned subsidiary of Occidental. See Note 3 - The Acquisition for further information.

Occidental’s principal businesses consist of three reporting segments: oil and gas, chemical and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGL) and natural gas. The chemical segment (OxyChem) 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, CO2 and power. It also trades around its assets, including transportation and storage capacity, and invests in entities that conduct similar activities such as Western Midstream Partners, L.P. (WES). The midstream and marketing segment also includes Oxy Low Carbon Ventures (OLCV). OLCV seeks to leverage Occidental’s carbon management expertise that is derived from its enhanced oil recovery (EOR) operations to develop carbon capture, utilization and storage facilities that are expected to source anthropogenic CO2 and promote innovative technologies that drive cost efficiencies and economically grow Occidental’s business while reducing emissions.

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements have been prepared in conformity with United States Generally Accepted Accounting Principles (GAAP) and include the accounts of OPC, its subsidiaries, its undivided interests in oil and gas exploration and production ventures and, previously, variable interest entities (VIE) for which Occidental was the primary beneficiary. Occidental accounts for its share of oil and gas exploration and production ventures, in which it has a direct working interest, by reporting its proportionate share of assets, liabilities, revenues, costs and cash flows within the relevant lines on the balance sheets, statements of operations and statements of cash flows.

The Acquisition introduced different revenue and expense streams to Occidental’s legacy operations. As a result, changes were made to the structure of certain financial statements, notes and supplementary data to provide clarity. In addition, certain prior period amounts have been reclassified to conform to the current presentation.

WES INVESTMENT

WES is a publicly traded limited partnership with its common units traded on the New York Stock Exchange (NYSE) under the ticker symbol “WES.” WES owns the entire non-economic general partner interest and a 98% limited partner interest in Western Midstream Operating, LP (WES Operating), a Delaware limited partnership formed by Anadarko in 2007 to acquire, own, develop and operate midstream assets.

From the Acquisition date through December 31, 2019, WES was determined to be a VIE, and Occidental, through its ownership of the general partner interest in WES, had the power to direct the activities that significantly affected the economic performance of WES and the obligation to absorb losses or the right to receive benefits that could be significant to WES. As such, Occidental was considered the primary beneficiary and consolidated WES and its consolidated subsidiaries from the date of the Acquisition to December 31, 2019. All intercompany transactions were eliminated during the consolidated period. Revenues of $1.1 billion, cost of sales of $500 million and operating cash flows of $498 million from the date of the Acquisition to December 31, 2019 are attributable to WES and are included in Occidental’s consolidated financial statements. Net income from noncontrolling interest for the same period relates to the 44.6% limited partner interest of WES owned by the public.

On December 31, 2019, Occidental and WES executed several agreements to allow WES to operate as an independent midstream company to support its ongoing pursuit of third-party growth opportunities. The executed agreements include amendments to the partnership agreement that significantly expand the unaffiliated limited partner unitholders’ rights. The significant amendments to the partnership agreement included:

■Providing for a simple majority of the unaffiliated unitholders to remove and elect a new general partner;

■Allowing for 20% of the unaffiliated unitholders to call a special meeting to vote to remove the general partner;

■Eliminating ownership thresholds that could have prevented unaffiliated unitholders from voting;

■Limiting Occidental’s voting percentage to 45% for certain unitholder matters until Occidental owns less than 40% of the limited partner units for twelve consecutive months; and

■Transferring 2% of Occidental’s limited partner interest to the general partner to provide a 2% economic interest to the general partner.

In addition to the partnership agreement amendments, in December 2019, the WES management team’s employment was transferred from Occidental to WES, and WES-dedicated personnel were seconded to WES from Occidental. The seconded employees’ employment was contractually obligated to be transferred to WES during 2020 once employee benefit plans were established. As of December 31, 2020, there were no seconded employees remaining for WES. Additionally, as of December 31, 2019, Occidental employees no longer comprise a majority of the board of directors of WES’ general partner.

As a result of the 2019 partnership agreement amendments and other related agreements, WES no longer met the criteria to be considered a VIE. Accordingly, Occidental evaluated WES under the voting interest model and determined, because Occidental did not control the power to appoint or remove a successor general partner, it should no longer consolidate WES. Occidental recognized, at fair value, an equity method investment of $5.1 billion based on the closing market price of WES as of December 31, 2019 and recognized a loss of approximately $1 billion that was included in asset impairments and other charges on the Statement of Operations for the year ended December 31, 2019.

In the first quarter 2020, Occidental recorded a loss from an equity investment of $236 million primarily as a result of WES’ write-off of its goodwill. At the end of the third quarter 2020, Occidental recorded an other-than-temporary impairment of $2.7 billion, see Note 17 - Fair Value Measurements for a description of the inputs and assumptions utilized.

In addition, Occidental recorded a loss of $46 million as a result of a non-cash transaction with WES in which Occidental exchanged approximately 27.9 million of its WES common units to retire a $260 million note payable to WES, see Note 7 - Long-Term Debt.

As of December 31, 2020, Occidental’s equity method investment in WES was $1.9 billion, which exceeds Occidental’s pro-rata interest in the net assets of WES by $437 million. This basis difference is primarily associated with WES' property, plant and equipment and equity investments and is subject to amortization over their estimated average lives. Subsequent to the other-than-temporary impairment there was no equity method goodwill associated with the WES equity investment. As of December 31, 2020, Occidental has a 2% non-voting general partner interest and a 51.8% limited partner interest in WES and a 2% non-voting limited partner interest in WES Operating, a subsidiary of WES. On a combined basis, Occidental's total effective economic interest in WES and its subsidiaries is 53.5%. Occidental intends to reduce its limited partner ownership interest in WES to below 50%.

INVESTMENTS IN UNCONSOLIDATED ENTITIES

Occidental’s percentage interest in the underlying net assets of affiliates for which it exercises significant influence without having a controlling interest (excluding oil and gas ventures in which Occidental holds an undivided interest) are accounted for under the equity method. Occidental reviews equity-method investments for impairment whenever events or changes in circumstances indicate that an other-than-temporary decline in value may have occurred. The amount of impairment, if any, is based on quoted market prices, when available, or other valuation techniques, including discounted cash flows. See Note 16 - Investment s and R el ated -Part y Trans actions for further discussion regarding investments in unconsolidated entities.

DISCONTINUED OPERATIONS

In connection with the Acquisition, Occidental entered into a purchase and sale agreement with TOTAL S.A. (Total) to sell all of the assets, liabilities, businesses and operations of Anadarko's operations in Algeria, Ghana, Mozambique and South Africa. Total and Occidental completed the sale of the Mozambique assets in September 2019 for approximately $4.2 billion and the South Africa assets in January 2020 for approximately $100 million.

In April 2020, subsequent to communications with Algerian government officials, Occidental determined that the sale of the Algeria operations to Total would not be consummated and the decision was made to continue to operate within Algeria. As a result, as of the second quarter of 2020, Occidental no longer classified the Algeria operations as a held for sale asset in discontinued operations and reclassified prior periods to reflect the Algeria operations as continuing operations, see Note 4 - Divestitures and Other Transactions for the impact on prior periods. In addition, in the second quarter 2020, Occidental recorded a $931 million impairment to remeasure the Algeria oil and gas properties to their fair value, which was lower than the carrying amount as if DD&A were recorded from the date of the Acquisition. The fair value of the oil and gas properties

was measured based on the income approach, see Note 17 - Fair Value Measurements for a description of inputs and assumptions utilized.

In May 2020, Occidental and Total mutually agreed to execute a waiver of the obligation to purchase and sell the Ghana assets, so that Occidental could begin marketing the sale of the Ghana assets to other third parties. Occidental is currently marketing the Ghana assets. The assets and liabilities for Ghana remain presented as held for sale at December 31, 2020. Occidental recorded an after-tax impairment of $1.4 billion in the second quarter 2020 to reflect the held for sale assets at their fair value less costs to sell based on the income approach, refer to Note 17 - Fair Value Measurements. The results of operations of Ghana continue to be presented as discontinued operations, see Note 4 - Divestitures and Other Transactions.

