Occidental Petroleum (OXY) 10-Q 6 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015
Document and Entity Information
Entity Registrant Name	OCCIDENTAL PETROLEUM CORP /DE/
Entity Central Index Key	797468
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	768,119,349
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONSOLIDATED_CONDENSED_BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
CURRENT ASSETS
Cash and cash equivalents	$2,153	$3,789
Restricted cash	3,265	4,019
Trade receivables, net	3,068	4,206
Inventories	1,133	1,052
Other current assets	815	807
Total current assets	10,434	13,873
Investments
Investments in unconsolidated entities	1,221	1,171
Available for sale investment	544	394
Total investments	1,765	1,565
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $35,870 at March 31, 2015 and $34,785 at December 31, 2014	40,109	39,730
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	1,081	1,091
TOTAL ASSETS	53,389	56,259
CURRENT LIABILITIES
Current maturities of long-term debt	700
Accounts payable	3,867	5,229
Accrued liabilities	2,152	2,601
Domestic and foreign income taxes	196	414
Total current liabilities	6,915	8,244
LONG-TERM DEBT, NET	6,139	6,838
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred domestic and foreign income taxes	2,947	3,015
Other	3,224	3,203
Total deferred credits and other liabilities	6,171	6,218
STOCKHOLDERS' EQUITY
Common stock, at par value (890,821,383 and 890,557,537 shares respectively)	178	178
Treasury stock 122,702,034 and 119,951,199 shares respectively)	-8,734	-8,528
Additional paid-in capital	7,632	7,599
Retained earnings	35,294	36,067
Accumulated other comprehensive loss	-206	-357
Total stockholders' equity	34,164	34,959
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$53,389	$56,259

CONSOLIDATED_CONDENSED_BALANCE1

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, except Share data, unless otherwise specified
CONSOLIDATED CONDENSED BALANCE SHEETS
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$35,870	$34,785
Common stock, outstanding shares	890,821,383	890,557,537
Treasury stock, shares	122,702,034	119,951,199

CONSOLIDATED_CONDENSED_STATEME

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
REVENUES AND OTHER INCOME
Net sales	$3,089	$4,968
Interest, dividends and other income	31	30
(Loss) Gain on sale of assets and equity investments	-24
TOTAL REVENUES AND OTHER INCOME	3,096	4,998
COSTS AND OTHER DEDUCTIONS
Cost of sales	2,586	2,620
Selling, general and administrative and other operating expenses	311	317
Asset impairments and related items	324
Taxes other than on income	107	151
Exploration expense	8	24
Interest and debt expense, net	30	22
TOTAL COSTS AND OTHER DEDUCTIONS	3,366	3,134
Income (loss) before income taxes and other items	-270	1,864
Benefit from (provision for) domestic and foreign income taxes	19	-794
Income from equity investments	36	67
Income (loss) from continuing operations	-215	1,137
Discontinued operations, net	-3	255
Net income (loss)	-218	1,392
Less: Net income (loss) attributable to noncontrolling interest		-2
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK	($218)	$1,390
BASIC EARNINGS PER COMMON SHARE (attributable to common stock)
Income (loss) from continuing operations (in dollars per share)	($0.28)	$1.43
Discontinued operations, net (in dollars per share)		$0.32
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	($0.28)	$1.75
DILUTED EARNINGS PER COMMON SHARE (attributable to common stock)
Income (loss) from continuing operations (in dollars per share)	($0.28)	$1.43
Discontinued operations, net (in dollars per share)		$0.32
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	($0.28)	$1.75
DIVIDENDS PER COMMON SHARE (in dollars per share)	$0.72	$0.72

CONSOLIDATED_CONDENSED_STATEME1

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Net income (loss) attributable to common stock	($218)	$1,390
Other comprehensive income (loss) items:
Foreign currency translation losses	-1
Unrealized gains on available for sale investment	150
Unrealized losses on derivatives		-5
Pension and postretirement gains	2	4
Reclassification to income of realized losses on derivatives		8
Other comprehensive income, net of tax	151	7
Comprehensive income attributable to common stock	($67)	$1,397

CONSOLIDATED_CONDENSED_STATEME2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized losses on derivatives, tax	$0	$3,000,000
Pension and postretirement gains, tax	-1,000,000	-3,000,000
Reclassification to income of realized losses on derivatives, tax	0	-4,000,000
Other comprehensive income (loss) related to noncontrolling interests	$0	$0

CONSOLIDATED_CONDENSED_STATEME3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)	($218)	$1,392
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Discontinued operations, net	3	-255
Depreciation, depletion and amortization of assets	1,029	977
Deferred income tax provision	-63	125
Other noncash charges to income	106	42
Asset impairments	236
Loss on sale of assets	24
Undistributed earnings from equity investments	3	3
Dry hole expenses	1	10
Changes in operating assets and liabilities, net	-555	-252
Operating cash flow from continuing operations	566	2,042
Operating cash flow from discontinued operations	-5	655
Net cash provided by operating activities	561	2,697
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	-1,675	-1,794
Change in capital accrual	-458
Payments for purchases of assets and businesses	-6	-4
Sale of assets, net	20
Other, net	-87	-96
Investing cash flow from continuing operations	-2,206	-1,894
Investing cash flow from discontinued operations		-479
Net cash used by investing activities	-2,206	-2,373
CASH FLOW FROM FINANCING ACTIVITIES
Change in restricted cash	754
Payment of long-term debt		-61
Proceeds from issuance of common stock	19	13
Purchases of treasury stock	-207	-946
Cash dividends paid	-557	-514
Contributions from noncontrolling interest		123
Net cash provided (used by) financing activities	9	-1,385
Decrease in cash and cash equivalents	-1,636	-1,061
Cash and cash equivalents-beginning of period	3,789	3,393
Cash and cash equivalents-end of period	$2,153	$2,332

