0000797468-24-000136 | 10-Q | XBRL Viewer | Occidental Petroleum Corp DE

Consolidated Condensed Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in dollars per share)	$ 0.22	$ 0.18	$ 0.44	$ 0.36
Dividends on preferred stock (in dollars per share)	$ 2,000	$ 2,000	$ 4,000	$ 4,000

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES


NOTE 9 - 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, regional, state, provincial, tribal, local and international environmental laws. These environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, natural resource damages, punitive damages, civil penalties, injunctive relief and government oversight costs. Usually Occidental or such subsidiaries are among many companies in these environmental proceedings and have to date been successful in sharing remediation 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 or its subsidiary retains liability or indemnifies the other party for conditions that existed prior to the transaction.

In accordance with applicable accounting guidance, Occidental or its subsidiaries accrue 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 the arbitration award (disclosed below), tax matters or environmental remediation, that satisfy these criteria as of June 30, 2024 and 2023 were not material to Occidental’s Consolidated Condensed 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 will reassess the probability and estimability of contingent losses as new information becomes available.

ANDES ARBITRATION

As previously disclosed, on April 5, 2024, Andes and the Occidental entities named in the pending actions related to the Andes Arbitration executed a confidential final settlement in which the parties agreed to dismiss all pending legal actions. The settlement resulted in a gain of $182 million, net of taxes, in discontinued operations.

ALDEN LEEDS AND OTHER LITIGATION

As described in Note 8 – Environmental Liabilities and Expenditures, OxyChem intends to challenge vigorously the proposed settlement and Amended Consent Decree in the Alden Leeds litigation, as well as the allocation report and process upon which they are based. In the 2018 Contribution Action and 2023 Cost Recovery Action, OxyChem also intends to defend and prosecute vigorously its right to seek contribution and cost recovery from all potentially responsible parties to pay remediation costs in the DASS and to seek a judicial allocation of responsibility under CERCLA. The 2018 Contribution Action and the 2023 Cost Recovery Action are currently stayed pending the outcome of the Alden Leeds litigation. As the Alden Leeds litigation is in its early stages, OxyChem is unable to estimate the timing of the District Court’s decision, its outcome, or the outcome of any appeals from the District Court’s decision.

TAX MATTERS AND DISPUTES

During the course of its operations, Occidental is subject to audit by tax authorities for varying periods in various federal, state, local and international tax jurisdictions. Tax years through 2021 for U.S. federal income tax purposes have been audited by the IRS pursuant to its Compliance Assurance Program and subsequent taxable years are currently under review. Tax years through 2018 have been audited for state income tax purposes. There are no outstanding significant audit matters in international jurisdictions. During the course of tax audits, disputes have arisen and other disputes may arise as to facts and matters of law.

For Anadarko, its taxable years through 2014 and tax year 2016 for U.S. federal tax purposes have been audited and closed by the IRS. Tax years 2015 and 2017 through 2019 have been audited by the IRS but remain open pending the outcome of the Tronox U.S. Tax Court litigation discussed below. Tax years through 2010 have been audited for state income tax purposes. There is one outstanding significant tax matter in an international jurisdiction related to a discontinued operation. 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 dispute discussed below, Occidental believes that the resolution of these outstanding tax disputes 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. Trial was held in May 2023.The parties filed post-trial briefs throughout 2023 and 2024. Closing arguments were held in May 2024. An opinion by the Tax Court could be issued at any time. If any tax liability is due as a result of the Tax Court’s opinion, it must be fully bonded or paid in full within 90 days of the entry of decision by the Tax Court. If an appeal is not pursued by Anadarko, any resulting tax deficiency will be assessed by the IRS and would be due within 30 days of receiving a formal notice of tax assessment.

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. Additionally, Occidental has recorded no tax benefit on approximately $500 million of additional cash tax benefits realized from the utilization of tax attributes generated as a result of the deduction of the $5.2 billion Tronox Adversary Proceeding settlement payment in 2015. 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, as of June 30, 2024, Occidental would be required to repay approximately $1.4 billion in federal taxes, $28 million in state taxes and accrued interest of $671 million. A liability for the taxes and 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 or its subsidiaries. These indemnities usually are contingent upon the other party incurring liabilities that reach specified thresholds. As of June 30, 2024, 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.

LONG-TERM DEBT - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended
LONG-TERM DEBT - Narrative (Details) - USD ($)	Jul. 31, 2024	May 31, 2024	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Aug. 01, 2024	Dec. 31, 2023
Long-term Debt
Payments of long-term debt				$ 0	$ 22,000,000
Long-term debt, gross				1,200,000,000
Subsequent Event
Long-term Debt
Payments of long-term debt	$ 402,000,000
Debt issuance, face amount	9,700,000,000
Crownrock L.P. \| Subsequent Event
Long-term Debt
Debt issuance, face amount	9,700,000,000
Level 1 \| Estimate of Fair Value Measurement
Long-term Debt
Fair value of long-term debt				17,800,000,000			$ 18,000,000,000.0
Medium-term Notes \| 8.750% medium-term notes due 2023
Long-term Debt
Payments of long-term debt			$ 22,000,000
Interest rate			8.75%
Secured Debt \| Term Loans \| Crownrock L.P. \| Subsequent Event
Long-term Debt
Debt issuance, face amount	4,700,000,000
Senior Notes \| Unsecured Senior Notes \| Crownrock L.P. \| Subsequent Event
Long-term Debt
Debt issuance, face amount	$ 5,000,000,000					$ 5,000,000,000
Revolving Credit Facility \| Line of Credit
Long-term Debt
Available borrowing capacity		$ 150,000,000
Line of credit facility, maximum borrowing capacity		$ 4,150,000,000
Available borrowing capacity				600,000,000
Drawn amounts				$ 0

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 1,845	$ 1,426
Trade receivables, net of reserves of $29 in 2024 and $29 in 2023	3,896	3,195
Inventories	2,813	2,022
Other current assets	1,538	1,732
Total current assets	10,092	8,375
INVESTMENTS IN UNCONSOLIDATED ENTITIES	3,460	3,224
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	130,222	126,811
Accumulated depreciation, depletion and amortization	(71,352)	(68,282)
Net property, plant and equipment	58,870	58,529
OPERATING LEASE ASSETS	1,022	1,130
OTHER LONG-TERM ASSETS	2,772	2,750
TOTAL ASSETS	76,216	74,008
CURRENT LIABILITIES
Current maturities of long-term debt	1,347	1,202
Current operating lease liabilities	410	446
Accounts payable	4,282	3,646
Accrued liabilities	3,660	3,854
Total current liabilities	9,699	9,148
LONG-TERM DEBT, NET
Long-term debt, net	18,390	18,536
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net	5,680	5,764
Asset retirement obligations	3,848	3,882
Pension and postretirement obligations	935	931
Environmental remediation liabilities	857	889
Operating lease liabilities	668	727
Other	3,880	3,782
Total deferred credits and other liabilities	15,868	15,975
EQUITY
Preferred stock, at $1.00 per share par value: 2024 — $84,897 shares and 2023 —$84,897 shares	8,287	8,287
Common stock, at $0.20 per share par value, authorized shares: 1.5 billion, issued shares: 2024 — 1,133,743,780 shares and 2023 — 1,107,516,500 shares	227	222
Treasury stock: 2024 — $228,183,821 shares and 2023 — $228,053,397 shares	(15,591)	(15,582)
Additional paid-in capital	17,928	17,422
Retained earnings	20,938	19,626
Accumulated other comprehensive income	264	275
Total stockholders' equity	32,053	30,250
Non-controlling interest	206	99
Total equity	32,259	30,349
TOTAL LIABILITIES AND EQUITY	76,216	74,008
Corporate
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	1,091	1,039
Oil and gas \| Operating segments
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	111,881	109,214
Chemical \| Operating segments
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	8,520	8,279
Midstream and marketing \| Operating segments
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	$ 8,730	$ 8,279

SEGMENTS

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENTS


NOTE 11 - SEGMENTS

Occidental conducts its operations through three segments: (1) oil and gas; (2) chemical; and (3) midstream and marketing. Income taxes, interest income, interest expense, environmental remediation expenses 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. The following table presents Occidental’s industry segments:


millions	Oil and gas (a)		Chemical		Midstream and marketing (b)		Corporate and eliminations (c)		Total
Three months ended June 30, 2024
Net sales	$	5,469	$	1,274	$	282	$	(208)	$	6,817
Income (loss) before income taxes	$	1,639	$	296	$	116	$	(416)	$	1,635
Income tax expense	—		—		—		(465)		(465)
Income (loss) from continuing operations	$	1,639	$	296	$	116	$	(881)	$	1,170

Three months ended June 30, 2023
Net sales	$	4,941	$	1,375	$	616	$	(230)	$	6,702
Income (loss) before income taxes	$	1,059	$	436	$	(30)	$	(138)	$	1,327
Income tax expense	—		—		—		(467)		(467)
Income (loss) from continuing operations	$	1,059	$	436	$	(30)	$	(605)	$	860

millions	Oil and gas (a)		Chemical		Midstream and marketing (b)		Corporate and eliminations (c)		Total
Six months ended June 30, 2024
Net sales	$	10,384	$	2,460	$	381	$	(433)	$	12,792
Income (loss) before income taxes	$	2,877	$	550	$	83	$	(865)	$	2,645
Income tax expense	—		—		—		(769)		(769)
Income (loss) from continuing operations	$	2,877	$	550	$	83	$	(1,634)	$	1,876

Six months ended June 30, 2023
Net sales	$	10,266	$	2,780	$	1,367	$	(486)	$	13,927
Income (loss) before income taxes	$	2,699	$	908	$	(28)	$	(518)	$	3,061
Income tax expense	—		—		—		(938)		(938)
Income (loss) from continuing operations	$	2,699	$	908	$	(28)	$	(1,456)	$	2,123

(a) The three and six months ended June 30, 2024 included a $10 million and $54 million international legal settlement provision, respectively. The three and six months ended June 30, 2023 included a $180 million impairment related to undeveloped acreage in the northern non-core area of the Powder River Basin and a $29 million impairment related to an equity method investment in the Black Butte Coal Company. The six months ended June 30, 2023 included a $26 million litigation settlement gain.

(b) The three and six months ended June 30, 2024 included $35 million and $157 million of income from equity investments respectively, related to Occidental's share of WES's gains on asset divestitures. The three and six months ended June 30, 2024 also included $5 million of net derivative gains and $86 million of net derivative losses, respectively. The three and six months ended June 30, 2023 included $48 million and $40 million of net derivative gains, respectively.

(c) The three months ended June 30, 2024 included $29 million of acquisition-related costs made up of $15 million of financing costs and $14 million of transaction costs relating to the CrownRock Acquisition. The six months ended June 30, 2024 included $85 million of acquisition-related costs made up of $59 million for financing costs and $26 million of transaction costs relating to the CrownRock Acquisition. The three and six months ended June 30, 2024 included a $20 million income tax expense related to the Algeria contract renewal. The three and six months ended June 30, 2023 included a $68 million deferred tax charge related to the Algeria contract renewal and a $260 million gain related to a Maxus environmental reserve adjustment

- Definition

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

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+ Details

GENERAL

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

GENERAL


NOTE 1 - GENERAL

NATURE OF OPERATIONS

Occidental conducts its operations through various subsidiaries and affiliates. Occidental has made its disclosures in accordance with United States generally accepted accounting principles as they apply to interim reporting, and condensed or omitted, as permitted by the rules and regulations of the U.S. Securities and Exchange Commission (the SEC), certain information and disclosures normally included in Consolidated Financial Statements and the notes thereto. These unaudited Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto in the 2023 Form 10-K.

In the opinion of Occidental’s management, the accompanying unaudited Consolidated Condensed Financial Statements in this report reflect all adjustments (consisting of normal recurring adjustments) that are necessary to fairly present Occidental’s results of operations and cash flows for the six months ended June 30, 2024 and 2023 and Occidental’s financial position as of June 30, 2024 and December 31, 2023. The income and cash flows for the periods ended June 30, 2024 and 2023 are not necessarily indicative of the income or cash flows to be expected for the full year.

