Occidental Petroleum (OXY) 10-Q 5 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014
Document and Entity Information	'
Entity Registrant Name	'OCCIDENTAL PETROLEUM CORP /DE/
Entity Central Index Key	'0000797468
Document Type	'10-Q
Document Period End Date	30-Jun-14
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	779,628,290
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q2

CONSOLIDATED_CONDENSED_BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
CURRENT ASSETS	'	'
Cash and cash equivalents	$2,391	$3,393
Trade receivables, net	5,826	5,674
Inventories	1,323	1,200
Other current assets	1,246	1,056
Total current assets	10,786	11,323
INVESTMENTS IN UNCONSOLIDATED ENTITIES	1,547	1,459
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $35,001 at June 30, 2014 and $33,231 at December 31, 2013	57,134	55,821
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	826	840
TOTAL ASSETS	70,293	69,443
CURRENT LIABILITIES	'	'
Accounts payable	6,097	5,520
Accrued liabilities	2,332	2,556
Domestic and foreign income taxes	440	358
Total current liabilities	8,869	8,434
LONG-TERM DEBT, NET	6,835	6,939
DEFERRED CREDITS AND OTHER LIABILITIES	'	'
Deferred domestic and foreign income taxes	7,313	7,197
Other	3,464	3,501
Total deferred credits and other liabilities	10,777	10,698
STOCKHOLDERS' EQUITY	'	'
Common stock, at par value	178	178
Treasury stock	-7,681	-6,095
Additional paid-in capital	7,564	7,515
Retained earnings	43,519	41,831
Accumulated other comprehensive loss	-291	-303
Total equity attributable to common stock	43,289	43,126
Noncontrolling interest	523	246
Total stockholders' equity	43,812	43,372
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$70,293	$69,443

CONSOLIDATED_CONDENSED_BALANCE1

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
CONSOLIDATED CONDENSED BALANCE SHEETS	'	'
PROPERTY, PLANT AND EQUIPMENT, accumulated depreciation, depletion and amortization	$35,001	$33,231

CONSOLIDATED_CONDENSED_STATEME

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (USD $)	3 Months Ended		6 Months Ended
In Millions, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
REVENUES AND OTHER INCOME	'	'	'	'
Net sales	$6,275	$5,962	$12,363	$11,834
Interest, dividends and other income	46	28	76	63
Gain on sale of assets and equity investments, net	525	131	525	131
TOTAL REVENUES AND OTHER INCOME	6,846	6,121	12,964	12,028
COSTS AND OTHER DEDUCTIONS	'	'	'	'
Cost of sales	3,297	3,180	6,495	6,317
Selling, general and administrative and other operating expenses	498	495	886	888
Asset impairments	471	'	471	'
Taxes other than on income	199	196	402	382
Exploration expense	54	78	109	128
Interest and debt expense, net	18	30	38	64
TOTAL COSTS AND OTHER DEDUCTIONS	4,537	3,979	8,401	7,779
Income before income taxes and other items	2,309	2,142	4,563	4,249
Provision for domestic and foreign income taxes	-957	-901	-1,889	-1,745
Income from equity investments	83	86	150	182
Income from continuing operations	1,435	1,327	2,824	2,686
Discontinued operations, net	-1	-5	2	-9
Net income	1,434	1,322	2,826	2,677
Net income attributable to noncontrolling interest	-3	'	-5	'
NET INCOME ATTRIBUTABLE TO COMMON STOCK	$1,431	$1,322	$2,821	$2,677
BASIC EARNINGS PER COMMON SHARE (attributable to common stock)	'	'	'	'
Income from continuing operations (in dollars per share)	$1.83	$1.65	$3.58	$3.33
Discontinued operations, net (in dollars per share)	'	($0.01)	'	($0.01)
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	$1.83	$1.64	$3.58	$3.32
DILUTED EARNINGS PER COMMON SHARE (attributable to common stock)	'	'	'	'
Income from continuing operations (in dollars per share)	$1.82	$1.64	$3.58	$3.33
Discontinued operations, net (in dollars per share)	'	'	'	($0.01)
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	$1.82	$1.64	$3.58	$3.32
DIVIDENDS PER COMMON SHARE (in dollars per share)	$0.72	$0.64	$1.44	$1.28

CONSOLIDATED_CONDENSED_STATEME1

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended				6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME	'		'		'		'
Net income attributable to common stock	$1,431		$1,322		$2,821		$2,677
Other comprehensive income (loss) items:	'		'		'		'
Foreign currency translation gains	'		1		'		2
Reclassification to income of realized foreign currency translation losses	'		28	[1]	'		28	[1]
Unrealized gains (losses) on derivatives	'		7	[2]	-5	[2]	1	[2]
Reclassification to income of realized losses (gains) on derivatives	'		1	[3]	8	[3]	-3	[3]
Pension and postretirement gains	5	[4]	9	[4]	9	[4]	18	[4]
Other comprehensive income, net of tax	5	[5]	46	[5]	12	[5]	46	[5]
Comprehensive income attributable to common stock	$1,436		$1,368		$2,833		$2,723
[1]	Included in the net gain on sale of the investment in Carbocloro, a Brazilian chemical facility.
[2]	Net of tax of zero and $(4) for the three months ended June 30, 2014 and 2013, respectively, and $3 and $(1) for the six months ended June 30, 2014 and 2013
[3]	Net of tax of zero for both the three months ended June 30, 2014 and 2013, respectively, and $(5) and $2 for the six months ended June 30, 2014 and 2013.
[4]	Net of tax of $(3) and $(6) for the three months ended June 30, 2014 and 2013, respectively, and $(5) and $(11) for the six months ended June 30, 2014 and 2013.
[5]	There were no other comprehensive income (loss) items related to noncontrolling interests in the three and six months ended 2014 and 2013.

CONSOLIDATED_CONDENSED_STATEME2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME	'	'	'	'
Unrealized gains (losses) on derivatives, tax	$0	($4)	$3	($1)
Reclassification to income of realized losses (gains) on derivatives, tax	0	0	-5	2
Pension and postretirement gains, tax	-3	-6	-5	-11
Other comprehensive income (loss) related to noncontrolling interests	$0	$0	$0	$0

CONSOLIDATED_CONDENSED_STATEME3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
CASH FLOW FROM OPERATING ACTIVITIES	'	'
Net income	$2,826	$2,677
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Discontinued operations, net	-2	9
Depreciation, depletion and amortization of assets	2,583	2,562
Deferred income tax provision	94	635
Other noncash charges to income	164	218
Gain on sale of assets and equity investments, net	-525	-131
Asset impairments	471	'
Net distributions from equity investments	'	-31
Dry hole expenses	65	77
Changes in operating assets and liabilities, net	-101	-155
Other operating, net	'	382
Operating cash flow from continuing operations	5,575	6,243
Operating cash flow from discontinued operations, net of taxes	-11	-18
Net cash provided by operating activities	5,564	6,225
CASH FLOW FROM INVESTING ACTIVITIES	'	'
Capital expenditures	-4,927	-4,280
Payments for purchases of assets and businesses	-345	-226
Sale of assets and equity investments, net	1,371	270
Other, net	-187	-63
Net cash used by investing activities	-4,088	-4,299
CASH FLOW FROM FINANCING ACTIVITIES	'	'
Payment of long-term debt	-107	'
Proceeds from issuance of common stock	16	24
Purchases of treasury stock	-1,576	-28
Cash dividends paid	-1,084	-517
Contributions from noncontrolling interest	272	65
Other, net	1	7
Net cash used by financing activities	-2,478	-449
(Decrease) increase in cash and cash equivalents	-1,002	1,477
Cash and cash equivalents-beginning of period	3,393	1,592
Cash and cash equivalents-end of period	$2,391	$3,069

