Occidental Petroleum (OXY) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2016shares
Document and Entity Information
Entity Registrant Name	OCCIDENTAL PETROLEUM CORP /DE/
Entity Central Index Key	797,468
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
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	763,741,497
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 3,176	$ 3,201
Restricted cash		1,193
Trade receivables, net	2,780	2,970
Inventories	997	986
Assets held for sale		141
Other current assets	1,284	911
Total current assets	8,237	9,402
Investments
Investments in unconsolidated entities	1,301	1,267
Available for sale investment		167
Total investments	1,301	1,434
Property, plant and equipment, net of accumulated depreciation, depletion and amortization of $40,138 at March 31, 2016 and $39,419 at December 31, 2015	31,505	31,639
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	975	934
TOTAL ASSETS	42,018	43,409
CURRENT LIABILITIES
Current maturities of long-term debt	2,000	1,450
Accounts payable	2,801	3,069
Accrued liabilities	2,025	2,213
Liabilities of assets held for sale		110
Total current liabilities	6,826	6,842
LONG-TERM DEBT, NET	5,608	6,855
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred domestic and foreign income taxes	1,642	1,323
Other	4,153	4,039
Total deferred credits and other liabilities	5,795	5,362
STOCKHOLDERS' EQUITY
Common stock, at par value (891,624,588 shares at March 31, 2016 and 891,360,091 shares issued at December 31, 2015)	178	178
Treasury stock (127,784,706 shares at March 31, 2016 and 127,681,335 shares at December 31, 2015)	9,128	9,121
Additional paid-in capital	7,668	7,640
Retained earnings	25,375	25,960
Accumulated other comprehensive loss	(304)	(307)
Total stockholders' equity	23,789	24,350
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 42,018	$ 43,409

CONSOLIDATED CONDENSED BALANCE3

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
CONSOLIDATED CONDENSED BALANCE SHEETS
Accumulated depreciation, depletion and amortization	$ (40,138)	$ (39,419)
Common stock, outstanding shares	(891,624,558)	891,360,091
Treasury stock, shares	(127,784,706)	127,681,335

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUES AND OTHER INCOME
Net sales	$ 2,123	$ 3,089
Interest, dividends and other income	20	31
Gain (loss) on sale of assets, net	138	(24)
TOTAL REVENUES AND OTHER INCOME	2,281	3,096
COSTS AND OTHER DEDUCTIONS
Cost of sales (excludes depreciation, depletion, and amortization)	1,281	1,557
Selling, general and administrative and other operating expenses	272	311
Taxes other than on income	75	107
Depreciation, depletion and amortization	1,102	1,029
Asset impairments and related items	78	324
Exploration expense	9	8
Interest and debt expense, net	60	30
TOTAL COSTS AND OTHER DEDUCTIONS	2,877	3,366
Loss before income taxes and other items	(596)	(270)
Benefit (provision) for domestic and foreign income taxes	203	19
Income from equity investments	33	36
Loss from continuing operations	(360)	(215)
Discontinued operations (net)	438	(3)
Net income (loss)	78	(218)
NET INCOME (LOSS)	$ 78	$ (218)
BASIC EARNINGS (LOSS) PER COMMON SHARE
Loss from continuing operations (in dollars per share)	$ (0.47)	$ (0.28)
Discontinued operations, net (in dollars per share)	0.57
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share)	0.10	(0.28)
DILUTED EARNINGS (LOSS) PER COMMON SHARE
Income (loss) from continuing operations (in dollars per share)	(0.47)	(0.28)
Discontinued operations, net (in dollars per share)	0.57
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in dollars per share)	0.10	(0.28)
DIVIDENDS PER COMMON SHARE (in dollars per share)	$ 0.75	$ 0.72

CONSOLIDATED CONDENSED STATEME5

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Net income (loss)	$ 78	$ (218)
Other comprehensive (loss) income items:
Foreign currency translation gains (losses)	1	(1)
Unrealized gain on available for sale investment		150
Unrealized losses on derivatives	(10)
Pension and postretirement gain	5	2
Reclassification to income of realized loss on derivatives	7
Other comprehensive income, net of tax	3	151
Comprehensive income (loss)	$ 81	$ (67)

CONSOLIDATED CONDENSED STATEME6

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized losses on derivatives, tax	$ 6
Pension and postretirement gains, tax	(3)	$ (1)
Reclassification to income of realized loss on derivatives, tax	$ (4)