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 balances for the periods presented include 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 in the Consolidated Condensed Statements of Cash Flows as of June 30, 2024 and 2023:



millions	2024		2023
Cash and cash equivalents	$	1,845	$	486
Restricted cash and restricted cash equivalents included in other current assets	35		29
Restricted cash and restricted cash equivalents included in other long-term assets, net	15		18
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	1,895	$	533

SUPPLEMENTAL CASH FLOW INFORMATION

The following table represents U.S. federal, state and international income taxes paid and interest paid during the six months ended June 30, 2024 and 2023, respectively:



millions	2024		2023
Income tax payments	$	601	$	632
Income tax refunds received	$	—	$	3
Interest paid (a)	$	483	$	509

(a) Net of capitalized interest of $67 million and $42 million for the six months ended June 30, 2024 and 2023, respectively.

WES INVESTMENT

WES is a publicly traded limited partnership with its limited partner units traded on the NYSE under the ticker symbol "WES". As of June 30, 2024, Occidental owned all of the 2.3% non-voting general partner interest, 48.7% of the WES limited partner units, and a 2% non-voting limited partner interest in WES Operating, a subsidiary of WES. As of June 30, 2024, Occidental's combined share of net income from WES and its subsidiaries was 50.9%.

NON-CONTROLLING INTEREST

In 2023, Occidental and BlackRock formed a joint venture for the continued development of the first commercial scale direct air capture facility in Ector County, Texas. The joint venture is a VIE and Occidental consolidates the VIE as it is the primary beneficiary. BlackRock’s investment is accounted for as an NCI. Each party has committed to make additional investments towards the completion of the direct air capture facility, with BlackRock committed to invest up to $550 million.

In addition, Occidental has entered into agreements with the joint venture related to project management, operations and maintenance and carbon removal offtake. Occidental may incur additional payments if certain construction and operational thresholds are not met.

Occidental may call the NCI on June 30, 2035 or earlier if the plant does not achieve commercial operations or ceases and permanently discontinues operations. Dividends from the joint venture will be distributed preferentially to the NCI up to a return threshold, then preferentially to Occidental thereafter. The NCI receives preferential distributions in liquidation.

Because distributions from the joint venture will not be consistent over time, or with the initial investments or ownership interest, Occidental has determined that the appropriate methodology for attributing income and loss from the joint venture is the HLBV method. Under the HLBV method, the amounts of income and loss attributed to the NCI in the consolidated statements of operations reflect changes in the amounts the NCI would hypothetically receive at each balance sheet date if the joint venture was liquidated. As of June 30, 2024, the VIE’s assets were comprised of $539 million construction in progress.

GENERAL (Policies)	6 Months Ended
GENERAL (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
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.
NON-CONTROLLING INTEREST	NON-CONTROLLING INTEREST In 2023, Occidental and BlackRock formed a joint venture for the continued development of the first commercial scale direct air capture facility in Ector County, Texas. The joint venture is a VIE and Occidental consolidates the VIE as it is the primary beneficiary. BlackRock’s investment is accounted for as an NCI. Each party has committed to make additional investments towards the completion of the direct air capture facility, with BlackRock committed to invest up to $550 million. In addition, Occidental has entered into agreements with the joint venture related to project management, operations and maintenance and carbon removal offtake. Occidental may incur additional payments if certain construction and operational thresholds are not met. Occidental may call the NCI on June 30, 2035 or earlier if the plant does not achieve commercial operations or ceases and permanently discontinues operations. Dividends from the joint venture will be distributed preferentially to the NCI up to a return threshold, then preferentially to Occidental thereafter. The NCI receives preferential distributions in liquidation. Because distributions from the joint venture will not be consistent over time, or with the initial investments or ownership interest, Occidental has determined that the appropriate methodology for attributing income and loss from the joint venture is the HLBV method. Under the HLBV method, the amounts of income and loss attributed to the NCI in the consolidated statements of operations reflect changes in the amounts the NCI would hypothetically receive at each balance sheet date if the joint venture was liquidated.
REVENUE	Revenue from customers is recognized when obligations under the terms of a contract with customers are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services, such as transportation.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 19
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-19

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

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$ 2,058	$ 2,123
Adjustments to reconcile net income to net cash provided by operating activities:
Discontinued operations, net	(182)	0
Depreciation, depletion and amortization of assets	3,468	3,430
Deferred income tax provision (benefit)	(135)	98
Asset impairments and other charges	0	209
Gains on sales of assets, net	(27)	(5)
Noncash charges (benefits) to income and other	308	(51)
Changes in operating assets and liabilities:
(Increase) decrease in receivables	(702)	1,432
Increase in inventories	(787)	(75)
(Increase) decrease in other current assets	146	(347)
Increase (decrease) in accounts payable and accrued liabilities	47	(1,007)
Increase in current domestic and foreign income taxes	207	133
Net cash provided by operating activities	4,401	5,940
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(3,554)	(3,107)
Change in capital accrual	(24)	5
Purchases of assets and equity investments, net	(187)	(140)
Proceeds from sales of businesses and assets, net	148	80
Equity investments and other, net	(64)	(375)
Net cash used by investing activities	(3,681)	(3,537)
CASH FLOW FROM FINANCING ACTIVITIES
Payments of long-term debt, net	0	(22)
Proceeds from issuance of common stock	504	37
Redemption of preferred stock	0	(982)
Purchases of treasury stock	(9)	(1,177)
Cash dividends paid on common and preferred stock	(698)	(688)
Contribution from noncontrolling interest	99	0
Other financing, net	(185)	(64)
Net cash used by financing activities	(289)	(2,896)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	431	(493)
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period	1,464	1,026
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period	$ 1,895	$ 533

EARNINGS PER SHARE AND EQUITY - Schedule of Repurchase Agreements (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Exercise of warrants (in shares)	18,875,864	3,277,628	22,153,492
Other (in shares)	94,789	3,978,999	4,073,788
Treasury Stock Purchases (in shares)	(130,424)	0	(130,424)
Common stock, outstanding (in shares)	905,559,959	886,719,730	905,559,959	879,463,103
Amount from exercise of warrants			$ 487
Strike Price One
Class of Stock [Line Items]
Outstanding warrants (in shares)	77,300,000		77,300,000
Exercise price of warrant (in dollars per share)	$ 22.00		$ 22.00
Strike Price Two
Class of Stock [Line Items]
Outstanding warrants (in shares)	83,900,000		83,900,000
Exercise price of warrant (in dollars per share)	$ 59.62		$ 59.62

INVENTORIES

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

INVENTORIES


NOTE 3 - INVENTORIES

Finished goods primarily represent 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. As of June 30, 2024 and December 31, 2023, inventories consisted of the following:


millions	June 30, 2024		December 31, 2023

Raw materials	$	121	$	115
Materials and supplies	1,157		988
Commodity inventory and finished goods	1,643		1,027
	2,921		2,130
Revaluation to LIFO	(108)		(108)
Total	$	2,813	$	2,022

INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 1,635	$ 1,327	$ 2,645	$ 3,061
Current
Federal	(303)	(181)	(546)	(446)
State and Local	(12)	(14)	(24)	(32)
Foreign	(194)	(191)	(334)	(362)
Total current tax expense	(509)	(386)	(904)	(840)
Deferred
Federal	42	(5)	123	(19)
State and Local	(1)	(3)	1	(6)
Foreign	3	(73)	11	(73)
Total deferred tax benefit (expense)	44	(81)	135	(98)
Total income tax expense	(465)	(467)	(769)	(938)
Income from continuing operations	$ 1,170	$ 860	$ 1,876	$ 2,123
Worldwide effective tax rate	28.00%	35.00%	29.00%	31.00%

ACQUISITIONS AND DIVESTITURES

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

ACQUISITIONS AND DIVESTITURES


NOTE 5 - ACQUISITIONS AND DIVESTITURES

CROWNROCK ACQUISITION

In December 2023, Occidental entered into an agreement to purchase CrownRock L.P. for total consideration of approximately $12.4 billion, consisting of approximately $9.4 billion of cash consideration (inclusive of certain working capital and other customary purchase price adjustments), approximately 29.6 million shares of common stock of Occidental, and the assumption of $1.2 billion of existing debt of CrownRock. The acquisition closed August 1, 2024, adding to Occidental's oil and gas portfolio in the Permian Basin.

In connection with the CrownRock Acquisition, Occidental issued $5.0 billion of new unsecured notes, a $2.0 billion 364-day term loan, and a $2.7 billion two-year term loan.

The CrownRock Acquisition qualified as a business combination and was accounted for using the acquisition method of accounting. The following table summarizes the cash and common stock components of the purchase price:


in millions of dollars and shares	Total
Cash portion of purchase price	$	9,100
Closing Adjustments
Net Working Capital and Other Purchase Price Adjustments	257
Pre-closing dividends declared by Occidental	$	13
Total Cash Purchase Price	$	9,370
Total shares of Occidental common stock issued	29.6
Occidental common stock share price	$	59.38
Stock portion of purchase price	$	1,755
Total purchase price	$	11,125

The following table sets forth the preliminary allocation of the acquisition consideration. Certain data necessary to complete the purchase price allocation is not yet available, and includes, but is not limited to, final appraisals of assets acquired and liabilities assumed. Occidental will finalize the purchase price allocation during the 12-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate.


in millions	August 1, 2024
Fair value of assets acquired:
Cash and cash equivalents	$	581
Trade receivables, net	244

Other current assets	8

Property, plant and equipment, Oil and gas	11,825


Amount attributable to assets acquired	$	12,658
Fair value of liabilities acquired:
Current maturities of long-term debt	$	868
Accounts payable	130
Accrued liabilities	111
Long-term debt	376
Asset retirement obligations	48
Amount attributable to liabilities acquired	$	1,533
Fair value of net assets acquired:	$	11,125

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, was based on preliminary appraisals. The majority of measurements of assets acquired and liabilities assumed were based on inputs that are not observable in the market and thus represent Level 3 inputs. The fair value of acquired properties and equipment was based on both available market data and a cost approach. Oil and natural gas properties were valued using either available market data based on the nature of the properties and their location or an income approach.

It is impractical to present unaudited pro-forma information as of June 30, 2024 because the required information is not yet available at the time of this filing.

DIVESTITURES

Subsequent Event

In July 2024, Occidental entered into an agreement to sell certain Delaware Basin assets in Texas and New Mexico for approximately $818 million. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 31, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
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
Entity Address, Address Line Two	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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		905,615,720
Entity Central Index Key	0000797468
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock, $0.20 par value
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, $0.20 par value
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

DERIVATIVES - Marketing Derivatives (Details)	6 Months Ended				12 Months Ended
DERIVATIVES - Marketing Derivatives (Details)	Jun. 30, 2024 $ / bbl	Jun. 30, 2024 $ / MMcf	Jun. 30, 2024 MMBbls	Jun. 30, 2024 Bcf	Dec. 31, 2023 $ / bbl	Dec. 31, 2023 $ / MMcf	Dec. 31, 2023 MMBbls	Dec. 31, 2023 Bcf
Marketing Derivatives \| Not Designated as Hedging Instruments
Outstanding commodity derivatives contracts not designated as hedging instruments
Weighted average sales price (in dollars per barrel)	81.31	2.10			76.36	2.62
Oil commodity contracts \| Short position
Outstanding commodity derivatives contracts not designated as hedging instruments
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) \| MMBbls			(54)				(20)
Natural gas commodity contracts \| Short position
Outstanding commodity derivatives contracts not designated as hedging instruments
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) \| Bcf				(254)				(113)

EARNINGS PER SHARE AND EQUITY - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic earnings (loss) per common share
Income from continuing operations	$ 1,170	$ 860	$ 1,876	$ 2,123
Discontinued operations, net of taxes	0	0	182	0
NET INCOME	1,170	860	2,058	2,123
Less: Net income attributable to noncontrolling interest	(8)	0	(8)	0
Less: Preferred stock dividends and redemption premiums	(170)	(255)	(340)	(535)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	992	605	1,710	1,588
Less: Net income allocated to participating securities	(7)	(4)	(10)	(10)
Net income, net of participating securities	$ 985	$ 601	$ 1,700	$ 1,578
Weighted-average number of basic shares (in shares)	893.8	889.3	889.2	895.6
Basic income per common share (in dollars per share)	$ 1.10	$ 0.68	$ 1.91	$ 1.76
Less: Net income allocated to participating securities	$ (7)	$ (4)	$ (10)	$ (10)
Net income, net of participating securities	$ 985	$ 601	$ 1,700	$ 1,578
Dilutive securities (in shares)	65.1	69.5	64.9	71.8
Dilutive effect of potentially dilutive securities (in shares)	958.9	958.8	954.1	967.4
Diluted income per common share (in dollars per share)	$ 1.03	$ 0.63	$ 1.78	$ 1.63

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Statement of Comprehensive Income [Abstract]

Net income

$ 1,170

$ 860

$ 2,058

$ 2,123

Other comprehensive income (loss) items:

Gains (losses) on derivatives

^[1]

(7)

(5)

Pension and postretirement losses

^[2]

(8)

(2)

(12)

(7)

Other

(1)

Other comprehensive income, net of tax

(16)

(8)

(11)

Comprehensive income

1,154

852

2,047

2,175

Comprehensive income attributable to noncontrolling interest

(8)

Comprehensive income attributable to preferred and common stockholders

$ 1,146

$ 852

$ 2,039

$ 2,175

[1]	Net of tax expense of zero for the three and six months ended June 30, 2024 and 2023.
[2]	Net of tax expense of $4 million and $1 million for the three months ended June 30, 2024 and 2023 and $5 million and $2 million for the six months ended June 30, 2024 and 2023.

LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

As of June 30, 2024 and December 31, 2023, Occidental’s debt consisted of the following:


millions	June 30, 2024		December 31, 2023
2.900% senior notes due 2024	$	654	$	654
6.950% senior notes due 2024	291		291
3.450% senior notes due 2024	111		111
3.500% senior notes due 2025	137		137
5.875% senior notes due 2025	606		606
5.500% senior notes due 2025	465		465
5.550% senior notes due 2026	870		870
3.200% senior notes due 2026	182		182
3.400% senior notes due 2026	284		284
7.500% debentures due 2026	112		112
8.500% senior notes due 2027	489		489
3.000% senior notes due 2027	216		216
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	232		232
7.200% senior debentures due 2028	82		82
6.375% senior notes due 2028	578		578
7.200% debentures due 2029	135		135
7.950% debentures due 2029	116		116
8.450% senior notes due 2029	116		116
3.500% senior notes due 2029	286		286
Variable rate bonds due 2030 (5.890% and 5.750% as of June 30, 2024 and December 31, 2023, respectively)	68		68
8.875% senior notes due 2030	1,000		1,000
6.625% senior notes due 2030	1,449		1,449
6.125% senior notes due 2031	1,143		1,143
7.500% senior notes due 2031	900		900
7.875% senior notes due 2031	500		500
6.450% senior notes due 2036	1,727		1,727
Zero Coupon senior notes due 2036	673		673
0.000% loan due 2039	19		19
4.300% senior notes due 2039	247		247
7.950% senior notes due 2039	325		325
6.200% senior notes due 2040	737		737
4.500% senior notes due 2044	191		191
4.625% senior notes due 2045	296		296
6.600% senior notes due 2046	1,117		1,117
4.400% senior notes due 2046	424		424
4.100% senior notes due 2047	258		258
(continued on next page)


millions (continued)	2024		2023
4.200% senior notes due 2048	304		304
4.400% senior notes due 2049	280		280
7.730% debentures due 2096	58		58
7.500% debentures due 2096	60		60
7.250% debentures due 2096	5		5
Total borrowings at face value	$	17,955	$	17,955

The following table summarizes Occidental's outstanding debt, including finance lease liabilities:


millions	June 30, 2024		December 31, 2023
Total borrowings at face value	$	17,955	$	17,955
Adjustments to book value:
Unamortized premium, net	1,099		1,152
Debt issuance costs	(60)		(106)
Net book value of debt	$	18,994	$	19,001
Long-term finance leases, included in Long-term debt	590		591
Current finance leases, included in Current maturities of long-term debt	153		146
Total debt and finance leases	$	19,737	$	19,738
Less: current maturities of financing leases	(153)		(146)
Less: current maturities of long-term debt	(1,194)		(1,056)
Long-term debt, net	$	18,390	$	18,536

The term loans and notes issued comprised the following tranches:


millions	Principal
364 day term loan due in 2025	$	2,000
2 year term loan due in 2026	2,700
5.000% senior notes due in 2027	600
5.200% senior notes due in 2029	1,200
5.375% senior notes due in 2032	1,000
5.550% senior notes due in 2034	1,200
6.050% senior notes due in 2054	1,000
Total borrowings	$	9,700

See Note 5 - Acquisition s and Divestitures for details on the CrownRock Acquisition.

- 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.

+ References

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+ Details

EARNINGS PER SHARE AND EQUITY

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

EARNINGS PER SHARE AND EQUITY


NOTE 10 - EARNINGS PER SHARE AND EQUITY

The following table presents the calculation of basic and diluted EPS attributable to common stockholders:


	Three months ended June 30,				Six months ended June 30,
millions except per-share amounts	2024		2023		2024		2023
Income from continuing operations	$	1,170	$	860	$	1,876	$	2,123
Discontinued operations, net of taxes (a)	—		—		182		—
Net income	$	1,170	$	860	$	2,058	$	2,123
Less: Income attributable to noncontrolling interest	(8)		—		(8)		—
Less: Preferred stock dividends and redemption premiums	(170)		(255)		(340)		(535)
Net income attributable to common stock	$	992	$	605	$	1,710	$	1,588
Less: Net income allocated to participating securities	(7)		(4)		(10)		(10)
Net income, net of participating securities	$	985	$	601	$	1,700	$	1,578
Weighted-average number of basic shares	893.8		889.3		889.2		895.6
Basic income per common share	$	1.10	$	0.68	$	1.91	$	1.76
Net income attributable to common stock	$	992	$	605	$	1,710	$	1,588
Less: Net income allocated to participating securities	(7)		(4)		(10)		(10)
Net income, net of participating securities	$	985	$	601	$	1,700	$	1,578
Weighted-average number of basic shares	893.8		889.3		889.2		895.6
Dilutive securities	65.1		69.5		64.9		71.8
Dilutive effect of potentially dilutive securities	958.9		958.8		954.1		967.4
Diluted income per common share	$	1.03	$	0.63	$	1.78	$	1.63

(a) See Note 9 - Lawsuits, Claims, Commitments and Contingencies.

For the three and six months ended June 30, 2024 and 2023, there were no Occidental common stock warrants nor options that were excluded from diluted shares.

The following table presents Occidental's common share activity, including exercises of warrants, and other transactions in Occidental's common stock in 2024:


Period	Exercise of Warrants (a)	Other (b)	Treasury Stock Purchases (c)	Common Stock Outstanding (d)
December 31, 2023				879,463,103
First Quarter 2024	3,277,628	3,978,999	—	886,719,730
Second Quarter 2024	18,875,864	94,789	(130,424)	905,559,959
Total	22,153,492	4,073,788	(130,424)	905,559,959

(a) Approximately $487 million of cash was received in the first six months of 2024 from of the exercise of common stock warrants.

(b) Consists of issuances from the 2015 long-term incentive plan, the OPC savings plan and the dividend reinvestment plan.

(c) Included purchases of shares from the trustee of Occidental's defined contribution savings plan that are not part of publicly announced plans or programs.

(d) As of June 30, 2024, Occidental has 77.3 million outstanding warrants with a strike of $22.00 per share and 83.9 million of warrants with a strike of $59.62 per share.

- Definition

The entire disclosure for equity.

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+ Details

ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Tables)

6 Months Ended

Jun. 30, 2024

Environmental Remediation Obligations [Abstract]

Schedule of Current and Non-Current Environmental Remediation Reserves by Categories of Sites

The following table presents the current and non-current environmental remediation liabilities of such subsidiaries on a consolidated basis as of June 30, 2024. The current portion of $131 million is included in accrued liabilities and the remainder of $857 million is included in deferred credits and other liabilities - environmental remediation liabilities.

These environmental remediation sites are grouped into NPL Sites and the following three categories of non-NPL Sites—Third-Party Sites, Currently Operated Sites and Closed or Non-Operated Sites.


millions, except number of sites	Number of Sites	Remediation Balance
NPL Sites	32	$	442
Third-Party Sites	63	209
Currently Operated Sites	12	93
Closed or Non-Operated Sites	51	244
Total	158	$	988

ACQUISITIONS AND DIVESTITURES (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Purchase Consideration

The following table summarizes the cash and common stock components of the purchase price:


in millions of dollars and shares	Total
Cash portion of purchase price	$	9,100
Closing Adjustments
Net Working Capital and Other Purchase Price Adjustments	257
Pre-closing dividends declared by Occidental	$	13
Total Cash Purchase Price	$	9,370
Total shares of Occidental common stock issued	29.6
Occidental common stock share price	$	59.38
Stock portion of purchase price	$	1,755
Total purchase price	$	11,125

Schedule of Preliminary Purchase Price Allocation


in millions	August 1, 2024
Fair value of assets acquired:
Cash and cash equivalents	$	581
Trade receivables, net	244

Other current assets	8

Property, plant and equipment, Oil and gas	11,825


Amount attributable to assets acquired	$	12,658
Fair value of liabilities acquired:
Current maturities of long-term debt	$	868
Accounts payable	130
Accrued liabilities	111
Long-term debt	376
Asset retirement obligations	48
Amount attributable to liabilities acquired	$	1,533
Fair value of net assets acquired:	$	11,125

REVENUE - Schedule of Reconciliation of Revenue from Customers to Total Net Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from customers	$ 6,802	$ 6,601	$ 13,533	$ 13,716
All other revenues	15	101	(741)	211
Net sales	$ 6,817	$ 6,702	$ 12,792	$ 13,927

- 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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- 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).

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+ Details

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 121	$ 115
Materials and supplies	1,157	988
Commodity inventory and finished goods	1,643	1,027
Total	2,921	2,130
Revaluation to LIFO	(108)	(108)
Total	$ 2,813	$ 2,022

SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Industry Segments

The following table presents Occidental’s industry segments:


millions	Oil and gas (a)		Chemical		Midstream and marketing (b)		Corporate and eliminations (c)		Total
Three months ended June 30, 2024
Net sales	$	5,469	$	1,274	$	282	$	(208)	$	6,817
Income (loss) before income taxes	$	1,639	$	296	$	116	$	(416)	$	1,635
Income tax expense	—		—		—		(465)		(465)
Income (loss) from continuing operations	$	1,639	$	296	$	116	$	(881)	$	1,170

Three months ended June 30, 2023
Net sales	$	4,941	$	1,375	$	616	$	(230)	$	6,702
Income (loss) before income taxes	$	1,059	$	436	$	(30)	$	(138)	$	1,327
Income tax expense	—		—		—		(467)		(467)
Income (loss) from continuing operations	$	1,059	$	436	$	(30)	$	(605)	$	860

millions	Oil and gas (a)		Chemical		Midstream and marketing (b)		Corporate and eliminations (c)		Total
Six months ended June 30, 2024
Net sales	$	10,384	$	2,460	$	381	$	(433)	$	12,792
Income (loss) before income taxes	$	2,877	$	550	$	83	$	(865)	$	2,645
Income tax expense	—		—		—		(769)		(769)
Income (loss) from continuing operations	$	2,877	$	550	$	83	$	(1,634)	$	1,876

Six months ended June 30, 2023
Net sales	$	10,266	$	2,780	$	1,367	$	(486)	$	13,927
Income (loss) before income taxes	$	2,699	$	908	$	(28)	$	(518)	$	3,061
Income tax expense	—		—		—		(938)		(938)
Income (loss) from continuing operations	$	2,699	$	908	$	(28)	$	(1,456)	$	2,123

INCOME TAXES

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES


NOTE 7 - INCOME TAXES

The following table summarizes components of income tax expense:


	Three months ended June 30,						Six months ended June 30,
millions	2024			2023			2024			2023
Income before income taxes	$	1,635		$	1,327		$	2,645		$	3,061
Current
Federal	(303)			(181)			(546)			(446)
State and Local	(12)			(14)			(24)			(32)
Foreign	(194)			(191)			(334)			(362)
Total current tax expense	$	(509)		$	(386)		$	(904)		$	(840)
Deferred
Federal	42			(5)			123			(19)
State and Local	(1)			(3)			1			(6)
Foreign	3			(73)			11			(73)
Total deferred tax benefit (expense)	$	44		$	(81)		$	135		$	(98)
Total income tax expense	$	(465)		$	(467)		$	(769)		$	(938)
Income from continuing operations	$	1,170		$	860		$	1,876		$	2,123
Worldwide effective tax rate	28		%	35		%	29		%	31		%

The worldwide effective tax rates for the periods presented in the table above were primarily driven by Occidental's jurisdictional mix of income. U.S. income is taxed at a U.S. federal statutory rate of 21%, while international income is subject to tax at statutory rates as high as 55%.