General

General	3 Months Ended
	Mar. 31, 2015
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 (GAAP) 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 unaudited 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, 2014.
	In the opinion of Occidental’s management, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present Occidental’s consolidated financial position as of March 31, 2015, and the consolidated statements of operations, comprehensive income and cash flows for the three months ended March 31, 2015 and 2014, as applicable. The income and cash flows for the periods ended March 31, 2015 and 2014 are not necessarily indicative of the income or cash flows to be expected for the full year.
	As a result of the spin-off of California Resources Corporation (California Resources), the statements of operations and cash flows related to California Resources have been treated as discontinued operations for the period ended March 31, 2014.  The assets and liabilities of California Resources were removed from Occidental’s consolidated balance sheet as of November 30, 2014. See Note 2 Asset Acquisitions, Dispositions and Other for additional information.

Subsequent_Event

Subsequent Event	3 Months Ended
	Mar. 31, 2015
Subsequent Event
Subsequent Event	2. Subsequent Event
	On May 5, 2015, Occidental announced that its Board of Directors approved a CEO succession plan and promoted Vicki A. Hollub to Senior Executive Vice President of Occidental and President - Oxy Oil and Gas, responsible for operations in the United States, Middle East region and Latin America. The Board plans for Ms. Hollub, who has served as Executive Vice President of Occidental and President, Oxy Oil and Gas - Americas, since 2014, to succeed Stephen I. Chazen as CEO of Occidental after a thorough transition period.

Asset_Acquisitions_Disposition

Asset Acquisitions, Dispositions and Other	3 Months Ended
	Mar. 31, 2015
Asset Acquisitions, Dispositions and Other
Asset Acquisitions, Dispositions and Other
	3. Asset Acquisitions, Dispositions and Other
	On November 30, 2014, the spin-off of Occidental’s California oil and gas operations and related assets was completed through the distribution of 81.3 percent of the outstanding shares of common stock of California Resources to holders of Occidental common stock, creating an independent, publicly traded company.  In connection with the spin-off, California Resources distributed to Occidental $4.95 billion in restricted cash and $1.15 billion in unrestricted cash.  As indicated by a private letter ruling from the Internal Revenue Service (IRS), the $4.95 billion distribution will be used solely to pay dividends, repurchase common stock, repay debt, or a combination of the foregoing, within eighteen months following the distribution. At March 31, 2015, the remaining balance of the restricted cash distribution was $3.3 billion and was included in the “Restricted cash” line on the consolidated balance sheet.  Occidental retained 71.5 million shares of California Resources, see Note 9, Fair Value Measurements for additional information.
	Sales and other operating revenues and income from discontinued operations related to California Resources for the three month period ending March 31, 2014, were as follows (in millions):
	Sales and other operating revenue from discontinued operations	$	1,120
	Income from discontinued operations before-tax	$	390
	Income tax expense	(138		)
	Income from discontinued operations	$	252

Accounting_and_Disclosure_Chan

Accounting and Disclosure Changes	3 Months Ended
	Mar. 31, 2015
Accounting and Disclosure Changes
Accounting and Disclosure Changes
	4. Accounting and Disclosure Changes
	In April 2015, the Financial Accounting Standards Board (FASB) issued rules simplifying the presentation of debt issuance costs. The new rules require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.  The rules become effective for fiscal years, and for interim periods, beginning after December 15, 2015. The rules will not have a significant impact on Occidental’s financial statements.
	In February 2015, the FASB issued rules modifying how an entity should evaluate certain legal entities for consolidation. The modifications include a change in how limited partnerships and similar legal entities are evaluated, elimination of the presumption that a general partner should consolidate limited partnerships, changes to the consolidation analysis for reporting entities that are involved with variable interest entities, as well as a change in scope exception for certain legal entities. The rules become effective for fiscal years, and for interim periods, beginning after December 15, 2015. The rules are not expected to have an impact on Occidental’s financial statements upon adoption.
	In January 2015, the FASB issued rules that eliminate from GAAP the concept of an extraordinary item. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and expanded to include items that are both unusual in nature and infrequently occurring. The rules do not impact Occidental’s financial statements upon adoption.

