0001628280-26-053388 | 10-Q | XBRL Viewer | Occidental Petroleum Corp DE

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GENERAL - Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Long-term tax liabilities	$ 2,472	$ 2,393
Environmental remediation liabilities	1,702	1,719
Pension and postretirement obligations	937	985
Operating lease liabilities	505	605
Other	1,602	1,609
Total	$ 7,218	$ 7,311

Consolidated Condensed Statements of Equity - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling interest
Beginning balance at Dec. 31, 2024	$ 34,480	$ 8,287	$ 233	$ (15,597)	$ 19,868	$ 21,189	$ 179	$ 321
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,413					1,394		19
Other comprehensive loss, net of tax	(15)						(15)
Dividends on common stock	(467)					(467)
Dividends on preferred stock	(340)					(340)
Shareholder warrants exercised	896		9		887
Issuance of common stock and other, net of cancellations	95		1		94
Noncontrolling interest contributions	114							114
Ending balance at Jun. 30, 2025	36,176	8,287	243	(15,597)	20,849	21,776	164	454
Beginning balance at Mar. 31, 2025	35,105	8,287	234	(15,597)	19,892	21,726	170	393
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	468					458		10
Other comprehensive loss, net of tax	(6)						(6)
Dividends on common stock	(238)					(238)
Dividends on preferred stock	(170)					(170)
Shareholder warrants exercised	893		9		884
Issuance of common stock and other, net of cancellations	73				73
Noncontrolling interest contributions	51							51
Ending balance at Jun. 30, 2025	36,176	8,287	243	(15,597)	20,849	21,776	164	454
Beginning balance at Dec. 31, 2025	36,598	8,287	243	(15,597)	21,008	21,891	202	564
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,355					6,322		33
Other comprehensive loss, net of tax	(11)						(11)
Dividends on common stock	(523)					(523)
Dividends on preferred stock	(340)					(340)
Shareholder warrants exercised	276		3		273
Options exercised	9				9
Issuance of common stock and other, net of cancellations	96				96
Purchases of treasury stock	(117)			(117)
Noncontrolling interest contributions	38							38
Ending balance at Jun. 30, 2026	42,381	8,287	246	(15,714)	21,386	27,350	191	635
Beginning balance at Mar. 31, 2026	39,560	8,287	244	(15,676)	21,077	24,806	194	628
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,996					2,977		19
Other comprehensive loss, net of tax	(3)						(3)
Dividends on common stock	(263)					(263)
Dividends on preferred stock	(170)					(170)
Shareholder warrants exercised	197		2		195
Options exercised	3				3
Issuance of common stock and other, net of cancellations	111				111
Purchases of treasury stock	(38)			(38)
Noncontrolling interest contributions	(12)							(12)
Ending balance at Jun. 30, 2026	$ 42,381	$ 8,287	$ 246	$ (15,714)	$ 21,386	$ 27,350	$ 191	$ 635

REVENUE

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

REVENUE


NOTE 2 - REVENUE

Revenue from customers is recognized when obligations under the terms of a contract with customers are satisfied; this generally occurs with the delivery of oil, NGL, gas or services, such as transportation.

The following table shows a reconciliation of revenue from customers to total net sales for the following periods:


	Three months ended				Six months ended
millions	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025

Revenue from customers	$	7,053	$	5,163	$	12,622	$	10,976
All other revenues (a)	1,012		95		673		(14)
Net sales	$	8,065	$	5,258	$	13,295	$	10,962

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

DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS

The table below presents the Company's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGL and gas at the lease or concession area. Midstream and marketing segment revenues are shown by the location of sale:


millions	United States		International		Eliminations		Total

Three months ended June 30, 2026
Oil and gas
Oil	$	5,417	$	872	$	—	$	6,289
NGL	592		89		—		681
Gas	(250)		81		—		(169)
Other	(26)		2		—		(24)
Segment total	$	5,733	$	1,044	$	—	$	6,777




Midstream and marketing	$	154	$	265	$	—	$	419
Eliminations	$	—	$	—	$	(143)	$	(143)
Consolidated	$	5,887	$	1,309	$	(143)	$	7,053

millions	United States		International		Eliminations		Total

Three months ended June 30, 2025
Oil and gas
Oil	$	3,456	$	690	$	—	$	4,146
NGL	457		86		—		543
Gas	205		88		—		293
Other	26		1		—		27
Segment total	$	4,144	$	865	$	—	$	5,009
Midstream and marketing	$	134	$	161	$	—	$	295
Eliminations	$	—	$	—	$	(141)	$	(141)
Consolidated	$	4,278	$	1,026	$	(141)	$	5,163


millions	United States		International		Eliminations		Total

Six months ended June 30, 2026
Oil and gas
Oil	$	9,290	$	1,522	$	—	$	10,812
NGL	1,036		163		—		1,199
Gas	(86)		164		—		78
Other	(2)		4		—		2
Segment total	$	10,238	$	1,853	$	—	$	12,091
Midstream and marketing	$	275	$	541	$	—	$	816
Eliminations	$	—	$	—	$	(285)	$	(285)
Consolidated	$	10,513	$	2,394	$	(285)	$	12,622


millions	United States		International		Eliminations		Total

Six months ended June 30, 2025
Oil and gas
Oil	$	7,286	$	1,365	$	—	$	8,651
NGL	1,035		182		—		1,217
Gas	586		172		—		758
Other	64		2		—		66
Segment total	$	8,971	$	1,721	$	—	$	10,692
Midstream and marketing	$	278	$	299	$	—	$	577
Eliminations	$	—	$	—	$	(293)	$	(293)
Consolidated	$	9,249	$	2,020	$	(293)	$	10,976

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

ENVIRONMENTAL LIABILITIES AND EXPENDITURES - Current and Non-Current Environmental Remediation Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Portion:
Accrued liabilities	$ 151	$ 151
Non-Current Portion:
Other deferred credits and liabilities	1,702	1,719
Total current and non-current	$ 1,853	1,870
Environmental loss contingency, current, statement of financial position	Accrued liabilities
Continuing Operations
Current Portion:
Accrued liabilities	$ 55	55
Non-Current Portion:
Other deferred credits and liabilities	135	141
Total current and non-current	190	196
Discontinued Operations
Current Portion:
Accrued liabilities	96	96
Non-Current Portion:
Other deferred credits and liabilities	1,567	1,578
Total current and non-current	$ 1,663	$ 1,674

DERIVATIVES - Schedule of Fair Value Derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Marketing Derivatives
Gross and net fair values of outstanding derivatives
Netting, asset		$ (328)
Total net fair value, asset		68
Netting and collateral, liability		328
Total net fair value, liability		(32)
Collateral received netted against derivative assets	$ 71	29
Collateral paid netted against derivative liabilities		23
Marketing Derivatives \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccruedLiabilitiesCurrent
Gross and net fair values of outstanding derivatives
Netting and collateral, liability	2,385
Total net fair value, liability	(34)
Marketing Derivatives \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsCurrent
Gross and net fair values of outstanding derivatives
Netting, asset	(2,385)
Total net fair value, asset	292
Marketing Derivatives \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsMiscellaneousNoncurrent
Gross and net fair values of outstanding derivatives
Netting, asset	(2)
Total net fair value, asset	0
Marketing Derivatives \| Location, Statement of Financial Position, Balance [Axis]: oxy:DeferredCreditsAndOtherLiabilitiesNoncurrentOther
Gross and net fair values of outstanding derivatives
Netting and collateral, liability	2
Total net fair value, liability	0
Crude Collars
Gross and net fair values of outstanding derivatives
Netting and collateral, liability	0
Total net fair value, liability	(31)
Level 1 \| Marketing Derivatives
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross		345
Commodity contract derivative liability, gross		(336)
Level 1 \| Marketing Derivatives \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccruedLiabilitiesCurrent
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	(2,140)
Level 1 \| Marketing Derivatives \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsCurrent
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	2,261
Level 1 \| Marketing Derivatives \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsMiscellaneousNoncurrent
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	2
Level 1 \| Marketing Derivatives \| Location, Statement of Financial Position, Balance [Axis]: oxy:DeferredCreditsAndOtherLiabilitiesNoncurrentOther
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	(2)
Level 1 \| Crude Collars
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	(31)
Level 2 \| Marketing Derivatives
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross		51
Commodity contract derivative liability, gross		(24)
Level 2 \| Marketing Derivatives \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccruedLiabilitiesCurrent
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	(279)
Level 2 \| Marketing Derivatives \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsCurrent
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	416
Level 2 \| Marketing Derivatives \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsMiscellaneousNoncurrent
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	0
Level 2 \| Marketing Derivatives \| Location, Statement of Financial Position, Balance [Axis]: oxy:DeferredCreditsAndOtherLiabilitiesNoncurrentOther
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	0
Level 2 \| Crude Collars
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	0
Level 3 \| Marketing Derivatives
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross		0
Commodity contract derivative liability, gross		$ 0
Level 3 \| Marketing Derivatives \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccruedLiabilitiesCurrent
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	0
Level 3 \| Marketing Derivatives \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsCurrent
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	0
Level 3 \| Marketing Derivatives \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsMiscellaneousNoncurrent
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	0
Level 3 \| Marketing Derivatives \| Location, Statement of Financial Position, Balance [Axis]: oxy:DeferredCreditsAndOtherLiabilitiesNoncurrentOther
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	0
Level 3 \| Crude Collars
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	$ 0

ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Tables)

6 Months Ended

Jun. 30, 2026

Environmental Remediation Obligations [Abstract]

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

The following table presents the current and non-current environmental remediation liabilities of the Company:



millions	as of June 30, 2026						as of December 31, 2025
	Continuing Operations		Discontinued Operations		Total		Continuing Operations		Discontinued Operations		Total
Current Portion:
Accrued liabilities	$	55	$	96	$	151	$	55	$	96	$	151
Non-Current Portion:
Other deferred credits and liabilities	135		1,567		1,702		141		1,578		1,719
Total current and non-current	$	190	$	1,663	$	1,853	$	196	$	1,674	$	1,870


	June 30, 2026
millions, except number of sites	Number of Sites	Remediation Balance
NPL Sites	29	$	1,367
Third-Party Sites	68	247
Currently Operated Sites	3	25
Closed or Non-operated Sites	49	214
Total	149	$	1,853

REVENUE (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Reconciliation of Revenue from Customers to Total Net Sales

The following table shows a reconciliation of revenue from customers to total net sales for the following periods:


	Three months ended				Six months ended
millions	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025

Revenue from customers	$	7,053	$	5,163	$	12,622	$	10,976
All other revenues (a)	1,012		95		673		(14)
Net sales	$	8,065	$	5,258	$	13,295	$	10,962

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

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


millions	United States		International		Eliminations		Total

Three months ended June 30, 2026
Oil and gas
Oil	$	5,417	$	872	$	—	$	6,289
NGL	592		89		—		681
Gas	(250)		81		—		(169)
Other	(26)		2		—		(24)
Segment total	$	5,733	$	1,044	$	—	$	6,777




Midstream and marketing	$	154	$	265	$	—	$	419
Eliminations	$	—	$	—	$	(143)	$	(143)
Consolidated	$	5,887	$	1,309	$	(143)	$	7,053

millions	United States		International		Eliminations		Total

Three months ended June 30, 2025
Oil and gas
Oil	$	3,456	$	690	$	—	$	4,146
NGL	457		86		—		543
Gas	205		88		—		293
Other	26		1		—		27
Segment total	$	4,144	$	865	$	—	$	5,009
Midstream and marketing	$	134	$	161	$	—	$	295
Eliminations	$	—	$	—	$	(141)	$	(141)
Consolidated	$	4,278	$	1,026	$	(141)	$	5,163


millions	United States		International		Eliminations		Total

Six months ended June 30, 2026
Oil and gas
Oil	$	9,290	$	1,522	$	—	$	10,812
NGL	1,036		163		—		1,199
Gas	(86)		164		—		78
Other	(2)		4		—		2
Segment total	$	10,238	$	1,853	$	—	$	12,091
Midstream and marketing	$	275	$	541	$	—	$	816
Eliminations	$	—	$	—	$	(285)	$	(285)
Consolidated	$	10,513	$	2,394	$	(285)	$	12,622


millions	United States		International		Eliminations		Total

Six months ended June 30, 2025
Oil and gas
Oil	$	7,286	$	1,365	$	—	$	8,651
NGL	1,035		182		—		1,217
Gas	586		172		—		758
Other	64		2		—		66
Segment total	$	8,971	$	1,721	$	—	$	10,692
Midstream and marketing	$	278	$	299	$	—	$	577
Eliminations	$	—	$	—	$	(293)	$	(293)
Consolidated	$	9,249	$	2,020	$	(293)	$	10,976

EARNINGS PER SHARE AND EQUITY (Tables)

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Schedule of Calculation of Basic and Diluted EPS

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


	Three months ended				Six months ended
millions except per-share amounts	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Income from continuing operations	$	3,000	$	338	$	3,236	$	1,168
Discontinued operations, net of taxes	(4)		130		3,119		245
Net income	$	2,996	$	468	$	6,355	$	1,413
Less: Income attributable to noncontrolling interest	(19)		(10)		(33)		(19)
Less: Preferred stock dividends	(170)		(170)		(340)		(340)
Net income attributable to common stock	$	2,807	$	288	$	5,982	$	1,054
Less: Incremental fair value for warrants inducement	—		(25)		—		(25)
Less: Net income allocated to participating securities	(20)		(2)		(37)		(7)
Net income, net of participating securities	$	2,787	$	261	$	5,945	$	1,022
Weighted-average number of basic shares	997.1		985.1		993.7		963.5
Basic income per common share	$	2.80	$	0.27	$	5.98	$	1.06
Net income attributable to common stock	$	2,807	$	288	$	5,982	$	1,054
Less: Incremental fair value for warrants inducement	—		(25)		—		(25)
Less: Net income allocated to participating securities	(19)		(2)		(37)		(7)
Net income, net of participating securities	$	2,788	$	261	$	5,945	$	1,022
Weighted-average number of basic shares	997.1		985.1		993.7		963.5
Dilutive securities	15.1		25.3		16.1		33.5
Total diluted weighted-average common shares	1,012.2		1,010.4		1,009.8		997.0
Diluted income per common share	$	2.75	$	0.26	$	5.89	$	1.03

Anti-dilutive securities excluded from diluted shares (millions)	83.9		84.2		83.9		83.9

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 2026:


Period	Exercise of Warrants (a)	Other (b)	Treasury Stock Purchases (c)	Common Stock Outstanding
December 31, 2025				986,026,416
First Quarter 2026	3,609,243	2,939,668	(1,382,767)	991,192,560
Second Quarter 2026	8,929,988	222,559	(636,556)	999,708,551
Total	12,539,231	3,162,227	(2,019,323)	999,708,551

(a) $276 million of cash was received in the first six months of 2026 from the exercise of Common Stock Warrants.