General

General	6 Months Ended
	Jun. 30, 2014
General	'
General	'
	1.              General
	In these unaudited consolidated condensed financial statements, “Occidental” means Occidental Petroleum Corporation, a Delaware corporation (OPC), or OPC and one or more entities in which it owns a controlling interest (subsidiaries).  Occidental has made its disclosures in accordance with United States generally accepted accounting principles as they apply to interim reporting, and condensed or omitted, as permitted by the Securities and Exchange Commission’s rules and regulations, certain information and disclosures normally included in consolidated financial statements and the notes.  These consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto in Occidental’s Annual Report on Form 10-K for the year ended December 31, 2013.
	In the opinion of Occidental’s management, the accompanying consolidated condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present Occidental’s consolidated financial position as of June 30, 2014, and the consolidated statements of income, comprehensive income and cash flows for the three and six months ended June 30, 2014 and 2013, as applicable. The income and cash flows for the periods ended June 30, 2014 and 2013 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 2014 presentation.

Asset_Acquisitions_Disposition

Asset Acquisitions, Dispositions and Other	6 Months Ended
	Jun. 30, 2014
Asset Acquisitions, Dispositions and Other	'
Asset Acquisitions, Dispositions and Other	'
	2.              Asset Acquisitions, Dispositions and Other
	In February 2014, Occidental announced the approval by the Board of Directors to pursue the separation of its California oil and gas business, into a standalone, publicly traded corporation via a tax-free spin-off.  In June 2014, Occidental announced that its subsidiary, California Resources Corporation, had filed an initial Form 10 registration statement with the U.S. Securities and Exchange Commission in connection with the proposed spin-off. The spin-off is subject to certain conditions including final approval by Occidental’s Board of Directors, and is expected to be completed in the fourth quarter of 2014.
	In February 2014, Occidental entered into an agreement to sell its Hugoton Field operations in Kansas, Oklahoma and Colorado for $1.4 billion.  The transaction was completed in April 2014 and, after taking into account purchase price adjustments, it resulted in pre-tax proceeds of $1.3 billion.  Occidental recorded a pre-tax gain on the sale of $535 million or $341 million after tax.

Accounting_and_Disclosure_Chan

Accounting and Disclosure Changes	6 Months Ended
	Jun. 30, 2014
Accounting and Disclosure Changes	'
Accounting and Disclosure Changes	'
	3.              Accounting and Disclosure Changes
	In June 2014, the Financial Accounting Standards Board (FASB) issued rules affecting entities that grant their employees share-based payment awards in which the terms of the awards provide that a performance target can be achieved after the requisite service period. The new rules require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Entities may apply the update either: (a) prospectively to all awards granted or modified after the effective date; or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. These rules are effective for annual periods beginning on or after December 15, 2015.  The rules are not expected to have a material impact on Occidental’s financial statements upon adoption but will require assessment on an ongoing basis.
	In May 2014, the FASB issued rules relating to revenue recognition.  Under the new rules, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects to receive in exchange for the goods or services. The rules also require more detailed disclosures related to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. These rules are effective for the Company for interim and annual periods beginning after December 15, 2016.  The rules are not expected to have a material impact on Occidental’s financial statements upon adoption.
	In April 2014, the FASB issued rules changing the requirements for reporting discontinued operations so that only the disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results will be reported as discontinued operations in the financial statements.  These rules are effective for annual periods beginning on or after December 15, 2014.  The rules are not expected to have a material impact on Occidental’s financial statements upon adoption.
	In July 2013, the FASB issued rules requiring net, rather than gross, presentation of a deferred tax asset for a net operating loss or other tax credit and any related liability for unrecognized tax benefits.  The rules became effective on January 1, 2014, and did not have a material impact on Occidental’s financial statements.

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2014
Supplemental Cash Flow Information	'
Supplemental Cash Flow Information	'
	4.              Supplemental Cash Flow Information
	Occidental paid United States federal, state and foreign income taxes for continuing operations of approximately $1.7 billion and $0.8 billion during the six months ended June 30, 2014 and 2013, respectively.  The first six months of 2014 included taxes paid for the 2013 sale of a portion of its equity interest in Plains All-American Pipeline, L.P.  The first six months 2013 included the collection of a $0.4 billion tax receivable.  Interest paid totaled approximately $110 million and $122 million for the six months ended June 30, 2014 and 2013, respectively.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2014
Inventories	'
Inventories	'
	5.              Inventories
	A portion of inventories is valued under the LIFO method.  The valuation of LIFO inventory for interim periods is based on Occidental’s estimates of year-end inventory levels and costs.  Inventories as of June 30, 2014 and December 31, 2013 consisted of the following (in millions):
		2014			2013
	Raw materials	$	78		$	74
	Materials and supplies		643			628
	Finished goods		693			589
			1,414			1,291
	LIFO reserve		(91	)		(91	)
	Total	$	1,323		$	1,200

Environmental_Liabilities_and_

Environmental Liabilities and Expenditures	6 Months Ended
	Jun. 30, 2014
Environmental Liabilities and Expenditures	'
Environmental Liabilities and Expenditures	'
	6.              Environmental Liabilities and Expenditures
	Occidental’s operations are subject to stringent federal, state, local and foreign laws and regulations related to improving or maintaining environmental quality.
	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 of hazardous substances; or operation and maintenance of remedial systems.  Government or private 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 June 30, 2014, Occidental participated in or monitored remedial activities or proceedings at 154 sites.  The following table presents Occidental’s environmental remediation reserves as of June 30, 2014, the current portion of which is included in accrued liabilities ($78 million) and the remainder in deferred credits and other liabilities — other ($246 million).  The reserves are grouped as environmental remediation sites listed or proposed for listing by the United States 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	30	$	23
	Third-party sites	72		92
	Occidental-operated sites	20		113
	Closed or non-operated Occidental sites	32		96
	Total	154	$	324
	As of June 30, 2014, Occidental’s environmental reserves exceeded $10 million each at 11 of the 154 sites described above, and 104 of the sites had reserves from $0 to $1 million each.  Based on current estimates, Occidental expects to expend funds corresponding to approximately half of the current environmental reserves at the sites described above over the next three to four years and the balance at these sites over the subsequent 10 or more years.  Occidental believes its range of reasonably possible additional losses beyond those liabilities recorded for environmental remediation at these sites could be up to $385 million.  The status of Occidental’s involvement with the sites and related significant assumptions have not changed materially since December 31, 2013.  For management’s opinion with respect to environmental matters, refer to Note 7.