CONSOLIDATED CONDENSED STATEME7

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOW FROM OPERATING ACTIVITIES
Net Income (loss)	$ 78	$ (218)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Income from discontinued operations	(438)	3
Depreciation, depletion and amortization of assets	1,102	1,029
Deferred income tax provision (benefit)	77	(63)
Other noncash charges to income	63	110
Gain on sale of assets, net	(138)	24
Asset impairments	78	236
Changes in operating assets and liabilities, net	(316)	(555)
Other operating, net	(367)
Operating cash flow from continuing operations	139	566
Operating cash flow from discontinued operations	550	(5)
Net cash provided by operating activities	689	561
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(646)	(1,675)
Change in capital accrual	(208)	(458)
Proceeds from sale of assets and equity investments, net	285	20
Purchase of assets, net	(24)	(6)
Equity investments and other, net	(44)	(87)
Net cash used by investing activities	(637)	(2,206)
CASH FLOW FROM FINANCING ACTIVITIES
Change in restricted cash	1,193	754
Payment of long-term debt	(700)
Proceeds from issuance of common stock	11	19
Purchases of treasury stock	(7)	(207)
Cash dividends paid	(574)	(557)
Net cash provided (used) by financing activities	(77)	9
Decrease in cash and cash equivalents	(25)	(1,636)
Cash and cash equivalents-beginning of period	3,201	3,789
Cash and cash equivalents-end of period	$ 3,176	$ 2,153

General

General	3 Months Ended
	Mar. 31, 2016
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, 2015. 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, 2016 , and the consolidated statements of operations, comprehensive income and cash flows for the three months ended March 31, 2016 and 2015 , as applicable. The income and cash flows for the periods ended March 31, 2016 and 2015 are not necessarily indicative of the income or cash flows to be expected for the full year.

Asset Acquisitions, Disposition

Asset Acquisitions, Dispositions and Other	3 Months Ended
	Mar. 31, 2016
Asset Acquisitions, Dispositions and Other
Asset Acquisitions, Dispositions and Other	2. Asset Acquisitions, Dispositions and Other In April 2016, Occidental issued $2.75 billion of senior notes, comprised of $0.4 billion of 2.6-percent senior notes due 2022, $1.15 billion of 3.4-percent senior notes due 2026 and $1.2 billion of 4.4-percent senior notes due 2046. Occidental received net proceeds of approximately $2.72 billion. Interest on the notes will be payable semi-annually in arrears in April and October of each year for each series of notes, beginning on October 15, 2016. The use of proceeds will be for general corporate purposes, including retirement of all $750 million of 4.125-percent notes at maturity in June 2016 and all $1.25 billion of 1.75-percent notes maturing in the first quarter of 2017, which will be redeemed in May 2016 by exercising our early redemption option. In March 2016, Occidental distributed its remaining shares of California Resources Corporation (California Resources) through a special stock dividend to stockholders of record as of February 29, 2016. Upon distribution, Occidental recorded a $78 million loss to reduce the investment to its fair market value, and Occidental no longer owns any shares of California Resources common stock. In March 2016, Occidental completed the sale of its Piceance Basin operations in Colorado for $153 million resulting in a pre-tax gain of $121 million. The assets and liabilities related to these operations were presented as held for sale at December 31, 2015 and primarily included property, plant and equipment and current accrued liabilities and asset retirement obligations. In February 2016, Occidental repaid $700 million of 2.5-percent senior notes that matured. In January 2016, Occidental completed the sale of its Occidental Tower building in Dallas, Texas for net proceeds of approximately $85 million. The building was classified as held for sale as of December 31, 2015. In January 2016, Occidental reached an understanding on the terms of payment for the approximate $1.0 billion payable to Occidental by the Republic of Ecuador under a November 2015 International Center for the Settlement of Investment Disputes arbitration award. This award relates to Ecuador’s 2006 expropriation of Occidental’s Participation Contract for Block 15. For the three months ended March 31, 2016, Occidental recorded a pre-tax gain of $681 million. The results related to Ecuador were presented as discontinued operations.

