Occidental Petroleum (OXY) 10-Q 31 Jul 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Jul. 11, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	1-9210
Entity Registrant Name	OCCIDENTAL PETROLEUM CORP /DE/
Entity Central Index Key	0000797468
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4035997
Entity Address, Address Line One	5 Greenway Plaza, Suite 110
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77046
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
City Area Code	713
Local Phone Number	215-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		748,348,543
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.20 par value
Trading Symbol	OXY
Security Exchange Name	NYSE
9 ¼% Senior Debentures due 2019
Entity Information [Line Items]
Title of 12(b) Security	9 ¼% Senior Debentures due 2019
Trading Symbol	OXY 19A
Security Exchange Name	NYSE

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 1,751	$ 3,033
Trade receivables, net	5,273	4,893
Inventories	1,582	1,260
Other current assets	819	746
Total current assets	9,425	9,932
INVESTMENTS IN UNCONSOLIDATED ENTITIES	1,777	1,680
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $44,889 at June 30, 2019 and $42,983 at December 31, 2018	32,115	31,437
OPERATING LEASE ASSETS, NET	681
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	772	805
TOTAL ASSETS	44,770	43,854
CURRENT LIABILITIES
Current maturities of long-term debt	116	116
Current lease liabilities	252
Accounts payable	5,445	4,885
Accrued liabilities	2,067	2,411
Total current liabilities	7,880	7,412
LONG-TERM DEBT, NET	10,155	10,201
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred domestic and foreign income taxes, net	950	907
Asset retirement obligations	1,433	1,424
Pension and postretirement obligations	819	809
Environmental remediation reserves	764	762
Lease liabilities	445
Other	977	1,009
Total deferred credits and other liabilities	5,388	4,911
STOCKHOLDERS' EQUITY
Common stock, at par value (896,720,621 shares at June 30, 2019, and 895,115,637 shares at December 31, 2018)	179	179
Treasury stock (148,416,051 shares at June 30, 2019, and 145,726,051 shares at December 31, 2018)	(10,653)	(10,473)
Additional paid-in capital	8,157	8,046
Retained earnings	23,848	23,750
Accumulated other comprehensive loss	(184)	(172)
Total stockholders’ equity	21,347	21,330
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 44,770	$ 43,854

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accumulated depreciation, depletion and amortization	$ 44,889	$ 42,983
Common stock, outstanding (in shares)	896,720,621	895,115,637
Treasury stock (in shares)	148,416,051	145,726,051

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
REVENUES AND OTHER INCOME
Net sales	$ 4,420	$ 4,083	$ 8,424	$ 7,846
Interest, dividends and other income	41	38	119	67
Gain on sale of assets, net	15	10	22	43
TOTAL REVENUES AND OTHER INCOME	4,476	4,131	8,565	7,956
COSTS AND OTHER DEDUCTIONS
Cost of sales	1,386	1,365	2,731	2,715
Purchased commodities	431	100	796	113
Selling, general and administrative expenses	163	142	303	272
Other operating and non-operating expenses	260	260	498	437
Taxes other than on income	123	115	234	223
Depreciation, depletion and amortization	1,031	947	2,004	1,868
Asset impairments and related items	0	12	0	42
Anadarko transaction-related costs	50	0	50	0
Exploration expense	35	21	71	36
Interest and debt expense, net	153	97	251	194
TOTAL COSTS AND OTHER DEDUCTIONS	3,632	3,059	6,938	5,900
Income before income taxes and other items	844	1,072	1,627	2,056
Provision for domestic and foreign income taxes	(306)	(302)	(531)	(641)
Income from equity investments	97	78	170	141
NET INCOME	$ 635	$ 848	$ 1,266	$ 1,556
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	$ 0.84	$ 1.10	$ 1.68	$ 2.02
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	$ 0.84	$ 1.10	$ 1.68	$ 2.02

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income		$ 635	$ 848	$ 1,266	$ 1,556
Other comprehensive income (loss) items:
Foreign currency translation losses		0	(1)	0	0
Unrealized gains (losses) on derivatives	[1]	(18)	(1)	(16)	(4)
Pension and postretirement gains (losses)	[2]	2	5	4	9
Reclassification of realized (gains) losses on derivatives	[3]	0	1	0	3
Other comprehensive income (loss), net of tax		(16)	4	(12)	8
Comprehensive income		$ 619	$ 852	$ 1,254	$ 1,564
[1]	Net of tax of $5 and zero for the three months ended June 30, 2019 , and 2018, and $5 and $1 for the six months ended June 30, 2019 , and 2018, respectively.
[2]	Net of tax of zero and $(2) for the three months ended June 30, 2019 , and 2018, and $(1) and $(3) for the six months ended June 30, 2019 , and 2018, respectively.
[3]	Net of tax of zero for the three and six months ended June 30, 2019 , and zero and $(1) for the three and six months ended June 30, 2018, respectively.

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Unrealized losses on derivatives, tax	$ 5,000,000	$ 0	$ 5,000,000	$ 1,000,000
Pension and postretirement gains, tax	0	(2,000,000)	(1,000,000)	(3,000,000)
Unrealized gains (losses) on derivatives, tax	$ 0	$ 0	$ 0	$ (1,000,000)

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$ 1,266	$ 1,556
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization of assets	2,004	1,868
Deferred income tax provision	47	171
Other noncash charges to income	351	96
Asset impairments and related items	0	42
Gain on sale of assets, net	(22)	(43)
Undistributed earnings from equity investments	(64)	(20)
Dry hole expenses	21	15
Changes in operating assets and liabilities, net	(642)	(920)
Net cash provided by operating activities	2,961	2,765
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(2,470)	(2,319)
Change in capital accrual	(108)	(6)
Payments for purchases of assets and businesses	(76)	(242)
Sales of assets, net	32	330
Equity investments and other, net	(81)	(49)
Net cash used by investing activities	(2,703)	(2,286)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of issuance costs	(108)	978
Payments of long-term debt	0	(500)
Preferred stock issuance costs	(50)	0
Proceeds from issuance of common stock	37	13
Purchase of treasury stock	(237)	(97)
Cash dividends paid	(1,178)	(1,185)
Other financing, net	(4)	2
Net cash used by financing activities	(1,540)	(789)
Decrease in cash and cash equivalents	(1,282)	(310)
Cash and cash equivalents — beginning of period	3,033	1,672
Cash and cash equivalents — end of period	$ 1,751	$ 1,362

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive loss
Beginning balance at Dec. 31, 2017	$ 20,572	$ 179	$ (9,168)	$ 7,884	$ 21,935	$ (258)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,556				1,556
Other comprehensive income (loss), net of tax	8					8
Dividends on common stock	(1,188)				(1,188)
Issuance of common stock, net	83			83
Purchases of treasury stock	(100)		(100)
Reclassification of stranded tax effects					58	(58)
Ending balance at Jun. 30, 2018	20,931	179	(9,268)	7,967	22,361	(308)
Beginning balance at Mar. 31, 2018	20,722	179	(9,168)	7,916	22,107	(312)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	848				848
Other comprehensive income (loss), net of tax	4					4
Dividends on common stock	(594)				(594)
Issuance of common stock, net	51			51
Purchases of treasury stock	(100)		(100)
Ending balance at Jun. 30, 2018	20,931	179	(9,268)	7,967	22,361	(308)
Beginning balance at Dec. 31, 2018	21,330	179	(10,473)	8,046	23,750	(172)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,266				1,266
Other comprehensive income (loss), net of tax	(12)					(12)
Dividends on common stock	(1,168)				(1,168)
Issuance of common stock, net	111			111
Purchases of treasury stock	(180)		(180)
Ending balance at Jun. 30, 2019	21,347	179	(10,653)	8,157	23,848	(184)
Beginning balance at Mar. 31, 2019	21,236	179	(10,653)	8,083	23,795	(168)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	635				635
Other comprehensive income (loss), net of tax	(16)					(16)
Dividends on common stock	(582)				(582)
Issuance of common stock, net	74			74
Ending balance at Jun. 30, 2019	$ 21,347	$ 179	$ (10,653)	$ 8,157	$ 23,848	$ (184)

CONSOLIDATED CONDENSED STATEM_6

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (usd per share)	$ 0.78	$ 0.77	$ 1.56	$ 1.54

General

General	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	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 (SEC) 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, 2018 . 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 June 30, 2019 , and December 31, 2018, and the consolidated statements of operations, comprehensive income, cash flows and stockholders' equity for the three and six months ended June 30, 2019 , and 2018 , as applicable. Certain data in the financial statements and notes for prior periods have been reclassified to conform to the current presentation. The income and cash flows for the periods ended June 30, 2019 , and 2018 , are not necessarily indicative of the income or cash flows to be expected for the full year.