Lawsuits_Claims_Commitments_an

Lawsuits, Claims, Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Lawsuits, Claims, Commitments and Contingencies	'
Lawsuits, Claims, Commitments and Contingencies	'
	7.              Lawsuits, Claims, Commitments and Contingencies
	OPC or certain of its subsidiaries are involved, in the normal course of business, in lawsuits, claims and other legal proceedings that seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties, or injunctive or declaratory relief.  OPC or certain of its subsidiaries also are involved in proceedings under CERCLA and similar federal, state, local and foreign environmental laws.  These environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, punitive damages, civil penalties and injunctive relief. Usually OPC or such subsidiaries are among many companies in these environmental proceedings and have to date been successful in sharing response costs with other financially sound companies.  Further, some lawsuits, claims and legal proceedings involve acquired or disposed assets with respect to which a third party or Occidental retains liability or indemnifies the other party for conditions that existed prior to the transaction. In connection with a suit brought by the New Jersey Department of Environmental Protection, Occidental is in discussions regarding a potential settlement agreement, subject to court approval, to resolve the remaining claims by the State of New Jersey against Occidental arising from the acquisition of Diamond Shamrock Chemicals Company (DSCC) and historic operations of DSCC’s Lister Avenue Plant.  At the time Occidental acquired DSCC’s stock, Maxus Energy Corporation retained liability for the Lister Avenue Plant, among other sites.  Occidental’s responsibility for the potential settlement is not expected to be material.
	Occidental accrues reserves for currently outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated.  Occidental has disclosed its reserve balances for environmental matters.  Reserve balances for other matters as of June 30, 2014 and December 31, 2013 were not material to Occidental’s consolidated balance sheets.  Occidental also evaluates the amount of reasonably possible losses that it could incur as a result of the matters mentioned above. Occidental has disclosed its range of reasonably possible additional losses for sites where it is a participant in environmental remediation.  Occidental believes that other reasonably possible losses that it could incur in excess of reserves accrued on the balance sheet would not be material to its consolidated financial position or results of operations.
	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.  Although taxable years through 2009 for United States federal income tax purposes have been audited by the United States Internal Revenue Service (IRS) pursuant to its Compliance Assurance Program, subsequent taxable years are currently under review.  Additionally, in December 2012, Occidental filed United States federal refund claims for tax years 2008 and 2009, which are subject to IRS review.  Taxable years from 2000 through the current year remain subject to examination by foreign and state government tax authorities in certain jurisdictions.  In certain of these jurisdictions, tax authorities are in various stages of auditing Occidental’s income taxes.  During the course of tax audits, disputes have arisen and other disputes may arise as to facts and matters of law.  Occidental believes that the resolution of outstanding tax matters would not have a material adverse effect on its consolidated financial position or results of operations.
	OPC, its subsidiaries or both have indemnified various parties against specified liabilities those parties might incur in the future in connection with purchases and other transactions that they have entered into with Occidental.  These indemnities usually are contingent upon the other party incurring liabilities that reach specified thresholds.  As of June 30, 2014, Occidental is not aware of circumstances that it believes would reasonably be expected to lead to indemnity claims that would result in payments materially in excess of reserves.

Retirement_and_Postretirement_

Retirement and Postretirement Benefit Plans	6 Months Ended
	Jun. 30, 2014
Retirement and Postretirement Benefit Plans	'
Retirement and Postretirement Benefit Plans	'
	8.     Retirement and Postretirement Benefit Plans
	The following table sets forth the components of the net periodic benefit costs for Occidental’s defined benefit pension and postretirement benefit plans for the three and six months ended June 30, 2014 and 2013 (in millions):
	Three months ended June 30	2014					2013
	Net Periodic Benefit Costs	Pension			Postretirement		Pension			Postretirement
		Benefit			Benefit		Benefit			Benefit
	Service cost	$	3		$	6	$	3		$	7
	Interest cost		6			12		7			10
	Expected return on plan assets		(9	)		—		(8	)		—
	Recognized actuarial loss		2			6		4			10
	Total	$	2		$	24	$	6		$	27
	Six months ended June 30	2014					2013
	Net Periodic Benefit Costs	Pension			Postretirement		Pension			Postretirement
		Benefit			Benefit		Benefit			Benefit
	Service cost	$	6		$	12	$	7		$	14
	Interest cost		12			24		13			21
	Expected return on plan assets		(17	)		—		(16	)		—
	Recognized actuarial loss		3			12		8			20
	Total	$	4		$	48	$	12		$	55
	Occidental contributed approximately $2 million and $1 million in the three-month periods ended June 30, 2014 and 2013, respectively, and approximately $3 million and $2 million in the six-month periods ended June 30, 2014 and 2013, respectively, to its defined benefit pension plans.