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2015
Supplemental Cash Flow Information
Supplemental Cash Flow Information
	5. Supplemental Cash Flow Information
	Occidental paid United States federal, state and foreign income taxes of $259 million and $761 million during the three months ended March 31, 2015 and 2014, respectively. Interest paid totaled $89 million and $91 million for the three months ended March 31, 2015 and 2014, respectively.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2015
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 Occidental’s estimates of year-end inventory levels and costs. Inventories as of March 31, 2015 and December 31, 2014 consisted of the following (in millions):
		2015			2014
	Raw materials	$	73		$	71
	Materials and supplies	617			585
	Finished goods	533			485
		1,223			1,141
	Revaluation to LIFO	(90		)	(89		)
	Total	$	1,133		$	1,052

Environmental_Liabilities_and_

Environmental Liabilities and Expenditures	3 Months Ended
	Mar. 31, 2015
Environmental Liabilities and Expenditures
Environmental Liabilities and Expenditures
	7. 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 March 31, 2015, Occidental participated in or monitored remedial activities or proceedings at 146 sites.  The following table presents Occidental’s environmental remediation reserves as of March 31, 2015, the current portion of which is included in accrued liabilities ($79 million) and the remainder in deferred credits and other liabilities — other ($245 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	Reserve
		of Sites	Balance
			(in millions)
	NPL sites	31	$	22
	Third-party sites	66	95
	Occidental-operated sites	17	108
	Closed or non-operated Occidental sites	32	99
	Total	146	$	324
	As of March 31, 2015, Occidental’s environmental reserves exceeded $10 million each at 11 of the 146 sites described above, and 99 of the sites each had reserves of $1 million or less.  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 has not changed materially since December 31, 2014.  For additional information regarding environmental matters, refer to Note 7, Lawsuits, Claims, Commitments and Contingencies for additional information.

