Occidental Petroleum Corporatio (OXY) 10-Q 8 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2018shares
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, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	765,770,223
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 1,606	$ 1,672
Trade receivables, net	5,184	4,145
Inventories	1,057	1,246
Assets held for sale	335	474
Other current assets	712	733
Total current assets	8,894	8,270
INVESTMENTS IN UNCONSOLIDATED ENTITIES	1,509	1,515
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $39,918 at March 31, 2018, and $39,072 at December 31, 2017	31,344	31,174
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	1,061	1,067
TOTAL ASSETS	42,808	42,026
CURRENT LIABILITIES
Current maturities of long-term debt		500
Accounts payable	5,059	4,408
Accrued liabilities	2,011	2,492
Total current liabilities	7,070	7,400
LONG-TERM DEBT, NET	10,309	9,328
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred domestic and foreign income taxes	659	581
Asset retirement obligations	1,248	1,241
Pension and postretirement obligations	1,008	1,005
Environmental remediation reserves	729	728
Other	1,063	1,171
Total deferred credits and other liabilities	4,707	4,726
STOCKHOLDERS' EQUITY
Common stock, at par value (894,134,418 shares at March 31, 2018 and 893,468,707 shares at December 31, 2017)	179	179
Treasury stock (128,364,195 shares at March 31, 2018, and December 31, 2017)	(9,168)	(9,168)
Additional paid-in capital	7,916	7,884
Retained earnings	22,107	21,935
Accumulated other comprehensive loss	(312)	(258)
Total stockholders' equity	20,722	20,572
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 42,808	$ 42,026

CONSOLIDATED CONDENSED BALANCE3

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
CONSOLIDATED CONDENSED BALANCE SHEETS
Accumulated depreciation, depletion and amortization	$ 39,918	$ 39,072
Common stock, outstanding shares	894,134,418	893,468,707
Treasury stock, shares	128,364,195	128,364,195

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUES AND OTHER INCOME
Net sales	$ 3,763	$ 2,957
Interest, dividends and other income	29	21
Gain on sale of assets, net	33
TOTAL REVENUES AND OTHER INCOME	3,825	2,978
COSTS AND OTHER DEDUCTIONS
Cost of sales	1,363	1,426
Selling, general and administrative and other operating expenses	307	272
Taxes other than on income	108	68
Depreciation, depletion and amortization	921	942
Asset impairments and related items	30	13
Exploration expense	15	11
Interest and debt expense, net	97	81
TOTAL COSTS AND OTHER DEDUCTIONS	2,841	2,813
Income before income taxes and other items	984	165
Provision for domestic and foreign income taxes	(339)	(78)
Income from equity investments	63	30
NET INCOME	$ 708	$ 117
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	$ 0.92	$ 0.15
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	0.92	0.15
DIVIDENDS PER COMMON SHARE (in dollars per share)	$ 0.77	$ 0.76

CONSOLIDATED CONDENSED STATEME5

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$ 708	$ 117
Other comprehensive income (loss) items:
Foreign currency translation gains		1	1
Unrealized gains (losses) on derivatives	[1]	(3)	5
Pension and postretirement gains	[2]	4	9
Reclassification of realized (gains) losses on derivatives	[3]	2	(2)
Other comprehensive income, net of tax		4	13
Comprehensive income		$ 712	$ 130
[1]	Net of tax of $1 and $(3) for the three months ended March 31, 2018, and 2017, respectively.
[2]	Net of tax of $(1) and $(5) for the three months ended March 31, 2018, and 2017, respectively.
[3]	Net of tax of $(1) and $1 for the three months ended March 31, 2018, and 2017, respectively.

CONSOLIDATED CONDENSED STATEME6

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized gains (losses) on derivatives, tax	$ 1	$ (3)
Pension and postretirement gains, tax	(1)	(5)
Reclassification to income of realized (gains) losses on derivatives, tax	$ (1)	$ 1

CONSOLIDATED CONDENSED STATEME7

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$ 708	$ 117
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization of assets	921	942
Deferred income tax (benefit) provision	94	(108)
Other noncash (gains) charges to income	(23)	84
Asset impairments and related items	30	13
Gain on sale of assets, net	(33)
Changes in operating assets and liabilities, net	(688)	(535)
Other operating, net		(8)
Net cash provided by operating activities	1,009	505
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(1,032)	(722)
Change in capital accrual	(45)	(41)
Payments for purchases of assets and businesses	(177)	(19)
Sale of assets, net	275
Other investing, net	8	110
Net cash used by investing activities	(971)	(672)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net	978
Payments of long-term debt	(500)
Proceeds from issuance of common stock	10	12
Cash dividends paid	(592)	(584)
Net cash used by financing activities	(104)	(572)
Decrease in cash and cash equivalents	(66)	(739)
Cash and cash equivalents - beginning of period	1,672	2,233
Cash and cash equivalents - end of period	$ 1,606	$ 1,494

General

General	3 Months Ended
	Mar. 31, 2018
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, 2017. 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, 2018, and the consolidated statements of operations, comprehensive income and cash flows for the three months ended March 31, 2018, and 2017, as applicable. The income and cash flows for the periods ended March 31, 2018, and 2017, 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, 2018
Asset Acquisitions, Dispositions and Other
Asset Acquisitions, Dispositions and Other	2. Asset Acquisitions, Dispositions and Other In March 2018, Occidental divested non-core midstream assets for approximately $150 million, resulting in a pre-tax gain of approximately $40 million. In addition, Occidental classified approximately $100 million of non-core proved Permian acreage as assets held for sale at March 31, 2018. In March 2018, Occidental issued $1.0 billion of 4.2-percent senior notes due 2048. Occidental received net proceeds of approximately $985 million. Interest on the notes will be payable semi-annually in arrears in March and September of each year, beginning on September 15, 2018. The proceeds were used to refinance the repayment of the $500 million aggregate principal amount of Occidental's 1.50-percent senior notes due in February 2018, with the remainder to be used for general corporate purposes. In January 2018, Occidental entered into a new five-year, $3.0 billion revolving credit facility (2018 Credit Facility), which replaced the previous credit facility, that was scheduled to expire in August 2019. The 2018 Credit Facility has similar terms to the previous credit facility and does not contain material adverse change clauses or debt ratings triggers that could restrict Occidental's ability to borrow under the facility.