INFLATION REDUCTION ACT AND PILLAR TWO

In August 2022, Congress passed the IRA that contains, among other provisions, a corporate book minimum tax on financial statement income, an excise tax on stock buybacks, a methane emissions charge and certain tax incentives related to climate change and clean energy. Occidental is currently evaluating the guidance and proposed regulations. The ultimate impact of the IRA to Occidental will depend on a number of factors including future commodity prices, interpretations and assumptions as well as additional regulatory guidance.

Approximately 140 countries have agreed to a statement in support of the OECD Pillar Two initiative that proposes a 15% global minimum tax on a jurisdiction-by-jurisdiction basis. A number of countries, including European Union member states, the United Kingdom, and Canada have enacted or are in the process of enacting legislation to be effective in 2024, with widespread implementation of a global minimum tax expected by 2025. As the legislation becomes effective in countries in which Occidental operates, its cash tax could increase, and its effective tax rate could be negatively impacted. Occidental will continue to monitor proposed legislation and guidance issued by both the OECD as well as the jurisdictions in which it operates to assess the impact on its tax position. We do not expect the provisions effective in 2024 to have a materially adverse impact on our results of operations, financial position or cash flows.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

SEGMENTS - Schedule of Industry Segments and Eliminations (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Information
Number of operating segments \| segment			3
Net sales	$ 6,817	$ 6,702	$ 12,792	$ 13,927
Income (loss) before income taxes	1,635	1,327	2,645	3,061
Income tax expense	(465)	(467)	(769)	(938)
Income from continuing operations	1,170	860	1,876	2,123
Income from equity investments and other	242	185	543	285
Acquisition-related costs	14	0	26	0
Income tax charges, contract renewal	(20)		(20)
Deferred Income Tax Charge
Segment Information
Deferred tax charges, contract renewal		68		68
Oil and gas \| Black Butte Coal
Segment Information
Impairment of equity method investment		29		29
Oil and gas \| Land
Segment Information
Impairment and related charges		180		180
Midstream and marketing
Segment Information
Mark to market gain (loss) on interest rate swaps	5	48	(86)	40
Operating segments \| Oil and gas
Segment Information
Net sales	5,469	4,941	10,384	10,266
Income (loss) before income taxes	1,639	1,059	2,877	2,699
Income tax expense	0	0	0	0
Income from continuing operations	1,639	1,059	2,877	2,699
Legal settlement expense	(10)		(54)
Gains related to legal settlements				26
Operating segments \| Chemical
Segment Information
Net sales	1,274	1,375	2,460	2,780
Income (loss) before income taxes	296	436	550	908
Income tax expense	0	0	0	0
Income from continuing operations	296	436	550	908
Operating segments \| Midstream and marketing
Segment Information
Net sales	282	616	381	1,367
Income (loss) before income taxes	116	(30)	83	(28)
Income tax expense	0	0	0	0
Income from continuing operations	116	(30)	83	(28)
Operating segments \| WES Midstream segment
Segment Information
Income from equity investments and other	35		157
Corporate and eliminations
Segment Information
Net sales	(208)	(230)	(433)	(486)
Income (loss) before income taxes	(416)	(138)	(865)	(518)
Income tax expense	(465)	(467)	(769)	(938)
Income from continuing operations	(881)	(605)	(1,634)	(1,456)
Acquisition and financing related costs	29		85
Corporate and eliminations \| Maxus Filed Bankruptcy
Segment Information
Gains related to legal settlements		$ 260		$ 260
Corporate and eliminations \| CrownRock Acquisition
Segment Information
Financing costs	$ 15		$ 59

GENERAL (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents



millions	2024		2023
Cash and cash equivalents	$	1,845	$	486
Restricted cash and restricted cash equivalents included in other current assets	35		29
Restricted cash and restricted cash equivalents included in other long-term assets, net	15		18
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	1,895	$	533

Schedule of Restrictions on Cash and Cash Equivalents



millions	2024		2023
Cash and cash equivalents	$	1,845	$	486
Restricted cash and restricted cash equivalents included in other current assets	35		29
Restricted cash and restricted cash equivalents included in other long-term assets, net	15		18
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	1,895	$	533

Schedule of Supplemental Cash Flows

The following table represents U.S. federal, state and international income taxes paid and interest paid during the six months ended June 30, 2024 and 2023, respectively:



millions	2024		2023
Income tax payments	$	601	$	632
Income tax refunds received	$	—	$	3
Interest paid (a)	$	483	$	509

(a) Net of capitalized interest of $67 million and $42 million for the six months ended June 30, 2024 and 2023, respectively.

ACQUISITIONS AND DIVESTITURES - Schedule of Purchase Consideration (Details) - Crownrock L.P. - Subsequent Event $ / shares in Units, shares in Millions, $ in Millions	Aug. 01, 2024 USD ($) $ / shares shares
Business Acquisition [Line Items]
Cash portion of purchase price	$ 9,100
Net Working Capital and Other Purchase Price Adjustments	257
Pre-closing dividends declared by Occidental	13
Total Cash Purchase Price	$ 9,370
Total shares of Occidental common stock issued (in shares) \| shares	29.6
Occidental common stock share price (in dollars per share) \| $ / shares	$ 59.38
Stock portion of purchase price (in dollars per share)	$ 1,755
Total purchase price	$ 11,125

REVENUE (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Reconciliation of Revenue from Customers to Total Net Sales

The following table shows a reconciliation of revenue from customers to total net sales for the three and six months ended June 30, 2024 and 2023:


	Three months ended June 30,				Six months ended June 30,
millions	2024		2023		2024		2023

Revenue from customers	$	6,802	$	6,601	$	13,533	$	13,716
All other revenues (a)	15		101		(741)		211
Net sales	$	6,817	$	6,702	$	12,792	$	13,927

(a) Includes other revenues from the midstream and marketing segment and chemical segment.

Schedule of Revenue from Customers by Segment, Product, and Geographical Area

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		International		Eliminations		Total

Three months ended June 30, 2024
Oil and gas
Oil	$	4,011	$	761	$	—	$	4,772
NGL	403		97		—		500
Gas	67		91		—		158
Other	39		—		—		39
Segment total	$	4,520	$	949	$	—	$	5,469
Chemical	$	1,203	$	70	$	—	$	1,273




Midstream and marketing	$	172	$	96	$	—	$	268
Eliminations	$	—	$	—	$	(208)	$	(208)
Consolidated	$	5,895	$	1,115	$	(208)	$	6,802

millions	United States		International		Eliminations		Total

Three months ended June 30, 2023
Oil and gas
Oil	$	3,446	$	795	$	—	$	4,241
NGL	352		90		—		442
Gas	161		87		—		248
Other	10		—		—		10
Segment total	$	3,969	$	972	$	—	$	4,941
Chemical	$	1,292	$	82	$	—	$	1,374




Midstream and marketing	$	421	$	95	$	—	$	516
Eliminations	$	—	$	—	$	(230)	$	(230)
Consolidated	$	5,682	$	1,149	$	(230)	$	6,601


millions	United States		International		Eliminations		Total

Six months ended June 30, 2024
Oil and gas
Oil	$	7,360	$	1,533	$	—	$	8,893
NGL	819		196		—		1,015
Gas	254		178		—		432
Other	44		—		—		44
Segment total	$	8,477	$	1,907	$	—	$	10,384
Chemical	$	2,318	$	140	$	—	$	2,458
Midstream and marketing	$	932	$	192	$	—	$	1,124




Eliminations	$	—	$	—	$	(433)	$	(433)
Consolidated	$	11,727	$	2,239	$	(433)	$	13,533


millions	United States		International		Eliminations		Total

Six months ended June 30, 2023
Oil and gas
Oil	$	7,096	$	1,513	$	—	$	8,609
NGL	812		175		—		987
Gas	516		159		—		675
Other	(6)		1		—		(5)
Segment total	$	8,418	$	1,848	$	—	$	10,266
Chemical	$	2,600	$	176	$	—	$	2,776
Midstream and marketing	$	961	$	199	$	—	$	1,160




Eliminations	$	—	$	—	$	(486)	$	(486)
Consolidated	$	11,979	$	2,223	$	(486)	$	13,716

REVENUE - Schedule of Revenue from Customers by Segment, Product, and Geographical Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of revenue
Revenue from customers	$ 6,802	$ 6,601	$ 13,533	$ 13,716
United States
Disaggregation of revenue
Revenue from customers			11,727	11,979
International
Disaggregation of revenue
Revenue from customers			2,239	2,223
Operating segments
Disaggregation of revenue
Revenue from customers	6,802	6,601
Operating segments \| United States
Disaggregation of revenue
Revenue from customers	5,895	5,682
Operating segments \| International
Disaggregation of revenue
Revenue from customers	1,115	1,149
Eliminations
Disaggregation of revenue
Revenue from customers	(208)	(230)	(433)	(486)
Eliminations \| United States
Disaggregation of revenue
Revenue from customers	0	0	0	0
Eliminations \| International
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Operating segments
Disaggregation of revenue
Revenue from customers	5,469	4,941	10,384	10,266
Oil and gas \| Operating segments \| Oil
Disaggregation of revenue
Revenue from customers	4,772	4,241	8,893	8,609
Oil and gas \| Operating segments \| NGL
Disaggregation of revenue
Revenue from customers	500	442	1,015	987
Oil and gas \| Operating segments \| Gas
Disaggregation of revenue
Revenue from customers	158	248	432	675
Oil and gas \| Operating segments \| Other
Disaggregation of revenue
Revenue from customers	39	10	44	(5)
Oil and gas \| Operating segments \| United States
Disaggregation of revenue
Revenue from customers	4,520	3,969	8,477	8,418
Oil and gas \| Operating segments \| United States \| Oil
Disaggregation of revenue
Revenue from customers	4,011	3,446	7,360	7,096
Oil and gas \| Operating segments \| United States \| NGL
Disaggregation of revenue
Revenue from customers	403	352	819	812
Oil and gas \| Operating segments \| United States \| Gas
Disaggregation of revenue
Revenue from customers	67	161	254	516
Oil and gas \| Operating segments \| United States \| Other
Disaggregation of revenue
Revenue from customers	39	10	44	(6)
Oil and gas \| Operating segments \| International
Disaggregation of revenue
Revenue from customers	949	972	1,907	1,848
Oil and gas \| Operating segments \| International \| Oil
Disaggregation of revenue
Revenue from customers	761	795	1,533	1,513
Oil and gas \| Operating segments \| International \| NGL
Disaggregation of revenue
Revenue from customers	97	90	196	175
Oil and gas \| Operating segments \| International \| Gas
Disaggregation of revenue
Revenue from customers	91	87	178	159
Oil and gas \| Operating segments \| International \| Other
Disaggregation of revenue
Revenue from customers	0	0	0	1
Oil and gas \| Eliminations
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Eliminations \| Oil
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Eliminations \| NGL
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Eliminations \| Gas
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Eliminations \| Other
Disaggregation of revenue
Revenue from customers	0	0	0	0
Chemical \| Operating segments
Disaggregation of revenue
Revenue from customers	1,273	1,374	2,458	2,776
Chemical \| Operating segments \| United States
Disaggregation of revenue
Revenue from customers	1,203	1,292	2,318	2,600
Chemical \| Operating segments \| International
Disaggregation of revenue
Revenue from customers	70	82	140	176
Chemical \| Eliminations
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and marketing \| Operating segments
Disaggregation of revenue
Revenue from customers	268	516	1,124	1,160
Midstream and marketing \| Operating segments \| United States
Disaggregation of revenue
Revenue from customers	172	421	932	961
Midstream and marketing \| Operating segments \| International
Disaggregation of revenue
Revenue from customers	96	95	192	199
Midstream and marketing \| Eliminations
Disaggregation of revenue
Revenue from customers	$ 0	$ 0	$ 0	$ 0