Accounting and Disclosure Chang

Accounting and Disclosure Changes	6 Months Ended
	Jun. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Accounting and Disclosure Changes	Accounting and Disclosure Changes In January 2019, Occidental adopted the new lease standard Topic 842 - Leases (ASC 842). The new standard requires Occidental to recognize most leases, including operating leases, on the consolidated condensed balance sheet. The new rules require lessees to recognize a right-of-use asset (ROU) and lease liability for all leases with lease terms of more than 12 months. Occidental adopted the standard using the modified retrospective approach, including adopting several optional practical expedients. Occidental has developed and implemented an internal software solution to support the identification, documentation, tracking, accounting and supplemental reporting of leases under ASC 842. Continued enhancements to the software solution through 2019 are expected to ensure manual processes are streamlined while maintaining control functionality surrounding completeness in population and reporting. See Note 13, Leases

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Revenue from customers is recognized when obligations under the terms of a contract with our customers are satisfied; this generally occurs with the delivery of oil, gas, natural gas liquids (NGL), chemicals or services such as transportation. 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 June 30, 2019 , trade receivables, net, of $5.3 billion represent 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. The following table shows a reconciliation of revenue from customers to total net sales (in millions): For the three months ended June 30, For the six months ended June 30, 2019 2018 2019 2018 Revenue from customers $ 3,731 $ 3,831 $ 7,166 $ 7,556 All other revenues (a) 689 252 1,258 290 Total net sales $ 4,420 $ 4,083 $ 8,424 $ 7,846 (a) Includes net marketing margin and chemical exchange contracts. The following table presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, gas and NGL at the lease or concession area. Chemical revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream revenues are shown by the location of sale (in millions): For the three months ended June 30, 2019 Revenue by Product United States Middle East Latin America Other International Eliminations Total Oil and Gas Segment Oil $ 1,447 $ 825 $ 212 $ — $ — $ 2,484 NGL 84 68 — — — 152 Gas 8 76 5 — — 89 Other (1 ) (6 ) — — — (7 ) Segment Total $ 1,538 $ 963 $ 217 $ — $ — $ 2,718 Chemical Segment $ 935 $ — $ 40 $ 18 $ — $ 993 Midstream Segment Gas Processing 104 89 — — — 193 Power and Other 32 — — — — 32 Segment Total $ 136 $ 89 $ — $ — $ — $ 225 Eliminations $ — $ — $ — $ — $ (205 ) $ (205 ) Consolidated $ 2,609 $ 1,052 $ 257 $ 18 $ (205 ) $ 3,731 For the three months ended June 30, 2018 Revenue by Product United States Middle East Latin America Other International Eliminations Total Oil and Gas Segment Oil $ 1,334 $ 718 $ 180 $ — $ — $ 2,232 NGL 111 64 — — — 175 Gas 42 73 3 — — 118 Other 4 1 1 — — 6 Segment Total $ 1,491 $ 856 $ 184 $ — $ — $ 2,531 Chemical Segment $ 1,102 $ — $ 51 $ 17 $ — $ 1,170 Midstream Segment Gas Processing 131 104 — — — 235 Pipelines 101 — — — — 101 Power and Other 21 — — — — 21 Segment Total $ 253 $ 104 $ — $ — $ — $ 357 Eliminations $ — $ — $ — $ — $ (227 ) $ (227 ) Consolidated $ 2,846 $ 960 $ 235 $ 17 $ (227 ) $ 3,831 For the six months ended June 30, 2019 Revenue by Product United States Middle East Latin America Other International Eliminations Total Oil and Gas Segment Oil $ 2,652 $ 1,583 $ 347 $ — $ — $ 4,582 NGL 162 133 — — — 295 Gas 55 155 9 — — 219 Other (22 ) (5 ) — — — (27 ) Segment Total $ 2,847 $ 1,866 $ 356 $ — $ — $ 5,069 Chemical Segment $ 1,928 $ — $ 83 $ 37 $ — $ 2,048 Midstream Segment Gas Processing 209 191 — — — 400 Power and Other 76 — — — — 76 Segment Total $ 285 $ 191 $ — $ — $ — $ 476 Eliminations $ — $ — $ — $ — $ (427 ) $ (427 ) Consolidated $ 5,060 $ 2,057 $ 439 $ 37 $ (427 ) $ 7,166 For the six months ended June 30, 2018 Revenue by Product United States Middle East Latin America Other International Eliminations Total Oil and Gas Segment Oil $ 2,581 $ 1,491 $ 350 $ — $ — $ 4,422 NGL 200 115 — — — 315 Gas 94 138 7 — — 239 Other 7 1 1 — — 9 Segment Total $ 2,882 $ 1,745 $ 358 $ — $ — $ 4,985 Chemical Segment $ 2,182 $ — $ 103 $ 38 $ — $ 2,323 Midstream Segment Gas Processing 268 200 — — — 468 Pipelines 195 — — — — 195 Power and Other 46 — — — — 46 Segment Total $ 509 $ 200 $ — $ — $ — $ 709 Eliminations $ — $ — $ — $ — $ (461 ) $ (461 ) Consolidated $ 5,573 $ 1,945 $ 461 $ 38 $ (461 ) $ 7,556

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Occidental paid foreign and domestic state income taxes of $ 544 million and $ 545 million during the six months ended June 30, 2019 , and 2018 , respectively. Occidental received domestic tax refunds of $ 2 million during the six months ended June 30, 2019 and 2018. Interest paid totaled $ 199 million and $ 182 million during the six months ended June 30, 2019 , and 2018 , respectively. Occidental acquired property and equipment of $105 million under build-to-suit leases during the six

Inventories

Inventories	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories Finished goods primarily represents crude oil, which is carried at lower of weighted average cost or market value, and caustic soda and chlorine, which are valued under the last-in, first-out (LIFO) method. Inventories as of June 30, 2019 , and December 31, 2018 , consisted of the following (in millions): 2019 2018 Raw materials $ 68 $ 74 Materials and supplies 531 445 Finished goods 1,030 788 1,629 1,307 Revaluation to LIFO (47 ) (47 ) Total $ 1,582 $ 1,260