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2014
Fair Value Measurements	'
Fair Value Measurements	'
	9.              Fair Value Measurements
	Occidental has categorized its assets and liabilities that are measured at fair value in a three-level fair value hierarchy, based on the inputs to the valuation techniques: Level 1 — using quoted prices in active markets for the assets or liabilities; Level 2 — using observable inputs other than quoted prices for the assets or liabilities; and Level 3 — using unobservable inputs.  Transfers between levels, if any, are recognized at the end of each reporting period.
	Fair Values — Recurring
	Occidental primarily applies the market approach for recurring fair value measurements, maximizes its use of observable inputs and minimizes its use of unobservable inputs. Occidental utilizes the mid-point between bid and ask prices for valuing the majority of its assets and liabilities measured and reported at fair value. In addition to using market data, Occidental makes assumptions in valuing its assets and liabilities, including assumptions about the risks inherent in the inputs to the valuation technique.  For assets and liabilities carried at fair value, Occidental measures fair value using the following methods:
	§         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) bilateral financial commodity contracts, foreign exchange 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 and 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.
	§         Embedded commodity derivatives — Occidental values embedded commodity derivatives based on a market approach that considers various assumptions, including quoted forward commodity prices and market yield curves.  The assumptions used include inputs that are observable and unobservable in the marketplace, and the fair value is designated as Level 3 within the valuation hierarchy.
	Occidental generally uses an income approach to measure fair value when observable inputs are unavailable. This approach utilizes management’s judgments regarding expectations of projected cash flows, and discounts those cash flows using a risk-adjusted discount rate.
	The following tables provide fair value measurement information for such assets and liabilities that are measured on a recurring basis as of June 30, 2014 and December 31, 2013 (in millions):
		Fair Value Measurements at
		June 30, 2014 Using
								Netting and			Total Fair
	Description	Level 1		Level 2		Level 3		Collateral (a)			Value
	Assets:
	Commodity derivatives	$	410	$	176	$	—	$	(553	)	$	33
	Liabilities:
	Commodity derivatives	$	418	$	244	$	—	$	(578	)	$	84
		Fair Value Measurements at
		December 31, 2013 Using
								Netting and			Total Fair
	Description	Level 1		Level 2		Level 3		Collateral (a)			Value
	Assets:
	Commodity derivatives	$	185	$	195	$	—	$	(329	)	$	51
	Liabilities:
	Commodity derivatives	$	199	$	223	$	—	$	(364	)	$	58
	(a) Represents the impact of netting assets, liabilities and collateral when a legal right of offset exists.
	Fair Values — Nonrecurring
	During the six months ended June 30, 2014 and 2013, Occidental did not have any assets or liabilities measured at fair value on a non-recurring basis.
	Other Financial Instruments
	The carrying amounts of cash and cash equivalents and other on-balance-sheet financial instruments, other than fixed-rate debt, approximate fair value.  The cost, if any, to terminate Occidental’s off-balance-sheet financial instruments is not significant.  Occidental estimates the fair value of fixed-rate debt based on the quoted market prices for those instruments or on quoted market yields for similarly rated debt instruments, taking into account such instruments’ maturities.  The estimated fair values of Occidental’s debt as of June 30, 2014 and December 31, 2013 were approximately $7.2 billion and $7.1 billion, respectively, and its carrying value was $6.8 billion and $6.9 billion as of June 30, 2014 and December 31, 2013, respectively.  Occidental classifies its debt as Level 1.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2014
Derivatives	'
Derivatives	'
	10.       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 cash-flow hedge treatment and management elects and documents such treatment.  Otherwise, any fair value gains or losses are recognized in earnings in the current period.
	Occidental uses a variety of derivative instruments, including cash-flow hedges and derivative instruments not designated as hedging instruments, to obtain average prices for the relevant production month and to improve realized prices for oil and gas.  Occidental only occasionally hedges its oil and gas production, and, when it does so, the volumes are usually insignificant.  Additionally, Occidental’s Phibro trading unit engages in trading activities using derivatives for the purpose of generating profits mainly from market price changes of commodities.
	Cash-Flow Hedges
	Occidental entered into financial swap agreements in November 2012 for the sale of a portion of its natural gas production in California.  These swap agreements hedged 50 million cubic feet of natural gas per day beginning in January 2013 through March 2014 and qualified as cash-flow hedges.  The weighted-average strike price of these swaps was $4.30.
	Occidental’s marketing and trading operations, from time to time, store natural gas purchased from third parties at Occidental’s North American leased storage facilities.  Derivative instruments used to fix margins on the future sales of stored volumes ended March 31, 2014.  As of June 30, 2014, Occidental did not have any natural gas held in storage nor any natural gas cash-flow hedges.  At December 31, 2013, Occidental had approximately 11 billion cubic feet of natural gas held in storage, and had cash-flow hedges for the forecast sale, to be settled by physical delivery, of approximately 13 billion cubic feet of stored natural gas.
	Occidental’s after-tax gains and losses recognized in, and reclassified to income from, Accumulated Other Comprehensive Income (AOCI) for derivative instruments classified as cash-flow hedges for the three and six months ended June 30, 2014 and 2013, and the ending AOCI balances for each period were not material.  Occidental expects to reclassify an insignificant amount, based on the valuation as of June 30, 2014, of net after-tax derivative losses from AOCI into income during the next 12 months.  The gains and losses reclassified to income were recognized in net sales, and the amount of the ineffective portion of cash-flow hedges was immaterial for the three and six months ended June 30, 2014 and 2013.
	Derivatives Not Designated as Hedging Instruments
	The following table summarizes Occidental’s net volumes of outstanding commodity derivatives contracts not designated as hedging instruments, including both financial and physical derivative contracts as of June 30, 2014 and December 31, 2013.
		Net Outstanding Position
		Long / (Short)
	Commodity	2014		2013
	Oil (million barrels)	6		(1	)
	Natural gas (billion cubic feet)	(9	)	(10	)
	Precious metals (million troy ounces)	—		1
	The volumes in the table above exclude contracts tied to index prices, for which the fair value, if any, is minimal at any point in time. These excluded contracts and do not expose Occidental to price risk because the contract prices fluctuate with index prices.
	In addition, Occidental typically has certain other commodity trading contracts, such as agricultural products, power and other metals, as well as foreign exchange contracts.  These contracts were not material to Occidental as of June 30, 2014 and December 31, 2013.
	Occidental fulfills short positions through its own production or by third-party purchase contracts.  Subsequent to June 30, 2014, Occidental entered into purchase contracts for a substantial portion of the short positions outstanding at quarter end and has sufficient production capacity and the ability to enter into additional purchase contracts to satisfy the remaining positions.
	Approximately $72 million of net gains from derivatives not designated as hedging instruments and $75 million of net losses were recognized in net sales for the three months ended June 30, 2014 and 2013, respectively.  Approximately $84 million of net gains from derivatives not designated as hedging instruments and $16 million of net losses were recognized in net sales for the six months ended June 30, 2014 and 2013, respectively.
	Fair Value of Derivatives
	The following table presents the gross and net fair values of Occidental’s outstanding derivatives as of June 30, 2014 and December 31, 2013 (in millions):
		Asset Derivatives					Liability Derivatives
	June 30, 2014	Balance Sheet Location		Fair Value			Balance Sheet Location	Fair Value
	Cash-flow hedges (a)
	Commodity contracts	Other current assets		$	—		Accrued liabilities	$	—
		Long-term receivables and other assets, net		—			Deferred credits and other liabilities	—
				—				—
	Derivatives not designated
	as hedging instruments (a)
	Commodity contracts	Other current assets		576			Accrued liabilities	654
		Long-term receivables and other assets, net		10			Deferred credits and other liabilities	8
				586				662
	Total gross fair value			586				662
	Less: counterparty netting and cash collateral (b) (d)			(553		)		(578		)
	Total net fair value of derivatives			$	33			$	84
		Asset Derivatives					Liability Derivatives
	December 31, 2013	Balance Sheet Location		Fair Value			Balance Sheet Location	Fair Value
	Cash-flow hedges (a)
	Commodity contracts	Other current assets		$	—		Accrued liabilities	$	4
		Long-term receivables and other assets, net		—			Deferred credits and other liabilities	—
				—				4
	Derivatives not designated
	as hedging instruments (a)
	Commodity contracts	Other current assets		367			Accrued liabilities	407
		Long-term receivables and other assets, net		13			Deferred credits and other liabilities	11
				380				418
	Total gross fair value			380				422
	Less: counterparty netting and cash collateral (c) (d)			(329		)		(364		)
	Total net fair value of derivatives			$	51			$	58
	(a)      Fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements and presented on a net basis in the consolidated balance sheets.
	(b)     As of June 30, 2014, collateral received of $7 million has been netted against derivative assets and collateral paid of $32 million has been netted against derivative liabilities.
	(c)      As of December 31, 2013, collateral received of $11 million has been netted against derivative assets and collateral paid of $46 million has been netted against derivative liabilities.
	(d)     Select clearinghouses and brokers require Occidental to post an initial margin deposit.  Collateral, mainly for initial margin, of $115 million and $103 million deposited by Occidental has not been reflected in these derivative fair value tables as of June 30, 2014 and December 31, 2013, respectively. This collateral is included in other current assets in the consolidated balance sheets as of June 30, 2014 and December 31, 2013, respectively.
	See Note 9 for fair value measurement disclosures on derivatives.
	Credit Risk
	A substantial portion of Occidental’s derivative transaction volume is executed through exchange-traded contracts, which are subject to minimal credit risk as a significant portion of these transactions is settled on a daily margin basis with select clearinghouses and brokers. Occidental executes the rest of its derivative transactions in the  OTC market. Occidental is subject to counterparty credit risk to the extent the counterparty to the derivatives is unable to meet its settlement commitments.  Occidental manages this credit risk by selecting counterparties that it believes to be financially strong, by spreading the credit risk among many such counterparties, by entering into master netting arrangements with the counterparties and by requiring collateral, as appropriate.  Occidental actively monitors the creditworthiness of each counterparty and records valuation adjustments to reflect counterparty risk, if necessary.
	Certain of Occidental’s OTC derivative instruments contain credit-risk-contingent features, primarily tied to credit ratings for Occidental or its counterparties, which may affect the amount of collateral that each would need to post.  As of June 30, 2014 and December 31, 2013, Occidental had a net liability of $6 million and $8 million, respectively,  which is net of collateral posted of $23 million at each date.  Occidental believes that if it had received a one-notch reduction in its credit ratings, it would not have resulted in a material change in its collateral-posting requirements as of June 30, 2014 and December 31, 2013.