Unless otherwise indicated, information presented in the Notes to the Consolidated Financial Statements relates only to Occidental's continuing operations. Information related to discontinued operations is included in Note 4 - Divestitures and Other Transactions and in some instances, where appropriate, is included as a separate disclosure within the individual Notes to the Consolidated Financial Statements.

RISKS AND UNCERTAINTIES

The process of preparing consolidated financial statements in conformity with GAAP requires Occidental’s management to make informed estimates and judgments regarding certain types of financial statement balances and disclosures. Such estimates primarily relate to unsettled transactions and events as of the date of the consolidated financial statements and judgments on expected outcomes as well as the materiality of transactions and balances. Changes in facts and circumstances or discovery of new information relating to such transactions and events may result in revised estimates and judgments and actual results may differ from estimates upon settlement. Management believes that these estimates and judgments provide a reasonable basis for the fair presentation of Occidental’s financial statements. Occidental establishes a valuation allowance against net operating losses and other deferred tax assets to the extent it believes the future benefit from these assets will not be realized in the statutory carryforward periods. Realization of deferred tax assets is dependent upon Occidental generating sufficient future taxable income and reversal of temporary differences in jurisdictions where such assets originate.

The accompanying consolidated financial statements include assets of approximately $9.5 billion as of December 31, 2020 and net sales of approximately $3.4 billion for the year ended December 31, 2020, relating to Occidental’s operations in countries outside North America. Occidental operates some of its oil and gas business in countries that have experienced political instability, nationalizations, corruption, armed conflict, terrorism, insurgency, civil unrest, security problems, labor unrest, OPEC production restrictions, equipment import restrictions and sanctions, all of which increase Occidental’s risk of loss, delayed or restricted production or may result in other adverse consequences. Occidental attempts to conduct its affairs so as to mitigate its exposure to such risks and would seek compensation in the event of nationalization.

Because Occidental’s major products are commodities, significant changes in the prices of oil, NGL, natural gas and chemical products may have a significant impact on Occidental’s results of operations. Also, see Property, Plant and Equipment section below.

RECEIVABLES AND OTHER CURRENT ASSETS

Trade receivables, net, of $2.1 billion and $4.2 billion at December 31, 2020, and 2019, respectively, represent rights to payment for which Occidental has satisfied its obligations under a contract with a customer and its right to payment is conditioned only on the passage of time.

Other current assets includes amounts receivable from working interest partners in Occidental’s oil and gas operations, derivative assets and taxes receivable.

INVENTORIES

Materials and supplies are valued at weighted-average cost and are reviewed periodically for obsolescence. Oil, NGL and natural gas inventories are valued at the lower of cost or market.

For the chemical segment, Occidental’s finished goods inventories are valued at the lower of cost or market. For most of its domestic inventories, other than materials and supplies, the chemical segment uses the last-in, first-out (LIFO) method as it better matches current costs and current revenue. For other countries, Occidental uses the first-in, first-out method (if the costs of goods are specifically identifiable) or the average-cost method (if the costs of goods are not specifically identifiable).

PROPERTY, PLANT AND EQUIPMENT

OIL AND GAS

The carrying value of Occidental’s property, plant and equipment (PP&E) represents the cost incurred to acquire or develop the asset, including any asset retirement obligations and capitalized interest, net of accumulated DD&A and any impairment charges. For assets acquired, PP&E cost is based on fair values at the acquisition date. Asset retirement obligations and interest costs incurred in connection with qualifying capital expenditures are capitalized and amortized over the lives of the related assets.

Occidental uses the successful efforts method to account for its oil and gas properties. Under this method, Occidental capitalizes costs of acquiring properties, costs of drilling successful exploration wells and development costs. The costs of

exploratory wells are initially capitalized pending a determination of whether proved reserves have been found. If proved reserves have been found, the costs of exploratory wells remain capitalized. For exploratory wells that find reserves that cannot be classified as proved when drilling is completed, costs continue to be capitalized as suspended exploratory drilling costs if there have been sufficient reserves found to justify completion as a producing well and sufficient progress is being made in assessing the reserves and the economic and operating viability of the project. At the end of each quarter, management reviews the status of all suspended exploratory drilling costs in light of ongoing exploration activities, in particular, whether Occidental is making sufficient progress in its ongoing exploration and appraisal efforts or, in the case of discoveries requiring government sanctioning, analyzing whether development negotiations are underway and proceeding as planned. If management determines that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed.

The following table summarizes the activity of capitalized exploratory well costs for continuing operations for the years ended December 31:


millions	2020		2019		2018
Balance — beginning of year	$	424	$	112	$	108
Exploratory well costs acquired through the Acquisition	—		231		—
Additions to capitalized exploratory well costs pending the determination of proved reserves	122		383		220
Reclassifications to property, plant and equipment based on the determination of proved reserves	(309)		(230)		(198)
Capitalized exploratory well costs charged to expense	(26)		(72)		(18)
Balance — end of year	$	211	$	424	$	112

Occidental expenses annual lease rentals, the costs of injectants used in production and geological and geophysical costs as incurred.

Occidental determines depreciation and depletion of oil and gas producing properties by the unit-of-production method. It amortizes leasehold costs over total proved reserves and capitalized development and successful exploration costs over proved developed reserves.

Proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs and under existing economic conditions, operating methods and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. Proved reserves includes proved undeveloped reserves. Proved undeveloped reserves are supported by a management approved, detailed, field-level development plan where sufficient capital has been committed to develop those reserves. A majority of the proved undeveloped reserves are supported by a five-year, development plan while certain international proved undeveloped reserves are associated with approved long-term development plans.

Occidental performs impairment tests with respect to its proved properties whenever events or circumstances indicate that the carrying value of property may not be recoverable. If there is an indication the carrying amount of the asset may not be recovered due to prolonged declines in current and forward prices, significant changes in reserve estimates, changes in management’s plans, or other significant events, management will evaluate the property for impairment. Under the successful efforts method, if the sum of the undiscounted cash flows is less than the carrying value of the proved property, the carrying value is reduced to estimated fair value and reported as an impairment charge in the period. Individual proved properties are grouped for impairment purposes at the lowest level for which there are identifiable cash flows. The fair value of impaired assets is typically determined based on the present value of expected future cash flows using discount rates believed to be consistent with those used by market participants. The impairment test incorporates a number of assumptions involving expectations of future cash flows which can change significantly over time. These assumptions include future production and timing of production, estimates of future product prices, contractual prices, estimates of risk-adjusted oil and gas reserves and estimates of future operating and development costs. See Note 17 - Fair Value Measurements and below for further discussion of asset impairments.

Net capitalized costs attributable to unproved properties were $18.6 billion at December 31, 2020 and $29.5 billion at December 31, 2019. The unproved amounts are not subject to DD&A until they are classified as proved properties. Individually insignificant unproved properties are combined and amortized on a group basis based on factors such as lease terms, success rates and other factors to provide for full amortization upon lease expiration or abandonment.