Environmental Liabilities and E

Environmental Liabilities and Expenditures	6 Months Ended
	Jun. 30, 2019
Environmental Remediation Obligations [Abstract]
Environmental Liabilities and Expenditures	Environmental Liabilities and Expenditures Occidental’s operations are subject to stringent federal, state, local and international 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 international laws, may apply retroactively and regardless of fault, the legality of the original activities or the current ownership or control of sites. OPC or certain of its subsidiaries participate in or actively monitor a range of remedial activities and government or private proceedings under these laws with respect to alleged past practices at operating, closed and third-party sites. Remedial activities may include one or more of the following: investigation involving sampling, modeling, risk assessment or monitoring; cleanup measures including removal, treatment or disposal; or operation and maintenance of remedial systems. The environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, punitive damages, civil penalties, injunctive relief and government oversight costs. As of June 30, 2019 , Occidental participated in or monitored remedial activities or proceedings at 146 sites. The following table presents Occidental’s current and non-current environmental remediation reserves as of June 30, 2019 , the current portion of which is included in accrued liabilities ($ 120 million ) and the remainder in deferred credits and other liabilities - environmental remediation reserves ($ 764 million ). The reserves are grouped as environmental remediation sites listed or proposed for listing by the United States Environmental Protection Agency (EPA) 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 NPL sites 35 $ 452 Third-party sites 68 190 Occidental-operated sites 14 112 Closed or non-operated Occidental sites 29 130 Total 146 $ 884 As of June 30, 2019 , Occidental’s environmental reserves exceeded $10 million each at 16 of the 146 sites described above, and 91 of the sites had reserves from $0 to $1 million each. Based on current estimates, Occidental expects to expend funds corresponding to approximately 46 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 range of reasonably possible additional losses beyond those liabilities recorded for environmental remediation at these sites could be 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, 2018. 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 2018, Occidental filed a complaint under CERCLA in Federal District Court in the State of New Jersey against numerous potentially responsible parties for reimbursement of amounts incurred or to be incurred to comply with the AOC, the ROD or to perform other remediation activities at the Site.

Lawsuits, Claims, Commitments a

Lawsuits, Claims, Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Lawsuits, Claims, Commitments and Contingencies	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 6, 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 June 30, 2019 , and December 31, 2018, were not material to Occidental’s consolidated balance sheets. In 2016, Occidental received payments from the Republic of Ecuador of approximately $1.0 billion pursuant to a November 2015 arbitration award for Ecuador’s 2006 expropriation of Occidental's Participation Contract for Block 15. The awarded amount represented a recovery of 60 percent of the value of Block 15. In 2017, Andes Petroleum Ecuador Ltd. (Andes) filed a demand for arbitration, claiming it is entitled to a 40 percent share of the judgment amount obtained by Occidental. Occidental contends that Andes is not entitled to any of the amounts paid under the 2015 arbitration award because Occidental’s recovery was limited to Occidental’s own 60 percent economic interest in the block. The merits hearing is scheduled for May 2020. Occidental intends to vigorously defend against this claim in arbitration. On May 30, 2019, a complaint was filed in the Court of Chancery of the State of Delaware by purported Occidental stockholders High River Limited Partnership, Icahn Partners Master Fund LP and Icahn Partners LP (the Icahn Complainants), captioned High River Ltd. P’ship v. Occidental Petroleum Corp., C.A. No. 2019-0403-JRS, seeking inspection of Occidental’s books and records pursuant to Section 220 of the Delaware General Corporation Law (the DGCL). In the complaint, the Icahn Complainants noted that they had accumulated over $1.6 billion of Occidental Common Stock. On June 14, 2019, Occidental filed an answer to the complaint in the Court of Chancery of the State of Delaware. 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. If unfavorable outcomes of these matters were to occur, future results of operations or cash flows for any particular quarterly or annual period could be materially adversely affected. 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. Taxable years through 2016 for United States federal income tax purposes have been audited by the United States Internal Revenue Service (IRS) pursuant to its Compliance Assurance Program and subsequent taxable years are currently under review. Taxable years through 2009 have been audited for state income tax purposes. While a single foreign tax jurisdiction is open for 2002 and subsequent years, all other significant audit matters in foreign jurisdictions have been resolved through 2010. 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 June 30, 2019 , Occidental is not aware of circumstances that it believes would reasonably be expected to lead to indemnity claims that would result in payments materially in excess of reserves.

Retirement and Postretirement B

Retirement and Postretirement Benefit Plans	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
Retirement and Postretirement Benefit Plans	Retirement and Postretirement Benefit Plans The following table sets forth the components of the net periodic benefit costs for Occidental’s defined benefit plans for the three and six months ended June 30, 2019 , and 2018 (in millions): Three months ended June 30 2019 2018 Net Periodic Benefit Costs Pension Benefit Postretirement Benefit Pension Benefit Postretirement Benefit Service cost $ 1 $ 5 $ 2 $ 6 Interest cost 3 10 4 9 Expected return on plan assets (5 ) — (6 ) — Recognized actuarial loss 3 2 1 6 Recognized prior service cost — (2 ) — — Total $ 2 $ 15 $ 1 $ 21 Six months ended June 30 2019 2018 Net Periodic Benefit Costs Pension Benefit Postretirement Benefit Pension Benefit Postretirement Benefit Service cost $ 2 $ 11 $ 4 $ 12 Interest cost 7 18 8 18 Expected return on plan assets (10 ) — (12 ) — Recognized actuarial loss 5 4 2 10 Recognized prior service cost — (4 ) — — Total $ 4 $ 29 $ 2 $ 40 Occidental contributed approximately zero and $ 1 million to the defined benefit pension plans in the three months ended June 30, 2019 , and 2018 , respectively, and approximately $1 million and $2 million in the six months ended June 30, 2019 , and 2018 , respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 June 30, 2019 , and December 31, 2018 (in millions): Fair Value Measurements at June 30, 2019: Embedded derivatives Level 1 Level 2 Level 3 Netting and Total Fair Liabilities: Accrued liabilities $ — $ 43 $ — $ — $ 43 Deferred credits and other liabilities - other $ — $ 73 $ — $ — $ 73 Fair Value Measurements at December 31, 2018: Embedded derivatives Level 1 Level 2 Level 3 Netting and Total Fair Liabilities: Accrued liabilities $ — $ 66 $ — $ — $ 66 Deferred credits and other liabilities - other $ — $ 116 $ — $ — $ 116 Fair Values — Nonrecurring During the six months ended June 30, 2019 , Occidental did not have any assets or liabilities measured at fair value on a nonrecurring basis. During 2018, Occidental recognized pre-tax impairment and related charges of $416 million primarily related to Qatar Idd El Shargi North Dome (ISND) and Idd El Shargi South Dome proved properties and inventory. The fair value of the proved properties was measured based on the income approach, which 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, estimates of oil and gas reserves, estimates of future expected operating and capital costs and a risk-adjusted discount rate of 10 percent . These inputs are categorized as Level 3 in the fair value hierarchy. As the end of the contract period for ISND approaches, significant changes to estimated future cash flows could result in additional impairment charges. 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 June 30, 2019 , and December 31, 2018 , was $10.7 billion and $10.3 billion , respectively. The remaining principal payments, less the discount on long-term debt, aggregated approximately $10.4 billion as of June 30, 2019 , and December 31, 2018 .