(b) Includes issuances under the 2015 long-term incentive plan and the OPC savings plan.

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

INCOME TAXES - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income before income taxes	$ 3,915	$ 560	$ 4,305	$ 1,737
Current
Federal	19	(57)	29	(387)
State and Local	(5)	(4)	(3)	(17)
Foreign	(222)	(173)	(338)	(302)
Total current tax expense	(208)	(234)	(312)	(706)
Deferred
Federal	(650)	39	(678)	178
State and Local	(27)	(1)	(30)	3
Foreign	(30)	(26)	(49)	(44)
Total deferred tax benefit (expense)	(707)	12	(757)	137
Total income tax expense
Federal	(631)	(18)	(649)	(209)
State and Local	(32)	(5)	(33)	(14)
Foreign	(252)	(199)	(387)	(346)
Total income tax expense	(915)	(222)	(1,069)	(569)
Income from continuing operations	$ 3,000	$ 338	$ 3,236	$ 1,168
Worldwide effective tax rate	23.00%	40.00%	25.00%	33.00%

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS


NOTE 4 - ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS

ACQUISITIONS AND DIVESTITURES

During the second quarter of 2026, the Company divested non-core operated and non-operated leasehold interests as well as certain processing plants in the Permian Basin. The Company recorded a loss of $230 million primarily attributable to the processing plants for the first six months of 2026.

DISCONTINUED OPERATIONS

In October 2025, the Company announced a purchase and sale agreement with Berkshire Hathaway to sell all of the issued and outstanding equity interests in OxyChem in an all-cash transaction for an adjusted sales price of $9.5 billion, subject to additional post-closing adjustments. The sale was completed on January 2, 2026, resulting in a gain of approximately $3.1 billion, net of taxes. The OxyChem Transaction marks a strategic change in the Company's operations. For information related to the presentation of financials for discontinued operations, see Note 1 - General. Refer to Note 3 Long-Term Debt for the Company's use of the after-tax sale proceeds.

The following table summarizes the components of the sales price:


in millions	Total
Cash sales price	$	9,700
Closing adjustments:
Working capital adjustment	(158)
Post-close adjustments	(70)
Total cash sales price	$	9,472

The following table presents the amounts reported in discontinued operations, net of income taxes, for the following:


	Three months ended				Six months ended
millions	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Revenues and other income
Net sales	$	—	$	1,156	$	26	$	2,255
Interest, dividends and other income	12		(4)		12		2
Gains (losses) on sales of assets and other, net	(36)		3		4,036		3
Total revenues and other income	(24)		1,155		4,074		2,260
Costs and other deductions
Chemical cost of sales	—		808		23		1,570
General and administrative expense	5		27		9		53
Other operating and non-operating expense	47		52		75		118
Depreciation, depletion and amortization	—		113		—		226

Other expense, net	—		5		—		13
Total costs and other deductions	52		1,005		107		1,980
Income (loss) before income taxes and other items	(76)		150		3,967		280
Income from equity investments and other	—		28		1		53
Income (loss) before income taxes	(76)		178		3,968		333
Income tax benefit (expense)	72		(48)		(849)		(88)
Income (loss) from discontinued operations, net of tax	$	(4)	$	130	$	3,119	$	245

The effective tax rate for discontinued operations was 21% and 26% for the six months ended June 30, 2026 and 2025, respectively.

GENERAL - Schedule of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Materials and supplies	$ 1,270	$ 1,222
Commodity inventory	915	601
Total	$ 2,185	$ 1,823

SEGMENTS - Segment Property Plant And Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Segment Information
Property Plant and Equipment, Gross	$ 134,409	$ 137,753
Accumulated DD&A	(71,809)	(74,110)
Property, Plant and Equipment, Net	62,600	63,643
Investments in unconsolidated entities	2,569	2,475
Total Assets	80,358	84,186
Discontinued Operations, Held-for-sale \| Assets held for sale
Segment Information
Property Plant and Equipment, Gross	0	0
Accumulated DD&A	0	0
Property, Plant and Equipment, Net	0	0
Investments in unconsolidated entities	0	0
Total Assets	0	6,520
Operating segments \| Oil and gas segment
Segment Information
Property Plant and Equipment, Gross	124,245	126,896
Accumulated DD&A	(68,619)	(70,292)
Property, Plant and Equipment, Net	55,626	56,604
Investments in unconsolidated entities	148	129
Total Assets	59,531	60,393
Operating segments \| Midstream and marketing
Segment Information
Property Plant and Equipment, Gross	8,930	9,638
Accumulated DD&A	(2,592)	(3,273)
Property, Plant and Equipment, Net	6,338	6,365
Investments in unconsolidated entities	2,421	2,346
Total Assets	14,883	13,901
Corporate and eliminations
Segment Information
Property Plant and Equipment, Gross	1,234	1,219
Accumulated DD&A	(598)	(545)
Property, Plant and Equipment, Net	636	674
Investments in unconsolidated entities	0	0
Total Assets	$ 5,944	$ 3,372

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The following table summarizes components of income tax expense:


	Three months ended						Six months ended
millions	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Income before income taxes	$	3,915		$	560		$	4,305		$	1,737
Current
Federal	19			(57)			29			(387)
State and Local	(5)			(4)			(3)			(17)
Foreign	(222)			(173)			(338)			(302)
Total current tax expense	$	(208)		$	(234)		$	(312)		$	(706)
Deferred
Federal	(650)			39			(678)			178
State and Local	(27)			(1)			(30)			3
Foreign	(30)			(26)			(49)			(44)
Total deferred tax benefit (expense)	$	(707)		$	12		$	(757)		$	137
Total income tax expense
Federal	(631)			(18)			(649)			(209)
State and Local	(32)			(5)			(33)			(14)
Foreign	(252)			(199)			(387)			(346)
Total income tax expense	$	(915)		$	(222)		$	(1,069)		$	(569)
Income from continuing operations	$	3,000		$	338		$	3,236		$	1,168
Worldwide effective tax rate	23		%	40		%	25		%	33		%

SEGMENTS - Segment Investments And Expenditures (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Information
Total	$ 1,642	$ 1,751	$ 3,246	$ 3,475
Operating segments \| Oil and gas segment
Segment Information
Total	1,481	1,541	2,883	3,109
Operating segments \| Midstream and marketing
Segment Information
Total	142	188	334	336
Corporate and eliminations \| Midstream and marketing
Segment Information
Total	$ 19	$ 22	$ 29	$ 30

- 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.

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+ Details

LONG-TERM DEBT - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Long-term Debt
Debt repaid	$ 8,609
Loss on extinguishment of debt	190
Level 1 \| Estimate of Fair Value Measurement
Long-term Debt
Fair value of long-term debt	$ 12,200	$ 20,800

- Definition

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+ Details

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

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+ Details

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 2,996	$ 468	$ 6,355	$ 1,413
Other comprehensive income (loss) items:
Gains (losses) on derivatives	0	(8)	3	(11)
Pension and postretirement losses	(3)	(2)	(19)	(5)
Other	0	4	5	1
Other comprehensive loss, net of tax	(3)	(6)	(11)	(15)
Comprehensive income	2,993	462	6,344	1,398
Comprehensive income attributable to noncontrolling interest	(19)	(10)	(33)	(19)
Comprehensive income attributable to preferred and common stockholders	$ 2,974	$ 452	$ 6,311	$ 1,379

GENERAL

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

GENERAL


NOTE 1 - GENERAL

NATURE OF OPERATIONS

The Company conducts its operations through various subsidiaries and affiliates. The Company has made its disclosures in accordance with United States generally accepted accounting principles as they apply to interim reporting and has condensed or omitted, as permitted by the rules and regulations of the SEC, certain information and disclosures normally included in Consolidated Financial Statements and the notes thereto. These unaudited Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto in the 2025 Form 10-K.

In the opinion of the Company's management, the accompanying unaudited Consolidated Condensed Financial Statements in this report reflect all adjustments (consisting of normal recurring adjustments) that are necessary to fairly present the Company's results of operations and cash flows for the six months ended June 30, 2026 and 2025 and the Company's financial position as of June 30, 2026 and December 31, 2025. The income and cash flows for the periods ended June 30, 2026 and 2025 are not necessarily indicative of the income or cash flows to be expected for the full year.

WES INVESTMENT

WES is a publicly traded limited partnership with its limited partner units traded on the NYSE under the ticker symbol "WES." As of June 30, 2026, the Company owned all of the 2.1% non-voting general partner interest, 36.4% of the WES limited partner units, and a 1.9% non-voting limited partner interest in WES Operating, a subsidiary of WES. In February 2026, in connection with the amendment of certain commercial agreements, the Company transferred 15.3 million units to WES, and recorded charges of $105 million. In June 2026, WES acquired Brazos Delaware II, LLC with a mix of equity and cash, and the Company recognized a gain of $220 million from its pro-rata ownership reduction in WES. As of June 30, 2026, the Company's combined share of net income from WES and its subsidiaries was 39.0%.

DISCONTINUED OPERATIONS

The OxyChem Transaction closed on January 2, 2026 for an adjusted sales price of $9.5 billion, subject to additional post-closing adjustments. In connection with the transaction, the Company retained environmental liabilities relating to legacy sites. Furthermore, there are post-closing indemnification obligations for (i) such legacy environmental liabilities and (ii) pre-closing liabilities of OxyChem, including pre-closing environmental liabilities, in each case subject to certain limitations and procedures, and Occidental entered into a guaranty in favor of Berkshire Hathaway to guarantee these indemnification obligations.

As a result of our agreement to sell OxyChem, the following changes in our basis of presentation have occurred:

■In accordance with ASC 205, Discontinued Operations, intersegment sales from our oil and gas and midstream and marketing segments to the chemical segment are no longer eliminated as intercompany transactions. All periods presented have been retrospectively adjusted to reflect this change.

■Beginning October 1, 2025, in accordance with ASC 360, Property, Plant, and Equipment (PP&E), depreciation and amortization were no longer recorded for the chemical segment's PP&E and right of use lease assets.

Unless otherwise indicated, information presented in the Notes to Consolidated Financial Statements relates only to the Company's continuing operations. Additional information related to discontinued operations is included in Note 4 - 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.

NONCONTROLLING INTEREST

Together with BlackRock, the Company is a joint venture partner in the development of the world's first commercial-scale direct air capture facility. As the primary beneficiary, the Company consolidates the joint venture, which is classified as a Variable Interest Entity. BlackRock's investment is accounted for as an NCI. As of June 30, 2026, BlackRock has invested the entirety of its total commitment of $550 million. In addition, the Company has entered into agreements with the joint venture related to project management, operations and maintenance and carbon removal offtake. The Company may incur additional payments if certain construction and operational thresholds are not met.

The Company 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 the Company thereafter. The NCI receives preferential distributions in liquidation.

The Company has determined that the appropriate methodology for attributing income and loss from the joint venture is the Hypothetical Liquidation at Book Value method. As of June 30, 2026, the joint venture's assets were comprised of $1.3 billion construction in progress. Noncontrolling interest as of June 30, 2026 was $635 million. In the six months ended June 30, 2026, contributions of $50 million from BlackRock were netted with $12 million in distributions to BlackRock.

CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balances for the periods presented include investments in government money market funds in which the carrying value approximates fair value.

The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Consolidated Condensed Statements of Cash Flows as of:



millions	June 30, 2026		June 30, 2025
Cash and cash equivalents	$	4,150	$	2,314
Cash and cash equivalents included in assets held for sale	—		12
Restricted cash and restricted cash equivalents included in other current assets	19		16
Restricted cash and restricted cash equivalents included in other long-term assets	19		18
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	4,188	$	2,360

RECEIVABLES AND OTHER CURRENT ASSETS

Trade receivables, net of reserves, were $3.1 billion and $2.6 billion as of June 30, 2026 and December 31, 2025, respectively, and represent rights to payment for which the Company had satisfied its obligations under a contract with a customer and its right to payment was conditioned only on the passage of time. The allowance for doubtful accounts was insignificant as of both dates.

SUPPLEMENTAL CASH FLOW INFORMATION

The following table represents U.S. federal, state and international income taxes paid, refunds received and interest paid during the following periods:



millions	Six months ended June 30, 2026		Six months ended June 30, 2025
Income tax payments	$	514	$	877
Income tax refunds received	$	(1)	$	(3)
Interest paid (a)	$	523	$	681

(a) Net of capitalized interest of $103 million and $88 million for the six months ended June 30, 2026 and 2025, respectively.

INVENTORIES

Materials and supplies are valued at weighted-average cost and are reviewed periodically for obsolescence. Commodity inventory primarily represents oil, which is carried at the lower of weighted-average cost or net realizable value.

