Occidental Petroleum (OXY) 10-Q 6 May 10 2010 Q1 Quarterly report Financial data

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (USD $)
In Millions	Mar. 31, 2010	Dec. 31, 2009
CURRENT ASSETS
Cash and cash equivalents	$1,895	$1,230
Trade receivables, net	4,616	4,142
Marketing and trading assets and other	1,077	1,203
Inventories	1,066	1,081
Prepaid expenses and other	434	430
Total current assets	9,088	8,086
INVESTMENTS IN UNCONSOLIDATED ENTITIES	1,776	1,732
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $20,345 at March 31, 2010 and $19,486 at December 31, 2009	33,864	33,645
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	803	766
TOTAL ASSETS	45,531	44,229
CURRENT LIABILITIES
Current maturities of long-term debt	83	239
Accounts payable	4,071	3,379
Accrued liabilities	1,958	2,341
Domestic and foreign income taxes	223	28
Liabilities of discontinued operations	105	105
Total current liabilities	6,440	6,092
LONG-TERM DEBT, NET	2,511	2,557
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred and other domestic and foreign income taxes	3,236	3,125
Long-term liabilities of discontinued operations	131	136
Other	3,176	3,160
TOTAL DEFERRED CREDITS AND OTHER LIABILITIES	6,543	6,421
STOCKHOLDERS' EQUITY
Common stock, at par value	177	177
Treasury stock	(4,161)	(4,161)
Additional paid-in capital	7,138	7,127
Retained earnings	27,329	26,534
Accumulated other comprehensive loss	(548)	(596)
Total equity attributable to common stock	29,935	29,081
Noncontrolling interest	102	78
Total equity	30,037	29,159
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$45,531	$44,229

1_CONSOLIDATED CONDENSED BALANC

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) (USD $)
In Millions	Mar. 31, 2010	Dec. 31, 2009
CONSOLIDATED CONDENSED BALANCE SHEETS
PROPERTY, PLANT AND EQUIPMENT, accumulated depreciation, depletion and amortization (in dollars)	$20,345	$19,486

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (USD $)
In Millions, except Per Share data	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 31, 2009
REVENUES AND OTHER INCOME
Net sales	$4,771	$3,073
Interest, dividends and other income	21	30
Gains on disposition of assets, net	1
TOTAL REVENUES AND OTHER INCOME	4,793	3,103
COSTS AND OTHER DEDUCTIONS
Cost of sales	2,442	2,064
Selling, general and administrative and other operating expenses	375	270
Taxes other than on income	123	105
Exploration expense	56	58
Interest and debt expense, net	38	27
TOTAL COSTS AND OTHER DEDUCTIONS	3,034	2,524
Income before income taxes and other items	1,759	579
Provision for domestic and foreign income taxes	729	241
Income from equity investments	(65)	(42)
Income from continuing operations	1,095	380
Discontinued operations, net	(7)	(3)
Net income	1,088	377
Less: Net income attributable to noncontrolling interest	(24)	(9)
NET INCOME ATTRIBUTABLE TO COMMON STOCK	$1,064	$368
BASIC EARNINGS PER COMMON SHARE (attributable to common stock)
Income from continuing operations (in dollars per share)	1.32	0.45
Discontinued operations, net (in dollars per share)	-0.01
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	1.31	0.45
DILUTED EARNINGS PER COMMON SHARE (attributable to common stock)
Income from continuing operations (in dollars per share)	1.32	0.45
Discontinued operations, net (in dollars per share)	-0.01
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	1.31	0.45
DIVIDENDS PER COMMON SHARE (in dollars per share)	0.33	0.32