Industry_Segments

Industry Segments	6 Months Ended
	Jun. 30, 2014
Industry Segments	'
Industry Segments	'
	11.       Industry Segments
	Occidental conducts its 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 and produces oil and condensate, natural gas liquids (NGLs) and natural gas.  The chemical segment mainly manufactures and markets basic chemicals and vinyls.  The midstream and marketing segment gathers, processes, transports, stores, purchases and markets oil, condensate, NGLs, natural gas, carbon dioxide (CO2) and power.  It also trades around its assets, including transportation and storage capacity, and trades oil, NGLs, gas and other commodities.  Additionally, the midstream and marketing segment invests in entities that conduct similar activities.
	Earnings of industry segments 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.  Intersegment sales eliminate upon consolidation and are generally made at prices approximating those that the selling entity would be able to obtain in third-party transactions.
	The following tables present Occidental’s industry segment and corporate disclosures (in millions):
								Midstream			Corporate
								and			and
		Oil and Gas			Chemical			Marketing			Eliminations			Total
	Three months ended June 30, 2014
	Net sales	$	4,807		$	1,242		$	530		$	(304	)	$	6,275
	Pre-tax operating profit (loss)	$	2,182	(a)	$	133		$	222		$	(145	)(b)	$	2,392
	Income taxes	—			—			—			(957		)(c)	(957		)
	Discontinued operations, net	—			—			—			(1		)	(1		)
	Net income attributable to noncontrolling interest	—			—			(3		)	—			(3		)
	Net income (loss) attributable to common stock	$	2,182		$	133		$	219		$	(1,103	)	$	1,431
	Three months ended June 30, 2013
	Net sales	$	4,721		$	1,187		$	269		$	(215	)	$	5,962
	Pre-tax operating profit (loss)	$	2,100		$	275	(d)	$	48		$	(195	)(b)	$	2,228
	Income taxes	—			—			—			(901		)(c)	(901		)
	Discontinued operations, net	—			—			—			(5		)	(5		)
	Net income (loss) attributable to common stock	$	2,100		$	275		$	48		$	(1,101	)	$	1,322
								Midstream			Corporate
								and			and
		Oil and Gas			Chemical			Marketing			Eliminations			Total
	Six months ended June 30, 2014
	Net sales	$	9,483		$	2,462		$	965		$	(547	)	$	12,363
	Pre-tax operating profit (loss)	$	4,286	(a)	$	269		$	394		$	(236	)(b)	$	4,713
	Income taxes	—			—			—			(1,889		)(c)	(1,889		)
	Discontinued operations, net	—			—			—			2			2
	Net income attributable to noncontrolling interest	—			—			(5		)	—			(5		)
	Net income (loss) attributable to common stock	$	4,286		$	269		$	389		$	(2,123	)	$	2,821
	Six months ended June 30, 2013
	Net sales	$	9,161		$	2,362		$	722		$	(411	)	$	11,834
	Pre-tax operating profit (loss)	$	4,020		$	434	(d)	$	263		$	(286	)(b)	$	4,431
	Income taxes	—			—			—			(1,745		)(c)	(1,745		)
	Discontinued operations, net	—			—			—			(9		)	(9		)
	Net income (loss) attributable to common stock	$	4,020		$	434		$	263		$	(2,040	)	$	2,677
	(a)      Includes second quarter pre-tax gain of $535 million for the Hugoton sale. In addition, in June 2014, management determined it would not pursue the exploration and development of certain of its non-producing domestic oil and gas acreage, and Occidental recorded a pre-tax impairment charge of approximately $471 million.
	(b)     Includes unallocated net interest expense, administration expense, environmental remediation and other pre-tax items. The three and six month periods ended June 30, 2013 include a $55 million pre-tax charge for the estimated costs related to employment and post-employment benefits for Occidental’s former Executive Chairman and termination of certain other employees and consulting arrangements.
	(c)      Includes all foreign and domestic income taxes from continuing operations.
	(d)     Includes a $131 million pre-tax gain for the sale of an investment in Carbocloro, a Brazilian chemical facility.

Earnings_Per_Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2014
Earnings Per Share	'
Earnings Per Share	'
	12.       Earnings Per Share
	Occidental’s instruments containing rights to nonforfeitable dividends granted in stock-based awards are considered participating securities prior to vesting and, therefore, have been deducted from earnings in computing basic and diluted EPS under the two-class method.
	Basic EPS was computed by dividing net income attributable to common stock, net of income allocated to participating securities, by the weighted-average number of common shares outstanding during each period, net of treasury shares and including vested but unissued shares and share units.  The computation of diluted EPS reflects the additional dilutive effect of stock options and unvested stock awards.
	The following table presents the calculation of basic and diluted EPS for the three and six months ended June 30, 2014 and 2013:
		Periods ended June 30
		Three months						Six months
	(in millions, except per-share amounts)	2014			2013			2014			2013
	Basic EPS
	Income from continuing operations	$	1,435		$	1,327		$	2,824		$	2,686
	Less: Income from continuing operations attributable to noncontrolling interest	(3		)	—			(5		)	—
	Income from continuing operations attributable to common stock	1,432			1,327			2,819			2,686
	Discontinued operations, net	(1		)	(5		)	2			(9		)
	Net income attributable to common stock	1,431			1,322			2,821			2,677
	Less: Net income allocated to participating securities	(3		)	(3		)	(4		)	(5		)
	Net income attributable to common stock, net of participating securities	$	1,428		$	1,319		$	2,817		$	2,672
	Weighted average number of basic shares	782.6			804.9			786.9			804.8
	Basic EPS	$	1.83		$	1.64		$	3.58		$	3.32
	Diluted EPS
	Net income attributable to common stock, net of participating securities	$	1,428		$	1,319		$	2,817		$	2,672
	Weighted average number of basic shares	782.6			804.9			786.9			804.8
	Dilutive effect of potentially dilutive securities	0.3			0.5			0.3			0.5
	Total diluted weighted average common shares	782.9			805.4			787.2			805.3
	Diluted EPS	$	1.82		$	1.64		$	3.58		$	3.32

Variable_Interest_Entity

Variable Interest Entity	6 Months Ended
	Jun. 30, 2014
Variable Interest Entity	'
Variable Interest Entity	'
	13.       Variable Interest Entity
	In November 2012, Occidental and Magellan Midstream Partners, L.P. (Magellan) formed BridgeTex Pipeline Company, LLC (BridgeTex) to construct a pipeline to transport crude oil between the Permian region and the Gulf Coast refinery markets.  Construction of the pipeline continues and it is expected to begin service in the third quarter of 2014. Occidental owns a 50-percent interest in BridgeTex, which is a variable interest entity that Occidental consolidates.  This investment is not material to Occidental’s financial statements.  As of June 30, 2014 and December 31, 2013, the BridgeTex assets and liabilities mainly comprised cash and cash equivalents and Property, Plant and Equipment (PP&E).  As of June 30, 2014, BridgeTex’s total cash, PP&E and non-controlling amounts (including Magellan’s interests) were $63 million, $922 million and $523 million, respectively. As of December 31, 2013, BridgeTex’s cash, PP&E and non controlling amounts were $82 million, $420 million and $246 million, respectively.  BridgeTex’s assets cannot be used for the obligations of, nor do BridgeTex’s creditors have recourse to, OPC or its other subsidiaries.