Significant unproved properties, primarily as a result of the Acquisition, are assessed individually for impairment and when events or circumstances indicate that the carrying value of property may not be recovered a valuation allowance is provided if an impairment is indicated. Occidental periodically reviews significant unproved properties for impairments; numerous factors are considered, including but not limited to, availability of funds for future exploration and development activities, current exploration and development plans, favorable or unfavorable exploration activity on the property or the adjacent property, geologists’ evaluation of the property, the current and projected political and regulatory climate,

contractual conditions and the remaining lease term for the properties. If an impairment is indicated, Occidental will first determine whether a comparable transaction for similar properties or implied acreage valuation derived from domestic onshore market participants is available and will adjust the carrying amount of the unproved property to its fair value using the market approach. In situations where the market approach is not observable and unproved reserves are available, undiscounted future net cash flows used in the impairment analysis are determined based on managements’ risk adjusted estimates of unproved reserves, future commodity prices and future costs to produce the reserves. If undiscounted future net cash flows are less than the carrying value of the property, the future net cash flows are discounted and compared to the carrying value for determining the amount of the impairment loss to record. Occidental utilizes the same assumptions and methodology discussed above for cash flows associated with proved properties.

CHEMICAL

Occidental’s chemical assets are depreciated using either the unit-of-production or the straight-line method, based upon the estimated useful lives of the facilities. The estimated useful lives of Occidental’s chemical assets, which range from three years to 50 years, are also used for impairment tests. The estimated useful lives for the chemical facilities are based on the assumption that Occidental will provide an appropriate level of annual expenditures to ensure productive capacity is sustained. Such expenditures consist of ongoing routine repairs and maintenance, as well as planned major maintenance activities (PMMA). Ongoing routine repairs and maintenance expenditures are expensed as incurred. PMMA costs are capitalized and amortized over the period until the next planned overhaul. Additionally, Occidental incurs capital expenditures that extend the remaining useful lives of existing assets, increase their capacity or operating efficiency beyond the original specification or add value through modification for a different use. These capital expenditures are not considered in the initial determination of the useful lives of these assets at the time they are placed into service. The resulting revision, if any, of the asset’s estimated useful life is measured and accounted for prospectively.

Without these continued expenditures, the useful lives of these assets could decrease significantly. Other factors that could change the estimated useful lives of Occidental’s chemical assets include sustained higher or lower product prices, which are affected by domestic and international competition, demand, feedstock costs, energy prices, environmental regulations and technological changes.

Occidental performs impairment tests on its chemical assets whenever events or changes in circumstances lead to a reduction in the estimated useful lives or estimated future cash flows that would indicate that the carrying amount may not be recoverable, or when management’s plans change with respect to those assets. Any impairment loss would be calculated as the excess of the asset’s net book value over its estimated fair value.

MIDSTREAM AND MARKETING

Occidental’s midstream and marketing PP&E is depreciated over the estimated useful lives of the assets, using either the unit-of-production or straight-line method.

Occidental performs impairment tests on its midstream and marketing assets whenever events or changes in circumstances lead to a reduction in the estimated useful lives or estimated future cash flows that would indicate that the carrying amount may not be recoverable, or when management’s plans change with respect to those assets. Any impairment loss would be calculated as the excess of the asset’s net book value over its estimated fair value.

GOODWILL

As of December 31, 2019, Occidental had $1.2 billion of goodwill related to its ownership in WES, which was included in long-term receivables and other assets, net. Significant declines in the market value of WES’ publicly traded units resulted in management’s determination that, more likely than not, the fair value of the reporting unit was significantly less than its carrying value and the entire $1.2 billion in goodwill was fully impaired in the first quarter of 2020. The market value of WES’ publicly traded units is considered a Level 1 input.

IMPAIRMENTS AND OTHER CHARGES

During 2020, Occidental’s oil and gas segment recognized pre-tax impairment and related charges of $7.0 billion relating to proved and unproved properties. An additional pre-tax impairment of $2.2 billion related to Ghana is included in discontinued operations.

During 2019, Occidental’s oil and gas segment recognized pre-tax impairment and related charges of $285 million related to domestic undeveloped leases that were set to expire in the near-term, where Occidental had no plans to pursue exploration activities, and $39 million related to Occidental’s mutually agreed early termination of its Qatar Idd El Shargi South Dome (ISSD) contract.

In 2018, Occidental recognized pre-tax impairment and related charges of $416 million related to Qatar Idd El Shargi North Dome (ISND) and ISSD proved properties and inventory. Also in 2018, the midstream and marketing segment incurred approximately $100 million of charges primarily for lower of cost or market adjustments on its crude inventory and line fill.

It is reasonably possible that prolonged declines in commodity prices, reduced capital spending in response to lower prices or increases in operating costs could result in additional impairments.

FAIR VALUE MEASUREMENTS

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. These derivatives are classified as Level 1.

■OTC bilateral financial commodity contracts, foreign exchange contracts, interest rate swaps, warrants, 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 values debt using market-observable information for debt instruments that are traded on secondary markets. For debt instruments that are not traded, the fair value is determined by interpolating the value based on debt with similar terms and credit risk.

NON-FINANCIAL ASSETS

Occidental uses market-observable prices for assets when comparable transactions can be identified that are similar to the asset being valued. When Occidental is required to measure fair value and there is not a market-observable price for the asset or for a similar asset then the cost or income approach is used depending on the quality of information available to support management’s assumptions. The cost approach is based on management’s best estimate of the current asset replacement cost. The income approach is based on management’s best assumptions regarding expectations of future net cash flows. The expected cash flows are discounted using a commensurate risk-adjusted discount rate. Such evaluations involve significant judgment, and the results are based on expected future events or conditions such as sales prices, estimates of future oil and gas production or throughput, development and operating costs and the timing thereof, economic and regulatory climates and other factors, most of which are often outside of management’s control. However, assumptions used reflect a market participant’s view of long-term prices, costs and other factors and are consistent with assumptions used in Occidental’s business plans and investment decisions.

ACCRUED LIABILITIES - CURRENT

Accrued liabilities - current included accrued payroll, commissions and related expenses of $461 million and $1.2 billion at December 31, 2020, and 2019, respectively. Dividends payable, also included in accrued liabilities - current, were $189 million and $884 million at December 31, 2020, and 2019, respectively. Derivative financial instruments, also included in accrued liabilities - current, were $1.1 billion and $641 million at December 31, 2020, and 2019, respectively.

ENVIRONMENTAL LIABILITIES AND EXPENDITURES

Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Occidental records environmental liabilities and related charges and expenses for estimated remediation costs that relate to existing conditions from past operations when environmental remediation efforts are probable and the costs can be reasonably estimated. In determining the environmental remediation liability and the range of reasonably possible additional losses, Occidental refers to currently available information, including relevant past experience, remedial objectives, available technologies, applicable laws and regulations and cost-sharing arrangements. Occidental bases its environmental remediation liabilities on management’s estimate of the most likely cost to be incurred, using the most cost-effective technology reasonably expected to achieve the remedial objective. Occidental periodically reviews its environmental remediation liabilities and adjusts them as new information becomes available. Occidental records environmental remediation liabilities on a discounted basis when it deems the aggregate amount and timing of cash payments to be reliably

determinable at the time the reserves are established. The reserve methodology with respect to discounting for a specific site is not modified once it is established. Presently none of its environmental remediation liabilities are recorded on a discounted basis. Occidental generally records reimbursements or recoveries of environmental remediation costs in income when received, or when receipt of recovery is highly probable.

Many factors could affect Occidental’s future remediation costs and result in adjustments to its environmental remediation liabilities and the range of reasonably possible additional losses. The most significant are: (1) cost estimates for remedial activities may vary from the initial estimate; (2) the length of time, type or amount of remediation necessary to achieve the remedial objective may change due to factors such as site conditions, the ability to identify and control contaminant sources or the discovery of additional contamination; (3) a regulatory agency may ultimately reject or modify Occidental’s proposed remedial plan; (4) improved or alternative remediation technologies may change remediation costs; (5) laws and regulations may change remediation requirements or affect cost sharing or allocation of liability; and (6) changes in allocation or cost-sharing arrangements may occur.