Accounting and Disclosure Chang

Accounting and Disclosure Changes	3 Months Ended
	Mar. 31, 2018
Accounting and Disclosure Changes
Accounting and Disclosure Changes	3. Accounting and Disclosure Changes In February 2018, the Financial Accounting Standards Board (FASB) released standards that allow the reclassification from accumulated other comprehensive income to retained earnings of stranded tax effects resulting from changes to U.S. federal tax law from the 2017 Tax Cuts and Jobs Act enacted in December 2017. Occidental early adopted this standard in the first quarter of 2018, resulting in the reclassification of $58 million in stranded tax effects from accumulated other comprehensive income to retained earnings. In the first quarter of 2018, Occidental adopted the new revenue recognition standard Topic 606 - Revenue from Contracts with Customers and related updates (ASC 606). The new standard requires more detailed disclosures related to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Occidental adopted the standard using the modified retrospective method. The cumulative-effect adjustment to retained earnings upon adoption was not material. See Note 4 Revenue Recognition . In March 2017, FASB issued guidance related to presentation of net periodic pension cost and net periodic postretirement benefit cost. The rules became effective in the first quarter of 2018. These rules did not have a material impact to Occidental's financial statements upon adoption. In January 2017, the FASB issued new guidance clarifying the definition of a business under the topic Business Combinations. The rules became effective in the first quarter of 2018, and did not have a material change to Occidental's financial statements upon adoption. In November 2016, FASB issued new guidance related to the cash flow classification and presentation of the changes in restricted cash on the statement of cash flows. The rules became effective in the first quarter of 2018 and must be applied retrospectively. Occidental did not have restricted cash as of March 31, 2018, or December 31, 2017. In August 2016, the FASB issued new guidance related to the classification of certain cash receipts and payments on the statement of cash flows. The rules were adopted for the first quarter of 2018 and resulted in the retrospective reclassification of $147 million of cash receipts from operating cash flows to investing cash flows for the three months ended March 31, 2017, within the Statement of Cash Flows. In February 2016, the FASB issued rules which require Occidental to recognize most leases, including operating leases, on the balance sheet. The new rules require lessees to recognize a right-of-use asset and lease liability for all leases with lease terms of more than 12 months. The lease liability represents the discounted obligation to make future minimum lease payments. The corresponding right-of-use asset includes the discounted obligation in addition to any upfront payment or cost incurred during contract execution of the lease. The guidance retains the current accounting for lessors and does not make significant changes to the recognition, measurement and presentation of expenses and cash flows by a lessee. Recognition, measurement and presentation of expenses and cash flows arising from a lease will depend on classification as a finance or operating lease. Occidental is the lessee under various agreements for real estate, equipment, plants and facilities, aircraft, information technology hardware and vehicles that are currently accounted for as operating leases. As a result, these new rules will increase reported assets and liabilities. Occidental will not be an early adopter of this standard. Occidental will apply the revised lease rules for its interim and annual reporting periods starting January 1, 2019, using a modified retrospective approach, including several optional practical expedients related to leases commenced before the effective date. Occidental is currently evaluating the effect of these rules on its financial statements, training accounting staff, working with third-party consultants and developing an internal interim software solution for the identification, documentation and tracking of leases in order to create an adoption plan based on Occidental's population of leases under the revised definition of leases. The quantitative impacts of the new standard are dependent on the leases in force at the time of adoption. As a result, the evaluation of the effect of the new standard will extend over future periods.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2018
Revenue Recognition
Revenue Recognition	4. Revenue Recognition On January 1, 2018, Occidental adopted ASC 606 using the modified retrospective method. Results for reporting periods beginning after January 1, 2018, are presented under ASC 606, while prior period amounts have not been adjusted. There was no impact of adopting ASC 606 to the opening balance of retained earnings. There was no impact to the timing or amount of revenue recognized in the first quarter of 2018 as a result of the adoption of ASC 606. Revenue from customers is recognized when obligations under the terms of a contract with our customer are satisfied; which generally occurs with the delivery of oil, gas, natural gas liquids ("NGL"), chemicals or services such as transportation. Revenue from customers is measured as the amount of consideration Occidental expects to receive in exchange for the delivery of goods or services. Contracts may last from one month to one year or more, and may have renewal terms that may extend indefinitely at the option of either party. Price is typically based on market indexes. Volumes fluctuate due to production and, in certain cases, customer demand and transportation availability. Occidental records revenue net of any taxes, such as sales taxes, that are assessed by governmental authorities on Occidental's customers. Occidental has elected a practical expedient under ASC 606 and will not disclose revenue recognizable in future periods for unsatisfied performance obligations because the consideration related to those performance obligations is based on volume or market prices which are variable. Occidental does not incur significant costs to obtain contracts. Incidental items that are immaterial in the context of the contract are recognized as expense. Sales of hydrocarbons and chemicals to customers are invoiced and settled on a monthly basis. Occidental is not usually subject to obligations for warranties, returns or refunds except in the case of customer incentive payments as discussed for the chemical segment below. Occidental does not typically receive payment in advance of satisfying its obligations under the terms of its sales contracts with customers; therefore liabilities related to such payment are immaterial to Occidental. As of March 31, 2018, accounts receivable, net, of $5.2 billion, represents rights to payment for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time. Oil and Gas Segment Revenue is recognized from oil and gas production when it is delivered and control passes to the customer. Revenues from the production of oil and gas properties in which Occidental has an interest with other producers are recognized on the basis of Occidental’s net revenue interest. Chemical Segment Revenue from chemical product sales is recognized when control passes to the customer. Certain incentive programs may provide for payments or credits to be made to customers based on the volume of product purchased over a defined period. Customer incentives are estimated and recorded as a reduction to revenue ratably over the contract period. Such estimates are evaluated and revised as warranted. Revenue from exchange contracts is excluded from revenue from customers. Midstream and Marketing Segment Pipeline and gas processing revenue is recognized upon the completion of the transportation or processing service. Revenue from power sales is recognized upon delivery. Net marketing margin is included in net sales, but excluded from revenue from customers. Net marketing margin is recognized upon completion of contract terms that are a prerequisite to payment and upon title transfer for physical deliveries. Unless normal sales treatment has been elected, net marketing margin is classified as a derivative, reported on a net basis, recorded at fair value and changes in fair value are reflected in net sales. The following table shows a reconciliation of revenue from customers to total net sales (in millions): For the three months ended March 31, 2018 Revenue from customers $ 3,694 All other revenues (a) 69 Total net sales $ 3,763 (a) Includes net marketing margin and chemical exchange contracts. The following table presents Occidental's revenue from customers by segment, product, and geographical area. Because the oil and gas segment typically sells its hydrocarbons at the lease or concession area, oil, gas and NGL are assumed to be sold in the area where they are produced. Chemical sales are classified by the area of delivery. Midstream revenues are shown by area based on the location of the sale (in millions): For the three months ended March 31, 2018 United Latin Other Revenue by Product States Middle East America International Total Oil and Gas Segment Oil $ 1,247 $ 773 $ 170 $ — $ 2,190 NGL 89 51 — — 140 Gas 52 65 4 — 121 Other 3 — — — 3 Segment Total $ 1,391 $ 889 $ 174 $ — $ 2,454 Chemical Segment $ 1,049 $ — $ 52 $ 21 $ 1,122 Midstream Segment Gas Processing $ 137 $ 96 $ — $ — $ 233 Pipelines 94 — — — 94 Power and Other 25 — — — 25 Segment Total $ 256 $ 96 $ — $ — $ 352 Intersegment Eliminations $ (234) $ — $ — $ — $ (234) Consolidated $ 2,462 $ 985 $ 226 $ 21 $ 3,694