Inventories_Tables

Inventories (Tables)	6 Months Ended
	Jun. 30, 2014
Inventories	'
Inventories (in millions)	'
		2014			2013
	Raw materials	$	78		$	74
	Materials and supplies		643			628
	Finished goods		693			589
			1,414			1,291
	LIFO reserve		(91	)		(91	)
	Total	$	1,323		$	1,200

Environmental_Liabilities_and_1

Environmental Liabilities and Expenditures (Tables)	6 Months Ended
	Jun. 30, 2014
Environmental Liabilities and Expenditures	'
Environmental loss contingencies by categories of sites	'
		Number of Sites	Reserve Balance
			(in millions)
	NPL sites	30	$	23
	Third-party sites	72		92
	Occidental-operated sites	20		113
	Closed or non-operated Occidental sites	32		96
	Total	154	$	324

Retirement_and_Postretirement_1

Retirement and Postretirement Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2014
Retirement and Postretirement Benefit Plans	'
Components of the net periodic benefit cost (in millions)	'
	Three months ended June 30	2014					2013
	Net Periodic Benefit Costs	Pension			Postretirement		Pension			Postretirement
		Benefit			Benefit		Benefit			Benefit
	Service cost	$	3		$	6	$	3		$	7
	Interest cost		6			12		7			10
	Expected return on plan assets		(9	)		—		(8	)		—
	Recognized actuarial loss		2			6		4			10
	Total	$	2		$	24	$	6		$	27
	Six months ended June 30	2014					2013
	Net Periodic Benefit Costs	Pension			Postretirement		Pension			Postretirement
		Benefit			Benefit		Benefit			Benefit
	Service cost	$	6		$	12	$	7		$	14
	Interest cost		12			24		13			21
	Expected return on plan assets		(17	)		—		(16	)		—
	Recognized actuarial loss		3			12		8			20
	Total	$	4		$	48	$	12		$	55

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Measurements	'
Assets and liabilities measured at fair value on a recurring basis (in millions)	'
		Fair Value Measurements at
		June 30, 2014 Using
								Netting and			Total Fair
	Description	Level 1		Level 2		Level 3		Collateral (a)			Value
	Assets:
	Commodity derivatives	$	410	$	176	$	—	$	(553	)	$	33
	Liabilities:
	Commodity derivatives	$	418	$	244	$	—	$	(578	)	$	84
		Fair Value Measurements at
		December 31, 2013 Using
								Netting and			Total Fair
	Description	Level 1		Level 2		Level 3		Collateral (a)			Value
	Assets:
	Commodity derivatives	$	185	$	195	$	—	$	(329	)	$	51
	Liabilities:
	Commodity derivatives	$	199	$	223	$	—	$	(364	)	$	58
	(a) Represents the impact of netting assets, liabilities and collateral when a legal right of offset exists.

Derivatives_Tables

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2014
Derivatives - table	'
Gross and net fair values of outstanding derivatives (in millions)	'
		Asset Derivatives					Liability Derivatives
	June 30, 2014	Balance Sheet Location		Fair Value			Balance Sheet Location	Fair Value
	Cash-flow hedges (a)
	Commodity contracts	Other current assets		$	—		Accrued liabilities	$	—
		Long-term receivables and other assets, net		—			Deferred credits and other liabilities	—
				—				—
	Derivatives not designated
	as hedging instruments (a)
	Commodity contracts	Other current assets		576			Accrued liabilities	654
		Long-term receivables and other assets, net		10			Deferred credits and other liabilities	8
				586				662
	Total gross fair value			586				662
	Less: counterparty netting and cash collateral (b) (d)			(553		)		(578		)
	Total net fair value of derivatives			$	33			$	84
		Asset Derivatives					Liability Derivatives
	December 31, 2013	Balance Sheet Location		Fair Value			Balance Sheet Location	Fair Value
	Cash-flow hedges (a)
	Commodity contracts	Other current assets		$	—		Accrued liabilities	$	4
		Long-term receivables and other assets, net		—			Deferred credits and other liabilities	—
				—				4
	Derivatives not designated
	as hedging instruments (a)
	Commodity contracts	Other current assets		367			Accrued liabilities	407
		Long-term receivables and other assets, net		13			Deferred credits and other liabilities	11
				380				418
	Total gross fair value			380				422
	Less: counterparty netting and cash collateral (c) (d)			(329		)		(364		)
	Total net fair value of derivatives			$	51			$	58
	(a)      Fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements and presented on a net basis in the consolidated balance sheets.
	(b)     As of June 30, 2014, collateral received of $7 million has been netted against derivative assets and collateral paid of $32 million has been netted against derivative liabilities.
	(c)      As of December 31, 2013, collateral received of $11 million has been netted against derivative assets and collateral paid of $46 million has been netted against derivative liabilities.
	(d)     Select clearinghouses and brokers require Occidental to post an initial margin deposit.  Collateral, mainly for initial margin, of $115 million and $103 million deposited by Occidental has not been reflected in these derivative fair value tables as of June 30, 2014 and December 31, 2013, respectively. This collateral is included in other current assets in the consolidated balance sheets as of June 30, 2014 and December 31, 2013, respectively.
Derivatives Not Designated as Hedging Instruments | Commodity Contracts	'
Derivatives - table	'
Net volumes of outstanding commodity derivatives contracts	'
		Net Outstanding Position
		Long / (Short)
	Commodity	2014		2013
	Oil (million barrels)	6		(1	)
	Natural gas (billion cubic feet)	(9	)	(10	)
	Precious metals (million troy ounces)	—		1

