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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
PRINCIPLES OF CONSOLIDATION	PRINCIPLES OF CONSOLIDATION The Consolidated Financial Statements have been prepared in conformity with GAAP and include the accounts of Occidental, its subsidiaries, its undivided interests in oil and gas exploration and production ventures and, variable interest entities, for which Occidental was the primary beneficiary. Occidental accounts for its share of oil and gas exploration and production ventures by reporting its proportionate share of assets, liabilities, revenues, costs and cash flows within the relevant lines on the balance sheets, statements of operations and statements of cash flows.
INVESTMENTS IN UNCONSOLIDATED ENTITIES	INVESTMENTS IN UNCONSOLIDATED ENTITIES Occidental’s percentage interest in the underlying net assets of affiliates for which it exercises significant influence without having a controlling interest (excluding oil and gas ventures in which Occidental holds an undivided interest) are accounted for under the equity method. Occidental reviews equity-method investments for impairment whenever events or changes in circumstances indicate that an other-than-temporary decline in value may have occurred. The amount of impairment, if any, is based on quoted market prices, when available, or other valuation techniques, including discounted cash flows. Occidental evaluates the facts and circumstances of any distributions in excess of its carrying amount in the investment to determine the appropriate accounting, including the source of the proceeds and any implicit or explicit commitments to fund the affiliate. If there is no implicit or explicit commitment, the distribution is treated as a gain. If an implicit or explicit commitment exists to possibly fund the affiliate at a future date, the distribution is recorded against the equity-method investment.
NON-CONTROLLING INTEREST	NONCONTROLLING 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 a 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 hypothetical liquidation at book value method. Under this 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.
RISKS AND UNCERTAINTIES	RISKS AND UNCERTAINTIES The process of preparing Consolidated Financial Statements in conformity with GAAP requires Occidental’s management to make informed estimates and judgments regarding certain types of financial statement balances and disclosures. Such estimates primarily relate to unsettled transactions and events as of the date of the Consolidated Financial Statements and judgments on expected outcomes as well as the materiality of transactions and balances. Changes in facts and circumstances or discovery of new information relating to such transactions and events may result in revised estimates and judgments and actual results may differ from estimates upon settlement. Management believes that these estimates and judgments provide a reasonable basis for the fair presentation of Occidental’s financial statements. Occidental establishes a valuation allowance against net operating losses and other deferred tax assets to the extent it believes the future benefit from these assets will not be realized in the statutory carryforward periods. Realization of deferred tax assets is dependent upon Occidental generating sufficient future taxable income and reversal of temporary differences in jurisdictions where such assets originate. The accompanying Consolidated Financial Statements include assets of approximately $7.7 billion as of December 31, 2024 and net sales of approximately $4.3 billion in 2024 relating to Occidental’s operations in countries outside North America. Occidental is exposed to various risks, because certain of its international operations are located in countries which could be affected by political or civil instability, OPEC production restrictions, equipment import restrictions and sanctions. Exposure to such risks may increase if a greater percentage of Occidental’s future oil and gas production or revenue comes from international sources. Occidental attempts to conduct its affairs so as to mitigate its exposure to such risks and would seek compensation in the event of nationalization. Because Occidental’s major products are commodities, significant changes in the prices of oil, NGL, natural gas and chemical products may have a significant impact on Occidental’s results of operations.
RECEIVABLES AND OTHER CURRENT ASSETS	RECEIVABLES AND OTHER CURRENT ASSETS Other current assets includes prepaid expenses, derivative assets and taxes receivable. Joint interest receivables represent amounts due for capital and operating costs from third-party non-operating partners
INVENTORIES	INVENTORIES Materials and supplies are valued at weighted-average cost and are reviewed periodically for obsolescence. Oil, NGL and natural gas inventories are valued at the lower of cost or market. For the chemical segment, Occidental’s finished goods inventories are valued at the lower of cost or market. For most of its domestic inventories, other than materials and supplies, the chemical segment uses the LIFO method as it better matches current costs and current revenue. For other countries, Occidental uses the first-in, first-out method (if the costs of goods are specifically identifiable) or the average-cost method (if the costs of goods are not specifically identifiable).
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT OIL AND GAS The carrying value of Occidental’s PP&E represents the cost incurred to acquire or develop the asset, including any AROs and capitalized interest, net of accumulated DD&A and any impairment charges. For assets acquired, PP&E cost is based on fair values at the acquisition date. AROs and interest costs incurred in connection with qualifying capital expenditures are capitalized and amortized over the lives of the related assets. Occidental uses the successful efforts method to account for its oil and gas properties. Under this method, Occidental capitalizes costs of acquiring properties, costs of drilling successful exploration wells and development costs. The costs of exploratory wells are initially capitalized pending a determination of whether proved reserves have been found. If proved reserves have been found, the costs of exploratory wells remain capitalized. For exploratory wells that find reserves that cannot be classified as proved when drilling is completed, costs continue to be capitalized as suspended exploratory drilling costs if there have been sufficient reserves found to justify completion as a producing well and sufficient progress is being made in assessing the reserves and the economic and operating viability of the project. At the end of each quarter, management reviews the status of all suspended exploratory drilling costs in light of ongoing exploration activities, in particular, whether Occidental is making sufficient progress in its ongoing exploration and appraisal efforts or, in the case of discoveries requiring government sanctioning, analyzing whether development negotiations are underway and proceeding as planned. If management determines that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. Occidental expenses annual lease rentals, the costs of injectants used in production and geological and geophysical costs as incurred. Occidental determines depreciation and depletion of oil and gas producing properties by the unit-of-production method. It amortizes leasehold costs over total proved reserves and capitalized development and successful exploration costs over proved developed reserves. Proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs and under existing economic conditions, operating methods and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. Proved reserves include PUD reserves. PUD reserves are supported by a management-approved, detailed, field-level development plan where sufficient capital has been committed to develop those reserves. Only PUD reserves which are reasonably certain to be drilled within five years of booking and are supported by a final investment decision to drill them are included in the development plan. A portion of the PUD reserves are expected to be developed beyond the five years and are tied to approved long-term development projects. Occidental performs impairment tests with respect to its proved properties whenever events or circumstances indicate that the carrying value of property may not be recoverable. If there is an indication the carrying amount of the asset may not be recovered due to significant and prolonged declines in current and forward prices, significant changes in reserve estimates, changes in management’s plans, or other significant events, management will evaluate the property for impairment. Under the successful efforts method, if the sum of the undiscounted cash flows is less than the carrying value of the proved property, the carrying value is reduced to estimated fair value and reported as an impairment charge in the period. Individual proved properties are grouped for impairment purposes at the lowest level for which there are identifiable cash flows. The fair value of impaired assets is typically determined based on the present value of expected future cash flows using discount rates believed to be consistent with those used by market participants. The impairment test incorporates a number of assumptions involving expectations of future cash flows which can change significantly over time. These assumptions include estimates of future production, product prices, contractual prices, estimates of risk-adjusted oil and gas proved and unproved reserves and estimates of future operating and development costs. It is reasonably possible that prolonged declines in commodity prices, reduced capital spending in response to lower prices or increases in operating costs could result in additional impairments. See Note 9 - Fair Value Measurements and below for further discussion of asset impairments. Significant unproved properties are assessed individually for impairment and, when events or circumstances indicate that the carrying value of property may not be recovered, a valuation allowance is provided if an impairment is indicated. Occidental periodically reviews significant unproved properties for impairments. When assessing for impairments, several factors are considered, including, but not limited to, availability of funds for future exploration and development activities, current exploration and development plans, favorable or unfavorable exploration activity on the property or the adjacent property, geologists’ evaluation of the property, the current and projected political and regulatory climate, contractual conditions and the remaining lease term for the properties. If an impairment is indicated, Occidental will first determine whether a comparable transaction for similar properties or implied acreage valuation derived from domestic onshore market participants is available and will adjust the carrying amount of the unproved property to its fair value using the market approach. In situations where the market approach is not observable and unproved reserves are available, undiscounted future net cash flows used in the impairment analysis are determined based on management’s risk-adjusted estimates of unproved reserves, future commodity prices and future costs to produce the reserves. If undiscounted future net cash flows are less than the carrying value of the unproved property, the future net cash flows are discounted and compared to the carrying value for determining the amount of the impairment loss to record. Occidental utilizes the same methodology discussed above for cash flows associated with proved properties. CHEMICAL Occidental’s chemical assets are depreciated using the straight-line method, based upon the estimated useful lives of the facilities. The estimated useful lives of Occidental’s chemical assets, which range from three years to 50 years, are also used for impairment tests. The estimated useful lives for the chemical facilities are based on the assumption that Occidental will provide an appropriate level of annual expenditures to ensure productive capacity is sustained. Such expenditures consist of ongoing routine repairs and maintenance, as well as planned major maintenance activities. Ongoing routine repairs and maintenance expenditures are expensed as incurred. Planned major maintenance activities costs are capitalized and amortized over the period until the next planned overhaul. Additionally, Occidental incurs capital expenditures that extend the remaining useful lives of existing assets, increase their capacity or operating efficiency beyond the original specification or add value through modification for a different use. These capital expenditures are not considered in the initial determination of the useful lives of these assets at the time they are placed into service. The resulting revision, if any, of the asset’s estimated useful life is measured and accounted for prospectively. Without these continued expenditures, the useful lives of these assets could decrease significantly. Other factors that could change the estimated useful lives of Occidental’s chemical assets include sustained higher or lower product prices, which are affected by domestic and international competition, demand, feedstock costs, energy prices, environmental regulations and technological changes. Occidental performs impairment tests on its chemical assets whenever events or changes in circumstances lead to a reduction in the estimated useful lives or estimated future cash flows that would indicate that the carrying amount may not be recoverable, or when management’s plans change with respect to those assets. Any impairment loss would be calculated as the excess of the asset’s net book value over its estimated fair value. MIDSTREAM AND MARKETING Occidental’s midstream and marketing PP&E is depreciated over the estimated useful lives of the assets, which range from 3 years to 40 years, using the straight-line method. Occidental performs impairment tests on its midstream and marketing assets whenever events or changes in circumstances lead to a reduction in the estimated useful lives or estimated future cash flows that would indicate that the carrying amount may not be recoverable, or when management’s plans change with respect to those assets. Any impairment loss would be calculated as the excess of the asset’s net book value over its estimated fair value.
IMPAIRMENTS AND OTHER CHARGES	IMPAIRMENTS AND OTHER CHARGES In 2024, Occidental recorded a pre-tax impairment of $334 million related to certain wells in the Gulf of America whose future net cash inflows did not indicate that the asset value is recoverable. Also included in Impairments and other charges was an increase in the non-current environmental remediation liability related to OU2 and OU4 of the DASS for $925 million. See Note 13 - Lawsuits, Claims, Commitments and Contingencies for additional information. In 2023, Occidental recorded a pre-tax impairment of $180 million related to undeveloped acreage in the northern non-core area of the Powder River Basin where Occidental has decided not to pursue future exploration and appraisal activities. In 2023, impairment expense also included $29 million related to an equity method investment in Black Butte Coal Company.
INTANGIBLES AND GOODWILL	INTANGIBLES AND GOODWILL As of December 31, 2024, Occidental had $920 million of other intangible assets primarily related to Carbon Engineering and TerraLithium included in the midstream and marketing segment other long-term assets. These assets are amortized between 9 and 25 years on a straight-line basis. Occidental performs impairment tests on its finite-lived intangible assets whenever events or changes in circumstances lead to a reduction in the estimated useful lives or estimated future cash flows that would indicate that the carrying amount may not be recoverable, or when management’s plans change with respect to those assets. Any impairment loss would be calculated as the excess of the asset’s net book value over its estimated fair value. As of December 31, 2024, Occidental had $668 million of goodwill related to its ownership in Carbon Engineering included in the midstream and marketing segment other long-term assets. Goodwill is subject to annual impairment testing every April. Occidental’s goodwill impairment test first assesses qualitative factors to determine whether goodwill is likely impaired. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount including goodwill, Occidental will then perform a quantitative goodwill impairment test. Changes in goodwill may result from, among other things, impairments, future acquisitions, or future divestitures.
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Occidental has categorized its assets and liabilities that are measured at fair value in a three-level fair value hierarchy, based on the inputs to the valuation techniques: Level 1 – using quoted prices in active markets for the assets or liabilities; Level 2 – using observable inputs other than quoted prices for the assets or liabilities; and Level 3 – using unobservable inputs. Transfers between levels, if any, are reported at the end of each reporting period. FAIR VALUES - RECURRING Occidental primarily applies the market approach for recurring fair value measurements, maximizes its use of observable inputs and minimizes its use of unobservable inputs. Occidental utilizes the mid-point between bid and ask prices for valuing the majority of its assets and liabilities measured and reported at fair value. In addition to using market data, Occidental makes assumptions in valuing its assets and liabilities, including assumptions about the risks inherent in the inputs to the valuation technique. For assets and liabilities carried at fair value, Occidental measures fair value using the following methods: ■Occidental values exchange-cleared commodity derivatives using closing prices provided by the exchange as of the balance sheet date. These derivatives are classified as Level 1. ■OTC bilateral financial commodity contracts, foreign exchange contracts, interest rate swaps, warrants, options and physical commodity forward purchase and sale contracts are generally classified as Level 2 and are generally valued using quotations provided by brokers or industry-standard models that consider various inputs, including quoted forward prices for commodities, time value, volatility factors, credit risk and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, and can be derived from observable data or are supported by observable prices at which transactions are executed in the marketplace. ■Occidental values commodity derivatives based on a market approach that considers various assumptions, including quoted forward commodity prices and market yield curves. The assumptions used include inputs that are generally unobservable in the marketplace or are observable but have been adjusted based upon various assumptions and the fair value is designated as Level 3 within the valuation hierarchy. ■Occidental values debt using market-observable information for debt instruments that are traded on secondary markets. For debt instruments that are not traded, the fair value is determined by interpolating the value based on debt with similar terms and credit risk. NON-FINANCIAL ASSETS Occidental uses market-observable prices for assets when comparable transactions can be identified that are similar to the asset being valued. When Occidental is required to measure fair value and there is not a market-observable price for the asset or for a similar asset then the cost or income approach is used depending on the quality of information available to support management’s assumptions. The cost approach is based on management’s best estimate of the current asset replacement cost. The income approach is based on management’s best assumptions regarding expectations of future net cash flows. The expected cash flows are discounted using a commensurate risk-adjusted discount rate. Such evaluations involve significant judgment, and the results are based on expected future events or conditions such as sales prices, estimates of future oil and gas production or throughput, development and operating costs and the timing thereof, economic and regulatory climates and other factors, most of which are often outside of management’s control. However, assumptions used reflect a market participant’s view of long-term prices, costs and other factors and are consistent with assumptions used in Occidental’s business plans and investment decisions.
ENVIRONMENTAL LIABILITIES AND EXPENDITURES	ENVIRONMENTAL LIABILITIES AND EXPENDITURES Certain subsidiaries of Occidental incur environmental liabilities and expenditures that relate to current operations and are expensed or capitalized by such subsidiaries as appropriate. Certain subsidiaries also incur environmental liabilities and expenditures with respect to remediation of existing conditions from alleged past practices at Third-Party, Currently Operated, and Closed or Non-operated Sites, which categories may include NPL sites. Those environmental liabilities and related charges and expenses for estimated remediation costs from alleged past practices are recorded when environmental remediation efforts are probable and the costs can be reasonably estimated. Occidental discloses such remediation liabilities of its subsidiaries on a consolidated basis. In determining the environmental remediation liability and the range of reasonably possible additional losses, Occidental refers to currently available information, including relevant past experience, remedial objectives, available technologies, applicable laws and regulations and cost-sharing arrangements. These environmental remediation liabilities are based on management’s estimate of the most likely cost to be incurred using the most cost-effective technology reasonably expected to achieve the remedial objective. Occidental periodically reviews these environmental remediation liabilities and adjusts them as new information becomes available. Occidental’s subsidiaries generally record reimbursements or recoveries of environmental remediation costs in income when received, or when receipt of recovery is highly probable. Many factors could affect future remediation costs incurred by Occidental’s subsidiaries and result in adjustments to environmental remediation liabilities and the range of reasonably possible additional losses. The most significant are: (i) cost estimates for remedial activities may vary from the initial estimate; (ii) the length of time, type or amount of remediation necessary to achieve the remedial objective may change due to factors such as site conditions, the ability to identify and control contaminant sources or the discovery of additional contamination; (iii) a regulatory agency may ultimately reject or modify remedial plans proposed by Occidental’s subsidiaries; (iv) improved or alternative remediation technologies may change remediation costs; (v) laws and regulations may change remediation requirements or affect cost sharing or allocation of liability; and (vi) changes in allocation or cost-sharing arrangements may occur. Certain sites involve multiple parties with various cost-sharing arrangements, which fall into the following three categories: (i) environmental proceedings that result in a negotiated or prescribed allocation of remediation costs among the affected Occidental subsidiary and other alleged potentially responsible parties; (ii) oil and gas ventures in which each participant pays its proportionate share of remediation costs reflecting its working interest; or (iii) contractual arrangements, typically relating to purchases and sales of properties, in which the parties to the transaction agree to methods of allocating remediation costs. In these circumstances, the affected subsidiary evaluates the financial viability of other parties with whom it is alleged to be jointly liable, the degree of their commitment to participate and the consequences to such subsidiary of their failure to participate when estimating its ultimate share of liability. Occidental records its environmental remediation liabilities at its expected net cost of remedial activities and, based on these factors, believes that it will not be required to assume a share of liability of such other potentially responsible parties in an amount materially above amounts reserved. In addition to the costs of investigations and cleanup measures, which often take in excess of 10 years at CERCLA NPL sites, Occidental’s environmental remediation liabilities include management’s estimates of the costs to operate and maintain remedial systems. If remedial systems are modified over time in response to significant changes in site-specific data, laws, regulations, technologies or engineering estimates, Occidental reviews and adjusts its environmental remediation liabilities accordingly.
ASSET RETIREMENT OBLIGATIONS	ASSET RETIREMENT OBLIGATIONS Occidental recognizes the fair value of AROs in the period in which a determination is made that a legal obligation exists to dismantle an asset and reclaim or remediate the property at the end of its useful life and the cost of the obligation can be reasonably estimated. The liability amounts are based on future retirement cost estimates and incorporate many assumptions such as time to abandonment, future inflation rates and the risk-adjusted discount rate. When the liability is initially recorded, Occidental capitalizes the cost by increasing the related PP&E balances. If the estimated future cost of the AROs changes, Occidental records an adjustment to both the AROs and PP&E. Over time, the liability is increased, expense is recognized for accretion and the capitalized cost is depreciated over the useful life of the asset. Adjustments to ARO for oil and gas properties where the field has reached cessation of production are recorded as gain (loss) on ARO settlements and are included in gain (loss) on the sale of assets and other, net in the Consolidated Statements of Operations. The majority of Occidental’s AROs relate to the plugging of wells and the related abandonment of oil and gas properties. At a certain number of its facilities, Occidental has identified conditional AROs that are related mainly to plant decommissioning. Occidental does not know or cannot estimate when it may settle these obligations. Therefore, Occidental cannot reasonably estimate the fair value of these liabilities. Occidental will recognize these conditional AROs in the periods in which sufficient information becomes available to reasonably estimate their fair values.
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty. Fair value gains or losses are recognized in earnings in the current period. Gains and losses from derivative instruments are reported net in the Consolidated Statements of Operations.
STOCK-BASED INCENTIVE PLANS	STOCK-BASED INCENTIVE PLANS Occidental has established the Plans that are more fully described in Note 15 - Stock-Based Incentive Plans. A summary of Occidental’s accounting policy for awards issued under the Plans is as follows. For cash- and stock-settled RSUs and CROCEI awards, compensation value is initially measured on the grant date using the quoted market price of Occidental’s common stock and the estimated payout on the grant date. The fair value of stock options is estimated using a Black-Scholes model. For TSRI awards, compensation value is initially measured on the grant date using the fair value derived from a Monte Carlo valuation model. Compensation expense for all awards is recognized on a straight-line basis over the requisite service periods, which is generally over the awards’ respective vesting or performance periods. The stock-settled awards are expensed using the initially measured compensation value. The liability resulting from cash settled awards and accrued dividends are remeasured at each reporting period. Dividends accrued on unvested awards are adjusted quarterly for any changes in the number of share equivalents expected to be paid based on the relevant performance and market criteria, if applicable.
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	RETIREMENT AND POSTRETIREMENT BENEFIT PLANS Occidental recognizes the overfunded or underfunded amounts of its defined benefit pension and postretirement plans, which are more fully described in Note 11 - Retirement and Postretirement Benefit Plans, in its financial statements using a December 31 measurement date. Occidental’s defined benefit pension and postretirement benefit plan obligations are actuarially determined based on various assumptions and discount rates. The discount rate assumptions used are meant to reflect the interest rate at which the obligations could effectively be settled on the measurement date. Occidental estimates the rate of return on assets with regard to current market factors but within the context of historical returns. Occidental funds and expenses negotiated pension increases for domestic union employees over the terms of the applicable collective bargaining agreements. Pension and any postretirement plan assets are measured at fair value. Common stock, preferred stock, publicly registered mutual funds, U.S. government securities and corporate bonds are valued using quoted market prices in active markets when available. When quoted market prices are not available, these investments are valued using pricing models with observable inputs from both active and non-active markets. Common and collective trusts are valued at the fund units’ NAV provided by the issuer, which represents the quoted price in a non-active market. Short-term investment funds are valued at the fund units’ NAV provided by the issuer.
CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS	CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balance as of December 31, 2024, included investments in government money market funds in which the carrying value approximates fair value.
FOREIGN CURRENCY TRANSACTIONS	FOREIGN CURRENCY TRANSACTIONS The functional currency applicable to all of Occidental’s international oil and gas operations is the U.S. dollar since cash flows are denominated principally in U.S. dollars. In Occidental’s other operations, Occidental’s use of non-United States dollar functional currencies was not material for all years presented. The effect of exchange rates on transactions in foreign currencies is included in periodic income. Occidental reports the exchange rate differences arising from translating foreign-currency-denominated balance sheet accounts to the United States dollar as of the reporting date in OCI. Exchange-rate gains and losses for continuing operations were not material for all years presented.
INCOME TAXES	INCOME TAXES Occidental files various U.S. federal, state and foreign income tax returns. The impact of changes in tax regulations are reflected when enacted. In general, deferred federal, state and foreign income taxes are provided on temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Occidental routinely assesses the realizability of its deferred tax assets. If Occidental concludes that it is more likely than not that some of the deferred tax assets will not be realized, the tax asset is reduced by a valuation allowance. Occidental recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, based on the technical merits of the position. The tax benefit recorded is equal to the largest amount that is greater than 50% likely to be realized through final settlement with a taxing authority. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense (benefit).
LOSS CONTINGENCIES	LOSS CONTINGENCIES Occidental or certain of its subsidiaries are involved, in the normal course of business, in lawsuits, claims and other legal proceedings that seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties, or injunctive or declaratory relief. Occidental or certain of its subsidiaries also are involved in proceedings under CERCLA and similar federal, state, local and international environmental laws. These environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, punitive damages, civil penalties, 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 response costs with other financially sound companies. Further, some lawsuits, claims and legal proceedings involve acquired or disposed assets with respect to which a third party or Occidental or its subsidiaries retains liability or indemnifies the other party for conditions that existed prior to the transaction. In accordance with applicable accounting guidance, Occidental accrues reserves for outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated.
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS In December 2023, FASB issued new guidance to improve Income Tax disclosures to provide information to assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The rules become effective for annual periods beginning after December 15, 2024. The standard modifies required income tax disclosures. Occidental is currently evaluating the impact of adopting this guidance on the consolidated financial statements. In November 2024, FASB issued new guidance to provide more detailed information about expenses. Issuers are to disclose disaggregated expenses of certain captions in tabular form. The rule becomes effective for annual periods beginning after December 15, 2024. Occidental is currently evaluating the impact of adopting this guidance on the consolidated financial statements.
REVENUE	Revenue from customers is recognized when obligations under the terms of a contract are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services such as transportation. Revenue from customers is measured as the amount of consideration Occidental expects to receive in exchange for the delivery of goods or services. Contracts may last from one month to one year or more and may have renewal terms that extend indefinitely at the option of either party. Price is typically based on market indexes. Volumes fluctuate due to production and, in certain cases, customer demand and transportation availability. Occidental records revenue net of certain taxes, such as sales taxes, that are assessed by government authorities on Occidental’s customers. Occidental does not incur significant costs to obtain contracts. Incidental items that are immaterial in the context of the contract are recognized as expenses. Sales of hydrocarbons and chemicals to customers are invoiced and settled on a monthly basis. Occidental is not usually subject to obligations for warranties, rebates, returns or refunds except in the case of customer incentive payments as discussed for the chemical segment below. Occidental does not typically receive payment in advance of satisfying its obligations under the terms of its sales contracts with customers; therefore, liabilities related to such payment are immaterial to Occidental. Occidental does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied performance obligations. OIL AND GAS SEGMENT Revenue from oil and gas production is recognized when production is delivered and control passes to the customer. Revenues from the production of oil and gas properties in which Occidental has an interest with other producers are recognized on the basis of Occidental’s net revenue interest. CHEMICAL SEGMENT Revenue from chemical product sales is recognized when control passes to the customer. Certain incentive programs may provide for payments or credits to be made to customers based on the volume of product purchased over a defined period. Customer incentives are estimated and recorded as a reduction to revenue ratably over the contract period. Such estimates are evaluated and revised as warranted. Revenue from exchange contracts is excluded from revenue from customers. MIDSTREAM AND MARKETING SEGMENT Revenue from pipeline and gas processing is recognized upon the completion of the transportation or processing service. Revenue from power sales is recognized upon delivery. Net marketing revenue is recognized upon completion of contract terms that are a prerequisite to payment and upon title transfer for physical deliveries. Unless the normal purchases and sales exception has been elected, net marketing revenue is classified as a derivative, reported on a net basis, recorded at fair value. Changes in fair value are reflected in net sales and excluded from revenue from customers in the table below.
EARNINGS PER SHARE	EARNINGS PER SHARE Occidental’s instruments containing rights to nonforfeitable dividends granted in stock-based awards are considered participating securities prior to vesting and, therefore, have been deducted from earnings in computing basic and diluted EPS under the two-class method. Basic EPS was computed by dividing net income attributable to common stock, net of income allocated to participating securities, by the weighted-average number of common shares outstanding during each period, including vested but unissued shares and share units. The computation of diluted EPS reflects the additional dilutive effect of stock options, warrants and unvested stock awards.

ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Tables)

12 Months Ended

Dec. 31, 2024

Environmental Remediation Obligations [Abstract]

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


	2024			2023
millions, except number of sites	Number of Sites	Remediation Balance		Number of Sites	Remediation Balance
NPL Sites	32	$	1,374	32	$	435
Third-Party Sites	63	200		65	233
Currently Operated Sites	12	88		12	98
Closed or Non-operated Sites	51	247		51	255
Total	158	$	1,909	160	$	1,021

INVENTORIES

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

INVENTORIES


NOTE 3 - INVENTORIES

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


millions	2024		2023
Raw materials	$	113	$	115
Materials and supplies	1,279		988
Commodity inventory and finished goods	796		1,027
	2,188		2,130
Revaluation to LIFO	(93)		(108)
Total	$	2,095	$	2,022

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2024	Jan. 31, 2025	Jun. 28, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Entity File Number	1-9210
Entity Registrant Name	Occidental Petroleum Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4035997
Entity Address, Address Line One	5 Greenway Plaza
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 59.2
Entity Common Stock, Shares Outstanding		938,500,965
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement, relating to its 2025 Annual Meeting of Stockholders, are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0000797468
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
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

INCOME TAXES - DOMESTIC AND FOREIGN COMPONENTS OF INCOME (LOSS) FROM CONTINUING OPERATIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ 2,398	$ 4,246	$ 11,314
Foreign	1,672	2,183	2,803
Income from continuing operations before income taxes	$ 4,070	$ 6,429	$ 14,117

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

LEASE COMMITMENTS - SCHEDULE OF OPERATING AND FINANCE LEASE MATURITIES (Details) $ in Millions	Dec. 31, 2024 USD ($)
Operating Leases
2025	$ 410
2026	264
2027	136
2028	76
2029	58
Thereafter	137
Total lease payments	1,081
Less: Discount	(93)
Total lease liabilities	988
Finance Leases
2025	172
2026	161
2027	145
2028	115
2029	82
Thereafter	265
Total lease payments	940
Less: Discount	(147)
Total lease liabilities	793
Total
2025	582
2026	425
2027	281
2028	191
2029	140
Thereafter	402
Total lease payments	2,021
Less: Discount	(240)
Total lease liabilities	$ 1,781
Weighted average lease term, operating lease	4 years
Weighted average discount rate, operating lease	4.77%
Weighted average lease term, finance lease	5 years 8 months 12 days
Weighted average discount rate, finance lease	4.80%

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Trade receivables, reserves	$ 24	$ 29
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock issued (in shares)	84,897	84,897
Common stock, per share par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, authorized shares (in shares)	1,500,000,000	1,500,000,000
Common stock, issued shares (in shares)	1,166,769,167	1,107,516,500
Treasury stock, shares (in shares)	228,311,184	228,053,397

LONG-TERM DEBT - NARRATIVE (Details) - USD ($)	1 Months Ended		12 Months Ended
LONG-TERM DEBT - NARRATIVE (Details) - USD ($)	Aug. 31, 2024	May 31, 2024	Dec. 31, 2024	Jul. 31, 2024	Dec. 31, 2023	Feb. 28, 2023
Debt Instrument [Line Items]
Long-term debt, gross			$ 24,391,000,000		$ 17,955,000,000
Due next year			1,000,000,000
Due in two years			4,100,000,000
Due in three years			1,500,000,000
Due in four years			900,000,000
Due in five years and thereafter			$ 16,900,000,000
Variable-rate debt as a percentage of total debt			11.00%		0.40%
Tender, purchase and repayments			$ (4,507,000,000)
Level 1 \| Fair Value
Debt Instrument [Line Items]
Estimated fair value of debt			24,000,000,000		$ 18,100,000,000
Line of credit \| Revolving credit racility
Debt Instrument [Line Items]
Available borrowing capacity		$ 150,000,000
Maximum borrowing capacity		$ 4,150,000,000
Amounts drawn under the facility			$ 0
Average annual facility fees			0.20%
Line of credit \| Receivables securitization facility
Debt Instrument [Line Items]
Amounts drawn under the facility			$ 0
Available borrowing capacity			600,000,000			$ 600,000,000
Zero Coupon senior notes due 2036 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross			673,000,000		673,000,000
Debt instrument issued			673,000,000
Put in whole, amount			381,000,000
5.200% senior notes due 2029 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross			$ 1,200,000,000		$ 0
Debt instrument interest rate stated percentage			5.20%		5.20%
Crownrock L.P.
Debt Instrument [Line Items]
Debt instrument issued				$ 9,700,000,000
Debt assumed	$ 1,200,000,000
Crownrock L.P. \| 5.200% senior notes due 2029 \| Senior notes
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage			5.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NARRATIVE (Details) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Aug. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2024 USD ($) segment $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Sep. 30, 2024 shares	Jun. 30, 2024 shares	Mar. 31, 2024 shares
Summary of Significant Accounting Policies [Line Items]
Number of reportable segments \| segment			3
Non-voting limited partner interest			2.00%
Noncontrolling interest		$ 99	$ 321	$ 99
Common stock, outstanding (in shares) \| shares		879,463,103	938,457,983	879,463,103		938,174,218	905,559,959	886,719,730
Assets		$ 74,008	$ 85,445	$ 74,008
Net sales			27,413	28,325	$ 36,234
Trade receivables, net		3,195	3,526	3,195
Net capitalized costs attributable to unproved properties		10,200	10,200	10,200
Goodwill			$ 668
Minimum period of investigations and cleanup for CERCLA sites			10 years
Gain on non-monetary exchange transactions			$ 30	120
Alden Leeds \| Alden Leeds
Summary of Significant Accounting Policies [Line Items]
Increase in environmental remediation liability			925
Land
Summary of Significant Accounting Policies [Line Items]
Impairment and related charges			334	180
Carbon Engineering, Ltd.
Summary of Significant Accounting Policies [Line Items]
Other intangible assets			$ 920
Goodwill		$ 668		668
Crownrock L.P.
Summary of Significant Accounting Policies [Line Items]
Issuance of shares upon approval (in shares) \| shares		29,600,000
Low end of range
Summary of Significant Accounting Policies [Line Items]
Amortization period (in years)			9 years
Low end of range \| Chemical
Summary of Significant Accounting Policies [Line Items]
The estimated useful lives of occidental's chemical assets			3 years
Low end of range \| Midstream and marketing
Summary of Significant Accounting Policies [Line Items]
The estimated useful lives of occidental's chemical assets			3 years
High end of range
Summary of Significant Accounting Policies [Line Items]
Amortization period (in years)			25 years
High end of range \| Chemical
Summary of Significant Accounting Policies [Line Items]
The estimated useful lives of occidental's chemical assets			50 years
High end of range \| Midstream and marketing
Summary of Significant Accounting Policies [Line Items]
The estimated useful lives of occidental's chemical assets			40 years
Outside North America
Summary of Significant Accounting Policies [Line Items]
Assets			$ 7,700
Net sales			$ 4,300
BlackRock, Inc.
Summary of Significant Accounting Policies [Line Items]
Equity method investment commitments		$ 550		550
Berkshire Hathaway
Summary of Significant Accounting Policies [Line Items]
Common stock, outstanding (in shares) \| shares			264,000,000
Outstanding warrants (in shares) \| shares			83,900,000
Preferred stock, shares outstanding (in shares) \| shares			8,500,000,000
Berkshire Hathaway \| Common Stock
Summary of Significant Accounting Policies [Line Items]
Option indexed to issuer's equity, strike price (in dollars per share) \| $ / shares			$ 59.62
VIE's
Summary of Significant Accounting Policies [Line Items]
Construction in progress			$ 773
WES
Summary of Significant Accounting Policies [Line Items]
Non-voting general partner interest			2.30%
WES
Summary of Significant Accounting Policies [Line Items]
Number of shares sold (in shares) \| shares	19,500,000
Sale of stock, consideration received on transaction	$ 697
Gain on sale	$ 489
Limited partner interest			43.50%
Minority interest in new venture			46.00%
Black Butte Coal Company
Summary of Significant Accounting Policies [Line Items]
Impairment of equity method investment				$ 29

STOCKHOLDERS' EQUITY - NARRATIVE (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended				12 Months Ended
	Aug. 08, 2019	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 03, 2020
TREASURY STOCK
Treasury stock, shares (in shares)		228,311,184				228,311,184	228,053,397	198,700,000
PREFERRED STOCK
Issued as part of the acquisition (in shares)		0	29,560,619	0	0	29,560,619
Preferred stock dividends paid							$ 679
Preferred stock, value, outstanding		$ 8,500				$ 8,500
Warrant
COMMON STOCK WARRANTS
Shares excluded from diluted shares (in shares)						0	0	0
Options
COMMON STOCK WARRANTS
Shares excluded from diluted shares (in shares)						0	0	0
Strike Price One
COMMON STOCK WARRANTS
Exercise price of warrants (in dollars per share)		$ 22				$ 22
Outstanding warrants (in shares)		74,000,000				74,000,000
Series A preferred stock
PREFERRED STOCK
Liquidation preference, par value percentage (in percent)		10.00%				10.00%
Common stock, redemption threshold, per share (in dollars per share)		$ 4.00				$ 4.00
Voluntary redemption, percentage (in percent)		5.00%				5.00%
Common Stock, $0.20 par value \| Warrant
COMMON STOCK WARRANTS
Warrants issued (in shares)									116,000,000
Exercise price of warrants (in dollars per share)									$ 22.00
Common Stock, $0.20 par value \| Berkshire Warrant
PREFERRED STOCK
Issued (in shares)						83,900,000
Option indexed to issuer's equity, strike price (in dollars per share)						$ 59.62
Anadarko Petroleum Corporation \| Series A preferred stock
PREFERRED STOCK
Issued as part of the acquisition (in shares)	100,000
Liquidation preference (in dollars per share)	$ 105,000
Dividend rate	8.00%
Dividend rate for unpaid amounts	9.00%

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

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

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


millions	2024		2023		2022
Domestic	$	2,398	$	4,246	$	11,314
Foreign	1,672		2,183		2,803
Total income from continuing operations before income taxes	$	4,070	$	6,429	$	14,117

Schedule of income tax (expense) benefit for domestic and foreign income taxes on continuing operations

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


millions	2024		2023		2022
Current
Federal	$	(956)	$	(871)	$	(1,272)
State and local	(50)		(92)		(105)
Foreign	(629)		(713)		(1,080)
Total current tax expense	$	(1,635)	$	(1,676)	$	(2,457)
Deferred
Federal	389		(37)		1,569
State and local	28		25		57
Foreign	44		(45)		18
Total deferred tax (expense) benefit	$	461	$	(57)	$	1,644
Total income tax expense	$	(1,174)	$	(1,733)	$	(813)

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

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


	2024		2023		2022
U.S. federal statutory tax rate	21	%	21	%	21	%
Legal entity reorganization	—		—		(18)



Tax impact from foreign operations	5		3		3
State income taxes, net of federal benefit	—		1		—
Uncertain tax positions	3		2		—



Other	—		—		—
Worldwide effective tax rate	29	%	27	%	6	%

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

The tax effects of temporary differences resulting in deferred income taxes as of December 31:


millions	2024		2023
Deferred tax liabilities
Property, plant and equipment differences	$	(7,100)	$	(6,994)
Equity investments, partnerships and international subsidiaries	(633)		(709)
Gross long-term deferred tax liabilities	(7,733)		(7,703)

Deferred tax assets
Environmental reserves	416		223
Postretirement benefit accruals	249		229
Deferred compensation and benefits	258		237
Asset retirement obligations	788		722
Foreign tax credit carryforwards	1,975		2,759
Business credit carryforwards	54		43
Net operating loss carryforward	1,031		1,056
Interest expense carryforward	11		11
All other	539		586
Gross long-term deferred tax assets	5,321		5,866
Valuation allowance	(2,962)		(3,901)
Net long-term deferred tax assets	$	2,359	$	1,965
Total deferred income tax liability, net	$	(5,374)	$	(5,738)
Less: foreign deferred tax asset in long-term receivables and other assets, net	(20)		(26)
Total deferred income tax liability	$	(5,394)	$	(5,764)

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

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


millions	2024		2023		2022
Balance as of January 1	$	1,951	$	2,010	$	2,026
Increases related to prior-year positions	—		—		2
Increases related to current-year positions	—		—		—
Settlements	—		—		—
Reductions for tax positions of prior years	—		(59)		(18)
Balance as of December 31	$	1,951	$	1,951	$	2,010

INVENTORIES (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 113	$ 115
Materials and supplies	1,279	988
Commodity inventory and finished goods	796	1,027
Inventories	2,188	2,130
Revaluation to LIFO	(93)	(108)
Total	$ 2,095	$ 2,022

STOCKHOLDERS' EQUITY - SCHEDULE (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Exercise of Warrants and Options (in shares)	246,049	3,032,136	18,875,864	3,277,628	25,431,677
CrownRock Acquisition (in shares)	0	29,560,619	0	0	29,560,619
Other (in shares)	165,079	21,504	94,789	3,978,999	4,260,371
Treasury Stock Purchases (in shares)	(127,363)	0	(130,424)	0	(257,787)
Common stock, outstanding (in shares)	938,457,983	938,174,218	905,559,959	886,719,730	938,457,983	879,463,103
Proceeds from exercise of warrants and options					$ 559
Strike Price One
Class of Stock [Line Items]
Outstanding warrants (in shares)	74,000,000				74,000,000
Exercise price of warrants (in dollars per share)	$ 22				$ 22
Strike Price Two
Class of Stock [Line Items]
Outstanding warrants (in shares)	83,900,000				83,900,000
Exercise price of warrants (in dollars per share)	$ 59.62				$ 59.62

STOCKHOLDERS' EQUITY - BASIC AND DILUTED EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
PER COMMON SHARE
Income from continuing operations	$ 2,896	$ 4,696	$ 13,304
Income from discontinued operations, net of tax	182	0	0
NET INCOME	3,078	4,696	13,304
Less: Net income attributable to noncontrolling interest	(22)	0	0
Less: Preferred stock dividends	(679)	(923)	(800)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	2,377	3,773	12,504
Less: Net income allocated to participating securities	(13)	(23)	(83)
Net income, net of participating securities	$ 2,364	$ 3,750	$ 12,421
Weighted-average number of basic shares (in shares)	911.8	889.2	926.2
Basic earnings per common share (in dollars per share)	$ 2.59	$ 4.22	$ 13.41
Less: Net income allocated to participating securities	$ (13)	$ (21)	$ (77)
Net income, net of participating securities	$ 2,364	$ 3,752	$ 12,427
Dilutive securities (in shares)	55.3	71.7	75.8
Total diluted weighted- average common shares (in shares)	967.1	960.9	1,002.0
Diluted earnings per common share (in dollars per share)	$ 2.44	$ 3.90	$ 12.40

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES - PURCHASE OBLIGATIONS (Details) $ in Billions	Dec. 31, 2024 USD ($)
Purchase obligations
Purchase obligations in year one	$ 3.4
Purchase obligations in year two	4.4
Purchase obligations in year three	4.4
Purchase obligations in year four	2.6
Purchase obligations in year five	2.6
Purchase obligations in year six and thereafter	$ 2.4

LEASE COMMITMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of operating lease maturities

The following summarizes maturities of lease liabilities as of December 31, 2024:


millions	Operating Leases (a)		Finance Leases (b)		Total
2025	$	410	$	172	$	582
2026	264		161		425
2027	136		145		281
2028	76		115		191
2029	58		82		140
Thereafter	137		265		402
Total lease payments	1,081		940		2,021
Less: Discount	(93)		(147)		(240)
Total lease liabilities	$	988	$	793	$	1,781

(a)The weighted-average remaining lease term is 4.0 years and the weighted-average discount rate is 4.77%.

(b)The weighted-average remaining lease term is 5.7 years and the weighted-average discount rate is 4.80%.

Schedule of finance lease maturities

The following summarizes maturities of lease liabilities as of December 31, 2024:


millions	Operating Leases (a)		Finance Leases (b)		Total
2025	$	410	$	172	$	582
2026	264		161		425
2027	136		145		281
2028	76		115		191
2029	58		82		140
Thereafter	137		265		402
Total lease payments	1,081		940		2,021
Less: Discount	(93)		(147)		(240)
Total lease liabilities	$	988	$	793	$	1,781

(a)The weighted-average remaining lease term is 4.0 years and the weighted-average discount rate is 4.77%.

(b)The weighted-average remaining lease term is 5.7 years and the weighted-average discount rate is 4.80%.

Schedule of lease costs

The following tables present Occidental’s total lease cost and other information for operating and finance lease liabilities for the years ended December 31:


millions	2024		2023
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	152	$	126
Interest on lease liabilities	36		27
Operating lease cost	518		398
Short-term lease cost	367		460

Total lease cost	$	1,073	$	1,011

millions	2024		2023
Cash payments related to leases
Operating cash flows from finance leases	$	34	$	27
Operating cash flows from operating leases	$	298	$	198
Investing cash flows from operating leases	$	209	$	183
Financing cash flows from finance leases	$	137	$	105

Changes in Right-of-Use assets
Right-of-use assets obtained in exchange for new finance lease liabilities	$	195	$	226
Right-of-use assets obtained in exchange for new operating lease liabilities	$	316	$	630

DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule 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 December 31:



	2024	2023
Oil commodity contracts
Volume (MMbbl)	(34)	(20)

Natural gas commodity contracts
Volume (Bcf)	(130)	(113)

Schedule of gross and net fair values of outstanding derivatives

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


millions	Fair Value Measurements Using								Total Fair Value
Balance Sheet Classification	Level 1		Level 2		Level 3		Netting (a)
December 31, 2024



Marketing Derivatives
Other current assets	$	455	$	92	$	—	$	(512)	$	35
Other long-term assets	—		1		—		(1)		—
Accrued liabilities	(451)		(90)		—		512		(29)
Deferred credits and other liabilities - other	—		(2)		—		1		(1)
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 $12 million of collateral received from brokers against derivative assets and $9 million of collateral deposited with brokers against derivatives liabilities as of December 31, 2024. As of December 31, 2023, Occidental netted $42 million of collateral received from brokers against derivative assets and no collateral deposited with brokers against derivative liabilities.

Schedule of gains and losses on derivatives

The following table presents gains and (losses) related to Occidental’s derivative instruments in the Consolidated Statements of Operations for the years ended December 31:


millions
Income Statement Classification	2024	2023	2022

Marketing Derivatives
Net sales (a)	(374)	(74)	381
Interest Rate Swaps
Gains on interest rate swaps, net (b)	—	—	317

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

(b)Occidental retired all remaining outstanding interest rate swaps on or before December 31, 2022.

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS


NOTE 11 - RETIREMENT AND POSTRETIREMENT BENEFIT PLANS

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

DEFINED CONTRIBUTION PLANS

All domestic employees and certain foreign national employees are eligible to participate in one or more of the defined contribution retirement or savings plans that provide for periodic contributions by Occidental based on plan-specific criteria, such as base pay, level and employee contributions. Certain salaried employees participate in a supplemental retirement plan that restores benefits lost due to government limitations on qualified retirement benefits. The accrued liabilities for the supplemental retirement plan were $387 million and $330 million as of December 31, 2024 and 2023, respectively. In 2024, 2023 and 2022 Occidental expensed $252 million, $221 million and $202 million, respectively, under the provisions of these defined contribution and supplemental retirement plans.

DEFINED BENEFIT PLANS

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

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

POSTRETIREMENT AND OTHER BENEFIT PLANS

Occidental provides medical and dental benefits and life insurance coverage for certain active, retired and disabled employees and their eligible dependents. Occidental generally funds the benefits as they are paid during the year. In 2024, 2023 and 2022, these benefit costs, including the postretirement costs, were $205 million, $175 million and $211 million, respectively.

OBLIGATIONS AND FUNDED STATUS

The following tables show the amounts recognized in Occidental’s Consolidated Balance Sheets related to its pension and postretirement benefit plans as of December 31:


	Pension Benefits				Postretirement Benefits
millions	2024		2023		2024		2023
Amounts recognized in the Consolidated Balance Sheet:
Other long-term assets	$	133	$	126	$	—	$	—
Accrued liabilities	(2)		(3)		(52)		(57)
Deferred credits and other liabilities — pension and postretirement obligations	(244)		(270)		(778)		(661)
	$	(113)	$	(147)	$	(830)	$	(718)
Accumulated other comprehensive loss included the following after-tax balances:
Net (gain) loss	$	(8)	$	3	$	(122)	$	(217)
Prior service credit	—		—		(40)		(45)
	$	(8)	$	3	$	(162)	$	(262)

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


	Pension Benefits				Postretirement Benefits
millions	2024		2023		2024		2023
Changes in the benefit obligation:
Benefit obligation — beginning of year	$	879	$	886	$	718	$	773
Service cost — benefits earned during the period	4		5		18		16
Interest cost on projected benefit obligation	42		45		35		37
Actuarial (gain) loss	(38)		19		105		(53)
Benefits paid	(71)		(80)		(50)		(65)
Other	(3)		4		4		10
Benefit obligation — end of year	$	813	$	879	$	830	$	718

Changes in plan assets:
Fair value of plan assets — beginning of year	$	732	$	641	$	—	$	—
Actual return on plan assets	16		77		—		—
Employer contributions	23		89		45		54
Benefits paid	(71)		(80)		(50)		(64)
Other	—		5		5		10
Fair value of plan assets — end of year	$	700	$	732	$	—	$	—
Unfunded status:	$	(113)	$	(147)	$	(830)	$	(718)

Actuarial losses related to postretirement benefits are primarily due to changes in health care trend rates and expected increases in premiums related to certain provisions in the Inflation Reduction Act that go into effect in 2025 and 2026. Other actuarial gains and losses are primarily driven by discount rate movement.

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


	Accumulated Benefit Obligation in Excess of Plan Assets				Plan Assets in Excess of Accumulated Benefit Obligation
millions	2024		2023		2024		2023
Projected benefit obligation	$	648	$	719	$	165	$	160
Accumulated benefit obligation	$	647	$	717	$	165	$	157
Fair value of plan assets	$	505	$	543	$	195	$	189

COMPONENTS OF NET PERIODIC BENEFIT COSTS

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


	Pension Benefits						Postretirement Benefits
millions	2024		2023		2022		2024		2023		2022
Net periodic benefit costs:
Service cost — benefits earned during the period	$	4	$	5	$	7	$	18	$	16	$	38
Interest cost on projected benefit obligation	42		45		36		35		37		33
Expected return on plan assets	(41)		(45)		(38)		—		—		—
Recognized actuarial loss (gain)	2		4		1		(15)		(20)		5
Recognized prior service credit	—		—		—		(8)		(9)		(9)

Gain (loss) due to settlement	—		1		(1)		—		—		—


Net periodic benefit costs	$	7	$	10	$	5	$	30	$	24	$	67

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

ADDITIONAL INFORMATION

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


	Pension Benefits				Postretirement Benefits
	2024		2023		2024		2023
Benefit Obligation Assumptions:
Discount rate	5.52	%	4.98	%	5.68	%	5.12	%
Rate of increase in compensation levels	3.95	%	3.96	%	—		—
Net Periodic Benefit Cost Assumptions:
Discount rate	4.98	%	5.27	%	5.12	%	5.43	%
Rate of increase in compensation levels	3.96	%	3.95	%	—		—
Assumed long-term rate of return on assets	6.13	%	6.65	%	—		—

For domestic pension plans and postretirement benefit plans, Occidental based the discount rate on a AA-AAA Universe yield curve in 2024 and 2023. The assumed long-term rate of return on assets is estimated with regard to current market factors but within the context of historical returns for the asset mix that exists at year end. Assumed rates of compensation increases for active participants in certain plans vary by age group.

The postretirement benefit obligation was determined by application of the terms of medical and dental benefits and life insurance coverage, including the effect of established maximums on covered costs, together with relevant actuarial assumptions and health care cost trend rates. Health care cost trend rates for Medicare advantaged prescription drug plans

are 7.7% starting in 2024, then grading down to 4.5% in 2032 and beyond. Health care cost trend rates used for non-medicare advantaged prescription drug plans are 5.5% to 5.7% in 2024, then grading down to 4.5% in 2032 and beyond.

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

FAIR VALUE OF PENSION PLAN ASSETS

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

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


millions	Level 1		Level 2		Level 3		Total
December 31, 2024
Asset Class:

Government securities	$	33	$	—	$	—	$	33
Corporate bonds (a)	—		17		—		17
Equity securities (b)	31		—		—		31
Other	2		41		—		43
Investments measured at fair value	$	66	$	58	$	—	$	124
Investments measured at net asset value (c)	—		—		—		576
Total pension plan assets	$	66	$	58	$	—	$	700

December 31, 2023
Asset Class:

Government securities	$	42	$	—	$	—	$	42
Corporate bonds (a)	—		19		—		19
Equity securities (b)	33		—		—		33
Other	—		47		—		47
Investments measured at fair value	$	75	$	66	$	—	$	141
Investments measured at net asset value (c)	—		—		—		591
Total pension plan assets	$	75	$	66	$	—	$	732

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

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

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

Occidental expects to contribute approximately $29 million to its defined benefit pension plans during 2025.

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


millions	Pension Benefits			Postretirement Benefits
2025		$	73		$	54
2026		68			56
2027		70			60
2028		65			59
2029		62			58
2030 - 2034		295			293

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Capitalized exploratory well costs for continuing operations
Balance — beginning of year	$ 405	$ 276	$ 213
Additions to capitalized exploratory well costs pending the determination of proved reserves	556	750	323
Reclassifications to property, plant and equipment based on the determination of proved reserves	(594)	(314)	(183)
Capitalized exploratory well costs charged to expense	(105)	(307)	(77)
Balance — end of year	$ 262	$ 405	$ 276

LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

LEASE COMMITMENTS


NOTE 7 - LEASE COMMITMENTS

Lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Lease assets include the discounted value of future lease payments, upfront payments and costs incurred to execute the lease and are amortized on a straight-line basis over the lease term. Occidental assesses the likelihood of exercising renewal, termination and purchase options to determine the lease term. Occidental uses its incremental borrowing rate at commencement date to determine the present value of lease payments. For assets except drilling rigs, Occidental does not separate lease and non-lease components as the non-lease portions are not significant.

Occidental has operating leases for office space of $309 million, drilling rigs of $252 million, compressors of $214 million, railcars of $101 million, and $112 million of other assets.

Occidental’s finance leases include compressors of $467 million, office space of $231 million, and $95 million of other assets. Property, plant and equipment included $777 million of finance lease assets as of December 31, 2024.

The following summarizes maturities of lease liabilities as of December 31, 2024:


millions	Operating Leases (a)		Finance Leases (b)		Total
2025	$	410	$	172	$	582
2026	264		161		425
2027	136		145		281
2028	76		115		191
2029	58		82		140
Thereafter	137		265		402
Total lease payments	1,081		940		2,021
Less: Discount	(93)		(147)		(240)
Total lease liabilities	$	988	$	793	$	1,781

(a)The weighted-average remaining lease term is 4.0 years and the weighted-average discount rate is 4.77%.

(b)The weighted-average remaining lease term is 5.7 years and the weighted-average discount rate is 4.80%.

The following tables present Occidental’s total lease cost and other information for operating and finance lease liabilities for the years ended December 31:


millions	2024		2023
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	152	$	126
Interest on lease liabilities	36		27
Operating lease cost	518		398
Short-term lease cost	367		460

Total lease cost	$	1,073	$	1,011

millions	2024		2023
Cash payments related to leases
Operating cash flows from finance leases	$	34	$	27
Operating cash flows from operating leases	$	298	$	198
Investing cash flows from operating leases	$	209	$	183
Financing cash flows from finance leases	$	137	$	105

Changes in Right-of-Use assets
Right-of-use assets obtained in exchange for new finance lease liabilities	$	195	$	226
Right-of-use assets obtained in exchange for new operating lease liabilities	$	316	$	630

LEASE COMMITMENTS


NOTE 7 - LEASE COMMITMENTS

Occidental has operating leases for office space of $309 million, drilling rigs of $252 million, compressors of $214 million, railcars of $101 million, and $112 million of other assets.

The following summarizes maturities of lease liabilities as of December 31, 2024:


millions	Operating Leases (a)		Finance Leases (b)		Total
2025	$	410	$	172	$	582
2026	264		161		425
2027	136		145		281
2028	76		115		191
2029	58		82		140
Thereafter	137		265		402
Total lease payments	1,081		940		2,021
Less: Discount	(93)		(147)		(240)
Total lease liabilities	$	988	$	793	$	1,781

(a)The weighted-average remaining lease term is 4.0 years and the weighted-average discount rate is 4.77%.

(b)The weighted-average remaining lease term is 5.7 years and the weighted-average discount rate is 4.80%.

The following tables present Occidental’s total lease cost and other information for operating and finance lease liabilities for the years ended December 31:


millions	2024		2023
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	152	$	126
Interest on lease liabilities	36		27
Operating lease cost	518		398
Short-term lease cost	367		460

Total lease cost	$	1,073	$	1,011

millions	2024		2023
Cash payments related to leases
Operating cash flows from finance leases	$	34	$	27
Operating cash flows from operating leases	$	298	$	198
Investing cash flows from operating leases	$	209	$	183
Financing cash flows from finance leases	$	137	$	105

Changes in Right-of-Use assets
Right-of-use assets obtained in exchange for new finance lease liabilities	$	195	$	226
Right-of-use assets obtained in exchange for new operating lease liabilities	$	316	$	630

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

LONG-TERM DEBT


NOTE 6 - LONG-TERM DEBT

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


millions	2024	2023
2.900% senior notes due 2024	—	654
6.950% senior notes due 2024	—	291
3.450% senior notes due 2024	—	111
3.500% senior notes due 2025	—	137
5.875% senior notes due 2025	536	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
Two-year term loan due 2026 (6.249% as of December 31, 2024)	2,700	—
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
5.000% senior notes due 2027	600	—
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 debentures due 2029	116	116
3.500% senior notes due 2029	286	286
5.200% senior notes due 2029	1,200	—
Variable rate bonds due 2030 (5.710% and 5.750% as of December 31, 2024 and 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
5.375% senior notes due 2032	1,000	—
5.550% senior notes due 2034	1,200	—
6.450% senior notes due 2036	1,727	1,727
Zero Coupon senior notes due 2036	673	673
0.000% loan due 2039 (CAD denominated)	18	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
(continued on next page)


millions (continued)	2024		2023
4.400% senior notes due 2046	424		424
4.100% senior notes due 2047	258		258
4.200% senior notes due 2048	304		304
4.400% senior notes due 2049	280		280
6.050% senior notes due 2054	1,000		—
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	$	24,391	$	17,955
Adjustments to book value:
Unamortized premium, net	1,037		1,152
Debt issuance costs	(105)		(106)
Net book value of debt	$	25,323	$	19,001
Long-term finance leases	658		591
Current finance leases	135		146
Total debt and finance leases	$	26,116	$	19,738
Less current maturities of finance leases	(135)		(146)
Less current maturities of long-term debt	(1,003)		(1,056)
Long-term debt, net	$	24,978	$	18,536

DEBT MATURITIES

As of December 31, 2024, future principal payments of debt were approximately $24.4 billion, of which $1.0 billion is due in 2025, $4.1 billion in 2026, $1.5 billion in 2027, $0.9 billion in 2028, and $16.9 billion due in 2029 and thereafter.