Certain sites involve multiple parties with various cost-sharing arrangements, which fall into the following three categories: (1) environmental proceedings that result in a negotiated or prescribed allocation of remediation costs among Occidental and other alleged potentially responsible parties; (2) oil and gas ventures in which each participant pays its proportionate share of remediation costs reflecting its working interest; or (3) contractual arrangements, typically relating to purchases and sales of properties, in which the parties to the transaction agree to methods of allocating remediation costs. In these circumstances, Occidental evaluates the financial viability of other parties with whom it is alleged to be jointly liable, the degree of their commitment to participate and the consequences to Occidental of their failure to participate when estimating Occidental’s ultimate share of liability. Occidental records its environmental remediation liabilities at its expected net cost of remedial activities and, based on these factors, believes that it will not be required to assume a share of liability of such other potentially responsible parties in an amount materially above amounts reserved.

In addition to the costs of investigations and cleanup measures, which often take in excess of 10 years at CERCLA NPL sites, Occidental’s environmental remediation liabilities include management’s estimates of the costs to operate and maintain remedial systems. If remedial systems are modified over time in response to significant changes in site-specific data, laws, regulations, technologies or engineering estimates, Occidental reviews and adjusts its environmental remediation liabilities accordingly.

ASSET RETIREMENT OBLIGATIONS

Occidental recognizes the fair value of asset retirement obligations in the period in which a determination is made that a legal obligation exists to dismantle an asset and reclaim or remediate the property at the end of its useful life and the cost of the obligation can be reasonably estimated. The liability amounts are based on future retirement cost estimates and incorporate many assumptions such as time to abandonment, future inflation rates and the risk-adjusted discount rate. When the liability is initially recorded, Occidental capitalizes the cost by increasing the related PP&E balances. If the estimated future cost of the asset retirement obligations changes, Occidental records an adjustment to both the asset retirement obligations and PP&E. Over time, the liability is increased and expense is recognized for accretion, and the capitalized cost is depreciated over the useful life of the asset.

The majority of Occidental’s asset retirement obligations relate to the plugging of wells and the related abandonment of oil and gas properties. Revisions in estimated liabilities during the period primarily relate to liabilities acquired in the Acquisition and include, but are not limited to, changes in estimates of asset retirement costs, revisions of estimated inflation rates, changes in property lives and the expected timing of settlements.

At a certain number of its facilities, Occidental has identified conditional asset retirement obligations that are related mainly to plant decommissioning. Occidental does not know or cannot estimate when it may settle these obligations. Therefore, Occidental cannot reasonably estimate the fair value of these liabilities. Occidental will recognize these conditional asset retirement obligations in the periods in which sufficient information becomes available to reasonably estimate their fair values.

The following table summarizes the activity of asset retirement obligations for the years ended December 31:


millions	2020		2019
Beginning balance	$	4,659	$	1,499
Liabilities assumed in the Acquisition	—		3,370
Liabilities incurred – capitalized to PP&E	79		71
Liabilities settled and paid	(186)		(200)
Accretion expense	147		131
Acquisitions, divestitures and other, net	(294)		—
WES loss of control	—		(359)
Revisions to previous estimates	(275)		147
Ending balance (a)	$	4,130	$	4,659

(a)The ending balance included $153 million and $248 million related to the current balance of AROs that are included in Accrued Liabilities on the Consolidated Balance Sheets at December 31, 2020, and 2019, respectively.

DERIVATIVE INSTRUMENTS

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. For cash flow hedges, the gain or loss on the effective portion of the derivative is reported as a component of other comprehensive income (OCI) with an offsetting adjustment to the carrying value of the item being hedged. Realized gains or losses from cash flow hedges, and any ineffective portion, are recorded as a component of net sales in the consolidated statements of operations. Ineffectiveness is primarily created by a lack of correlation between the hedged item and the hedging instrument due to location, quality, grade or changes in the expected quantity of the hedged item. Gains and losses from derivative instruments are reported net in the consolidated statements of operations. There were no fair value hedges as of and during the years ended December 31, 2020, 2019 and 2018.

STOCK-BASED INCENTIVE PLANS

Occidental has established several stockholder-approved stock-based incentive plans for certain employees and directors (Plans) that are more fully described in Note 14 - Stock-Based Incentive Plans. A summary of Occidental’s accounting policy for awards issued under the Plans is as follows.

For cash- and stock-settled restricted stock units (RSU) and cash return on capital employed incentive awards (CROCEI), compensation value is initially measured on the grant date using the quoted market price of Occidental’s common stock and the estimated payout on the grant date. The fair value of stock options is estimated using a Black Scholes model. For total shareholder return incentive awards (TSRI), compensation value is initially measured on the grant date using the fair value derived from a Monte Carlo valuation model. Compensation expense for all awards is recognized on a straight-line basis over the requisite service periods, which is generally over the awards’ respective vesting or performance periods. The stock-settled portion of these awards is expensed using the initially measured compensation value. The liability resulting from the cash settled portion of these awards and accrued dividends are remeasured at each reporting period. Dividends accrued on unvested awards are adjusted quarterly for any changes in the number of share equivalents expected to be paid based on the relevant performance and market criteria, if applicable.

EARNINGS PER SHARE (EPS)

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

Basic EPS was computed by dividing net income attributable to common stock, net of income allocated to participating securities, by the weighted-average number of common shares outstanding during each period, 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.

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS

Occidental recognizes the overfunded or underfunded amounts of its defined benefit pension and postretirement plans, which are more fully described in Note 15 - Retirement and Postretirement Benefit Plans, in its financial statements using a December 31 measurement date.

Occidental’s defined benefit pension and postretirement benefit plan obligations are actuarially determined based on various assumptions and discount rates. The discount rate assumptions used are meant to reflect the interest rate at which the obligations could effectively be settled on the measurement date. Occidental estimates the rate of return on assets with

regard to current market factors but within the context of historical returns. Occidental funds and expenses negotiated pension increases for domestic union employees over the terms of the applicable collective bargaining agreements.

Pension and any postretirement plan assets are measured at fair value. Common stock, preferred stock, publicly registered mutual funds, U.S. government securities and corporate bonds are valued using quoted market prices in active markets when available. When quoted market prices are not available, these investments are valued using pricing models with observable inputs from both active and non-active markets. Common and collective trusts are valued at the fund units’ net asset value (NAV) provided by the issuer, which represents the quoted price in a non-active market. Short-term investment funds are valued at the fund units’ NAV provided by the issuer.

SUPPLEMENTAL CASH FLOW INFORMATION

Occidental paid U.S. federal, state and foreign income taxes for continuing operations of approximately $0.5 billion, $1.9 billion and $1.1 billion during the years ended December 31, 2020, 2019 and 2018, respectively. Occidental received refunds of $223 million, $80 million and $82 million during the years ended December 31, 2020, 2019, and 2018, respectively. Occidental also paid production, property and other taxes of approximately $755 million, $724 million and $508 million during the years ended December 31, 2020, 2019 and 2018, respectively, substantially all of which was in the United States. Interest paid totaled $1.6 billion, $912 million and $383 million, net of capitalized interest of $83 million, $89 million and $46 million, for the years 2020, 2019 and 2018, respectively.

CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS

Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balance at December 31, 2020, included investments in government money market funds in which the carrying value approximates fair value.

The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the Consolidated Statements of Cash Flows for the year ended December 31, 2020, and 2019 to the line items within the Consolidated Balance Sheet at December 31, 2020 and 2019.


millions	December 31, 2020		December 31, 2019
Cash and cash equivalents	$	2,008	$	3,032
Restricted cash and restricted cash equivalents	170		485
Cash and restricted cash included in assets held for sale	—		3
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net	16		54
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	2,194	$	3,574

Total restricted cash and restricted cash equivalents are primarily associated with an international joint venture, a benefits trust for former Anadarko employees and a judicially-controlled account related to a Brazilian tax dispute. Total restricted cash at December 31, 2019 also included payments of future hard-minerals royalties conveyed, the related liability of which was settled in August 2020, see Note 4 - Divestitures and Other Transactions.