Industry_Segments_Tables

Industry Segments (Tables)	6 Months Ended
	Jun. 30, 2014
Industry Segments	'
Industry segment and corporate disclosures (in millions)	'
								Midstream			Corporate
								and			and
		Oil and Gas			Chemical			Marketing			Eliminations			Total
	Three months ended June 30, 2014
	Net sales	$	4,807		$	1,242		$	530		$	(304	)	$	6,275
	Pre-tax operating profit (loss)	$	2,182	(a)	$	133		$	222		$	(145	)(b)	$	2,392
	Income taxes	—			—			—			(957		)(c)	(957		)
	Discontinued operations, net	—			—			—			(1		)	(1		)
	Net income attributable to noncontrolling interest	—			—			(3		)	—			(3		)
	Net income (loss) attributable to common stock	$	2,182		$	133		$	219		$	(1,103	)	$	1,431
	Three months ended June 30, 2013
	Net sales	$	4,721		$	1,187		$	269		$	(215	)	$	5,962
	Pre-tax operating profit (loss)	$	2,100		$	275	(d)	$	48		$	(195	)(b)	$	2,228
	Income taxes	—			—			—			(901		)(c)	(901		)
	Discontinued operations, net	—			—			—			(5		)	(5		)
	Net income (loss) attributable to common stock	$	2,100		$	275		$	48		$	(1,101	)	$	1,322
								Midstream			Corporate
								and			and
		Oil and Gas			Chemical			Marketing			Eliminations			Total
	Six months ended June 30, 2014
	Net sales	$	9,483		$	2,462		$	965		$	(547	)	$	12,363
	Pre-tax operating profit (loss)	$	4,286	(a)	$	269		$	394		$	(236	)(b)	$	4,713
	Income taxes	—			—			—			(1,889		)(c)	(1,889		)
	Discontinued operations, net	—			—			—			2			2
	Net income attributable to noncontrolling interest	—			—			(5		)	—			(5		)
	Net income (loss) attributable to common stock	$	4,286		$	269		$	389		$	(2,123	)	$	2,821
	Six months ended June 30, 2013
	Net sales	$	9,161		$	2,362		$	722		$	(411	)	$	11,834
	Pre-tax operating profit (loss)	$	4,020		$	434	(d)	$	263		$	(286	)(b)	$	4,431
	Income taxes	—			—			—			(1,745		)(c)	(1,745		)
	Discontinued operations, net	—			—			—			(9		)	(9		)
	Net income (loss) attributable to common stock	$	4,020		$	434		$	263		$	(2,040	)	$	2,677
	(a)      Includes second quarter pre-tax gain of $535 million for the Hugoton sale. In addition, in June 2014, management determined it would not pursue the exploration and development of certain of its non-producing domestic oil and gas acreage, and Occidental recorded a pre-tax impairment charge of approximately $471 million.
	(b)     Includes unallocated net interest expense, administration expense, environmental remediation and other pre-tax items. The three and six month periods ended June 30, 2013 include a $55 million pre-tax charge for the estimated costs related to employment and post-employment benefits for Occidental’s former Executive Chairman and termination of certain other employees and consulting arrangements.
	(c)      Includes all foreign and domestic income taxes from continuing operations.
	(d)     Includes a $131 million pre-tax gain for the sale of an investment in Carbocloro, a Brazilian chemical facility.

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share	'
Calculation of basic and diluted EPS	'
		Periods ended June 30
		Three months						Six months
	(in millions, except per-share amounts)	2014			2013			2014			2013
	Basic EPS
	Income from continuing operations	$	1,435		$	1,327		$	2,824		$	2,686
	Less: Income from continuing operations attributable to noncontrolling interest	(3		)	—			(5		)	—
	Income from continuing operations attributable to common stock	1,432			1,327			2,819			2,686
	Discontinued operations, net	(1		)	(5		)	2			(9		)
	Net income attributable to common stock	1,431			1,322			2,821			2,677
	Less: Net income allocated to participating securities	(3		)	(3		)	(4		)	(5		)
	Net income attributable to common stock, net of participating securities	$	1,428		$	1,319		$	2,817		$	2,672
	Weighted average number of basic shares	782.6			804.9			786.9			804.8
	Basic EPS	$	1.83		$	1.64		$	3.58		$	3.32
	Diluted EPS
	Net income attributable to common stock, net of participating securities	$	1,428		$	1,319		$	2,817		$	2,672
	Weighted average number of basic shares	782.6			804.9			786.9			804.8
	Dilutive effect of potentially dilutive securities	0.3			0.5			0.3			0.5
	Total diluted weighted average common shares	782.9			805.4			787.2			805.3
	Diluted EPS	$	1.82		$	1.64		$	3.58		$	3.32

Asset_Acquisitions_Disposition1

Asset Acquisitions, Dispositions and Other (Details) (USD $)	1 Months Ended		6 Months Ended
	Apr. 30, 2014	Feb. 28, 2014	Jun. 30, 2014
Acquisitions, dispositions and other transactions	'	'	'
Pre-tax gain on sale of property	'	'	$535,000,000
Hugoton Field operations	'	'	'
Acquisitions, dispositions and other transactions	'	'	'
Agreed value of proceeds from sale of assets	'	1,400,000,000	'
Pre-tax proceeds from sale of assets	1,300,000,000	'	'
Pre-tax gain on sale of property	'	'	535,000,000
Gain on sale of property, after tax	'	'	$341,000,000

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Supplemental Cash Flow Information	'	'
United States federal, state and foreign income taxes paid for continuing operations	$1,700,000,000	$800,000,000
Tax receivable	'	400,000,000
Interest Paid	$110,000,000	$122,000,000

Inventories_Details

Inventories (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Inventories	'	'
Raw materials	$78	$74
Materials and supplies	643	628
Finished goods	693	589
Inventories, Gross	1,414	1,291
LIFO reserve	-91	-91
Total	$1,323	$1,200

Environmental_Liabilities_and_2

Environmental Liabilities and Expenditures (Details) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014
	site
Environmental Liabilities and Expenditures	'
Environmental remediation reserves, current, included in accrued liabilities	$78
Environmental remediation reserves, noncurrent, included in deferred credits and other liabilities - other	246
Environmental remediation reserves	'
Number of Sites	154
Reserve Balance	324
Environmental reserves, exceeding $ ten million, threshold value	10
Environmental reserves, range between zero to $ one million site category, number of sites	104
Minimum period of expending second half of environmental reserves	'10 years
Low end of range	'
Environmental remediation reserves	'
Environmental reserves, exceeding $ ten million, number of sites	11
Environmental reserves, range between zero to $ one million site category	0
Period of expending first half of environmental reserves	'3 years
High end of range	'
Environmental remediation reserves	'
Environmental reserves, range between zero to $ one million site category	1
Period of expending first half of environmental reserves	'4 years
Environmental remediation additional loss range	385
NPL sites	'
Environmental remediation reserves	'
Number of Sites	30
Reserve Balance	23
Third-party sites	'
Environmental remediation reserves	'
Number of Sites	72
Reserve Balance	92
Occidental-operated sites	'
Environmental remediation reserves	'
Number of Sites	20
Reserve Balance	113
Closed or non-operated Occidental sites	'
Environmental remediation reserves	'
Number of Sites	32
Reserve Balance	$96

Retirement_and_Postretirement_2

Retirement and Postretirement Benefit Plans (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Pension Benefit	'	'	'	'
Net periodic benefit costs:	'	'	'	'
Service cost	$3	$3	$6	$7
Interest cost	6	7	12	13
Expected return on plan assets	-9	-8	-17	-16
Recognized actuarial loss	2	4	3	8
Net periodic benefit cost	2	6	4	12
Employer contributions	2	1	3	2
Postretirement Benefit	'	'	'	'
Net periodic benefit costs:	'	'	'	'
Service cost	6	7	12	14
Interest cost	12	10	24	21
Recognized actuarial loss	6	10	12	20
Net periodic benefit cost	$24	$27	$48	$55

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Level 1	'	'
Fair Value - Other Financial Instruments	'	'
Debt estimated fair value	$7,200,000,000	$7,100,000,000
Debt carrying value	6,800,000,000	6,900,000,000
Recurring | Level 1	'	'
Assets:	'	'
Commodity derivatives	410,000,000	185,000,000
Liabilities:	'	'
Commodity derivatives	418,000,000	199,000,000
Recurring | Level 2	'	'
Assets:	'	'
Commodity derivatives	176,000,000	195,000,000
Liabilities:	'	'
Commodity derivatives	244,000,000	223,000,000
Recurring | Netting and Collateral	'	'
Assets:	'	'
Commodity derivatives	-553,000,000	-329,000,000
Liabilities:	'	'
Commodity derivatives	-578,000,000	-364,000,000
Recurring | Total Fair Value	'	'
Assets:	'	'
Commodity derivatives	33,000,000	51,000,000
Liabilities:	'	'
Commodity derivatives	$84,000,000	$58,000,000