Inventories consisted of the following as of:


millions	June 30, 2026		December 31, 2025
Materials and supplies	$	1,270	$	1,222
Commodity inventory	915		601
Total	$	2,185	$	1,823

ACCRUED LIABILITIES - CURRENT

Accrued liabilities - current consisted of the following as of:


millions	June 30, 2026		December 31, 2025
Income tax payable	$	849	$	159
Payroll and related expenses	472		620
Taxes other than on income	467		498
Accrued interest payable	233		386
Dividends payable	408		383
Asset retirement obligations	400		381
Operating lease liabilities	378		350
Other	910		815
Total	$	4,117	$	3,592

OTHER LONG-TERM LIABILITIES

Other long-term liabilities consisted of the following as of:


millions	June 30, 2026		December 31, 2025
Long-term tax liabilities	$	2,472	$	2,393
Environmental remediation liabilities	1,702		1,719
Pension and postretirement obligations	937		985
Operating lease liabilities	505		605
Other	1,602		1,609
Total	$	7,218	$	7,311

DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Net Sales Related to the Outstanding Commodity Derivative Instruments

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


long (short)	June 30, 2026	December 31, 2025
Oil commodity contracts
Volume (MMbbl)	(52)	(59)
Natural gas commodity contracts
Volume (Bcf)	(307)	(189)

Schedule of Gross and Net Fair Values of Outstanding Derivatives

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


millions	Fair Value Measurements Using						Netting (a)		Total Fair Value
Balance Sheet Classifications	Level 1		Level 2		Level 3
June 30, 2026
Marketing Derivatives
Other current assets	$	2,261	$	416	$	—	$	(2,385)	$	292
Other long-term assets	2		—		—		(2)		—
Accrued liabilities	(2,140)		(279)		—		2,385		(34)
Deferred credits and other liabilities - other	(2)		—		—		2		—
Crude Collars
Accrued liabilities	(31)		—		—		—		(31)






December 31, 2025
Marketing Derivatives
Other current assets	$	345	$	51	$	—	$	(328)	$	68

Accrued liabilities	(336)		(24)		—		328		(32)

(a)These amounts do not include collateral. The Company netted $71 million of collateral received from brokers against derivative assets as of June 30, 2026. As of December 31, 2025, the Company netted $29 million of collateral received from brokers against derivative assets and $23 million of collateral deposited with brokers against derivative liabilities.

Schedule of Gains and Losses on Derivatives

The following table presents gains and losses related to the Company's derivative instruments and the location on the Consolidated Condensed Statements of Operations:


millions	Three months ended				Six months ended
Income Statement Classification	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025


Marketing derivatives (included in net sales)	$	908	$	97	$	910	$	(10)
Crude collars (included in net sales)	$	105	$	—	$	(234)	$	—

EARNINGS PER SHARE AND EQUITY - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	6 Months Ended
	Apr. 30, 2025	Jun. 30, 2026	Mar. 03, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise price of warrant (in dollars per share)			$ 22.00
Temporarily reduced price (in dollars per share)			$ 21.30
Number of securities called by warrant (in shares)	41.9
Amount from exercise of warrants	$ 890	$ 276
Strike Price One
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding warrants (in shares)		17.9
Exercise price of warrant (in dollars per share)		$ 22.00
Strike Price Two
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding warrants (in shares)		83.9
Exercise price of warrant (in dollars per share)		$ 59.59

EARNINGS PER SHARE AND EQUITY - Schedule of Repurchase Agreements (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2025	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2026	Dec. 31, 2025
Stockholders' Equity Note [Abstract]
Exercise of warrants (in shares)		8,929,988	3,609,243	12,539,231
Other (in shares)		222,559	2,939,668	3,162,227
Treasury stock purchases (in shares)		(636,556)	(1,382,767)	(2,019,323)
Common stock, outstanding (in shares)		999,708,551	991,192,560	999,708,551	986,026,416
Amount from exercise of warrants	$ 890			$ 276

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

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

- Definition

Number of shares that have been repurchased during the period and are being held in treasury.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

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+ Details

ENVIRONMENTAL LIABILITIES AND EXPENDITURES - Remediation Site Balances (Details) $ in Millions	Jun. 30, 2026 USD ($) site	Dec. 31, 2025 USD ($)
Environmental Exit Cost [Line Items]
Number of Sites \| site	149
Remediation Balance \| $	$ 1,853	$ 1,870
NPL Sites
Environmental Exit Cost [Line Items]
Number of Sites \| site	29
Remediation Balance \| $	$ 1,367
Third-Party Sites
Environmental Exit Cost [Line Items]
Number of Sites \| site	68
Remediation Balance \| $	$ 247
Currently Operated Sites
Environmental Exit Cost [Line Items]
Number of Sites \| site	3
Remediation Balance \| $	$ 25
Closed or Non-operated Sites
Environmental Exit Cost [Line Items]
Number of Sites \| site	49
Remediation Balance \| $	$ 214

SEGMENTS - Other Segment Expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Information
Net sales	$ 8,065	$ 5,258	$ 13,295	$ 10,962
Gains (losses) on sales of assets and other, net			(22)	(24)
Total	8,327	5,301	13,436	11,039
Oil and gas lease operating expense	1,117	1,135	2,235	2,352
Transportation and gathering expense	463	448	884	900
Other operating and non-operating expense	332	445	688	771
Taxes other than on income	342	269	601	533
Depreciation, depletion and amortization	1,847	1,823	3,641	3,627
Asset impairments and other charges	38	0	158	0
Total	4,546	4,737	9,401	9,412
Income before income taxes and other items	3,781	564	4,035	1,627
Income (loss) from equity investments and other	134	(4)	270	110
Income before income taxes	3,915	560	4,305	1,737
Oil and gas segment \| Other Operating Segments And Intersegment Eliminations
Segment Information
Net sales	6,882	5,009	11,857	10,692
Gains (losses) on sales of assets and other, net	(13)	(2)	(42)	(8)
Total	6,869	5,007	11,815	10,684
Oil and gas lease operating expense	1,117	1,135	2,235	2,352
Transportation and gathering expense	395	403	786	810
Other operating and non-operating expense	272	357	545	601
Taxes other than on income	338	262	590	522
Depreciation, depletion and amortization	1,745	1,718	3,435	3,420
Other segment expenses	135	187	338	337
Total	4,002	4,062	7,929	8,042
Income before income taxes and other items	2,867	945	3,886	2,642
Income (loss) from equity investments and other	(18)	(11)	(20)	(11)
Income before income taxes	2,849	934	3,866	2,631
Midstream and marketing \| Other Operating Segments And Intersegment Eliminations
Segment Information
Net sales	1,326	390	1,723	563
Gains (losses) on sales of assets and other, net	225	39	76	66
Total	1,551	429	1,799	629
Transportation and gathering expense	219	197	403	400
Other operating and non-operating expense	54	95	133	176
Depreciation, depletion and amortization	68	74	139	147
Asset impairments and other charges	0	0	105	0
Other segment expenses	24	31	58	60
Total	365	397	838	783
Income before income taxes and other items	1,186	32	961	(154)
Income (loss) from equity investments and other	152	7	290	121
Income before income taxes	$ 1,338	$ 39	$ 1,251	$ (33)

DERIVATIVES - Schedule of Gains and Losses on Derivatives (Details) - Income Statement Location [Axis]: us-gaap:Revenues - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Marketing Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives	$ 908	$ 97	$ 910	$ (10)
Crude Collars
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives	$ 105	$ 0	$ (234)	$ 0

- Definition

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

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+ Details

LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Long-term Debt
Long-term debt, gross	$ 11,818	$ 20,427
Unamortized premium, net	1,030	1,054
Debt issuance costs	(48)	(84)
Net book value of debt	12,800	21,397
Long-term finance leases	741	801
Current finance leases	202	198
Total debt and finance leases	13,743	22,396
Less: current finance leases	(202)	(198)
Less: current maturities of long-term debt	(1)	(1,575)
Long-term debt, net	13,540	20,623
Two-year term loan due 2026 (5.475% as of December 31, 2025) \| Secured Debt
Long-term Debt
Long-term debt, gross	$ 0	$ 1,280
Debt term	2 years	2 years
Debt instrument interest rate stated percentage		5.475%
3.200% senior notes due 2026 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 0	$ 182
Debt instrument interest rate stated percentage	3.20%	3.20%
7.500% debentures due 2026 \| Debentures
Long-term Debt
Long-term debt, gross	$ 0	$ 112
Debt instrument interest rate stated percentage	7.50%	7.50%
8.500% senior notes due 2027 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 0	$ 489
Debt instrument interest rate stated percentage	8.50%	8.50%
3.000% senior notes due 2027 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 0	$ 216
Debt instrument interest rate stated percentage	3.00%	3.00%
7.125% debentures due 2027 \| Debentures
Long-term Debt
Long-term debt, gross	$ 0	$ 150
Debt instrument interest rate stated percentage	7.125%	7.125%
7.000% debentures due 2027 \| Debentures
Long-term Debt
Long-term debt, gross	$ 48	$ 48
Debt instrument interest rate stated percentage	7.00%	7.00%
5.000% senior notes due 2027 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 0	$ 600
Debt instrument interest rate stated percentage	5.00%	5.00%
6.625% debentures due 2028 \| Debentures
Long-term Debt
Long-term debt, gross	$ 14	$ 14
Debt instrument interest rate stated percentage	6.625%	6.625%
7.150% debentures due 2028 \| Debentures
Long-term Debt
Long-term debt, gross	$ 0	$ 232
Debt instrument interest rate stated percentage	7.15%	7.15%
7.200% senior debentures due 2028 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 0	$ 82
Debt instrument interest rate stated percentage	7.20%	7.20%
6.375% senior notes due 2028 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 0	$ 578
Debt instrument interest rate stated percentage	6.375%	6.375%
7.200% debentures due 2029 \| Debentures
Long-term Debt
Long-term debt, gross	$ 135	$ 135
Debt instrument interest rate stated percentage	7.20%	7.20%
7.950% debentures due 2029 \| Debentures
Long-term Debt
Long-term debt, gross	$ 102	$ 116
Debt instrument interest rate stated percentage	7.95%	7.95%
8.450% senior notes due 2029 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 116	$ 116
Debt instrument interest rate stated percentage	8.45%	8.45%
3.500% senior notes due 2029 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 0	$ 286
Debt instrument interest rate stated percentage	3.50%	3.50%
5.200% senior notes due 2029 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 0	$ 1,200
Debt instrument interest rate stated percentage	5.20%	5.20%
Variable rate bonds due 2030 \| Variable Rate Bonds
Long-term Debt
Long-term debt, gross	$ 68	$ 68
8.875% senior notes due 2030 \| Senior Notes
Long-term Debt
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
Long-term Debt
Long-term debt, gross	$ 856	$ 1,449
Debt instrument interest rate stated percentage	6.625%	6.625%
6.125% senior notes due 2031 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 293	$ 1,143
Debt instrument interest rate stated percentage	6.125%	6.125%
7.500% senior notes due 2031 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 900	$ 900
Debt instrument interest rate stated percentage	7.50%	7.50%
7.875% senior notes due 2031 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 500	$ 500
Debt instrument interest rate stated percentage	7.875%	7.875%
5.375% senior notes due 2032 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 748	$ 1,000
Debt instrument interest rate stated percentage	5.375%	5.375%
5.550% senior notes due 2034 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 808	$ 1,200
Debt instrument interest rate stated percentage	5.55%	5.55%
6.450% senior notes due 2036 \| Senior Notes
Long-term Debt
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
Long-term Debt
Long-term debt, gross	$ 33	$ 285
0.000% loan due 2039 (CAD denominated)
Long-term Debt
Long-term debt, gross	$ 15	$ 17
0.000% loan due 2039 (CAD denominated) \| Secured Debt
Long-term Debt
Debt instrument interest rate stated percentage	0.00%	0.00%
4.300% senior notes due 2039 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 247	$ 247
Debt instrument interest rate stated percentage	4.30%	4.30%
7.950% senior notes due 2039 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 325	$ 325
Debt instrument interest rate stated percentage	7.95%	7.95%
6.200% senior notes due 2040 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 716	$ 737
Debt instrument interest rate stated percentage	6.20%	6.20%
4.500% senior notes due 2044 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 184	$ 191
Debt instrument interest rate stated percentage	4.50%	4.50%
4.625% senior notes due 2045 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 258	$ 296
Debt instrument interest rate stated percentage	4.625%	4.625%
6.600% senior notes due 2046 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 986	$ 1,117
Debt instrument interest rate stated percentage	6.60%	6.60%
4.400% senior notes due 2046 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 291	$ 424
Debt instrument interest rate stated percentage	4.40%	4.40%
4.100% senior notes due 2047 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 224	$ 258
Debt instrument interest rate stated percentage	4.10%	4.10%
4.200% senior notes due 2048 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 222	$ 304
Debt instrument interest rate stated percentage	4.20%	4.20%
4.400% senior notes due 2049 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 245	$ 280
Debt instrument interest rate stated percentage	4.40%	4.40%
6.050% senior notes due 2054 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 634	$ 1,000
Debt instrument interest rate stated percentage	6.05%	6.05%
7.730% debentures due 2096 \| Debentures
Long-term Debt
Long-term debt, gross	$ 58	$ 58
Debt instrument interest rate stated percentage	7.73%	7.73%
7.500% debentures due 2096 \| Debentures
Long-term Debt
Long-term debt, gross	$ 60	$ 60
Debt instrument interest rate stated percentage	7.50%	7.50%
7.250% debentures due 2096 \| Debentures
Long-term Debt
Long-term debt, gross	$ 5	$ 5
Debt instrument interest rate stated percentage	7.25%	7.25%

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS - Schedule of Components of Purchase Price (Details) - OxyChem - Discontinued Operations, Held-for-sale $ in Millions	Oct. 31, 2025 USD ($)
Disposal Group, Including Discontinued Operations [Line Items]
Cash sales price	$ 9,700
Closing adjustments:
Working capital adjustment	(158)
Post-close adjustments	(70)
Total cash sales price	$ 9,472

- 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

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+ Details

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	6 Months Ended
	Jan. 02, 2026	Oct. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Business Combination [Line Items]
Net proceeds			$ 3,119	$ 245
Effective tax rate for discontinued operations			21.00%	26.00%
Discontinued Operations, Disposed of by Sale \| Permian Basin, Royalty and Mineral Interests and Processing Plants
Business Combination [Line Items]
Loss on sale of business			$ 230
Discontinued Operations, Disposed of by Sale \| OxyChem
Business Combination [Line Items]
Proceeds received for divested assets	$ 9,500	$ 9,500
Net proceeds	$ 3,100

- 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.