2_CONSOLIDATED CONDENSED STATEM

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)
In Millions	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 31, 2009
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$1,088	$377
Adjustments to reconcile net income to net cash provided by operating activities:
Discontinued operations, net	7	3
Depreciation, depletion and amortization of assets	874	786
Deferred income tax provision	74	49
Other noncash charges to income	166	96
Income from equity investments	(65)	(42)
Dry hole and impairment expense	32	48
Changes in operating assets and liabilities, net	102	(478)
Other operating, net	(19)	(53)
Operating cash flow from continuing operations	2,259	786
Operating cash flow from discontinued operations	(49)	(6)
Net cash provided by operating activities	2,210	780
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(848)	(1,071)
Purchases of assets, net	(299)	(64)
Equity investments and other, net	93	(32)
Net cash used by investing activities	(1,054)	(1,167)
CASH FLOW FROM FINANCING ACTIVITIES
Payments of long-term debt	(227)	(7)
Proceeds from issuance of common stock	2	10
Purchases of treasury stock		(9)
Excess share-based tax benefits	3	2
Cash dividends paid	(269)	(260)
Net cash used by financing activities	(491)	(264)
Increase (decrease) in cash and cash equivalents	665	(651)
Cash and cash equivalents-beginning of period	1,230	1,777
Cash and cash equivalents-end of period	$1,895	$1,126

General

General
	3 Months Ended Mar. 31, 2010
General
General	1. General In these unaudited consolidated condensed financial statements, Occidental means Occidental Petroleum Corporation, a Delaware corporation (OPC), and/or one or more entities in which it owns a majority voting interest (subsidiaries). Occidental has made its disclosures in accordance with accounting principles generally accepted in the United States of America as they apply to interim reporting, and condensed or omitted, as permitted by the Securities and Exchange Commissions rulesand regulations, certain information and disclosures normally included in consolidated financial statements and the notes. The consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and the notes thereto in Occidentals Annual Report on Form10-K for the year ended December31, 2009. In the opinion of Occidentals management, the accompanying consolidated condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present Occidentals consolidated financial position as of March31, 2010, and the consolidated statements of income and cash flows for the three months ended March31, 2010 and 2009, as applicable. The income and cash flows for the periods ended March31, 2010 and 2009 are not necessarily indicative of the income or cash flows to be expected for the full year. Certain financial statements and notes for the prior year have been reclassified to conform to the 2010 presentation.

Asset Acquisitions, Disposition

Asset Acquisitions, Dispositions and Other Transactions
	3 Months Ended Mar. 31, 2010
Asset Acquisitions, Dispositions and Other Transactions
Asset Acquisitions, Dispositions and Other Transactions	2. Asset Acquisitions, Dispositions and Other Transactions In January2010, Occidental and its partners signed a technical service contract with the government of Iraq to develop the Zubair Field in Iraq. During the quarter ended March31, 2010, Occidental acquired interests in domestic oil and gas properties for approximately $245 million.

Accounting and Disclosure Chang

Accounting and Disclosure Changes
	3 Months Ended Mar. 31, 2010
Accounting and Disclosure Changes
Accounting and Disclosure Changes	3. Accounting and Disclosure Changes Fair Value Measurements Beginning in the quarter ended March31, 2010, Occidental enhanced its fair value measurement disclosures as a result of adopting new disclosure requirements issued by the Financial Accounting Standards Board (FASB) in January2010. The new rulesrequire interim and year-end disclosures of: (i)fair value measurements by classes of assets and liabilities; (ii)valuation techniques and inputs used for Level 2 or 3 fair value measurements; and (iii)significant transfers into and out of Level 1 and 2 measurements and the reasons for the transfers. Variable Interest Entities Beginning January1, 2010, Occidental modified its method of assessing the consolidation of variable interest entities as a result of adopting new accounting requirements issued by the FASB in June2009. This new rulehad no impact on Occidentals financial statements upon adoption and will require assessment on an ongoing basis.