LONG-TERM DEBT

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

LONG-TERM DEBT


NOTE 4 - LONG-TERM DEBT

As of June 30, 2024 and December 31, 2023, Occidental’s debt consisted of the following:


millions	June 30, 2024		December 31, 2023
2.900% senior notes due 2024	$	654	$	654
6.950% senior notes due 2024	291		291
3.450% senior notes due 2024	111		111
3.500% senior notes due 2025	137		137
5.875% senior notes due 2025	606		606
5.500% senior notes due 2025	465		465
5.550% senior notes due 2026	870		870
3.200% senior notes due 2026	182		182
3.400% senior notes due 2026	284		284
7.500% debentures due 2026	112		112
8.500% senior notes due 2027	489		489
3.000% senior notes due 2027	216		216
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	232		232
7.200% senior debentures due 2028	82		82
6.375% senior notes due 2028	578		578
7.200% debentures due 2029	135		135
7.950% debentures due 2029	116		116
8.450% senior notes due 2029	116		116
3.500% senior notes due 2029	286		286
Variable rate bonds due 2030 (5.890% and 5.750% as of June 30, 2024 and December 31, 2023, respectively)	68		68
8.875% senior notes due 2030	1,000		1,000
6.625% senior notes due 2030	1,449		1,449
6.125% senior notes due 2031	1,143		1,143
7.500% senior notes due 2031	900		900
7.875% senior notes due 2031	500		500
6.450% senior notes due 2036	1,727		1,727
Zero Coupon senior notes due 2036	673		673
0.000% loan due 2039	19		19
4.300% senior notes due 2039	247		247
7.950% senior notes due 2039	325		325
6.200% senior notes due 2040	737		737
4.500% senior notes due 2044	191		191
4.625% senior notes due 2045	296		296
6.600% senior notes due 2046	1,117		1,117
4.400% senior notes due 2046	424		424
4.100% senior notes due 2047	258		258
(continued on next page)


millions (continued)	2024		2023
4.200% senior notes due 2048	304		304
4.400% senior notes due 2049	280		280
7.730% debentures due 2096	58		58
7.500% debentures due 2096	60		60
7.250% debentures due 2096	5		5
Total borrowings at face value	$	17,955	$	17,955

The following table summarizes Occidental's outstanding debt, including finance lease liabilities:


millions	June 30, 2024		December 31, 2023
Total borrowings at face value	$	17,955	$	17,955
Adjustments to book value:
Unamortized premium, net	1,099		1,152
Debt issuance costs	(60)		(106)
Net book value of debt	$	18,994	$	19,001
Long-term finance leases, included in Long-term debt	590		591
Current finance leases, included in Current maturities of long-term debt	153		146
Total debt and finance leases	$	19,737	$	19,738
Less: current maturities of financing leases	(153)		(146)
Less: current maturities of long-term debt	(1,194)		(1,056)
Long-term debt, net	$	18,390	$	18,536

DEBT ACTIVITY

In February 2024, Occidental entered into a Third Amended and Restated Credit Agreement for the RCF extending the maturity date to June 30, 2028. In May 2024, Occidental amended the RCF to add an additional $150 million commitment, increasing the borrowing capacity to $4.15 billion.

In the first quarter of 2023, Occidental used cash on hand to repay $22 million of its 8.750% medium-term notes upon maturity.

As of June 30, 2024, Occidental had $1.2 billion of debt maturities due in the next 12 months. Subsequent to June 30, 2024, in July 2024, Occidental repaid $402 million of current maturities. In July 2024, Occidental also amended and extended the maturity date of its existing receivables securitization facility to July 30, 2027. As of June 30, 2024, the facility had $600 million of available borrowing capacity and no drawn amounts. The facility includes adjustments based on the same specified sustainability target thresholds as contained in the RCF.

In connection with the CrownRock Acquisition, Occidental issued $9.7 billion in new debt in July 2024, consisting of $4.7 billion in term loans and $5 billion in unsecured notes. The term loans and notes issued comprised the following tranches:


millions	Principal
364 day term loan due in 2025	$	2,000
2 year term loan due in 2026	2,700
5.000% senior notes due in 2027	600
5.200% senior notes due in 2029	1,200
5.375% senior notes due in 2032	1,000
5.550% senior notes due in 2034	1,200
6.050% senior notes due in 2054	1,000
Total borrowings	$	9,700

See Note 5 - Acquisition s and Divestitures for details on the CrownRock Acquisition.

FAIR VALUE OF DEBT

The estimated fair value of Occidental’s debt as of June 30, 2024 and December 31, 2023, substantially all of which was classified as Level 1, was approximately $17.8 billion and $18.0 billion, respectively.

REVENUE - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, after allowance for credit loss, current	$ 3,896	$ 3,195

GENERAL - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
GENERAL - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies [Line Items]
Limited partner interest	48.70%
Non-voting limited partner interest	2.00%
Variable Interest Entity, Primary Beneficiary
Summary of Significant Accounting Policies [Line Items]
Construction in progress	$ 539
BlackRock, Inc.
Summary of Significant Accounting Policies [Line Items]
Equity method investment commitments		$ 550
WES Midstream segment
Summary of Significant Accounting Policies [Line Items]
Effective economic interest	50.90%
WES Midstream segment
Summary of Significant Accounting Policies [Line Items]
Non-voting general partner interest	2.30%

DERIVATIVES - Schedule of Fair Value Derivatives (Details) - Marketing Derivatives - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Gross and net fair values of outstanding derivatives
Collateral received netted against derivative assets	$ 1	$ 42
Collateral paid netted against derivative liabilities	25
Other current assets
Gross and net fair values of outstanding derivatives
Netting, asset	(952)	(1,009)
Total net fair value, asset	44	99
Other long-term assets
Gross and net fair values of outstanding derivatives
Netting, asset	0	(43)
Total net fair value, asset	2	5
Accrued liabilities
Gross and net fair values of outstanding derivatives
Netting and collateral, liability	952	1,009
Total net fair value, liability	(51)	(22)
Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives
Netting and collateral, liability	0	43
Total net fair value, liability	0	(6)
Level 1 \| Other current assets
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	881	1,008
Level 1 \| Other long-term assets
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	1	47
Level 1 \| Accrued liabilities
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	(907)	(967)
Level 1 \| Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	0	(43)
Level 2 \| Other current assets
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	115	100
Level 2 \| Other long-term assets
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	1	1
Level 2 \| Accrued liabilities
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	(96)	(64)
Level 2 \| Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	0	(6)
Level 3 \| Other current assets
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	0	0
Level 3 \| Other long-term assets
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	0	0
Level 3 \| Accrued liabilities
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	0	0
Level 3 \| Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	$ 0	$ 0

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Trade receivables, reserves	$ 29	$ 29
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, outstanding (in shares)	84,897	84,897
Preferred stock, issued (in shares)	84,897	84,897
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, issued (in shares)	1,133,743,780	1,107,516,500
Treasury stock, shares (in shares)	228,183,821	228,053,397

Consolidated Condensed Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Gains (losses) on derivatives, tax expense	$ 0	$ 0	$ 0	$ 0
Pension and postretirement gains, tax expenses	$ 4,000,000	$ 1,000,000	$ 5,000,000	$ 2,000,000

REVENUE

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUE


NOTE 2 - REVENUE

Revenue from customers is recognized when obligations under the terms of a contract with customers are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services, such as transportation. As of June 30, 2024, trade receivables, net of $3.9 billion represent rights to payment for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time.

The following table shows a reconciliation of revenue from customers to total net sales for the three and six months ended June 30, 2024 and 2023:


	Three months ended June 30,				Six months ended June 30,
millions	2024		2023		2024		2023

Revenue from customers	$	6,802	$	6,601	$	13,533	$	13,716
All other revenues (a)	15		101		(741)		211
Net sales	$	6,817	$	6,702	$	12,792	$	13,927

(a) Includes other revenues from the midstream and marketing segment and chemical segment.

DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS


millions	United States		International		Eliminations		Total

Three months ended June 30, 2024
Oil and gas
Oil	$	4,011	$	761	$	—	$	4,772
NGL	403		97		—		500
Gas	67		91		—		158
Other	39		—		—		39
Segment total	$	4,520	$	949	$	—	$	5,469
Chemical	$	1,203	$	70	$	—	$	1,273




Midstream and marketing	$	172	$	96	$	—	$	268
Eliminations	$	—	$	—	$	(208)	$	(208)
Consolidated	$	5,895	$	1,115	$	(208)	$	6,802

millions	United States		International		Eliminations		Total

Three months ended June 30, 2023
Oil and gas
Oil	$	3,446	$	795	$	—	$	4,241
NGL	352		90		—		442
Gas	161		87		—		248
Other	10		—		—		10
Segment total	$	3,969	$	972	$	—	$	4,941
Chemical	$	1,292	$	82	$	—	$	1,374




Midstream and marketing	$	421	$	95	$	—	$	516
Eliminations	$	—	$	—	$	(230)	$	(230)
Consolidated	$	5,682	$	1,149	$	(230)	$	6,601


millions	United States		International		Eliminations		Total

Six months ended June 30, 2024
Oil and gas
Oil	$	7,360	$	1,533	$	—	$	8,893
NGL	819		196		—		1,015
Gas	254		178		—		432
Other	44		—		—		44
Segment total	$	8,477	$	1,907	$	—	$	10,384
Chemical	$	2,318	$	140	$	—	$	2,458
Midstream and marketing	$	932	$	192	$	—	$	1,124




Eliminations	$	—	$	—	$	(433)	$	(433)
Consolidated	$	11,727	$	2,239	$	(433)	$	13,533


millions	United States		International		Eliminations		Total

Six months ended June 30, 2023
Oil and gas
Oil	$	7,096	$	1,513	$	—	$	8,609
NGL	812		175		—		987
Gas	516		159		—		675
Other	(6)		1		—		(5)
Segment total	$	8,418	$	1,848	$	—	$	10,266
Chemical	$	2,600	$	176	$	—	$	2,776
Midstream and marketing	$	961	$	199	$	—	$	1,160




Eliminations	$	—	$	—	$	(486)	$	(486)
Consolidated	$	11,979	$	2,223	$	(486)	$	13,716

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

As of June 30, 2024 and December 31, 2023, inventories consisted of the following:


millions	June 30, 2024		December 31, 2023

Raw materials	$	121	$	115
Materials and supplies	1,157		988
Commodity inventory and finished goods	1,643		1,027
	2,921		2,130
Revaluation to LIFO	(108)		(108)
Total	$	2,813	$	2,022

GENERAL - Schedule of Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,845	$ 1,426	$ 486
Restricted cash and restricted cash equivalents included in other current assets	35		29
Restricted cash and restricted cash equivalents included in other long-term assets, net	15		18
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 1,895	$ 1,464	$ 533	$ 1,026

LONG-TERM DEBT - Debt Activity (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Aug. 01, 2024	Jul. 31, 2024
Subsequent Event
Long-term Debt
Principal			$ 9,700
364-Day Term Loan \| Secured Debt
Long-term Debt
Maturity of notes	364 days
364-Day Term Loan \| Subsequent Event \| Secured Debt
Long-term Debt
Principal		$ 2,000
Two Year Term Loan \| Secured Debt
Long-term Debt
Maturity of notes	2 years
Two Year Term Loan \| Secured Debt \| Subsequent Event
Long-term Debt
Principal		$ 2,700
5.000% senior notes due in 2027 \| Senior Notes \| Subsequent Event
Long-term Debt
Principal			$ 600
Interest rate			5.00%
5.200% senior notes due in 2029 \| Senior Notes \| Subsequent Event
Long-term Debt
Principal			$ 1,200
Interest rate			5.20%
5.375% senior notes due in 2032 \| Senior Notes \| Subsequent Event
Long-term Debt
Principal			$ 1,000
Interest rate			5.375%
5.550% senior notes due in 2034 \| Senior Notes \| Subsequent Event
Long-term Debt
Principal			$ 1,200
Interest rate			5.55%
6.050% senior notes due in 2054 \| Senior Notes \| Subsequent Event
Long-term Debt
Principal			$ 1,000
Interest rate			6.05%

DERIVATIVES

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES


NOTE 6 - DERIVATIVES

OBJECTIVE AND STRATEGY

Occidental uses a variety of derivative financial instruments and physical contracts to manage its exposure to commodity price fluctuations and transportation commitments and to fix margins on the future sale of stored commodity volumes. Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty. Occidental may occasionally use a variety of derivative financial instruments to manage its exposure to foreign currency fluctuations and interest rate risks. 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 in rates on debt issuances. The value of cash flow hedges was insignificant for all periods presented. As of June 30, 2024, Occidental’s marketing derivatives are not designated as hedges.