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	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, to fix margins on the future sale of stored volumes of oil and natural gas and interest-rate risks. Where Occidental buys product for its own consumption or sells its production to a defined customer, Occidental may elect normal purchases and normal sales exclusions. Occidental usually applies cash flow hedge accounting treatment to derivative financial instruments to lock in margins on the forecasted 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. Physical inventory is carried at lower of cost or market on the consolidated condensed balance sheets. 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 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 June 30, 2019 , and December 31, 2018 . 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 June 30, 2019 , Occidental had approximately 4 billion cubic feet (Bcf) of natural gas held in storage with no cash flow hedges currently associated with the stored volumes. As of December 31, 2018 , Occidental had approximately 5 Bcf of natural gas held in storage, and had cash flow hedges for the forecast sales, to be settled by physical delivery, of approximately 4 Bcf of stored natural gas. The amount of cash flow hedges associated with stored natural gas, including the ineffective portion, was immaterial for the six months ended June 30, 2019 and the year ended December 31, 2018. In June 2019, in anticipation of issuing long-term debt in the third quarter of 2019 to partially finance the cash portion of the merger consideration with Anadarko, Occidental entered into a series of U.S. Treasury rate locks, designated as cash flow hedges, to hedge fluctuations in U.S. Treasury rates on the debt issuance date. The fair value of the U.S. Treasury rate locks is subject to changes in interest rates. The following U.S. Treasury rate locks were outstanding as of June 30, 2019 (in millions): Treasury tenor Notional value Weighted Average Fixed Rate Expiration Date Unrealized loss included in other comprehensive income Liability (a) 10-year $ 750 2.11 % September 30, 2019 $ 7 $ 7 30-year $ 750 2.59 % September 30, 2019 $ 11 $ 11 (a) The total $18 million liability is considered a Level 2 fair value measurement and is included in current liabilities - accrued liabilities as of June 30, 2019. Derivatives Not Designated as Hedging Instruments Forward unrealized instruments that are derivatives not designated as hedging instruments are required to be recorded on the consolidated condensed statements of operations and balance sheets at fair value. The fair value represents an unrealized gain or loss between executed sales prices and market prices at the end of the period. The fair value does not reflect the realized or cash value of the instrument. Substantially all of the fair value of Occidental's derivative instruments not designated as hedges are used to manage its exposure to commodity price fluctuations and settle within three months at a weighted average contract price of $61.46 per barrel and $2.11 per thousand cubic feet (Mcf) for crude oil and natural gas, respectively, at June 30, 2019 . The remaining fair value of derivative instruments not designated as hedges was immaterial. The weighted average contract price was $58.81 per barrel and $3.18 per Mcf for crude oil and natural gas, respectively, at December 31, 2018. The following table summarizes the amounts reported in net sales related to the outstanding commodity derivatives not designated as hedging instruments as of June 30, 2019 , and December 31, 2018. (in millions, except Long/(Short) volumes) 2019 2018 Unrealized gain (loss) on derivatives not designated as hedges Crude Oil Commodity Contracts $ (24 ) $ 184 Natural Gas Commodity Contracts $ 5 $ 5 Outstanding net volumes on derivatives not designated as hedges Crude Oil Commodity Contracts Volume (MMBL) 54 61 Natural Gas Commodity Contracts Volume (Bcf) (155 ) (142 ) Fair Value of Derivatives The following tables present the gross and net fair values of Occidental’s outstanding derivatives: As of June 30, 2019 Fair Value Measurements Using Netting (b) Total Fair Value (in millions) Balance Sheet Location Level 1 Level 2 Level 3 Assets: Derivatives not designated as hedges (a) Commodity Contracts Other current assets $ 1,053 $ 85 $ — $ (1,105 ) $ 33 Long-term receivables and other assets, net $ 24 $ 10 $ — $ (24 ) $ 10 Liabilities: Derivatives not designated as hedges (a) Commodity Contracts Accrued liabilities $ 1,076 $ 89 $ — $ (1,105 ) $ 60 Deferred credits and other liabilities - other $ 25 $ 1 $ — $ (24 ) $ 2 (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 June 30, 2019 , no collateral received has been netted against derivative assets and collateral paid of $ 19 million has been netted against derivative liabilities. Occidental had $ 43 million of initial margin deposited with brokers as of June 30, 2019 . Initial margin is included in other current assets in the consolidated condensed balance sheets and has not been reflected in these derivative fair-value tables. As of December 31, 2018 Fair Value Measurements Using Netting (b) Total Fair Value (in millions) Balance Sheet Location Level 1 Level 2 Level 3 Assets: Derivatives not designated as hedges (a) Commodity Contracts Other current assets $ 2,531 $ 110 $ — $ (2,392 ) $ 249 Long-term receivables and other assets, net $ 5 $ 9 $ — $ (6 ) $ 8 Liabilities: Cash-flow hedges (a) Commodity contracts Accrued liabilities $ — $ 2 $ — $ — $ 2 Derivatives not designated as hedges (a) Commodity contracts Accrued liabilities $ 2,357 $ 101 $ — $ (2,392 ) $ 66 Deferred credits and other liabilities - other $ 6 $ 2 $ — $ (6 ) $ 2 (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 December 31, 2018, $45 million collateral received has been netted against derivative assets and collateral paid of $ 1 million has been netted against derivative liabilities. Occidental had $ 178 million of initial margin deposited with brokers as of December 31, 2018. Initial margin is included in other current assets in the consolidated condensed balance sheets and has not been reflected in these derivative fair-value tables. In July 2019, Occidental entered into three-way costless collar derivative instruments for 2020 and additional call options in 2021 to manage its near-term exposure to cash-flow variability from commodity-price risks. A three-way collar is a combination of three options: a sold call, a purchased put, and a sold put. The sold call establishes the maximum price that the Company will receive for the contracted commodity volume for a defined period of time. The purchased put establishes the minimum price that the Company will receive for the contracted volumes unless the market price for the commodity falls below the sold put strike price, at which point the minimum price equals the reference price plus the difference between the purchased put strike price and the sold put strike price for a defined period of time. Occidental entered into the 2021 call options to substantially improve the ceiling price that the Company will receive for the contracted commodity volumes in 2020. Summary July 2019 derivative instruments 2020 Settlement Three-way collars (Oil MBBL/day) 300 Average price per barrel (Brent oil pricing) Ceiling sold price (call) $ 74.09 Floor purchased price (put) $ 55.00 Floor sold price (put) $ 45.00 2021 Settlement Call Options sold (Oil MBBL/day) 300 Average price per barrel (Brent oil pricing) Ceiling sold price (call) $ 74.09

Industry Segments

Industry Segments	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Industry Segments	Industry Segments Occidental conducts its operations through various subsidiaries and affiliates. Occidental's principal businesses consist of three segments. 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 purchases, markets, gathers, processes, transports and stores oil, condensate, NGL, natural gas, carbon dioxide (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 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 June 30, 2019 Net sales $ 2,718 $ 998 $ 909 $ (205 ) $ 4,420 Pre-tax operating profit (loss) $ 726 $ 208 $ 331 $ (324 ) (a,b) $ 941 Income taxes — — — (306 ) (c) (306 ) Net income (loss) $ 726 $ 208 $ 331 $ (630 ) $ 635 Three months ended June 30, 2018 Net sales $ 2,531 $ 1,176 $ 603 $ (227 ) $ 4,083 Pre-tax operating profit (loss) $ 780 $ 317 $ 250 $ (197 ) (a) $ 1,150 Income taxes — — — (302 ) (c) (302 ) Net income (loss) $ 780 $ 317 $ 250 $ (499 ) $ 848 Oil Midstream Corporate and and and Gas Chemical Marketing Eliminations Total Six months ended June 30, 2019 Net sales $ 5,069 $ 2,057 $ 1,725 $ (427 ) $ 8,424 Pre-tax operating profit (loss) $ 1,210 $ 473 $ 610 $ (496 ) (a,b) $ 1,797 Income taxes — — — (531 ) (c) (531 ) Net income (loss) $ 1,210 $ 473 $ 610 $ (1,027 ) $ 1,266 Six months ended June 30, 2018 Net sales $ 4,985 $ 2,330 $ 992 $ (461 ) $ 7,846 Pre-tax operating profit (loss) $ 1,530 $ 615 $ 429 $ (377 ) (a) $ 2,197 Income taxes — — — (641 ) (c) (641 ) Net income (loss) $ 1,530 $ 615 $ 429 $ (1,018 ) $ 1,556 (a) Includes unallocated net interest expense, administration expense, environmental remediation and other items. (b) Includes expenses of $107 million , comprised of $50 million in Anadarko transaction-related costs and $57 million in amortized debt financing fees.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents the calculation of basic and diluted EPS for the three and six months ended June 30, 2019 , and 2018 (in millions, except per-share amounts): Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 Basic EPS Net Income $ 635 $ 848 $ 1,266 $ 1,556 Less: Net income allocated to participating securities (3 ) (5 ) (6 ) (8 ) Net Income, net of participating securities 632 843 1,260 1,548 Weighted average number of basic shares 748.3 765.7 748.7 765.7 Basic EPS $ 0.84 $ 1.10 $ 1.68 $ 2.02 Diluted EPS Net income, net of participating securities $ 632 $ 843 $ 1,260 $ 1,548 Weighted average number of basic shares 748.3 765.7 748.7 765.7 Dilutive effect of potentially dilutive securities 1.2 1.7 1.3 1.5 Total diluted weighted average common shares 749.5 767.4 750.0 767.2 Diluted EPS $ 0.84 $ 1.10 $ 1.68 $ 2.02