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+ Details

EARNINGS PER SHARE AND EQUITY - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Basic earnings (loss) per common share
Income from continuing operations	$ 3,000	$ 338	$ 3,236	$ 1,168
Discontinued operations, net of taxes	(4)	130	3,119	245
NET INCOME	2,996	468	6,355	1,413
Less: Net income attributable to noncontrolling interest	(19)	(10)	(33)	(19)
Less: Preferred stock dividends	(170)	(170)	(340)	(340)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	2,807	288	5,982	1,054
Less: Incremental fair value for warrants inducement	0	(25)	0	(25)
Less: Net income allocated to participating securities	(20)	(2)	(37)	(7)
Net income, net of participating securities	$ 2,787	$ 261	$ 5,945	$ 1,022
Weighted-average number of basic shares (in shares)	997.1	985.1	993.7	963.5
Basic income per common share (in dollars per share)	$ 2.80	$ 0.27	$ 5.98	$ 1.06
Less: Incremental fair value for warrants inducement	$ 0	$ (25)	$ 0	$ (25)
Less: Net income allocated to participating securities	(19)	(2)	(37)	(7)
Net income, net of participating securities	$ 2,788	$ 261	$ 5,945	$ 1,022
Dilutive securities (in shares)	15.1	25.3	16.1	33.5
Total diluted weighted-average common shares (in shares)	1,012.2	1,010.4	1,009.8	997.0
Diluted income per common share (in dollars per share)	$ 2.75	$ 0.26	$ 5.89	$ 1.03
Antidilutive securities (in shares)	83.9	84.2	83.9	83.9

SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Reconciliation of Segment Income

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


	Three months ended				Six months ended
millions	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Segment income (losses) from continuing operations before taxes
Oil and gas segment	$	2,849	$	934	$	3,866	$	2,631
Midstream and marketing segment	1,338		39		1,251		(33)
Corporate and eliminations	(164)		(142)		(272)		(280)
Interest and debt expense, net	(108)		(271)		(540)		(581)






Income from continuing operations before income taxes	$	3,915	$	560	$	4,305	$	1,737
Income tax expense	(915)		(222)		(1,069)		(569)
Income from continuing operations	$	3,000	$	338	$	3,236	$	1,168
Discontinued operations, net of tax	(4)		130		3,119		245
Net income	$	2,996	$	468	$	6,355	$	1,413
Less: Net income attributable to noncontrolling interest	(19)		(10)		(33)		(19)
Less: Preferred stock dividends	(170)		(170)		(340)		(340)
Net income attributable to common stockholders	$	2,807	$	288	$	5,982	$	1,054

Schedule of Industry Segments

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 Chief Operating Decision Maker.

OIL AND GAS SEGMENT


	Three months ended				Six months ended
millions	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Revenues and other income
Net sales (a)	$	6,882	$	5,009	$	11,857	$	10,692
Losses on sale of assets and other, net	(13)		(2)		(42)		(8)

Total	$	6,869	$	5,007	$	11,815	$	10,684

Significant segment expenses
Oil and gas lease operating expense	1,117		1,135		2,235		2,352
Transportation and gathering expense	395		403		786		810



Other operating and non-operating expense	272		357		545		601
Taxes other than on income	338		262		590		522
Depreciation, depletion and amortization	1,745		1,718		3,435		3,420

Other segment expenses (b)	135		187		338		337


Total	$	4,002	$	4,062	$	7,929	$	8,042
Segment income before other items	$	2,867	$	945	$	3,886	$	2,642


Losses from equity investments and other	(18)		(11)		(20)		(11)
Segment income from continuing operations before taxes	$	2,849	$	934	$	3,866	$	2,631

(a) Includes revenue from customers and all other revenues.

(b) Includes general and administrative expense and exploration expense.

MIDSTREAM AND MARKETING SEGMENT


	Three months ended				Six months ended
millions	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Revenues and other income
Net sales (a)	$	1,326	$	390	$	1,723	$	563
Gains on sale of assets and other income, net	225		39		76		66

Total	$	1,551	$	429	$	1,799	$	629

Significant segment expenses


Transportation and gathering expense	219		197		403		400

Other operating and non-operating expense	54		95		133		176

Depreciation, depletion and amortization	68		74		139		147
Asset impairments and other charges	—		—		105		—
Other segment expenses (b)	24		31		58		60


Total	$	365	$	397	$	838	$	783
Segment income (losses) before other items	$	1,186	$	32	$	961	$	(154)


Income from equity investments and other	152		7		290		121
Segment income (losses) from continuing operations before taxes	$	1,338	$	39	$	1,251	$	(33)

(a) Includes revenue from customers and all other revenues.

(b) Includes taxes other than on income and general and administrative expense.

The following table includes segment-level additions to property, plant and equipment:


	Three months ended				Six months ended
millions	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Oil and gas	$	1,481	$	1,541	$	2,883	$	3,109
Midstream and marketing	142		188		334		336
Corporate and eliminations	19		22		29		30

Total	$	1,642	$	1,751	$	3,246	$	3,475

The following table includes segment-level balance sheet information:


millions	Oil and gas		Midstream and marketing		Corporate and eliminations		Assets held for sale		Total
As of June 30, 2026
Property Plant and Equipment, Gross	$	124,245	$	8,930	$	1,234	$	—	$	134,409
Accumulated DD&A	(68,619)		(2,592)		(598)		—		(71,809)
Property, Plant and Equipment, Net	$	55,626	$	6,338	$	636	$	—	$	62,600

Investments in unconsolidated entities	$	148	$	2,421	$	—	$	—	$	2,569

Total Assets	$	59,531	$	14,883	$	5,944	$	—	$	80,358

As of December 31, 2025
Property Plant and Equipment, Gross	$	126,896	$	9,638	$	1,219	$	—	$	137,753
Accumulated DD&A	(70,292)		(3,273)		(545)		—		(74,110)
Property, Plant and Equipment, Net	$	56,604	$	6,365	$	674	$	—	$	63,643

Investments in unconsolidated entities	$	129	$	2,346	$	—	$	—	$	2,475

Total Assets	$	60,393	$	13,901	$	3,372	$	6,520	$	84,186

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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+ Details

LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The Company's debt consisted of the following as of:


millions	June 30, 2026		December 31, 2025
Two-year term loan due 2026 (5.475% as of December 31, 2025)	—		1,280
3.200% senior notes due 2026	—		182
7.500% debentures due 2026	—		112
8.500% senior notes due 2027	—		489
3.000% senior notes due 2027	—		216
7.125% debentures due 2027	—		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
7.200% senior debentures due 2028	—		82
6.375% senior notes due 2028	—		578
7.200% debentures due 2029	135		135
7.950% debentures due 2029	102		116
8.450% senior notes due 2029	116		116
3.500% senior notes due 2029	—		286
5.200% senior notes due 2029	—		1,200
Variable rate bonds due 2030	68		68
8.875% senior notes due 2030	1,000		1,000
6.625% senior notes due 2030	856		1,449
6.125% senior notes due 2031	293		1,143
7.500% senior notes due 2031	900		900
7.875% senior notes due 2031	500		500
5.375% senior notes due 2032	748		1,000
5.550% senior notes due 2034	808		1,200
6.450% senior notes due 2036	1,727		1,727
Zero Coupon senior notes due 2036	33		285
0.000% loan due 2039 (CAD denominated)	15		17
4.300% senior notes due 2039	247		247
7.950% senior notes due 2039	325		325
6.200% senior notes due 2040	716		737
4.500% senior notes due 2044	184		191
4.625% senior notes due 2045	258		296
6.600% senior notes due 2046	986		1,117
4.400% senior notes due 2046	291		424
4.100% senior notes due 2047	224		258
4.200% senior notes due 2048	222		304
4.400% senior notes due 2049	245		280
6.050% senior notes due 2054	634		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	$	11,818	$	20,427

The following table summarizes the Company's outstanding debt, including finance lease liabilities, as of:


millions	June 30, 2026		December 31, 2025
Total borrowings at face value	$	11,818	$	20,427
Adjustments to book value:
Unamortized premium, net	1,030		1,054
Debt issuance costs	(48)		(84)
Net book value of debt	$	12,800	$	21,397
Long-term finance leases	741		801
Current finance leases	202		198
Total debt and finance leases	$	13,743	$	22,396
Less: current finance leases	(202)		(198)
Less: current maturities of long-term debt	(1)		(1,575)
Long-term debt, net	$	13,540	$	20,623

Schedule of Maturities of Long-Term Debt

The following table summarizes the Company's debt extinguishment in the six months ended June 30, 2026:


millions	Borrowings at face value
Total borrowings at face value as of December 31, 2025	$	20,427

Repayments
Two-year term loan due 2026	(1,280)
3.200% senior notes due 2026	(182)
7.500% debentures due 2026	(112)
3.000% senior notes due 2027	(216)
5.000% senior notes due 2027	(600)
7.125% debentures due 2027	(150)
8.500% senior notes due 2027	(489)
6.375% senior notes due 2028	(578)
7.150% debentures due 2028	(232)
7.200% senior debentures due 2028	(82)
3.500% senior notes due 2029	(286)
5.200% senior notes due 2029	(1,200)
7.950% debentures due 2029	(14)
6.625% senior notes due 2030	(594)
6.125% senior notes due 2031	(850)
5.375% senior notes due 2032	(252)
5.550% senior notes due 2034	(391)
Zero Coupon senior notes due 2036	(252)
0.000% loan due 2039 (CAD denominated)	(1)
4.300% senior notes due 2039	(1)
6.200% senior notes due 2040	(22)
4.500% senior notes due 2044	(7)
4.625% senior notes due 2045	(38)
6.600% senior notes due 2046	(130)
4.400% senior notes due 2046	(133)
4.100% senior notes due 2047	(33)
4.200% senior notes due 2048	(82)
4.400% senior notes due 2049	(36)
6.050% senior notes due 2054	(366)
Total repayments	$	(8,609)

Total borrowings at face value as of June 30, 2026	$	11,818

- 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

LONG-TERM DEBT

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

LONG-TERM DEBT


NOTE 3 - LONG-TERM DEBT

The Company's debt consisted of the following as of:


millions	June 30, 2026		December 31, 2025
Two-year term loan due 2026 (5.475% as of December 31, 2025)	—		1,280
3.200% senior notes due 2026	—		182
7.500% debentures due 2026	—		112
8.500% senior notes due 2027	—		489
3.000% senior notes due 2027	—		216
7.125% debentures due 2027	—		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
7.200% senior debentures due 2028	—		82
6.375% senior notes due 2028	—		578
7.200% debentures due 2029	135		135
7.950% debentures due 2029	102		116
8.450% senior notes due 2029	116		116
3.500% senior notes due 2029	—		286
5.200% senior notes due 2029	—		1,200
Variable rate bonds due 2030	68		68
8.875% senior notes due 2030	1,000		1,000
6.625% senior notes due 2030	856		1,449
6.125% senior notes due 2031	293		1,143
7.500% senior notes due 2031	900		900
7.875% senior notes due 2031	500		500
5.375% senior notes due 2032	748		1,000
5.550% senior notes due 2034	808		1,200
6.450% senior notes due 2036	1,727		1,727
Zero Coupon senior notes due 2036	33		285
0.000% loan due 2039 (CAD denominated)	15		17
4.300% senior notes due 2039	247		247
7.950% senior notes due 2039	325		325
6.200% senior notes due 2040	716		737
4.500% senior notes due 2044	184		191
4.625% senior notes due 2045	258		296
6.600% senior notes due 2046	986		1,117
4.400% senior notes due 2046	291		424
4.100% senior notes due 2047	224		258
4.200% senior notes due 2048	222		304
4.400% senior notes due 2049	245		280
6.050% senior notes due 2054	634		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	$	11,818	$	20,427

The following table summarizes the Company's outstanding debt, including finance lease liabilities, as of:


millions	June 30, 2026		December 31, 2025
Total borrowings at face value	$	11,818	$	20,427
Adjustments to book value:
Unamortized premium, net	1,030		1,054
Debt issuance costs	(48)		(84)
Net book value of debt	$	12,800	$	21,397
Long-term finance leases	741		801
Current finance leases	202		198
Total debt and finance leases	$	13,743	$	22,396
Less: current finance leases	(202)		(198)
Less: current maturities of long-term debt	(1)		(1,575)
Long-term debt, net	$	13,540	$	20,623

DEBT REDUCTION ACTIVITY

In the six months ended June 30, 2026, the Company utilized after-tax proceeds from the OxyChem Transaction and excess free cash flow to repay debt of $8.6 billion, which resulted in a loss on extinguishment of $190 million. The following table summarizes the Company's debt extinguishment in the six months ended June 30, 2026:


millions	Borrowings at face value
Total borrowings at face value as of December 31, 2025	$	20,427

Repayments
Two-year term loan due 2026	(1,280)
3.200% senior notes due 2026	(182)
7.500% debentures due 2026	(112)
3.000% senior notes due 2027	(216)
5.000% senior notes due 2027	(600)
7.125% debentures due 2027	(150)
8.500% senior notes due 2027	(489)
6.375% senior notes due 2028	(578)
7.150% debentures due 2028	(232)
7.200% senior debentures due 2028	(82)
3.500% senior notes due 2029	(286)
5.200% senior notes due 2029	(1,200)
7.950% debentures due 2029	(14)
6.625% senior notes due 2030	(594)
6.125% senior notes due 2031	(850)
5.375% senior notes due 2032	(252)
5.550% senior notes due 2034	(391)
Zero Coupon senior notes due 2036	(252)
0.000% loan due 2039 (CAD denominated)	(1)
4.300% senior notes due 2039	(1)
6.200% senior notes due 2040	(22)
4.500% senior notes due 2044	(7)
4.625% senior notes due 2045	(38)
6.600% senior notes due 2046	(130)
4.400% senior notes due 2046	(133)
4.100% senior notes due 2047	(33)
4.200% senior notes due 2048	(82)
4.400% senior notes due 2049	(36)
6.050% senior notes due 2054	(366)
Total repayments	$	(8,609)

Total borrowings at face value as of June 30, 2026	$	11,818

FAIR VALUE OF DEBT

The estimated fair value of the Company's principal debt as of June 30, 2026 and December 31, 2025, the majority of which was classified as Level 1, was $12.2 billion and $20.8 billion, respectively.