MARKETING DERIVATIVES

Occidental's marketing derivative instruments are short-duration physical and financial forward contracts. As of June 30, 2024, the weighted-average settlement price of these forward contracts was $81.31 per barrel and $2.10 per Mcf for crude oil and natural gas, respectively. The weighted-average settlement price was $76.36 per barrel and $2.62 per Mcf for crude oil and natural gas, respectively, as of December 31, 2023. Derivative instruments that are 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. Net gains and losses associated with marketing derivative instruments are recognized currently in net sales.

The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives as of:


long (short)	June 30, 2024	December 31, 2023
Oil commodity contracts
Volume (MMbbl)	(54)	(20)
Natural gas commodity contracts
Volume (Bcf)	(254)	(113)

FAIR VALUE OF DERIVATIVES

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


millions	Fair Value Measurements Using						Netting (a)		Total Fair Value
Balance Sheet Classifications	Level 1		Level 2		Level 3
June 30, 2024
Marketing Derivatives
Other current assets	$	881	$	115	$	—	$	(952)	$	44
Other long-term assets	1		1		—		—		2
Accrued liabilities	(907)		(96)		—		952		(51)
Deferred credits and other liabilities - other	—		—		—		—		—






December 31, 2023
Marketing Derivatives
Other current assets	$	1,008	$	100	$	—	$	(1,009)	$	99
Other long-term assets	47		1		—		(43)		5
Accrued liabilities	(967)		(64)		—		1,009		(22)
Deferred credits and other liabilities - other	(43)		(6)		—		43		(6)

(a)These amounts do not include collateral. Occidental netted $1 million of collateral received with brokers against derivative assets and $25 million of collateral deposited with brokers against derivatives liabilities as of June 30, 2024 and netted $42 million of collateral received from brokers against derivative assets as of December 31, 2023.

GAINS AND LOSSES ON DERIVATIVES

The following table presents net losses related to Occidental's derivative instruments and the location on the Consolidated Condensed Statements of Operations.


millions	Three months ended June 30,				Six months ended June 30,
Income Statement Classification	2024		2023		2024		2023


Marketing Derivatives (included in Net sales)	$	(58)	$	(136)	$	(296)	$	(142)

CREDIT RISK

The majority of Occidental’s counterparty credit risk is related to the physical delivery of energy commodities to its customers and their potential 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, if any.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions		6 Months Ended		12 Months Ended
	Apr. 05, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2016	Dec. 31, 2015
Lawsuits, commitments and contingencies
Tentative cash tax refund		$ 0	$ 3
Federal
Lawsuits, commitments and contingencies
Potential cash tax		1,400
State
Lawsuits, commitments and contingencies
Potential cash tax		28
Anadarko
Lawsuits, commitments and contingencies
Tentative cash tax refund				$ 881
Potential accrued interest		671
Arbitration filed by Andes Petroleum Ecuador Ltd
Lawsuits, commitments and contingencies
Gains related to legal settlements	$ 182
Tronox Settlement
Lawsuits, commitments and contingencies
Payments for settlement					$ 5,200
Additional cash benefits realized from utilization of tax attributes from deduction of legal settlement		$ 500

EARNINGS PER SHARE AND EQUITY (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Calculation of Basic and Diluted EPS

The following table presents the calculation of basic and diluted EPS attributable to common stockholders:


	Three months ended June 30,				Six months ended June 30,
millions except per-share amounts	2024		2023		2024		2023
Income from continuing operations	$	1,170	$	860	$	1,876	$	2,123
Discontinued operations, net of taxes (a)	—		—		182		—
Net income	$	1,170	$	860	$	2,058	$	2,123
Less: Income attributable to noncontrolling interest	(8)		—		(8)		—
Less: Preferred stock dividends and redemption premiums	(170)		(255)		(340)		(535)
Net income attributable to common stock	$	992	$	605	$	1,710	$	1,588
Less: Net income allocated to participating securities	(7)		(4)		(10)		(10)
Net income, net of participating securities	$	985	$	601	$	1,700	$	1,578
Weighted-average number of basic shares	893.8		889.3		889.2		895.6
Basic income per common share	$	1.10	$	0.68	$	1.91	$	1.76
Net income attributable to common stock	$	992	$	605	$	1,710	$	1,588
Less: Net income allocated to participating securities	(7)		(4)		(10)		(10)
Net income, net of participating securities	$	985	$	601	$	1,700	$	1,578
Weighted-average number of basic shares	893.8		889.3		889.2		895.6
Dilutive securities	65.1		69.5		64.9		71.8
Dilutive effect of potentially dilutive securities	958.9		958.8		954.1		967.4
Diluted income per common share	$	1.03	$	0.63	$	1.78	$	1.63

(a) See Note 9 - Lawsuits, Claims, Commitments and Contingencies.

Schedule of Repurchase Agreements

The following table presents Occidental's common share activity, including exercises of warrants, and other transactions in Occidental's common stock in 2024:


Period	Exercise of Warrants (a)	Other (b)	Treasury Stock Purchases (c)	Common Stock Outstanding (d)
December 31, 2023				879,463,103
First Quarter 2024	3,277,628	3,978,999	—	886,719,730
Second Quarter 2024	18,875,864	94,789	(130,424)	905,559,959
Total	22,153,492	4,073,788	(130,424)	905,559,959

(a) Approximately $487 million of cash was received in the first six months of 2024 from of the exercise of common stock warrants.

(b) Consists of issuances from the 2015 long-term incentive plan, the OPC savings plan and the dividend reinvestment plan.

(c) Included purchases of shares from the trustee of Occidental's defined contribution savings plan that are not part of publicly announced plans or programs.

(d) As of June 30, 2024, Occidental has 77.3 million outstanding warrants with a strike of $22.00 per share and 83.9 million of warrants with a strike of $59.62 per share.

ACQUISITIONS AND DIVESTITURES - Narrative (Details) - USD ($) shares in Millions		1 Months Ended		6 Months Ended
	Aug. 01, 2024	Jul. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Subsequent Event
Business Acquisition [Line Items]
Debt issuance, face amount		$ 9,700,000,000
Subsequent Event \| Delaware Basin Assets \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Net proceeds from sale		818,000,000
364-Day Term Loan \| Secured Debt
Business Acquisition [Line Items]
Maturity of notes				364 days
364-Day Term Loan \| Secured Debt \| Subsequent Event
Business Acquisition [Line Items]
Debt issuance, face amount	$ 2,000,000,000
Two Year Term Loan \| Secured Debt
Business Acquisition [Line Items]
Maturity of notes				2 years
Two Year Term Loan \| Secured Debt \| Subsequent Event
Business Acquisition [Line Items]
Debt issuance, face amount	2,700,000,000
Crownrock L.P.
Business Acquisition [Line Items]
Consideration upon approval			$ 12,400,000,000
Issuance of shares upon approval (in shares)			29.6
Crownrock L.P. \| Subsequent Event
Business Acquisition [Line Items]
Debt issuance, face amount		9,700,000,000
Crownrock L.P. \| Existing Debt
Business Acquisition [Line Items]
Issuance of debt upon approval			$ 1,200,000,000
Crownrock L.P. \| Unsecured Senior Notes \| Senior Notes \| Subsequent Event
Business Acquisition [Line Items]
Debt issuance, face amount	5,000,000,000	$ 5,000,000,000
Crownrock L.P. \| 364-Day Term Loan \| Secured Debt \| Subsequent Event
Business Acquisition [Line Items]
Debt issuance, face amount	$ 2,000,000,000
Maturity of notes	364 days
Crownrock L.P. \| Two Year Term Loan \| Secured Debt \| Subsequent Event
Business Acquisition [Line Items]
Debt issuance, face amount	$ 2,700,000,000
Maturity of notes	2 years
Crownrock L.P. \| High end of range \| New Debt
Business Acquisition [Line Items]
Issuance of debt upon approval			$ 9,400,000,000

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table summarizes components of income tax expense:


	Three months ended June 30,						Six months ended June 30,
millions	2024			2023			2024			2023
Income before income taxes	$	1,635		$	1,327		$	2,645		$	3,061
Current
Federal	(303)			(181)			(546)			(446)
State and Local	(12)			(14)			(24)			(32)
Foreign	(194)			(191)			(334)			(362)
Total current tax expense	$	(509)		$	(386)		$	(904)		$	(840)
Deferred
Federal	42			(5)			123			(19)
State and Local	(1)			(3)			1			(6)
Foreign	3			(73)			11			(73)
Total deferred tax benefit (expense)	$	44		$	(81)		$	135		$	(98)
Total income tax expense	$	(465)		$	(467)		$	(769)		$	(938)
Income from continuing operations	$	1,170		$	860		$	1,876		$	2,123
Worldwide effective tax rate	28		%	35		%	29		%	31		%

Consolidated Condensed Statements of Equity - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income	Non-controlling Interests
Beginning balance at Dec. 31, 2022	$ 30,085	$ 9,762	$ 220	$ (13,772)	$ 17,181	$ 16,499	$ 195
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,123					2,123
Other comprehensive income (loss), net of tax	52						52
Dividends on common stock	(325)					(325)
Dividends on preferred stock	(390)					(390)
Preferred stock redemption - face value	(1,169)	(1,169)
Preferred stock redemption - premium	(117)					(117)
Preferred stock redemption value in excess of carrying value	0	28				(28)
Shareholder warrants exercised	3				3
Options exercised	13				13
Issuance of common stock and other, net of cancellations	22		1		21
Purchases of treasury stock	(1,186)			(1,186)
Ending balance at Jun. 30, 2023	29,111	8,621	221	(14,958)	17,218	17,762	247
Beginning balance at Mar. 31, 2023	29,559	9,130	221	(14,524)	17,159	17,318	255
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	860					860
Other comprehensive income (loss), net of tax	(8)						(8)
Dividends on common stock	(161)					(161)
Dividends on preferred stock	(190)					(190)
Preferred stock redemption - face value	(522)	(522)
Preferred stock redemption - premium	(52)					(52)
Preferred stock redemption value in excess of carrying value	0	13				(13)
Shareholder warrants exercised	1				1
Options exercised	6				6
Issuance of common stock and other, net of cancellations	52				52
Purchases of treasury stock	(434)			(434)
Ending balance at Jun. 30, 2023	29,111	8,621	221	(14,958)	17,218	17,762	247
Beginning balance at Dec. 31, 2023	30,250
Beginning balance, including NCI at Dec. 31, 2023	30,349	8,287	222	(15,582)	17,422	19,626	275	$ 99
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,058					2,050		8
Other comprehensive income (loss), net of tax	(11)						(11)
Dividends on common stock	(398)					(398)
Dividends on preferred stock	(340)					(340)
Shareholder warrants exercised	487		4		483
Issuance of common stock and other, net of cancellations	24		1		23
Purchases of treasury stock	(9)			(9)
Noncontrolling interest contributions	99							99
Ending balance, including NCI at Jun. 30, 2024	32,259	8,287	227	(15,591)	17,928	20,938	264	206
Ending balance at Jun. 30, 2024	32,053
Beginning balance, including NCI at Mar. 31, 2024	30,967	8,287	223	(15,582)	17,456	20,147	280	156
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,170					1,162		8
Other comprehensive income (loss), net of tax	(16)						(16)
Dividends on common stock	(201)					(201)
Dividends on preferred stock	(170)					(170)
Shareholder warrants exercised	415		4		411
Issuance of common stock and other, net of cancellations	61				61
Purchases of treasury stock				(9)
Noncontrolling interest contributions	42							42
Ending balance, including NCI at Jun. 30, 2024	32,259	$ 8,287	$ 227	$ (15,591)	$ 17,928	$ 20,938	$ 264	$ 206
Ending balance at Jun. 30, 2024	$ 32,053

GENERAL - Schedule of Supplemental Cash Flows (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
SUPPLEMENTAL CASH FLOW INFORMATION
Income tax payments	$ 601	$ 632
Income tax refunds received	0	3
Interest paid	483	509
Capitalized interest	$ 67	$ 42

ENVIRONMENTAL LIABILITIES AND EXPENDITURES

6 Months Ended

Jun. 30, 2024

Environmental Remediation Obligations [Abstract]

ENVIRONMENTAL LIABILITIES AND EXPENDITURES


NOTE 8 - ENVIRONMENTAL LIABILITIES AND EXPENDITURES

Occidental and its subsidiaries and their respective operations are subject to stringent federal, regional, state, provincial, tribal, 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, regional, state, provincial, tribal, 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. Occidental 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 Third-Party, Currently Operated, and Closed or Non-Operated Sites, which categories may include NPL Sites. Remedial activities may include one or more of the following: investigation involving sampling, modeling, risk assessment or monitoring; clean-up 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, natural resource damages, punitive damages, civil penalties, injunctive relief and government oversight costs.