FOREIGN CURRENCY TRANSACTIONS

The functional currency applicable to all of Occidental’s international oil and gas operations is the U.S. dollar since cash flows are denominated principally in U.S. dollars. In Occidental’s other operations, Occidental’s use of non-United States dollar functional currencies was not material for all years presented. The effect of exchange rates on transactions in foreign currencies is included in periodic income. Occidental reports the exchange rate differences arising from translating foreign-currency-denominated balance sheet accounts to the United States dollar as of the reporting date in other comprehensive income. Exchange-rate gains and losses for continuing operations were not material for all years presented.

INCOME TAXES

Occidental files various U.S. federal, state and foreign income tax returns. The impact of changes in tax regulations are reflected when enacted. In general, deferred federal, state and foreign income taxes are provided on temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Occidental routinely assesses the realizability of its deferred tax assets. If Occidental concludes that it is more likely than not that some of the deferred tax assets will not be realized, the tax asset is reduced by a valuation allowance. Occidental recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, based on the technical merits of the position. The tax benefit recorded is equal to the largest amount that is greater than 50% likely to be realized through final settlement with a taxing authority. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense (benefit). Occidental uses the flow-through method to account for its investment tax credits. See Note 12 - Income Taxes for more information.

OTHER LOSS 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 international 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 10 - Environmental Liabilities and Expenditures, Occidental has disclosed its reserve balances for environmental remediation matters that satisfy this criteria. See Note 11 - Lawsuits, Claims, Commitments and Contingencies.

DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of derivative instruments

Occidental had the following collars and calls outstanding at December 31, 2020:


Collars and Calls, not designated as hedges
2021 Settlement - oil
Call options sold (MMbbl)			127.8
	Average price per barrel (Brent oil pricing)
		Ceiling sold price (call)	$	74.16

2021 Settlement - natural gas
Natural Gas Collars (millions of MMbtu)			177.0
	Volume weighted average price per MMbtu (NYMEX)
		Ceiling sold price (call)	$	3.64
		Floor purchased price (put)	$	2.50

Occidental had the following outstanding interest rate swaps at December 31, 2020:


millions except percentages			Mandatory	Weighted-Average
Notional Principal Amount		Reference Period	Termination Date	Interest Rate
$	400	September 2016 - 2046	September 2021	6.348	%
$	350	September 2017 - 2047	September 2021	6.662	%
$	275	September 2016 - 2046	September 2022	6.709	%
$	450	September 2017 - 2047	September 2023	6.445	%

Summary of net sales related to the outstanding commodity derivative instruments

The following table summarizes net long/(short) volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments as of December 31, 2020, and 2019:



	2020	2019
Oil Commodity Contracts
Volume (MMbbl)	(31)	55

Natural gas commodity contracts
Volume (Bcf)	(117)	(128)

Gross and net fair values of outstanding derivatives

The following table presents the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts below, including when derivatives are subject to netting arrangements, and are presented on a net basis in the Consolidated Balance Sheets.


millions	Fair Value Measurements Using								Total Fair Value
Balance Sheet Classification	Level 1		Level 2		Level 3		Netting (a)
December 31, 2020
Collars and Calls
Other current assets	$	—	$	25	$	—	$	—	$	25
Accrued liabilities	—		(42)		—		—		(42)
Marketing Derivatives
Other current assets	1,155		80		—		(1,204)		31
Long-term receivables and other assets, net	7		2		—		(7)		2
Accrued liabilities	(1,252)		(81)		—		1,204		(129)
Deferred credits and other liabilities - other	(7)		—		—		7		—
Interest Rate Swaps
Accrued liabilities	—		(936)		—		—		(936)
Deferred credits and other liabilities - other	—		(822)		—		—		(822)

December 31, 2019
Collars and Calls
Other current assets	$	—	$	92	$	—	$	—	$	92
Deferred credits and other liabilities - other	—		(160)		—		—		(160)
Marketing Derivatives
Other current assets	945		79		—		(973)		51
Long-term receivables and other assets, net	4		12		—		(4)		12
Accrued liabilities	(1,008)		(44)		—		973		(79)
Deferred credits and other liabilities - other	(4)		(1)		—		4		(1)
Interest Rate Swaps
Other current assets	—		5		—		—		5
Long-term receivables and other assets, net	—		5		—		—		5
Accrued liabilities	—		(657)		—		—		(657)
Deferred credits and other liabilities - other	—		(776)		—		—		(776)
Berkshire Warrants
Deferred credits and other liabilities - other	—		(107)		—		—		(107)

Schedule of gains and losses on derivatives

The following table presents gains and (losses) related to Occidental’s derivative instruments on the Consolidated Statements of Operations:


millions	December 31,
Income Statement Classification		2020		2019		2018

Collars and Calls
Net sales		$	1,064	$	(107)	$	—
Marketing Derivatives
Net sales (a)		(393)		1,804		2,254
Interest Rate Swaps (Excluding WES)
Gains (losses) on interest rate swaps and warrants, net		(428)		122		—
Other (b)
Gains on interest rate swaps and warrants, net		5		111		—

(a)Includes derivative and non-derivative marketing activity.

(b)Primarily includes losses and gains on Berkshire Warrants prior to the May 29, 2020 reclassification to equity.

- 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

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+ Details

DIVESTITURES AND OTHER TRANSACTIONS - SUMMARY OF REVENUES AND COSTS FROM DISCONTINUED OPERATIONS (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Costs and other deductions
Discontinued operations, net of tax		$ (1,298)	$ (15)	$ 0
Algeria Africa Assets \| Reclassifications
Revenues and other income
Net sales			518
Costs and other deductions
Oil and gas lease operating expense			36
Transportation expense			14
Taxes other than on income			133
Depreciation, depletion and amortization			159
Other			9
Total costs and other deductions			351
Income (loss) before income taxes			167
Income tax benefit (expense)			(167)
Discontinued operations, net of tax			$ 0
Anadarko's Africa Assets \| Disposed of by sale
Revenues and other income
Net sales	$ 221	419
Costs and other deductions
Oil and gas lease operating expense	45	117
Fair value adjustment on assets held for sale	85	2,263
Other	45	48
Total costs and other deductions	175	2,428
Income (loss) before income taxes	46	(2,009)
Income tax benefit (expense)	(61)	711
Discontinued operations, net of tax	$ (15)	$ (1,298)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of the activity of capitalized exploratory well costs for continuing operations

The following table summarizes the activity of capitalized exploratory well costs for continuing operations for the years ended December 31:


millions	2020		2019		2018
Balance — beginning of year	$	424	$	112	$	108
Exploratory well costs acquired through the Acquisition	—		231		—
Additions to capitalized exploratory well costs pending the determination of proved reserves	122		383		220
Reclassifications to property, plant and equipment based on the determination of proved reserves	(309)		(230)		(198)
Capitalized exploratory well costs charged to expense	(26)		(72)		(18)
Balance — end of year	$	211	$	424	$	112

Summary of the activity of the asset retirement obligation

The following table summarizes the activity of asset retirement obligations for the years ended December 31:


millions	2020		2019
Beginning balance	$	4,659	$	1,499
Liabilities assumed in the Acquisition	—		3,370
Liabilities incurred – capitalized to PP&E	79		71
Liabilities settled and paid	(186)		(200)
Accretion expense	147		131
Acquisitions, divestitures and other, net	(294)		—
WES loss of control	—		(359)
Revisions to previous estimates	(275)		147
Ending balance (a)	$	4,130	$	4,659

Summary of cash equivalents and restricted cash equivalents


millions	December 31, 2020		December 31, 2019
Cash and cash equivalents	$	2,008	$	3,032
Restricted cash and restricted cash equivalents	170		485
Cash and restricted cash included in assets held for sale	—		3
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net	16		54
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	2,194	$	3,574

THE ACQUISITION

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

THE ACQUISITION


NOTE 3 - THE ACQUISITION

On May 9, 2019, Occidental entered into the Acquisition Agreement with Anadarko. On August 8, 2019, Anadarko’s stockholders voted to approve the Acquisition and it was made effective the same day. The Acquisition added to Occidental’s oil and gas portfolio, primarily in the Permian Basin, DJ Basin and Gulf of Mexico and Algeria and a controlling interest in WES.