ZERO COUPONS

The Zero Coupons have an aggregate principal amount due at the 2036 maturity of approximately $673 million. The Zero Coupons can be put to Occidental in October of each year, in whole or in part, for the then-accreted value of the outstanding Zero Coupons. The Zero Coupons can next be put to Occidental in October 2025, which, if put in whole, would be $381 million at such date. Occidental currently has the ability to meet this obligation and may use available capacity under the RCF to satisfy the put should it be exercised.

FAIR VALUE OF DEBT

Occidental estimates the fair value of fixed-rate debt based on the quoted market prices for those instruments or on quoted market yields for similarly rated debt instruments, taking into account such instruments’ maturities. The estimated fair values of Occidental’s debt as of December 31, 2024, and 2023, the majority of which were classified as Level 1, were approximately $24.0 billion and $18.1 billion, respectively. Occidental’s exposure to changes in interest rates relates primarily to its variable-rate, long-term debt obligations. As of December 31, 2024, and 2023, variable-rate debt constituted approximately 11% and 0.4%, respectively, of Occidental’s total debt.

DEBT RATINGS

As of December 31, 2024, Occidental’s long-term debt was rated Baa3 by Moody’s Investors Service, BBB- by Fitch Ratings and BB+ by Standard and Poor’s. Any downgrade in credit ratings could impact Occidental's ability to access capital markets and increase its cost of capital. In addition, Occidental or its subsidiaries may be requested, elect to provide or in some cases be required to provide collateral in the form of cash, letters of credit, surety bonds or other acceptable support as financial assurance of their performance and payment obligations under certain contractual arrangements such as pipeline transportation contracts, oil and gas purchase contracts and certain derivative instruments; certain permits, including with respect to carbon capture, utilization and storage activities; and environmental remediation matters. Following the CrownRock Acquisition in August 2024, Occidental's current credit ratings were reaffirmed.

As of the date of this filing, Occidental had provided required financial assurances through a combination of cash, letters of credit and surety bonds and had not issued any letters of credit under the RCF or other committed facilities.

DEBT ACTIVITY

In connection with the CrownRock Acquisition, Occidental issued $9.7 billion in new debt in July 2024 and assumed $1.2 billion of existing CrownRock debt in August 2024. Occidental used proceeds from divestitures and cash on hand to repay $4.5 billion of debt, which included the satisfaction and discharge of the 5.000% senior notes due 2029 that were assumed with the CrownRock Acquisition. The following table summarizes Occidental’s debt activity in 2024:


millions	Borrowings at face value
Total borrowings at face value as of December 31, 2023	$	17,955
Borrowings
364-day term loan due 2025	$	2,000
Two-year term loan due 2026	2,700
5.000% senior notes due 2027	600
5.200% senior notes due 2029	1,200
5.375% senior notes due 2032	1,000
5.550% senior notes due 2034	1,200
6.050% senior notes due 2054	1,000
Total borrowings	$	9,700

Debt assumptions related to CrownRock
5.625% senior notes due 2025	$	868
5.000% senior notes due 2029	376
Total debt assumptions	$	1,244

Repayments
6.950% senior notes due 2024	$	(291)
3.450% senior notes due 2024	(111)
2.900% senior notes due 2024	(654)
364-day term loan due 2025	(2,000)
5.625% senior notes due 2025	(868)
5.875% senior notes due 2025	(70)
3.500% senior notes due 2025	(137)
5.000% senior notes due 2029	(376)
Total repayments	$	(4,507)

Foreign currency revaluation on CAD denominated debt	$	(1)

Total borrowings at face value as of December 31, 2024	$	24,391

REVOLVING CREDIT FACILITY

In February 2024, Occidental entered into a Third Amended and Restated Credit Agreement for the RCF extending its 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. The interest rate margin and the facility fee rates are subject to adjustments based on Occidental’s performance on specified sustainability target thresholds with respect to absolute reductions in GHG emissions from its worldwide operated assets. No amounts were drawn under the facility as of December 31, 2024.

Borrowings under the RCF bear interest at SOFR benchmark rates, plus a margin based on Occidental’s senior debt ratings. The facility has similar terms to other debt agreements and does not contain material adverse change clauses or debt ratings triggers that could restrict Occidental’s ability to borrow, or that would permit lenders to terminate their commitments or accelerate debt repayment. The facility provides for the termination of loan commitments and requires immediate repayment of any outstanding amounts if certain events of default occur. As of the date of this filing, Occidental had no drawn amounts under the RCF. In 2024, Occidental paid average annual facility fees of 0.20% on the total commitment amount.

RECEIVABLES SECURITIZATION FACILITY

In July 2024, Occidental amended and extended its existing receivables securitization facility to July 30, 2027. In February 2023, Occidental amended the facility to expand its available borrowing capacity to $600 million. As of December 31, 2024, the facility had $600 million of available borrowing capacity and no drawn amounts. The amended facility includes adjustments based on the same specified sustainability target thresholds as contained in the RCF.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Asset retirement obligation
Beginning balance	$ 4,075	$ 3,805
Liabilities incurred – capitalized to PP&E	287	105
Liabilities settled and paid	(445)	(295)
Accretion expense	234	211
Acquisitions, divestitures and other, net	2	(15)
Revisions to previous estimates	277	264
Ending balance	$ 4,430	$ 4,075

INCOME TAXES - NARRATIVE (Details) - USD ($)	12 Months Ended
INCOME TAXES - NARRATIVE (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
One-time non-cash tax benefit as a result of a legal entity reorganization			$ 2,700,000,000
Worldwide effective tax rate	29.00%	27.00%	6.00%
Total deferred tax assets, after valuation allowances	$ 2,359,000,000	$ 1,965,000,000
Total deferred tax liabilities	7,733,000,000	7,703,000,000
Foreign tax credit carryforwards	1,975,000,000	2,759,000,000
Interest expense carryforward	11,000,000	11,000,000
Deferred foreign tax liability due to reversal of indefinite re-investment assertion	406,000,000
Additional deferred tax liability amount required	109,000,000
Unrecognized tax benefits	1,951,000,000	1,951,000,000	$ 2,010,000,000	$ 2,026,000,000
Potential benefit	2,000,000,000
Potential benefit, if recognized, would affect the effective tax rate on income	1,500,000,000
Benefits related to tax positions which ultimate deductibility is highly certain	45,000,000
Interest related to liabilities for unrecognized tax benefits		186,000,000
Cumulative accrued interest related to liabilities for unrecognized tax benefits	763,000,000
Interest and penalties associated with liabilities for unrecognized tax benefits	0	0
Decrease in unrecognized tax benefits resulting from settlements with taxing authorities or lapses in statues of limitations	9,000,000
Other current assets
Income Tax Contingency [Line Items]
Income tax receivables	30,000,000	79,000,000
Other long-term assets
Income Tax Contingency [Line Items]
Federal alternative minimum tax non-current receivables	247,000,000	$ 31,000,000
State
Income Tax Contingency [Line Items]
Tax credit carryforwards	38,000,000
Tax credit carryforward, valuation allowance	32,000,000
Operating loss carryforwards	190,000,000
Operating loss carryforward, valuation allowance	153,000,000
Foreign
Income Tax Contingency [Line Items]
Tax credit carryforward, valuation allowance	2,000,000,000
Operating loss carryforwards	838,000,000
Operating loss carryforward, valuation allowance	774,000,000
Valuation allowance on other deferred tax assets	25,000,000
Deferred tax assets, operating activity	149,000,000
Federal
Income Tax Contingency [Line Items]
Operating loss carryforwards	3,000,000
Interest expense carryforward	$ 11,000,000

DERIVATIVES - FAIR VALUE (Details) - Marketing Derivatives - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Gross and net fair values of outstanding derivatives (in millions)
Collateral received netted against derivative assets	$ 12	$ 42
Collateral paid netted against derivative liabilities	9	0
Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	(512)	(1,009)
Total fair value, asset	35	99
Other long-term assets
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	(1)	(43)
Total fair value, asset	0	5
Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Netting, liability	512	1,009
Total fair value, liability	(29)	(22)
Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives (in millions)
Netting, liability	1	43
Total fair value, liability	(1)	(6)
Level 1 \| Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	455	1,008
Level 1 \| Other long-term assets
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	47
Level 1 \| Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(451)	(967)
Level 1 \| Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	(43)
Level 2 \| Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	92	100
Level 2 \| Other long-term assets
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	1	1
Level 2 \| Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(90)	(64)
Level 2 \| Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(2)	(6)
Level 3 \| Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Level 3 \| Other long-term assets
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Level 3 \| Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Level 3 \| Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	$ 0	$ 0

LEASE COMMITMENTS - NARRATIVE (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use	$ 937	$ 1,130
Finance lease assets	777
Office Space
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use	309
Finance lease assets	231
Drilling Rigs
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use	252
Compressors
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use	214
Finance lease assets	467
Railcars
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use	101
Other
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use	112
Finance lease assets	$ 95

INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS - CORPORATE AND GEOGRAPHIC AREAS (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Information
Property, plant, and equipment	$ 69,378	$ 58,529	$ 58,384
United States
Segment Information
Property, plant, and equipment	62,604	51,646	51,706
International
Segment Information
Property, plant, and equipment	6,774	6,883	6,678
UAE
Segment Information
Property, plant, and equipment	3,495	3,609	3,663
Oman
Segment Information
Property, plant, and equipment	2,187	2,156	2,159
Algeria
Segment Information
Property, plant, and equipment	618	624	350
Qatar
Segment Information
Property, plant, and equipment	361	393	428
Other International
Segment Information
Property, plant, and equipment	$ 113	$ 101	$ 78

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of components of amounts recognized in the consolidated balance sheets

The following tables show the amounts recognized in Occidental’s Consolidated Balance Sheets related to its pension and postretirement benefit plans as of December 31:


	Pension Benefits				Postretirement Benefits
millions	2024		2023		2024		2023
Amounts recognized in the Consolidated Balance Sheet:
Other long-term assets	$	133	$	126	$	—	$	—
Accrued liabilities	(2)		(3)		(52)		(57)
Deferred credits and other liabilities — pension and postretirement obligations	(244)		(270)		(778)		(661)
	$	(113)	$	(147)	$	(830)	$	(718)
Accumulated other comprehensive loss included the following after-tax balances:
Net (gain) loss	$	(8)	$	3	$	(122)	$	(217)
Prior service credit	—		—		(40)		(45)
	$	(8)	$	3	$	(162)	$	(262)

Schedule of funding status of occidental's plans

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


	Pension Benefits				Postretirement Benefits
millions	2024		2023		2024		2023
Changes in the benefit obligation:
Benefit obligation — beginning of year	$	879	$	886	$	718	$	773
Service cost — benefits earned during the period	4		5		18		16
Interest cost on projected benefit obligation	42		45		35		37
Actuarial (gain) loss	(38)		19		105		(53)
Benefits paid	(71)		(80)		(50)		(65)
Other	(3)		4		4		10
Benefit obligation — end of year	$	813	$	879	$	830	$	718

Changes in plan assets:
Fair value of plan assets — beginning of year	$	732	$	641	$	—	$	—
Actual return on plan assets	16		77		—		—
Employer contributions	23		89		45		54
Benefits paid	(71)		(80)		(50)		(64)
Other	—		5		5		10
Fair value of plan assets — end of year	$	700	$	732	$	—	$	—
Unfunded status:	$	(113)	$	(147)	$	(830)	$	(718)

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

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


	Accumulated Benefit Obligation in Excess of Plan Assets				Plan Assets in Excess of Accumulated Benefit Obligation
millions	2024		2023		2024		2023
Projected benefit obligation	$	648	$	719	$	165	$	160
Accumulated benefit obligation	$	647	$	717	$	165	$	157
Fair value of plan assets	$	505	$	543	$	195	$	189

Schedule of components of the net periodic benefit costs

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


	Pension Benefits						Postretirement Benefits
millions	2024		2023		2022		2024		2023		2022
Net periodic benefit costs:
Service cost — benefits earned during the period	$	4	$	5	$	7	$	18	$	16	$	38
Interest cost on projected benefit obligation	42		45		36		35		37		33
Expected return on plan assets	(41)		(45)		(38)		—		—		—
Recognized actuarial loss (gain)	2		4		1		(15)		(20)		5
Recognized prior service credit	—		—		—		(8)		(9)		(9)

Gain (loss) due to settlement	—		1		(1)		—		—		—


Net periodic benefit costs	$	7	$	10	$	5	$	30	$	24	$	67

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

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


	Pension Benefits				Postretirement Benefits
	2024		2023		2024		2023
Benefit Obligation Assumptions:
Discount rate	5.52	%	4.98	%	5.68	%	5.12	%
Rate of increase in compensation levels	3.95	%	3.96	%	—		—
Net Periodic Benefit Cost Assumptions:
Discount rate	4.98	%	5.27	%	5.12	%	5.43	%
Rate of increase in compensation levels	3.96	%	3.95	%	—		—
Assumed long-term rate of return on assets	6.13	%	6.65	%	—		—

Schedule of fair values of cccidental's pension plan assets by asset category

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


millions	Level 1		Level 2		Level 3		Total
December 31, 2024
Asset Class:

Government securities	$	33	$	—	$	—	$	33
Corporate bonds (a)	—		17		—		17
Equity securities (b)	31		—		—		31
Other	2		41		—		43
Investments measured at fair value	$	66	$	58	$	—	$	124
Investments measured at net asset value (c)	—		—		—		576
Total pension plan assets	$	66	$	58	$	—	$	700

December 31, 2023
Asset Class:

Government securities	$	42	$	—	$	—	$	42
Corporate bonds (a)	—		19		—		19
Equity securities (b)	33		—		—		33
Other	—		47		—		47
Investments measured at fair value	$	75	$	66	$	—	$	141
Investments measured at net asset value (c)	—		—		—		591
Total pension plan assets	$	75	$	66	$	—	$	732

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

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

Schedule of estimated future benefit payments, which reflect expected future service, as appropriate

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


millions	Pension Benefits			Postretirement Benefits
2025		$	73		$	54
2026		68			56
2027		70			60
2028		65			59
2029		62			58
2030 - 2034		295			293

ENVIRONMENTAL LIABILITIES AND EXPENDITURES

12 Months Ended

Dec. 31, 2024

Environmental Remediation Obligations [Abstract]

ENVIRONMENTAL LIABILITIES AND EXPENDITURES


NOTE 12 - ENVIRONMENTAL LIABILITIES AND EXPENDITURES

Occidental and its subsidiaries and their respective operations are subject to numerous federal, state, local and international laws and regulations related to improving or maintaining environmental quality. The laws that require or address environmental remediation, including CERCLA and similar federal, state, local and international laws, may apply retroactively and regardless of fault, the legality of the original activities or the current ownership or control of sites. 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; cleanup measures including removal, treatment or disposal; or operation and maintenance of remedial systems. The environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, natural resource damages, punitive damages, civil penalties, injunctive relief and government oversight costs.

ENVIRONMENTAL REMEDIATION

As of December 31, 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 December 31, 2024 and 2023, the current portion of which is included in accrued liabilities ($150 million in 2024 and $132 million in 2023) and the remainder in deferred credits and other liabilities - environmental remediation liabilities ($1.8 billion in 2024 and $0.9 billion in 2023).

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.


	2024			2023
millions, except number of sites	Number of Sites	Remediation Balance		Number of Sites	Remediation Balance
NPL Sites	32	$	1,374	32	$	435
Third-Party Sites	63	200		65	233
Currently Operated Sites	12	88		12	98
Closed or Non-operated Sites	51	247		51	255
Total	158	$	1,909	160	$	1,021

As of December 31, 2024, environmental remediation liabilities of Occidental subsidiaries exceeded $10 million each at 16 of the 158 sites described above, and 88 of the sites had liabilities less than $1 million each.

The DASS in Newark, New Jersey accounted for a significant portion of the liabilities associated with the category of NPL Sites. During 2024, OxyChem increased the environmental remediation liability related to the DASS by $925 million. See Note 13 - Lawsuits, Claims, Commitments and Contingencies under the heading “Diamond Alkali Superfund Site Litigation”.

Five of the 63 Third-Party Sites — a former copper mining and smelting operation in Tennessee, a chrome site in New Jersey, a former oil field and a landfill in California and an active refinery in Louisiana where Occidental reimburses the current owner for certain remediation activities — accounted for approximately two thirds of the liabilities associated with this category.

Three Currently Operated Sites — oil and gas operations in Colorado and chemical plants in Kansas and Louisiana — accounted for approximately two thirds of the liabilities associated with this category.

Seven Closed or Non-operated Sites — a landfill in Western New York, a former refinery in Oklahoma, former chemical plants in California, New York, Michigan, and Washington, and a closed coal mine in Pennsylvania — accounted for approximately two thirds of the liabilities associated with this category.

The consolidated estimate of environmental remediation liabilities in the table above varies over time depending on factors such as acquisitions or divestitures, identification of additional sites, remedy selection and implementation and changes in applicable laws or regulations, among other factors. Excluding the increase related to the DASS, Occidental’s subsidiaries recorded environmental remediation expenses of $76 million, $79 million and $65 million for the years ended December 31, 2024, 2023, and 2022, respectively, on a consolidated basis. Environmental remediation expenses primarily relate to existing conditions from alleged past practices. Based on current estimates, Occidental expects its subsidiaries to expend funds corresponding to approximately 25% of the year-end remediation balance over the next three to four years with the remainder over the subsequent 10 or more years.

Occidental believes its range of reasonably possible additional losses of its subsidiaries beyond those amounts currently recorded for environmental remediation for the 158 environmental sites in the table above could be up to $1.9 billion.

DIAMOND ALKALI SUPERFUND SITE

The EPA has organized the DASS into four 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. In January 2025, the EPA issued a ROD for the final remedy of OU1 that provides for optimized containment for which it estimated a cost of $16 million.

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. In May 2024, the EPA approved OxyChem's remedial design for OU2. In June 2024, the EPA notified OxyChem that the work required by the AOC has been fully performed in accordance with its terms. 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.

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. In March 2023, the EPA issued a Unilateral Administrative Order in which it directed and ordered OxyChem to design the EPA’s selected interim remedy for OU4. The EPA has estimated the cost to remediate OU4 to be approximately $440 million.

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.

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, and the remedial investigation and feasibility study required in OU3 (Newark Bay). Subject to and without waiver of its rights, including its appeal, OxyChem has accrued a reserve for design and implementation of remedies selected in the OU2 ROD and AOC and the OU4 ROD and OU4 Unilateral Administrative Order based upon a December 2024 Order of the U.S. District Court for the District of New Jersey (District Court) approving the proposed Alden Leeds Settlement, which OxyChem is appealing. See Note 13 below, Lawsuits, Claims, Commitments and Contingencies.

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
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-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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481899/410-30-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481899/410-30-55-16

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 410
-SubTopic 30
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-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

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-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

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-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

REVENUE - DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 27,413	$ 28,325	$ 36,234
Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	27,413	28,325	36,234
Operating segments \| United States
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	23,880	24,736	32,020
Operating segments \| International
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	4,398	4,488	5,638
Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(865)	(899)	(1,424)
Eliminations \| United States
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Eliminations \| International
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Oil and gas \| Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	21,705	21,284	27,165
Oil and gas \| Operating segments \| Oil
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	18,544	17,950	21,356
Oil and gas \| Operating segments \| NGL
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,255	1,991	3,052
Oil and gas \| Operating segments \| Gas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	875	1,305	2,733
Oil and gas \| Operating segments \| Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	31	38	24
Oil and gas \| Operating segments \| United States
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	18,012	17,518	22,494
Oil and gas \| Operating segments \| United States \| Oil
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	15,604	14,893	17,421
Oil and gas \| Operating segments \| United States \| NGL
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,865	1,619	2,631
Oil and gas \| Operating segments \| United States \| Gas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	514	970	2,422
Oil and gas \| Operating segments \| United States \| Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	29	36	20
Oil and gas \| Operating segments \| International
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,693	3,766	4,671
Oil and gas \| Operating segments \| International \| Oil
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,940	3,057	3,935
Oil and gas \| Operating segments \| International \| NGL
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	390	372	421
Oil and gas \| Operating segments \| International \| Gas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	361	335	311
Oil and gas \| Operating segments \| International \| Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2	2	4
Oil and gas \| Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Oil and gas \| Eliminations \| Oil
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Oil and gas \| Eliminations \| NGL
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Oil and gas \| Eliminations \| Gas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Oil and gas \| Eliminations \| Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Chemical \| Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	4,920	5,315	6,738
Chemical \| Operating segments \| United States
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	4,628	5,002	6,359
Chemical \| Operating segments \| International
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	292	313	379
Chemical \| Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Midstream and marketing \| Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,653	2,625	3,755
Midstream and marketing \| Operating segments \| United States
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,240	2,216	3,167
Midstream and marketing \| Operating segments \| International
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	413	409	588
Midstream and marketing \| Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 0	$ 0	$ 0

INCOME TAXES - COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred tax liabilities
Property, plant and equipment differences	$ (7,100)	$ (6,994)
Equity investments, partnerships and international subsidiaries	(633)	(709)
Gross long-term deferred tax liabilities	(7,733)	(7,703)
Deferred tax assets
Environmental reserves	416	223
Postretirement benefit accruals	249	229
Deferred compensation and benefits	258	237
Asset retirement obligations	788	722
Foreign tax credit carryforwards	1,975	2,759
Business credit carryforwards	54	43
Net operating loss carryforward	1,031	1,056
Interest expense carryforward	11	11
All other	539	586
Gross long-term deferred tax assets	5,321	5,866
Valuation allowance	(2,962)	(3,901)
Net long-term deferred tax assets	2,359	1,965
Total deferred income tax liability, net	(5,374)	(5,738)
Less: foreign deferred tax asset in long-term receivables and other assets, net	(20)	(26)
Total deferred income tax liability	$ (5,394)	$ (5,764)

STOCK-BASED INCENTIVE PLANS - UNVESTED CASH AND STOCK-SETTLED RSUs, TSRIs & CROCEI (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash-Settled RSUs
Roll-forward of stock awards other than options and SARS.
Unvested, beginning of period (in shares)	271
Granted (in shares)	293
Vested (in shares)	(141)
Forfeitures (in shares)	(25)
Unvested, end of period (in shares)	398	271
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Unvested, beginning of period, weighted-average grant-date fair value (in dollars per share)	$ 37.96
Granted, weighted-average grant-date fair value (in dollars per share)	58.87	$ 60.43	$ 47.41
Vested, weighted-average grant-date fair value (in dollars per share)	43.61
Forfeitures, weighted-average grant-date fair value (in dollars per share)	57.60
Unvested, end of period, weighted-average grant-date fair value (in dollars per share)	$ 50.14	$ 37.96
Stock-Settled RSUs
Roll-forward of stock awards other than options and SARS.
Unvested, beginning of period (in shares)	7,732
Granted (in shares)	3,540
Vested (in shares)	(3,978)
Forfeitures (in shares)	(175)
Unvested, end of period (in shares)	7,119	7,732
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Unvested, beginning of period, weighted-average grant-date fair value (in dollars per share)	$ 47.03
Granted, weighted-average grant-date fair value (in dollars per share)	61.34	$ 59.85	$ 45.14
Vested, weighted-average grant-date fair value (in dollars per share)	40.37
Forfeitures, weighted-average grant-date fair value (in dollars per share)	56.58
Unvested, end of period, weighted-average grant-date fair value (in dollars per share)	$ 57.63	$ 47.03
TSRIs
Roll-forward of stock awards other than options and SARS.
Unvested, beginning of period (in shares)	1,507
Granted (in shares)	439
Vested (in shares)	(651)
Forfeitures (in shares)	(44)
Unvested, end of period (in shares)	1,251	1,507
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Unvested, beginning of period, weighted-average grant-date fair value (in dollars per share)	$ 40.43
Granted, weighted-average grant-date fair value (in dollars per share)	61.36
Vested, weighted-average grant-date fair value (in dollars per share)	25.39
Forfeitures, weighted-average grant-date fair value (in dollars per share)	55.30
Unvested, end of period, weighted-average grant-date fair value (in dollars per share)	$ 55.08	$ 40.43
Payout at vesting percentage	180.00%
Issued (in shares)	1,172
CROCEI awards
Roll-forward of stock awards other than options and SARS.
Unvested, beginning of period (in shares)	507
Granted (in shares)	161
Vested (in shares)	(221)
Unvested, end of period (in shares)	447	507
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Unvested, beginning of period, weighted-average grant-date fair value (in dollars per share)	$ 39.59
Granted, weighted-average grant-date fair value (in dollars per share)	61.36
Vested, weighted-average grant-date fair value (in dollars per share)	25.39
Unvested, end of period, weighted-average grant-date fair value (in dollars per share)	$ 54.55	$ 39.59
Payout at vesting percentage	200.00%
Issued (in shares)	441

INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS - RECONCILES SEGMENT INCOME FROM COUNTINUING OPERATIONS (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Information
Number of operating segments \| segment	3
Income from continuing operations before income taxes	$ 4,070	$ 6,429	$ 14,117
Interest and debt expense, net	(1,175)	(945)	(1,030)
Income tax expense	(1,174)	(1,733)	(813)
Income from continuing operations	2,896	4,696	13,304
Income from discontinued operations, net of tax	182	0	0
NET INCOME	3,078	4,696	13,304
Less: Net income attributable to noncontrolling interest	(22)	0	0
Less: Preferred stock dividends and redemption premiums	(679)	(923)	(800)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 2,377	3,773	12,504
Number of reportable segments \| segment	3
Operating segments \| Oil and gas
Segment Information
Income from continuing operations before income taxes	$ 5,214	6,240	12,803
Operating segments \| Chemical
Segment Information
Income from continuing operations before income taxes	1,124	1,531	2,508
Operating segments \| Midstream and marketing
Segment Information
Income from continuing operations before income taxes	580	24	273
Corporate and eliminations
Segment Information
Income from continuing operations before income taxes	$ (1,673)	$ (421)	$ (437)

STOCK-BASED INCENTIVE PLANS - OUTSTANDING STOCK OPTIONS (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Vested
Outstanding stock options
Stock options, number of shares outstanding, beginning balance (in shares) \| shares	2,094
Vested (in shares) \| shares	(211)
Stock options, number of shares outstanding, ending balance (in shares) \| shares	2,305
Options, weighted average strike price
Stock options, weighted average strike price, beginning balance (in dollars per share) \| $ / shares	$ 38.45
Stock options, vested, weighted average strike price (in dollars per share) \| $ / shares	32.36
Stock options, weighted average strike price, ending balance (in dollars per share) \| $ / shares	$ 37.89
Unvested
Outstanding stock options
Stock options, number of shares outstanding, beginning balance (in shares) \| shares	294
Vested (in shares) \| shares	(211)
Stock options, number of shares outstanding, ending balance (in shares) \| shares	83
Options, weighted average strike price
Stock options, weighted average strike price, beginning balance (in dollars per share) \| $ / shares	$ 35.37
Stock options, vested, weighted average strike price (in dollars per share) \| $ / shares	32.36
Stock options, weighted average strike price, ending balance (in dollars per share) \| $ / shares	$ 42.98

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 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 (except per-share price)	Total
Cash portion of purchase price	$	9,100
Closing Adjustments
Net Working Capital and Other Purchase Price Adjustments	254
Pre-closing dividends declared by Occidental	13
Total Cash Purchase Price	$	9,367
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	$	11,122

Schedule of preliminary purchase price

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, including, but not limited to, final appraisals of PP&E. 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	$	589
Trade receivables, net	198

Other current assets	39

Property, plant and equipment, oil and gas	11,818


Amount attributable to assets acquired	$	12,644
Fair value of liabilities acquired:
Current maturities of long-term debt	$	868
Accounts payable	207
Accrued liabilities	22
Long-term debt	378
Asset retirement obligations	47
Amount attributable to liabilities acquired	$	1,522
Fair value of net assets acquired:	$	11,122

Occidental allocated the preliminary purchase price to the fair value of Carbon Engineering’s assets as follows:


millions	2023
Fair value of assets acquired:
Cash and other current assets	$	154
Property, plant and equipment	11
Intangible assets related to developed technology	845
Goodwill	668
Total fair value of assets acquired	$	1,678
Fair value of liabilities acquired:
Liabilities acquired	110
Deferred tax liability	190
Total liabilities assumed	$	300

Fair value of previously held interest	371

Total acquisition consideration	$	1,007

Schedule of pro forma financial information

The following summarizes the unaudited pro forma condensed financial information of Occidental as if the CrownRock Acquisition had occurred on January 1, 2023:


	Years ended
millions, except per-share amounts		2024		2023

Revenues		$	28,184	$	30,777
Net income attributable to common stockholders		$	2,713	$	4,197
Net income attributable to common stockholders per share—basic		$	2.90	$	4.54
Net income attributable to common stockholders per share—diluted		$	2.74	$	4.21

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - FUTURE BENEFIT PAYMENTS (Details) $ in Millions	Dec. 31, 2024 USD ($)
Pension Benefits
Estimated future benefit payments
2025	$ 73
2026	68
2027	70
2028	65
2029	62
2030 - 2034	295
Postretirement Benefits
Estimated future benefit payments
2025	54
2026	56
2027	60
2028	59
2029	58
2030 - 2034	$ 293

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning balance at Dec. 31, 2021	$ 20,327	$ 9,762	$ 217	$ (10,673)	$ 16,749	$ 4,480	$ (208)	$ 0
Increase (Decrease) in Stockholders' Equity
Net income	13,304					13,304
Other comprehensive income (loss), net of tax	403						403
Dividends on common stock	(485)					(485)
Dividends on preferred stock	(800)					(800)
Shareholder warrants exercised	254		2		252
Options Exercised	27				27
Issuance of common stock and other, net	154		1		153
Purchases of treasury stock	(3,099)			(3,099)
Ending balance at Dec. 31, 2022	$ 30,085	9,762	220	(13,772)	17,181	16,499	195	0
Increase (Decrease) in Stockholders' Equity
Dividends on preferred stock (in dollars per share)	$ 8,000
Net income	$ 4,696					4,696
Other comprehensive income (loss), net of tax	80						80
Dividends on common stock	(646)					(646)
Dividends on preferred stock	(736)					(736)
Preferred stock redemption – face value	(1,511)	(1,511)
Preferred stock redemption – premium	(151)					(151)
Preferred stock redemption – amortization of carrying value	0	36				(36)
Shareholder warrants exercised	99		1		98
Options Exercised	13				13
Issuance of common stock and other, net	131		1		130
Purchases of treasury stock	(1,810)			(1,810)
Noncontrolling interest contributions, net	99							99
Ending balance at Dec. 31, 2023	$ 30,349	8,287	222	(15,582)	17,422	19,626	275	99
Increase (Decrease) in Stockholders' Equity
Dividends on preferred stock (in dollars per share)	$ 8,000
Net income	$ 3,078					3,056		22
Other comprehensive income (loss), net of tax	(96)						(96)
Dividends on common stock	(814)					(814)
Dividends on preferred stock	(679)					(679)
Shareholder warrants exercised	559		5		554
Issuance of common stock and other, net	143				143
Purchases of treasury stock	(15)			(15)
Common Stock issued for CrownRock acquisition	1,755		6		1,749
Noncontrolling interest contributions, net	200							200
Ending balance at Dec. 31, 2024	$ 34,480	$ 8,287	$ 233	$ (15,597)	$ 19,868	$ 21,189	$ 179	$ 321
Increase (Decrease) in Stockholders' Equity
Dividends on preferred stock (in dollars per share)	$ 8,000

INCOME TAXES - RECONCILIATION OF UNRECOGNIZED TAX BENEFITS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Balance, at beginning of period	$ 1,951	$ 2,010	$ 2,026
Increases related to prior-year positions	0	0	2
Increases related to current-year positions	0	0	0
Settlements	0	0	0
Reductions for tax positions of prior years	0	(59)	(18)
Balance, at end of period	$ 1,951	$ 1,951	$ 2,010

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF OPERATIONS

Occidental conducts its operations through various subsidiaries and affiliates. Occidental’s principal businesses consist of three reporting segments: oil and gas, chemical and midstream and marketing. The oil and gas segment explores for, develops and produces oil (which includes condensate), NGL and natural gas. OxyChem primarily manufactures and markets basic chemicals and vinyls. The midstream and marketing segment purchases, markets, gathers, processes, transports and stores oil (which includes condensate), NGL, natural gas, CO2 and power. It also optimizes its transportation and storage capacity, and invests in entities that conduct similar activities, such as WES.