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2018
Supplemental Cash Flow Information
Supplemental Cash Flow Information	5. Supplemental Cash Flow Information Occidental paid net foreign income taxes and domestic state taxes of $227 million and $174 million during the three months ended March 31, 2018, and 2017, respectively. No federal income tax payments were made during the three months ended March 31, 2018, and 2017. Interest paid totaled $97 million and $70 million during the three months ended March 31, 2018, and 2017, respectively.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2018
Inventories
Inventories	6. Inventories Finished goods primarily represents crude oil, caustic soda, and chlorine. Inventories as of March 31, 2018, and December 31, 2017, consisted of the following (in millions): 2018 2017 Raw materials $ 68 $ 66 Materials and supplies 470 447 Finished goods 562 776 1,100 1,289 Revaluation to LIFO (43) (43) Total $ 1,057 $ 1,246

Environmental Liabilities and E

Environmental Liabilities and Expenditures	3 Months Ended
	Mar. 31, 2018
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. 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, 2018, Occidental participated in or monitored remedial activities or proceedings at 149 sites. The following table presents Occidental’s current and non-current environmental remediation reserves as of March 31, 2018, the current portion of which is included in accrued liabilities ($136 million) and the remainder in deferred credits and other liabilities - environmental remediation reserves ($729 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. Reserve Balance Number of Sites (in millions) NPL sites 34 $ 460 Third-party sites 71 159 Occidental-operated sites 15 107 Closed or non-operated Occidental sites 29 139 Total 149 $ 865 As of March 31, 2018, Occidental’s environmental reserves exceeded $10 million each at 15 of the 149 sites described above, and 88 of the sites each had reserves of $1 million or less. Based on current estimates, Occidental expects to expend funds corresponding to approximately 40-percent of the 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 estimable amount of reasonably possible additional losses beyond those liabilities recorded for environmental remediation at these sites could range up to $1.1 billion. The status of Occidental's involvement with the sites and related significant assumptions, including those sites indemnified by Maxus Energy Corporation (Maxus), has not changed materially since December 31, 2017. Maxus Environmental Sites When Occidental acquired Diamond Shamrock Chemicals Company (DSCC) in 1986, Maxus, a subsidiary of YPF S.A. (YPF), agreed to indemnify Occidental for a number of environmental sites, including the Diamond Alkali Superfund Site (Site) along a portion of the Passaic River. On June 17, 2016, Maxus and several affiliated companies filed for Chapter 11 bankruptcy in Federal District Court in the State of Delaware. Prior to filing for bankruptcy, Maxus defended and indemnified Occidental in connection with clean-up and other costs associated with the sites subject to the indemnity, including the Site. In March 2016, the EPA issued a Record of Decision (ROD) specifying remedial actions required for the lower 8.3 miles of the Lower Passaic River. The ROD does not address any potential remedial action for the upper nine miles of the Lower Passaic River or Newark Bay. During the third quarter of 2016, and following Maxus’s bankruptcy filing, Occidental and the EPA entered into an Administrative Order on Consent (AOC) to complete the design of the proposed clean-up plan outlined in the ROD at an estimated cost of $165 million. The EPA announced that it will pursue similar agreements with other potentially responsible parties. Occidental has accrued a reserve relating to its estimated allocable share of the costs to perform the design and the remediation called for in the AOC and the ROD, as well as for certain other Maxus-indemnified sites. Occidental’s accrued estimated environmental reserve does not consider any recoveries for indemnified costs. Occidental’s ultimate share of this liability may be higher or lower than the reserved amount, and is subject to final design plans and the resolution of Occidental's allocable share with other potentially responsible parties. Occidental continues to evaluate the costs to be incurred to comply with the AOC, the ROD and to perform remediation at other Maxus-indemnified sites in light of the Maxus bankruptcy and the share of ultimate liability of other potentially responsible parties. In June 2017, the court overseeing the Maxus bankruptcy approved a Plan of Liquidation (Plan) to liquidate Maxus and create a trust to pursue claims against YPF, Repsol and others to satisfy claims by Occidental and other creditors for past and future cleanup and other costs. In July 2017, the court-approved Plan became final and the trust became effective. Among other responsibilities, the trust will pursue claims against YPF, Repsol and others and distribute assets to Maxus’ creditors in accordance with the trust agreement and Plan.