In exchange for each share of Anadarko common stock, Anadarko stockholders received $59.00 in cash and 0.2934 of a share of Occidental common stock, plus cash in lieu of any fractional share of Occidental common stock that otherwise would have been issued, based on the average price of $46.31 per share of Occidental common stock on the NYSE on August 8, 2019.

In connection with the Acquisition, Occidental issued $13.0 billion of new senior unsecured notes, $8.8 billion of term loans (the Term Loans) and 100,000 shares of series A preferred stock (the Preferred Stock) with a warrant to purchase 80 million shares of Occidental common stock at an exercise price of $62.50 (the Warrant) for $10 billion. In addition, Occidental increased its existing $3.0 billion RCF by an additional $2.0 billion in commitments. See Note 7 - Long-term Debt and Note 13 - Stockholders’ Equity for additional information.

The Acquisition constitutes a business combination and was accounted for using the acquisition method of accounting. The following table presents the Acquisition consideration paid to Anadarko stockholders as a result of the Acquisition:


millions except per-share amounts	As of August 8, 2019
Total shares of Anadarko common stock eligible for Acquisition consideration		491.6
Cash consideration (per share of common stock and shares underlying Anadarko stock-based awards eligible for Acquisition consideration)		$	59.00
Cash portion of Acquisition consideration		$	29,002

Total shares of Anadarko common stock eligible for Acquisition consideration		491.6
Exchange ratio (per share of Anadarko common stock)		0.2934
Total shares of Occidental common stock issued to Anadarko stockholders		144
Average share price of Occidental common stock at August 8, 2019		$	46.31
Stock portion of Acquisition consideration		$	6,679

Acquisition consideration attributable to Anadarko stock-based awards		$	23

Total Acquisition consideration		$	35,704


millions	As of August 8, 2019
Fair value of assets acquired:
Current assets		$	3,586
Assets held for sale (a)		10,616
Investments in unconsolidated entities		194
Property, plant and equipment		49,125
Other assets		836
Amount attributable to assets acquired		$	64,357

Fair value of liabilities assumed:
Current liabilities		$	3,467
Liabilities of assets held for sale (a)		2,200
Long-term debt		13,240
Deferred income taxes		8,591
Asset retirement obligations		2,724
Pension and post-retirement obligations		1,072
Non-current derivative liabilities		1,280
Other long-term liabilities		2,323
Amount attributable to liabilities assumed		$	34,897

Net assets		$	29,460
Fair value of WES net assets acquired less noncontrolling interests (a)		$	6,244
Total Acquisition consideration		$	35,704

(a)See Note 1 - Summary of S ignif icant Accounting Pol icies for a discussion for the purchase and sale agreement with Total and for a discussion of the WES investment.


millions	As of August 8, 2019
Fair value of WES assets acquired:
Current assets		$	499
Investments in unconsolidated entities		2,425
Property, plant and equipment		10,160
Intangible assets - customer relationships		1,800
Goodwill		5,772
Other assets		342
Amount attributable to assets acquired		$	20,998

Fair value of WES liabilities assumed:
Current liabilities		$	815
Long-term debt		7,407
Deferred income taxes		1,174
Asset retirement obligations		321
Other long-term liabilities		142
Amount attributable to liabilities assumed		$	9,859

Net assets		$	11,139
Less: Fair value of noncontrolling interests in WES		$	4,895
Fair value of WES net assets acquired less noncontrolling interests		$	6,244

The aggregate purchase price noted above was allocated to the major categories of assets and liabilities acquired based upon their preliminary estimated fair values at the date of the Acquisition. The valuation of certain assets, including property and intangible assets, are based on preliminary appraisals. The majority of measurements of assets acquired and liabilities assumed, other than debt, are based on inputs that are not observable in the market and thus represent Level 3 inputs. The fair value of acquired properties and equipment is based on both available market data and a cost approach.

Onshore undeveloped oil and gas properties were valued primarily using a market approach based on comparable transactions for similar properties while the income approach was utilized for developed oil and gas properties based on underlying reserve projections at the Acquisition date. For the acquired Gulf of Mexico offshore properties, an income approach was used as the primary valuation method based on underlying reserve projections. Income approaches are considered level 3 fair value estimates and include significant assumptions of future production, commodity prices and operating and capital cost estimates, discounted using weighted average cost of capital for industry peers and risk adjustment factors based on reserve category. Price assumptions were based on a combination of market information and published industry resources adjusted for historical differentials. Cost estimates were based on current observable costs inflated based on historical and expected future inflation. Taxes were based on current statutory rates.

The fair value of WES investments in unconsolidated entities were valued using an income approach for each investment, with significant inputs being forecasted distributions, an anticipated growth rate and an estimated discount rate. Acquired WES property, plant and equipment primarily consisted of gathering systems and processing and treating facilities and were primarily valued using a replacement cost approach. Intangible assets primarily consist of relationships with third-party customers, the fair value of which was determined using an income approach, including significant assumptions related to estimated cash flows from third-party customers less a contributory asset charge, a customer retention rate and an estimated discount rate. Customer relationships are amortized over 30 years. Goodwill is attributable to the difference in WES market capitalization value and the net assets acquired and primarily relates to the relationship between Occidental and WES that is not recognized as a separate asset, due to Occidental consolidating WES as of the Acquisition date.

Deferred income taxes represent the tax effects of differences in the tax basis and acquisition-date fair values of assets acquired and liabilities assumed. The measurement of debt instruments was based on unadjusted quoted prices in an active market and are primarily Level 1; approximately $2.5 billion of the assumed Anadarko debt is considered Level 2, while

approximately $730 million of the WES debt is considered Level 2. The value of derivative instruments was based on observable inputs, primarily forward commodity price and interest rate curves and is considered Level 2.

With the completion of the Acquisition, Occidental acquired proved and unproved properties of approximately $19.1 billion and $27.4 billion, respectively, primarily associated with the Permian Basin, DJ Basin, Gulf of Mexico and Powder River Basin. The remaining $2.5 billion in PP&E consisted of non-oil and gas mineral interests and other real estate assets.

From the date of the Acquisition through December 31, 2019, revenues and the net loss attributable to common stockholders associated with the operations acquired through the Acquisition totaled $4.2 billion and $1.7 billion, respectively, which includes a charge as a result of recording Occidental’s investment in WES at fair value as of December 31, 2019 upon the loss of control.

The following table summarizes the unaudited pro forma condensed financial information of Occidental for the year ended December 31 as if the Acquisition had occurred on January 1, 2018:


	Year ended December 31,
millions except per-share amounts	2019		2018
Revenues	$	28,723	$	31,206
Net income (loss) attributable to common stockholders (a)	$	(769)	$	2,965
Net income (loss) attributable to common stockholders per share—basic	$	(0.95)	$	3.26
Net income (loss) attributable to common stockholders per share—diluted	$	(0.95)	$	3.25

(a)Excluding the pro-forma results of WES, net income (loss) attributable to common stockholders would be $(1.1) billion and $2.8 billion for the year ended December 31, 2019 and 2018, respectively.