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Leases On January 1, 2019, Occidental adopted ASC 842 using the modified retrospective approach, which provided a method for recording existing leases at adoption and did not require restatement of prior year amounts and disclosures which continue to be reflected in accordance with ASC 840. Occidental elected certain practical expedients including: • Leases that commenced before the effective date carried forward their historical lease classification. • Existing or expired land easements as of December 31, 2018 were not reassessed to determine whether or not they contained a lease. • Leases with a lease term of 12 months or less from lease commencement date are considered short-term leases and not recorded on the consolidated condensed balance sheet; however, the lease expenditures recognized are captured and reported as incurred. • For asset classes, except long-term drilling rigs, Occidental elected to account for the lease and non-lease components as a single lease component as the non-lease portions were not significant to separate in determining the lease liability. For drilling rigs considered long-term in nature, Occidental bifurcated the lease and non-lease components using relative fair value as a stand-alone selling price between the asset rental and the services obtained. ASC 842 requires lessees to recognize an ROU asset and lease liability for all long-term leases. An ROU asset represents Occidental’s right to use an underlying asset for the lease term and the associated lease liability represents the discounted obligation of future minimum lease payments. Occidental identifies leases through its accounts payable and contract monitoring process. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The ROU assets include the discounted obligation in addition to any upfront payments or costs incurred during the contract execution of the lease. Except for leases with explicitly defined contract terms, Occidental utilizes judgment to assess likelihood of renewals, terminations and purchase options, in order to determine the lease term. Occidental uses the incremental borrowing rate at commencement date to determine the present value of lease payments. The incremental borrowing rate equates to the rate of interest that Occidental would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain leases include variable lease payments which are over and above the minimum lease liability used to derive the ROU asset and lease liability and are based on the underlying asset’s operations. These variable lease costs are reported in the lease cost classification table below. Recognition, measurement and presentation of expenses and cash flows arising from a lease will depend on classification as a finance or operating lease. The criteria for distinguishing between finance and operating leases are substantially similar to criteria under ASC 840. Adoption of ASC 842 resulted in recording of net lease assets and lease liabilities of $772 million , respectively, as of January 1, 2019. There was no material impact to net income, cash flows or stockholders’ equity. Nature of Leases Occidental’s operating lease agreements include leases for oil and gas exploration and development equipment, including drilling rigs, compressors and other field equipment, which are recorded gross on the consolidated condensed balance sheet and in the lease cost disclosures below. Actual expenditures are netted against joint interest recoveries on the income statement through the normal joint interest billing process. Occidental’s leases also include pipelines and other transportation equipment, rail cars, power plants, machinery, terminals, storage facilities, land, easements and residential and office space, which typically are not associated with joint interest recoveries. The following table presents Occidental's lease balances and their location on the consolidated condensed balance sheet at June 30, 2019 (in millions): Balance sheet location 2019 Assets: Operating Operating lease assets, net $ 681 Finance Property, plant, and equipment, net 19 Total lease assets $ 700 Liabilities: Current Operating Current lease liabilities $ 242 Finance Current lease liabilities 10 Non-current Operating Deferred credits and other liabilities - Lease liabilities 437 Finance Deferred credits and other liabilities - Lease liabilities 8 Total lease liabilities $ 697 At June 30, 2019, Occidental's leases matured on the following schedule (in millions): Operating Finance Leases (a) Leases (b) Total Remainder of 2019 $ 122 $ 6 $ 128 2020 190 12 202 2021 116 1 117 2022 81 — 81 2023 61 — 61 Thereafter 170 — 170 Total lease payments 740 19 759 Less: Interest (61 ) (1 ) (62 ) Present value of lease liabilities $ 679 $ 18 $ 697 (a) The weighted average remaining lease term is 5.5 years and the weighted average discount rate is 3.03% . (b) The weighted average remaining lease term is 1.8 years and the weighted average discount rate is 2.93% . At December 31, 2018 , future undiscounted net minimum fixed lease payments for non-cancellable operating leases, prepared in accordance with accounting standards prior to the adoption of ASC 842, were as follows (in millions): Amount 2019 $ 186 2020 147 2021 96 2022 68 2023 49 Thereafter 158 Total minimum lease payments $ 704 The following tables present Occidental's total lease cost and classifications as well as cash paid for amounts included in the measurement of operating lease liabilities. Lease costs and amounts paid associated with finance leases were immaterial for the three and six months ended June 30, 2019 (in millions): Lease cost classification (a,b) Three months ended June 30, 2019 Six months ended June 30, 2019 Property, plant and equipment, net $ 91 $ 182 Cost of sales 61 138 Selling, general and administrative expenses 19 35 Total $ 171 $ 355 (a) Includes short-term lease costs of $70 million and variable lease costs of $29 million for the three months ended June 30, 2019. Includes short-term lease costs of $156 million and variable lease costs of $60 million for the six months ended June 30, 2019. (b) Amounts reflected are gross before joint interest recoveries. Cash paid on operating leases (a) Six months ended June 30, 2019 Cash flow from operating activities $ 95 Cash flow from investing activities $ 44 (a)
Leases	Leases On January 1, 2019, Occidental adopted ASC 842 using the modified retrospective approach, which provided a method for recording existing leases at adoption and did not require restatement of prior year amounts and disclosures which continue to be reflected in accordance with ASC 840. Occidental elected certain practical expedients including: • Leases that commenced before the effective date carried forward their historical lease classification. • Existing or expired land easements as of December 31, 2018 were not reassessed to determine whether or not they contained a lease. • Leases with a lease term of 12 months or less from lease commencement date are considered short-term leases and not recorded on the consolidated condensed balance sheet; however, the lease expenditures recognized are captured and reported as incurred. • For asset classes, except long-term drilling rigs, Occidental elected to account for the lease and non-lease components as a single lease component as the non-lease portions were not significant to separate in determining the lease liability. For drilling rigs considered long-term in nature, Occidental bifurcated the lease and non-lease components using relative fair value as a stand-alone selling price between the asset rental and the services obtained. ASC 842 requires lessees to recognize an ROU asset and lease liability for all long-term leases. An ROU asset represents Occidental’s right to use an underlying asset for the lease term and the associated lease liability represents the discounted obligation of future minimum lease payments. Occidental identifies leases through its accounts payable and contract monitoring process. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The ROU assets include the discounted obligation in addition to any upfront payments or costs incurred during the contract execution of the lease. Except for leases with explicitly defined contract terms, Occidental utilizes judgment to assess likelihood of renewals, terminations and purchase options, in order to determine the lease term. Occidental uses the incremental borrowing rate at commencement date to determine the present value of lease payments. The incremental borrowing rate equates to the rate of interest that Occidental would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain leases include variable lease payments which are over and above the minimum lease liability used to derive the ROU asset and lease liability and are based on the underlying asset’s operations. These variable lease costs are reported in the lease cost classification table below. Recognition, measurement and presentation of expenses and cash flows arising from a lease will depend on classification as a finance or operating lease. The criteria for distinguishing between finance and operating leases are substantially similar to criteria under ASC 840. Adoption of ASC 842 resulted in recording of net lease assets and lease liabilities of $772 million , respectively, as of January 1, 2019. There was no material impact to net income, cash flows or stockholders’ equity. Nature of Leases Occidental’s operating lease agreements include leases for oil and gas exploration and development equipment, including drilling rigs, compressors and other field equipment, which are recorded gross on the consolidated condensed balance sheet and in the lease cost disclosures below. Actual expenditures are netted against joint interest recoveries on the income statement through the normal joint interest billing process. Occidental’s leases also include pipelines and other transportation equipment, rail cars, power plants, machinery, terminals, storage facilities, land, easements and residential and office space, which typically are not associated with joint interest recoveries. The following table presents Occidental's lease balances and their location on the consolidated condensed balance sheet at June 30, 2019 (in millions): Balance sheet location 2019 Assets: Operating Operating lease assets, net $ 681 Finance Property, plant, and equipment, net 19 Total lease assets $ 700 Liabilities: Current Operating Current lease liabilities $ 242 Finance Current lease liabilities 10 Non-current Operating Deferred credits and other liabilities - Lease liabilities 437 Finance Deferred credits and other liabilities - Lease liabilities 8 Total lease liabilities $ 697 At June 30, 2019, Occidental's leases matured on the following schedule (in millions): Operating Finance Leases (a) Leases (b) Total Remainder of 2019 $ 122 $ 6 $ 128 2020 190 12 202 2021 116 1 117 2022 81 — 81 2023 61 — 61 Thereafter 170 — 170 Total lease payments 740 19 759 Less: Interest (61 ) (1 ) (62 ) Present value of lease liabilities $ 679 $ 18 $ 697 (a) The weighted average remaining lease term is 5.5 years and the weighted average discount rate is 3.03% . (b) The weighted average remaining lease term is 1.8 years and the weighted average discount rate is 2.93% . At December 31, 2018 , future undiscounted net minimum fixed lease payments for non-cancellable operating leases, prepared in accordance with accounting standards prior to the adoption of ASC 842, were as follows (in millions): Amount 2019 $ 186 2020 147 2021 96 2022 68 2023 49 Thereafter 158 Total minimum lease payments $ 704 The following tables present Occidental's total lease cost and classifications as well as cash paid for amounts included in the measurement of operating lease liabilities. Lease costs and amounts paid associated with finance leases were immaterial for the three and six months ended June 30, 2019 (in millions): Lease cost classification (a,b) Three months ended June 30, 2019 Six months ended June 30, 2019 Property, plant and equipment, net $ 91 $ 182 Cost of sales 61 138 Selling, general and administrative expenses 19 35 Total $ 171 $ 355 (a) Includes short-term lease costs of $70 million and variable lease costs of $29 million for the three months ended June 30, 2019. Includes short-term lease costs of $156 million and variable lease costs of $60 million for the six months ended June 30, 2019. (b) Amounts reflected are gross before joint interest recoveries. Cash paid on operating leases (a) Six months ended June 30, 2019 Cash flow from operating activities $ 95 Cash flow from investing activities $ 44 (a)