Lawsuits, Claims, Commitments a

Lawsuits, Claims, Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Lawsuits, Claims, Commitments and Contingencies
Lawsuits, Claims, Commitments and Contingencies	8. Lawsuits, Claims, Commitments and Contingencies Legal Matters Occidental 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. Occidental 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 Occidental 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 accordance with applicable accounting guidance, 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. In Note 7, Environmental Liabilities and Expenditures, Occidental has disclosed its reserve balances for environmental remediation matters that satisfy this criteria. Reserve balances for matters, other than environmental remediation, that satisfy this criteria as of March 31, 2018, and December 31, 2017, were not material to Occidental’s consolidated balance sheets. In 2017, Andes Petroleum Ecuador Ltd. filed a demand for arbitration, claiming it is entitled to a 40 percent share of the settlement payments made by the Republic of Ecuador to Occidental for the 2006 expropriation of Occidental’s Participation Contract for Ecuador’s Block 15. Occidental intends to vigorously defend against this claim in arbitration. The ultimate outcome and impact of outstanding lawsuits, claims and proceedings on Occidental cannot be predicted. Management believes that the resolution of these matters will not, individually or in the aggregate, have a material adverse effect on Occidental's consolidated balance sheet, statements of operations or cash flows after consideration of recorded accruals. Occidental’s estimates are based on information known about the legal matters and its experience in contesting, litigating and settling similar matters. Occidental reassesses the probability and estimability of contingent losses as new information becomes available. Tax Matters 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 2012 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. 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. Indemnities to Third Parties Occidental, 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, 2018, 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, 2018
Retirement and Post-retirement Benefit Plans
Retirement and Post-retirement Benefit Plans	9. 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, 2018, and 2017 (in millions): Three months ended March 31 2018 2017 Post- Post- Pension retirement Pension retirement Net Periodic Benefit Costs Benefit Benefit Benefit Benefit Service cost $ 2 $ 6 $ 2 $ 5 Interest cost 4 9 4 10 Expected return on plan assets (6) — (6) — Recognized actuarial loss 1 4 2 4 Total $ 1 $ 19 $ 2 $ 19 Occidental contributed approximately $1 million in each of the three months ended March 31, 2018, and 2017.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
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. The following tables provide fair value measurement information for such assets and liabilities that are measured on a recurring basis as of March 31, 2018, and December 31, 2017 (in millions): Fair Value Measurements at March 31, 2018: Netting and Total Embedded derivatives Level 1 Level 2 Level 3 Collateral Value Liabilities: Accrued liabilities $ — $ 31 $ — $ — $ 31 Deferred credits and liabilities $ — $ 125 $ — $ — $ 125 Fair Value Measurements at December 31, 2017: Netting and Total Embedded derivatives Level 1 Level 2 Level 3 Collateral Value Liabilities: Accrued liabilities $ — $ 39 $ — $ — $ 39 Deferred credits and liabilities $ — $ 147 $ — $ — $ 147 Fair Values - Nonrecurring During the three months ended March 31, 2018, Occidental recognized pre-tax impairment charges of $30 million related to held for sale non-core proved and unproved Permian acreage and facilities. During the year ended December 31, 2017, Occidental recognized pre-tax impairment charges of $397 million related to held for sale non-core proved and unproved Permian acreage. 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, 2018, and December 31, 2017, was $10.6 billion and $10.4 billion, respectively. The remaining principal payments less the discount on long-term debt aggregated approximately $10.4 billion and $9.9 billion as of March 31, 2018, and December 31, 2017, respectively.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2018
Derivatives
Derivatives	11. Derivatives Occidental uses a variety of derivative financial instruments and physical contracts, including those designated as cash flow hedges, to manage its exposure to commodity price fluctuations, transportation commitments and to fix margins on the future sale of stored volumes of oil and natural gas. Where Occidental buys product for its own consumption or sells its production to a defined customer, Occidental elects normal purchases and normal sales exclusions. Occidental usually applies cash flow hedge accounting treatment to derivative financial instruments to lock in margins on the forecast sales of its natural gas storage volumes, and at times for other strategies to lock in margins. Occidental also enters into derivative financial instruments for speculative or trading purposes; however, the results of any transactions are immaterial to the marketing portfolio. The financial instruments not designated as hedges will impact Occidental's earnings through mark-to-market until the offsetting future physical commodity is delivered. For GAAP purposes, any physical inventory is carried at lower of cost or market on the balance sheet. A substantial majority of Occidental's physical derivative contracts are index-based and carry no mark-to-market value in earnings. Net gains and losses associated with derivative instruments not designated as hedging instruments are recognized currently in net sales. Net gains and losses attributable to derivative instruments subject to hedge accounting reside in accumulated other comprehensive income (loss) and are reclassified to earnings as the transactions to which the derivatives relate are recognized in earnings. 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 credit risk by selecting counterparties that it believes to be financially strong, by entering into netting arrangements with counterparties and by requiring collateral or other credit risk mitigants, as appropriate. Occidental actively evaluates the creditworthiness of its counterparties, assigns appropriate credit limits and monitors credit exposures against those assigned limits. 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 over-the-counter 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, 2018, and December 31, 2017. Cash-Flow Hedges Occidental’s marketing operations store natural gas purchased from third parties at Occidental’s leased storage facilities. Derivative instruments are used to fix margins on the future sales of the stored volumes. As of March 31, 2018, Occidental did not have any cash-flow hedges. As of December 31, 2017, Occidental had approximately 7 billion cubic feet (Bcf) of natural gas held in storage, and had cash-flow hedges for the forecast sales, to be settled by physical delivery, of approximately 7 Bcf of stored natural gas. The amount of cash-flow hedges, including the ineffective portion, was immaterial for the three months ended March 31, 2018, and the year ended December 31, 2017. Derivatives Not Designated as Hedging Instruments The following table summarizes the amounts reported in net sales related to the outstanding commodity derivative instruments not designated as hedging instruments as of March 31, 2018, and December 31, 2017: (in millions, except Long/(Short) volumes) 2018 2017 Unrealized gain (loss) on derivatives not designated as hedges Oil Commodity Contracts $ (18) $ (47) Natural Gas Commodity Contracts $ (1) $ 1 Outstanding net volumes on derivatives not designated as hedges Oil Commodity Contracts Volume (MMBL) 57 61 Price Per Bbl $ 58.64 $ 57.38 Natural Gas Commodity Contracts Volume (Bcf) (63) (47) Price Per MMBTU $ 2.35 $ 2.73 Fair Value of Derivatives The following table presents the gross and net fair values of Occidental’s outstanding derivatives as of March 31, 2018, and December 31, 2017 (in millions): As of March 31, 2018 Fair Value Measurements Using Total (in millions) Balance Sheet Location Level 1 Level 2 Level 3 Netting (b) Fair Assets: Derivatives not designated as hedging instruments (a) Other current assets 581 181 — (613) 149 Commodity contracts Long-term receivables and other assets, net 7 2 — (7) 2 Liabilities: Derivatives not designated as hedging instruments (a) Accrued liabilities 613 168 — (613) 168 Commodity contracts Deferred credits and liabilities 6 3 — (7) 2 As of December 31, 2017 Fair Value Measurements Using Total Fair (in millions) Balance Sheet Location Level 1 Level 2 Level 3 Netting (b) Value Assets: Cash-flow hedges (a) Commodity contracts Other current assets — 3 — — 3 Derivatives not designated as hedging instruments (a) Other current assets 485 227 — (517) 195 Commodity contracts Long-term receivables and other assets, net 1 2 — (1) 2 Liabilities: Derivatives not designated as hedging instruments (a) Accrued liabilities 535 222 — (517) 240 Commodity contracts Deferred credits and liabilities 1 3 — (1) 3 (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 condensed balance sheets. (b) These amounts do not include collateral. As of March 31, 2018, no collateral received has been netted against derivative assets and collateral paid of $32 million has been netted against derivative liabilities. As of December 31, 2017, no collateral received has been netted against derivative assets and collateral paid of $54 million has been netted against derivative liabilities. Select clearinghouse and brokers require Occidental to post an initial margin deposit. Collateral deposited by Occidental, mainly for initial margin, of $71 million and $53 million as of March 31, 2018 and December 31, 2017, respectively, has not been reflected in these derivative fair value tables. This collateral is included in other current assets in the consolidated condensed balance sheets.