SEGMENTS

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

SEGMENTS


NOTE 10 - SEGMENTS

The Company conducts its operations through two segments: oil and gas and midstream and marketing. Income taxes, interest income, interest expense, environmental remediation expenses and unallocated corporate expenses are included under corporate and eliminations. Intersegment sales eliminate upon consolidation and are 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.

As a result of the OxyChem Transaction, the chemical segment results are presented separately as discontinued operations and corporate costs directly attributable to the chemical segment are included under discontinued operations. See Note 1 - General for related disclosure.

Occidental's President and CEO is ultimately responsible for allocating resources and assessing the performance of each operating segment and is the Chief Operating Decision Maker. 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 the Company as a whole.

For both reporting segments, segment income (loss) from continuing operations before income taxes is used 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:


	Three months ended				Six months ended
millions	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Segment income (losses) from continuing operations before taxes
Oil and gas segment	$	2,849	$	934	$	3,866	$	2,631
Midstream and marketing segment	1,338		39		1,251		(33)
Corporate and eliminations	(164)		(142)		(272)		(280)
Interest and debt expense, net	(108)		(271)		(540)		(581)






Income from continuing operations before income taxes	$	3,915	$	560	$	4,305	$	1,737
Income tax expense	(915)		(222)		(1,069)		(569)
Income from continuing operations	$	3,000	$	338	$	3,236	$	1,168
Discontinued operations, net of tax	(4)		130		3,119		245
Net income	$	2,996	$	468	$	6,355	$	1,413
Less: Net income attributable to noncontrolling interest	(19)		(10)		(33)		(19)
Less: Preferred stock dividends	(170)		(170)		(340)		(340)
Net income attributable to common stockholders	$	2,807	$	288	$	5,982	$	1,054

OIL AND GAS SEGMENT


	Three months ended				Six months ended
millions	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Revenues and other income
Net sales (a)	$	6,882	$	5,009	$	11,857	$	10,692
Losses on sale of assets and other, net	(13)		(2)		(42)		(8)

Total	$	6,869	$	5,007	$	11,815	$	10,684

Significant segment expenses
Oil and gas lease operating expense	1,117		1,135		2,235		2,352
Transportation and gathering expense	395		403		786		810



Other operating and non-operating expense	272		357		545		601
Taxes other than on income	338		262		590		522
Depreciation, depletion and amortization	1,745		1,718		3,435		3,420

Other segment expenses (b)	135		187		338		337


Total	$	4,002	$	4,062	$	7,929	$	8,042
Segment income before other items	$	2,867	$	945	$	3,886	$	2,642


Losses from equity investments and other	(18)		(11)		(20)		(11)
Segment income from continuing operations before taxes	$	2,849	$	934	$	3,866	$	2,631

(a) Includes revenue from customers and all other revenues.

(b) Includes general and administrative expense and exploration expense.

MIDSTREAM AND MARKETING SEGMENT


	Three months ended				Six months ended
millions	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Revenues and other income
Net sales (a)	$	1,326	$	390	$	1,723	$	563
Gains on sale of assets and other income, net	225		39		76		66

Total	$	1,551	$	429	$	1,799	$	629

Significant segment expenses


Transportation and gathering expense	219		197		403		400

Other operating and non-operating expense	54		95		133		176

Depreciation, depletion and amortization	68		74		139		147
Asset impairments and other charges	—		—		105		—
Other segment expenses (b)	24		31		58		60


Total	$	365	$	397	$	838	$	783
Segment income (losses) before other items	$	1,186	$	32	$	961	$	(154)


Income from equity investments and other	152		7		290		121
Segment income (losses) from continuing operations before taxes	$	1,338	$	39	$	1,251	$	(33)

(a) Includes revenue from customers and all other revenues.

(b) Includes taxes other than on income and general and administrative expense.

SEGMENT PROPERTY PLANT AND EQUIPMENT AND INVESTMENTS

The following table includes segment-level additions to property, plant and equipment:


	Three months ended				Six months ended
millions	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Oil and gas	$	1,481	$	1,541	$	2,883	$	3,109
Midstream and marketing	142		188		334		336
Corporate and eliminations	19		22		29		30

Total	$	1,642	$	1,751	$	3,246	$	3,475

The following table includes segment-level balance sheet information:


millions	Oil and gas		Midstream and marketing		Corporate and eliminations		Assets held for sale		Total
As of June 30, 2026
Property Plant and Equipment, Gross	$	124,245	$	8,930	$	1,234	$	—	$	134,409
Accumulated DD&A	(68,619)		(2,592)		(598)		—		(71,809)
Property, Plant and Equipment, Net	$	55,626	$	6,338	$	636	$	—	$	62,600

Investments in unconsolidated entities	$	148	$	2,421	$	—	$	—	$	2,569

Total Assets	$	59,531	$	14,883	$	5,944	$	—	$	80,358

As of December 31, 2025
Property Plant and Equipment, Gross	$	126,896	$	9,638	$	1,219	$	—	$	137,753
Accumulated DD&A	(70,292)		(3,273)		(545)		—		(74,110)
Property, Plant and Equipment, Net	$	56,604	$	6,365	$	674	$	—	$	63,643

Investments in unconsolidated entities	$	129	$	2,346	$	—	$	—	$	2,475

Total Assets	$	60,393	$	13,901	$	3,372	$	6,520	$	84,186

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
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+ Details

LONG-TERM DEBT - Debt Activity (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 20,427
Total repayments	(8,609)
Total borrowings at face value, ending balance	11,818	$ 20,427
Two-year term loan due 2026 (5.475% as of December 31, 2025) \| Secured Debt
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	1,280
Total repayments	(1,280)
Total borrowings at face value, ending balance	$ 0	$ 1,280
Debt term	2 years	2 years
Debt instrument interest rate stated percentage		5.475%
3.200% senior notes due 2026 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 182
Total repayments	(182)
Total borrowings at face value, ending balance	$ 0	$ 182
Debt instrument interest rate stated percentage	3.20%	3.20%
7.500% debentures due 2026 \| Debentures
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 112
Total repayments	(112)
Total borrowings at face value, ending balance	$ 0	$ 112
Debt instrument interest rate stated percentage	7.50%	7.50%
3.000% senior notes due 2027 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 216
Total repayments	(216)
Total borrowings at face value, ending balance	$ 0	$ 216
Debt instrument interest rate stated percentage	3.00%	3.00%
5.000% senior notes due 2027 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 600
Total repayments	(600)
Total borrowings at face value, ending balance	$ 0	$ 600
Debt instrument interest rate stated percentage	5.00%	5.00%
7.125% debentures due 2027 \| Debentures
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 150
Total repayments	(150)
Total borrowings at face value, ending balance	$ 0	$ 150
Debt instrument interest rate stated percentage	7.125%	7.125%
8.500% senior notes due 2027 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 489
Total repayments	(489)
Total borrowings at face value, ending balance	$ 0	$ 489
Debt instrument interest rate stated percentage	8.50%	8.50%
6.375% senior notes due 2028 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 578
Total repayments	(578)
Total borrowings at face value, ending balance	$ 0	$ 578
Debt instrument interest rate stated percentage	6.375%	6.375%
7.150% debentures due 2028 \| Debentures
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 232
Total repayments	(232)
Total borrowings at face value, ending balance	$ 0	$ 232
Debt instrument interest rate stated percentage	7.15%	7.15%
7.200% senior debentures due 2028 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 82
Total repayments	(82)
Total borrowings at face value, ending balance	$ 0	$ 82
Debt instrument interest rate stated percentage	7.20%	7.20%
3.500% senior notes due 2029 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 286
Total repayments	(286)
Total borrowings at face value, ending balance	$ 0	$ 286
Debt instrument interest rate stated percentage	3.50%	3.50%
5.200% senior notes due 2029 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 1,200
Total repayments	(1,200)
Total borrowings at face value, ending balance	$ 0	$ 1,200
Debt instrument interest rate stated percentage	5.20%	5.20%
7.950% debentures due 2029 \| Debentures
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 116
Total repayments	(14)
Total borrowings at face value, ending balance	$ 102	$ 116
Debt instrument interest rate stated percentage	7.95%	7.95%
6.625% senior notes due 2030 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 1,449
Total repayments	(594)
Total borrowings at face value, ending balance	$ 856	$ 1,449
Debt instrument interest rate stated percentage	6.625%	6.625%
6.125% senior notes due 2031 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 1,143
Total repayments	(850)
Total borrowings at face value, ending balance	$ 293	$ 1,143
Debt instrument interest rate stated percentage	6.125%	6.125%
5.375% senior notes due 2032 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 1,000
Total repayments	(252)
Total borrowings at face value, ending balance	$ 748	$ 1,000
Debt instrument interest rate stated percentage	5.375%	5.375%
5.550% senior notes due 2034 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 1,200
Total repayments	(391)
Total borrowings at face value, ending balance	$ 808	$ 1,200
Debt instrument interest rate stated percentage	5.55%	5.55%
Zero Coupon senior notes due 2036 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 285
Total repayments	(252)
Total borrowings at face value, ending balance	33	$ 285
0.000% loan due 2039 (CAD denominated)
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	17
Total repayments	(1)
Total borrowings at face value, ending balance	$ 15	$ 17
0.000% loan due 2039 (CAD denominated) \| Secured Debt
Long-Term Debt Repayments [Roll Forward]
Debt instrument interest rate stated percentage	0.00%	0.00%
4.300% senior notes due 2039 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 247
Total repayments	(1)
Total borrowings at face value, ending balance	$ 247	$ 247
Debt instrument interest rate stated percentage	4.30%	4.30%
6.200% senior notes due 2040 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 737
Total repayments	(22)
Total borrowings at face value, ending balance	$ 716	$ 737
Debt instrument interest rate stated percentage	6.20%	6.20%
4.500% senior notes due 2044 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 191
Total repayments	(7)
Total borrowings at face value, ending balance	$ 184	$ 191
Debt instrument interest rate stated percentage	4.50%	4.50%
4.625% senior notes due 2045 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 296
Total repayments	(38)
Total borrowings at face value, ending balance	$ 258	$ 296
Debt instrument interest rate stated percentage	4.625%	4.625%
6.600% senior notes due 2046 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 1,117
Total repayments	(130)
Total borrowings at face value, ending balance	$ 986	$ 1,117
Debt instrument interest rate stated percentage	6.60%	6.60%
4.400% senior notes due 2046 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 424
Total repayments	(133)
Total borrowings at face value, ending balance	$ 291	$ 424
Debt instrument interest rate stated percentage	4.40%	4.40%
4.100% senior notes due 2047 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 258
Total repayments	(33)
Total borrowings at face value, ending balance	$ 224	$ 258
Debt instrument interest rate stated percentage	4.10%	4.10%
4.200% senior notes due 2048 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 304
Total repayments	(82)
Total borrowings at face value, ending balance	$ 222	$ 304
Debt instrument interest rate stated percentage	4.20%	4.20%
4.400% senior notes due 2049 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 280
Total repayments	(36)
Total borrowings at face value, ending balance	$ 245	$ 280
Debt instrument interest rate stated percentage	4.40%	4.40%
6.050% senior notes due 2054 \| Senior Notes
Long-Term Debt Repayments [Roll Forward]
Total borrowings at face value, beginning balance	$ 1,000
Total repayments	(366)
Total borrowings at face value, ending balance	$ 634	$ 1,000
Debt instrument interest rate stated percentage	6.05%	6.05%

GENERAL - Accrued Liabilities - Current (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Income tax payable	$ 849	$ 159
Payroll and related expenses	472	620
Taxes other than on income	467	498
Accrued interest payable	233	386
Dividends payable	408	383
Asset retirement obligations	400	381
Operating lease liabilities	378	350
Other	910	815
Total	$ 4,117	$ 3,592
Operating lease, liability, current, statement of financial position	Total	Total

DERIVATIVES - Marketing Derivatives (Details)	6 Months Ended				12 Months Ended
DERIVATIVES - Marketing Derivatives (Details)	Jun. 30, 2026 MMBbls	Jun. 30, 2026 $ / bbl	Jun. 30, 2026 $ / Mcfe	Jun. 30, 2026 Bcf	Dec. 31, 2025 MMBbls	Dec. 31, 2025 $ / bbl	Dec. 31, 2025 $ / Mcfe	Dec. 31, 2025 Bcf
Marketing Derivatives \| Not Designated as Hedging Instruments
Outstanding commodity derivatives contracts not designated as hedging instruments
Weighted average sales price (in dollars per barrel)		82.03	2.29			59.59	2.53
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	(52)				(59)
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				(307)				(189)

REVENUE - Schedule of Reconciliation of Revenue from Customers to Total Net Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue from Contract with Customer [Abstract]
Revenue from customers	$ 7,053	$ 5,163	$ 12,622	$ 10,976
All other revenues	1,012	95	673	(14)
Net sales	$ 8,065	$ 5,258	$ 13,295	$ 10,962

- 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.