Anadarko Acquisition and Other

Anadarko Acquisition and Other	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Anadarko Acquisition and Other	Anadarko Acquisition and Other On May 9, 2019, Occidental and Anadarko Petroleum Corporation (Anadarko) entered into an Agreement and Plan of Merger (the Merger Agreement), which provides that, upon the terms and subject to the conditions set forth therein, Baseball Merger Sub 1, Inc., an indirect wholly owned subsidiary of Occidental (Merger Subsidiary), will merge with and into Anadarko (the merger), with Anadarko continuing as the surviving corporation and an indirect wholly owned subsidiary of Occidental. If the merger is completed, Anadarko stockholders will receive, in exchange for each share of Anadarko common stock, (1) $59.00 in cash and (2) 0.2934 of a share of Occidental common stock. The Anadarko Special Meeting of Stockholders is scheduled for August 8 and we expect to close the acquisition promptly thereafter. On April 30, 2019, Occidental entered into a Securities Purchase Agreement with Berkshire Hathaway (the Berkshire Hathaway investment), pursuant to which Occidental agreed that in the event Occidental enters into and consummates the proposed acquisition of Anadarko, Occidental will issue and sell to Berkshire Hathaway, and Berkshire Hathaway agreed to purchase from Occidental for an aggregate purchase price of $10 billion in cash: (1) 100,000 shares of a new series of cumulative perpetual preferred stock of Occidental, having a face value of $100,000 per share (the Preferred Stock), and (2) a warrant (the Warrant) to purchase 80.0 million shares of Occidental’s common stock at an exercise price of $62.50 per share. Dividends on the Preferred Stock will accrue on the face value at a rate per annum of 8% but will be paid only when, as and if declared by Occidental’s Board of Directors out of legally available funds. At any time when such dividends have not been paid in full, the unpaid amounts will accrue dividends, compounded quarterly, at a rate per annum of 9% . Following the payment in full of any accrued but unpaid dividends, the dividend rate will remain at 9% per annum. The Warrant will be exercisable in whole or in part, until the first anniversary of the date on which no shares of Preferred Stock remain outstanding; however, if any stockholder approval is required for the issuance of Occidental common stock upon exercise of the Warrant, then unless and until such required approvals have been received, Berkshire Hathaway will not be permitted to exercise the Warrant for shares of Occidental common stock. The Securities Purchase Agreement is subject to certain closing conditions in addition to the requirement that Occidental has consummated the proposed acquisition of Anadarko. See Occidental’s Current Report on Form 8-K filed May 3, 2019, for more information about the Securities Purchase Agreement. On May 3, 2019, Occidental and TOTAL S.A. (Total) entered into a binding memorandum of understanding pursuant to which, contingent upon completion of the merger, Occidental agreed to sell to Total all of the assets, liabilities, businesses and operations of Anadarko in Algeria, Ghana, Mozambique and South Africa for $8.8 billion in cash, on a cash-free, debt-free basis (the Total transaction). On May 9, 2019, Occidental entered into a second amended and restated debt commitment letter, pursuant to which certain financial institutions committed to provide, contingent upon completion of the merger, a 364 -day senior unsecured bridge loan facility (the bridge facility) in an aggregate principal amount of up to $21.8 billion . Such commitments were subsequently reduced by $8.8 billion , to $13.0 billion , upon Occidental’s entry into the term loan credit agreement described below. Commitments in respect of the bridge facility will be further reduced to the extent that Occidental obtains certain other financing or financing commitments or completes certain securities issuances or asset sales. On June 3, 2019, Occidental entered into an $8.8 billion term loan credit agreement (the term loan credit agreement) with Citibank, N.A., as agent, and certain other financial institutions party thereto, as lenders (the term loan lenders), pursuant to which the term loan lenders have committed to provide, contingent upon completion of the merger, (1) a 364 -day senior unsecured term loan facility in an aggregate principal amount of up to $4.4 billion and (2) a two-year senior unsecured term loan facility in an aggregate principal amount of up to $4.4 billion (together, the term loan financing). Each of the Berkshire Hathaway investment, the Total transaction and the term loan financing are subject to certain conditions, including, in each case, the completion of the merger. On June 3, 2019, Occidental entered into an amendment to its existing $3.0 billion revolving credit facility pursuant to which, among other things, the commitments under the revolving credit facility will be increased by an additional $2.0 billion , to $5.0 billion , contingent upon completion of the merger. There can be no assurance that the Total transaction, the Berkshire Hathaway investment, and the term loan financing described herein will be completed on the terms contemplated or proposed or at all. See Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources in Part I Item 2 and Risk Factors in Part II Item 1A of this Form 10-Q for more information. In the three months ended June 30, 2019, Occidental expensed $107 million in fees in connection with merger-related transaction costs and debt financing fees. On July 31, 2019, Occidental and Ecopetrol entered into definitive agreements to form a joint venture to develop 97,000 net acres of Occidental’s Midland Basin properties in the Permian Basin. Ecopetrol will pay $750 million in cash at closing and $750 million of carried capital in exchange for a 49 -percent interest in the new venture. Occidental will own a 51 -percent interest and operate the joint venture. During the carry period, Ecopetrol will pay 75