Accounting and Disclosure Chang

Accounting and Disclosure Changes	3 Months Ended
	Mar. 31, 2016
Accounting and Disclosure Changes
Accounting and Disclosure Changes	3. Accounting and Disclosure Changes In March 2016, the Financial Accounting Standards Board (“FASB”) issued rules affecting entities that issue share-based payment awards to their employees. These rules are designed to simplify several aspects of accounting for share-based payment award transactions, including: (1) accounting and cash flow classification for excess tax benefits and deficiencies, (2) forfeitures, and (3) tax withholding requirements and cash flow classification. The rules become effective for interim and annual periods beginning after December 31, 2016. The rules are not expected to have a material impact on Occidental’s financial statements upon adoption. In March 2016, the FASB amended revenue recognition rules to clarify the implementation guidance on principal versus agent considerations. The guidance includes indicators to assist an entity in determining whether the entity controls a specified good or service before it is transferred to the customers. Occidental is currently evaluating the impact of these rules on its financial statements. In March 2016, the FASB issued an update to eliminate the requirement to retrospectively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The update requires that the equity method investor add the cost of acquiring the additional interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The rules become effective for the 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 March 2016, the FASB issued rules clarifying that a change in one of the parties to a derivative contract that is part of a hedge accounting relationship does not, by itself, require dedesignation of that relationship, as long as all other hedge accounting criteria continue to be met. The rules become effective for the interim and annual periods beginning after December 15, 2016. Occidental is currently evaluating the impact of these rules on its financial statements. In February 2016, the FASB issued rules in which lessees will recognize most leases, including operating leases, on-balance sheet. These new rules will significantly increase reported assets and liabilities. The rules become effective for interim and annual periods beginning after December 15, 2018. Occidental is currently evaluating the impact of these rules on its financial statements. In April 2015, the 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. Occidental adopted these rules retrospectively as of January 1, 2016. The rules do not have a material impact on Occidental’s financial statements.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Information
Supplemental Cash Flow Information	4. Supplemental Cash Flow Information Occidental paid United States state and foreign income taxes of $102 million and $259 million during the three months ended March 31, 2016 and 2015, respectively. No federal income tax payments were made during the three months ended March 31, 2016 and 2015, because Occidental reported a 2015 net operating loss. Interest paid totaled $89 million in each of the three months ended March 31, 2016 and 2015.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 consisted of the following (in millions): 2016 2015 Raw materials $ $ Materials and supplies Finished goods Revaluation to LIFO Total $ $

Environmental Liabilities and E

Environmental Liabilities and Expenditures	3 Months Ended
	Mar. 31, 2016
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. These environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, punitive damages, civil penalties, injunctive relief and government oversight costs. As of March 31, 2016, Occidental participated in or monitored remedial activities or proceedings at 149 sites. The following table presents Occidental’s environmental remediation reserves as of March 31, 2016, the current portion of which is included in accrued liabilities ($70 million) and the remainder in deferred credits and other liabilities — other ($314 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 $ Third-party sites Occidental-operated sites Closed or non-operated Occidental sites Total $ As of March 31, 2016, Occidental’s environmental reserves exceeded $10 million each at 12 of the 149 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 $370 million. The status of Occidental’s involvement with the sites and related significant assumptions has not changed materially since December 31, 2015. For additional information regarding environmental matters, refer to Note 7, Lawsuits, Claims, Commitments and Contingencies .

Lawsuits, Claims, Commitments a

Lawsuits, Claims, Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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 December 2014, a New Jersey state court approved Occidental’s settlement 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 Chemical Company (DSCC). During 2015, pursuant to the settlement agreement (State Settlement) Occidental paid the State $190 million. Under certain circumstances, Occidental agreed to perform or fund future work on behalf of the State along a portion of the Passaic River. 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 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 as set out in its Record of Decision, announced on March 4, 2016. 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 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 March 31, 2016 and December 31, 2015 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 2002 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, 2016, 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 Post-retirement