Lawsuits_Claims_Commitments_an

Lawsuits, Claims, Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Lawsuits, Claims, Commitments and Contingencies
Lawsuits, Claims, Commitments and Contingencies
	8. 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.
	Occidental has entered into a written settlement agreement with the State of New Jersey (the State) to resolve claims asserted by the State against Occidental arising from Occidental’s acquisition of Diamond Shamrock Chemicals Company (DSCC) and historic operations of DSCC’s Lister Avenue Plant.  In December 2014, the settlement was approved by the court.  Under the settlement agreement (State Settlement) Occidental will pay the State $190 million and, under certain circumstances, perform or fund future work on behalf of the State along a portion of the Passaic River.  Occidental made payments related to this settlement of $70 million and $60 million in February and April 2015, respectively.  When Occidental acquired the stock of DSCC in 1986, Maxus Energy Corporation, a subsidiary of YPF S.A. (Maxus), retained liability for the Lister Avenue Plant, which is part of the Diamond Alkali Superfund Site, as well as other sites.  Maxus is also obligated to indemnify Occidental for the State of New Jersey settlement. Occidental is pursuing Maxus to recover the settlement costs.  The State Settlement does not cover any potential Occidental share of costs associated with the EPA’s proposed clean-up plan of the Passaic River announced in April 2014. Maxus is also responsible for federal clean-up or other costs associated with the Lister Avenue Plant and the Diamond Alkali Superfund Site.
	Occidental accrues reserves for outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated.  Occidental has disclosed its reserve balances for environmental matters.  Reserve balances for other matters as of March 31, 2015 and December 31, 2014 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 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 March 31, 2015, 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	3 Months Ended
	Mar. 31, 2015
Retirement and Postretirement Benefit Plans
Retirement and Postretirement Benefit Plans
	9. 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 months ended March 31, 2015 and 2014 (in millions):
		2015					2014
	Net Periodic Benefit Costs	Pension			Postretirement		Pension			Postretirement
		Benefit			Benefit		Benefit			Benefit
	Service cost	$	2		$	7	$	3		$	6
	Interest cost	5			10		6			12
	Expected return on plan assets	(7		)	—		(8		)	—
	Recognized actuarial loss	2			7		1			6
	Total	$	2		$	24	$	2		$	24
	Occidental contributed approximately $5 million and $1 million to its defined benefit pension plans in the three month periods ended March 31, 2015 and 2014, respectively.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements
Fair Value Measurements
	10. 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:
		·		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 classified as Level 2 and are generally valued using quotations provided by brokers or industry-standard models that consider various inputs, including quoted forward prices for commodities, time value, volatility factors, credit risk and current market and contractual prices for the underlying instruments, as well as other relevant economic measures.  Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, and can be derived from observable data or are supported by observable prices at which transactions are executed in the marketplace.
		·		Occidental values commodity derivatives based on a market approach that considers various assumptions, including quoted forward commodity prices and market yield curves.  The assumptions used include inputs that are generally unobservable in the marketplace, or are observable but have been adjusted based upon various assumptions and the fair value is designated as Level 3 within the valuation hierarchy.
		·		Occidental values the available for sale investment based on the closing share price of California Resources as of the balance sheet date.  This investment is classified as Level 1.  At March 31, 2015, Occidental has approximately 71.5 million shares of California Resources, which are recorded as a $544 million available for sale investment.
	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 March 31, 2015 and December 31, 2014 (in millions):
			Fair Value Measurements at
			March 31, 2015 Using						Netting and			Total Fair
	Description		Level 1		Level 2		Level 3		Collateral			Value
	Assets:
	Commodity derivatives		$	360	$	54	$	—	$	(331	)	$	83
	Available for sale investment		$	544	$	—	$	—	$	—		$	544
	Liabilities:
	Commodity derivatives		$	350	$	233	$	—	$	(349	)	$	234
			Fair Value Measurements at
			December 31, 2014 Using						Netting and			Total Fair
	Description		Level 1		Level 2		Level 3		Collateral			Value
	Assets:
	Commodity derivatives		$	712	$	127	$	—	$	(742	)	$	97
	Available for sale investment		$	394	$	—	$	—	$	—		$	394
	Liabilities:
	Commodity derivatives		$	750	$	246	$	—	$	(756	)	$	240
	Fair Values — Nonrecurring
	As a result of lower commodity prices during the first quarter of 2015, Occidental recognized approximately $160 million in pre-tax impairment charges related to proved domestic oil and gas properties.
			Fair Value Measurements at									Total Pre-tax
			March 31, 2015 Using						Net Book			(Non-cash)
	Description		Level 1		Level 2		Level 3		Value (a)			Impairment Loss
	Assets:
	Impaired proved oil and gas assets - domestic		$	—	$	—	$	41	$	201		$	160
			Fair Value Measurements at									Total Pre-tax
			December 31, 2014 Using						Net Book			(Non-cash)
	Description		Level 1		Level 2		Level 3		Value (a)			Impairment Loss
	Assets:
	Impaired proved oil and gas assets - domestic		$	—	$	—	$	2,249	$	5,008		$	2,759
	Impaired proved oil and gas assets - international		$	—	$	—	$	45	$	1,084		$	1,039
	Impaired Chemical property, plant, and equipment		$	—	$	—	$	18	$	129		$	111
		(a)		Amount represents net book value at date of assessment.
	Other Financial Instruments
	The carrying amounts of cash and cash equivalents and other on-balance-sheet financial instruments, other than long term 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 March 31, 2015 and December 31, 2014 was $7.2 billion and $7.0 billion, respectively, and its carrying value as of March 31, 2015 and December 31, 2014 was $6.9 billion in each period. The majority of Occidental’s debt is classified as Level 1, with $90 million classified as Level 2.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2015
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 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, the volumes are usually insignificant.
	Cash-Flow Hedges
	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 March 31, 2015 and December 31, 2014, Occidental did not have any cash-flow hedges.
	Occidental had no cash flow hedges for the three months ended March 31, 2015 and the cash flow hedges for the same period in 2014 were immaterial.
	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 March 31, 2015 and December 31, 2014:
			Net Outstanding Position
			Long / (Short)
	Commodity		2015		2014
	Oil (million barrels)		(14	)	(9	)
	Natural gas (billion cubic feet)		(25	)	(32	)
	CO2  (billion cubic feet)		616		621
	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 do not expose Occidental to price risk because the contract prices fluctuate with index prices.
	Occidental fulfills short positions through its own production or by third-party purchase contracts.  Subsequent to March 31, 2015, 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 $26 million of net losses from derivatives not designated as hedging instruments and $12 million of net gains were recognized in net sales for the three months ended March 31, 2015 and 2014, respectively.
	Fair Value of Derivatives
	The following table presents the gross and net fair values of Occidental’s outstanding derivatives as of March 31, 2015 and December 31, 2014 (in millions):
			Asset Derivatives					Liability Derivatives
	March 31, 2015		Balance Sheet Location		Fair Value			Balance Sheet Location	Fair Value
	Derivatives not designated as hedging instruments (a)
	Commodity contracts		Other current assets		403			Accrued liabilities	415
			Long-term receivables and other assets, net		10			Deferred credits and other liabilities	168
					413				583
	Total gross fair value				413				583
	Less: counterparty netting and cash collateral (b),(d)				(331		)		(349		)
	Total net fair value of derivatives				$	82			$	234
			Asset Derivatives					Liability Derivatives
	December 31, 2014		Balance Sheet Location		Fair Value			Balance Sheet Location	Fair Value
	Derivatives not designated as hedging instruments (a)
	Commodity contracts		Other current assets		828			Accrued liabilities	886
			Long-term receivables and other assets, net		11			Deferred credits and other liabilities	110
					839				996
	Total gross fair value				839				996
	Less: counterparty netting and cash collateral (c),(d)				(742		)		(756		)
	Total net fair value of derivatives				$	97			$	240
		(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 March 31, 2015, no collateral was received against the derivative assets and collateral paid of $19 million has been netted against derivative liabilities.
		(c)		As of December 31, 2014, no collateral was received against the derivative assets and collateral paid of $8 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 $11 million and $44 million deposited by Occidental has not been reflected in these derivative fair value tables as of March 31, 2015 and December 31, 2014, respectively. This collateral is included in other current assets in the consolidated balance sheets as of March 31, 2015, and December 31, 2014, respectively.
	See Note 9 for fair value measurement disclosures on derivatives.
	Credit Risk
	A large portion of Occidental’s derivative transaction volume is executed through the over-the-counter 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. Occidental executes the rest of its derivative transactions in the exchange-traded market, 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.
	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 March 31, 2015 and December 31, 2014, Occidental had a net liability of $1 million and $4 million, respectively, which is net of collateral posted of zero and $3 million, respectively.  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 March 31, 2015 and December 31, 2014.