The midstream and marketing segment also includes OLCV. OLCV seeks to leverage Occidental’s legacy of carbon management experience to develop CCUS projects, including the commercialization of DAC technology, and invests in other low-carbon technologies intended to reduce GHG emissions from Occidental’s operations and strategically partner with other industries to help reduce their emissions.

PRINCIPLES OF CONSOLIDATION

The Consolidated Financial Statements have been prepared in conformity with GAAP and include the accounts of Occidental, its subsidiaries, its undivided interests in oil and gas exploration and production ventures and, variable interest entities, for which Occidental was the primary beneficiary. Occidental accounts for its share of oil and gas exploration and production ventures by reporting its proportionate share of assets, liabilities, revenues, costs and cash flows within the relevant lines on the balance sheets, statements of operations and statements of cash flows.

INVESTMENTS IN UNCONSOLIDATED ENTITIES

Occidental’s percentage interest in the underlying net assets of affiliates for which it exercises significant influence without having a controlling interest (excluding oil and gas ventures in which Occidental holds an undivided interest) are accounted for under the equity method. Occidental reviews equity-method investments for impairment whenever events or changes in circumstances indicate that an other-than-temporary decline in value may have occurred. The amount of impairment, if any, is based on quoted market prices, when available, or other valuation techniques, including discounted cash flows. Occidental evaluates the facts and circumstances of any distributions in excess of its carrying amount in the investment to determine the appropriate accounting, including the source of the proceeds and any implicit or explicit commitments to fund the affiliate. If there is no implicit or explicit commitment, the distribution is treated as a gain. If an implicit or explicit commitment exists to possibly fund the affiliate at a future date, the distribution is recorded against the equity-method investment. See Note 4 - Investments and Related-Party Transactions for further discussion regarding investments in unconsolidated entities.

WES INVESTMENT

WES is a publicly traded limited partnership with its limited partner units traded on the NYSE under the ticker symbol “WES.” In August 2024, Occidental sold 19.5 million of its limited partner units for proceeds of $697 million resulting in a pre-tax gain of $489 million. As of December 31, 2024, Occidental owned all of the 2.3% non-voting general partner interest, 43.5% of the WES limited partner units, and a 2% non-voting limited partner interest in WES Operating, a subsidiary of WES. As of December 31, 2024, Occidental's combined share of net income from WES and its subsidiaries was 46.0%. See Note 4 - Investment and Related-Party Transactions for further information.

NONCONTROLLING 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 a 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 hypothetical liquidation at book value method. Under this 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 December 31, 2024, the VIE’s assets were comprised of $773 million construction in progress. Noncontrolling interest as of December 31, 2024 was $321 million.

BERKSHIRE HATHAWAY OWNERSHIP

Berkshire Hathaway is a related party of Occidental due to its level of ownership of Occidental's common stock. As of December 31, 2024, Berkshire Hathaway’s ownership in Occidental included 264 million shares of common stock, 83.9 million of warrants of Occidental common stock with a strike price of $59.62, and $8.5 billion in preferred stock. Occidental has, from time to time, contracted with Berkshire Hathaway for the provision of electricity, rail and insurance. In addition, certain Berkshire Hathaway subsidiaries purchase various chemicals from OxyChem.

DISCONTINUED OPERATIONS

Unless otherwise indicated, information presented in the Notes to Consolidated Financial Statements relates only to Occidental's continuing operations. Information related to discontinued operations is included in Note 5 - Acquisitions, Divestitures and Other Transactions and in some instances, where appropriate, is included as a separate disclosure within the individual Notes to Consolidated Financial Statements.

RISKS AND UNCERTAINTIES

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

The accompanying Consolidated Financial Statements include assets of approximately $7.7 billion as of December 31, 2024 and net sales of approximately $4.3 billion in 2024 relating to Occidental’s operations in countries outside North America. Occidental is exposed to various risks, because certain of its international operations are located in countries which could be affected by political or civil instability, OPEC production restrictions, equipment import restrictions and sanctions. Exposure to such risks may increase if a greater percentage of Occidental’s future oil and gas production or revenue comes from international sources. Occidental attempts to conduct its affairs so as to mitigate its exposure to such risks and would seek compensation in the event of nationalization.

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

RECEIVABLES AND OTHER CURRENT ASSETS

Trade receivables, net of $3.5 billion and $3.2 billion as of December 31, 2024 and 2023, respectively, represent rights to payment for which Occidental had satisfied its obligations under a contract with a customer and its right to payment was conditioned only on the passage of time.

Other current assets includes prepaid expenses, derivative assets and taxes receivable.

Joint interest receivables represent amounts due for capital and operating costs from third-party non-operating partners.

INVENTORIES

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

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

PROPERTY, PLANT AND EQUIPMENT

OIL AND GAS

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

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

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


millions	2024		2023		2022
Balance — beginning of year	$	405	$	276	$	213
Additions to capitalized exploratory well costs pending the determination of proved reserves	556		750		323
Reclassifications to property, plant and equipment based on the determination of proved reserves	(594)		(314)		(183)
Capitalized exploratory well costs charged to expense	(105)		(307)		(77)
Balance — end of year	$	262	$	405	$	276

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

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

Proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs and under existing economic conditions, operating methods and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. Proved reserves include PUD reserves. PUD reserves are supported by a management-approved, detailed, field-level development plan where sufficient capital has been committed to develop those reserves. Only PUD reserves which are reasonably certain to be drilled within five years of booking and are supported by a final investment decision to drill them are included in the development plan. A portion of the PUD reserves are expected to be developed beyond the five years and are tied to approved long-term development projects.

Occidental performs impairment tests with respect to its proved properties whenever events or circumstances indicate that the carrying value of property may not be recoverable. If there is an indication the carrying amount of the asset may not be recovered due to significant and prolonged declines in current and forward prices, significant changes in reserve estimates, changes in management’s plans, or other significant events, management will evaluate the property for impairment. Under the successful efforts method, if the sum of the undiscounted cash flows is less than the carrying value of the proved property, the carrying value is reduced to estimated fair value and reported as an impairment charge in the period. Individual proved properties are grouped for impairment purposes at the lowest level for which there are identifiable cash flows. The fair value of impaired assets is typically determined based on the present value of expected future cash flows using discount rates believed to be consistent with those used by market participants. The impairment test incorporates a number of assumptions involving expectations of future cash flows which can change significantly over time. These assumptions include estimates of future production, product prices, contractual prices, estimates of risk-adjusted oil and gas proved and unproved reserves and estimates of future operating and development costs. It is reasonably possible that prolonged declines in commodity prices, reduced capital spending in response to lower prices or increases in operating costs could result in additional impairments. See Note 9 - Fair Value Measurements and below for further discussion of asset impairments.

Net capitalized costs attributable to unproved properties were $10.2 billion as of December 31, 2024 and 2023, respectively. The unproved amounts are not subject to DD&A until they are classified as proved properties. Individually insignificant unproved properties are combined and amortized on a group basis based on factors such as geographic location, lease terms, success rates and other factors to provide for full amortization upon lease expiration or abandonment.

Significant unproved properties are assessed individually for impairment and, when events or circumstances indicate that the carrying value of property may not be recovered, a valuation allowance is provided if an impairment is indicated. Occidental periodically reviews significant unproved properties for impairments. When assessing for impairments, several

factors are considered, including, but not limited to, availability of funds for future exploration and development activities, current exploration and development plans, favorable or unfavorable exploration activity on the property or the adjacent property, geologists’ evaluation of the property, the current and projected political and regulatory climate, contractual conditions and the remaining lease term for the properties. If an impairment is indicated, Occidental will first determine whether a comparable transaction for similar properties or implied acreage valuation derived from domestic onshore market participants is available and will adjust the carrying amount of the unproved property to its fair value using the market approach. In situations where the market approach is not observable and unproved reserves are available, undiscounted future net cash flows used in the impairment analysis are determined based on management’s risk-adjusted estimates of unproved reserves, future commodity prices and future costs to produce the reserves. If undiscounted future net cash flows are less than the carrying value of the unproved property, the future net cash flows are discounted and compared to the carrying value for determining the amount of the impairment loss to record. Occidental utilizes the same methodology discussed above for cash flows associated with proved properties.

CHEMICAL

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

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

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

MIDSTREAM AND MARKETING

Occidental’s midstream and marketing PP&E is depreciated over the estimated useful lives of the assets, which range from 3 years to 40 years, using the straight-line method.

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

IMPAIRMENTS AND OTHER CHARGES

In 2024, Occidental recorded a pre-tax impairment of $334 million related to certain wells in the Gulf of America whose future net cash inflows did not indicate that the asset value is recoverable. Also included in Impairments and other charges was an increase in the non-current environmental remediation liability related to OU2 and OU4 of the DASS for $925 million. See Note 13 - Lawsuits, Claims, Commitments and Contingencies for additional information.

In 2023, Occidental recorded a pre-tax impairment of $180 million related to undeveloped acreage in the northern non-core area of the Powder River Basin where Occidental has decided not to pursue future exploration and appraisal activities. In 2023, impairment expense also included $29 million related to an equity method investment in Black Butte Coal Company.

INTANGIBLES AND GOODWILL

As of December 31, 2024, Occidental had $920 million of other intangible assets primarily related to Carbon Engineering and TerraLithium included in the midstream and marketing segment other long-term assets. These assets are amortized between 9 and 25 years on a straight-line basis. Occidental performs impairment tests on its finite-lived intangible assets whenever events or changes in circumstances lead to a reduction in the estimated useful lives or estimated future cash flows that would indicate that the carrying amount may not be recoverable, or when management’s plans change with respect to those assets. Any impairment loss would be calculated as the excess of the asset’s net book value over its estimated fair value.

As of December 31, 2024, Occidental had $668 million of goodwill related to its ownership in Carbon Engineering included in the midstream and marketing segment other long-term assets. Goodwill is subject to annual impairment testing every April. Occidental’s goodwill impairment test first assesses qualitative factors to determine whether goodwill is likely impaired. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount including goodwill, Occidental will then perform a quantitative goodwill impairment test. Changes in goodwill may result from, among other things, impairments, future acquisitions, or future divestitures.

FAIR VALUE MEASUREMENTS

FAIR VALUES - RECURRING

Occidental primarily applies the market approach for recurring fair value measurements, maximizes its use of observable inputs and minimizes its use of unobservable inputs. Occidental utilizes the mid-point between bid and ask prices for valuing the majority of its assets and liabilities measured and reported at fair value. In addition to using market data, Occidental makes assumptions in valuing its assets and liabilities, including assumptions about the risks inherent in the inputs to the valuation technique. For assets and liabilities carried at fair value, Occidental measures fair value using the following methods:

■Occidental values exchange-cleared commodity derivatives using closing prices provided by the exchange as of the balance sheet date. These derivatives are classified as Level 1.

■OTC bilateral financial commodity contracts, foreign exchange contracts, interest rate swaps, warrants, options and physical commodity forward purchase and sale contracts are generally classified as Level 2 and are generally valued using quotations provided by brokers or industry-standard models that consider various inputs, including quoted forward prices for commodities, time value, volatility factors, credit risk and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, and can be derived from observable data or are supported by observable prices at which transactions are executed in the marketplace.

■Occidental values commodity derivatives based on a market approach that considers various assumptions, including quoted forward commodity prices and market yield curves. The assumptions used include inputs that are generally unobservable in the marketplace or are observable but have been adjusted based upon various assumptions and the fair value is designated as Level 3 within the valuation hierarchy.

■Occidental values debt using market-observable information for debt instruments that are traded on secondary markets. For debt instruments that are not traded, the fair value is determined by interpolating the value based on debt with similar terms and credit risk.

NON-FINANCIAL ASSETS

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

ACCRUED LIABILITIES - CURRENT

Accrued liabilities-current consisted of the following line items for the years ended 2024 and 2023:


millions	2024		2023
Payroll and related expenses	$	694	$	693
Income tax payable	471		25
Accrued interest payable	446		336
Taxes other than on income	442		618
Carbon Engineering acquisition payable	393		300
Current asset retirement obligations	388		193
Dividends payable	354		307
Other	1,068		1,382
Accrued liabilities - current	$	4,256	$	3,854

ACCRUED LIABILITIES - NON-CURRENT

Accrued liabilities non-current consisted of the following line items for the years ended 2024 and 2023:


millions	2024		2023
Long term tax liabilities (b)	2,204		2,072
Environmental remediation liabilities (a)	1,759		889
Pension and postretirement obligations	1,022		931
Operating lease liabilities	614		727
Other	1,431		1,710
Accrued liabilities - non-current	$	7,030	$	6,329

(a) See Note 12 - Environmental Liabilities and Expenditures for additional information.

(b) See Note 13 - Lawsuits, Claims, Commitments and Contingencies for additional information.

ENVIRONMENTAL LIABILITIES AND EXPENDITURES

Certain subsidiaries of Occidental incur environmental liabilities and expenditures that relate to current operations and are expensed or capitalized by such subsidiaries as appropriate. Certain subsidiaries also incur environmental liabilities and expenditures with respect to remediation of existing conditions from alleged past practices at Third-Party, Currently Operated, and Closed or Non-operated Sites, which categories may include NPL sites. Those environmental liabilities and related charges and expenses for estimated remediation costs from alleged past practices are recorded when environmental remediation efforts are probable and the costs can be reasonably estimated. Occidental discloses such remediation liabilities of its subsidiaries on a consolidated basis. In determining the environmental remediation liability and the range of reasonably possible additional losses, Occidental refers to currently available information, including relevant past experience, remedial objectives, available technologies, applicable laws and regulations and cost-sharing arrangements. These environmental remediation liabilities are based on management’s estimate of the most likely cost to be incurred using the most cost-effective technology reasonably expected to achieve the remedial objective. Occidental periodically reviews these environmental remediation liabilities and adjusts them as new information becomes available. Occidental’s subsidiaries generally record reimbursements or recoveries of environmental remediation costs in income when received, or when receipt of recovery is highly probable.

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

Certain sites involve multiple parties with various cost-sharing arrangements, which fall into the following three categories: (i) environmental proceedings that result in a negotiated or prescribed allocation of remediation costs among the affected Occidental subsidiary and other alleged potentially responsible parties; (ii) oil and gas ventures in which each participant pays its proportionate share of remediation costs reflecting its working interest; or (iii) contractual arrangements, typically relating to purchases and sales of properties, in which the parties to the transaction agree to methods of allocating remediation costs. In these circumstances, the affected subsidiary evaluates the financial viability of other parties with whom it is alleged to be jointly liable, the degree of their commitment to participate and the consequences to such subsidiary of

their failure to participate when estimating its ultimate share of liability. Occidental records its environmental remediation liabilities at its expected net cost of remedial activities and, based on these factors, believes that it will not be required to assume a share of liability of such other potentially responsible parties in an amount materially above amounts reserved.

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

ASSET RETIREMENT OBLIGATIONS

Occidental recognizes the fair value of AROs in the period in which a determination is made that a legal obligation exists to dismantle an asset and reclaim or remediate the property at the end of its useful life and the cost of the obligation can be reasonably estimated. The liability amounts are based on future retirement cost estimates and incorporate many assumptions such as time to abandonment, future inflation rates and the risk-adjusted discount rate. When the liability is initially recorded, Occidental capitalizes the cost by increasing the related PP&E balances. If the estimated future cost of the AROs changes, Occidental records an adjustment to both the AROs and PP&E. Over time, the liability is increased, expense is recognized for accretion and the capitalized cost is depreciated over the useful life of the asset. Adjustments to ARO for oil and gas properties where the field has reached cessation of production are recorded as gain (loss) on ARO settlements and are included in gain (loss) on the sale of assets and other, net in the Consolidated Statements of Operations.

The majority of Occidental’s AROs relate to the plugging of wells and the related abandonment of oil and gas properties.

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

The following table summarizes the activity of AROs for the years ended December 31:


millions	2024		2023
Beginning balance	$	4,075	$	3,805

Liabilities incurred – capitalized to PP&E	287		105
Liabilities settled and paid	(445)		(295)
Accretion expense	234		211
Acquisitions, divestitures and other, net	2		(15)

Revisions to previous estimates	277		264
Ending balance	$	4,430	$	4,075

DERIVATIVE INSTRUMENTS

Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty. Fair value gains or losses are recognized in earnings in the current period. Gains and losses from derivative instruments are reported net in the Consolidated Statements of Operations. See Note 8 - Derivatives for additional information. There were no fair value hedges as of and during the years ended December 31, 2024, 2023 and 2022.

STOCK-BASED INCENTIVE PLANS

Occidental has established the Plans that are more fully described in Note 15 - Stock-Based Incentive Plans. A summary of Occidental’s accounting policy for awards issued under the Plans is as follows.

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

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS

Occidental recognizes the overfunded or underfunded amounts of its defined benefit pension and postretirement plans, which are more fully described in Note 11 - Retirement and Postretirement Benefit Plans, in its financial statements using a December 31 measurement date.

Occidental’s defined benefit pension and postretirement benefit plan obligations are actuarially determined based on various assumptions and discount rates. The discount rate assumptions used are meant to reflect the interest rate at which the obligations could effectively be settled on the measurement date. Occidental estimates the rate of return on assets with regard to current market factors but within the context of historical returns. Occidental funds and expenses negotiated pension increases for domestic union employees over the terms of the applicable collective bargaining agreements.

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

SUPPLEMENTAL CASH FLOW INFORMATION

The following table represents U.S. federal, domestic state and international income taxes paid, tax refunds received and interest paid related to continuing operations during the year ended December 31, 2024, 2023 and 2022, respectively.


millions	2024		2023		2022
Income taxes paid	$	1,203	$	1,299	$	2,184
Income tax refunds received	$	38	$	18	$	89
Production, property and other tax payments	$	1,348	$	1,164	$	1,093
Interest paid (a)	$	1,208	$	1,099	$	1,425

(a) Net of capitalized interest of $189 million, $98 million and $69 million, for the years 2024, 2023 and 2022, respectively.

Occidental issued 29.6 million shares as a portion of the purchase price for the CrownRock Acquisition, see Note 5 -A c q uis i tions , Divestit ures , and O ther T ra nsactions for additional details. Occidental swapped oil and gas acreage with a fair value of approximately $30 million and $120 million in non-monetary exchange transactions during the years ended December 31, 2024 and December 31, 2023, respectively.

CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS

Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balance as of December 31, 2024, included investments in government money market funds in which the carrying value approximates fair value.

The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the Consolidated Statements of Cash Flows for the year ended December 31, 2024 and 2023:


millions	2024		2023
Cash and cash equivalents	$	2,132	$	1,426
Restricted cash and restricted cash equivalents	11		21
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net	14		17
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	2,157	$	1,464

FOREIGN CURRENCY TRANSACTIONS

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

INCOME TAXES

Occidental files various U.S. federal, state and foreign income tax returns. The impact of changes in tax regulations are reflected when enacted. In general, deferred federal, state and foreign income taxes are provided on temporary differences

between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Occidental routinely assesses the realizability of its deferred tax assets. If Occidental concludes that it is more likely than not that some of the deferred tax assets will not be realized, the tax asset is reduced by a valuation allowance. Occidental recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, based on the technical merits of the position. The tax benefit recorded is equal to the largest amount that is greater than 50% likely to be realized through final settlement with a taxing authority. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense (benefit). See Note 10 - Income Taxes for more information.

LOSS CONTINGENCIES

Occidental or certain of its subsidiaries are involved, in the normal course of business, in lawsuits, claims and other legal proceedings that seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties, or injunctive or declaratory relief. Occidental or certain of its subsidiaries also are involved in proceedings under CERCLA and similar federal, state, local and international environmental laws. These environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, punitive damages, civil penalties, 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 response costs with other financially sound companies. Further, some lawsuits, claims and legal proceedings involve acquired or disposed assets with respect to which a third party or Occidental or its subsidiaries retains liability or indemnifies the other party for conditions that existed prior to the transaction.

In accordance with applicable accounting guidance, Occidental accrues reserves for outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. In Note 12 - Environmental Liabilities and Expenditures, Occidental has disclosed its reserve balances for environmental remediation matters that satisfy this criteria. See Note 13 - Lawsuits, Claims, Commitments and Contingencies.

RECENT ACCOUNTING PRONOUNCEMENTS

In December 2023, FASB issued new guidance to improve Income Tax disclosures to provide information to assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The rules become effective for annual periods beginning after December 15, 2024. The standard modifies required income tax disclosures. Occidental is currently evaluating the impact of adopting this guidance on the consolidated financial statements.

In November 2024, FASB issued new guidance to provide more detailed information about expenses. Issuers are to disclose disaggregated expenses of certain captions in tabular form. The rule becomes effective for annual periods beginning after December 15, 2024. Occidental is currently evaluating the impact of adopting this guidance on the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 2,132	$ 1,426
Restricted cash and restricted cash equivalents	11	21
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net	14	17
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 2,157	$ 1,464	$ 1,026	$ 2,803

DERIVATIVES

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES


NOTE 8 - 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 from a vendor 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. The value of cash flow hedges was insignificant for all periods presented. See Note 1 - Summary of Significant Accounting Policies for Occidental’s accounting policy on derivatives.

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS

As of December 31, 2024, Occidental’s derivatives not designated as hedges consisted of marketing derivatives. All interest rate swaps were settled prior to 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.

MARKETING DERIVATIVES

Occidental’s marketing derivative instruments not designated as hedges are short-duration physical and financial forward contracts. A substantial majority of Occidental’s physically settled derivative contracts are index-based and carry no mark-to-market valuation in earnings. As of December 31, 2024, the weighted-average settlement prices of these forward contracts were $71.07 per barrel and $3.50 per Mcf for crude oil and natural gas, respectively. The weighted-average settlement prices were $76.36 per barrel and $2.62 per Mcf for crude oil and natural gas, respectively, as of December 31, 2023. Net gains and losses associated with marketing derivative instruments not designated as hedging instruments are recognized currently in net sales. Derivative settlements and collateralization are classified as cash flows from operating activities unless the derivatives contain an other-than-insignificant financing element, in which case the settlements and collateralization are classified as cash flows from financing activities.

The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives as of December 31:



	2024	2023
Oil commodity contracts
Volume (MMbbl)	(34)	(20)

Natural gas commodity contracts
Volume (Bcf)	(130)	(113)

FAIR VALUE OF DERIVATIVES

Occidental has categorized its assets and liabilities that are measured at fair value in a three-level fair value hierarchy, based on the inputs to the valuation techniques: Level 1 – using quoted prices in active markets for the assets or liabilities; Level 2 – using observable inputs other than quoted prices for the assets or liabilities; and Level 3 – using unobservable inputs. Transfers between levels, if any, are reported at the end of each reporting period. The following table presents the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts below, including when derivatives are subject to netting arrangements, and are presented on a net basis in the Consolidated Balance Sheets.


millions	Fair Value Measurements Using								Total Fair Value
Balance Sheet Classification	Level 1		Level 2		Level 3		Netting (a)
December 31, 2024



Marketing Derivatives
Other current assets	$	455	$	92	$	—	$	(512)	$	35
Other long-term assets	—		1		—		(1)		—
Accrued liabilities	(451)		(90)		—		512		(29)
Deferred credits and other liabilities - other	—		(2)		—		1		(1)
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)

GAINS AND LOSSES ON DERIVATIVES

The following table presents gains and (losses) related to Occidental’s derivative instruments in the Consolidated Statements of Operations for the years ended December 31:


millions
Income Statement Classification	2024	2023	2022

Marketing Derivatives
Net sales (a)	(374)	(74)	381
Interest Rate Swaps
Gains on interest rate swaps, net (b)	—	—	317

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

(b)Occidental retired all remaining outstanding interest rate swaps on or before December 31, 2022.