Comprehensive Income

Comprehensive Income
	3 Months Ended Mar. 31, 2010
Comprehensive Income
Comprehensive Income	4. Comprehensive Income The following table presents Occidentals comprehensive income for the three months ended March31, 2010 and 2009 (in millions): 2010 2009 Net income attributable to common stock $ 1,064 $ 368 Other comprehensive income (loss) items Foreign currency translation adjustments (3 ) 1 Pension and post-retirement adjustments 7 6 Unrealized gains on derivatives 23 35 Reclassification of realized losses (gains) on derivatives 21 (34 ) Other comprehensive income, net of tax 48 8 Comprehensive income attributable to common stock $ 1,112 $ 376 There were no other comprehensive income (loss) items or changes to equity other than net income related to noncontrolling interests for the three months ended March31, 2010 and 2009.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information
	3 Months Ended Mar. 31, 2010
Supplemental Cash Flow Information
Supplemental Cash Flow Information	5. Supplemental Cash Flow Information Occidental paid U.S. federal, state and foreign income taxes of approximately $496 million and $192 million during the three months ended March31, 2010 and 2009, respectively. Net cash payments for taxes included amounts related to discontinued operations of $42 million and $2 million for the three months ended March31, 2010 and 2009, respectively. Interest paid totaled approximately $29 million and $34 million for the three months ended March31, 2010 and 2009, respectively.

Inventories

Inventories
	3 Months Ended Mar. 31, 2010
Inventories
Inventories	6. Inventories A portion of inventories is valued under the LIFO method. The valuation of LIFO inventory for interim periods is based on Occidentals estimates of year-end inventory levels and costs. Inventories as of March31, 2010 and December31, 2009 consisted of the following (in millions): 2010 2009 Raw materials $ 64 $ 63 Materials and supplies 524 515 Finished goods 559 584 1,147 1,162 LIFO reserve (81 ) (81 ) Total $ 1,066 $ 1,081

Environmental Liabilities and E

Environmental Liabilities and Expenditures
	3 Months Ended Mar. 31, 2010
Environmental Liabilities and Expenditures
Environmental Liabilities and Expenditures	7. Environmental Liabilities and Expenditures Occidentals operations are subject to stringent federal, state, local and foreign laws and regulations relating to improving or maintaining environmental quality.Occidentals environmental compliance costs have generally increased over time and could continue to rise in the future.Occidental factors environmental expenditures for its operations into its business planning process as an integral part of producing quality products responsive to market demand. The laws that require or address environmental remediation, including the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) and similar federal, state, local and foreign laws, may apply retroactively and regardless of fault, the legality of the original activities or the current ownership or control of sites.OPC or certain of its subsidiaries participate in or actively monitor a range of remedial activities and government or private proceedings under these laws with respect to alleged past practices at operating, closed and third-party sites.Remedial activities may include one or more of the following:investigation involving sampling, modeling, risk assessment or monitoring; cleanup measures including removal, treatment or disposal; or operation and maintenance of remedial systems.The environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, punitive damages, civil penalties, injunctive relief and government oversight costs. As of March31, 2010, Occidental participated in or monitored remedial activities or proceedings at 167 sites.The following table presents Occidentals environmental remediation reserves as of March31, 2010, the current portion of which is included in accrued liabilities ($84 million) and the remainder in deferred credits and other liabilities other ($309 million).The reserves are grouped as environmental remediation sites listed or proposed for listing by the U.S. Environmental Protection Agency on the CERCLA National Priorities List (NPL sites) and three categories of non-NPL sites third-party sites, Occidental-operated sites and closed or non-operated Occidental sites. Number of Sites Reserve Balance (in millions) NPL sites 39 $ 55 Third-party sites 81 101 Occidental-operated sites 18 124 Closed or non-operated Occidental sites 29 113 Total 167 $ 393 As of March31, 2010, Occidentals environmental reserves exceeded $10 million at 14 of the 167 sites described above, and 118 of the sites had reserves from $0 to $1 million each.Occidental expects to expend funds corresponding to about half of the current environmental reserves over the next four years and the balance over the subsequent ten or more years.Occidental believes its range of reasonably possible additional loss beyond those liabilities recorded for environmental remediation at the sites described above could be up to $375 million.The status of Occidentals involvement with the sites and related significant assumptions have not changed materially since December31, 2009.For manageme