The unaudited pro forma information is presented for illustration purposes only and is not necessarily indicative of the operating results that would have occurred had the Acquisition been completed at January 1, 2018, nor is it necessarily indicative of future operating results of the combined entity. The unaudited pro forma information for 2019 is a result of combining the statements of operations of Occidental with the pre-Acquisition results from January 1, 2019 of Anadarko and included adjustments for revenues and direct expenses. The pro forma results exclude results from the held for sale Africa assets, any cost savings anticipated as a result of the Acquisition and the impact of any Acquisition-related costs. The pro forma results include adjustments to DD&A based on the purchase price allocated to property, plant and equipment and the estimated useful lives as well as adjustments to interest expense. The pro forma adjustments include estimates and assumptions based on currently available information. Management believes the estimates and assumptions are reasonable and the relative effects of the Acquisition are properly reflected.

ANADARKO ACQUISITION-RELATED COSTS

The following table summarizes the Acquisition-related costs incurred for the year ended December 31:


millions	2020		2019
Employee severance and related employee cost	$	314	$	1,033
Licensing fees for critical seismic data	—		401
Bank, legal, consulting and other	25		213
Total	$	339	$	1,647

Employee severance and related employee cost primarily relates to one-time severance costs and the accelerated vesting of certain Anadarko share-based awards for former Anadarko employees based on the terms of the Acquisition Agreement and existing change of control provisions within the former Anadarko employment agreements. In addition, employee severance and related employee cost included expenses for a voluntary separation program for eligible employees. Occidental initiated this program to align the size and composition of its workforce with its expected future operating and capital plans.

The seismic licensing fees relate to relicensing of critical seismic data related to the Gulf of Mexico, Permian Basin and DJ Basin that Anadarko had licensed from third-party vendors. The third-party vendors who own the seismic data required a transfer fee in order for Occidental to use the data.

DEBT ISSUED AND ASSUMED IN CONNECTION WITH THE ACQUISITION

On August 8, 2019, Occidental issued $13.0 billion of new senior unsecured notes, consisting of both floating and fixed rate debt. Occidental also borrowed under the Term Loans, which consist of: (1) a 364-day senior unsecured variable-rate term loan tranche of $4.4 billion and (2) a two-year senior unsecured variable-rate term loan tranche of $4.4 billion. In total,

the $21.8 billion in debt issued was used to finance part of the cash portion of the purchase price for the Acquisition.

In the Acquisition, Occidental assumed Anadarko debt with an outstanding principal balance of $11.9 billion. In September 2019, Occidental completed its offers to exchange the Anadarko senior notes and debentures assumed as part of the Acquisition for notes of a corresponding series issued by Occidental and cash and related solicitation of consents. Of the approximately $11.9 billion in aggregate principal amount of Anadarko senior notes and debentures offered in the exchange, 97%, or approximately $11.5 billion, were tendered and accepted in the exchange offers. The portion not exchanged, approximately $400 million, remained outstanding.

INVESTMENTS AND RELATED-PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2020

Investments And Related Party Transactions Disclosure [Abstract]

Schedule of significant equity investments

As of December 31, 2020, Occidental’s significant equity investments primarily consisted of the following:


millions	% Interest		Carrying amount
WES (a)	53.5	%	$	1,930
OxyChem Ingleside Facility	50.0	%	635
Dolphin Energy Limited	24.5	%	290
Other	various		395
Total			$	3,250

Summarized financial information of equity-method investments

The following table presents the summarized financial information of its equity-method investments combined for the years ended and as of December 31:


millions	2020		2019		2018
Summarized Results of Operations (a)
Revenues and other income	$	5,455	$	26,520	$	28,091
Costs and expenses	5,455		24,084		25,029
Net income	$	—	$	2,436	$	3,062

Summarized Balance Sheet
Current assets	$	1,419	$	1,130	$	5,587
Non-current assets	$	18,693	$	21,158	$	25,871
Current liabilities	$	1,549	$	785	$	4,879
Long-term debt	$	7,860	$	8,673	$	12,505
Other non-current liabilities	$	866	$	859	$	95
Stockholders’ equity	$	9,837	$	11,971	$	13,979

Summary of related-party transactions

During 2020, 2019 and 2018, Occidental entered into the following related-party transactions and had the following amounts due from or to its related parties for the years ended December 31:


millions	2020		2019		2018
Sales (a,c)	$	301	$	691	$	805
Purchases (b,c)	$	1,112	$	463	$	502
Services (d)	$	1,032	$	28	$	52
Advances and amounts due from related parties	$	54	$	133	$	63
Amounts due to related parties	$	273	$	463	$	46

(c)Excluded sales to and purchases from WES in 2019 as it was a consolidated subsidiary from the date of the Acquisition through December 31, 2019.

(d)In 2020, services primarily relates to fees charged by WES to gather, process and treat Occidental produced oil, NGL and natural gas.

INCOME TAXES - NARRATIVE (Details) - USD ($)	12 Months Ended
INCOME TAXES - NARRATIVE (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Contingency [Line Items]
Worldwide effective tax rate	14.00%	243.00%	26.00%
Total deferred tax assets, after valuation allowances	$ 4,345,000,000	$ 3,703,000,000
Total deferred tax liabilities	11,402,000,000	13,364,000,000
Foreign tax credit carryforwards	4,465,000,000	4,379,000,000
General business credit carryforwards	607,000,000	443,000,000
Interest expense carryforward	668,000,000	492,000,000
Deferred foreign tax liability due to reversal of indefinite re-investment assertion	930,000,000
Additional deferred tax liability amount required	214,000,000
Unrecognized tax benefits	2,045,000,000	2,173,000,000	$ 0	$ 22,000,000
Potential benefit	2,000,000,000.0
Potential benefit, if recognized, would affect the effective tax rate on income	1,600,000,000
Benefits related to tax positions which ultimate deductibility is highly certain	84,000,000
Interest related to liabilities for unrecognized tax benefits	67,000,000
Cumulative accrued interest related to liabilities for unrecognized tax benefits	263,000,000
Interest and penalties associated with liabilities for unrecognized tax benefits		0
Low end of range
Income Tax Contingency [Line Items]
Possible decrease to unrecognized tax benefit due to settlements with taxing authorities	70,000,000
High end of range
Income Tax Contingency [Line Items]
Possible decrease to unrecognized tax benefit due to settlements with taxing authorities	80,000,000
Other current assets
Income Tax Contingency [Line Items]
Income tax receivables	110,000,000	86,000,000
Long-term receivables and other assets, net
Income Tax Contingency [Line Items]
Federal alternative minimum tax non-current receivables	24,000,000	$ 36,000,000
Federal
Income Tax Contingency [Line Items]
Operating loss carryforwards	631,000,000
Interest expense carryforward	569,000,000
Foreign
Income Tax Contingency [Line Items]
Tax credit carryforward, valuation allowance	4,400,000,000
Operating loss carryforwards	850,000,000
Operating loss carryforward, valuation allowance	795,000,000
Valuation allowance on other deferred tax assets	145,000,000
State
Income Tax Contingency [Line Items]
Tax credit carryforwards	39,000,000
Tax credit carryforward, valuation allowance	30,000,000
Operating loss carryforwards	316,000,000
Operating loss carryforward, valuation allowance	251,000,000
Interest expense carryforward	99,000,000
Valuation allowance on interest expense carryforward	$ 64,000,000

LEASE COMMITMENTS - NARRATIVE (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 1,062	$ 1,411
Finance lease	358
Offshore And Onshore Drilling Rigs
Lessee, Lease, Description [Line Items]
Operating lease assets	45
Compressors
Lessee, Lease, Description [Line Items]
Operating lease assets	140
Storage Facilities
Lessee, Lease, Description [Line Items]
Operating lease assets	253
Office Space
Lessee, Lease, Description [Line Items]
Operating lease assets	406
Other Field Equipment
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 57
Oil And Gas Exploration And Development Equipment \| Low end of range
Lessee, Lease, Description [Line Items]
Contract expiration term	2 years
Oil And Gas Exploration And Development Equipment \| High end of range
Lessee, Lease, Description [Line Items]
Contract expiration term	8 years
Pipelines, Rail Cars, Storage Facilities, Easements And Real Estate
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 213
Real Estate Leases \| Low end of range
Lessee, Lease, Description [Line Items]
Contract expiration term	1 year
Real Estate Leases \| High end of range
Lessee, Lease, Description [Line Items]
Contract expiration term	13 years