Retirement and Post-retirement Benefit Plans	3 Months Ended
	Mar. 31, 2016
Retirement and Postretirement Benefit Plans
Retirement and Postretirement Benefit Plans	8. Retirement and Post-retirement Benefit Plans The following tables set forth the components of the net periodic benefit costs for Occidental’s defined benefit pension and post-retirement benefit plans for the three months ended March 31, 2016 and 2015 (in millions): Three months ended March 31 2016 2015 Net Periodic Benefit Costs Pension Benefit Post- retirement Benefit Pension Benefit Post- retirement Benefit Service cost $ $ $ $ Interest cost Expected return on plan assets — — Recognized actuarial loss Total $ $ $ $ Occidental contributed approximately $1 million and $5 million to its defined benefit pension plans in the three months ended March 31, 2016 and 2015, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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: · Occidental values exchange-cleared commodity derivatives using closing prices provided by the exchange as of the balance sheet date. O ccidental values its available for sale investment based on the common stock closing share price as of the balance sheet date. These derivatives and investments 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 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, 2016 and December 31, 2015 (in millions): Fair Value Measurements at March 31, 2016: Description Level 1 Level 2 Level 3 Netting and Collateral Total Fair Value Assets: Commodity derivatives $ $ $ — $ $ Liabilities: Commodity derivatives $ $ $ — $ $ Fair Value Measurements at December 31, 2015: Description Level 1 Level 2 Level 3 Netting and Collateral Total Fair Value Assets: Commodity derivatives $ $ $ — $ ) $ Available for sale investment $ $ — $ — $ — $ Liabilities: Commodity derivatives $ $ $ — $ ) $ Fair Values — Nonrecurring During the three months ended March 31, 2016, Occidental did not have any assets or liabilities measured at fair value on a nonrecurring basis. The following table provides fair value measurement for such proved domestic and international oil and gas properties that are measured on a nonrecurring basis as of December 31, 2015. The impairment tests, including the fair value estimation, incorporated a number of assumptions involving expectations of future cash flows. These assumptions included estimates of future product prices, which Occidental based on forward price curves as of balance sheet date and, where applicable, contractual prices, estimates of oil and gas reserves, estimates of future expected operating and development costs and a risk adjusted discount rate of 8-20 percent. These properties were impacted by persistently low worldwide oil and natural gas prices and changing management’s development plans. Occidental used the income approach to measure the fair value of these properties, using inputs categorized as Level 3 in the fair value hierarchy. (in millions) Fair Value Measurements at December 31, 2015 Using Net Book Total Pre-tax (Non-cash) Impairment Description Level 1 Level 2 Level 3 Value (a) Loss Assets: Impaired proved oil and gas assets - international $ — $ — $ $ $ Impaired proved oil and gas assets - domestic $ — $ — $ $ $ Impaired Midstream assets $ — $ — $ $ $ Impaired Chemical property, plant, and equipment $ — $ — $ $ $ (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 value of Occidental’s debt as of March 31, 2016 and December 31, 2015 was $7.9 billion and $8.4 billion, respectively, and its carrying value net of unamortized discount as of March 31, 2016 and December 31, 2015 was $7.6 billion and $8.3 billion, respectively. The majority of Occidental’s debt is classified as Level 1, with $97 million classified as Level 2.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2016
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, 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 are used to fix margins on the future sales of the stored volumes through March 2017. As of March 31, 2016, Occidental had approximately 5 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 4 billion cubic feet of stored natural gas. As of December 31, 2015, Occidental had approximately 13 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 14 billion cubic feet of stored natural gas. The following table summarizes Occidental’s other comprehensive income related to derivatives for the three months ended March 31, 2016 and March 31, 2015: After-tax As of March 31, (in millions) 2016 2015 Unrealized losses on derivatives $ $ — Reclassification to income of realized loss on derivatives $ $ — 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, 2016 and December 31, 2015: Net Outstanding Position Long / (Short) Commodity 2016 2015 Oil (million barrels) Natural gas (billion cubic feet) Carbon dioxide (billion cubic feet) 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, 2016, 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 $13 million and $26 million of net losses from derivatives not designated as hedging instruments were recognized in net sales for the three months ended March 31, 2016 and 2015, respectively. Fair Value of Derivatives The following table presents the gross and net fair values of Occidental’s outstanding derivatives as of March 31, 2016 and December 31, 2015 (in millions): Asset Derivatives Fair Liability Derivatives Fair March 31, 2016 Balance Sheet Location Value Balance Sheet Location Value Cash-flow hedges (a) Commodity contracts Other current assets $ — Accrued liabilities $ Derivatives not designated as hedging instruments (a) Other current assets Accrued liabilities Commodity contracts Long-term receivables and other assets, net Deferred credits and other liabilities Total gross fair value Less: counterparty netting and cash collateral (b,d) Total net fair value of derivatives $ $ Asset Derivatives Fair Liability Derivatives Fair December 31, 2015 Balance Sheet Location Value Balance Sheet Location Value Cash-flow hedges (a) Commodity contracts Other current assets $ Accrued liabilities $ Derivatives not designated as hedging instruments (a) Other current assets Accrued liabilities Commodity contracts Long-term receivables and other assets, net Deferred credits and other liabilities Total gross fair value Less: counterparty netting and cash collateral (c,d) Total net fair value of derivatives $ $ (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, 2016, collateral received of zero has been netted against the derivative assets and collateral paid of $29 million has been netted against derivative liabilities. (c) As of December 31, 2015, collateral received of $14 million has been netted against derivative assets and collateral paid of $4 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 $33 million and $3 million deposited by Occidental has not been reflected in these derivative fair value tables as of March 31, 2016 and December 31, 2015, respectively. This collateral is included in other current assets in the consolidated balance sheets as of March 31, 2016 and December 31, 2015, respectively. See Note 9, Fair Value Measurements, for fair value measurement disclosures on derivatives. Credit Risk The majority of Occidental’s counterparty credit risk is related to the physical delivery of energy commodities to its customers and their inability to meet their settlement commitments. Occidental manages this credit risk by selecting counterparties that it believes to be financially strong, by entering into master netting arrangements with counterparties and by requiring collateral, as appropriate. Occidental actively reviews the creditworthiness of its counterparties and monitors credit exposures against assigned credit limits by adjusting credit limits to reflect counterparty risk, if necessary. Occidental also enters into future contracts through regulated exchanges with select clearinghouses and brokers, which are subject to minimal credit risk as a significant portion of these transactions settle on a daily margin basis. 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. 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, 2016 and December 31, 2015.