Industry_Segments

Industry Segments	3 Months Ended
	Mar. 31, 2015
Industry Segments
Industry Segments
	12. Industry Segments
	Occidental conducts its operations through three segments: (1) oil and gas; (2) chemical; and (3) 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 power.  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 and geographic 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 segments (in millions):
			Oil					Midstream			Corporate
			and					and			and
			Gas			Chemical		Marketing			Eliminations			Total
	Three months ended March 31, 2015
	Net sales		$	2,009		$	1,000	$	197		$	(117	)	$	3,089
	Pre-tax operating profit (loss)		$	(266	)(a)	$	139	$	(15	)	$	(92	)(a),(b)	$	(234	)
	Income taxes		—			—		—			19		(c)	19
	Discontinued operations, net		—			—		—			(3		)	(3		)
	Net income (loss) attributable to common stock		$	(266	)	$	139	$	(15	)	$	(76	)	$	(218	)
	Three months ended March 31, 2014
	Net sales		$	3,602		$	1,220	$	340		$	(194	)	$	4,968
	Pre-tax operating profit (loss)		$	1,719		$	136	$	164		$	(88	)(b)	$	1,931
	Income taxes		—			—		—			(794		)(c)	(794		)
	Discontinued operations, net		—			—		—			255			255
	Net income attributable to noncontrolling interest		—			—		(2		)	—			(2		)
	Net income (loss) attributable to common stock		$	1,719		$	136	$	162		$	(627	)	$	1,390
		(a)		Includes pre-tax charges of $310 million for the impairment of certain domestic and international oil and gas assets and other items and $14 million of corporate other items.
		(b)		Includes unallocated 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, 2015
Earnings Per Share
Earnings Per Share
	13. 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, net income allocated to these participating securities has 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 months ended March 31, 2015 and 2014 (in millions, except per-share amounts):
		Three months ended
		March 31
		2015			2014
	Basic EPS
	Income (loss) from continuing operations	$	(215	)	$	1,137
	Less: Income from continuing operations attributable to noncontrolling interest	—			(2		)
	Income (loss) from continuing operations attributable to common stock	(215		)	1,135
	Discontinued operations, net	(3		)	255
	Net income (loss)	(218		)	1,390
	Less: Net income (loss) allocated to participating securities	—			(2		)
	Net income (loss), net of participating securities	(218		)	1,388
	Weighted average number of basic shares	769.6			791.3
	Basic EPS	$	(0.28	)	$	1.75
	Diluted EPS
	Net income (loss), net of participating securities	$	(218	)	$	1,388
	Weighted average number of basic shares	769.6			791.3
	Dilutive effect of potentially dilutive securities	—			0.4
	Total diluted weighted average common shares	769.6			791.7
	Diluted EPS	$	(0.28	)	$	1.75

Asset_Acquisitions_Disposition1

Asset Acquisitions, Dispositions and Other (Tables)	3 Months Ended
	Mar. 31, 2015
Spin-off and related activities
Schedule of sales and other operating revenues and income from discontinued operations (in millions)
	Sales and other operating revenue from discontinued operations	$	1,120
	Income from discontinued operations before-tax	$	390
	Income tax expense	(138		)
	Income from discontinued operations	$	252

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Mar. 31, 2015
Inventories
Inventories (in millions)
		2015			2014
	Raw materials	$	73		$	71
	Materials and supplies	617			585
	Finished goods	533			485
		1,223			1,141
	Revaluation to LIFO	(90		)	(89		)
	Total	$	1,133		$	1,052

Environmental_Liabilities_and_1

Environmental Liabilities and Expenditures (Tables)	3 Months Ended
	Mar. 31, 2015
Environmental Liabilities and Expenditures
Environmental loss contingencies by categories of sites		Number	Reserve
		of Sites	Balance
			(in millions)
	NPL sites	31	$	22
	Third-party sites	66	95
	Occidental-operated sites	17	108
	Closed or non-operated Occidental sites	32	99
	Total	146	$	324

Retirement_and_Postretirement_1

Retirement and Postretirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2015
Retirement and Postretirement Benefit Plans
Components of the net periodic benefit cost (in millions)
		2015					2014
	Net Periodic Benefit Costs	Pension			Postretirement		Pension			Postretirement
		Benefit			Benefit		Benefit			Benefit
	Service cost	$	2		$	7	$	3		$	6
	Interest cost	5			10		6			12
	Expected return on plan assets	(7		)	—		(8		)	—
	Recognized actuarial loss	2			7		1			6
	Total	$	2		$	24	$	2		$	24

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements
Assets and liabilities measured at fair value on a recurring basis (in millions)
		Fair Value Measurements at
		March 31, 2015 Using						Netting and			Total Fair
	Description	Level 1		Level 2		Level 3		Collateral			Value
	Assets:
	Commodity derivatives	$	360	$	54	$	—	$	(331	)	$	83
	Available for sale investment	$	544	$	—	$	—	$	—		$	544
	Liabilities:
	Commodity derivatives	$	350	$	233	$	—	$	(349	)	$	234
		Fair Value Measurements at
		December 31, 2014 Using						Netting and			Total Fair
	Description	Level 1		Level 2		Level 3		Collateral			Value
	Assets:
	Commodity derivatives	$	712	$	127	$	—	$	(742	)	$	97
	Available for sale investment	$	394	$	—	$	—	$	—		$	394
	Liabilities:
	Commodity derivatives	$	750	$	246	$	—	$	(756	)	$	240
Pre-tax charges related to impairments		Fair Value Measurements at									Total Pre-tax
		March 31, 2015 Using						Net Book			(Non-cash)
	Description	Level 1		Level 2		Level 3		Value (a)			Impairment Loss
	Assets:
	Impaired proved oil and gas assets - domestic	$	—	$	—	$	41	$	201		$	160
		Fair Value Measurements at									Total Pre-tax
		December 31, 2014 Using						Net Book			(Non-cash)
	Description	Level 1		Level 2		Level 3		Value (a)			Impairment Loss
	Assets:
	Impaired proved oil and gas assets - domestic	$	—	$	—	$	2,249	$	5,008		$	2,759
	Impaired proved oil and gas assets - international	$	—	$	—	$	45	$	1,084		$	1,039
	Impaired Chemical property, plant, and equipment	$	—	$	—	$	18	$	129		$	111
	(a)  Amount represents net book value at date of assessment.