ENVIRONMENTAL REMEDIATION

As of June 30, 2024, certain Occidental subsidiaries participated in or monitored remedial activities or proceedings at 158 sites. The following table presents the current and non-current environmental remediation liabilities of such subsidiaries on a consolidated basis as of June 30, 2024. The current portion of $131 million is included in accrued liabilities and the remainder of $857 million is included in deferred credits and other liabilities - environmental remediation liabilities.

These environmental remediation sites are grouped into NPL Sites and the following three categories of non-NPL Sites—Third-Party Sites, Currently Operated Sites and Closed or Non-Operated Sites.


millions, except number of sites	Number of Sites	Remediation Balance
NPL Sites	32	$	442
Third-Party Sites	63	209
Currently Operated Sites	12	93
Closed or Non-Operated Sites	51	244
Total	158	$	988

As of June 30, 2024, environmental remediation liabilities of Occidental subsidiaries exceeded $10 million each at 16 of the 158 sites described above, and 92 of the sites had liabilities from $0 to $1 million each. Based on current estimates, Occidental expects its subsidiaries to expend funds corresponding to approximately 45% of the period-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 of its subsidiaries beyond those amounts currently recorded for environmental remediation for the 158 environmental sites in the table above could be up to $2.6 billion. The status of Occidental's involvement with the sites and related significant assumptions have not changed materially since December 31, 2023.

MAXUS ENVIRONMENTAL SITES

A significant portion of aggregate estimates of environmental remediation liabilities and reasonably possible additional losses described above relates to the former DSCC. When OxyChem acquired DSCC in 1986, Maxus agreed to indemnify OxyChem for a number of environmental sites, including the DASS. In June 2016, Maxus and several affiliated companies filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. In 2023, OxyChem recovered the majority of its remaining claims for indemnified costs from the proceeds of litigation brought by the Maxus Liquidating Trust.

DIAMOND ALKALI SUPERFUND SITE

The EPA has organized the DASS into four Operable Units (OUs) for evaluating, selecting and implementing remediation under CERCLA. OxyChem’s current activities in each OU are summarized below, many of which are performed on OxyChem’s behalf by Glenn Springs Holdings, Inc.

OU1 – The Former Diamond Alkali Plant at 80-120 Lister Avenue in Newark: Maxus and its affiliates implemented an interim remedy of OU1 pursuant to a 1990 Consent Decree, for which OxyChem currently performs maintenance and monitoring. The EPA conducts periodic evaluations of the interim remedy for OU1.

OU2 – The Lower 8.3 Miles of the Lower Passaic River: In March 2016, the EPA issued a ROD specifying remedial actions required for OU2. During the third quarter of 2016, and following Maxus’s bankruptcy filing, OxyChem and the EPA

entered into an AOC to complete the design of the remedy selected in the ROD. At that time, the EPA sent notice letters to approximately 100 parties notifying them that they were potentially responsible to pay the costs to implement the remedy in OU2 and announced that it would pursue similar agreements with other potentially responsible parties. In June 2018, OxyChem filed a complaint under CERCLA in U.S. District Court for the District of New Jersey against numerous potentially responsible parties seeking contribution and cost recovery of amounts incurred or to be incurred to comply with the AOC and the OU2 ROD, or to perform other remediation activities related to the DASS (2018 Contribution Action). The District Court has not adjudicated OxyChem’s relative share of responsibility for those costs. The EPA has estimated the cost to remediate OU2 to be approximately $1.4 billion.

OU3 – Newark Bay Study Area, including Newark Bay and Portions of the Hackensack River, Arthur Kill, and Kill van Kull: Maxus and its affiliates initiated a remedial investigation and feasibility study of OU3 pursuant to a 2004 AOC which was amended in 2010. OxyChem is currently performing feasibility study activities in OU3. In September 2022, the EPA listed the Lower Hackensack River (LHR) on the NPL, and this newly listed site comprises several existing NPL sites along a portion of that river that flows into OU3. In January 2024, EPA sent a general notice letter requesting that OxyChem and four other entities coordinate certain investigation activities at the LHR site.

OU4 – The 17-mile Lower Passaic River Study Area, comprising OU2 and the Upper 9 Miles of the Lower Passaic River: In September 2021, the EPA issued a ROD selecting an interim remedy for the portion of OU4 that excludes OU2 and is located upstream from the Lister Avenue Plant site for which OxyChem inherited legal responsibility. The EPA has estimated the cost to remediate OU4 to be approximately $440 million. At this time, OxyChem's role or responsibilities under the OU4 ROD, and those of other potentially responsible parties, have not been adjudicated. To provide continued, efficient remediation progress, in January 2022, OxyChem offered to design and implement the interim remedy for OU4 subject to certain conditions, including a condition that the EPA would not seek to bar OxyChem’s right to seek contribution or cost recovery from any other parties that are potentially responsible to pay for the OU4 interim remedy. In March 2022, the EPA sent a notice letter to OxyChem and other parties requesting good faith offers to implement the selected remedies at OU2 and OU4. OxyChem submitted a good faith offer in June 2022, reaffirming the offer to design the remedy for OU4 and offering to enter into additional sequential agreements to remediate OU2 and OU4, subject to similar conditions, including that the EPA not seek to bar OxyChem from pursuing contribution or cost recovery from other responsible parties. The EPA did not accept OxyChem's June 2022 offer. In March 2023, the EPA issued a Unilateral Administrative Order (OU4 UAO) in which it directed and ordered OxyChem to design the EPA’s selected interim remedy for OU4 and to provide approximately $93 million in financial assurance to secure its performance. Subject to all its defenses, OxyChem is designing the interim remedy in compliance with the OU4 UAO. As a result of OxyChem incurring costs to implement the OU4 UAO, and the EPA's proposal described below to bar OxyChem's contribution claims against various parties, including those asserted in the 2018 Contribution Action, OxyChem filed a cost recovery action under CERCLA in March 2023 in the District Court against multiple parties (2023 Cost Recovery Action).

Natural Resource Trustees – In addition to the activities of the EPA and OxyChem in the OUs described above, federal and state natural resource trustees are assessing natural resources in the Lower Passaic River and Greater Newark Bay to evaluate potential claims for natural resource damages.

ALDEN LEEDS LITIGATION

In December 2022, the EPA and the DOJ filed a proposed Consent Decree in the Alden Leeds litigation seeking court approval to settle with 85 parties for a total of $150 million which OxyChem believes is based on an unauthorized, flawed and disproportionate allocation of responsibility, release the settling companies from liability to the United States for remediation costs in DASS OU2 and OU4 and bar OxyChem from pursuing contribution against those parties for remediation costs OxyChem had incurred or may incur in the future to design and implement the remedies in OU2 and OU4, including claims OxyChem asserted in the 2018 Contribution Action. The proposed settlement does not address the liability of entities that were excluded from the settlement for the DASS, including OU2, OU3, OU4 or natural resource damages, or the liability of any settling party with respect to OU3 or natural resource damages. The proposed settlement was subject to a public comment period that closed in March 2023. In January 2024, the DOJ filed a proposed Amended Consent Decree in which it excluded three companies from the proposed settlement, among other changes, and a motion to approve the Amended Consent Decree.

OxyChem believes the proposed settlement and Amended Consent Decree rely, improperly, on an allocation report prepared by an EPA contractor in which the contractor purported to assign a disproportionate share of the responsibility for remediation costs in OU2 and OU4 to OxyChem. OxyChem also believes that process was unreasonably limited in scope and unreliably based on voluntary reporting by the settling parties, instead of sworn evidence, publicly available sampling results and historical documents reflecting the operating history and disposal practices of the 82 parties that the EPA proposes to release in this settlement.

OxyChem intends to challenge vigorously the proposed settlement and Amended Consent Decree, as well as the allocation report and process upon which they are based, and to seek contribution and cost recovery from other potentially

responsible parties for remediation costs it has incurred or may incur at the DASS. OxyChem filed its response to the motion to approve the Amended Consent Decree on April 1, 2024, to which other parties filed replies in May 2024.

OxyChem does not know when the District Court will rule on the DOJ’s motion to approve the Amended Consent Decree. If the Amended Consent Decree is approved by the District Court and not overturned on appeal, then, notwithstanding OxyChem’s vigorous, good faith effort to contest the settlement proposed in the Alden Leeds litigation, the EPA could attempt to compel OxyChem to bear substantially all the estimated cost to design and implement the OU2 and OU4 remedies. Such a result could have a material adverse impact on OxyChem and Occidental’s consolidated results of operations in the period recorded.

While the remedies for OU2 and OU4 are expected to take over ten years to complete, the EPA may seek to require OxyChem to provide additional financial assurance. In the OU4 UAO, the EPA directed OxyChem to post financial assurance in the amount of approximately $93 million. Subject to all defenses, OxyChem has complied with this directive. The amount of any additional financial assurance is not subject to estimation at this time. It is uncertain when or to what extent the EPA may take action to compel OxyChem to perform further remediation in OU2 or OU4 or the amount of financial assurance the EPA may attempt to require OxyChem to post. For further information on the Alden Leeds litigation, see Note 9 - Lawsuits, Claims, Commitments and Contingencies.

OTHER INFORMATION

For the DASS, OxyChem has accrued a reserve relating to its estimated allocable share of the costs to perform the maintenance and monitoring required in the OU1 Consent Decree, the design and implementation of remedies selected in the OU2 ROD and AOC and the OU4 ROD and OU4 UAO, and the remedial investigation and feasibility study required in OU3.

OxyChem’s accrued environmental remediation reserve does not reflect the potential for additional remediation costs or natural resource damages for the DASS that OxyChem believes are not reasonably estimable. OxyChem’s ultimate liability at the DASS may be higher or lower than the reserved amount and the reasonably possible additional losses, and is subject to final design plans, further action by the EPA and natural resource trustees, and the resolution of OxyChem's allocable share with other potentially responsible parties, among other factors.

OxyChem continues to evaluate the estimated costs currently recorded for remediation at the DASS as well as the range of reasonably possible additional losses beyond those amounts currently recorded. Given the complexity and extent of the remediation efforts, estimates of the remediation costs may increase or decrease over time as new information becomes available.