Industry Segments

Industry Segments	3 Months Ended
	Mar. 31, 2016
Industry Segments
Industry Segments	11. 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, CO 2 and power. It also trades around its assets, including transportation and storage capacity. Additionally, the midstream and marketing segment invests in entities that conduct similar activities. Results 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 area 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, 2016 Net sales $ $ $ $ $ Pre-tax operating profit (loss) $ $ $ $ (a) $ Income taxes — — — (b) Discontinued operations, net — — — Net income (loss) $ $ $ $ $ Three months ended March 31, 2015 Net sales $ $ $ $ $ Pre-tax operating profit (loss) $ (c) $ $ $ (a,c) $ Income taxes — — — (b) Discontinued operations, net — — — Net income (loss) $ $ $ $ $ (a) Includes unallocated net interest expense, administration expense, environmental remediation and other pre-tax items. (b) Includes all foreign and domestic income taxes from continuing operations. (c) 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.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
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, 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, 2016 and 2015 (in millions, except per-share amounts): Three months ended March 31 2016 2015 Basic EPS Loss from continuing operations $ $ Discontinued operations, net Net income (loss) Less: Net income allocated to participating securities — — Net income (loss), net of participating securities Weighted average number of basic shares Basic EPS $ $ Diluted EPS Net income (loss), net of participating securities $ $ Weighted average number of basic shares Dilutive effect of potentially dilutive securities — — Total diluted weighted average common shares Diluted EPS $ $

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Inventories
Inventories (in millions)	Inventories as of March 31, 2016 and December 31, 2015 consisted of the following (in millions): 2016 2015 Raw materials $ $ Materials and supplies Finished goods Revaluation to LIFO Total $ $

Environmental Liabilities and21

Environmental Liabilities and Expenditures (Tables)	3 Months Ended
	Mar. 31, 2016
Environmental Liabilities and Expenditures
Environmental loss contingencies by categories of sites	Number of Sites Reserve Balance (in millions) NPL sites $ Third-party sites Occidental-operated sites Closed or non-operated Occidental sites Total $

Retirement and Post-retiremen22

Retirement and Post-retirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Retirement and Postretirement Benefit Plans
Components of the net periodic benefit cost (in millions)	The following tables set forth the components of the net periodic benefit costs for Occidental’s defined benefit pension and post-retirement benefit plans for the three months ended March 31, 2016 and 2015 (in millions): Three months ended March 31 2016 2015 Net Periodic Benefit Costs Pension Benefit Post- retirement Benefit Pension Benefit Post- retirement Benefit Service cost $ $ $ $ Interest cost Expected return on plan assets — — Recognized actuarial loss Total $ $ $ $

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Measurements
Assets and liabilities measured at fair value on a recurring basis (in millions)	The following tables provide fair value measurement information for such assets and liabilities that are measured on a recurring basis as of March 31, 2016 and December 31, 2015 (in millions): Fair Value Measurements at March 31, 2016: Description Level 1 Level 2 Level 3 Netting and Collateral Total Fair Value Assets: Commodity derivatives $ $ $ — $ $ Liabilities: Commodity derivatives $ $ $ — $ $ Fair Value Measurements at December 31, 2015: Description Level 1 Level 2 Level 3 Netting and Collateral Total Fair Value Assets: Commodity derivatives $ $ $ — $ ) $ Available for sale investment $ $ — $ — $ — $ Liabilities: Commodity derivatives $ $ $ — $ ) $
Pre-tax charges related to impairments	(in millions) Fair Value Measurements at December 31, 2015 Using Net Book Total Pre-tax (Non-cash) Impairment Description Level 1 Level 2 Level 3 Value (a) Loss Assets: Impaired proved oil and gas assets - international $ — $ — $ $ $ Impaired proved oil and gas assets - domestic $ — $ — $ $ $ Impaired Midstream assets $ — $ — $ $ $ Impaired Chemical property, plant, and equipment $ — $ — $ $ $ (a) Amount represents net book value at date of assessment.

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2016
Derivatives - table
Other comprehensive income related to derivatives	After-tax As of March 31, (in millions) 2016 2015 Unrealized losses on derivatives $ $ — Reclassification to income of realized loss on derivatives $ $ —
Gross and net fair values of outstanding derivatives (in millions)	The following table presents the gross and net fair values of Occidental’s outstanding derivatives as of March 31, 2016 and December 31, 2015 (in millions): Asset Derivatives Fair Liability Derivatives Fair March 31, 2016 Balance Sheet Location Value Balance Sheet Location Value Cash-flow hedges (a) Commodity contracts Other current assets $ — Accrued liabilities $ Derivatives not designated as hedging instruments (a) Other current assets Accrued liabilities Commodity contracts Long-term receivables and other assets, net Deferred credits and other liabilities Total gross fair value Less: counterparty netting and cash collateral (b,d) Total net fair value of derivatives $ $ Asset Derivatives Fair Liability Derivatives Fair December 31, 2015 Balance Sheet Location Value Balance Sheet Location Value Cash-flow hedges (a) Commodity contracts Other current assets $ Accrued liabilities $ Derivatives not designated as hedging instruments (a) Other current assets Accrued liabilities Commodity contracts Long-term receivables and other assets, net Deferred credits and other liabilities Total gross fair value Less: counterparty netting and cash collateral (c,d) Total net fair value of derivatives $ $ (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, 2016, collateral received of zero has been netted against the derivative assets and collateral paid of $29 million has been netted against derivative liabilities. (c) As of December 31, 2015, collateral received of $14 million has been netted against derivative assets and collateral paid of $4 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 $33 million and $3 million deposited by Occidental has not been reflected in these derivative fair value tables as of March 31, 2016 and December 31, 2015, respectively. This collateral is included in other current assets in the consolidated balance sheets as of March 31, 2016 and December 31, 2015, respectively.
Not designated as hedging instruments | Commodity Contracts
Derivatives - table
Net volumes of outstanding commodity derivatives contracts	Net Outstanding Position Long / (Short) Commodity 2016 2015 Oil (million barrels) Natural gas (billion cubic feet) Carbon dioxide (billion cubic feet)