Lawsuits, Claims, Commitments,

Lawsuits, Claims, Commitments, Contingencies and Related Matters
	3 Months Ended Mar. 31, 2010
Lawsuits, Claims, Commitments, Contingencies and Related Matters
Lawsuits, Claims, Commitments, Contingencies and Related Matters	8. Lawsuits, Claims, Commitments, Contingencies and Related Matters OPC or certain of its subsidiaries are named, 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, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. OPC or certain of its subsidiaries also have been named in proceedings under CERCLA and similar federal, state, local and foreign environmental laws. These environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, punitive damages, civil penalties and injunctive relief; however, Occidental is usually one of many companies in these proceedings and has to date been successful in sharing response costs with other financially sound companies. With respect to all such lawsuits, claims and proceedings, including environmental proceedings, Occidental accrues reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Lawsuits filed in Nicaragua against Occidental Chemical Corporation (OxyChem) and other companies that once manufactured or used the pesticide dibromochloropropane (DBCP) claim damages of several billion dollars for alleged personal injuries. In the opinion of management, the claims against OxyChem are without merit because, among other things, the DBCP it manufactured was never sold or used in Nicaragua. Nicaraguan courts have entered judgments of approximately $900 million against four defendants, including OxyChem, which, if affirmed and ultimately enforced, would be shared equally among the defendants. When the plaintiffs attempted to enforce one judgment in Miami, the federal district court granted summary judgment in favor of OxyChem and refused to enforce the judgment, finding the Nicaraguan court lacked personal jurisdiction because OxyChem DBCP was not used in Nicaragua, OxyChem did not have sufficient contacts with Nicaragua, and other grounds for dismissal. Plaintiffs have filed a notice of appeal. OxyChem has no assets in Nicaragua and, in the opinion of management, no such Nicaraguan judgment would be enforceable in the United States. During the course of its operations, Occidental is subject to audit by tax authorities for varying periods in various federal, state, local and foreign tax jurisdictions. While the audits of corporate tax returns for taxable years through 2008 have concluded for U.S. federal income tax purposes, the 2009 and 2010 taxable years are currently under review by the U.S. Internal Revenue Service pursuant to its Compliance Assurance Program. Taxable years 2000 through 2009 remain subject to examination by foreign and state government tax authorities in certain jurisdictions. In certain of these locations, tax authorities are in various stages of auditing Occidentals income taxes. During the course of tax audits, disputes have arisen and other disputes may arise as to facts and matters of law. Occidental has indemnified various parties against specified liabilities that those p

Retirement Plans and Postretire

Retirement Plans and Postretirement Benefits
	3 Months Ended Mar. 31, 2010
Retirement Plans and Postretirement Benefits
Retirement Plans and Postretirement Benefits	9. Retirement Plans and Postretirement Benefits The following table sets forth the components of the net periodic benefit costs for Occidentals defined benefit pension and postretirement benefit plans for the three months ended March31, 2010 and 2009 (in millions): 2010 2009 Net Periodic Benefit Costs Pension Benefit Postretirement Benefit Pension Benefit Postretirement Benefit Service cost $ 4 $ 5 $ 4 $ 4 Interest cost 8 11 7 10 Expected return on plan assets (8 ) (6 ) Recognized actuarial loss 3 6 4 5 Total $ 7 $ 22 $ 9 $ 19 Occidental contributed $2 million to its defined benefit pension plans during each of the three month periods ended March31, 2010 and 2009.