+ References

+ Details

- Definition

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

+ References

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

Consolidated Condensed Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES AND OTHER INCOME
Net sales	$ 8,065	$ 5,258	$ 13,295	$ 10,962
Interest, dividends and other income	82	48	163	101
Gains (losses) on sales of assets and other, net	180	(5)	(22)	(24)
Total	8,327	5,301	13,436	11,039
COSTS AND OTHER DEDUCTIONS
Oil and gas lease operating expense	1,117	1,135	2,235	2,352
Transportation and gathering expense	463	448	884	900
General and administrative expense	262	257	507	498
Other operating and non-operating expense	332	445	688	771
Taxes other than on income	342	269	601	533
Depreciation, depletion and amortization	1,847	1,823	3,641	3,627
Asset impairments and other charges	38	0	158	0
Acquisition-related costs	0	6	0	12
Exploration expense	37	83	147	138
Interest and debt expense, net	108	271	540	581
Total	4,546	4,737	9,401	9,412
Income before income taxes and other items	3,781	564	4,035	1,627
OTHER ITEMS
Income (loss) from equity investments and other	134	(4)	270	110
Total	134	(4)	270	110
Income before income taxes	3,915	560	4,305	1,737
Income tax expense	(915)	(222)	(1,069)	(569)
Income from continuing operations	3,000	338	3,236	1,168
Discontinued operations, net of tax	(4)	130	3,119	245
NET INCOME	2,996	468	6,355	1,413
Less: Net income attributable to noncontrolling interest	(19)	(10)	(33)	(19)
Less: Preferred stock dividends	(170)	(170)	(340)	(340)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 2,807	$ 288	$ 5,982	$ 1,054
PER COMMON SHARE, BASIC
Income from continuing operations—basic (in dollars per share)	$ 2.80	$ 0.14	$ 2.86	$ 0.80
Discontinued operations—basic (in dollars per share)	0	0.13	3.12	0.26
Net income attributable to common stockholders—basic (in dollars per share)	2.80	0.27	5.98	1.06
PER COMMON SHARE, DILUTED
Income from continuing operations—diluted (in dollars per share)	2.76	0.13	2.82	0.78
Discontinued operations—diluted (in dollars per share)	(0.01)	0.13	3.07	0.25
Net income attributable to common stockholders—diluted (in dollars per share)	$ 2.75	$ 0.26	$ 5.89	$ 1.03

GENERAL - Schedule of Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Accounting Policies [Abstract]
Cash and cash equivalents	$ 4,150	$ 1,968	$ 2,314
Cash and cash equivalents included in assets held for sale	0		12
Restricted cash and restricted cash equivalents included in other current assets	19		16
Restricted cash and restricted cash equivalents included in other long-term assets	19		18
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 4,188		$ 2,360

- Definition

Amount of cash and cash equivalent restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposit with financial institution, and account with general characteristic of demand deposit. Cash equivalent includes, but is not limited to, short-term, highly liquid investment that is both readily convertible to known amount of cash and so near maturity that it presents insignificant risk of change in value because of change in interest rate.

+ References + Details

- Definition

Amount of cash equivalent restricted as to withdrawal or usage, classified as noncurrent. Cash equivalent includes, but is not limited to, short-term, highly liquid investment that is both readily convertible to known amount of cash and so near maturity that it presents insignificant risk of change in value because of change in interest rate.

+ References + Details

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 4,150	$ 1,968
Trade receivables, net of reserves	3,142	2,575
Joint interest receivables	902	684
Inventories	2,185	1,823
Other current assets	753	601
Current assets held for sale	0	1,176
Total current assets	11,132	8,827
Property, plant and equipment, gross	134,409	137,753
Accumulated depreciation, depletion and amortization	(71,809)	(74,110)
Total property, plant and equipment, net	62,600	63,643
Operating lease assets	829	908
Investments in unconsolidated entities	2,569	2,475
Non-current assets held for sale	0	5,344
Other long-term assets	3,228	2,989
Total non-current assets	6,626	11,716
TOTAL ASSETS	80,358	84,186
LIABILITIES
Current maturities of long-term debt	203	1,773
Accounts payable	3,572	3,285
Accrued liabilities	4,117	3,592
Liabilities held for sale	0	778
Total current liabilities	7,892	9,428
Long-term debt, net	13,540	20,623
Deferred income taxes, net	5,671	5,636
Asset retirement obligations	3,656	4,172
Non-current liabilities held for sale	0	418
Other deferred credits and liabilities	7,218	7,311
Total deferred credits and other liabilities	16,545	17,537
EQUITY
Preferred stock, at $1.00 per share par value, issued shares: 2026 — 84,897 and 2025 —84,897	8,287	8,287
Common stock, at $0.20 per share par value, authorized shares: 1.5 billion, issued shares: 2026 — 1,230,039,058 and 2025 — 1,214,337,600	246	243
Treasury stock: 2026 — 230,330,507 shares and 2025 — 228,311,184 shares	(15,714)	(15,597)
Additional paid-in capital	21,386	21,008
Retained earnings	27,350	21,891
Accumulated other comprehensive income	191	202
Total stockholders' equity	41,746	36,034
Noncontrolling interest	635	564
Total equity	42,381	36,598
Liabilities and Equity, Total	$ 80,358	$ 84,186

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS - Schedule of Discontinued Operations, Net of Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Costs and other deductions
Income (loss) from discontinued operations, net of tax	$ (4)	$ 130	$ 3,119	$ 245
OxyChem \| Discontinued Operations, Disposed of by Sale
Disposal Group Including Discontinued Operation Revenue And Other Income [Abstract]
Net sales	0		26
Interest, dividends and other income	12		12
Gains (losses) on sales of assets and other, net	(36)		4,036
Total revenues and other income	(24)		4,074
Costs and other deductions
Chemical cost of sales	0		23
General and administrative expense	5		9
Other operating and non-operating expense	47		75
Depreciation, depletion and amortization	0		0
Other expense, net	0		0
Total costs and other deductions	52		107
Income (loss) before income taxes and other items	(76)		3,967
Income from equity investments and other	0		1
Income (loss) before income taxes	(76)		3,968
Income tax benefit (expense)	72		(849)
Income (loss) from discontinued operations, net of tax	$ (4)		$ 3,119
OxyChem \| Discontinued Operations, Held-for-sale
Disposal Group Including Discontinued Operation Revenue And Other Income [Abstract]
Net sales		1,156		2,255
Interest, dividends and other income		(4)		2
Gains (losses) on sales of assets and other, net		3		3
Total revenues and other income		1,155		2,260
Costs and other deductions
Chemical cost of sales		808		1,570
General and administrative expense		27		53
Other operating and non-operating expense		52		118
Depreciation, depletion and amortization		113		226
Other expense, net		5		13
Total costs and other deductions		1,005		1,980
Income (loss) before income taxes and other items		150		280
Income from equity investments and other		28		53
Income (loss) before income taxes		178		333
Income tax benefit (expense)		(48)		(88)
Income (loss) from discontinued operations, net of tax		$ 130		$ 245

GENERAL - Narrative (Details) - USD ($) shares in Millions, $ in Millions		1 Months Ended		6 Months Ended
	Jan. 02, 2026	Feb. 28, 2026	Oct. 31, 2025	Jun. 30, 2026	Dec. 31, 2025
Summary of Significant Accounting Policies [Line Items]
Non-voting limited partner interest				1.90%
Noncontrolling interest				$ 635	$ 564
Trade receivables, net of reserves				3,142	$ 2,575
BlackRock, Inc.
Summary of Significant Accounting Policies [Line Items]
Contributions amount				50
Distributions				(12)
Discontinued Operations, Disposed of by Sale \| OxyChem
Summary of Significant Accounting Policies [Line Items]
Proceeds received for divested assets	$ 9,500		$ 9,500
Variable Interest Entity, Primary Beneficiary
Summary of Significant Accounting Policies [Line Items]
Construction in progress				1,300
BlackRock, Inc.
Summary of Significant Accounting Policies [Line Items]
Equity method investment commitments				$ 550
WES Midstream
Summary of Significant Accounting Policies [Line Items]
Limited partner interest				36.40%
Equity method investment ownership percentage				39.00%
WES Midstream
Summary of Significant Accounting Policies [Line Items]
Non-voting general partner interest				2.10%
Limited partnership number of shares transferred (in shares)		15.3
Impairment		$ 105
Recognized a gain for ownership reduction				$ 220

INCOME TAXES

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES


NOTE 6 - INCOME TAXES

The following table summarizes components of income tax expense:


	Three months ended						Six months ended
millions	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Income before income taxes	$	3,915		$	560		$	4,305		$	1,737
Current
Federal	19			(57)			29			(387)
State and Local	(5)			(4)			(3)			(17)
Foreign	(222)			(173)			(338)			(302)
Total current tax expense	$	(208)		$	(234)		$	(312)		$	(706)
Deferred
Federal	(650)			39			(678)			178
State and Local	(27)			(1)			(30)			3
Foreign	(30)			(26)			(49)			(44)
Total deferred tax benefit (expense)	$	(707)		$	12		$	(757)		$	137
Total income tax expense
Federal	(631)			(18)			(649)			(209)
State and Local	(32)			(5)			(33)			(14)
Foreign	(252)			(199)			(387)			(346)
Total income tax expense	$	(915)		$	(222)		$	(1,069)		$	(569)
Income from continuing operations	$	3,000		$	338		$	3,236		$	1,168
Worldwide effective tax rate	23		%	40		%	25		%	33		%

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

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

ENVIRONMENTAL LIABILITIES AND EXPENDITURES

6 Months Ended

Jun. 30, 2026

Environmental Remediation Obligations [Abstract]

ENVIRONMENTAL LIABILITIES AND EXPENDITURES


NOTE 7 - ENVIRONMENTAL LIABILITIES AND EXPENDITURES

The Company and its subsidiaries and their respective operations are subject to stringent federal, regional, state, provincial, tribal, local and international laws and regulations related to improving or maintaining environmental quality. The laws that require or address environmental remediation, including CERCLA and similar federal, regional, state, provincial, tribal, local and international laws, may apply retroactively and regardless of fault, the legality of the original activities or the current ownership or control of sites. The Company 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, in addition to NPL Sites. Remedial activities may include one or more of the following: investigation involving sampling, modeling, risk assessment or monitoring; clean-up measures including removal, treatment or disposal; or operation and maintenance of remedial systems. The environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, natural resource damages, punitive damages, civil penalties, injunctive relief and government oversight costs.

As discussed in Note 1 - General, certain Occidental subsidiaries, including Environmental Resource Holdings, LLC (ERH), remain responsible for environmental remediation at legacy sites and the indemnification of legacy environmental liabilities and pre-closing liabilities of OxyChem, which were not classified as held for sale. Expenses related to the oil and gas and midstream businesses are reported as continuing operations for all periods presented. Expenses related to OxyChem and the retained liabilities and indemnification obligations associated with the chemical business are reported as discontinued operations for all periods presented, reflecting the OxyChem Transaction.

ENVIRONMENTAL REMEDIATION

As of June 30, 2026, the Company participated in or monitored remedial activities or proceedings at 149 sites. The following table presents the current and non-current environmental remediation liabilities of the Company:



millions	as of June 30, 2026						as of December 31, 2025
	Continuing Operations		Discontinued Operations		Total		Continuing Operations		Discontinued Operations		Total
Current Portion:
Accrued liabilities	$	55	$	96	$	151	$	55	$	96	$	151
Non-Current Portion:
Other deferred credits and liabilities	135		1,567		1,702		141		1,578		1,719
Total current and non-current	$	190	$	1,663	$	1,853	$	196	$	1,674	$	1,870

The estimates of environmental remediation liabilities in the table above vary 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. Environmental remediation expenses primarily relate to existing conditions from alleged past practices.

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.


	June 30, 2026
millions, except number of sites	Number of Sites	Remediation Balance
NPL Sites	29	$	1,367
Third-Party Sites	68	247
Currently Operated Sites	3	25
Closed or Non-operated Sites	49	214
Total	149	$	1,853

As of June 30, 2026, environmental remediation liabilities of Occidental subsidiaries exceeded $10 million each at 15 of the 149 sites described above, and 85 of the sites had liabilities less than $1 million each. Based on current estimates, the Company expects its subsidiaries to expend funds corresponding to approximately 30% of the remediation balance over the next three to four years with the remainder over the subsequent 10 or more years.

The Company believes the range of reasonably possible additional losses of its subsidiaries beyond those amounts currently recorded for environmental remediation for the 149 environmental sites in the table above could be up to $1.9 billion. The status of the Company's involvement with the sites and related significant assumptions have not changed materially since December 31, 2025.

DIAMOND ALKALI SUPERFUND SITE

The EPA has organized the DASS into four OUs for evaluating, selecting and implementing remediation under CERCLA. Current activities in each OU are summarized below, many of which are performed by Glenn Springs Holdings, Inc.

OU1 – 80 and 120 Lister Avenue in Newark, New Jersey: Glenn Springs Holdings, Inc. currently performs maintenance and monitoring for the interim remedy of OU1 pursuant to a 1990 Consent Decree for which such subsidiary inherited legal responsibility. 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, the EPA and an Occidental subsidiary entered into an AOC to complete the design of the remedy selected in the ROD. In May 2024, the EPA approved the remedial design for OU2. In June 2024, the EPA notified the subsidiary 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: A remedial investigation and feasibility study of OU3 was launched pursuant to a 2004 AOC which was amended in 2010. An Occidental subsidiary 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 an Occidental subsidiary inherited legal responsibility. In March 2023, the EPA issued a Unilateral Administrative Order in which it directed and ordered such subsidiary 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 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.