Industry Segments (Tables)

Industry Segments (Tables)	3 Months Ended
	Mar. 31, 2016
Industry Segments
Industry segment and corporate disclosures (in millions)	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, 2016 Net sales $ $ $ $ $ Pre-tax operating profit (loss) $ $ $ $ (a) $ Income taxes — — — (b) Discontinued operations, net — — — Net income (loss) $ $ $ $ $ Three months ended March 31, 2015 Net sales $ $ $ $ $ Pre-tax operating profit (loss) $ (c) $ $ $ (a,c) $ Income taxes — — — (b) Discontinued operations, net — — — Net income (loss) $ $ $ $ $ (a) Includes unallocated net interest expense, administration expense, environmental remediation and other pre-tax items. (b) Includes all foreign and domestic income taxes from continuing operations. (c) 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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share
Calculation of basic and diluted EPS	The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2016 and 2015 (in millions, except per-share amounts): Three months ended March 31 2016 2015 Basic EPS Loss from continuing operations $ $ Discontinued operations, net Net income (loss) Less: Net income allocated to participating securities — — Net income (loss), net of participating securities Weighted average number of basic shares Basic EPS $ $ Diluted EPS Net income (loss), net of participating securities $ $ Weighted average number of basic shares Dilutive effect of potentially dilutive securities — — Total diluted weighted average common shares Diluted EPS $ $

Asset Acquisitions, Dispositi27

Asset Acquisitions, Dispositions and Other (Details) - USD ($) $ in Millions	1 Months Ended					3 Months Ended
	Jun. 30, 2016	May. 31, 2016	Apr. 30, 2016	Feb. 29, 2016	Nov. 30, 2015	Mar. 31, 2016
Debt Instruments [Abstract]
Debt instrument issued			$ 2,750
Republic of Ecuador | International Center for the Settlement of Investment Disputes
Litigation Settlement
Pre-tax gain on settlement						$ 681
Award amount					$ 1,000
Senior unsecured notes
Debt Instruments [Abstract]
Net proceeds from issuance of long-term debt			$ 2,720
2.60% senior unsecured notes due 2022
Debt Instruments [Abstract]
Debt instrument interest rate stated percentage			2.60%
Debt instrument issued			$ 400
3.40% senior unsecured notes due 2026
Debt Instruments [Abstract]
Debt instrument interest rate stated percentage			3.40%
Debt instrument issued			$ 1,150
4.40% senior unsecured notes due 2046
Debt Instruments [Abstract]
Debt instrument interest rate stated percentage			4.40%
Debt instrument issued			$ 1,200
Senior Unsecured Notes 2.50 Percent Member
Debt Instruments [Abstract]
Debt retirement at maturity				$ 700
Senior Unsecured Notes 4.125 Percent Due 2016 Member | Pro Forma [Member]
Debt Instruments [Abstract]
Debt instrument interest rate stated percentage	4.125%
Debt retirement at maturity	$ 750
Senior Unsecured Notes 1.75 Percent Due 2017 Member | Pro Forma [Member]
Debt Instruments [Abstract]
Debt instrument interest rate stated percentage		1.75%
Early repayment of debt through exercise of redemption option		$ 1,250

Asset Acquisitions, Dispositi28

Asset Acquisitions, Dispositions and Other (Details 1) $ in Millions	1 Months Ended
	Mar. 31, 2016USD ($)
Spin-off California Resources Corp
Acquisitions, dispositions and other transactions
Impairment charges related to a special stock dividend of California Resources shares	$ 78