Derivatives_Details

Derivatives (Details)	Dec. 31, 2013	Nov. 30, 2012
	ft3	Natural Gas - Swaps through March 2014 (in cubic feet)
		ft3
Cash-Flow Hedges	'	'
Daily volume	'	50,000,000
Weighted-average strike price (in dollars per cubic foot)	'	0.0043
Natural gas held in storage (in cubic feet)	11,000,000,000	'
Forecast sale of natural gas from storage designated as cash-flow hedges (in cubic feet)	13,000,000,000	'

Derivatives_Details_2

Derivatives (Details 2) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2013
					Oil (in barrels)	Oil (in barrels)	Natural Gas (in cubic feet)	Natural Gas (in cubic feet)	Precious metals (in troy ounces)
					bbl	bbl	ft3	ft3	ozt
Outstanding commodity derivatives contracts not designated as hedging instruments	'	'	'	'	'	'	'	'	'
Net Outstanding Position Long/(Short)	'	'	'	'	6,000,000	-1,000,000	-9,000,000,000	-10,000,000,000	1,000,000
Net gains (losses) from derivatives not designated as hedging instruments recognized in net sales (in dollars)	$72	($75)	$84	($16)	'	'	'	'	'

Derivatives_Details_3

Derivatives (Details 3) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Gross and net fair values of outstanding derivatives (in millions)	'	'
Less: counterparty netting and cash collateral, asset	($553)	($329)
Less: counterparty netting and cash collateral, liability	-578	-364
Total net fair value, asset	33	51
Total net fair value, liability	84	58
Collateral received netted against derivative assets	7	11
Collateral paid netted against derivative liabilities	32	46
Collateral deposited with clearinghouses and brokers	115	103
Credit risk contingent features	'	'
Net derivative liabilities with credit-risk-contingent features	6	8
Amount of collateral posted	23	23
Commodity Contracts	'	'
Gross and net fair values of outstanding derivatives (in millions)	'	'
Commodity contract derivative asset, gross	586	380
Commodity contract derivative liability, gross	662	422
Cash-flow hedges | Commodity Contracts	'	'
Gross and net fair values of outstanding derivatives (in millions)	'	'
Commodity contract derivative liability, gross	'	4
Cash-flow hedges | Commodity Contracts | Accrued liabilities	'	'
Gross and net fair values of outstanding derivatives (in millions)	'	'
Commodity contract derivative liability, gross	'	4
Not designated as hedging instruments | Commodity Contracts	'	'
Gross and net fair values of outstanding derivatives (in millions)	'	'
Commodity contract derivative asset, gross	586	380
Commodity contract derivative liability, gross	662	418
Not designated as hedging instruments | Commodity Contracts | Other current assets	'	'
Gross and net fair values of outstanding derivatives (in millions)	'	'
Commodity contract derivative asset, gross	576	367
Not designated as hedging instruments | Commodity Contracts | Long-term receivables and other assets, net	'	'
Gross and net fair values of outstanding derivatives (in millions)	'	'
Commodity contract derivative asset, gross	10	13
Not designated as hedging instruments | Commodity Contracts | Accrued liabilities	'	'
Gross and net fair values of outstanding derivatives (in millions)	'	'
Commodity contract derivative liability, gross	654	407
Not designated as hedging instruments | Commodity Contracts | Deferred credits and other liabilities	'	'
Gross and net fair values of outstanding derivatives (in millions)	'	'
Commodity contract derivative liability, gross	$8	$11

Industry_Segments_Details

Industry Segments (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
			segment
Industry Segments	'	'	'	'
Number of operating segments	'	'	3	'
Segment Information	'	'	'	'
Net sales	$6,275	$5,962	$12,363	$11,834
Pre-tax operating profit (loss)	2,392	2,228	4,713	4,431
Income taxes	-957	-901	-1,889	-1,745
Discontinued operations, net	-1	-5	2	-9
Net income attributable to noncontrolling interest	-3	'	-5	'
Net income (loss) attributable to common stock	1,431	1,322	2,821	2,677
Pre-tax gain on sale of property	'	'	535	'
Impairment charges, before tax	471	'	471	'
Gain on sale of equity investment	'	'	131	'
Charge for former employees and consultants	'	55	'	55
Operating segments | Oil and Gas	'	'	'	'
Segment Information	'	'	'	'
Net sales	4,807	4,721	9,483	9,161
Pre-tax operating profit (loss)	2,182	2,100	4,286	4,020
Net income (loss) attributable to common stock	2,182	2,100	4,286	4,020
Operating segments | Chemical	'	'	'	'
Segment Information	'	'	'	'
Net sales	1,242	1,187	2,462	2,362
Pre-tax operating profit (loss)	133	275	269	434
Net income (loss) attributable to common stock	133	275	269	434
Operating segments | Midstream and Marketing	'	'	'	'
Segment Information	'	'	'	'
Net sales	530	269	965	722
Pre-tax operating profit (loss)	222	48	394	263
Net income attributable to noncontrolling interest	-3	'	-5	'
Net income (loss) attributable to common stock	219	48	389	263
Corporate and Eliminations	'	'	'	'
Segment Information	'	'	'	'
Net sales	-304	-215	-547	-411
Pre-tax operating profit (loss)	-145	-195	-236	-286
Income taxes	-957	-901	-1,889	-1,745
Discontinued operations, net	-1	-5	2	-9
Net income (loss) attributable to common stock	($1,103)	($1,101)	($2,123)	($2,040)

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Basic EPS	'	'	'	'
Income from continuing operations	$1,435	$1,327	$2,824	$2,686
Less: Income from continuing operations attributable to noncontrolling interest	-3	'	-5	'
Income from continuing operations attributable to common stock	1,432	1,327	2,819	2,686
Discontinued operations, net	-1	-5	2	-9
NET INCOME ATTRIBUTABLE TO COMMON STOCK	1,431	1,322	2,821	2,677
Less: Net income allocated to participating securities	-3	-3	-4	-5
Net income attributable to common stock, net of participating securities	1,428	1,319	2,817	2,672
Weighted average number of basic shares	782.6	804.9	786.9	804.8
Basic EPS (in dollars per share)	$1.83	$1.64	$3.58	$3.32
Diluted EPS	'	'	'	'
Net income attributable to common stock, net of participating securities	$1,428	$1,319	$2,817	$2,672
Weighted average number of basic shares	782.6	804.9	786.9	804.8
Dilutive effect of potentially dilutive securities (in shares)	0.3	0.5	0.3	0.5
Total diluted weighted average common shares	782.9	805.4	787.2	805.3
Diluted EPS (in dollars per share)	$1.82	$1.64	$3.58	$3.32

Variable_Interest_Entity_Detai

Variable Interest Entity (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Variable Interest Entity [Line Items]	'	'	'	'
Cash and cash equivalents	$2,391	$3,393	$3,069	$1,592
PP&E	57,134	55,821	'	'
Non-controlling amounts	523	246	'	'
BridgeTex	'	'	'	'
Variable Interest Entity [Line Items]	'	'	'	'
Minority ownership interest (as a percent)	50.00%	'	'	'
Cash and cash equivalents	63	82	'	'
PP&E	922	420	'	'
Non-controlling amounts	$523	$246	'	'