Fair Value Measurements

Fair Value Measurements
	3 Months Ended Mar. 31, 2010
Fair Value Measurements
Fair Value Measurements	10. Fair Value Measurements Occidental has categorized its assets and liabilities that are measured at fair value, based on the priority of the inputs to the valuation techniques, in a three-level fair value hierarchy: Level 1 using quoted prices in active markets for identical assets or liabilities; Level 2 using observable inputs other than quoted prices; and Level 3 using unobservable inputs. Fair Values Recurring Occidental primarily applies the market approach for recurring fair value measurements, maximizes its use of observable inputs and minimizes its use of unobservable inputs. Occidental utilizes the mid-point price between bid and ask prices for valuing the majority of its assets and liabilities measured and reported at fair value. In addition to using market data, Occidental makes assumptions in valuing its assets and liabilities, including assumptions about risk and the risks inherent in the inputs to the valuation technique. For assets and liabilities carried at fair value, Occidental measures fair value using the following methods: Trading equity securities Quoted prices in active markets exist and are used to provide fair values for these instruments. These securities are classified as Level 1. Commodity derivatives Occidental values exchange-cleared commodity derivatives using closing prices provided by the exchange as of the balance sheet date. These derivatives are classified as Level 1. Over-the-Counter (OTC) financial commodity contracts, options and physical commodity forward purchase and sale contracts are generally valued using quotations provided by brokers or industry-standard models that consider various inputs, including quoted forward prices for commodities, time value, volatility factors, credit risk and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable prices at which transactions are executed in the marketplace. Occidental classifies these measurements as Level 2. The portion of commodity derivatives valued using Level 3 inputs is de minimis. The following tables provide fair value measurement information for such assets and liabilities that are measured on a recurring basis as of March31, 2010 and December31, 2009 (in millions): Fair Value Measurements at March 31, 2010 Using Netting and Total Fair Description Level 1 Level 2 Level 3 Collateral(a) Value Assets: Trading equity securities natural resources industry $ 131 $ $ $ $ 131 Commodity derivatives 136 757 (613 ) 280 Total assets $ 267 $ 757 $ $ (613 ) $ 411 Liabilities: Commodity derivatives $ 194 $ 986 $ $ (687 ) $ 493 Total liabilities $ 194 $ 986 $ $ (687 ) $ 493 Fair Value Measurements at December 31, 2009 Using Netting and Total Fair Description Level 1 Level 2

Derivatives

Derivatives
	3 Months Ended Mar. 31, 2010
Derivatives
Derivatives	11. Derivatives Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty. Occidental applies hedge accounting when transactions meet specified criteria for such treatment. If a derivative does not qualify or is not designated and documented as a hedge, any fair value gains or losses are recognized in earnings in the current period. Occidental has used derivatives to reduce its long-term exposure to price volatility on a small portion of its oil and gas production. Through its low-risk marketing and trading activities and within its established policy controls and procedures, Occidental has also used derivative instruments, including a combination of short-term futures, forwards, options and swaps, to improve realized prices for its oil and gas. Additionally, Occidental, through its Phibro trading unit, engages in trading activities using derivatives for the purpose of generating profits mainly from market price changes of commodities, in part using similar derivative instruments. Cash-Flow Hedges As of March31, 2010 and December31, 2009, Occidental held a series of collar agreements that qualify as cash-flow hedges for the sale of approximately 2 percent of its crude oil production. These agreements continue to the end of 2011. The following table presents the daily quantities and weighted-average strike prices of Occidentals collar positions as of March31, 2010 and December31, 2009: Crude Oil - Collars Daily Volume (barrels) Average Floor Average Cap April2010 - December2010(a) 12,000 $ 33.00 $ 46.35 January2011 - December2011(a) 12,000 $ 32.92 $ 46.27 In 2009, Occidental entered into financialswap agreements related to the sale of aportion of itsnatural gas production from the Rockies that qualify as cash-flowhedges. The following table presents the daily quantities andweighted-average hedged prices that will be received by Occidental as of March31, 2010: Natural Gas - Swaps Daily Volume (cubic feet) Average Strike Price April2010 - December2010(a) 40 million $ 5.03 December2010 - March2012(a) 50 million $ 6.07 (a) At December31, 2009, these contracts were outstanding with the same daily volumes and terms indicated and also covered the period from January1, 2010 to March31, 2010. Occidentals marketing and trading operations store natural gas purchased from third parties at Occidentals leased storage facilities. Derivative instruments are used to fix margins on the future sales of the stored volumes. These agreements continue through April2011. As of March31, 2010 and December31, 2009, Occidental had approximately 5 billion cubic feet and 28 billion cubic feet of natural gas held in storage, respectively. As of March31, 2010 and December31, 2009, Occidental had designated the forecasted sale of approximately 4 billion cubic feet and 24 billion cubic feet of natural gas from storage as cash-flow hedges, respectively. The following table presents the pre-tax gains (losses) recognized in, and reclassified from, Accumulated Other Comprehensive Income (AOCI) and re