Derivatives_Tables

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2015
Derivatives - table
Gross and net fair values of outstanding derivatives (in millions)			Asset Derivatives					Liability Derivatives
	March 31, 2015		Balance Sheet Location		Fair Value			Balance Sheet Location	Fair Value
	Derivatives not designated as hedging instruments (a)
	Commodity contracts		Other current assets		403			Accrued liabilities	415
			Long-term receivables and other assets, net		10			Deferred credits and other liabilities	168
					413				583
	Total gross fair value				413				583
	Less: counterparty netting and cash collateral (b),(d)				(331		)		(349		)
	Total net fair value of derivatives				$	82			$	234
			Asset Derivatives					Liability Derivatives
	December 31, 2014		Balance Sheet Location		Fair Value			Balance Sheet Location	Fair Value
	Derivatives not designated as hedging instruments (a)
	Commodity contracts		Other current assets		828			Accrued liabilities	886
			Long-term receivables and other assets, net		11			Deferred credits and other liabilities	110
					839				996
	Total gross fair value				839				996
	Less: counterparty netting and cash collateral (c),(d)				(742		)		(756		)
	Total net fair value of derivatives				$	97			$	240
		(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 March 31, 2015, no collateral was received against the derivative assets and collateral paid of $19 million has been netted against derivative liabilities.
		(c)		As of December 31, 2014, no collateral was received against the derivative assets and collateral paid of $8 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 $11 million and $44 million deposited by Occidental has not been reflected in these derivative fair value tables as of March 31, 2015 and December 31, 2014, respectively. This collateral is included in other current assets in the consolidated balance sheets as of March 31, 2015, and December 31, 2014, respectively.
Not designated as hedging instruments | Commodity Contracts
Derivatives - table
Net volumes of outstanding commodity derivatives contracts			Net Outstanding Position
			Long / (Short)
	Commodity		2015		2014
	Oil (million barrels)		(14	)	(9	)
	Natural gas (billion cubic feet)		(25	)	(32	)
	CO2  (billion cubic feet)		616		621

Industry_Segments_Tables

Industry Segments (Tables)	3 Months Ended
	Mar. 31, 2015
Industry Segments
Industry segment and corporate disclosures (in millions)
		Oil					Midstream			Corporate
		and					and			and
		Gas			Chemical		Marketing			Eliminations			Total
	Three months ended March 31, 2015
	Net sales	$	2,009		$	1,000	$	197		$	(117	)	$	3,089
	Pre-tax operating profit (loss)	$	(266	)(a)	$	139	$	(15	)	$	(92	)(a),(b)	$	(234	)
	Income taxes	—			—		—			19		(c)	19
	Discontinued operations, net	—			—		—			(3		)	(3		)
	Net income (loss) attributable to common stock	$	(266	)	$	139	$	(15	)	$	(76	)	$	(218	)
	Three months ended March 31, 2014
	Net sales	$	3,602		$	1,220	$	340		$	(194	)	$	4,968
	Pre-tax operating profit (loss)	$	1,719		$	136	$	164		$	(88	)(b)	$	1,931
	Income taxes	—			—		—			(794		)(c)	(794		)
	Discontinued operations, net	—			—		—			255			255
	Net income attributable to noncontrolling interest	—			—		(2		)	—			(2		)
	Net income (loss) attributable to common stock	$	1,719		$	136	$	162		$	(627	)	$	1,390
	(a)  Includes pre-tax charges of $310 million for the impairment of certain domestic and international oil and gas assets and other items and $14 million of corporate other items.
	(b)  Includes unallocated 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_Tables

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share
Calculation of basic and diluted EPS
	(in millions, except per-share amounts):
		Three months ended
		March 31
		2015			2014
	Basic EPS
	Income (loss) from continuing operations	$	(215	)	$	1,137
	Less: Income from continuing operations attributable to noncontrolling interest	—			(2		)
	Income (loss) from continuing operations attributable to common stock	(215		)	1,135
	Discontinued operations, net	(3		)	255
	Net income (loss)	(218		)	1,390
	Less: Net income (loss) allocated to participating securities	—			(2		)
	Net income (loss), net of participating securities	(218		)	1,388
	Weighted average number of basic shares	769.6			791.3
	Basic EPS	$	(0.28	)	$	1.75
	Diluted EPS
	Net income (loss), net of participating securities	$	(218	)	$	1,388
	Weighted average number of basic shares	769.6			791.3
	Dilutive effect of potentially dilutive securities	—			0.4
	Total diluted weighted average common shares	769.6			791.7
	Diluted EPS	$	(0.28	)	$	1.75