INCOME TAXES - COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current
Federal	$ (126)	$ 33	$ (23)
State and Local	6	46	52
Foreign	465	1,809	1,077
Total current tax expense	345	1,888	1,106
Deferred
Federal	(2,384)	(130)	422
State and Local	(103)	17	12
Foreign	(30)	(914)	(63)
Total deferred tax expense (benefit)	(2,517)	(1,027)	371
Total income tax expense (benefit)	$ (2,172)	$ 861	$ 1,477

LONG-TERM DEBT - DEBT MATURITIES (Details) $ in Millions	Dec. 31, 2020 USD ($)
Principal payments on long-term debt
Aggregate future principal payments and carrying value	$ 35,200
Due in 2021	398
Due in 2022	2,100
Due in 2023	900
Due in 2024	3,900
Due in 2025 and thereafter	$ 27,900

REVENUE - DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue from customers	$ 17,130	$ 19,192
United States
Disaggregation of Revenue [Line Items]
Revenue from customers	14,167	15,327
Middle East
Disaggregation of Revenue [Line Items]
Revenue from customers	2,774	4,204
Latin America
Disaggregation of Revenue [Line Items]
Revenue from customers	604	858
Other International
Disaggregation of Revenue [Line Items]
Revenue from customers	343	67
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenue from customers	(758)	(1,264)
Oil and gas
Disaggregation of Revenue [Line Items]
Revenue from customers	11,995	14,048
Oil and gas \| Oil
Disaggregation of Revenue [Line Items]
Revenue from customers	9,888	12,350
Oil and gas \| NGL
Disaggregation of Revenue [Line Items]
Revenue from customers	1,055	941
Oil and gas \| Gas
Disaggregation of Revenue [Line Items]
Revenue from customers	986	763
Oil and gas \| Other
Disaggregation of Revenue [Line Items]
Revenue from customers	66	(6)
Oil and gas \| United States
Disaggregation of Revenue [Line Items]
Revenue from customers	9,048	9,492
Oil and gas \| United States \| Oil
Disaggregation of Revenue [Line Items]
Revenue from customers	7,485	8,411
Oil and gas \| United States \| NGL
Disaggregation of Revenue [Line Items]
Revenue from customers	838	658
Oil and gas \| United States \| Gas
Disaggregation of Revenue [Line Items]
Revenue from customers	660	424
Oil and gas \| United States \| Other
Disaggregation of Revenue [Line Items]
Revenue from customers	65	(1)
Oil and gas \| Middle East
Disaggregation of Revenue [Line Items]
Revenue from customers	2,480	3,853
Oil and gas \| Middle East \| Oil
Disaggregation of Revenue [Line Items]
Revenue from customers	1,949	3,256
Oil and gas \| Middle East \| NGL
Disaggregation of Revenue [Line Items]
Revenue from customers	217	283
Oil and gas \| Middle East \| Gas
Disaggregation of Revenue [Line Items]
Revenue from customers	313	319
Oil and gas \| Middle East \| Other
Disaggregation of Revenue [Line Items]
Revenue from customers	1	(5)
Oil and gas \| Latin America
Disaggregation of Revenue [Line Items]
Revenue from customers	467	703
Oil and gas \| Latin America \| Oil
Disaggregation of Revenue [Line Items]
Revenue from customers	454	683
Oil and gas \| Latin America \| NGL
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Oil and gas \| Latin America \| Gas
Disaggregation of Revenue [Line Items]
Revenue from customers	13	20
Oil and gas \| Latin America \| Other
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Oil and gas \| Other International
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Oil and gas \| Other International \| Oil
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Oil and gas \| Other International \| NGL
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Oil and gas \| Other International \| Gas
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Oil and gas \| Other International \| Other
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Oil and gas \| Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Oil and gas \| Intersegment Eliminations \| Oil
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Oil and gas \| Intersegment Eliminations \| NGL
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Oil and gas \| Intersegment Eliminations \| Gas
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Oil and gas \| Intersegment Eliminations \| Other
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Chemical
Disaggregation of Revenue [Line Items]
Revenue from customers	3,726	4,080
Chemical \| United States
Disaggregation of Revenue [Line Items]
Revenue from customers	3,524	3,858
Chemical \| Middle East
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Chemical \| Latin America
Disaggregation of Revenue [Line Items]
Revenue from customers	137	155
Chemical \| Other International
Disaggregation of Revenue [Line Items]
Revenue from customers	65	67
Chemical \| Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Midstream and marketing
Disaggregation of Revenue [Line Items]
Revenue from customers	2,167	2,328
Midstream and marketing \| Gas Processing
Disaggregation of Revenue [Line Items]
Revenue from customers	644	746
Midstream and marketing \| Marketing
Disaggregation of Revenue [Line Items]
Revenue from customers	1,422	436
Midstream and marketing \| WES - Gas Processing \| WES
Disaggregation of Revenue [Line Items]
Revenue from customers		1,110
Midstream and marketing \| Power and Other
Disaggregation of Revenue [Line Items]
Revenue from customers	101	36
Midstream and marketing \| United States
Disaggregation of Revenue [Line Items]
Revenue from customers	1,595	1,977
Midstream and marketing \| United States \| Gas Processing
Disaggregation of Revenue [Line Items]
Revenue from customers	350	395
Midstream and marketing \| United States \| Marketing
Disaggregation of Revenue [Line Items]
Revenue from customers	1,144	436
Midstream and marketing \| United States \| WES - Gas Processing \| WES
Disaggregation of Revenue [Line Items]
Revenue from customers		1,110
Midstream and marketing \| United States \| Power and Other
Disaggregation of Revenue [Line Items]
Revenue from customers	101	36
Midstream and marketing \| Middle East
Disaggregation of Revenue [Line Items]
Revenue from customers	294	351
Midstream and marketing \| Middle East \| Gas Processing
Disaggregation of Revenue [Line Items]
Revenue from customers	294	351
Midstream and marketing \| Middle East \| Marketing
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Midstream and marketing \| Middle East \| WES - Gas Processing \| WES
Disaggregation of Revenue [Line Items]
Revenue from customers		0
Midstream and marketing \| Middle East \| Power and Other
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Midstream and marketing \| Latin America
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Midstream and marketing \| Latin America \| Gas Processing
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Midstream and marketing \| Latin America \| Marketing
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Midstream and marketing \| Latin America \| WES - Gas Processing \| WES
Disaggregation of Revenue [Line Items]
Revenue from customers		0
Midstream and marketing \| Latin America \| Power and Other
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Midstream and marketing \| Other International
Disaggregation of Revenue [Line Items]
Revenue from customers	278	0
Midstream and marketing \| Other International \| Gas Processing
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Midstream and marketing \| Other International \| Marketing
Disaggregation of Revenue [Line Items]
Revenue from customers	278	0
Midstream and marketing \| Other International \| WES - Gas Processing \| WES
Disaggregation of Revenue [Line Items]
Revenue from customers		0
Midstream and marketing \| Other International \| Power and Other
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Midstream and marketing \| Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Midstream and marketing \| Intersegment Eliminations \| Gas Processing
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Midstream and marketing \| Intersegment Eliminations \| Marketing
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Midstream and marketing \| Intersegment Eliminations \| WES - Gas Processing \| WES
Disaggregation of Revenue [Line Items]
Revenue from customers		0
Midstream and marketing \| Intersegment Eliminations \| Power and Other
Disaggregation of Revenue [Line Items]
Revenue from customers	$ 0	$ 0