Asset Acquisitions, Dispositi29

Asset Acquisitions, Dispositions and Other (Details 2) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	Mar. 31, 2016	Jan. 31, 2016	Mar. 31, 2016	Mar. 31, 2015
Sales and other operating revenues and income from discontinued operations
Discontinued operations (net)			$ 438	$ (3)
Occidental Tower Building, Dallas Texas
Acquisitions, dispositions and other transactions
Proceeds from sale		$ 85
Piceance operations
Acquisitions, dispositions and other transactions
Proceeds from sale	$ 153
Gain (loss) on sale	$ 121

Supplemental Cash Flow Inform30

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Supplemental Cash Flow Information
United States federal, state and foreign income taxes paid for continuing operations	$ 102	$ 259
Interest Paid	$ 89	$ 89

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Inventories
Raw materials	$ 77	$ 73
Materials and supplies	504	568
Finished goods	466	395
Inventories, Gross	1,047	1,036
Revaluation to LIFO	(50)	(50)
Total	$ 997	$ 986

Environmental Liabilities and32

Environmental Liabilities and Expenditures (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)site
Environmental Liabilities and Expenditures
Environmental remediation reserves, current, included in accrued liabilities	$ 70
Environmental remediation reserves, noncurrent, included in deferred credits and other liabilities - other	$ 314
Environmental remediation reserves
Number of Sites | site	149
Reserve Balance	$ 384
Environmental reserves, exceeding $ ten million, threshold value	$ 10
Environmental reserves, range between zero to $ one million site category, number of sites | site	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 | site	12
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	$ 370
NPL sites
Environmental remediation reserves
Number of Sites | site	34
Reserve Balance	$ 28
Third-party sites
Environmental remediation reserves
Number of Sites | site	66
Reserve Balance	$ 127
Occidental-operated sites
Environmental remediation reserves
Number of Sites | site	18
Reserve Balance	$ 105
Closed or non-operated Occidental sites
Environmental remediation reserves
Number of Sites | site	31
Reserve Balance	$ 124

Lawsuits, Claims, Commitments33

Lawsuits, Claims, Commitments and Contingencies (Details) - State of New Jersey Member $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Lawsuits, commitments and contingencies
State of New Jersey	State of New Jersey
Payment persuant to settlement agreement	$ 190

Retirement and Post-retiremen34

Retirement and Post-retirement Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Defined benefit pension plans
Postretirement and Other Benefit Plans Disclosure
Employer contributions	$ 1	$ 5
Pension Benefit
Net periodic benefit costs:
Service cost	2	2
Interest cost	4	5
Expected return on plan assets	(6)	(7)
Recognized actuarial loss	3	2
Net periodic benefit cost	3	2
Postretirement Benefit
Net periodic benefit costs:
Service cost	5	7
Interest cost	10	10
Recognized actuarial loss	5	7
Net periodic benefit cost	$ 20	$ 24

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2015	Mar. 31, 2016
Fair value of assets and liabilities measured on recurring basis
Unrealized losses recorded in accumulated other comprehensive income	$ (150)
Fair Value - Other Financial Instruments
Carrying value of debt, net of unamortized discount		$ 8,300	$ 7,600
Midstream
Fair Value - Other Financial Instruments
Net book value of impaired assets		891
Pre-tax impairment charges		841
Impaired proved oil and gas assets - domestic
Fair Value - Other Financial Instruments
Net book value of impaired assets		7,359
Pre-tax impairment charges		4,693
Impaired proved oil and gas assets - international
Fair Value - Other Financial Instruments
Net book value of impaired assets		1,655
Pre-tax impairment charges		1,030
Property, plant, and equipment | Chemical
Fair Value - Other Financial Instruments
Net book value of impaired assets		124
Pre-tax impairment charges		121
Level 1
Assets:
Available for sale investment		167
Level 2
Fair Value - Other Financial Instruments
Debt estimated fair value			97
Level 3 | Midstream
Fair Value - Other Financial Instruments
Assets, Fair value, nonrecurring		50
Level 3 | Impaired proved oil and gas assets - domestic
Fair Value - Other Financial Instruments
Assets, Fair value, nonrecurring		2,666
Level 3 | Impaired proved oil and gas assets - international
Fair Value - Other Financial Instruments
Assets, Fair value, nonrecurring		625
Level 3 | Property, plant, and equipment | Chemical
Fair Value - Other Financial Instruments
Assets, Fair value, nonrecurring		3
Total Fair Value
Assets:
Available for sale investment		167
Fair Value - Other Financial Instruments
Debt estimated fair value		8,400	7,900
Recurring | Level 1
Assets:
Commodity derivatives		557	492
Liabilities:
Commodity derivatives		544	525
Recurring | Level 2
Assets:
Commodity derivatives		87	51
Liabilities:
Commodity derivatives		404	386
Recurring | Netting and Collateral
Assets:
Commodity derivatives		(535)	(498)
Liabilities:
Commodity derivatives		(525)	(527)
Recurring | Total Fair Value
Assets:
Commodity derivatives		109	45
Liabilities:
Commodity derivatives		$ 423	$ 384
Non recurring | Low end of range
Fair Value - Other Financial Instruments
Risk adjusted discount rate		8.00%
Non recurring | High end of range
Fair Value - Other Financial Instruments
Risk adjusted discount rate		20.00%