Industry Segments

Industry Segments
	3 Months Ended Mar. 31, 2010
Industry Segments
Industry Segments	12. Industry Segments Occidental conducts its continuing operations through three segments: (1)oil and gas; (2)chemical; and (3)midstream, marketing and other (midstream and marketing). The oil and gas segment explores for, develops, produces and markets crude oil, including natural gas liquids (NGLs) and condensate, as well as natural gas. The chemical segment manufactures and markets basic chemicals, vinyls and other chemicals. The midstream and marketing segment gathers, treats, processes, transports, stores, purchases and markets crude oil (including NGLs and condensate), natural gas, CO2and power. The segment also trades around its assets, including pipelines and storage facilities, and trades commodities and securities. Segment earnings generally exclude income taxes, interest income, interest expense, environmental remediation expenses, unallocated corporate expenses and discontinued operations, but include gains and losses from dispositions of segment assets and income from the segments equity investments. The following table presents Occidentals industry segment and corporate disclosures (in millions): Oil and Gas Chemical Midstream, Marketing and Other Corporate and Eliminations Total Three months ended March31, 2010 Net sales $ 3,646 $ 956 $ 369 $ (200 )(a) $ 4,771 Pretax operating profit (loss) $ 1,843 $ 30 $ 94 $ (143 )(b) $ 1,824 Income taxes (729 )(c) (729 ) Discontinued operations, net (7 ) (7 ) Net income attributable to noncontrolling interest (24 ) (24 ) Net income (loss) attributable to common stock $ 1,819 $ 30 $ 94 $ (879 ) $ 1,064 Three months ended March31, 2009 Net sales $ 2,137 $ 792 $ 228 $ (84 )(a) $ 3,073 Pretax operating profit (loss) $ 554 $ 169 $ 14 $ (116 )(b) $ 621 Income taxes (241 )(c) (241 ) Discontinued operations, net (3 ) (3 ) Net income attributable to noncontrolling interest (9 ) (9 ) Net income (loss) attributable to common stock $ 545 $ 169 $ 14 $ (360 ) $ 368 (a) Intersegment sales are generally made at prices approximately equal to those that the selling entity is able to obtain in third-party transactions. (b) Includes net interest expense, administration expense, environmental remediation and other pre-tax items. (c) Includes all foreign and domestic income taxes from continuing operations.

Earnings Per Share

Earnings Per Share
	3 Months Ended Mar. 31, 2010
Earnings Per Share
Earnings Per Share	13. Earnings Per Share Occidentals instruments containing rights to nonforfeitable dividends granted in share-based payment transactions are considered participating securities prior to vesting, and therefore, have been included in the earnings allocations in computing basic and diluted EPS under the two-class method. Basic EPS was computed by dividing net income attributable to common stock by the weighted-average number of common shares outstanding during each period, net of treasury shares and including vested but unissued shares and share units. The computation of diluted EPS further reflected the dilutive effect of stock options and unvested stock awards. The following table presents the calculation of basic and diluted EPS for the three months ended March31, 2010 and 2009: (in millions, except per-share amounts) 2010 2009 Basic EPS Income from continuing operations $ 1,095 $ 380 Less: Income from continuing operations attributable to noncontrolling interest (24 ) (9 ) Income from continuing operations attributable to common stock 1,071 371 Discontinued operations (7 ) (3 ) Net income attributable to common stock 1,064 368 Less: Net income allocated to participating securities (1 ) (1 ) Net income attributable to common stock, net of participating securities $ 1,063 $ 367 Weighted average number of basic shares 812.1 810.7 Basic EPS $ 1.31 $ 0.45 Diluted EPS Net income attributable to common stock, net of participating securities $ 1,063 $ 367 Weighted average number of basic shares 812.1 810.7 Dilutive effect of potentially dilutive securities 1.4 2.6 Total diluted weighted average common shares 813.5 813.3 Diluted EPS $ 1.31 $ 0.45

Document and Entity Information

Document and Entity Information
	3 Months Ended Mar. 31, 2010	Mar. 31, 2010
Document and Entity Information
Entity Registrant Name	OCCIDENTAL PETROLEUM CORP /DE/
Entity Central Index Key	0000797468
Document Type	10-Q
Document Period End Date	2010-03-31
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		812,170,246
Document Fiscal Year Focus	2,010
Document Fiscal Period Focus	Q1