- Definition

The entire disclosure for environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481899/410-30-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481899/410-30-55-16

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/410-30/tableOfContent

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 7: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 8: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 9: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 10: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 11: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-11

Reference 12: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-14

Reference 13: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-17

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481899/410-30-55-17

+ Details

DERIVATIVES - Schedule of Gains and Losses on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Marketing Derivatives \| Net sales (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives	$ (58)	$ (136)	$ (296)	$ (142)

LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Long-term Debt
Long-term debt, gross	$ 17,955	$ 17,955
Unamortized premium, net	1,099	1,152
Debt issuance costs	(60)	(106)
Net book value of debt	18,994	19,001
Long-term finance leases, included in Long-term debt	590	591
Current finance leases, included in Current maturities of long-term debt	153	146
Total debt and finance leases	19,737	19,738
Less: current maturities of financing leases	(153)	(146)
Less: current maturities of long-term debt	(1,194)	(1,056)
Long-term debt, net	$ 18,390	18,536
2.900% senior notes due 2024 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	2.90%
Long-term debt, gross	$ 654	654
6.950% senior notes due 2024 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	6.95%
Long-term debt, gross	$ 291	291
3.450% senior notes due 2024 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	3.45%
Long-term debt, gross	$ 111	111
3.500% senior notes due 2025 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	3.50%
Long-term debt, gross	$ 137	137
5.875% senior notes due 2025 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	5.875%
Long-term debt, gross	$ 606	606
5.500% senior notes due 2025 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	5.50%
Long-term debt, gross	$ 465	465
5.550% senior notes due 2026 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	5.55%
Long-term debt, gross	$ 870	870
3.200% senior notes due 2026 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	3.20%
Long-term debt, gross	$ 182	182
3.400% senior notes due 2026 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	3.40%
Long-term debt, gross	$ 284	284
7.500% debentures due 2026 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7.50%
Long-term debt, gross	$ 112	112
8.500% senior notes due 2027 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	8.50%
Long-term debt, gross	$ 489	489
3.000% senior notes due 2027 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	3.00%
Long-term debt, gross	$ 216	216
7.125% debentures due 2027 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7.125%
Long-term debt, gross	$ 150	150
7.000% debentures due 2027 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7.00%
Long-term debt, gross	$ 48	48
6.625% debentures due 2028 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	6.625%
Long-term debt, gross	$ 14	14
7.150% debentures due 2028 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7.15%
Long-term debt, gross	$ 232	232
7.200% senior debentures due 2028 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	7.20%
Long-term debt, gross	$ 82	82
6.375% senior notes due 2028 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	6.375%
Long-term debt, gross	$ 578	578
7.200% debentures due 2029 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7.20%
Long-term debt, gross	$ 135	135
7.950% debentures due 2029 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7.95%
Long-term debt, gross	$ 116	116
8.450% senior notes due 2029 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	8.45%
Long-term debt, gross	$ 116	116
3.500% senior notes due 2029 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	3.50%
Long-term debt, gross	$ 286	$ 286
Variable rate bonds due 2030 (5.890% and 5.750% as of June 30, 2024 and December 31, 2023, respectively) \| Variable Rate Bonds
Long-term Debt
Debt instrument, variable rate	5.89%	5.75%
Long-term debt, gross	$ 68	$ 68
8.875% senior notes due 2030 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	8.875%
Long-term debt, gross	$ 1,000	1,000
6.625% senior notes due 2030 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	6.625%
Long-term debt, gross	$ 1,449	1,449
6.125% senior notes due 2031 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	6.125%
Long-term debt, gross	$ 1,143	1,143
7.500% senior notes due 2031 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	7.50%
Long-term debt, gross	$ 900	900
7.875% senior notes due 2031 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	7.875%
Long-term debt, gross	$ 500	500
6.450% senior notes due 2036 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	6.45%
Long-term debt, gross	$ 1,727	1,727
Zero Coupon senior notes due 2036 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 673	673
0.000% loan due 2039
Long-term Debt
Debt instrument interest rate stated percentage	0.00%
Long-term debt, gross	$ 19	19
4.300% senior notes due 2039 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	4.30%
Long-term debt, gross	$ 247	247
7.950% senior notes due 2039 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	7.95%
Long-term debt, gross	$ 325	325
6.200% senior notes due 2040 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	6.20%
Long-term debt, gross	$ 737	737
4.500% senior notes due 2044 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	4.50%
Long-term debt, gross	$ 191	191
4.625% senior notes due 2045 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	4.625%
Long-term debt, gross	$ 296	296
6.600% senior notes due 2046 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	6.60%
Long-term debt, gross	$ 1,117	1,117
4.400% senior notes due 2046 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	4.40%
Long-term debt, gross	$ 424	424
4.100% senior notes due 2047 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	4.10%
Long-term debt, gross	$ 258	258
4.200% senior notes due 2048 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	4.20%
Long-term debt, gross	$ 304	304
4.400% senior notes due 2049 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	4.40%
Long-term debt, gross	$ 280	280
7.730% debentures due 2096 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7.73%
Long-term debt, gross	$ 58	58
7.500% debentures due 2096 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7.50%
Long-term debt, gross	$ 60	60
7.250% debentures due 2096 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7.25%
Long-term debt, gross	$ 5	$ 5

DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of of Net Sales Related to the Outstanding Commodity Derivative Instruments

The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives as of:


long (short)	June 30, 2024	December 31, 2023
Oil commodity contracts
Volume (MMbbl)	(54)	(20)
Natural gas commodity contracts
Volume (Bcf)	(254)	(113)

Schedule of Gross and Net Fair Values of Outstanding Derivatives


millions	Fair Value Measurements Using						Netting (a)		Total Fair Value
Balance Sheet Classifications	Level 1		Level 2		Level 3
June 30, 2024
Marketing Derivatives
Other current assets	$	881	$	115	$	—	$	(952)	$	44
Other long-term assets	1		1		—		—		2
Accrued liabilities	(907)		(96)		—		952		(51)
Deferred credits and other liabilities - other	—		—		—		—		—






December 31, 2023
Marketing Derivatives
Other current assets	$	1,008	$	100	$	—	$	(1,009)	$	99
Other long-term assets	47		1		—		(43)		5
Accrued liabilities	(967)		(64)		—		1,009		(22)
Deferred credits and other liabilities - other	(43)		(6)		—		43		(6)

Schedule of Losses on Derivatives

The following table presents net losses related to Occidental's derivative instruments and the location on the Consolidated Condensed Statements of Operations.


millions	Three months ended June 30,				Six months ended June 30,
Income Statement Classification	2024		2023		2024		2023


Marketing Derivatives (included in Net sales)	$	(58)	$	(136)	$	(296)	$	(142)

Consolidated Condensed Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES AND OTHER INCOME
Net sales	$ 6,817	$ 6,702	$ 12,792	$ 13,927
Interest, dividends and other income	34	28	70	57
Gains on sales of assets and other, net	28	1	27	5
Total	6,879	6,731	12,889	13,989
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense	1,179	1,130	2,340	2,211
Transportation and gathering expense	405	375	758	759
Chemical and midstream cost of sales	821	791	1,563	1,536
Purchased commodities	89	490	175	988
Selling, general and administrative expenses	259	277	518	518
Other operating and non-operating expense	344	10	754	318
Taxes other than on income	265	266	500	572
Depreciation, depletion and amortization	1,775	1,709	3,468	3,430
Asset impairments and other charges	0	209	0	209
Acquisition-related costs	14	0	26	0
Exploration expense	83	102	149	204
Interest and debt expense, net	252	230	536	468
Total	5,486	5,589	10,787	11,213
Income before income taxes and other items	1,393	1,142	2,102	2,776
OTHER ITEMS
Income from equity investments and other	242	185	543	285
Total	242	185	543	285
Income before income taxes	1,635	1,327	2,645	3,061
Income tax expense	(465)	(467)	(769)	(938)
Income from continuing operations	1,170	860	1,876	2,123
Discontinued operations, net of taxes	0	0	182	0
NET INCOME	1,170	860	2,058	2,123
Less: Net income attributable to noncontrolling interest	(8)	0	(8)	0
Less: Preferred stock dividends and redemption premiums	(170)	(255)	(340)	(535)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 992	$ 605	$ 1,710	$ 1,588
PER COMMON SHARE
Income from continuing operations—basic (in dollars per share)	$ 1.10	$ 0.68	$ 1.71	$ 1.76
Discontinued operations—basic (in dollars per share)	0	0	0.20	0
Net income attributable to common stockholders—basic (in dollars per share)	1.10	0.68	1.91	1.76
PER COMMON SHARE, DILUTED
Income from continuing operations—diluted (in dollars per share)	1.03	0.63	1.59	1.63
Discontinued operations—diluted (in dollars per share)	0	0	0.19	0
Net income attributable to common stockholders—diluted (in dollars per share)	$ 1.03	$ 0.63	$ 1.78	$ 1.63

ACQUISITIONS AND DIVESTITURES - Schedule of Preliminary Purchase Price Allocation (Details) - Crownrock L.P. - Subsequent Event $ in Millions	Aug. 01, 2024 USD ($)
Fair value of assets acquired:
Cash and cash equivalents	$ 581
Trade receivables, net	244
Other current assets	8
Property, plant and equipment, Oil and gas	11,825
Amount attributable to assets acquired	12,658
Fair value of liabilities acquired:
Current maturities of long-term debt	868
Accounts payable	130
Accrued liabilities	111
Long-term debt	376
Asset retirement obligations	48
Amount attributable to liabilities acquired	1,533
Fair value of net assets acquired:	$ 11,125

EARNINGS PER SHARE AND EQUITY - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Warrant
Class of Stock [Line Items]
Berkshire warrants, common stock warrants, and options excluded from diluted shares (in shares)	0	0	0	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Details) $ in Millions	1 Months Ended						3 Months Ended	6 Months Ended
	Jan. 31, 2024 company	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) party	Sep. 30, 2021 USD ($) mi	Jun. 30, 2018 USD ($)	Mar. 31, 2016 mi	Sep. 30, 2016 party	Jun. 30, 2024 USD ($) site category unit party	Dec. 31, 2023 USD ($)
Environmental remediation reserves
Number of sites \| site								158
Current portion of environmental remediation liabilities								$ 131
Environmental loss contingency, statement of financial position								Environmental remediation reserves, non-current, included in deferred credits and other liabilities - other, Accrued liabilities
Environmental remediation reserves, non-current, included in deferred credits and other liabilities - other								$ 857	$ 889
Remediation balance								988
Environmental reserves, exceeding $ ten million, threshold value								$ 10
Environmental reserves, exceeding $ ten million, threshold value, number of sites \| site								16
Environmental reserves, range between zero to $ one million site category, number of sites \| site								92
Percent of reserve to be funded over the next three to four years								45.00%
Period of expending remaining environmental reserves (or more)								10 years
Environmental remediation additional loss range								$ 2,600
Low end of range
Environmental remediation reserves
Environmental reserves, range between zero to $ one million site category								$ 0
Period of expending first half of environmental reserves								3 years
High end of range
Environmental remediation reserves
Environmental reserves, range between zero to $ one million site category								$ 1
Period of expending first half of environmental reserves								4 years
Non-National Priorities List Sites
Environmental remediation reserves
Environmental remediation contingency, number of site categories \| category								3
NPL Sites
Environmental remediation reserves
Number of sites \| site								32
Remediation balance								$ 442
Third-Party Sites
Environmental remediation reserves
Number of sites \| site								63
Remediation balance								$ 209
Currently Operated Sites
Environmental remediation reserves
Number of sites \| site								12
Remediation balance								$ 93
Closed or Non-Operated Sites
Environmental remediation reserves
Number of sites \| site								51
Remediation balance								$ 244
Diamond Alkali Superfund Site
Environmental remediation reserves
Site contingency, number of operating units \| unit								4
Diamond Alkali Superfund Site - Operable Unit Two
Environmental remediation reserves
Stretch of lower passaic river requiring remedial actions \| mi						8.3
Number of parties notified to pay the cost \| party							100
Environmental remediation expense					$ 1,400
Diamond Alkali Superfund Site - Operable Unit Four
Environmental remediation reserves
Stretch of lower passaic river requiring remedial actions \| mi				17
Environmental remediation expense				$ 440
Stretch of lower passaic river not covered by remedial actions \| mi				9
Financial assurance		$ 93
Alden Leeds \| Alden Leeds
Environmental remediation reserves
Environmental remediation expense			$ 150
Financial assurance								$ 93
Number of parties, settled \| party			85
Number of companies excluded from settlement \| company	3
Number of parties to be released \| party								82
Remediation period								10 years