Legal matters related to the DASS (Alden Leeds)

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 that excluded three companies from the original settlement, among other changes, and subsequently filed a motion to approve the Amended Consent Decree. In December 2024, the U.S. District Court for the District of New Jersey (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 the Company was responsible for approximately 85% of the cleanup costs for OU2 and OU4. ERH appealed the District Court's ruling on the grounds that the decision was flawed for several reasons, including the failure to consider the impact of recent Supreme Court decisions that restrict EPA authority and limit judicial deference to EPA actions. The Notice of Appeal was filed in February 2025, and all briefs have been filed as of January 2026.

As a result of the District Court's approval of the Amended Consent Decree, the non-current environmental remediation liability related to OU2 and OU4 was increased by $925 million in the fourth quarter of 2024. This charge was included in asset impairments and other charges in the Company's Consolidated Statements of Operations and represented the additional share of the total estimated remediation costs which may be incurred because 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. It is expected that the cash outlay for remediation costs will be expended over ten to twenty years, or more.

The Alden Leeds settlement does not address the liability of entities that were excluded from the settlement, including for 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 require the Company 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 further remediation in OU2 or OU4, or the amount of financial assurance that could be required.

In June 2018, the Company filed a complaint under CERCLA in the District Court 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). Because costs are being incurred to implement the OU4 Unilateral Administrative Order, a cost recovery action under CERCLA was brought

in March 2023 in the District Court against multiple parties (2023 Cost Recovery Action). Both the 2018 Contribution Action and the 2023 Cost Recovery Action were stayed pending the outcome of the Alden Leeds litigation. The Company does not know when the Court will lift the stay in those matters. If not reversed on appeal, the approved Amended Consent Decree could bar the Company from pursuing contribution against the settling parties for remediation costs incurred or that may be incurred in the future to design and implement the remedies in OU2 and OU4, including claims asserted in the 2018 Contribution Action.

Other information

For the DASS, a reserve has been accrued relating to the estimated allocable share of the costs to perform the maintenance and monitoring required in the OU1 Consent Decree, as well as the remedial investigation and feasibility study required in OU3 (Newark Bay). Subject to and without waiver of any rights, including appeal, a reserve has also been accrued for design and implementation of remedies selected in the OU2 ROD and AOC, and the OU4 ROD and OU4 Unilateral Administrative Order, based on the December 2024 Order of the District Court approving the Amended Consent Decree described above, which Order is currently being appealed.

The accrued environmental remediation reserve does not account for the possibility of additional remediation costs or natural resource damages for the DASS that are not considered reasonably estimable. The ultimate liability at the DASS may be greater or less than both the reserved amount and any reasonably possible additional losses, and will depend on final design plans, future actions by the EPA and natural resource trustees, as well as the resolution of the allocable share with other potentially responsible parties, among other factors.

The estimated costs currently recorded for remediation at the DASS and the range of reasonably possible additional losses beyond the amounts currently recognized are evaluated periodically. Due to the complexity and scope of the remediation efforts, the estimated costs may fluctuate 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

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+ Details

REVENUE - Schedule of Revenue from Customers by Segment, Product, and Geographical Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of revenue
Revenue from customers	$ 7,053	$ 5,163	$ 12,622	$ 10,976
Operating segments
Disaggregation of revenue
Revenue from customers	7,053	5,163	12,622	10,976
Operating segments \| United States
Disaggregation of revenue
Revenue from customers	5,887	4,278	10,513	9,249
Operating segments \| International
Disaggregation of revenue
Revenue from customers	1,309	1,026	2,394	2,020
Eliminations
Disaggregation of revenue
Revenue from customers	(143)	(141)	(285)	(293)
Eliminations \| United States
Disaggregation of revenue
Revenue from customers	0	0	0	0
Eliminations \| International
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Operating segments
Disaggregation of revenue
Revenue from customers	6,777	5,009	12,091	10,692
Oil and gas \| Operating segments \| Oil
Disaggregation of revenue
Revenue from customers	6,289	4,146	10,812	8,651
Oil and gas \| Operating segments \| NGL
Disaggregation of revenue
Revenue from customers	681	543	1,199	1,217
Oil and gas \| Operating segments \| Gas
Disaggregation of revenue
Revenue from customers	(169)	293	78	758
Oil and gas \| Operating segments \| Other
Disaggregation of revenue
Revenue from customers	(24)	27	2	66
Oil and gas \| Operating segments \| United States
Disaggregation of revenue
Revenue from customers	5,733	4,144	10,238	8,971
Oil and gas \| Operating segments \| United States \| Oil
Disaggregation of revenue
Revenue from customers	5,417	3,456	9,290	7,286
Oil and gas \| Operating segments \| United States \| NGL
Disaggregation of revenue
Revenue from customers	592	457	1,036	1,035
Oil and gas \| Operating segments \| United States \| Gas
Disaggregation of revenue
Revenue from customers	(250)	205	(86)	586
Oil and gas \| Operating segments \| United States \| Other
Disaggregation of revenue
Revenue from customers	(26)	26	(2)	64
Oil and gas \| Operating segments \| International
Disaggregation of revenue
Revenue from customers	1,044	865	1,853	1,721
Oil and gas \| Operating segments \| International \| Oil
Disaggregation of revenue
Revenue from customers	872	690	1,522	1,365
Oil and gas \| Operating segments \| International \| NGL
Disaggregation of revenue
Revenue from customers	89	86	163	182
Oil and gas \| Operating segments \| International \| Gas
Disaggregation of revenue
Revenue from customers	81	88	164	172
Oil and gas \| Operating segments \| International \| Other
Disaggregation of revenue
Revenue from customers	2	1	4	2
Oil and gas \| Eliminations
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Eliminations \| Oil
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Eliminations \| NGL
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Eliminations \| Gas
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Eliminations \| Other
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and marketing \| Operating segments
Disaggregation of revenue
Revenue from customers	419	295	816	577
Midstream and marketing \| Operating segments \| United States
Disaggregation of revenue
Revenue from customers	154	134	275	278
Midstream and marketing \| Operating segments \| International
Disaggregation of revenue
Revenue from customers	265	161	541	299
Midstream and marketing \| Eliminations
Disaggregation of revenue
Revenue from customers	$ 0	$ 0	$ 0	$ 0

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2022	Dec. 31, 2016	Dec. 31, 2015
Lawsuits, commitments and contingencies
One-time non-cash tax benefit as a result of a legal entity reorganization			$ 2,700
Tentative cash tax refund	$ 1	$ 3
Potential cash tax	1,400
Tronox Settlement
Lawsuits, commitments and contingencies
Payments for settlement					$ 5,200
Additional cash benefits realized from utilization of tax attributes from deduction of legal settlement	500
Interest amount	2,400
Anadarko
Lawsuits, commitments and contingencies
Tentative cash tax refund				$ 881
Potential accrued interest	$ 1,000

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Discontinued Operations, Net of Income Taxes

The following table summarizes the components of the sales price:


in millions	Total
Cash sales price	$	9,700
Closing adjustments:
Working capital adjustment	(158)
Post-close adjustments	(70)
Total cash sales price	$	9,472

The following table presents the amounts reported in discontinued operations, net of income taxes, for the following:


	Three months ended				Six months ended
millions	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Revenues and other income
Net sales	$	—	$	1,156	$	26	$	2,255
Interest, dividends and other income	12		(4)		12		2
Gains (losses) on sales of assets and other, net	(36)		3		4,036		3
Total revenues and other income	(24)		1,155		4,074		2,260
Costs and other deductions
Chemical cost of sales	—		808		23		1,570
General and administrative expense	5		27		9		53
Other operating and non-operating expense	47		52		75		118
Depreciation, depletion and amortization	—		113		—		226

Other expense, net	—		5		—		13
Total costs and other deductions	52		1,005		107		1,980
Income (loss) before income taxes and other items	(76)		150		3,967		280
Income from equity investments and other	—		28		1		53
Income (loss) before income taxes	(76)		178		3,968		333
Income tax benefit (expense)	72		(48)		(849)		(88)
Income (loss) from discontinued operations, net of tax	$	(4)	$	130	$	3,119	$	245

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

+ Details

Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, issued (in shares)	84,897	84,897
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, issued (in shares)	1,230,039,058	1,214,337,600
Treasury stock, shares (in shares)	230,330,507	228,311,184

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES


NOTE 8 - LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES

LEGAL MATTERS

The Company is 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. The Company also is 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 the Company is among many companies in these environmental proceedings and has to date been successful in sharing remediation costs with other financially sound companies. Further, some lawsuits, claims and legal proceedings involve acquired or divested assets with respect to which a third party or the Company retains liability or indemnifies the other party for conditions that existed prior to the transaction.

In accordance with applicable accounting guidance, the Company accrues contingency reserves for outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. Contingency reserves for matters, other than for tax matters discussed below and environmental matters discussed in Note 7 – Environmental Liabilities and Expenditures, that satisfy these criteria as of June 30, 2026 were not material to the Company's Consolidated Condensed Balance Sheets.

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

TAX MATTERS AND DISPUTES

During the course of its operations, the Company 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.

The IRS is currently reviewing the legal entity reorganization transaction as part of the Company's 2022 federal tax audit. Following the acquisition of Anadarko and related divestitures, the Company reorganized its legal entities to better align with the nature of its business activities. This reorganization resulted in the Company making an adjustment to the tax basis in a portion of its operating assets, reducing deferred tax liabilities and recording a $2.7 billion tax benefit in 2022.

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 2018 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, the Company 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 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, the Company has recorded no tax benefit on the tentative cash tax refund of $881 million. Additionally, the Company 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, the Company 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 June 30, 2026 totaled approximately $2.4 billion. As a result, should the Company not ultimately prevail on the issue, there would be no additional tax expense recorded relative to this position for financial statement purposes other than future interest. However, in that event, as of June 30, 2026, the Company would be required to repay approximately $1.4 billion in federal and state taxes and accrued interest of $1.0 billion. A liability for the taxes and interest is included in other liabilities.

INDEMNITIES TO THIRD PARTIES

The Company has 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 the Company. These indemnities usually are contingent upon the other party incurring liabilities that reach specified thresholds. The Company reserves for indemnity claims when a payment for such claims is probable and estimable. As discussed in Note 1 - General, Berkshire Hathaway has post-closing indemnification rights in connection with the OxyChem Transaction.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
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

GENERAL - Schedule of Supplemental Cash Flows (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
SUPPLEMENTAL CASH FLOW INFORMATION
Income tax payments	$ 514	$ 877
Income tax refunds received	(1)	(3)
Interest paid	523	681
Capitalized interest	$ 103	$ 88

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Jul. 31, 2026
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	1-9210
Entity Registrant Name	OCCIDENTAL PETROLEUM CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4035997
Entity Address, Address Line One	5 Greenway Plaza
Entity Address, Address Line Two	Suite 110
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77046
City Area Code	713
Local Phone Number	215-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		999,637,371
Entity Central Index Key	0000797468
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock, $0.20 par value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.20 par value
Trading Symbol	OXY
Security Exchange Name	NYSE
Warrants to Purchase Common Stock, $0.20 par value
Entity Information [Line Items]
Title of 12(b) Security	Warrants to Purchase Common Stock, $0.20 par value
Trading Symbol	OXY WS
Security Exchange Name	NYSE

GENERAL (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Consolidated Condensed Statements of Cash Flows as of:



millions	June 30, 2026		June 30, 2025
Cash and cash equivalents	$	4,150	$	2,314
Cash and cash equivalents included in assets held for sale	—		12
Restricted cash and restricted cash equivalents included in other current assets	19		16
Restricted cash and restricted cash equivalents included in other long-term assets	19		18
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	4,188	$	2,360

Schedule of Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Consolidated Condensed Statements of Cash Flows as of:



millions	June 30, 2026		June 30, 2025
Cash and cash equivalents	$	4,150	$	2,314
Cash and cash equivalents included in assets held for sale	—		12
Restricted cash and restricted cash equivalents included in other current assets	19		16
Restricted cash and restricted cash equivalents included in other long-term assets	19		18
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	4,188	$	2,360

Schedule of Supplemental Cash Flows

The following table represents U.S. federal, state and international income taxes paid, refunds received and interest paid during the following periods:



millions	Six months ended June 30, 2026		Six months ended June 30, 2025
Income tax payments	$	514	$	877
Income tax refunds received	$	(1)	$	(3)
Interest paid (a)	$	523	$	681

(a) Net of capitalized interest of $103 million and $88 million for the six months ended June 30, 2026 and 2025, respectively.