Asset_Acquisitions_Disposition2

Asset Acquisitions, Dispositions and Other (Detail) (Spin-off California Resources Corp, USD $)	0 Months Ended
In Billions, except Share data in Millions, unless otherwise specified	Nov. 30, 2014	Mar. 31, 2015	Nov. 30, 2014
Spin-off California Resources Corp
Acquisitions, dispositions and other transactions
Percentage of common stock distributed	81.30%		81.30%
Distribution of restricted cash to pay obligations of spin-off agreements	$4.95
Distribution of cash to pay obligations of spin-off agreements	1.15
Shares owned by Occidental		71.5
Period Following Spin-off within which cash will be distributed to satisfy spin off obligations	P18M
Remaining balance of cash distribution included in restricted cash on balance sheet		$3.30

Asset_Acquisitions_Disposition3

Asset Acquisitions, Dispositions and Other (Detail 1) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Sales and other operating revenues and income from discontinued operations related to California Resources Company
Income from discontinued operations	($3)	$255
California Resources Corporation | Spin-off California Resources Corp
Sales and other operating revenues and income from discontinued operations related to California Resources Company
Sales and other operating revenue from discontinued operations		1,120
Income from discontinued operations before-tax		390
Income tax expense		-138
Income from discontinued operations		$252

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Supplemental Cash Flow Information
United States federal, state and foreign income taxes paid for continuing operations	$259	$761
Interest Paid	$89	$91

Inventories_Details

Inventories (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Inventories
Raw materials	$73	$71
Materials and supplies	617	585
Finished goods	533	485
Inventories, Gross	1,223	1,141
Revaluation to LIFO	-90	-89
Total	$1,133	$1,052

Environmental_Liabilities_and_2

Environmental Liabilities and Expenditures (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
	site
Environmental Liabilities and Expenditures
Environmental remediation reserves, current, included in accrued liabilities	$79
Environmental remediation reserves, noncurrent, included in deferred credits and other liabilities - other	245
Environmental remediation reserves
Number of Sites	146
Reserve Balance	324
Environmental reserves, exceeding $ ten million, threshold value	10
Environmental reserves, range between zero to $ one million site category, number of sites	99
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	1
Period of expending first half of environmental reserves	3 years
High end of range
Environmental remediation reserves
Period of expending first half of environmental reserves	4 years
Environmental remediation additional loss range	385
NPL sites
Environmental remediation reserves
Number of Sites	31
Reserve Balance	22
Third-party sites
Environmental remediation reserves
Number of Sites	66
Reserve Balance	95
Occidental-operated sites
Environmental remediation reserves
Number of Sites	17
Reserve Balance	108
Closed or non-operated Occidental sites
Environmental remediation reserves
Number of Sites	32
Reserve Balance	$99

Lawsuits_Claims_Commitments_an1

Lawsuits, Claims, Commitments and Contingencies (Details) (Diamond Shamrock Chemicals Company, USD $)	1 Months Ended
In Millions, unless otherwise specified	Feb. 28, 2015	Apr. 30, 2015	Dec. 31, 2014
Long-term Purchase Commitment
Payments related to settlement	$70
Subsequent event
Long-term Purchase Commitment
Payments related to settlement		60
Settlement
Long-term Purchase Commitment
Litigation Settlement, Amount			$190

Retirement_and_Postretirement_2

Retirement and Postretirement Benefit Plans (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Defined benefit pension plans
Postretirement and Other Benefit Plans Disclosure
Employer contributions	$5	$1
Pension Benefit
Net periodic benefit costs:
Service cost	2	3
Interest cost	5	6
Expected return on plan assets	-7	-8
Recognized actuarial loss	2	1
Net periodic benefit cost	2	2
Postretirement Benefit
Net periodic benefit costs:
Service cost	7	6
Interest cost	10	12
Recognized actuarial loss	7	6
Net periodic benefit cost	$24	$24