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	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 (SEC) rules and regulations, certain information and disclosures normally included in consolidated financial statements and the notes.
Accounting and Disclosure Changes	Accounting and Disclosure Changes In January 2019, Occidental adopted the new lease standard Topic 842 - Leases (ASC 842). The new standard requires Occidental to recognize most leases, including operating leases, on the consolidated condensed balance sheet. The new rules require lessees to recognize a right-of-use asset (ROU) and lease liability for all leases with lease terms of more than 12 months. Occidental adopted the standard using the modified retrospective approach, including adopting several optional practical expedients. Occidental has developed and implemented an internal software solution to support the identification, documentation, tracking, accounting and supplemental reporting of leases under ASC 842. Continued enhancements to the software solution through 2019 are expected to ensure manual processes are streamlined while maintaining control functionality surrounding completeness in population and reporting. See Note 13, Leases

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
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 June 30, For the six months ended June 30, 2019 2018 2019 2018 Revenue from customers $ 3,731 $ 3,831 $ 7,166 $ 7,556 All other revenues (a) 689 252 1,258 290 Total net sales $ 4,420 $ 4,083 $ 8,424 $ 7,846 (a) Includes net marketing margin and chemical exchange contracts.
Schedule of revenue from customers by segment, product, and geographical area	Excluding net marketing revenue, midstream revenues are shown by the location of sale (in millions): For the three months ended June 30, 2019 Revenue by Product United States Middle East Latin America Other International Eliminations Total Oil and Gas Segment Oil $ 1,447 $ 825 $ 212 $ — $ — $ 2,484 NGL 84 68 — — — 152 Gas 8 76 5 — — 89 Other (1 ) (6 ) — — — (7 ) Segment Total $ 1,538 $ 963 $ 217 $ — $ — $ 2,718 Chemical Segment $ 935 $ — $ 40 $ 18 $ — $ 993 Midstream Segment Gas Processing 104 89 — — — 193 Power and Other 32 — — — — 32 Segment Total $ 136 $ 89 $ — $ — $ — $ 225 Eliminations $ — $ — $ — $ — $ (205 ) $ (205 ) Consolidated $ 2,609 $ 1,052 $ 257 $ 18 $ (205 ) $ 3,731 For the three months ended June 30, 2018 Revenue by Product United States Middle East Latin America Other International Eliminations Total Oil and Gas Segment Oil $ 1,334 $ 718 $ 180 $ — $ — $ 2,232 NGL 111 64 — — — 175 Gas 42 73 3 — — 118 Other 4 1 1 — — 6 Segment Total $ 1,491 $ 856 $ 184 $ — $ — $ 2,531 Chemical Segment $ 1,102 $ — $ 51 $ 17 $ — $ 1,170 Midstream Segment Gas Processing 131 104 — — — 235 Pipelines 101 — — — — 101 Power and Other 21 — — — — 21 Segment Total $ 253 $ 104 $ — $ — $ — $ 357 Eliminations $ — $ — $ — $ — $ (227 ) $ (227 ) Consolidated $ 2,846 $ 960 $ 235 $ 17 $ (227 ) $ 3,831 For the six months ended June 30, 2019 Revenue by Product United States Middle East Latin America Other International Eliminations Total Oil and Gas Segment Oil $ 2,652 $ 1,583 $ 347 $ — $ — $ 4,582 NGL 162 133 — — — 295 Gas 55 155 9 — — 219 Other (22 ) (5 ) — — — (27 ) Segment Total $ 2,847 $ 1,866 $ 356 $ — $ — $ 5,069 Chemical Segment $ 1,928 $ — $ 83 $ 37 $ — $ 2,048 Midstream Segment Gas Processing 209 191 — — — 400 Power and Other 76 — — — — 76 Segment Total $ 285 $ 191 $ — $ — $ — $ 476 Eliminations $ — $ — $ — $ — $ (427 ) $ (427 ) Consolidated $ 5,060 $ 2,057 $ 439 $ 37 $ (427 ) $ 7,166 For the six months ended June 30, 2018 Revenue by Product United States Middle East Latin America Other International Eliminations Total Oil and Gas Segment Oil $ 2,581 $ 1,491 $ 350 $ — $ — $ 4,422 NGL 200 115 — — — 315 Gas 94 138 7 — — 239 Other 7 1 1 — — 9 Segment Total $ 2,882 $ 1,745 $ 358 $ — $ — $ 4,985 Chemical Segment $ 2,182 $ — $ 103 $ 38 $ — $ 2,323 Midstream Segment Gas Processing 268 200 — — — 468 Pipelines 195 — — — — 195 Power and Other 46 — — — — 46 Segment Total $ 509 $ 200 $ — $ — $ — $ 709 Eliminations $ — $ — $ — $ — $ (461 ) $ (461 ) Consolidated $ 5,573 $ 1,945 $ 461 $ 38 $ (461 ) $ 7,556

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories as of June 30, 2019 , and December 31, 2018 , consisted of the following (in millions): 2019 2018 Raw materials $ 68 $ 74 Materials and supplies 531 445 Finished goods 1,030 788 1,629 1,307 Revaluation to LIFO (47 ) (47 ) Total $ 1,582 $ 1,260

Environmental Liabilities and_2

Environmental Liabilities and Expenditures (Tables)	6 Months Ended
	Jun. 30, 2019
Environmental Remediation Obligations [Abstract]
Schedule of current and non-current environmental remediation reserves by categories of sites	Number of Sites Reserve Balance NPL sites 35 $ 452 Third-party sites 68 190 Occidental-operated sites 14 112 Closed or non-operated Occidental sites 29 130 Total 146 $ 884

Retirement and Postretirement_2

Retirement and Postretirement Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
Components of the net periodic benefit costs	The following table sets forth the components of the net periodic benefit costs for Occidental’s defined benefit plans for the three and six months ended June 30, 2019 , and 2018 (in millions): Three months ended June 30 2019 2018 Net Periodic Benefit Costs Pension Benefit Postretirement Benefit Pension Benefit Postretirement Benefit Service cost $ 1 $ 5 $ 2 $ 6 Interest cost 3 10 4 9 Expected return on plan assets (5 ) — (6 ) — Recognized actuarial loss 3 2 1 6 Recognized prior service cost — (2 ) — — Total $ 2 $ 15 $ 1 $ 21 Six months ended June 30 2019 2018 Net Periodic Benefit Costs Pension Benefit Postretirement Benefit Pension Benefit Postretirement Benefit Service cost $ 2 $ 11 $ 4 $ 12 Interest cost 7 18 8 18 Expected return on plan assets (10 ) — (12 ) — Recognized actuarial loss 5 4 2 10 Recognized prior service cost — (4 ) — — Total $ 4 $ 29 $ 2 $ 40