CREDIT RISK

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ACCRUED LIABILITIES - CURRENT (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Payroll and related expenses	$ 694	$ 693
Income tax payable	471	25
Accrued interest payable	446	336
Taxes other than on income	442	618
Carbon Engineering acquisition payable	393	300
Current asset retirement obligations	388	193
Dividends payable	354	307
Other	1,068	1,382
Accrued liabilities	$ 4,256	$ 3,854

LEASE COMMITMENTS - LEASE COST (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lease Cost
Amortization of right-of-use assets	$ 152	$ 126
Interest on lease liabilities	36	27
Operating lease cost	518	398
Short-term lease cost	367	460
Total lease cost	$ 1,073	$ 1,011

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES - LEGAL MATTERS (Details) $ in Millions		1 Months Ended		12 Months Ended
	Apr. 05, 2024 USD ($)	Jan. 31, 2024 company	Aug. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) party	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Long-term Purchase Commitment [Line Items]
Remediation expenses				$ 76	$ 79	$ 65
Other operating and non-operating expense				1,581	$ 1,084	$ 1,271
Gains related to legal settlements	$ 182
Potential income tax expense				1,400
Related Party
Long-term Purchase Commitment [Line Items]
Other operating and non-operating expense				84
Anadarko Petroleum Corporation
Long-term Purchase Commitment [Line Items]
Tax refund							$ 881
Accrued interest on potential income tax expense				$ 760
Alden Leeds \| Alden Leeds
Long-term Purchase Commitment [Line Items]
Number of parties, settled \| party						85
Remediation expenses						$ 150
Number of companies excluded from settlement \| company		3
Clean up costs percentage				85.00%
Increase in environmental remediation liability				$ 925
Additional losses				$ 900
Alden Leeds \| Alden Leeds \| Low end of range
Long-term Purchase Commitment [Line Items]
Remediation costs, period				10 years
Alden Leeds \| Alden Leeds \| High end of range
Long-term Purchase Commitment [Line Items]
Remediation costs, period				20 years
Maxus Filed Bankruptcy
Long-term Purchase Commitment [Line Items]
Proceeds from settlement			$ 350
Arbitration Demand Filed By Andes Petroleum Ecuador Ltd
Long-term Purchase Commitment [Line Items]
Gains related to legal settlements	$ 182
Tronox Settlement
Long-term Purchase Commitment [Line Items]
Payments for settlement								$ 5,200
Additional cash benefits realized from utilization of tax attributes from deduction of legal settlement								$ 500
Interest amount				$ 2,100

LEASE COMMITMENTS - OTHER INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash payments related to leases
Operating cash flows from finance leases	$ 34	$ 27
Operating cash flows from operating leases	298	198
Investing cash flows from operating leases	209	183
Financing cash flows from finance leases	137	105
Changes in Right-of-Use assets
Right-of-use assets obtained in exchange for new finance lease liabilities	195	226
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 316	$ 630

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	12 Months Ended
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Black Butte Coal Company
Fair value of assets and liabilities
Impairment of equity method investment		$ 29
Land
Fair value of assets and liabilities
Impairment and related charges	$ 334	$ 180

INCOME TAXES - EFFECTIVE TAX RATE RECONCILIATION (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
Legal entity reorganization	0.00%	0.00%	(18.00%)
Tax impact from foreign operations	5.00%	3.00%	3.00%
State income taxes, net of federal benefit	0.00%	1.00%	0.00%
Uncertain tax positions	3.00%	2.00%	0.00%
Other	0.00%	0.00%	0.00%
Worldwide effective tax rate	29.00%	27.00%	6.00%

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUES AND OTHER INCOME
Net sales	$ 26,725	$ 28,257	$ 36,634
Interest, dividends and other income	171	139	153
Gains (losses) on sales of assets and other, net	(16)	522	308
Total	26,880	28,918	37,095
COSTS AND OTHER DEDUCTIONS
Oil and gas lease operating expense	4,738	4,677	4,028
Transportation and gathering expense	1,608	1,481	1,475
Chemical and midstream cost of sales	3,121	3,116	3,273
Purchased commodities	337	2,009	3,287
Selling, general and administrative expense	1,062	1,083	945
Other operating and non-operating expense	1,581	1,084	1,271
Taxes other than on income	1,039	1,087	1,548
Depreciation, depletion and amortization	7,371	6,865	6,926
Asset impairments and other charges	1,281	209	0
Acquisition-related costs	84	26	89
Exploration expense	275	441	216
Interest and debt expense, net	1,175	945	1,030
Total	23,672	23,023	24,088
Income before income taxes and other items	3,208	5,895	13,007
OTHER ITEMS
Gains on interest rate swaps, net	0	0	317
Income from equity investments and other	862	534	793
Total	862	534	1,110
Income from continuing operations before income taxes	4,070	6,429	14,117
Income tax expense	(1,174)	(1,733)	(813)
Income from continuing operations	2,896	4,696	13,304
Income from discontinued operations, net of tax	182	0	0
NET INCOME	3,078	4,696	13,304
Less: Net income attributable to noncontrolling interest	(22)	0	0
Less: Preferred stock dividends and redemption premiums	(679)	(923)	(800)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 2,377	$ 3,773	$ 12,504
PER COMMON SHARE
Income from continuing operations—basic (in dollars per share)	$ 2.39	$ 4.22	$ 13.41
Discontinued operations—basic (in dollars per share)	0.20	0	0
Net income attributable to common stockholders—basic (in dollars per share)	2.59	4.22	13.41
PER COMMON SHARE, DILUTED
Income from continuing operations—diluted (in dollars per share)	2.26	3.90	12.40
Discontinued operations—diluted (in dollars per share)	0.18	0	0
Net income attributable to common stockholders—diluted (in dollars per share)	$ 2.44	$ 3.90	$ 12.40

REVENUE - NARRATIVE (Details)	12 Months Ended
REVENUE - NARRATIVE (Details)	Dec. 31, 2024
Minimum
Disaggregation of Revenue [Line Items]
Contract term	1 month
Maximum
Disaggregation of Revenue [Line Items]
Contract term	1 year

- 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 + Details

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS - Schedule of Proforma Condensed Financial Information (Details) - Crownrock L.P. - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Revenues	$ 28,184	$ 30,777
Net income attributable to common stockholders	$ 2,713	$ 4,197
Net loss attributable to common stockholders per share—basic (in dollars per share)	$ 2.90	$ 4.54
Net loss attributable to common stockholders per share—diluted (in dollars per share)	$ 2.74	$ 4.21

DERIVATIVES - GAINS AND LOSSES ON DERIVATIVES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gains on interest rate swaps, net	$ 0	$ 0	$ 317
Marketing Derivatives \| Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gains on interest rate swaps, net	(374)	(74)	381
Interest Rate Swaps \| Gains on interest rate swaps, net
Derivative Instruments, Gain (Loss) [Line Items]
Gains on interest rate swaps, net	$ 0	$ 0	$ 317

STOCK-BASED INCENTIVE PLANS

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED INCENTIVE PLANS


NOTE 15 - STOCK-BASED INCENTIVE PLANS

Occidental issues stock-based awards to employees in accordance with the terms of the Plans. An aggregate of 133 million shares of Occidental common stock were authorized for issuance and approximately 12.9 million shares had been reserved for issuance for employee awards through December 31, 2024. As of December 31, 2024, approximately 32.1 million shares were available for grants of future awards. The 2015 Long-Term Incentive plan requires each share covered by an award (other than options) to be counted as if three shares were issued in determining the number of shares that are available for future awards. Accordingly, the number of shares available for future awards may be less than 32.1 million depending on the type of award granted, and shares available for future awards may increase by the number of shares that are forfeited, canceled, or correspond to the portion of any stock-based awards settled in cash, including awards that were issued under a previous plan that remain outstanding. Current outstanding awards include RSUs, stock options, CROCEI awards and TSRI awards.

During 2024, non-employee directors were granted awards for 36,191 shares of common stock. Compensation expense for these awards was measured using the closing quoted market price of Occidental’s common stock on the grant date and was fully recognized at that time.

Occidental incurred expenses of $228 million, $217 million and $258 million related to stock-based incentive plans in the years ended December 31, 2024, 2023, and 2022, respectively. The income tax benefit associated with this expense was $48 million, $46 million and $54 million in the years ended December 31, 2024, 2023, and 2022, respectively.

As of December 31, 2024, unrecognized compensation expense for all unvested stock-based incentive awards was $300 million. This expense is expected to be recognized over a weighted-average period of 1.9 years. Occidental accounts for forfeitures as they occur.

RESTRICTED STOCK UNITS

Certain employees are awarded the right to receive RSUs, some of which have performance criteria, and are in the form of, or equivalent in value to, actual shares of Occidental common stock. Depending on their terms, RSUs may be settled in stock or may be cash settled liabilities. These awards vest from one to three years following the grant date. For certain RSUs, dividend equivalents are paid during the vesting period.

CASH-SETTLED RSU LIABILITY AWARDS

The weighted-average, grant-date fair values of cash-settled RSUs granted in 2024, 2023, and 2022 were $58.87, $60.43 and $47.41 per share, respectively. Cash-settled RSUs resulted in payments of $8 million, $9 million and $203 million, during the years ended December 31, 2024, 2023, and 2022, respectively.

STOCK-SETTLED RSU EQUITY AWARDS

The weighted-average, grant-date fair values of the stock-settled RSUs granted in 2024, 2023, and 2022 were $61.34, $59.85 and $45.14, respectively. The fair value of RSUs settled in shares during the years ended December 31, 2024, 2023, and 2022 was $240 million, $254 million and $160 million, respectively.

A summary of changes in Occidental’s unvested cash- and stock-settled RSUs for 2024 is presented below:


	Cash-Settled			Stock-Settled
thousands, except fair values	RSUs			RSUs
Unvested as of January 1	271	$	37.96	7,732	$	47.03
Granted	293	$	58.87	3,540	$	61.34
Vested	(141)	$	43.61	(3,978)	$	40.37
Forfeitures	(25)	$	57.60	(175)	$	56.58
Unvested as of December 31	398	$	50.14	7,119	$	57.63

TOTAL SHAREHOLDER RETURN INCENTIVE AWARDS

Certain executives are awarded TSRIs that vest at the end of a three-year period following the grant date. Payout is based upon Occidental’s absolute total shareholder return and performance relative to its peers. TSRIs have payouts that range from 0% to 200% of the target award and settle in stock once certified. Dividend equivalents for TSRIs are accumulated and paid upon certification of the award. The fair value of TSRIs settled in shares during the years ended December 31, 2024, 2023, and 2022 was $68 million, $45 million and zero, respectively.

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

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


	TSRIs
	2024		2023		2022
Assumptions used:
Risk-free interest rate	4.3%		4.6%		1.7%
Volatility factor	45%		64%		80%
Expected life, years	2.83		2.84		2.89
Grant-date fair value of underlying Occidental common stock	$	61.36	$	59.71	$	42.98

A summary of changes in Occidental’s unvested TSRIs in 2024 is presented below:


	TSRIs
thousands, except fair values	Awards	Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested as of January 1	1,507		$	40.43
Granted	439		$	61.36
Vested (a)	(651)		$	25.39
Forfeitures	(44)		$	55.30
Unvested as of December 31	1,251		$	55.08

(a)Presented at the target payouts. In 2024, the weighted-average payout at vesting was 180% of the target, resulting in the issuance of approximately 1,172,000 shares of Occidental common stock.

STOCK OPTIONS

Certain employees are granted options that vest over three years, expire on the tenth anniversary of the grant date, and settle in stock. Exercise prices of the options were equal to the quoted market value of Occidental’s stock on the grant date. There were no options granted in 2024.

A summary of Occidental’s outstanding stock options as of December 31, 2024 and changes during the year ended December 31, 2024 is presented below:


	Vested			Unvested
thousands, except fair values	Options	Weighted Average Strike Price		Options	Weighted Average Strike Price
January 1	2,094	$	38.45	294	$	35.37

Vested	211	$	32.36	(211)	$	32.36


December 31	2,305	$	37.89	83	$	42.98

The intrinsic value of options exercised during the years ended December 31, 2024, 2023 and 2022, respectively, was zero, $9 million and $17 million. As of December 31, 2024, the remaining life of fully vested options was 5.4 years.

CASH RETURN ON CAPITAL EMPLOYED INCENTIVE AWARDS

Certain executives are awarded CROCEI awards that vest at the end of a three-year period if performance targets based on CROCE are met. These awards are settled in stock upon certification of the performance target, with payouts that range from 0% to 200% of the target award. Dividend equivalents are accumulated and paid upon certification of the award. The value of shares that vested in 2024 was $25 million. A summary of changes in Occidental’s unvested CROCEI in 2024 is presented below:


	CROCEI
thousands, except fair values	Awards	Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested as of January 1	507		$	39.59
Granted	161		$	61.36
Vested (a)	(221)		$	25.39

Unvested as of December 31	447		$	54.55

(a) Presented at the target payouts. In 2024, the weighted-average payout at vesting was 200% of the target, resulting in the issuance of approximately 441,000 shares of Occidental common stock.

STOCK-BASED INCENTIVE PLANS - NARRATIVE (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-Based Payment Award
Aggregate number of shares authorized for issuance (in shares)	133,000,000
Number of shares awarded to date (in shares)	12,900,000
Number of shares counted for each share covered by an award in determining the number of shares that are available for future awards (in shares)	3
Compensation expense	$ 228	$ 217	$ 258
Income tax benefit recognized in the income statement	48	46	54
Unrecognized compensation expense	$ 300
Weighted-average period over which unrecognized compensation expense is expected to be recognized	1 year 10 months 24 days
Intrinsic value of options exercises	$ 0	$ 9	$ 17
High end of range
Share-based Compensation Arrangement by Share-Based Payment Award
Maximum shares available for future issuance (in shares)	32,100,000
Common Stock \| Non-employee directors
Share-based Compensation Arrangement by Share-Based Payment Award
Restricted stock granted to non-employee directors (in shares)	36,191
RSUs \| Low end of range
Share-based Compensation Arrangement by Share-Based Payment Award
Award vesting period	1 year
RSUs \| High end of range
Share-based Compensation Arrangement by Share-Based Payment Award
Award vesting period	3 years
Cash-Settled RSUs
Share-based Compensation Arrangement by Share-Based Payment Award
Granted, weighted-average grant-date fair value (in dollars per share)	$ 58.87	$ 60.43	$ 47.41
Cash paid	$ 8	$ 9	$ 203
Stock-Settled RSUs
Share-based Compensation Arrangement by Share-Based Payment Award
Granted, weighted-average grant-date fair value (in dollars per share)	$ 61.34	$ 59.85	$ 45.14
Fair value of shares vested during the year	$ 240	$ 254	$ 160
TSRIs
Share-based Compensation Arrangement by Share-Based Payment Award
Award vesting period	3 years
Granted, weighted-average grant-date fair value (in dollars per share)	$ 61.36
Fair value of shares vested during the year	$ 68	$ 45	$ 0
TSRIs \| Low end of range
Share-based Compensation Arrangement by Share-Based Payment Award
Payouts for share-based awards granted as a percentage of target	0.00%
TSRIs \| High end of range
Share-based Compensation Arrangement by Share-Based Payment Award
Payouts for share-based awards granted as a percentage of target	200.00%
Options
Share-based Compensation Arrangement by Share-Based Payment Award
Award vesting period	3 years
Granted (in shares)	0
Option and SAR transactions
Share-based Compensation Arrangement by Share-Based Payment Award
Remaining life of options	5 years 4 months 24 days
CROCEI awards
Share-based Compensation Arrangement by Share-Based Payment Award
Award vesting period	3 years
Granted, weighted-average grant-date fair value (in dollars per share)	$ 61.36
Fair value of shares vested during the year	$ 25
CROCEI awards \| Low end of range
Share-based Compensation Arrangement by Share-Based Payment Award
Payouts for share-based awards granted as a percentage of target	0.00%
CROCEI awards \| High end of range
Share-based Compensation Arrangement by Share-Based Payment Award
Payouts for share-based awards granted as a percentage of target	200.00%

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS - Schedule of Purchase Consideration (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended
	Aug. 01, 2024	Aug. 31, 2023
Closing Adjustments
Total Cash Purchase Price		$ 1,100
Crownrock L.P.
Business Acquisition [Line Items]
Cash portion of purchase price	$ 9,100
Closing Adjustments
Net Working Capital and Other Purchase Price Adjustments	254
Pre-closing dividends declared by Occidental	13
Total Cash Purchase Price	$ 9,367
Total shares of Occidental common stock issued (in shares)	29.6
Occidental common stock share price (in dollars per share)	$ 59.38
Stock portion of purchase price	$ 1,755
Total purchase price	$ 11,122

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY


NOTE 14 - STOCKHOLDERS’ EQUITY

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 and Options	(a)	CrownRock Acquisition	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
Third Quarter 2024	3,032,136		29,560,619	21,504		—		938,174,218
Fourth Quarter 2024	246,049		—	165,079		(127,363)		938,457,983
Total 2024	25,431,677		29,560,619	4,260,371		(257,787)		938,457,983

(a) Approximately $559 million of cash was received as a result of the exercise of common stock warrants and options.

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

(c) Consisted of 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 December 31, 2024, Occidental had 74.0 million of outstanding warrants with a strike price of $22 per share and 83.9 million of warrants with a strike price of $59.62 per share.

TREASURY STOCK

As of December 31, 2024, 2023 and 2022, treasury stock shares numbered 228.3 million, 228.1 million and 198.7 million, respectively.

PREFERRED STOCK

In connection with the Anadarko Acquisition, Occidental issued 100,000 shares of series A preferred stock, with a face value of $100,000 per share and a liquidation preference of $105,000 per share plus unpaid accrued dividends. Prior to August 2029, a mandatory redemption provision obligates Occidental to redeem preferred stock at a 10% premium to face value on a dollar-for-dollar basis for every dollar distributed to common shareholders (either via common stock dividends or share repurchases) above $4.00 per share, on a trailing 12-month basis. Preferred redemptions can settle between 30 and 60 days from the date Berkshire Hathaway is notified of the redemption obligation and accrued unpaid dividends are paid up to but not including the redemption date. Occidental cannot voluntarily redeem preferred stock before August 2029. After August 2029, Occidental can voluntarily redeem preferred stock at a 5% premium to face value.

Dividends on the preferred stock accrue on the face value at a rate per annum of 8%, but will be paid only when, as and if declared by Occidental’s Board of Directors. At any time, when such dividends have not been paid in full, the unpaid amounts will accrue dividends, compounded quarterly, at a rate per annum of 9%. Following the payment in full of any accrued but unpaid dividends, the dividend rate will remain at 9% per annum. If preferred dividends are not paid in full, Occidental is prohibited from paying dividends on common stock. Occidental paid $679 million in preferred stock dividends in 2024.

Occidental did not redeem preferred stock in 2024. To the extent Occidental's trailing 12-month distributions to common shareholders is above $4.00 per share, Occidental is required to match any common shareholder distributions with preferred stock redemptions. As of the date of this filing approximately $8.5 billion face value of the preferred stock remains outstanding.

BERKSHIRE WARRANT

In connection with the preferred stock issuance, Occidental also issued the Berkshire Warrant. The Berkshire Warrant is exercisable at the holder’s option, in whole or in part, until the first anniversary of the date on which no shares of preferred stock remain outstanding, at which time the Berkshire Warrant expires. The holder of the Berkshire Warrant and the preferred stock may redeem the preferred stock as payment for the exercise price of the Warrant in lieu of cash payment upon exercise. As of December 31, 2024, the Berkshire Warrant would result in the issuance of 83.9 million shares of Occidental common stock, if exercised in full for its current strike price of $59.62 per share of Occidental common stock.

COMMON STOCK WARRANTS

Occidental issued approximately 116 million Common Stock Warrants on August 3, 2020 to holders of record of outstanding shares of Occidental’s common stock as of the close of business on July 6, 2020. The Common Stock Warrants have an exercise price of $22.00 per share and will expire on August 3, 2027. As of December 31, 2024, Occidental had 74.0 million outstanding warrants. The Common Stock Warrants are listed on the NYSE and trade under the symbol "OXY WS".

EARNINGS PER SHARE

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

Basic EPS was computed by dividing net income attributable to common stock, net of income allocated to participating securities, by the weighted-average number of common shares outstanding during each period, including vested but unissued shares and share units. The computation of diluted EPS reflects the additional dilutive effect of stock options, warrants and unvested stock awards.

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


millions except per share amounts	2024		2023		2022
Income from continuing operations	$	2,896	$	4,696	$	13,304
Income from discontinued operations, net of tax	182		—		—
Net income	$	3,078	$	4,696	$	13,304
Less: Net income attributable to noncontrolling interest	(22)		—		—
Less: Preferred stock dividends	(679)		(923)		(800)
Net income attributable to common stock	$	2,377	$	3,773	$	12,504
Less: Net income allocated to participating securities	(13)		(23)		(83)
Net income, net of participating securities	$	2,364	$	3,750	$	12,421
Weighted-average number of basic shares	911.8		889.2		926.2
Basic earnings per common share	$	2.59	$	4.22	$	13.41
Net income attributable to common stock	$	2,377	$	3,773	$	12,504
Less: Net income allocated to participating securities	(13)		(21)		(77)
Net income, net of participating securities	$	2,364	$	3,752	$	12,427
Weighted-average number of basic shares	911.8		889.2		926.2
Dilutive securities	55.3		71.7		75.8
Total diluted weighted-average common shares	967.1		960.9		1,002.0
Diluted earnings per common share	$	2.44	$	3.90	$	12.40

For the years ended December 31, 2024, 2023 and 2022, there were no Occidental common stock warrants nor options that were excluded from diluted shares.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated OCI (loss) consisted of the following after-tax amounts as of December 31:


millions	2024		2023
Foreign currency translation adjustments	$	(6)	$	(4)
Derivatives	15		20
Pension and postretirement adjustments (a)	170		259
Total	$	179	$	275

(a)See Note 11 - Retirement and Postretirement Benefit Plans for further information.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Gains (losses) on derivatives, tax expense			$ (22)
Pension and postretirement gains (losses), tax expenses	$ 26	$ (10)	$ (99)

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$ 3,078	$ 4,696	$ 13,304
Adjustments to reconcile net income to net cash from operating activities:
Discontinued operations, net	(182)	0	0
Depreciation, depletion and amortization of assets	7,371	6,865	6,926
Deferred income tax provision (benefit)	(461)	57	(1,644)
Other noncash charges (benefit) to income	543	(100)	(8)
Asset impairments and related items	1,281	209	0
Losses (gains) on sales of assets and other, net	60	(522)	(308)
Undistributed losses (earnings) from equity investments	(79)	144	(219)
Dry hole expense	106	299	84
Changes in operating assets and liabilities:
(Increase) decrease in trade receivables	(133)	1,088	(97)
Increase in inventories	(46)	(91)	(230)
(Increase) decrease in joint interest receivables and other current assets	303	(13)	(335)
Decrease in accounts payable and accrued liabilities	(661)	(549)	(478)
Increase (decrease) in current domestic and foreign income taxes	559	225	(185)
Operating cash flow from continuing operations	11,739	12,308	16,810
Operating cash flow from discontinued operations	(300)	0	0
Net cash provided by operating activities	11,439	12,308	16,810
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(7,018)	(6,270)	(4,497)
Change in capital accrual	96	25	147
Purchases of assets, businesses and equity investments, net	(9,129)	(713)	(990)
Proceeds from sale of assets and equity investments, net	1,673	448	584
Equity investments and other, net	(212)	(470)	(116)
Net cash used by investing activities	(14,590)	(6,980)	(4,872)
CASH FLOW FROM FINANCING ACTIVITIES
Draws on receivables securitization facility	0	900	400
Payment of receivables securitization facility	0	(900)	(400)
Proceeds from long-term debt, net	9,612	(46)	0
Payments of long-term debt, net	(4,514)	(22)	(9,484)
Redemption of preferred stock	0	(1,661)	0
Purchases of treasury stock	(27)	(1,798)	(3,099)
Cash dividends paid on common and preferred stock	(1,446)	(1,365)	(1,184)
Proceeds from issuance of common stock	584	135	293
Contributions from noncontrolling interest	200	100	0
Financing portion of net cash paid for derivative instruments	0	0	(111)
Deferred payments for purchases of assets and businesses	(318)	0	0
Other financing, net	(247)	(233)	(130)
Net cash provided (used) by financing activities	3,844	(4,890)	(13,715)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	693	438	(1,777)
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of year	1,464	1,026	2,803
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of year	$ 2,157	$ 1,464	$ 1,026

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

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 and Options	(a)	CrownRock Acquisition	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
Third Quarter 2024	3,032,136		29,560,619	21,504		—		938,174,218
Fourth Quarter 2024	246,049		—	165,079		(127,363)		938,457,983
Total 2024	25,431,677		29,560,619	4,260,371		(257,787)		938,457,983

(a) Approximately $559 million of cash was received as a result of the exercise of common stock warrants and options.

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

(c) Consisted of 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 December 31, 2024, Occidental had 74.0 million of outstanding warrants with a strike price of $22 per share and 83.9 million of warrants with a strike price of $59.62 per share.

Calculation of basic and diluted EPS

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


millions except per share amounts	2024		2023		2022
Income from continuing operations	$	2,896	$	4,696	$	13,304
Income from discontinued operations, net of tax	182		—		—
Net income	$	3,078	$	4,696	$	13,304
Less: Net income attributable to noncontrolling interest	(22)		—		—
Less: Preferred stock dividends	(679)		(923)		(800)
Net income attributable to common stock	$	2,377	$	3,773	$	12,504
Less: Net income allocated to participating securities	(13)		(23)		(83)
Net income, net of participating securities	$	2,364	$	3,750	$	12,421
Weighted-average number of basic shares	911.8		889.2		926.2
Basic earnings per common share	$	2.59	$	4.22	$	13.41
Net income attributable to common stock	$	2,377	$	3,773	$	12,504
Less: Net income allocated to participating securities	(13)		(21)		(77)
Net income, net of participating securities	$	2,364	$	3,752	$	12,427
Weighted-average number of basic shares	911.8		889.2		926.2
Dilutive securities	55.3		71.7		75.8
Total diluted weighted-average common shares	967.1		960.9		1,002.0
Diluted earnings per common share	$	2.44	$	3.90	$	12.40

Components of accumulated other comprehensive income (loss)

Accumulated OCI (loss) consisted of the following after-tax amounts as of December 31:


millions	2024		2023
Foreign currency translation adjustments	$	(6)	$	(4)
Derivatives	15		20
Pension and postretirement adjustments (a)	170		259
Total	$	179	$	275

(a)See Note 11 - Retirement and Postretirement Benefit Plans for further information.

INVESTMENTS AND RELATED-PARTY TRANSACTIONS (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended			12 Months Ended
	Aug. 31, 2024	Jul. 31, 2023	Sep. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity Method Investments
Equity method investment amounts				$ 3,159	$ 3,224
Deferred credits and other liabilities				16,466	15,975
Dividends received as return on investment				822	708	$ 643
Cumulative undistributed earnings				764	613
Excess of investments in equity investees over the underlying equity in net assets				421	424
Excess of investments in equity investees over the underlying equity in net assets, which represents goodwill				316	371
Summarized Results of Operations
Revenues and other income				26,880	28,918	37,095
Costs and expenses				23,672	23,023	24,088
NET INCOME				3,078	4,696	13,304
Summarized Balance Sheet
Current assets				9,070	8,375
Current liabilities				9,521	9,148
Long-term debt				24,978	18,536
Other non-current liabilities				16,466	15,975
Equity				34,159	30,250
RELATED-PARTY TRANSACTIONS
Sales				26,725	28,257	36,634
Purchases				560	722	948
Services				1,413	1,155	1,006
Advances and amounts due from related parties				3,526	3,195
Amounts due to related parties				3,753	3,646
Related Party
RELATED-PARTY TRANSACTIONS
Sales				244	256	337
Advances and amounts due from related parties				49	62	40
Amounts due to related parties				384	371	306
Equity Method Investment, Nonconsolidated Investee
Equity Method Investments
Deferred credits and other liabilities				2,504	2,396	1,289
Summarized Results of Operations
Revenues and other income				5,184	4,724	6,342
Costs and expenses				3,527	3,753	4,514
NET INCOME				1,657	971	1,828
Summarized Balance Sheet
Current assets				4,874	4,772	3,482
Non-current assets				18,151	18,715	15,282
Current liabilities				2,270	2,547	1,342
Long-term debt				9,296	9,673	9,512
Other non-current liabilities				2,504	2,396	1,289
Equity				$ 8,955	$ 8,870	$ 6,621
WES
Equity Method Investments
Equity method investment ownership percentage				46.00%
Equity method investment amounts				$ 1,850
Number of shares sold (in shares)	19.5
Gain on sale	$ 489
RELATED-PARTY TRANSACTIONS
Sales to related party (as a percent)				35.00%	37.00%	42.00%
Purchases from related party (as a percent)				5.00%	22.00%	24.00%
OxyChem Ingleside Facility
Equity Method Investments
Equity method investment ownership percentage				50.00%
Equity method investment amounts				$ 503
NET Power
Equity Method Investments
Equity method investment ownership percentage				41.60%
Equity method investment amounts				$ 488
DEL
Equity Method Investments
Equity method investment ownership percentage				24.50%
Equity method investment amounts				$ 0
Deferred credits and other liabilities				237
Summarized Balance Sheet
Other non-current liabilities				237
Other
Equity Method Investments
Equity method investment amounts				$ 318
Ingleside Ethylene LLC
RELATED-PARTY TRANSACTIONS
Purchases from related party (as a percent)				82.00%	69.00%	64.00%
WES \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Equity Method Investments
Number of shares sold (in shares)		5.1	10.0	19.5
Gain on sale		$ 51	$ 62	$ 489

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts
Valuation and qualifying accounts
Balance at Beginning of Period	$ 44	$ 904	$ 867
Charged to Costs and Expenses	98	(235)	37
Charged to Other Accounts	(1)	0	0
Deductions	1	(625)	0
Balance at End of Period	142	44	904
Valuation allowance and reserves, current	58	43	44
Environmental, litigation, tax and other reserves
Valuation and qualifying accounts
Balance at Beginning of Period	3,793	3,712	3,164
Charged to Costs and Expenses	869	328	714
Charged to Other Accounts	142	50	138
Deductions	(542)	(297)	(304)
Balance at End of Period	4,262	3,793	3,712
Environmental litigation tax and other reserves, current	$ 226	$ 215	$ 266

STOCK-BASED INCENTIVE PLANS -ESTIMATED LEVEL OF TSRIs & STOCK OPTIONS (Details) - TSRIs - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Grant-date assumptions used in the Monte Carlo simulation models
Risk-free interest rate	4.30%	4.60%	1.70%
Volatility factor	45.00%	64.00%	80.00%
Expected life, years	2 years 9 months 29 days	2 years 10 months 2 days	2 years 10 months 20 days
Grant-date fair value of underlying Occidental common stock (in dollars per share)	$ 61.36	$ 59.71	$ 42.98

REVENUE - RECONCILIATION (Details) - USD ($) $ in Millions	12 Months Ended
REVENUE - RECONCILIATION (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue from customers	$ 27,413	$ 28,325	$ 36,234
All other revenues	(688)	(68)	400
Net sales	$ 26,725	$ 28,257	$ 36,634

- Definition

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

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+ Details

- Definition

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

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+ Details

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2024

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

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS


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


			Additions
millions	Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts		Deductions (a)		Balance at End of Period
2024
Allowance for doubtful accounts	$	44	$	98	$	(1)	$	1	$	142	(b)
Environmental, litigation, tax and other reserves	$	3,793	$	869	$	142	$	(542)	$	4,262	(c)

2023
Allowance for doubtful accounts	$	904	$	(235)	$	—	$	(625)	$	44	(b)
Environmental, litigation, tax and other reserves	$	3,712	$	328	$	50	$	(297)	$	3,793	(c)

2022
Allowance for doubtful accounts	$	867	$	37	$	—	$	—	$	904	(b)
Environmental, litigation, tax and other reserves	$	3,164	$	714	$	138	$	(304)	$	3,712	(c)

(a)Primarily represents payments except for 2023 allowance for doubtful accounts, where Occidental reversed the receivable and allowance related to the Maxus settlement. See Note 13 - Lawsuits, Claims, Commitments and Contingencies

(b)Of these amounts, $58 million, $43 million and $44 million in 2024, 2023, and 2022, respectively, were classified as current.