Schedule of Inventories

Inventories consisted of the following as of:


millions	June 30, 2026		December 31, 2025
Materials and supplies	$	1,270	$	1,222
Commodity inventory	915		601
Total	$	2,185	$	1,823

Schedule of Accrued and Other Long-Term Liabilities

Accrued liabilities - current consisted of the following as of:


millions	June 30, 2026		December 31, 2025
Income tax payable	$	849	$	159
Payroll and related expenses	472		620
Taxes other than on income	467		498
Accrued interest payable	233		386
Dividends payable	408		383
Asset retirement obligations	400		381
Operating lease liabilities	378		350
Other	910		815
Total	$	4,117	$	3,592

Other long-term liabilities consisted of the following as of:


millions	June 30, 2026		December 31, 2025
Long-term tax liabilities	$	2,472	$	2,393
Environmental remediation liabilities	1,702		1,719
Pension and postretirement obligations	937		985
Operating lease liabilities	505		605
Other	1,602		1,609
Total	$	7,218	$	7,311

ENVIRONMENTAL LIABILITIES AND EXPENDITURES - Narrative (Details)	1 Months Ended					3 Months Ended		6 Months Ended	12 Months Ended
	Jan. 31, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jan. 31, 2024 company	Sep. 30, 2021 USD ($) mi	Mar. 31, 2016 mi	Dec. 31, 2024 USD ($)	Mar. 31, 2023 party	Jun. 30, 2026 USD ($) site operatingUnit	Dec. 31, 2024	Dec. 31, 2022 USD ($)
Environmental remediation reserves
Number of sites \| site								149
Environmental reserves, exceeding $ ten million, threshold value								$ 10,000,000
Environmental reserves, exceeding $ ten million, threshold value, number of sites \| site								15
Environmental reserves, range between zero to $ one million site category, number of sites \| site								85
Percent of reserve to be funded over the next three to four years								30.00%
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 30 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 30 percent of environmental reserves								4 years
Non-National Priorities List Sites
Environmental remediation reserves
Environmental remediation contingency, number of site categories \| site								3
Diamond Alkali Superfund Site
Environmental remediation reserves
Site contingency, number of operating units \| operatingUnit								4
Diamond Alkali Superfund Site - Operable Unit One
Environmental remediation reserves
Environmental remediation expense	$ 16,000,000
Diamond Alkali Superfund Site - Operable Unit Two
Environmental remediation reserves
Environmental remediation expense		$ 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
Environmental remediation expense				$ 440,000,000
Stretch of lower passaic river requiring remedial actions \| mi				17
Stretch of lower passaic river not covered by remedial actions \| mi				9
Alden Leeds \| Alden Leeds
Environmental remediation reserves
Environmental remediation expense										$ 150,000,000
Number of parties, settled \| party							85
Number of companies excluded from settlement \| company			3
Clean up costs percentage								85.00%	85.00%
Increase in environmental remediation liability						$ 925,000,000
Alden Leeds \| Low end of range \| Alden Leeds
Environmental remediation reserves
Remediation costs, period								10 years
Alden Leeds \| High end of range \| Alden Leeds
Environmental remediation reserves
Remediation costs, period								20 years

EARNINGS PER SHARE AND EQUITY

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

EARNINGS PER SHARE AND EQUITY


NOTE 9 - EARNINGS PER SHARE AND EQUITY

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


	Three months ended				Six months ended
millions except per-share amounts	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Income from continuing operations	$	3,000	$	338	$	3,236	$	1,168
Discontinued operations, net of taxes	(4)		130		3,119		245
Net income	$	2,996	$	468	$	6,355	$	1,413
Less: Income attributable to noncontrolling interest	(19)		(10)		(33)		(19)
Less: Preferred stock dividends	(170)		(170)		(340)		(340)
Net income attributable to common stock	$	2,807	$	288	$	5,982	$	1,054
Less: Incremental fair value for warrants inducement	—		(25)		—		(25)
Less: Net income allocated to participating securities	(20)		(2)		(37)		(7)
Net income, net of participating securities	$	2,787	$	261	$	5,945	$	1,022
Weighted-average number of basic shares	997.1		985.1		993.7		963.5
Basic income per common share	$	2.80	$	0.27	$	5.98	$	1.06
Net income attributable to common stock	$	2,807	$	288	$	5,982	$	1,054
Less: Incremental fair value for warrants inducement	—		(25)		—		(25)
Less: Net income allocated to participating securities	(19)		(2)		(37)		(7)
Net income, net of participating securities	$	2,788	$	261	$	5,945	$	1,022
Weighted-average number of basic shares	997.1		985.1		993.7		963.5
Dilutive securities	15.1		25.3		16.1		33.5
Total diluted weighted-average common shares	1,012.2		1,010.4		1,009.8		997.0
Diluted income per common share	$	2.75	$	0.26	$	5.89	$	1.03

Anti-dilutive securities excluded from diluted shares (millions)	83.9		84.2		83.9		83.9

The following table presents Occidental's common share activity, including exercises of warrants, and other transactions in Occidental's common stock in 2026:


Period	Exercise of Warrants (a)	Other (b)	Treasury Stock Purchases (c)	Common Stock Outstanding
December 31, 2025				986,026,416
First Quarter 2026	3,609,243	2,939,668	(1,382,767)	991,192,560
Second Quarter 2026	8,929,988	222,559	(636,556)	999,708,551
Total	12,539,231	3,162,227	(2,019,323)	999,708,551

(a) $276 million of cash was received in the first six months of 2026 from the exercise of Common Stock Warrants.

(b) Includes issuances under the 2015 long-term incentive plan and the OPC savings plan.

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

As of June 30, 2026, Occidental had 17.9 million Common Stock Warrants with a strike of $22.00 per share and 83.9 million Berkshire Warrants held by Berkshire Hathaway with a strike of $59.59 per share.

On March 3, 2025, Occidental announced an offer to holders of its Common Stock Warrants to exercise their warrants, each exercisable at $22.00, at a temporarily reduced price of $21.30 per share with an expiration date of March 31, 2025. In April 2025, Occidental issued 41.9 million shares of stock in return for proceeds of approximately $890 million. The incremental fair value associated with the Common Stock Warrants related to the change in exercise price was recognized as an equity issuance cost. The proceeds from the warrant exercise were used to repay near-term debt maturities.

- Definition

The entire disclosure for equity.

+ References

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+ Details

SEGMENTS - Reconciles Segment Income From Continuing Operations (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) segment	Jun. 30, 2025 USD ($)
Segment Information
Number of operating segments \| segment			2
Number of reportable segments \| segment			2
Income from continuing operations before income taxes	$ 3,915	$ 560	$ 4,305	$ 1,737
Interest and debt expense, net	(108)	(271)	(540)	(581)
Income tax expense	(915)	(222)	(1,069)	(569)
Income from continuing operations	3,000	338	3,236	1,168
Discontinued operations, net of taxes	(4)	130	3,119	245
NET INCOME	2,996	468	6,355	1,413
Less: Net income attributable to noncontrolling interest	(19)	(10)	(33)	(19)
Less: Preferred stock dividends	(170)	(170)	(340)	(340)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	2,807	288	5,982	1,054
Operating segments \| Oil and gas segment
Segment Information
Income from continuing operations before income taxes	2,849	934	3,866	2,631
Operating segments \| Midstream and marketing
Segment Information
Income from continuing operations before income taxes	1,338	39	1,251	(33)
Corporate and eliminations
Segment Information
Income from continuing operations before income taxes	$ (164)	$ (142)	$ (272)	$ (280)

Consolidated Condensed Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in dollars per share)	$ 0.26	$ 0.24	$ 0.52	$ 0.48
Dividends on preferred stock (in dollars per share)	$ 2,000	$ 2,000	$ 4,000	$ 4,000

DERIVATIVES - Crude Collars (Details) - Crude Collars	1 Months Ended
DERIVATIVES - Crude Collars (Details) - Crude Collars	Feb. 28, 2026 $ / Barrel MMBbls
Derivative [Line Items]
Notional volume (mmbls/day) \| MMBbls	100
Floor price	55.00
Average ceiling price	75.89

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$ 6,355	$ 1,413
Adjustments to reconcile net income to net cash provided by operating activities:
Discontinued operations, net	(3,119)	(245)
Depreciation, depletion and amortization of assets	3,641	3,627
Deferred income tax provision (benefit)	757	(137)
Asset impairments and other charges	105	0
Losses on sales of assets and other, net	22	24
Other noncash charges to income	100	497
Changes in operating assets and liabilities:
(Increase) decrease in trade receivables	(566)	121
(Increase) decrease in inventories	(334)	286
(Increase) decrease in joint interest receivables and other current assets	(172)	26
Decrease in accounts payable and accrued liabilities	(314)	(658)
Increase (decrease) in current domestic and foreign income taxes	3	(193)
Operating cash flow from continuing operations	6,478	4,761
Operating cash flow from discontinued operations, net of taxes	(926)	347
Net cash provided by operating activities	5,552	5,108
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(3,143)	(3,387)
Change in capital accrual	(65)	26
Purchases of assets, businesses and equity investments, net	(94)	(108)
Proceeds from sales of assets, net	71	1,450
Equity investments and other, net	(164)	(149)
Investing cash flow from continuing operations	(3,395)	(2,168)
Investing cash flow from discontinued operations	9,461	(562)
Net cash provided (used) by investing activities	6,066	(2,730)
CASH FLOW FROM FINANCING ACTIVITIES
Payments of debt	(8,695)	(2,280)
Cash dividends paid on common and preferred stock	(839)	(778)
Proceeds from issuance of common stock	295	931
Purchases of treasury stock	(117)	0
Contributions from noncontrolling interest, net	38	114
Other financing, net	(158)	(158)
Financing cash flow from continuing operations	(9,476)	(2,171)
Financing cash flow from discontinued operations	0	(4)
Net cash used by financing activities	(9,476)	(2,175)
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents	2,142	203
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period	2,046	2,157
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period	$ 4,188	$ 2,360

GENERAL (Policies)	6 Months Ended
GENERAL (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
NON-CONTROLLING INTEREST	NONCONTROLLING INTEREST Together with BlackRock, the Company is a joint venture partner in the development of the world's first commercial-scale direct air capture facility. As the primary beneficiary, the Company consolidates the joint venture, which is classified as a Variable Interest Entity. BlackRock's investment is accounted for as an NCI. As of June 30, 2026, BlackRock has invested the entirety of its total commitment of $550 million. In addition, the Company has entered into agreements with the joint venture related to project management, operations and maintenance and carbon removal offtake. The Company may incur additional payments if certain construction and operational thresholds are not met. The Company 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 the Company thereafter. The NCI receives preferential distributions in liquidation. The Company has determined that the appropriate methodology for attributing income and loss from the joint venture is the Hypothetical Liquidation at Book Value method.
CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS	CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents.
INVENTORIES	INVENTORIES Materials and supplies are valued at weighted-average cost and are reviewed periodically for obsolescence. Commodity inventory primarily represents oil, which is carried at the lower of weighted-average cost or net realizable value.
REVENUE	Revenue from customers is recognized when obligations under the terms of a contract with customers are satisfied; this generally occurs with the delivery of oil, NGL, gas or services, such as transportation.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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-URI https://asc.fasb.org/606/tableOfContent

+ Details

DERIVATIVES

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES


NOTE 5 - DERIVATIVES

OBJECTIVE AND STRATEGY

The Company 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. The Company may occasionally use a variety of derivative financial instruments to manage its exposure to foreign currency fluctuations and interest rate risks. The Company also enters into derivative financial instruments for trading purposes.

The Company may elect normal purchases and normal sales exclusions when physically delivered commodities are purchased from a vendor or sold to a customer.

CRUDE COLLARS

In February 2026, the Company entered into crude two-way collar derivative instruments beginning in March for the remainder of 2026 to manage its near-term exposure to cash flow variability from crude oil price risk. A two-way collar is a combination of a sold call and a purchased put. The sold call establishes a ceiling price and the purchased put establishes a floor price that the Company will receive for the contracted commodity volume for a defined period of time. Gains and losses associated with changes in the fair value of the collars are recognized in net sales, and cash settlements are recognized in operating cash flows. The collars have a notional volume of 100 Mbbl per day, a floor WTI price of $55.00 per barrel and a weighted average ceiling WTI price of $75.89 per barrel.

MARKETING DERIVATIVES

The Company's marketing of derivative instruments includes short-duration physical and financial forward contracts. As of June 30, 2026, the weighted-average settlement price of these forward contracts was $82.03 per barrel and $2.29 per Mcf for crude oil and natural gas, respectively. The weighted-average settlement price was $59.59 per barrel and $2.53 per Mcf for crude oil and natural gas, respectively, as of December 31, 2025. 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 the Company's earnings through mark-to-market adjustments until the physical commodity is delivered or the financial instrument is settled. Net gains and losses associated with marketing derivative instruments are recognized currently in net sales. Cash settlements related to marketing derivatives are presented in operating cash flows.

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


long (short)	June 30, 2026	December 31, 2025
Oil commodity contracts
Volume (MMbbl)	(52)	(59)
Natural gas commodity contracts
Volume (Bcf)	(307)	(189)

FAIR VALUE OF DERIVATIVES


millions	Fair Value Measurements Using						Netting (a)		Total Fair Value
Balance Sheet Classifications	Level 1		Level 2		Level 3
June 30, 2026
Marketing Derivatives
Other current assets	$	2,261	$	416	$	—	$	(2,385)	$	292
Other long-term assets	2		—		—		(2)		—
Accrued liabilities	(2,140)		(279)		—		2,385		(34)
Deferred credits and other liabilities - other	(2)		—		—		2		—
Crude Collars
Accrued liabilities	(31)		—		—		—		(31)






December 31, 2025
Marketing Derivatives
Other current assets	$	345	$	51	$	—	$	(328)	$	68

Accrued liabilities	(336)		(24)		—		328		(32)

GAINS AND LOSSES ON DERIVATIVES

The following table presents gains and losses related to the Company's derivative instruments and the location on the Consolidated Condensed Statements of Operations:


millions	Three months ended				Six months ended
Income Statement Classification	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025


Marketing derivatives (included in net sales)	$	908	$	97	$	910	$	(10)
Crude collars (included in net sales)	$	105	$	—	$	(234)	$	—

CREDIT RISK

The majority of the Company's credit risk is related to the physical delivery of energy commodities to its counterparties and their potential inability to meet their settlement commitments. The Company 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. The Company actively evaluates the creditworthiness of its counterparties, assigns appropriate credit limits and monitors credit exposures against those assigned limits. The Company also enters into futures contracts through regulated exchanges with select clearinghouses and brokers, which are subject to minimal credit risk, if any.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details