Industry Segments

Industry Segments	3 Months Ended
	Mar. 31, 2018
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, NGL 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, NGL, 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, 2018 Net sales $ 2,454 $ 1,154 $ 389 $ (234) $ 3,763 Pre-tax operating profit (loss) $ 750 $ 298 $ 179 $ (180) (a) $ 1,047 Income taxes — — — (339) (b) (339) Net income (loss) $ 750 $ 298 $ 179 $ (519) $ 708 Three months ended March 31, 2017 Net sales $ 1,894 $ 1,068 $ 211 $ (216) $ 2,957 Pre-tax operating profit (loss) $ 220 $ 170 $ (47) $ (148) (a) $ 195 Income taxes — — — (78) (b) (78) Net income (loss) $ 220 $ 170 $ (47) $ (226) $ 117 (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.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share
Earnings Per Share	13. Earnings Per Share Basic earnings per share (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. 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. The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2018, and 2017 (in millions, except per-share amounts): Three months ended March 31 2018 2017 Basic EPS Net Income $ 708 $ 117 Less: Net income allocated to participating securities (3) — Net Income, net of participating securities 705 117 Weighted average number of basic shares 765.6 764.4 Basic EPS $ 0.92 $ 0.15 Diluted EPS Net income, net of participating securities $ 705 $ 117 Weighted average number of basic shares 765.6 764.4 Dilutive effect of potentially dilutive securities 1.4 0.8 Total diluted weighted average common shares 767.0 765.2 Diluted EPS $ 0.92 $ 0.15

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue Recognition
Schedule of reconciliation of revenue from customers to total net sales	The following table shows a reconciliation of revenue from customers to total net sales (in millions): For the three months ended March 31, 2018 Revenue from customers $ 3,694 All other revenues (a) 69 Total net sales $ 3,763 (a) Includes net marketing margin and chemical exchange contracts.
Schedule of revenue from customers by segment, product, and geographical area	Midstream revenues are shown by area based on the location of the sale (in millions): For the three months ended March 31, 2018 United Latin Other Revenue by Product States Middle East America International Total Oil and Gas Segment Oil $ 1,247 $ 773 $ 170 $ — $ 2,190 NGL 89 51 — — 140 Gas 52 65 4 — 121 Other 3 — — — 3 Segment Total $ 1,391 $ 889 $ 174 $ — $ 2,454 Chemical Segment $ 1,049 $ — $ 52 $ 21 $ 1,122 Midstream Segment Gas Processing $ 137 $ 96 $ — $ — $ 233 Pipelines 94 — — — 94 Power and Other 25 — — — 25 Segment Total $ 256 $ 96 $ — $ — $ 352 Intersegment Eliminations $ (234) $ — $ — $ — $ (234) Consolidated $ 2,462 $ 985 $ 226 $ 21 $ 3,694

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2018
Inventories
Schedule of inventories	Finished goods primarily represents crude oil, caustic soda, and chlorine. Inventories as of March 31, 2018, and December 31, 2017, consisted of the following (in millions): 2018 2017 Raw materials $ 68 $ 66 Materials and supplies 470 447 Finished goods 562 776 1,100 1,289 Revaluation to LIFO (43) (43) Total $ 1,057 $ 1,246

Environmental Liabilities and23

Environmental Liabilities and Expenditures (Tables)	3 Months Ended
	Mar. 31, 2018
Environmental Liabilities and Expenditures
Schedule of current and non-current environmental remediation reserves by categories of sites	Reserve Balance Number of Sites (in millions) NPL sites 34 $ 460 Third-party sites 71 159 Occidental-operated sites 15 107 Closed or non-operated Occidental sites 29 139 Total 149 $ 865

Retirement and Post-retiremen24

Retirement and Post-retirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2018
Retirement and Post-retirement Benefit Plans
Components of the net periodic benefit costs	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, 2018, and 2017 (in millions): Three months ended March 31 2018 2017 Post- Post- Pension retirement Pension retirement Net Periodic Benefit Costs Benefit Benefit Benefit Benefit Service cost $ 2 $ 6 $ 2 $ 5 Interest cost 4 9 4 10 Expected return on plan assets (6) — (6) — Recognized actuarial loss 1 4 2 4 Total $ 1 $ 19 $ 2 $ 19