(c)Of these amounts, $226 million, $215 million and $266 million in 2024, 2023, and 2022, respectively, were classified as current.

Note: The amounts presented represent continuing operations.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ACCRUED LIABILITIES - NON CURRENT (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Long term tax liabilities	$ 2,204	$ 2,072
Environmental remediation liabilities	1,759	889
Pension and postretirement obligations	1,022	931
Operating lease liabilities	614	727
Other	1,431	1,710
Accrued liabilities - non-current	$ 7,030	$ 6,329
Environmental loss contingency, noncurrent, statement of financial position	Other deferred credits and liabilities	Other deferred credits and liabilities
Operating lease, liability, noncurrent, statement of financial position	Other deferred credits and liabilities	Other deferred credits and liabilities

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES


NOTE 13 - 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. Other than reserves for the environmental remediation and tax matters discussed below, reserves for matters that satisfied these criteria as of December 31, 2024 and 2023 were not material to Occidental’s Consolidated Balance Sheets.

If unfavorable outcomes of these matters were to occur, future results of operations or cash flows for any particular quarterly or annual period could be materially adversely affected. Occidental’s estimates are based on information known about the legal matters and its experience in contesting, litigating and settling similar matters. Occidental will reassess the probability and estimability of contingent losses as new information becomes available.

DIAMOND ALKALI SUPERFUND SITE LITIGATION

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 for cleanup costs associated with OU2 and OU4. In January 2024, the DOJ filed a proposed Amended Consent Decree in which it excluded three companies from the proposed settlement, among other changes, followed by a motion to approve the Amended Consent Decree. In December 2024, the District Court approved the Amended Consent Decree. In its order approving the Amended Consent Decree, the District Court accepted the EPA’s revised determination that OxyChem was liable for approximately 85% of cleanup costs associated with OU2 and OU4. OxyChem has appealed the District Court’s ruling because OxyChem believes it is incorrect for several reasons including, but not limited to, the fact that the District Court failed to address the impact of several recent Supreme Court rulings that curtail EPA authority and limit judicial deference to EPA actions. OxyChem filed its Notice of Appeal in February 2025.

As a result of the District Court’s approval of the Amended Consent Decree, OxyChem increased the non-current environmental remediation liability related to OU2 and OU4 by $925 million. This charge is included in asset impairments and other charges in the Consolidated Statements of Operations. This charge represents the additional share of the total estimated remediation costs which OxyChem may incur as a result of the assignment by the District Court of 85% of the responsibility for OU2 and OU4. These costs have not been discounted as the timing and amount of the payments are not fixed or reliably determinable. Associated with this charge, OxyChem reduced the amount of its reasonably possible additional loss by approximately $0.9 billion. It is expected that the cash outlay for remediation costs will be expended over ten to twenty years, or more.

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.

While the remedies for OU2 and OU4 are expected to take ten to twenty years to complete, the EPA may seek to order OxyChem to perform a substantial majority or all of the remediation work and provide additional financial assurance. 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 could attempt to require OxyChem to post.

Contribution and Cost Recovery Actions

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).

Subject to all its defenses, OxyChem is designing the interim remedy for OU4 in compliance with a Unilateral Administrative Order issued by EPA in the first quarter of 2023. Because OxyChem is incurring costs to implement the OU4 Unilateral Administrative Order, OxyChem brought a cost recovery action under CERCLA in March 2023 in the District Court

against multiple parties (2023 Cost Recovery Action). The 2018 Contribution Action and the 2023 Cost Recovery Action were stayed pending the outcome of the Alden Leeds litigation. OxyChem does not know when the Court will lift the stay in those matters.

As stated above, OxyChem has filed its Notice of Intent to appeal the settlement and Amended Consent Decree in the Alden Leeds litigation. 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. If not reversed on appeal, the approved Amended Consent Decree could bar OxyChem from pursuing contribution against the settling parties for remediation costs OxyChem has 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. As a result, OxyChem has reduced its receivable from other potentially responsible parties by $84 million. This charge is included in other operating and non-operating expense in the Consolidated Statements of Operations.

MAXUS LITIGATION

A portion of estimated environmental remediation liabilities relate 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 June 2017, the Bankruptcy Court approved a Plan of Liquidation to liquidate Maxus and create the Maxus Liquidating Trust for the benefit of Maxus’ creditors, including OxyChem, to satisfy claims by OxyChem and other creditors for past and future remediation and other costs. In April 2023, the claims pending in the Bankruptcy Court were resolved. Under the settlement, which became final in August 2023, OxyChem has now received settlement proceeds of approximately $350 million.

ANDES ARBITRATION

In April 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, which was included in operating cash flows from discontinued operations.

TAX MATTERS AND OTHER 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 are no outstanding significant audit matters in international jurisdictions. 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. Anadarko disagreed and, in November 2018, filed a petition with the U.S. Tax Court to dispute the disallowance. Trial was held in May 2023. The parties filed post-trial briefs throughout 2023 and 2024. Closing arguments were held in May 2024. The Tax Court may issue an opinion at any time. If the Tax Court opines that all or a portion of the original $5.2 billion deduction is not deductible, a computation phase will commence where the parties will compute the tax amount to be included in the Tax Court’s decision. Once the parties submit their computation, the Tax Court judge will formally enter the decision reflecting the computed tax amount. To pursue an appeal of the Tax Court’s decision, any tax due as a result of the Tax Court’s decision must be fully bonded or paid within 90 days of the decision’s entry. If Anadarko does not pursue an appeal, the IRS will assess any resulting tax deficiency, including interest, and issue a notice demanding payment thereof.

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. If the payment is ultimately determined not to be deductible, Occidental would be required to repay the tentative refund received, plus other cash benefits received related to the $5.2 billion deduction, plus interest, which as of December 31, 2024 totaled approximately $2.1 billion. 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

December 31, 2024, Occidental would be required to repay approximately $1.4 billion in federal and state taxes and accrued interest of $760 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 December 31, 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.

PURCHASE OBLIGATIONS AND COMMITMENTS

Occidental, its subsidiaries, or both, have entered into agreements providing for future payments, primarily to secure terminal, pipeline and processing capacity, CO2, drilling rigs and services, electrical power, non-lease components, steam and certain chemical raw materials. Occidental has certain other commitments under contracts, guarantees and joint ventures, including purchase commitments for goods and services at market-related prices and certain other contingent liabilities. The amounts that will be paid for such outstanding off-balance sheet purchase obligations as of December 31, 2024 are $3.4 billion in 2025, $4.4 billion in 2026 and 2027, $2.6 billion in 2028 and 2029 and $2.4 billion in 2030 and thereafter.

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - ASSUMPTIONS (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pension Benefits
Benefit Obligation Assumptions:
Discount rate	5.52%	4.98%
Rate of increase in compensation levels	3.95%	3.96%
Net Periodic Benefit Cost Assumptions:
Discount rate	4.98%	5.27%
Rate of increase in compensation levels	3.96%	3.95%
Assumed long-term rate of return on assets	6.13%	6.65%
Postretirement Benefits
Benefit Obligation Assumptions:
Discount rate	5.68%	5.12%
Rate of increase in compensation levels	0.00%	0.00%
Net Periodic Benefit Cost Assumptions:
Discount rate	5.12%	5.43%
Rate of increase in compensation levels	0.00%	0.00%
Assumed long-term rate of return on assets	0.00%	0.00%
Postretirement Benefits \| MAPD
Assumed healthcare cost trend rates
Projected annual rates of healthcare cost trend rates, next fiscal year (as a percent)	7.70%
Projected annual rates of healthcare cost trend rates, year nine and beyond (as a percent)	4.50%
Postretirement Benefits \| Non-MAPD
Assumed healthcare cost trend rates
Projected annual rates of healthcare cost trend rates, year nine and beyond (as a percent)	4.50%
Postretirement Benefits \| Non-MAPD \| Low end of range
Assumed healthcare cost trend rates
Health care cost trend rates for prior year (as a percent)	5.50%
Postretirement Benefits \| Non-MAPD \| High end of range
Assumed healthcare cost trend rates
Health care cost trend rates for prior year (as a percent)	5.70%

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS


NOTE 9 - FAIR VALUE MEASUREMENTS

FAIR VALUES – NONRECURRING

In 2024, Occidental recorded a pre-tax impairment of $334 million related to certain wells in the Gulf of America whose future net cash inflows did not indicate that the asset value is recoverable.

In 2023, Occidental recorded a pre-tax impairment of $180 million related to undeveloped acreage in the northern non-core area of the Powder River Basin where Occidental has decided not to pursue future exploration and appraisal activities. Impairment expense also included a $29 million impairment related to an equity method investment in Black Butte Coal Company.

There were no significant non-recurring fair value measurements in 2022.

FINANCIAL INSTRUMENTS FAIR VALUE

The carrying amounts of cash, cash equivalents, restricted cash, restricted cash equivalents and other financial instruments, other than fixed-rate debt, approximate fair value. See Note 6 - Long-Term Debt for the fair value of long-term debt.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

INVESTMENTS AND RELATED-PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2024

Investments And Related Party Transactions Disclosure [Abstract]

INVESTMENTS AND RELATED-PARTY TRANSACTIONS


NOTE 4 - INVESTMENTS AND RELATED-PARTY TRANSACTIONS

EQUITY INVESTMENTS

The following table represents significant investments in unconsolidated entities as of December 31, 2024:


millions	% Economic Interest			Carrying amount
WES (a)		46.0	%	$	1,850
OxyChem Ingleside Facility		50.0	%	503
NET Power		41.6	%	488
DEL(b)		24.5	%	—
Other		various		318
Total Investments in unconsolidated entities				$	3,159

(a) In 2024, 2023, and 2022, Occidental sold 19.5 million, 5.1 million and 10.0 million of its limited partner units in WES, respectively, resulting in gains on sale of $489 million, $51 million and $62 million, respectively.

(b) Not presented in investments in unconsolidated entities is Occidental’s 24.5% ownership in DEL, which had a carrying value of $237 million and is presented in deferred credits and other liabilities - other. As a result of a refinancing transaction at DEL in November 2021, Occidental received cash distributions in excess of its investment balance. Since Occidental may be requested to provide financial support to DEL in the future, the excess distributions were recorded against the carrying amount of the equity investment and in deferred credits and other liabilities - other.

Dividends received from equity investments were $822 million, $708 million and $643 million to Occidental in 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, cumulative undistributed earnings of equity-method investees since they were acquired were $764 million and $613 million, respectively. Excluding Occidental’s investment in NET Power and DEL, as of December 31, 2024, Occidental’s investments in equity investees exceeded the underlying equity in net assets by approximately $421 million, of which $316 million represented PP&E and equity investments with the remainder comprised of intangibles; both are subject to amortization over their estimated average lives. As of December 31, 2023, Occidental’s investments in equity investees exceeded the underlying equity in net assets by approximately $424 million, of which $371 million represented PP&E and equity investments with the remainder comprised of intangibles; both are subject to amortization over their estimated average lives.

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


millions	2024		2023		2022
Summarized Results of Operations
Revenues and other income	$	5,184	$	4,724	$	6,342
Costs and expenses	3,527		3,753		4,514
Net income	$	1,657	$	971	$	1,828

Summarized Balance Sheet
Current assets	$	4,874	$	4,772	$	3,482
Non-current assets	$	18,151	$	18,715	$	15,282
Current liabilities	$	2,270	$	2,547	$	1,342
Long-term debt	$	9,296	$	9,673	$	9,512
Other non-current liabilities	$	2,504	$	2,396	$	1,289
Equity	$	8,955	$	8,870	$	6,621

RELATED-PARTY TRANSACTIONS

Occidental sells oil, NGL, natural gas, chemicals, power and steam to and purchases oil, NGL and chemicals from its equity method investees and other related parties. Occidental is charged service fees primarily related to gathering, processing and treatment of oil, NGL and natural gas by certain of its equity investees and other related parties. Berkshire Hathaway is a related party of Occidental due to its ownership of Occidental's common stock. Occidental has, from time to time, contracted with Berkshire Hathaway for the provision of electricity, rail and insurance. In addition, certain Berkshire Hathaway subsidiaries purchase various chemicals from OxyChem. Occidental entered into the following related-party transactions and had the following amounts due from or to its related parties for the years ended December 31:


millions	2024		2023		2022
Sales (a)	$	244	$	256	$	337
Purchases (b)	$	560	$	722	$	948
Services (c)	$	1,413	$	1,155	$	1,006
Advances and amounts due from related parties	$	49	$	62	$	40
Amounts due to related parties	$	384	$	371	$	306

(a)In 2024, 2023 and 2022 sales of Occidental-produced oil and NGL to WES accounted for 35%, 37% and 42% of related party sales, respectively.

(b)In 2024, 2023 and 2022, purchases of gas and NGL marketed on behalf of WES accounted for 5%, 22% and 24% of related party purchases, respectively, while purchases of ethylene from the OxyChem Ingleside Facility accounted for 82%, 69% and 64%, respectively, of related party purchases.

(c)In 2024, 2023 and 2022, services primarily related to fees charged by WES to gather, process and treat Occidental produced oil, NGL and natural gas.

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of inventories

Inventories consisted of the following as of December 31:


millions	2024		2023
Raw materials	$	113	$	115
Materials and supplies	1,279		988
Commodity inventory and finished goods	796		1,027
	2,188		2,130
Revaluation to LIFO	(93)		(108)
Total	$	2,095	$	2,022

INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS - SEGMENT INVESTMENTS AND EXPENDITURES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Information
PP&E Additions	$ 7,208	$ 6,368
Investments in unconsolidated entities	3,159	3,224
Total Assets	85,445	74,008
Operating segments \| Oil and gas
Segment Information
PP&E Additions	5,408	5,028
Investments in unconsolidated entities	94	93
Total Assets	63,596	53,786
Operating segments \| Chemical
Segment Information
PP&E Additions	718	551
Investments in unconsolidated entities	513	550
Total Assets	5,122	4,682
Operating segments \| Midstream and marketing
Segment Information
PP&E Additions	941	664
Investments in unconsolidated entities	2,552	2,581
Total Assets	13,641	13,327
Corporate and eliminations
Segment Information
PP&E Additions	141	125
Investments in unconsolidated entities	0	0
Total Assets	$ 3,086	$ 2,213

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS


NOTE 16 - INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS

Occidental conducts its operations through three segments: oil and gas, chemical and midstream and marketing. Income taxes, interest income, interest expense, environmental remediation expenses and acquisition-related costs of Occidental and its operating subsidiaries and unallocated corporate expenses are consolidated under corporate and eliminations. Intersegment sales eliminate upon consolidation and are made at prices that approximate market. Identifiable assets are those assets used in the operations of the segments. Corporate assets consist of cash and restricted cash, certain corporate receivables and PP&E.

Occidental’s President and CEO is ultimately responsible for allocating resources and assessing the performance of each operating segment and is Occidental’s CODM. The CEO may be assisted in this function by other members of Occidental’s executive management including, but not limited to, the Chief Financial Officer. While other executives are responsible for the performance of their individual areas, the CEO is solely responsible for allocating resources across Occidental as a whole.

For all three reporting segments the CODM utilizes segment income (loss) from continuing operations before income taxes to measure performance, as well as allocate resources (including financial or capital resources) for each segment, predominantly in the annual budget and forecasting process.

The following table reconciles segment income from continuing operations before taxes to net income attributable to common shares:


	Years Ended December 31,
millions	2024		2023		2022
Segment income from continuing operations before taxes
Oil and gas segment	$	5,214	$	6,240	$	12,803
Chemical segment	1,124		1,531		2,508
Midstream and marketing segment	580		24		273
Corporate and eliminations	(1,673)		(421)		(437)
Interest and debt expense, net	(1,175)		(945)		(1,030)






Income from continuing operations before income taxes	$	4,070	$	6,429	$	14,117
Income tax expense	(1,174)		(1,733)		(813)
Income from continuing operations	$	2,896	$	4,696	$	13,304
Discontinued operations, net of tax	182		—		—
Net income	$	3,078	$	4,696	$	13,304
Less: Net income attributable to noncontrolling interest	(22)		—		—
Less: Preferred stock dividends and redemption premiums	(679)		(923)		(800)
Net income attributable to common stockholders	$	2,377	$	3,773	$	12,504

The following tables include a summary of significant revenue and expense line items for each segment. Items within “Significant segment expenses” align with the significant segment-level information that is regularly provided to the CODM as required by the adoption of ASU 2023-07 in the fourth quarter of 2024. Intersegment expenses are included within the amounts shown.

OIL AND GAS SEGMENT

Other segment expenses include asset impairments and other charges, selling, general and administrative expense, acquisition-related costs and exploration expense:


	Years Ended December 31,
millions	2024		2023		2022
Revenues and other income
Net sales	$	21,705	$	21,284	$	27,165
Gains (losses) on sale of assets and other income	(551)		192		220

Total	$	21,154	$	21,476	$	27,385

Significant segment expenses
Oil and gas lease operating expense	4,738		4,677		4,028
Transportation and gathering expense	1,583		1,427		1,393



Other operating and non-operating expense	997		889		942
Taxes other than on income	1,026		1,076		1,535
Depreciation, depletion and amortization	6,565		6,112		6,179

Other segment expenses	993		1,031		498


Total	$	15,902	$	15,212	$	14,575
Segment income before other items	$	5,252	$	6,264	$	12,810


Losses from equity investments and other	(38)		(24)		(7)
Segment income from continuing operations before taxes	$	5,214	$	6,240	$	12,803

CHEMICAL SEGMENT

Other segment expenses include asset impairments and other charges, and selling, general and administrative expense:


	Years Ended December 31,
millions	2024		2023		2022
Revenues and other income
Net sales	$	4,923	$	5,321	$	6,757
Gains on sale of assets and other income	19		57		65

Total	4,942		5,378		6,822

Significant segment expenses


Cost of sales	3,367		3,425		3,909




Depreciation, depletion and amortization	363		356		370

Other segment expenses	191		175		149


Total	$	3,921	$	3,956	$	4,428
Segment income before other items	$	1,021	$	1,422	$	2,394


Income from equity investments and other	103		109		114
Segment income from continuing operations before taxes	$	1,124	$	1,531	$	2,508

MIDSTREAM AND MARKETING SEGMENT

Other segment expenses include asset impairments and other charges, transportation expense, taxes other than on income, and selling, general and administrative expense:


	Years Ended December 31,
millions	2024		2023		2022
Revenues and other income
Net sales	$	962	$	2,551	$	4,136
Gains on sale of assets and other income	627		493		267

Total	$	1,589	$	3,044	$	4,403

Significant segment expenses


Cost of sales	558		597		706
Purchased commodities	470		2,144		3,497

Other operating and non-operating expense	298		239		143

Depreciation, depletion and amortization	329		326		328

Other segment expenses	151		163		167


Total	$	1,806	$	3,469	$	4,841
Segment losses before other items	$	(217)	$	(425)	$	(438)


Income from equity investments and other	797		449		711
Segment income from continuing operations before taxes	$	580	$	24	$	273

SEGMENT INVESTMENTS AND EXPENDITURES

The following table includes segment-level balance sheet information:


millions	Oil and gas		Chemical		Midstream and marketing		Corporate and eliminations		Total
Year ended December 31, 2024
PP&E Additions	$	5,408	$	718	$	941	$	141	$	7,208
Investments in unconsolidated entities	$	94	$	513	$	2,552	$	—	$	3,159

Total Assets	$	63,596	$	5,122	$	13,641	$	3,086	$	85,445


Year ended December 31, 2023
PP&E Additions	$	5,028	$	551	$	664	$	125	$	6,368
Investments in unconsolidated entities	$	93	$	550	$	2,581	$	—	$	3,224

Total Assets	$	53,786	$	4,682	$	13,327	$	2,213	$	74,008

GEOGRAPHIC AREAS

The following table represents Occidental’s property, plant and equipment, net by geographic area:


	Years Ended December 31,
millions	2024		2023		2022
United States	$	62,604	$	51,646	$	51,706
International
UAE	3,495		3,609		3,663
Oman	2,187		2,156		2,159
Algeria	618		624		350

Qatar	361		393		428
Other International	113		101		78
Total International	6,774		6,883		6,678
Total	$	69,378	$	58,529	$	58,384

- 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

INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of reconciliation of operating profit (loss) from segments to consolidated

The following table reconciles segment income from continuing operations before taxes to net income attributable to common shares:


	Years Ended December 31,
millions	2024		2023		2022
Segment income from continuing operations before taxes
Oil and gas segment	$	5,214	$	6,240	$	12,803
Chemical segment	1,124		1,531		2,508
Midstream and marketing segment	580		24		273
Corporate and eliminations	(1,673)		(421)		(437)
Interest and debt expense, net	(1,175)		(945)		(1,030)






Income from continuing operations before income taxes	$	4,070	$	6,429	$	14,117
Income tax expense	(1,174)		(1,733)		(813)
Income from continuing operations	$	2,896	$	4,696	$	13,304
Discontinued operations, net of tax	182		—		—
Net income	$	3,078	$	4,696	$	13,304
Less: Net income attributable to noncontrolling interest	(22)		—		—
Less: Preferred stock dividends and redemption premiums	(679)		(923)		(800)
Net income attributable to common stockholders	$	2,377	$	3,773	$	12,504

Schedule of industry segments

Other segment expenses include asset impairments and other charges, selling, general and administrative expense, acquisition-related costs and exploration expense:


	Years Ended December 31,
millions	2024		2023		2022
Revenues and other income
Net sales	$	21,705	$	21,284	$	27,165
Gains (losses) on sale of assets and other income	(551)		192		220

Total	$	21,154	$	21,476	$	27,385

Significant segment expenses
Oil and gas lease operating expense	4,738		4,677		4,028
Transportation and gathering expense	1,583		1,427		1,393



Other operating and non-operating expense	997		889		942
Taxes other than on income	1,026		1,076		1,535
Depreciation, depletion and amortization	6,565		6,112		6,179

Other segment expenses	993		1,031		498


Total	$	15,902	$	15,212	$	14,575
Segment income before other items	$	5,252	$	6,264	$	12,810


Losses from equity investments and other	(38)		(24)		(7)
Segment income from continuing operations before taxes	$	5,214	$	6,240	$	12,803

Other segment expenses include asset impairments and other charges, and selling, general and administrative expense:


	Years Ended December 31,
millions	2024		2023		2022
Revenues and other income
Net sales	$	4,923	$	5,321	$	6,757
Gains on sale of assets and other income	19		57		65

Total	4,942		5,378		6,822

Significant segment expenses


Cost of sales	3,367		3,425		3,909




Depreciation, depletion and amortization	363		356		370

Other segment expenses	191		175		149


Total	$	3,921	$	3,956	$	4,428
Segment income before other items	$	1,021	$	1,422	$	2,394


Income from equity investments and other	103		109		114
Segment income from continuing operations before taxes	$	1,124	$	1,531	$	2,508

Other segment expenses include asset impairments and other charges, transportation expense, taxes other than on income, and selling, general and administrative expense:


	Years Ended December 31,
millions	2024		2023		2022
Revenues and other income
Net sales	$	962	$	2,551	$	4,136
Gains on sale of assets and other income	627		493		267

Total	$	1,589	$	3,044	$	4,403

Significant segment expenses


Cost of sales	558		597		706
Purchased commodities	470		2,144		3,497

Other operating and non-operating expense	298		239		143

Depreciation, depletion and amortization	329		326		328

Other segment expenses	151		163		167


Total	$	1,806	$	3,469	$	4,841
Segment losses before other items	$	(217)	$	(425)	$	(438)


Income from equity investments and other	797		449		711
Segment income from continuing operations before taxes	$	580	$	24	$	273

The following table includes segment-level balance sheet information:


millions	Oil and gas		Chemical		Midstream and marketing		Corporate and eliminations		Total
Year ended December 31, 2024
PP&E Additions	$	5,408	$	718	$	941	$	141	$	7,208
Investments in unconsolidated entities	$	94	$	513	$	2,552	$	—	$	3,159

Total Assets	$	63,596	$	5,122	$	13,641	$	3,086	$	85,445


Year ended December 31, 2023
PP&E Additions	$	5,028	$	551	$	664	$	125	$	6,368
Investments in unconsolidated entities	$	93	$	550	$	2,581	$	—	$	3,224

Total Assets	$	53,786	$	4,682	$	13,327	$	2,213	$	74,008

Schedule of property, plant and equipment, net by geographic area

The following table represents Occidental’s property, plant and equipment, net by geographic area:


	Years Ended December 31,
millions	2024		2023		2022
United States	$	62,604	$	51,646	$	51,706
International
UAE	3,495		3,609		3,663
Oman	2,187		2,156		2,159
Algeria	618		624		350

Qatar	361		393		428
Other International	113		101		78
Total International	6,774		6,883		6,678
Total	$	69,378	$	58,529	$	58,384

INCOME TAXES - COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
Federal	$ (956)	$ (871)	$ (1,272)
State and local	(50)	(92)	(105)
Foreign	(629)	(713)	(1,080)
Total current tax expense	(1,635)	(1,676)	(2,457)
Deferred
Federal	389	(37)	1,569
State and local	28	25	57
Foreign	44	(45)	18
Total deferred tax (expense) benefit	461	(57)	1,644
Total income tax expense	$ (1,174)	$ (1,733)	$ (813)

REVENUE

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE


NOTE 2 - REVENUE

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

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

OIL AND GAS SEGMENT

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

CHEMICAL SEGMENT

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

MIDSTREAM AND MARKETING SEGMENT

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

DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS

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


millions	2024		2023		2022
Revenue from customers	$	27,413	$	28,325	$	36,234
All other revenues	(688)		(68)		400
Net sales	$	26,725	$	28,257	$	36,634

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 natural 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
Year ended December 31, 2024
Oil and gas
Oil	$	15,604	$	2,940	$	—	$	18,544
NGL	1,865		390		—		2,255
Gas	514		361		—		875
Other	29		2		—		31
Segment total	$	18,012	$	3,693	$	—	$	21,705
Chemical	$	4,628	$	292	$	—	$	4,920
Midstream and marketing	$	1,240	$	413	$	—	$	1,653




Eliminations	$	—	$	—	$	(865)	$	(865)
Consolidated	$	23,880	$	4,398	$	(865)	$	27,413

Year ended December 31, 2023
Oil and gas
Oil	$	14,893	$	3,057	$	—	$	17,950
NGL	1,619		372		—		1,991
Gas	970		335		—		1,305
Other	36		2		—		38
Segment total	$	17,518	$	3,766	$	—	$	21,284
Chemical	$	5,002	$	313	$	—	$	5,315
Midstream and marketing	$	2,216	$	409	$	—	$	2,625
Eliminations	$	—	$	—	$	(899)	$	(899)
Consolidated	$	24,736	$	4,488	$	(899)	$	28,325

Year ended December 31, 2022
Oil and gas
Oil	$	17,421	$	3,935	$	—	$	21,356
NGL	2,631		421		—		3,052
Gas	2,422		311		—		2,733
Other	20		4		—		24
Segment total	$	22,494	$	4,671	$	—	$	27,165
Chemical	$	6,359	$	379	$	—	$	6,738
Midstream and marketing	$	3,167	$	588	$	—	$	3,755
Eliminations	$	—	$	—	$	(1,424)	$	(1,424)
Consolidated	$	32,020	$	5,638	$	(1,424)	$	36,234

- 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

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+ Details

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS

12 Months Ended

Dec. 31, 2024

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

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS


NOTE 5 - ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS

CROWNROCK ACQUISITION

In December 2023, Occidental entered into an agreement to purchase CrownRock for total consideration of $12.4 billion, consisting of $9.4 billion of cash consideration (inclusive of certain working capital and other customary purchase price adjustments), 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 senior 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 (except per-share price)	Total
Cash portion of purchase price	$	9,100
Closing Adjustments
Net Working Capital and Other Purchase Price Adjustments	254
Pre-closing dividends declared by Occidental	13
Total Cash Purchase Price	$	9,367
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	$	11,122


in millions	August 1, 2024
Fair value of assets acquired:
Cash and cash equivalents	$	589
Trade receivables, net	198

Other current assets	39

Property, plant and equipment, oil and gas	11,818


Amount attributable to assets acquired	$	12,644
Fair value of liabilities acquired:
Current maturities of long-term debt	$	868
Accounts payable	207
Accrued liabilities	22
Long-term debt	378
Asset retirement obligations	47
Amount attributable to liabilities acquired	$	1,522
Fair value of net assets acquired:	$	11,122

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, primarily property, was based on preliminary appraisals.