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	3 Months Ended	12 Months Ended
Share data in Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value - Other Financial Instruments
Debt carrying value	$6,900,000,000	$6,900,000,000
Asset impairments and related items	324,000,000
Pre-tax impairment of oil and gas properties	310,000,000
Level 1
Assets:
Available for sale investment	544,000,000	394,000,000
Fair Value - Other Financial Instruments
Debt estimated fair value	7,200,000,000	7,000,000,000
Investment recorded as available for sale asset, shares owned	71.5
Level 2
Fair Value - Other Financial Instruments
Debt estimated fair value	90,000,000
Total Fair Value
Assets:
Available for sale investment	544,000,000	394,000,000
Recurring | Level 1
Assets:
Commodity derivatives	360,000,000	712,000,000
Liabilities:
Commodity derivatives	350,000,000	750,000,000
Recurring | Level 2
Assets:
Commodity derivatives	54,000,000	127,000,000
Liabilities:
Commodity derivatives	233,000,000	246,000,000
Recurring | Netting and Collateral
Assets:
Commodity derivatives	-331,000,000	-742,000,000
Liabilities:
Commodity derivatives	-349,000,000	-756,000,000
Recurring | Total Fair Value
Assets:
Commodity derivatives	83,000,000	97,000,000
Liabilities:
Commodity derivatives	234,000,000	240,000,000
Non recurring | Proved oil and gas assets - domestic
Fair Value - Other Financial Instruments
Pre-tax impairment of oil and gas properties	160,000,000	2,759,000,000
Non recurring | Proved oil and gas assets - international
Fair Value - Other Financial Instruments
Pre-tax impairment of oil and gas properties		1,039,000,000
Non recurring | Property, plant, and equipment | Chemical
Fair Value - Other Financial Instruments
Pre-tax impairment of oil and gas properties		111,000,000
Non recurring | Level 3 | Proved oil and gas assets - domestic
Fair Value - Other Financial Instruments
Carrying value of impaired assets	41,000,000	2,249,000,000
Non recurring | Level 3 | Proved oil and gas assets - international
Fair Value - Other Financial Instruments
Carrying value of impaired assets		45,000,000
Non recurring | Level 3 | Property, plant, and equipment | Chemical
Fair Value - Other Financial Instruments
Carrying value of impaired assets		18,000,000
Non recurring | Net Book Value | Proved oil and gas assets - domestic
Fair Value - Other Financial Instruments
Carrying value of impaired assets	201,000,000	5,008,000,000
Non recurring | Net Book Value | Proved oil and gas assets - international
Fair Value - Other Financial Instruments
Carrying value of impaired assets		1,084,000,000
Non recurring | Net Book Value | Property, plant, and equipment | Chemical
Fair Value - Other Financial Instruments
Carrying value of impaired assets		$129,000,000

Derivatives_Details

Derivatives (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Outstanding commodity derivatives contracts not designated as hedging instruments
Net losses from derivatives not designated as hedging instruments recognized in net sales (in dollars)	$26	$12
CO2 (in cubic feet)
Outstanding commodity derivatives contracts not designated as hedging instruments
Net Outstanding Position Long/(Short)	616,000,000,000	621,000,000,000
Oil (in barrels)
Outstanding commodity derivatives contracts not designated as hedging instruments
Net Outstanding Position Long/(Short)	-14,000,000	-9,000,000
Natural Gas (in cubic feet)
Outstanding commodity derivatives contracts not designated as hedging instruments
Net Outstanding Position Long/(Short)	-25,000,000,000	-32,000,000,000

Derivatives_Details_1

Derivatives (Details 1) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Gross and net fair values of outstanding derivatives (in millions)
Collateral paid netted against derivative liabilities	$19	$8
Collateral deposited with clearinghouses and brokers	11	44
Credit risk contingent features
Net derivative liabilities with credit-risk-contingent features	1	4
Amount of collateral posted	0	3
Cash-flow hedges | Commodity Contracts
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		996
Not designated as hedging instruments
Gross and net fair values of outstanding derivatives (in millions)
Less: counterparty netting and cash collateral, asset	-331	-742
Less: counterparty netting and cash collateral, liability	-349	-756
Total net fair value, asset	82	97
Total net fair value, liability	234	240
Not designated as hedging instruments | Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	403	828
Not designated as hedging instruments | Long-term receivables and other assets, net
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	10	11
Not designated as hedging instruments | Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	415	886
Not designated as hedging instruments | Deferred credits and other liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	168	110
Not designated as hedging instruments | Commodity Contracts
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	413	839
Commodity contract derivative liability, gross	$583	$996

Industry_Segments_Details

Industry Segments (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
	segment
Industry Segments
Number of operating segments	3
Segment Information
Net sales	$3,089	$4,968
Pretax operating profit (loss)	-234	1,931
Income taxes	19	-794
Discontinued operations, net	-3	255
Less: Income from continuing operations attributable to noncontrolling interest		-2
Net income	-218	1,390
Pre-tax impairment of oil and gas properties	310
Other charges	14
Operating segments | Oil and Gas
Segment Information
Net sales	2,009	3,602
Pretax operating profit (loss)	-266	1,719
Net income	-266	1,719
Operating segments | Chemical
Segment Information
Net sales	1,000	1,220
Pretax operating profit (loss)	139	136
Net income	139	136
Operating segments | Midstream and Marketing
Segment Information
Net sales	197	340
Pretax operating profit (loss)	-15	164
Less: Income from continuing operations attributable to noncontrolling interest		-2
Net income	-15	162
Corporate and Eliminations
Segment Information
Net sales	-117	-194
Pretax operating profit (loss)	-92	-88
Income taxes	19	-794
Discontinued operations, net	-3	255
Net income	($76)	($627)

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Basic EPS
Income (loss) from continuing operations	($215)	$1,137
Less: Income from continuing operations attributable to noncontrolling interest		-2
Income from continuing operations attributable to common stock	-215	1,135
Discontinued operations, net	-3	255
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK	-218	1,390
Less: Net income allocated to participating securities		-2
Net income attributable to common stock, net of participating securities	-218	1,388
Weighted average number of basic shares	769.6	791.3
Basic EPS (in dollars per share)	($0.28)	$1.75
Diluted EPS
Net income attributable to common stock, net of participating securities	($218)	$1,388
Weighted average number of basic shares	769.6	791.3
Dilutive effect of potentially dilutive securities (in shares)		0.4
Total diluted weighted average common shares	769.6	791.7
Diluted EPS (in dollars per share)	($0.28)	$1.75