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Measurements
Assets and liabilities measured at fair value on a recurring basis	The following tables provide fair value measurement information for such assets and liabilities that are measured on a recurring basis as of March 31, 2018, and December 31, 2017 (in millions): Fair Value Measurements at March 31, 2018: Netting and Total Embedded derivatives Level 1 Level 2 Level 3 Collateral Value Liabilities: Accrued liabilities $ — $ 31 $ — $ — $ 31 Deferred credits and liabilities $ — $ 125 $ — $ — $ 125 Fair Value Measurements at December 31, 2017: Netting and Total Embedded derivatives Level 1 Level 2 Level 3 Collateral Value Liabilities: Accrued liabilities $ — $ 39 $ — $ — $ 39 Deferred credits and liabilities $ — $ 147 $ — $ — $ 147

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2018
Derivatives
Gross and net fair values of outstanding derivatives	The following table presents the gross and net fair values of Occidental’s outstanding derivatives as of March 31, 2018, and December 31, 2017 (in millions): As of March 31, 2018 Fair Value Measurements Using Total (in millions) Balance Sheet Location Level 1 Level 2 Level 3 Netting (b) Fair Assets: Derivatives not designated as hedging instruments (a) Other current assets 581 181 — (613) 149 Commodity contracts Long-term receivables and other assets, net 7 2 — (7) 2 Liabilities: Derivatives not designated as hedging instruments (a) Accrued liabilities 613 168 — (613) 168 Commodity contracts Deferred credits and liabilities 6 3 — (7) 2 As of December 31, 2017 Fair Value Measurements Using Total Fair (in millions) Balance Sheet Location Level 1 Level 2 Level 3 Netting (b) Value Assets: Cash-flow hedges (a) Commodity contracts Other current assets — 3 — — 3 Derivatives not designated as hedging instruments (a) Other current assets 485 227 — (517) 195 Commodity contracts Long-term receivables and other assets, net 1 2 — (1) 2 Liabilities: Derivatives not designated as hedging instruments (a) Accrued liabilities 535 222 — (517) 240 Commodity contracts Deferred credits and liabilities 1 3 — (1) 3 (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 condensed balance sheets. (b) These amounts do not include collateral. As of March 31, 2018, no collateral received has been netted against derivative assets and collateral paid of $32 million has been netted against derivative liabilities. As of December 31, 2017, no collateral received has been netted against derivative assets and collateral paid of $54 million has been netted against derivative liabilities. Select clearinghouse and brokers require Occidental to post an initial margin deposit. Collateral deposited by Occidental, mainly for initial margin, of $71 million and $53 million as of March 31, 2018 and December 31, 2017, respectively, has not been reflected in these derivative fair value tables. This collateral is included in other current assets in the consolidated condensed balance sheets.
Not designated as hedging instruments | Commodity Contracts
Derivatives
Summary of net sales related to the outstanding commodity derivative instruments	The following table summarizes the amounts reported in net sales related to the outstanding commodity derivative instruments not designated as hedging instruments as of March 31, 2018, and December 31, 2017: (in millions, except Long/(Short) volumes) 2018 2017 Unrealized gain (loss) on derivatives not designated as hedges Oil Commodity Contracts $ (18) $ (47) Natural Gas Commodity Contracts $ (1) $ 1 Outstanding net volumes on derivatives not designated as hedges Oil Commodity Contracts Volume (MMBL) 57 61 Price Per Bbl $ 58.64 $ 57.38 Natural Gas Commodity Contracts Volume (Bcf) (63) (47) Price Per MMBTU $ 2.35 $ 2.73

Industry Segments (Tables)

Industry Segments (Tables)	3 Months Ended
	Mar. 31, 2018
Industry Segments
Schedule of industry segments	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, 2018 Net sales $ 2,454 $ 1,154 $ 389 $ (234) $ 3,763 Pre-tax operating profit (loss) $ 750 $ 298 $ 179 $ (180) (a) $ 1,047 Income taxes — — — (339) (b) (339) Net income (loss) $ 750 $ 298 $ 179 $ (519) $ 708 Three months ended March 31, 2017 Net sales $ 1,894 $ 1,068 $ 211 $ (216) $ 2,957 Pre-tax operating profit (loss) $ 220 $ 170 $ (47) $ (148) (a) $ 195 Income taxes — — — (78) (b) (78) Net income (loss) $ 220 $ 170 $ (47) $ (226) $ 117 (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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018, and 2017 (in millions, except per-share amounts): Three months ended March 31 2018 2017 Basic EPS Net Income $ 708 $ 117 Less: Net income allocated to participating securities (3) — Net Income, net of participating securities 705 117 Weighted average number of basic shares 765.6 764.4 Basic EPS $ 0.92 $ 0.15 Diluted EPS Net income, net of participating securities $ 705 $ 117 Weighted average number of basic shares 765.6 764.4 Dilutive effect of potentially dilutive securities 1.4 0.8 Total diluted weighted average common shares 767.0 765.2 Diluted EPS $ 0.92 $ 0.15

Asset Acquisitions, Dispositi29

Asset Acquisitions, Dispositions and Other (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2018	Jan. 31, 2018
4.2% senior notes due 2048
Asset Acquisitions, Dispositions and Other
Debt instrument issued	$ 1,000
Debt instrument interest rate stated percentage	4.20%
Net proceeds of debt	$ 985
1.50% senior notes due 2018
Asset Acquisitions, Dispositions and Other
Debt instrument interest rate stated percentage	1.50%
Repayment of debt	$ 500
2018 Credit Facility
Asset Acquisitions, Dispositions and Other
Debt instrument issued		$ 3,000
Credit facility term		5 years
Non-core Midstream assets | Disposed of by sale
Asset Acquisitions, Dispositions and Other
Sale consideration	150
Pre-tax gain on disposal	40
Non-core Permian acreage | Assets held for sale
Asset Acquisitions, Dispositions and Other
Sale consideration	$ 100

Accounting and Disclosure Cha30

Accounting and Disclosure Changes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash receipts from operating cash flows	$ 1,009	$ 505
Cash receipts from investing cash flows	(971)	(672)
Accounting Standards Update 2018-2
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification of tax effects from accumulated other comprehensive income to retained earnings	$ 58
Accounting Standards Update 2016-15
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash receipts from operating cash flows		(147)
Cash receipts from investing cash flows		$ 147

Revenue Recognition - Impact of

Revenue Recognition - Impact of Adoption (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Revenue recognition
Retained earnings	$ 22,107	$ 21,935
Accounts receivable, net	5,184	$ 4,145
Topic 606 | Difference between Revenue Guidance in Effect before and after Topic 606
Revenue recognition
Retained earnings	$ 0