Unproved oil and gas properties were valued using a market approach based on comparable transactions for similar properties.

Proved oil and gas properties were valued using an income approach, which are considered Level 3 fair value estimates and include significant assumptions of future production and timing of production, commodity price assumptions, and operating and capital cost estimates, discounted using an 8.5% weighted average cost of capital. Taxes were based on current statutory rates. Future production and timing of production were based on internal reserves estimates and internal economic models for specific proved oil and gas assets. Price assumptions were based on a combination of market information and published industry resources adjusted for historical differentials. Price assumptions ranged from approximately $75 per barrel of oil increasing to approximately $97 per barrel of oil for the 15-year period, with an unweighted arithmetic average price of $84.79 for WTI indexed assets for the same period. Natural gas prices ranged from approximately $2.80 per Mcf to $5.10 per Mcf for the 15-year period, with an unweighted arithmetic average price of $4.34 for NYMEX based assets for the same period. Both oil and natural gas commodity prices were held flat after 2038 and were adjusted for location and quality differentials. Operating and capital cost estimates were based on current observable costs and were further escalated 2% in every period. The weighted average cost of capital was calculated based on industry peers and best approximates the cost of capital an external market participant would expect to obtain.

The following summarizes the unaudited pro forma condensed financial information of Occidental as if the CrownRock Acquisition had occurred on January 1, 2023:


	Years ended
millions, except per-share amounts		2024		2023

Revenues		$	28,184	$	30,777
Net income attributable to common stockholders		$	2,713	$	4,197
Net income attributable to common stockholders per share—basic		$	2.90	$	4.54
Net income attributable to common stockholders per share—diluted		$	2.74	$	4.21

2024

During the third quarter of 2024, Occidental sold non-core assets in the Powder River Basin with near to intermediate term lease expirations and certain Delaware Basin assets in Texas and New Mexico for combined net proceeds of $769 million, subject to customary purchase price adjustments. Occidental recognized a pre-tax loss of $479 million on the asset sales. In addition, Occidental sold 19.5 million of its limited partner units in WES for proceeds of $697 million resulting in a pre-tax gain of $489 million, see Note 4 - Investments and Related-Party Transactions. Subsequent to the balance sheet date Occidental announced approximately $1.2 billion of divestitures in the first quarter of 2025.

2023

In August 2023, Occidental entered into an agreement with Carbon Engineering Ltd., its equity method investee, to purchase the remaining 68% interest not already owned by Occidental or its affiliates for total cash consideration of approximately $1.1 billion, resulting in Carbon Engineering becoming a wholly owned subsidiary of Occidental. The transaction qualified as a business combination and was accounted for using the acquisition method of accounting. Because Occidental acquired control of Carbon Engineering in the 2023 purchase, Occidental remeasured its previously held 32% equity interest at its acquisition-date fair value and recognized the resulting gain of $283 million in accordance with GAAP. The purchase price was payable in three approximately equal annual payments, with the first payment made at closing. This transaction closed on November 3, 2023, and Occidental made the first payment of $349 million. The second payment of $318 million was made in the fourth quarter of 2024, and the last payment will be made in 2025.

The purchase price was allocated to the major categories of assets and liabilities acquired based upon their estimated fair values at the date of acquisition. The valuation of intangible assets was based on inputs that are not observable in the market and thus represent Level 3 inputs. The fair value of intangible assets was derived using an income approach, with significant inputs being forecasted revenues and expenses, an anticipated growth rate, and an estimated discount rate.

Occidental allocated the preliminary purchase price to the fair value of Carbon Engineering’s assets as follows:


millions	2023
Fair value of assets acquired:
Cash and other current assets	$	154
Property, plant and equipment	11
Intangible assets related to developed technology	845
Goodwill	668
Total fair value of assets acquired	$	1,678
Fair value of liabilities acquired:
Liabilities acquired	110
Deferred tax liability	190
Total liabilities assumed	$	300

Fair value of previously held interest	371

Total acquisition consideration	$	1,007

Throughout 2023, Occidental entered into non-monetary exchange agreements, primarily in the Permian Basin. These exchanges were recorded as acquisitions and divestitures at a total combined fair value of $120 million. The difference in the assets' net book value was treated as a recovery of cost and normal retirement, which resulted in no gain or loss being recognized.

In September 2023, Occidental sold 5.1 million limited partner units of WES for proceeds of approximately $128 million, resulting in a gain of $51 million, see Note 4 - Investments and Related-Party Transactions.

In September 2023, Occidental sold certain non-core proved and unproved properties in the Permian Basin for $202 million and recorded a gain on sale of assets of $142 million.

2022

Throughout 2022, Occidental entered into non-monetary exchange agreements, primarily in the Permian Basin. These exchanges were recorded as acquisitions and divestitures at a total combined fair value of $340 million.

In 2022, Occidental acquired additional interests in emerging low-carbon businesses to advance its net-zero pathway for a combined net purchase price of approximately $350 million.

In the fourth quarter of 2022, Occidental acquired additional primarily producing assets in the Permian Basin for a combined net purchase price of approximately $400 million.

In January 2022, Occidental sold certain non-strategic assets in the Permian Basin for net cash proceeds of approximately $190 million. The difference in the proved assets' net book value and adjusted purchase price was treated as a normal retirement, which resulted in no gain or loss being recognized. The difference in the unproved assets' net book value and adjusted purchase price resulted in a gain on sale of approximately $123 million.

In September 2022, Occidental sold 10.0 million limited partner units of WES for proceeds of approximately $250 million, resulting in a gain of $62 million, see Note 4 - Investments and Related-Party Transactions.

DISCONTINUED OPERATIONS

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.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

LONG-TERM DEBT - SCHEDULE (Details) - USD ($) $ in Millions	12 Months Ended
LONG-TERM DEBT - SCHEDULE (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 24,391	$ 17,955
Unamortized premium, net	1,037	1,152
Debt issuance costs	(105)	(106)
Net book value of debt	$ 25,323	$ 19,001
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other deferred credits and liabilities	Other deferred credits and liabilities
Long-term finance leases	$ 658	$ 591
Finance lease, liability, current, statement of financial position	Accrued liabilities	Accrued liabilities
Current finance leases	$ 135	$ 146
Total debt and finance leases	26,116	19,738
Less current maturities of finance leases	(135)	(146)
Less current maturities of long-term debt	(1,003)	(1,056)
LONG-TERM DEBT, NET	24,978	18,536
2.900% senior notes due 2024 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 654
Debt instrument interest rate stated percentage	2.90%	2.90%
6.950% senior notes due 2024 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 291
Debt instrument interest rate stated percentage	6.95%	6.95%
3.450% senior notes due 2024 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 111
Debt instrument interest rate stated percentage	3.45%	3.45%
3.500% senior notes due 2025 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 137
Debt instrument interest rate stated percentage	3.50%	3.50%
5.875% senior notes due 2025 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 536	$ 606
Debt instrument interest rate stated percentage	5.875%	5.875%
5.500% senior notes due 2025 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 465	$ 465
Debt instrument interest rate stated percentage	5.50%	5.50%
5.550% senior notes due 2026 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 870	$ 870
Debt instrument interest rate stated percentage	5.55%	5.55%
3.200% senior notes due 2026 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 182	$ 182
Debt instrument interest rate stated percentage	3.20%	3.20%
3.400% senior notes due 2026 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 284	$ 284
Debt instrument interest rate stated percentage	3.40%	3.40%
Two-year term loan due 2026 (6.249% as of December 31, 2024) \| Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,700	$ 0
Debt instrument interest rate stated percentage	6.249%
Debt term	2 years	2 years
7.500% debentures due 2026 \| Debentures
Debt Instrument [Line Items]
Long-term debt, gross	$ 112	$ 112
Debt instrument interest rate stated percentage	7.50%	7.50%
8.500% senior notes due 2027 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 489	$ 489
Debt instrument interest rate stated percentage	8.50%	8.50%
3.000% senior notes due 2027 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 216	$ 216
Debt instrument interest rate stated percentage	3.00%	3.00%
7.125% debentures due 2027 \| Debentures
Debt Instrument [Line Items]
Long-term debt, gross	$ 150	$ 150
Debt instrument interest rate stated percentage	7.125%	7.125%
7.000% debentures due 2027 \| Debentures
Debt Instrument [Line Items]
Long-term debt, gross	$ 48	$ 48
Debt instrument interest rate stated percentage	7.00%	7.00%
5.000% senior notes due 2027 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 600	$ 0
Debt instrument interest rate stated percentage	5.00%	5.00%
6.625% debentures due 2028 \| Debentures
Debt Instrument [Line Items]
Long-term debt, gross	$ 14	$ 14
Debt instrument interest rate stated percentage	6.625%	6.625%
7.150% debentures due 2028 \| Debentures
Debt Instrument [Line Items]
Long-term debt, gross	$ 232	$ 232
Debt instrument interest rate stated percentage	7.15%	7.15%
7.200% senior debentures due 2028 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 82	$ 82
Debt instrument interest rate stated percentage	7.20%	7.20%
6.375% senior notes due 2028 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 578	$ 578
Debt instrument interest rate stated percentage	6.375%	6.375%
7.200% debentures due 2029 \| Debentures
Debt Instrument [Line Items]
Long-term debt, gross	$ 135	$ 135
Debt instrument interest rate stated percentage	7.20%	7.20%
7.950% debentures due 2029 \| Debentures
Debt Instrument [Line Items]
Long-term debt, gross	$ 116	$ 116
Debt instrument interest rate stated percentage	7.95%	7.95%
8.450% senior debentures due 2029 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 116	$ 116
Debt instrument interest rate stated percentage	8.45%	8.45%
3.500% senior notes due 2029 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 286	$ 286
Debt instrument interest rate stated percentage	3.50%	3.50%
5.200% senior notes due 2029 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,200	$ 0
Debt instrument interest rate stated percentage	5.20%	5.20%
Variable rate bonds due 2030 (5.710% and 5.750% as of December 31, 2024 and 2023, respectively) \| Variable rate bonds
Debt Instrument [Line Items]
Long-term debt, gross	$ 68	$ 68
Debt instrument, variable rate	5.71%	5.75%
8.875% senior notes due 2030 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000	$ 1,000
Debt instrument interest rate stated percentage	8.875%	8.875%
6.625% senior notes due 2030 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,449	$ 1,449
Debt instrument interest rate stated percentage	6.625%	6.625%
6.125% senior notes due 2031 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,143	$ 1,143
Debt instrument interest rate stated percentage	6.125%	6.125%
7.500% senior notes due 2031 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 900	$ 900
Debt instrument interest rate stated percentage	7.50%	7.50%
7.875% senior notes due 2031 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 500	$ 500
Debt instrument interest rate stated percentage	7.875%	7.875%
5.375% senior notes due 2032 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000	$ 0
Debt instrument interest rate stated percentage	5.375%	5.375%
5.550% senior notes due 2034 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,200	$ 0
Debt instrument interest rate stated percentage	5.55%	5.55%
6.450% senior notes due 2036 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,727	$ 1,727
Debt instrument interest rate stated percentage	6.45%	6.45%
Zero Coupon senior notes due 2036 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 673	$ 673
0.000% loan due 2039 (CAD denominated)
Debt Instrument [Line Items]
Long-term debt, gross	$ 18	$ 19
Debt instrument interest rate stated percentage	0.00%	0.00%
4.300% senior notes due 2039 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 247	$ 247
Debt instrument interest rate stated percentage	4.30%	4.30%
7.950% senior notes due 2039 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 325	$ 325
Debt instrument interest rate stated percentage	7.95%	7.95%
6.200% senior notes due 2040 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 737	$ 737
Debt instrument interest rate stated percentage	6.20%	6.20%
4.500% senior notes due 2044 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 191	$ 191
Debt instrument interest rate stated percentage	4.50%	4.50%
4.625% senior notes due 2045 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 296	$ 296
Debt instrument interest rate stated percentage	4.625%	4.625%
6.600% senior notes due 2046 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,117	$ 1,117
Debt instrument interest rate stated percentage	6.60%	6.60%
4.400% senior notes due 2046 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 424	$ 424
Debt instrument interest rate stated percentage	4.40%	4.40%
4.100% senior notes due 2047 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 258	$ 258
Debt instrument interest rate stated percentage	4.10%	4.10%
4.200% senior notes due 2048 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 304	$ 304
Debt instrument interest rate stated percentage	4.20%	4.20%
4.400% senior notes due 2049 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 280	$ 280
Debt instrument interest rate stated percentage	4.40%	4.40%
6.050% senior notes due 2054 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000	$ 0
Debt instrument interest rate stated percentage	6.05%	6.05%
7.730% debentures due 2096 \| Debentures
Debt Instrument [Line Items]
Long-term debt, gross	$ 58	$ 58
Debt instrument interest rate stated percentage	7.73%	7.73%
7.500% debentures due 2096 \| Debentures
Debt Instrument [Line Items]
Long-term debt, gross	$ 60	$ 60
Debt instrument interest rate stated percentage	7.50%	7.50%
7.250% debentures due 2096 \| Debentures
Debt Instrument [Line Items]
Long-term debt, gross	$ 5	$ 5
Debt instrument interest rate stated percentage	7.25%	7.25%

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of long-term debt

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


millions	2024	2023
2.900% senior notes due 2024	—	654
6.950% senior notes due 2024	—	291
3.450% senior notes due 2024	—	111
3.500% senior notes due 2025	—	137
5.875% senior notes due 2025	536	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
Two-year term loan due 2026 (6.249% as of December 31, 2024)	2,700	—
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
5.000% senior notes due 2027	600	—
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 debentures due 2029	116	116
3.500% senior notes due 2029	286	286
5.200% senior notes due 2029	1,200	—
Variable rate bonds due 2030 (5.710% and 5.750% as of December 31, 2024 and 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
5.375% senior notes due 2032	1,000	—
5.550% senior notes due 2034	1,200	—
6.450% senior notes due 2036	1,727	1,727
Zero Coupon senior notes due 2036	673	673
0.000% loan due 2039 (CAD denominated)	18	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
(continued on next page)


millions (continued)	2024		2023
4.400% senior notes due 2046	424		424
4.100% senior notes due 2047	258		258
4.200% senior notes due 2048	304		304
4.400% senior notes due 2049	280		280
6.050% senior notes due 2054	1,000		—
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	$	24,391	$	17,955
Adjustments to book value:
Unamortized premium, net	1,037		1,152
Debt issuance costs	(105)		(106)
Net book value of debt	$	25,323	$	19,001
Long-term finance leases	658		591
Current finance leases	135		146
Total debt and finance leases	$	26,116	$	19,738
Less current maturities of finance leases	(135)		(146)
Less current maturities of long-term debt	(1,003)		(1,056)
Long-term debt, net	$	24,978	$	18,536

The following table summarizes Occidental’s debt activity in 2024:


millions	Borrowings at face value
Total borrowings at face value as of December 31, 2023	$	17,955
Borrowings
364-day term loan due 2025	$	2,000
Two-year term loan due 2026	2,700
5.000% senior notes due 2027	600
5.200% senior notes due 2029	1,200
5.375% senior notes due 2032	1,000
5.550% senior notes due 2034	1,200
6.050% senior notes due 2054	1,000
Total borrowings	$	9,700

Debt assumptions related to CrownRock
5.625% senior notes due 2025	$	868
5.000% senior notes due 2029	376
Total debt assumptions	$	1,244

Repayments
6.950% senior notes due 2024	$	(291)
3.450% senior notes due 2024	(111)
2.900% senior notes due 2024	(654)
364-day term loan due 2025	(2,000)
5.625% senior notes due 2025	(868)
5.875% senior notes due 2025	(70)
3.500% senior notes due 2025	(137)
5.000% senior notes due 2029	(376)
Total repayments	$	(4,507)

Foreign currency revaluation on CAD denominated debt	$	(1)

Total borrowings at face value as of December 31, 2024	$	24,391

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

LONG-TERM DEBT - DEBT ACTIVITY (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 24,391	$ 17,955
Borrowings	9,700
Debt assumptions related to CrownRock	1,244
Repayments	(4,507)
Foreign currency revaluation on CAD denominated debt	(1)
364-day term loan due 2025 \| Secured Debt
Debt Instrument [Line Items]
Borrowings	2,000
Repayments	$ (2,000)
Debt term	364 days	364 days
Secured Debt \| Two-year term loan due 2026
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,700	$ 0
Borrowings	$ 2,700
Debt term	2 years	2 years
Debt instrument interest rate stated percentage	6.249%
Senior notes
Debt Instrument [Line Items]
Debt, combined amount drawn	$ 24,391
Senior notes \| 5.000% senior notes due 2027
Debt Instrument [Line Items]
Long-term debt, gross	600	$ 0
Borrowings	$ 600
Debt instrument interest rate stated percentage	5.00%	5.00%
Senior notes \| 5.200% senior notes due 2029
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,200	$ 0
Borrowings	$ 1,200
Debt instrument interest rate stated percentage	5.20%	5.20%
Senior notes \| 5.375% senior notes due 2032
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000	$ 0
Borrowings	$ 1,000
Debt instrument interest rate stated percentage	5.375%	5.375%
Senior notes \| 5.550% senior notes due 2034
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,200	$ 0
Borrowings	$ 1,200
Debt instrument interest rate stated percentage	5.55%	5.55%
Senior notes \| 6.050% senior notes due 2054
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000	$ 0
Borrowings	$ 1,000
Debt instrument interest rate stated percentage	6.05%	6.05%
Senior notes \| 5.625% senior notes due 2025
Debt Instrument [Line Items]
Debt assumptions related to CrownRock	$ 868
Repayments	$ (868)
Debt instrument interest rate stated percentage	5.625%	5.625%
Senior notes \| 5.000% senior notes due 2029
Debt Instrument [Line Items]
Debt assumptions related to CrownRock	$ 376
Repayments	$ (376)
Debt instrument interest rate stated percentage	5.00%	5.00%
Senior notes \| 6.950% senior notes due 2024
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 291
Repayments	$ (291)
Debt instrument interest rate stated percentage	6.95%	6.95%
Senior notes \| 3.450% senior notes due 2024
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 111
Repayments	$ (111)
Debt instrument interest rate stated percentage	3.45%	3.45%
Senior notes \| 2.900% senior notes due 2024
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 654
Repayments	$ (654)
Debt instrument interest rate stated percentage	2.90%	2.90%
Senior notes \| 5.875% senior notes due 2025
Debt Instrument [Line Items]
Long-term debt, gross	$ 536	$ 606
Repayments	$ (70)
Debt instrument interest rate stated percentage	5.875%	5.875%
Senior notes \| 3.500% senior notes due 2025
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 137
Repayments	$ (137)
Debt instrument interest rate stated percentage	3.50%	3.50%

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - OBLIGATIONS AND FUNDED STATUS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits
Amounts recognized in the Consolidated Balance Sheet:
Other long-term assets	$ 133	$ 126
Accrued liabilities	(2)	(3)
Deferred credits and other liabilities — pension and postretirement obligations	(244)	(270)
Total amount recognized in consolidated balance sheet	(113)	(147)
Accumulated other comprehensive loss included the following after-tax balances:
Net (gain) loss	(8)	3
Prior service credit	0	0
AOCI after-tax balances	(8)	3
Changes in the benefit obligation:
Benefit obligation — beginning of year	879	886
Service cost — benefits earned during the period	4	5	$ 7
Interest cost on projected benefit obligation	42	45	36
Actuarial (gain) loss	(38)	19
Benefits paid	(71)	(80)
Other	(3)	4
Benefit obligation — end of year	813	879	886
Changes in plan assets:
Fair value of plan assets — beginning of year	732	641
Actual return on plan assets	16	77
Employer contributions	23	89
Benefits paid	(71)	(80)
Other	0	5
Fair value of plan assets — end of year	700	732	641
Unfunded status:	(113)	(147)
Accumulated Benefit Obligation in Excess of Plan Assets
Projected benefit obligation	648	719
Accumulated benefit obligation	647	717
Fair value of plan assets	505	543
Plan Assets in Excess of Accumulated Benefit Obligation
Projected benefit obligation	165	160
Accumulated benefit obligation	165	157
Fair value of plan assets	195	189
Postretirement Benefits
Amounts recognized in the Consolidated Balance Sheet:
Other long-term assets	0	0
Accrued liabilities	(52)	(57)
Deferred credits and other liabilities — pension and postretirement obligations	(778)	(661)
Total amount recognized in consolidated balance sheet	(830)	(718)
Accumulated other comprehensive loss included the following after-tax balances:
Net (gain) loss	(122)	(217)
Prior service credit	(40)	(45)
AOCI after-tax balances	(162)	(262)
Changes in the benefit obligation:
Benefit obligation — beginning of year	718	773
Service cost — benefits earned during the period	18	16	38
Interest cost on projected benefit obligation	35	37	33
Actuarial (gain) loss	105	(53)
Benefits paid	(50)	(65)
Other	4	10
Benefit obligation — end of year	830	718	773
Changes in plan assets:
Fair value of plan assets — beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	45	54
Benefits paid	(50)	(64)
Other	5	10
Fair value of plan assets — end of year	0	0	$ 0
Unfunded status:	$ (830)	$ (718)

STOCK-BASED INCENTIVE PLANS (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of changes in occidental's unvested cash- and tock- settled RSUs

A summary of changes in Occidental’s unvested cash- and stock-settled RSUs for 2024 is presented below:


	Cash-Settled			Stock-Settled
thousands, except fair values	RSUs			RSUs
Unvested as of January 1	271	$	37.96	7,732	$	47.03
Granted	293	$	58.87	3,540	$	61.34
Vested	(141)	$	43.61	(3,978)	$	40.37
Forfeitures	(25)	$	57.60	(175)	$	56.58
Unvested as of December 31	398	$	50.14	7,119	$	57.63

Schedule of grant-date assumptions used in the monte carlo simulation models for the estimated payout level of TSRIs

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


	TSRIs
	2024		2023		2022
Assumptions used:
Risk-free interest rate	4.3%		4.6%		1.7%
Volatility factor	45%		64%		80%
Expected life, years	2.83		2.84		2.89
Grant-date fair value of underlying Occidental common stock	$	61.36	$	59.71	$	42.98

Schedule of the changes of awards

A summary of changes in Occidental’s unvested TSRIs in 2024 is presented below:


	TSRIs
thousands, except fair values	Awards	Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested as of January 1	1,507		$	40.43
Granted	439		$	61.36
Vested (a)	(651)		$	25.39
Forfeitures	(44)		$	55.30
Unvested as of December 31	1,251		$	55.08

(a)Presented at the target payouts. In 2024, the weighted-average payout at vesting was 180% of the target, resulting in the issuance of approximately 1,172,000 shares of Occidental common stock.

A summary of changes in Occidental’s unvested CROCEI in 2024 is presented below:


	CROCEI
thousands, except fair values	Awards	Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested as of January 1	507		$	39.59
Granted	161		$	61.36
Vested (a)	(221)		$	25.39

Unvested as of December 31	447		$	54.55

(a) Presented at the target payouts. In 2024, the weighted-average payout at vesting was 200% of the target, resulting in the issuance of approximately 441,000 shares of Occidental common stock.

Schedule of stock options

A summary of Occidental’s outstanding stock options as of December 31, 2024 and changes during the year ended December 31, 2024 is presented below:


	Vested			Unvested
thousands, except fair values	Options	Weighted Average Strike Price		Options	Weighted Average Strike Price
January 1	2,094	$	38.45	294	$	35.37

Vested	211	$	32.36	(211)	$	32.36


December 31	2,305	$	37.89	83	$	42.98

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Houston, TX
Auditor Firm ID	185

INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES


NOTE 10 - INCOME TAXES

LEGAL ENTITY REORGANIZATION

To align Occidental’s legal entity structure with the nature of its business activities after completing the acquisition of Anadarko and subsequent large scale post-acquisition divestiture programs, management undertook a legal entity reorganization that was completed in 2022.

As a result of this legal entity reorganization, management made an adjustment to the tax basis in a portion of its operating assets, thus reducing Occidental’s deferred tax liabilities. Accordingly, in 2022, Occidental recorded a tax benefit of $2.7 billion in connection with this reorganization. The timing of any reduction in Occidental’s future cash taxes as a result of this legal entity reorganization will be dependent on a number of factors, including prevailing commodity prices, capital activity level and production mix. The legal entity reorganization transaction is currently under IRS review as part of the Company’s 2022 federal tax audit.

INFLATION REDUCTION ACT

In August 2022, Congress passed the IRA that contains, among other provisions, certain tax incentives related to climate change and clean energy. Since the enactment of the IRA, the Treasury has released a substantial amount of regulatory and sub-regulatory guidance. However, much of this guidance remains unfinalized, and significant questions persist regarding its application. In January 2025, the Trump Administration issued an executive order that pauses the disbursement of funds appropriated under the IRA. The ultimate impact of the IRA on Occidental’s businesses depends on several factors, including the Treasury's statutory interpretations in the final regulatory guidance pending issuance and potential changes to the IRA incentives in future tax legislation.

PILLAR TWO

Approximately 140 countries have agreed to support the OECD Pillar Two initiative that proposes to apply a 15% global minimum tax on multinational entities, applied jurisdiction-by-jurisdiction. Several countries, including European Union member states, Canada, and Oman, have enacted or are in the process of enacting legislation aligned with all, or portions of, Pillar Two. Widespread implementation of Pillar Two is anticipated in 2025.

As the legislation becomes effective in countries in which Occidental operates, the Company’s cash tax could increase, and its effective tax rate could be negatively impacted. In January 2025, the Trump Administration issued an executive order indicating that any commitments made by the prior U.S. administration regarding Pillar Two “have no force or effect in the United States”. The order also suggested the U.S. will consider retaliatory measures against countries that attempt to apply extraterritorial taxes on U.S. companies.

Occidental will continue to monitor the developments in the U.S., in addition to the status of legislation and guidance issued by both the OECD and the jurisdictions in which the Company operates, to assess the impact on the Company’s tax position. Occidental does not expect the global minimum tax provisions to have a material impact on its results of operations, financial position, or cash flows.

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


millions	2024		2023		2022
Domestic	$	2,398	$	4,246	$	11,314
Foreign	1,672		2,183		2,803
Total income from continuing operations before income taxes	$	4,070	$	6,429	$	14,117

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


millions	2024		2023		2022
Current
Federal	$	(956)	$	(871)	$	(1,272)
State and local	(50)		(92)		(105)
Foreign	(629)		(713)		(1,080)
Total current tax expense	$	(1,635)	$	(1,676)	$	(2,457)
Deferred
Federal	389		(37)		1,569
State and local	28		25		57
Foreign	44		(45)		18
Total deferred tax (expense) benefit	$	461	$	(57)	$	1,644
Total income tax expense	$	(1,174)	$	(1,733)	$	(813)


	2024		2023		2022
U.S. federal statutory tax rate	21	%	21	%	21	%
Legal entity reorganization	—		—		(18)



Tax impact from foreign operations	5		3		3
State income taxes, net of federal benefit	—		1		—
Uncertain tax positions	3		2		—



Other	—		—		—
Worldwide effective tax rate	29	%	27	%	6	%

In 2024 and 2023, Occidental’s worldwide effective tax rate was higher than the U.S. statutory rate of 21%, primarily driven by Occidental's jurisdictional mix of income, where international income is subject to tax at statutory rates as high as 55%.

In 2022, Occidental’s worldwide effective tax rate was 6%, which was lower than the U.S. statutory rate of 21% and primarily driven by a tax benefit associated with Occidental's legal entity reorganization, as described above, partially offset by higher tax rates in the foreign jurisdictions in which Occidental operates.

The tax effects of temporary differences resulting in deferred income taxes as of December 31:


millions	2024		2023
Deferred tax liabilities
Property, plant and equipment differences	$	(7,100)	$	(6,994)
Equity investments, partnerships and international subsidiaries	(633)		(709)
Gross long-term deferred tax liabilities	(7,733)		(7,703)

Deferred tax assets
Environmental reserves	416		223
Postretirement benefit accruals	249		229
Deferred compensation and benefits	258		237
Asset retirement obligations	788		722
Foreign tax credit carryforwards	1,975		2,759
Business credit carryforwards	54		43
Net operating loss carryforward	1,031		1,056
Interest expense carryforward	11		11
All other	539		586
Gross long-term deferred tax assets	5,321		5,866
Valuation allowance	(2,962)		(3,901)
Net long-term deferred tax assets	$	2,359	$	1,965
Total deferred income tax liability, net	$	(5,374)	$	(5,738)
Less: foreign deferred tax asset in long-term receivables and other assets, net	(20)		(26)
Total deferred income tax liability	$	(5,394)	$	(5,764)

Total deferred tax assets, after valuation allowances, were $2.4 billion and $2.0 billion as of December 31, 2024 and 2023, respectively. Occidental expects to realize the recorded deferred tax assets, net of any allowances, through future operating income and reversal of temporary differences. The total deferred tax liabilities were $7.7 billion as of December 31, 2024 and 2023.