Derivatives (Details)

Derivatives (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
After-tax Derivative Activity recorded in AOCI
Unrealized losses on derivatives	$ (12)
Unrealized losses on derivatives	(10)
Reclassification to income of realized loss on derivatives	$ 7

Derivatives (Details 1)

Derivatives (Details 1) item in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)item	Mar. 31, 2015USD ($)	Dec. 31, 2015item
Net sales
Outstanding commodity derivatives contracts not designated as hedging instruments
Net losses from derivatives not designated as hedging instruments recognized in net sales (in dollars) | $	$ 13	$ 26
CO2 (in cubic feet) | Long position
Outstanding commodity derivatives contracts not designated as hedging instruments
Net Outstanding Position	587,000		603,000
Oil (in barrels) | Long position
Outstanding commodity derivatives contracts not designated as hedging instruments
Net Outstanding Position	152		83
Natural Gas (in cubic feet) | Short position
Outstanding commodity derivatives contracts not designated as hedging instruments
Net Outstanding Position	84,000		58,000

Derivatives (Details 2)

Derivatives (Details 2) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Gross and net fair values of outstanding derivatives (in millions)
Collateral received netted against derivative assets	$ 0	$ 14
Collateral paid netted against derivative liabilities	29	4
Collateral deposited with clearinghouses and brokers	33	3
Cash-flow hedges | Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Total net fair value, asset		9
Cash-flow hedges | Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Total net fair value, liability	1
Cash-flow hedges | Other Liabilities
Gross and net fair values of outstanding derivatives (in millions)
Total net fair value, liability		1
Not designated as hedging instruments
Gross and net fair values of outstanding derivatives (in millions)
Less: counterparty netting and cash collateral, asset	(498)	(535)
Less: counterparty netting and cash collateral, liability	(527)	(525)
Total net fair value, asset	45	109
Total net fair value, liability	385	423
Not designated as hedging instruments | Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	535	626
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	8	9
Not designated as hedging instruments | Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	618	672
Not designated as hedging instruments | Other Liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		947
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	293	275
Not designated as hedging instruments | Other assets
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		635
Total net fair value, asset	543
Total net fair value, liability	911
Not designated as hedging instruments | Commodity Contracts
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	543	644
Commodity contract derivative liability, gross	$ 912	$ 948

Derivatives (Details 3)

Derivatives (Details 3) - ft³ ft³ in Billions	Mar. 31, 2016	Dec. 31, 2015
Derivatives
Natural gas held in storage (in cubic feet)	5	13
Forecast sale of natural gas from storage designated as cash-flow hedges (in cubic feet)	4	14

Industry Segments (Details)

Industry Segments (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)segment
Industry Segments
Number of operating segments | segment	3	3
Segment Information
Net sales	$ 2,123	$ 3,089
Pretax operating profit (loss)	(563)	(234)
Income taxes	203	19
Discontinued operations, net	438	(3)
Net income (loss)	78	(218)
Pretax Asset Impairment and Related Items	78	324
Operating segments | Oil and Gas
Segment Information
Net sales	1,275	2,009
Pretax operating profit (loss)	(485)	(266)
Net income (loss)	(485)	(266)
Operating segments | Chemical
Segment Information
Net sales	890	1,000
Pretax operating profit (loss)	214	139
Net income (loss)	214	139
Operating segments | Midstream and Marketing
Segment Information
Net sales	133	197
Pretax operating profit (loss)	(95)	(15)
Net income (loss)	(95)	(15)
Corporate and Eliminations
Segment Information
Net sales	(175)	(117)
Pretax operating profit (loss)	(197)	(92)
Income taxes	203	19
Discontinued operations, net	438	(3)
Net income (loss)	$ 444	(76)
Other charges		14
Corporate and Eliminations | Oil and Gas | Domestic and international oil and gas assets and other items member
Segment Information
Impairment charges		$ 310

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Basic earnings (loss) per common share
Income (loss) from continuing operations	$ (360)	$ (215)
Discontinued operations, net	438	(3)
NET INCOME (LOSS)	78	(218)
Net income attributable to common stock, net of participating securities	$ 78	$ (218)
Weighted average number of basic shares	763.4	769.6
Basic EPS (in dollars per share)	$ 0.10	$ (0.28)
Diluted earnings (loss) per common share
Net income attributable to common stock, net of participating securities	$ 78	$ (218)
Weighted average number of basic shares	763.4	769.6
Total diluted weighted average common shares	763.4	769.6
Diluted EPS (in dollars per share)	$ 0.10	$ (0.28)