Revenue Recognition - Reconcili

Revenue Recognition - Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue Recognition
Revenue from customers	$ 3,694
All other revenue	69
Total revenue	$ 3,763	$ 2,957

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of revenue (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Disaggregation of revenue
Revenue from customers	$ 3,694
United States
Disaggregation of revenue
Revenue from customers	2,462
Middle East
Disaggregation of revenue
Revenue from customers	985
Latin America
Disaggregation of revenue
Revenue from customers	226
Other International
Disaggregation of revenue
Revenue from customers	21
Corporate & Eliminations
Disaggregation of revenue
Revenue from customers	(234)
Corporate & Eliminations | United States
Disaggregation of revenue
Revenue from customers	(234)
Oil and Gas Segment
Disaggregation of revenue
Revenue from customers	2,454
Oil and Gas Segment | Oil
Disaggregation of revenue
Revenue from customers	2,190
Oil and Gas Segment | NGL
Disaggregation of revenue
Revenue from customers	140
Oil and Gas Segment | Gas
Disaggregation of revenue
Revenue from customers	121
Oil and Gas Segment | Other
Disaggregation of revenue
Revenue from customers	3
Oil and Gas Segment | United States
Disaggregation of revenue
Revenue from customers	1,391
Oil and Gas Segment | United States | Oil
Disaggregation of revenue
Revenue from customers	1,247
Oil and Gas Segment | United States | NGL
Disaggregation of revenue
Revenue from customers	89
Oil and Gas Segment | United States | Gas
Disaggregation of revenue
Revenue from customers	52
Oil and Gas Segment | United States | Other
Disaggregation of revenue
Revenue from customers	3
Oil and Gas Segment | Middle East
Disaggregation of revenue
Revenue from customers	889
Oil and Gas Segment | Middle East | Oil
Disaggregation of revenue
Revenue from customers	773
Oil and Gas Segment | Middle East | NGL
Disaggregation of revenue
Revenue from customers	51
Oil and Gas Segment | Middle East | Gas
Disaggregation of revenue
Revenue from customers	65
Oil and Gas Segment | Latin America
Disaggregation of revenue
Revenue from customers	174
Oil and Gas Segment | Latin America | Oil
Disaggregation of revenue
Revenue from customers	170
Oil and Gas Segment | Latin America | Gas
Disaggregation of revenue
Revenue from customers	4
Chemical Segment
Disaggregation of revenue
Revenue from customers	1,122
Chemical Segment | United States
Disaggregation of revenue
Revenue from customers	1,049
Chemical Segment | Latin America
Disaggregation of revenue
Revenue from customers	52
Chemical Segment | Other International
Disaggregation of revenue
Revenue from customers	21
Midstream Segment
Disaggregation of revenue
Revenue from customers	352
Midstream Segment | Gas Processing
Disaggregation of revenue
Revenue from customers	233
Midstream Segment | Pipelines
Disaggregation of revenue
Revenue from customers	94
Midstream Segment | Power and Other
Disaggregation of revenue
Revenue from customers	25
Midstream Segment | United States
Disaggregation of revenue
Revenue from customers	256
Midstream Segment | United States | Gas Processing
Disaggregation of revenue
Revenue from customers	137
Midstream Segment | United States | Pipelines
Disaggregation of revenue
Revenue from customers	94
Midstream Segment | United States | Power and Other
Disaggregation of revenue
Revenue from customers	25
Midstream Segment | Middle East
Disaggregation of revenue
Revenue from customers	96
Midstream Segment | Middle East | Gas Processing
Disaggregation of revenue
Revenue from customers	$ 96

Supplemental Cash Flow Inform34

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest paid	$ 97	$ 70
Foreign and State
Income taxes paid	227	174
Federal
Income taxes paid	$ 0	$ 0

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Inventories
Raw materials	$ 68	$ 66
Materials and supplies	470	447
Finished goods	562	776
Inventories, Gross	1,100	1,289
Revaluation to LIFO	(43)	(43)
Total	$ 1,057	$ 1,246

Environmental Liabilities and36

Environmental Liabilities and Expenditures (Details) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2016mi	Mar. 31, 2018USD ($)categorysite	Sep. 30, 2016USD ($)	Dec. 31, 2017USD ($)
Environmental remediation reserves
Number of Sites | site		149
Environmental remediation reserves, current, included in accrued liabilities		$ 136
Environmental remediation reserves, noncurrent, included in deferred credits and other liabilities - other		$ 729		$ 728
Number of non-NPL sites categories | category		3
Reserve Balance		$ 865
Environmental reserves, exceeding $ ten million, threshold value		$ 10
Environmental reserves, exceeding $ ten million, number of sites | site		15
Environmental reserves, range between zero to $ one million site category, number of sites | site		88
Expected expend funds of environmental reserves (as a percent)		40.00%
Minimum period of expending second half of environmental reserves		10 years
Environmental remediation additional loss range		$ 1,100
Low end of range
Environmental remediation reserves
Period of expending first half of environmental reserves		3 years
High end of range
Environmental remediation reserves
Environmental reserves, range between zero to $ one million site category		$ 1
Period of expending first half of environmental reserves		4 years
Lower Passaic River
Environmental remediation reserves
Stretch of Lower Passaic river requiring remedial actions | mi	8.3
Stretch of Lower Passaic river not covered by remedial actions | mi	9
Clean-up estimated cost			$ 165
NPL sites
Environmental remediation reserves
Number of Sites | site		34
Reserve Balance		$ 460
Third-party sites
Environmental remediation reserves
Number of Sites | site		71
Reserve Balance		$ 159
Occidental-operated sites
Environmental remediation reserves
Number of Sites | site		15
Reserve Balance		$ 107
Closed or non-operated Occidental sites
Environmental remediation reserves
Number of Sites | site		29
Reserve Balance		$ 139

Lawsuits, Claims, Commitments37

Lawsuits, Claims, Commitments and Contingencies(Details)	12 Months Ended
	Dec. 31, 2017
Arbitration filed by Andes Petroleum Ecuador Ltd
Lawsuits, commitments and contingencies
Percentage of payments claimed (as a percent)	40.00%