As of December 31, 2024, Occidental had foreign tax credit carryforwards of $2.0 billion and state tax credit carryforwards of $38 million. Occidental had recorded a valuation allowance for $2.0 billion of the foreign tax credit carryforwards and $32 million of the state tax credit carryforwards.

As of December 31, 2024, Occidental had tax-effected foreign net operating loss carryforwards of $838 million, state net operating loss carryforwards of $190 million, and federal net operating loss carryforwards of $3 million. The carryforward balances have varying carryforward periods through 2044, excluding certain attributes for which there is an indefinite carryforward period. A valuation allowance was recorded for $774 million of the tax-effected foreign net operating loss carryforwards and $153 million of the tax-effected state net operating loss carryforwards. Occidental had an additional valuation allowance of $25 million against other foreign deferred tax assets. In 2024, the Company evaluated its operations in foreign jurisdictions that maintained deferred tax assets offset with a full valuation allowance. Based on this assessment, the Company determined that $149 million of these deferred tax assets had a remote likelihood of recovery due to the lack of current or planned operating activity. Consequently, the Company reversed both the deferred tax assets and the associated valuation allowance in 2024.

Occidental had a tax-effected state interest expense carryforward of $11 million with no valuation allowance as of December 31, 2024.

A deferred tax liability had not been recognized for temporary differences related to unremitted earnings of certain consolidated international subsidiaries aggregating approximately $406 million as of December 31, 2024, as it is Occidental’s intention to reinvest such earnings indefinitely. If the earnings of these international subsidiaries were not indefinitely reinvested, an additional deferred tax liability of approximately $109 million would be required.

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


millions	2024		2023		2022
Balance as of January 1	$	1,951	$	2,010	$	2,026
Increases related to prior-year positions	—		—		2
Increases related to current-year positions	—		—		—
Settlements	—		—		—
Reductions for tax positions of prior years	—		(59)		(18)
Balance as of December 31	$	1,951	$	1,951	$	2,010

The December 31, 2024 balance of unrecognized tax benefits of $2.0 billion included potential benefits of $2.0 billion of which, if recognized, $1.5 billion would affect the effective tax rate on income. Also included were benefits of $45 million related to tax positions for which the ultimate deductibility is highly certain, but the timing of such deductibility is uncertain. Unrecognized tax benefits are included in deferred credits and other liabilities - other. Occidental records estimated potential interest and penalties related to liabilities for unrecognized tax benefits in the provisions for domestic and foreign income taxes. In 2024, Occidental recorded interest related to liabilities for unrecognized tax benefits of $186 million, for a cumulative accrued interest related to liabilities for unrecognized tax benefits of $763 million as of December 31, 2024. There were no penalties associated with liabilities for unrecognized tax benefits recorded for the years ended December 31, 2024 and 2023. Over the next 12 months, it is reasonably possible that the total amount of unrecognized tax benefits could decrease by an estimated $9 million due to settlements with taxing authorities or lapses in statutes of limitation.

Occidental recognized $30 million and $79 million in federal and state income tax receivables as of December 31, 2024 and 2023, respectively, which were recorded in other current assets. In addition, Occidental recognized $247 million and $31 million in 2024 and 2023, respectively, of long-term income tax receivables, which were recorded in long-term receivables and other assets, net.

Occidental is subject to audit by various tax authorities in varying periods. See Note 13 - Lawsuits, Claims, Commitments and Contingencies for a discussion of these matters.

- 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

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 2,132	$ 1,426
Trade receivables, net of reserves of $24 in 2024 and $29 in 2023	3,526	3,195
Joint interest receivables	720	902
Inventories	2,095	2,022
Other current assets	597	830
Total current assets	9,070	8,375
INVESTMENTS IN UNCONSOLIDATED ENTITIES	3,159	3,224
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	140,954	126,811
Accumulated depreciation, depletion and amortization	(71,576)	(68,282)
Total property, plant and equipment, net	69,378	58,529
OPERATING LEASE ASSETS	937	1,130
OTHER LONG-TERM ASSETS	2,901	2,750
TOTAL ASSETS	85,445	74,008
CURRENT LIABILITIES
Current maturities of long-term debt	1,138	1,202
Current operating lease liabilities	374	446
Accounts payable	3,753	3,646
Accrued liabilities	4,256	3,854
Total current liabilities	9,521	9,148
LONG-TERM DEBT, NET	24,978	18,536
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net	5,394	5,764
Asset retirement obligations	4,042	3,882
Other deferred credits and liabilities	7,030	6,329
Total deferred credits and other liabilities	16,466	15,975
EQUITY
Preferred stock, at $1.00 per share par value, issued shares: 2024 — 84,897 and 2023 — 84,897	8,287	8,287
Common stock, $0.20 per share par value, authorized shares: 1.5 billion, issued shares: 2024 — 1,166,769,167 and 2023 — 1,107,516,500	233	222
Treasury stock: 2024 — 228,311,184 shares and 2023 — 228,053,397 shares	(15,597)	(15,582)
Additional paid-in capital	19,868	17,422
Retained earnings	21,189	19,626
Accumulated other comprehensive income	179	275
Total stockholders’ equity	34,159	30,250
Noncontrolling interest	321	99
Total equity	34,480	30,349
TOTAL LIABILITIES AND EQUITY	85,445	74,008
Operating segments \| Oil and gas
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	121,874	109,214
TOTAL ASSETS	63,596	53,786
Operating segments \| Chemical
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	8,725	8,279
TOTAL ASSETS	5,122	4,682
Operating segments \| Midstream and marketing
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	9,322	8,279
Corporate
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	$ 1,033	$ 1,039

DERIVATIVES - MARKETING DERIVATIVES (Details)	12 Months Ended
DERIVATIVES - MARKETING DERIVATIVES (Details)	Dec. 31, 2024 $ / bbl	Dec. 31, 2024 $ / Mcfe	Dec. 31, 2024 MMBbls	Dec. 31, 2024 Bcf	Dec. 31, 2023 $ / bbl	Dec. 31, 2023 $ / Mcfe	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 share)	71.07	3.50			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			(34)				(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				(130)				(113)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies [Line Items]
Interest paid	$ 1,208	$ 1,099	$ 1,425
Capitalized interest	189	98	69
Continuing operations
Summary of Significant Accounting Policies [Line Items]
Income taxes paid	1,203	1,299	2,184
Income tax refunds received	38	18	89
Production, property and other tax payments	$ 1,348	$ 1,164	$ 1,093

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS - Narrative (Details) shares in Millions					1 Months Ended								2 Months Ended	3 Months Ended		12 Months Ended
	Aug. 01, 2024 USD ($)	Apr. 05, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 03, 2023 USD ($)	Nov. 30, 2024 USD ($)	Aug. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Sep. 30, 2023 USD ($)	Aug. 31, 2023 USD ($) payment	Jul. 31, 2023 USD ($) shares	Sep. 30, 2022 USD ($) shares	Jan. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 31, 2024 USD ($)
Business Acquisition [Line Items]
Weighted average cost capital percentage																8.50%
Oil and gas, proved reserve, period																15 years
Unweighted arithmetic average price																84.79
Natural gas, period																15 years
Unweighted arithmetic average price (per unit)																4.34
Operating and capital costs percentage																2.00%
Cash portion of Acquisition consideration									$ 1,100,000,000
Non-core proved and unproved properties sold								$ 202,000,000
Gain on sale of assets								$ 142,000,000								$ (60,000,000)	$ 522,000,000	$ 308,000,000
Gains related to legal settlements		$ 182,000,000
Forecast \| Subsequent event
Business Acquisition [Line Items]
Proceeds received for divested assets														$ 1,200,000,000
WES
Business Acquisition [Line Items]
Number of shares sold (in shares) \| shares						19.5
Sale of stock, consideration received on transaction						$ 697,000,000
Gain on sale						$ 489,000,000
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Powder River Basic And Delaware Basin Assets
Business Acquisition [Line Items]
Proceeds received for divested assets															$ 769,000,000
Loss on disposition of business															$ 479,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| WES
Business Acquisition [Line Items]
Number of shares sold (in shares) \| shares										5.1	10.0					19.5
Gain on sale										$ 51,000,000	$ 62,000,000					$ 489,000,000
Net proceeds from sale of equity investment										$ 128,000,000	$ 250,000,000
Disposed of by sale \| Permian Basin
Business Acquisition [Line Items]
Proceeds received for divested assets												$ 190,000,000
Gain on sale												$ 123,000,000
364-day term loan due 2025 \| Secured Debt
Business Acquisition [Line Items]
Debt instrument, term (in years)																364 days	364 days
Two-year term loan due 2026 \| Secured Debt
Business Acquisition [Line Items]
Debt instrument, term (in years)																2 years	2 years
High end of range
Business Acquisition [Line Items]
Oil and gas, quantity energy (in dollars per barrel of oil)																$ 97
Natural gas prices (in dollars per MCF)																5.10
Low end of range
Business Acquisition [Line Items]
Oil and gas, quantity energy (in dollars per barrel of oil)																$ 75
Natural gas prices (in dollars per MCF)																2.80
Crownrock L.P.
Business Acquisition [Line Items]
Consideration upon approval							$ 12,400,000,000
Issuance of shares upon approval (in shares) \| shares							29.6
Debt instrument issued																			$ 9,700,000,000
Cash portion of Acquisition consideration	$ 9,367,000,000
Net purchase price	11,122,000,000
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
Business Acquisition [Line Items]
Debt instrument issued	5,000,000,000
Crownrock L.P. \| 364-day term loan due 2025 \| Secured Debt
Business Acquisition [Line Items]
Debt instrument issued	$ 2,000,000,000
Debt instrument, term (in years)	364 days
Crownrock L.P. \| Two-year term loan due 2026 \| Secured Debt
Business Acquisition [Line Items]
Debt instrument issued	$ 2,700,000,000
Debt instrument, term (in years)	2 years
Crownrock L.P. \| High end of range \| New Debt
Business Acquisition [Line Items]
Issuance of debt upon approval							$ 9,400,000,000
Carbon Engineering, Ltd.
Business Acquisition [Line Items]
Interest acquired, percent									68.00%
Cash portion of Acquisition consideration				$ 349,000,000	$ 318,000,000
Equity interest in acquiree, percentage										32.00%
Equity interest in acquiree, remeasurement gain			$ 283,000,000
Number of equal annual payments \| payment									3
Permian EOR Business Unit
Business Acquisition [Line Items]
Non-monetary exchange agreement value																	$ 120,000,000
Business combination, contingent consideration, asset													$ 340,000,000					340,000,000
Pathway and Emerging Low Carbon Opportunities
Business Acquisition [Line Items]
Net purchase price																		$ 350,000,000
Permian Basin
Business Acquisition [Line Items]
Net purchase price													$ 400,000,000

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in dollars per share)	$ 0.88	$ 0.72	$ 0.52
Dividends on preferred stock (in dollars per share)	$ 8,000	$ 8,000	$ 8,000

INVESTMENTS AND RELATED-PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2024

Investments And Related Party Transactions Disclosure [Abstract]

Schedule of significant equity investments

The following table represents significant investments in unconsolidated entities as of December 31, 2024:


millions	% Economic Interest			Carrying amount
WES (a)		46.0	%	$	1,850
OxyChem Ingleside Facility		50.0	%	503
NET Power		41.6	%	488
DEL(b)		24.5	%	—
Other		various		318
Total Investments in unconsolidated entities				$	3,159

Schedule of financial information of equity-method investments

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


millions	2024		2023		2022
Summarized Results of Operations
Revenues and other income	$	5,184	$	4,724	$	6,342
Costs and expenses	3,527		3,753		4,514
Net income	$	1,657	$	971	$	1,828

Summarized Balance Sheet
Current assets	$	4,874	$	4,772	$	3,482
Non-current assets	$	18,151	$	18,715	$	15,282
Current liabilities	$	2,270	$	2,547	$	1,342
Long-term debt	$	9,296	$	9,673	$	9,512
Other non-current liabilities	$	2,504	$	2,396	$	1,289
Equity	$	8,955	$	8,870	$	6,621

Schedule of related-party transactions

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


millions	2024		2023		2022
Sales (a)	$	244	$	256	$	337
Purchases (b)	$	560	$	722	$	948
Services (c)	$	1,413	$	1,155	$	1,006
Advances and amounts due from related parties	$	49	$	62	$	40
Amounts due to related parties	$	384	$	371	$	306

(a)In 2024, 2023 and 2022 sales of Occidental-produced oil and NGL to WES accounted for 35%, 37% and 42% of related party sales, respectively.

(c)In 2024, 2023 and 2022, services primarily related to fees charged by WES to gather, process and treat Occidental produced oil, NGL and natural gas.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

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

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


millions	2024		2023		2022
Balance — beginning of year	$	405	$	276	$	213
Additions to capitalized exploratory well costs pending the determination of proved reserves	556		750		323
Reclassifications to property, plant and equipment based on the determination of proved reserves	(594)		(314)		(183)
Capitalized exploratory well costs charged to expense	(105)		(307)		(77)
Balance — end of year	$	262	$	405	$	276

Schedule of accrued liabilities

Accrued liabilities-current consisted of the following line items for the years ended 2024 and 2023:


millions	2024		2023
Payroll and related expenses	$	694	$	693
Income tax payable	471		25
Accrued interest payable	446		336
Taxes other than on income	442		618
Carbon Engineering acquisition payable	393		300
Current asset retirement obligations	388		193
Dividends payable	354		307
Other	1,068		1,382
Accrued liabilities - current	$	4,256	$	3,854

Accrued liabilities non-current consisted of the following line items for the years ended 2024 and 2023:


millions	2024		2023
Long term tax liabilities (b)	2,204		2,072
Environmental remediation liabilities (a)	1,759		889
Pension and postretirement obligations	1,022		931
Operating lease liabilities	614		727
Other	1,431		1,710
Accrued liabilities - non-current	$	7,030	$	6,329

(a) See Note 12 - Environmental Liabilities and Expenditures for additional information.

(b) See Note 13 - Lawsuits, Claims, Commitments and Contingencies for additional information.

Schedule of the activity of the asset retirement obligation

The following table summarizes the activity of AROs for the years ended December 31:


millions	2024		2023
Beginning balance	$	4,075	$	3,805

Liabilities incurred – capitalized to PP&E	287		105
Liabilities settled and paid	(445)		(295)
Accretion expense	234		211
Acquisitions, divestitures and other, net	2		(15)

Revisions to previous estimates	277		264
Ending balance	$	4,430	$	4,075

Schedule of supplemental cash flow information


millions	2024		2023		2022
Income taxes paid	$	1,203	$	1,299	$	2,184
Income tax refunds received	$	38	$	18	$	89
Production, property and other tax payments	$	1,348	$	1,164	$	1,093
Interest paid (a)	$	1,208	$	1,099	$	1,425

(a) Net of capitalized interest of $189 million, $98 million and $69 million, for the years 2024, 2023 and 2022, respectively.

Schedule of cash equivalents and restricted cash equivalents


millions	2024		2023
Cash and cash equivalents	$	2,132	$	1,426
Restricted cash and restricted cash equivalents	11		21
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net	14		17
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	2,157	$	1,464

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - COMPONENTS OF NET PERIODIC BENEFIT COST (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits
Net periodic benefit costs:
Service cost — benefits earned during the period	$ 4	$ 5	$ 7
Interest cost on projected benefit obligation	42	45	36
Expected return on plan assets	(41)	(45)	(38)
Recognized actuarial loss (gain)	2	4	1
Recognized prior service credit	0	0	0
Gain (loss) due to settlement	0	1	(1)
Net periodic benefit costs	7	10	5
Postretirement Benefits
Net periodic benefit costs:
Service cost — benefits earned during the period	18	16	38
Interest cost on projected benefit obligation	35	37	33
Expected return on plan assets	0	0	0
Recognized actuarial loss (gain)	(15)	(20)	5
Recognized prior service credit	(8)	(9)	(9)
Gain (loss) due to settlement	0	0	0
Net periodic benefit costs	$ 30	$ 24	$ 67

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

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Statement of Comprehensive Income [Abstract]

Net income

$ 3,078

$ 4,696

$ 13,304

Other comprehensive income (loss) items:

Gains (losses) on derivatives

^[1]

(5)

Pension and postretirement gains (losses)

^[2]

(89)

321

Other

(2)

Other comprehensive income (loss), net of tax

(96)

403

Comprehensive income

2,982

4,776

13,707

Less: Comprehensive income attributable to noncontrolling interest

(22)

Comprehensive income attributable to preferred and common stockholders

$ 2,960

$ 4,776

$ 13,707

[1]	Net of tax expense of $(22) in 2022.
[2]	Net of tax benefit (expense) of $26, $(10) and $(99) in 2024, 2023 and 2022, respectively. See Note 11 - Retirement and Postretirement Benefit Plans in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K for additional information.

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS - Schedule of Purchase (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair value of assets acquired:
Goodwill	$ 668
Carbon Engineering, Ltd.
Fair value of assets acquired:
Cash and cash equivalents		$ 154
Property, plant and equipment		11
Intangible assets related to developed technology		845
Goodwill		668
Total fair value of assets acquired		1,678
Fair value of liabilities acquired:
Liabilities acquired		110
Deferred tax liability		190
Amount attributable to liabilities acquired		300
Fair value of previously held interest		371
Total acquisition consideration		$ 1,007

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS - Schedule of Preliminary Purchase Price Allocation (Details) - Crownrock L.P. $ in Millions	Aug. 01, 2024 USD ($)
Fair value of assets acquired:
Cash and cash equivalents	$ 589
Trade receivables, net	198
Other current assets	39
Property, plant and equipment	11,818
Amount attributable to assets acquired	12,644
Fair value of liabilities acquired:
Current maturities of long-term debt	868
Accounts payable	207
Accrued liabilities	22
Long-term debt	378
Asset retirement obligations	47
Amount attributable to liabilities acquired	1,522
Fair value of net assets acquired:	$ 11,122

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - FAIR VALUE OF PENSION PLAN ASSETS (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure
Fair value of plan assets, net of net payables	$ 700	$ 732
Government securities
Defined Benefit Plan Disclosure
Fair value of plan assets	33	42
Corporate bonds
Defined Benefit Plan Disclosure
Fair value of plan assets	17	19
Equity securities
Defined Benefit Plan Disclosure
Fair value of plan assets	31	33
Other
Defined Benefit Plan Disclosure
Fair value of plan assets	43	47
Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure
Fair value of plan assets	124	141
Level 1
Defined Benefit Plan Disclosure
Fair value of plan assets	66	75
Fair value of plan assets, net of net payables	66	75
Level 1 \| Government securities
Defined Benefit Plan Disclosure
Fair value of plan assets	33	42
Level 1 \| Corporate bonds
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 1 \| Equity securities
Defined Benefit Plan Disclosure
Fair value of plan assets	31	33
Level 1 \| Other
Defined Benefit Plan Disclosure
Fair value of plan assets	2	0
Level 2
Defined Benefit Plan Disclosure
Fair value of plan assets	58	66
Fair value of plan assets, net of net payables	58	66
Level 2 \| Government securities
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 2 \| Corporate bonds
Defined Benefit Plan Disclosure
Fair value of plan assets	17	19
Level 2 \| Equity securities
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 2 \| Other
Defined Benefit Plan Disclosure
Fair value of plan assets	41	47
Level 3
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Fair value of plan assets, net of net payables	0	0
Level 3 \| Government securities
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 3 \| Corporate bonds
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 3 \| Equity securities
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 3 \| Other
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Investments measured at net asset value
Defined Benefit Plan Disclosure
Fair value of plan assets	$ 576	$ 591

ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Details)	1 Months Ended				12 Months Ended
ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Details)	Jan. 31, 2025 USD ($)	Sep. 30, 2021 USD ($) mi	Jun. 30, 2018 USD ($)	Mar. 31, 2016 mi	Dec. 31, 2024 USD ($) segment site	Dec. 31, 2023 USD ($) site	Dec. 31, 2022 USD ($)
Environmental remediation reserves
Number of sites \| site					158	160
Remediation balance					$ 1,909,000,000	$ 1,021,000,000
Environmental reserves, exceeding $ ten million, threshold value					$ 10,000,000
Environmental reserves, exceeding $ ten million, number of sites \| site					16
Environmental reserves, range between zero to $ one million site category, number of sites \| site					88
Environmental remediation expense, statement of income or comprehensive income					Other operating and non-operating expense	Other operating and non-operating expense	Other operating and non-operating expense
Remediation expenses					$ 76,000,000	$ 79,000,000	$ 65,000,000
Percent of reserve to be funded over the next three to four years					25.00%
Minimum period of expending second half of environmental reserves					10 years
Environmental remediation additional loss range					$ 1,900,000,000
Low end of range
Environmental remediation reserves
Period of expending 40 percent of environmental reserves					3 years
High end of range
Environmental remediation reserves
Environmental reserves, range between zero to $ one million site category					$ 1,000,000
Period of expending 40 percent of environmental reserves					4 years
Non-National Priorities List Sites
Environmental remediation reserves
Number of site categories \| site					3
NPL Sites
Environmental remediation reserves
Number of sites \| site					32	32
Remediation balance					$ 1,374,000,000	$ 435,000,000
Third-Party Sites
Environmental remediation reserves
Number of sites \| site					63	65
Remediation balance					$ 200,000,000	$ 233,000,000
Number of sites with significant environmental remediation reserves \| site					5
Currently Operated Sites
Environmental remediation reserves
Number of sites \| site					12	12
Remediation balance					$ 88,000,000	$ 98,000,000
Number of sites with significant environmental remediation reserves \| site					3
Closed or Non-operated Sites
Environmental remediation reserves
Number of sites \| site					51	51
Remediation balance					$ 247,000,000	$ 255,000,000
Number of sites with significant environmental remediation reserves \| site					7
Diamond Alkali Superfund Site
Environmental remediation reserves
Number of operating units \| segment					4
Diamond Alkali Superfund Site - Operable Unit One \| Subsequent event
Environmental remediation reserves
Remediation expenses	$ 16,000,000
Diamond Alkali Superfund Site - Operable Unit Two
Environmental remediation reserves
Remediation expenses			$ 1,400,000,000
Stretch of lower passaic river requiring remedial actions \| mi				8.3
Diamond Alkali Superfund Site - Operable Unit Four
Environmental remediation reserves
Remediation expenses		$ 440,000,000
Stretch of lower passaic river requiring remedial actions \| mi		17
River stretch which may require remedial actions \| mi		9
Alden Leeds \| Alden Leeds
Environmental remediation reserves
Increase in environmental remediation liability					$ 925,000,000
Remediation expenses							$ 150,000,000
Accrued liabilities
Environmental remediation reserves
Environmental loss contingency, statement of financial position					Accrued liabilities	Accrued liabilities
Remediation balance					$ 150,000,000	$ 132,000,000
Accrued Environmental Loss Contingencies, Noncurrent
Environmental remediation reserves
Environmental loss contingency, statement of financial position					Other deferred credits and liabilities	Other deferred credits and liabilities
Remediation balance					$ 1,800,000,000	$ 900,000,000

INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS - OTHER SEGMENT EXPENSES (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Information
Net sales		$ 26,725	$ 28,257	$ 36,634
Gains (losses) on sales of assets and other, net	$ 142	(60)	522	308
Total		26,880	28,918	37,095
Oil and gas lease operating expense		4,738	4,677	4,028
Transportation and gathering expense		1,608	1,481	1,475
Other operating and non-operating expense		1,581	1,084	1,271
Taxes other than on income		1,039	1,087	1,548
Cost of sales		3,121	3,116	3,273
Purchased commodities		337	2,009	3,287
Depreciation, depletion and amortization		7,371	6,865	6,926
Total		23,672	23,023	24,088
Income before income taxes and other items		3,208	5,895	13,007
Income from equity investments and other		862	534	793
Income from continuing operations before income taxes		4,070	6,429	14,117
Oil and gas \| Other Operating Segments And Intersegment Eliminations
Segment Information
Net sales		21,705	21,284	27,165
Gains (losses) on sales of assets and other, net		(551)	192	220
Total		21,154	21,476	27,385
Oil and gas lease operating expense		4,738	4,677	4,028
Transportation and gathering expense		1,583	1,427	1,393
Other operating and non-operating expense		997	889	942
Taxes other than on income		1,026	1,076	1,535
Depreciation, depletion and amortization		6,565	6,112	6,179
Other segment expenses		993	1,031	498
Total		15,902	15,212	14,575
Income before income taxes and other items		5,252	6,264	12,810
Income from equity investments and other		(38)	(24)	(7)
Income from continuing operations before income taxes		5,214	6,240	12,803
Chemical \| Other Operating Segments And Intersegment Eliminations
Segment Information
Net sales		4,923	5,321	6,757
Gains (losses) on sales of assets and other, net		19	57	65
Total		4,942	5,378	6,822
Cost of sales		3,367	3,425	3,909
Depreciation, depletion and amortization		363	356	370
Other segment expenses		191	175	149
Total		3,921	3,956	4,428
Income before income taxes and other items		1,021	1,422	2,394
Income from equity investments and other		103	109	114
Income from continuing operations before income taxes		1,124	1,531	2,508
Midstream and marketing \| Other Operating Segments And Intersegment Eliminations
Segment Information
Net sales		962	2,551	4,136
Gains (losses) on sales of assets and other, net		627	493	267
Total		1,589	3,044	4,403
Other operating and non-operating expense		298	239	143
Cost of sales		558	597	706
Purchased commodities		470	2,144	3,497
Depreciation, depletion and amortization		329	326	328
Other segment expenses		151	163	167
Total		1,806	3,469	4,841
Income before income taxes and other items		(217)	(425)	(438)
Income from equity investments and other		797	449	711
Income from continuing operations before income taxes		$ 580	$ 24	$ 273

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - NARRATIVE (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) employee	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Defined Benefit Plan Disclosure
Accrued liabilities for the supplemental retirement plan	$ 387	$ 330
Expenses under provisions of defined contribution and supplemental retirement plans	252	221	$ 202
Total benefit costs, including postretirement costs	205	$ 175	$ 211
Pension Benefits
Defined Benefit Plan Disclosure
Expected contribution to defined benefit pension plans in next fiscal year	$ 29
United States
Defined Benefit Plan Disclosure
Number of employees accruing benefits under defined benefit plans \| employee	300
Foreign
Defined Benefit Plan Disclosure
Number of employees accruing benefits under defined benefit plans \| employee	300

STOCKHOLDERS' EQUITY - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total equity	$ 34,480	$ 30,349	$ 30,085	$ 20,327
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total equity	179	275	$ 195	$ (208)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total equity	(6)	(4)
Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total equity	15	20
Pension and postretirement adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total equity	$ 170	$ 259

- 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 + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Paragraph 8
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147479832/842-10-65-8

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-24

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REVENUE (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of reconciliation of revenue from customers to total net sales

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


millions	2024		2023		2022
Revenue from customers	$	27,413	$	28,325	$	36,234
All other revenues	(688)		(68)		400
Net sales	$	26,725	$	28,257	$	36,634

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


millions	United States		International		Eliminations		Total
Year ended December 31, 2024
Oil and gas
Oil	$	15,604	$	2,940	$	—	$	18,544
NGL	1,865		390		—		2,255
Gas	514		361		—		875
Other	29		2		—		31
Segment total	$	18,012	$	3,693	$	—	$	21,705
Chemical	$	4,628	$	292	$	—	$	4,920
Midstream and marketing	$	1,240	$	413	$	—	$	1,653




Eliminations	$	—	$	—	$	(865)	$	(865)
Consolidated	$	23,880	$	4,398	$	(865)	$	27,413

Year ended December 31, 2023
Oil and gas
Oil	$	14,893	$	3,057	$	—	$	17,950
NGL	1,619		372		—		1,991
Gas	970		335		—		1,305
Other	36		2		—		38
Segment total	$	17,518	$	3,766	$	—	$	21,284
Chemical	$	5,002	$	313	$	—	$	5,315
Midstream and marketing	$	2,216	$	409	$	—	$	2,625
Eliminations	$	—	$	—	$	(899)	$	(899)
Consolidated	$	24,736	$	4,488	$	(899)	$	28,325

Year ended December 31, 2022
Oil and gas
Oil	$	17,421	$	3,935	$	—	$	21,356
NGL	2,631		421		—		3,052
Gas	2,422		311		—		2,733
Other	20		4		—		24
Segment total	$	22,494	$	4,671	$	—	$	27,165
Chemical	$	6,359	$	379	$	—	$	6,738
Midstream and marketing	$	3,167	$	588	$	—	$	3,755
Eliminations	$	—	$	—	$	(1,424)	$	(1,424)
Consolidated	$	32,020	$	5,638	$	(1,424)	$	36,234