Retirement and Post-retiremen38

Retirement and Post-retirement Benefit Plans - Components of the net periodic benefit costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Pension Benefit
Net Periodic Benefit Costs
Service cost	$ 2	$ 2
Interest cost	4	4
Expected return on plan assets	(6)	(6)
Recognized actuarial loss	1	2
Total	1	2
Postretirement Benefit
Net Periodic Benefit Costs
Service cost	6	5
Interest cost	9	10
Recognized actuarial loss	4	4
Total	19	19
Defined benefit plans
Net Periodic Benefit Costs
Employer contributions	$ 1	$ 1

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Liabilities:
Carrying value of debt, net of unamortized discount	$ 10,400	$ 9,900
Total Fair Value
Liabilities:
Debt estimated fair value	10,600	10,400
Recurring | Level 2 | Accrued liabilities
Liabilities:
Embedded derivatives	31	39
Recurring | Level 2 | Deferred credits and liabilities
Liabilities:
Embedded derivatives	125	147
Recurring | Total Fair Value | Accrued liabilities
Liabilities:
Embedded derivatives	31	39
Recurring | Total Fair Value | Deferred credits and liabilities
Liabilities:
Embedded derivatives	125	147
Non recurring | Proved gas and oil properties
Liabilities:
Pre-tax impairment charges	$ 30	$ 397

Derivatives - Cash-Flow Hedges

Derivatives - Cash-Flow Hedges (Details) ft³ in Billions	Dec. 31, 2017ft³
Derivatives
Natural gas held in storage (in cubic feet)	7
Forecast sale of natural gas from storage designated as cash-flow hedges (in cubic feet)	7

Derivatives - Not Designated as

Derivatives - Not Designated as Hedging Instruments (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)$ / MMBTUMMBblsBcf	Dec. 31, 2017USD ($)$ / MMBTUMMBblsBcf
Oil (in barrels) | Net sales
Outstanding commodity derivatives contracts not designated as hedging instruments
Unrealized gain (loss) on derivatives not designated as hedges | $	$ (18)	$ (47)
Natural gas (in cubic feet) | Net sales
Outstanding commodity derivatives contracts not designated as hedging instruments
Unrealized gain (loss) on derivatives not designated as hedges | $	$ (1)	$ 1
Long position | Oil (in barrels)
Outstanding commodity derivatives contracts not designated as hedging instruments
Derivative, Nonmonetary Notional Amount, Volume | MMBbls	57	61
Price (in USD per Bbl or MMBTU) | $ / MMBTU	58.64	57.38
Short position | Natural gas (in cubic feet)
Outstanding commodity derivatives contracts not designated as hedging instruments
Derivative, Nonmonetary Notional Amount, Volume | Bcf	63	47
Price (in USD per Bbl or MMBTU) | $ / MMBTU	2.35	2.73

Derivatives - Fair Value (Detai

Derivatives - Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Gross and net fair values of outstanding derivatives (in millions)
Collateral received netted against derivative assets	$ 0	$ 0
Collateral paid netted against derivative liabilities	32	54
Collateral deposited with clearinghouses and brokers	71	53
Cash-flow hedges | Commodity Contracts | Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Total net fair value, asset		3
Cash-flow hedges | Level 2 | Commodity Contracts | Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		3
Not designated as hedging instruments | Commodity Contracts | Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Total net fair value, asset	149	195
Netting, asset	(613)	(517)
Not designated as hedging instruments | Commodity Contracts | Long-term receivables and other assets, net
Gross and net fair values of outstanding derivatives (in millions)
Total net fair value, asset	2	2
Netting, asset	(7)	(1)
Not designated as hedging instruments | Commodity Contracts | Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	(613)	(517)
Total net fair value, liability	168	240
Not designated as hedging instruments | Commodity Contracts | Deferred credits and liabilities
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	(7)	(1)
Total net fair value, liability	2	3
Not designated as hedging instruments | Level 1 | Commodity Contracts | Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	581	485
Not designated as hedging instruments | Level 1 | Commodity Contracts | Long-term receivables and other assets, net
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	7	1
Not designated as hedging instruments | Level 1 | Commodity Contracts | Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	613	535
Not designated as hedging instruments | Level 1 | Commodity Contracts | Deferred credits and liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	6	1
Not designated as hedging instruments | Level 2 | Commodity Contracts | Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	181	227
Not designated as hedging instruments | Level 2 | Commodity Contracts | Long-term receivables and other assets, net
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	2	2
Not designated as hedging instruments | Level 2 | Commodity Contracts | Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	168	222
Not designated as hedging instruments | Level 2 | Commodity Contracts | Deferred credits and liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	$ 3	$ 3

Industry Segments (Details)

Industry Segments (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)segment	Mar. 31, 2017USD ($)segment
Segment Information
Number of operating segments | segment	3	3
Net sales	$ 3,763	$ 2,957
Pre-tax operating profit (loss)	1,047	195
Income taxes	(339)	(78)
Net income (loss)	708	117
Operating segments | Oil and Gas
Segment Information
Net sales	2,454	1,894
Pre-tax operating profit (loss)	750	220
Net income (loss)	750	220
Operating segments | Chemical
Segment Information
Net sales	1,154	1,068
Pre-tax operating profit (loss)	298	170
Net income (loss)	298	170
Operating segments | Midstream and Marketing
Segment Information
Net sales	389	211
Pre-tax operating profit (loss)	179	(47)
Net income (loss)	179	(47)
Corporate and Eliminations
Segment Information
Net sales	(234)	(216)
Pre-tax operating profit (loss)	(180)	(148)
Income taxes	(339)	(78)
Net income (loss)	$ (519)	$ (226)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Basic EPS
Net income (loss)	$ 708	$ 117
Less: Net income allocated to participating securities	(3)
Net income, net of participating securities	$ 705	$ 117
Weighted average number of basic shares	765.6	764.4
Basic EPS (in dollars per share)	$ 0.92	$ 0.15
Diluted EPS
Net income, net of participating securities	$ 705	$ 117
Weighted average number of basic shares	765.6	764.4
Dilutive effect of potentially dilutive securities (in shares)	1.4	0.8
Total diluted weighted average common shares	767	765.2
Diluted EPS (in dollars per share)	$ 0.92	$ 0.15