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
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 June 30, 2019 , and December 31, 2018 (in millions): Fair Value Measurements at June 30, 2019: Embedded derivatives Level 1 Level 2 Level 3 Netting and Total Fair Liabilities: Accrued liabilities $ — $ 43 $ — $ — $ 43 Deferred credits and other liabilities - other $ — $ 73 $ — $ — $ 73 Fair Value Measurements at December 31, 2018: Embedded derivatives Level 1 Level 2 Level 3 Netting and Total Fair Liabilities: Accrued liabilities $ — $ 66 $ — $ — $ 66 Deferred credits and other liabilities - other $ — $ 116 $ — $ — $ 116

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of outstanding cash flow hedges	The following U.S. Treasury rate locks were outstanding as of June 30, 2019 (in millions): Treasury tenor Notional value Weighted Average Fixed Rate Expiration Date Unrealized loss included in other comprehensive income Liability (a) 10-year $ 750 2.11 % September 30, 2019 $ 7 $ 7 30-year $ 750 2.59 % September 30, 2019 $ 11 $ 11 (a) The total $18 million liability is considered a Level 2 fair value measurement and is included in current liabilities - accrued liabilities as of June 30, 2019.
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 derivatives not designated as hedging instruments as of June 30, 2019 , and December 31, 2018. (in millions, except Long/(Short) volumes) 2019 2018 Unrealized gain (loss) on derivatives not designated as hedges Crude Oil Commodity Contracts $ (24 ) $ 184 Natural Gas Commodity Contracts $ 5 $ 5 Outstanding net volumes on derivatives not designated as hedges Crude Oil Commodity Contracts Volume (MMBL) 54 61 Natural Gas Commodity Contracts Volume (Bcf) (155 ) (142 )
Gross and net fair values of outstanding derivatives	The following tables present the gross and net fair values of Occidental’s outstanding derivatives: As of June 30, 2019 Fair Value Measurements Using Netting (b) Total Fair Value (in millions) Balance Sheet Location Level 1 Level 2 Level 3 Assets: Derivatives not designated as hedges (a) Commodity Contracts Other current assets $ 1,053 $ 85 $ — $ (1,105 ) $ 33 Long-term receivables and other assets, net $ 24 $ 10 $ — $ (24 ) $ 10 Liabilities: Derivatives not designated as hedges (a) Commodity Contracts Accrued liabilities $ 1,076 $ 89 $ — $ (1,105 ) $ 60 Deferred credits and other liabilities - other $ 25 $ 1 $ — $ (24 ) $ 2 (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 June 30, 2019 , no collateral received has been netted against derivative assets and collateral paid of $ 19 million has been netted against derivative liabilities. Occidental had $ 43 million of initial margin deposited with brokers as of June 30, 2019 . Initial margin is included in other current assets in the consolidated condensed balance sheets and has not been reflected in these derivative fair-value tables. As of December 31, 2018 Fair Value Measurements Using Netting (b) Total Fair Value (in millions) Balance Sheet Location Level 1 Level 2 Level 3 Assets: Derivatives not designated as hedges (a) Commodity Contracts Other current assets $ 2,531 $ 110 $ — $ (2,392 ) $ 249 Long-term receivables and other assets, net $ 5 $ 9 $ — $ (6 ) $ 8 Liabilities: Cash-flow hedges (a) Commodity contracts Accrued liabilities $ — $ 2 $ — $ — $ 2 Derivatives not designated as hedges (a) Commodity contracts Accrued liabilities $ 2,357 $ 101 $ — $ (2,392 ) $ 66 Deferred credits and other liabilities - other $ 6 $ 2 $ — $ (6 ) $ 2 (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 December 31, 2018, $45 million collateral received has been netted against derivative assets and collateral paid of $ 1 million has been netted against derivative liabilities. Occidental had $ 178 million
Summary of Derivative Instruments	Summary July 2019 derivative instruments 2020 Settlement Three-way collars (Oil MBBL/day) 300 Average price per barrel (Brent oil pricing) Ceiling sold price (call) $ 74.09 Floor purchased price (put) $ 55.00 Floor sold price (put) $ 45.00 2021 Settlement Call Options sold (Oil MBBL/day) 300 Average price per barrel (Brent oil pricing) Ceiling sold price (call) $ 74.09

Industry Segments (Tables)

Industry Segments (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
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 June 30, 2019 Net sales $ 2,718 $ 998 $ 909 $ (205 ) $ 4,420 Pre-tax operating profit (loss) $ 726 $ 208 $ 331 $ (324 ) (a,b) $ 941 Income taxes — — — (306 ) (c) (306 ) Net income (loss) $ 726 $ 208 $ 331 $ (630 ) $ 635 Three months ended June 30, 2018 Net sales $ 2,531 $ 1,176 $ 603 $ (227 ) $ 4,083 Pre-tax operating profit (loss) $ 780 $ 317 $ 250 $ (197 ) (a) $ 1,150 Income taxes — — — (302 ) (c) (302 ) Net income (loss) $ 780 $ 317 $ 250 $ (499 ) $ 848 Oil Midstream Corporate and and and Gas Chemical Marketing Eliminations Total Six months ended June 30, 2019 Net sales $ 5,069 $ 2,057 $ 1,725 $ (427 ) $ 8,424 Pre-tax operating profit (loss) $ 1,210 $ 473 $ 610 $ (496 ) (a,b) $ 1,797 Income taxes — — — (531 ) (c) (531 ) Net income (loss) $ 1,210 $ 473 $ 610 $ (1,027 ) $ 1,266 Six months ended June 30, 2018 Net sales $ 4,985 $ 2,330 $ 992 $ (461 ) $ 7,846 Pre-tax operating profit (loss) $ 1,530 $ 615 $ 429 $ (377 ) (a) $ 2,197 Income taxes — — — (641 ) (c) (641 ) Net income (loss) $ 1,530 $ 615 $ 429 $ (1,018 ) $ 1,556 (a) Includes unallocated net interest expense, administration expense, environmental remediation and other items. (b) Includes expenses of $107 million , comprised of $50 million in Anadarko transaction-related costs and $57 million in amortized debt financing fees.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Calculation of basic and diluted EPS	The following table presents the calculation of basic and diluted EPS for the three and six months ended June 30, 2019 , and 2018 (in millions, except per-share amounts): Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 Basic EPS Net Income $ 635 $ 848 $ 1,266 $ 1,556 Less: Net income allocated to participating securities (3 ) (5 ) (6 ) (8 ) Net Income, net of participating securities 632 843 1,260 1,548 Weighted average number of basic shares 748.3 765.7 748.7 765.7 Basic EPS $ 0.84 $ 1.10 $ 1.68 $ 2.02 Diluted EPS Net income, net of participating securities $ 632 $ 843 $ 1,260 $ 1,548 Weighted average number of basic shares 748.3 765.7 748.7 765.7 Dilutive effect of potentially dilutive securities 1.2 1.7 1.3 1.5 Total diluted weighted average common shares 749.5 767.4 750.0 767.2 Diluted EPS $ 0.84 $ 1.10 $ 1.68 $ 2.02

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of Lease Related Assets and Liabilities	The following table presents Occidental's lease balances and their location on the consolidated condensed balance sheet at June 30, 2019 (in millions): Balance sheet location 2019 Assets: Operating Operating lease assets, net $ 681 Finance Property, plant, and equipment, net 19 Total lease assets $ 700 Liabilities: Current Operating Current lease liabilities $ 242 Finance Current lease liabilities 10 Non-current Operating Deferred credits and other liabilities - Lease liabilities 437 Finance Deferred credits and other liabilities - Lease liabilities 8 Total lease liabilities $ 697
Schedule of Operating Lease Maturities	At June 30, 2019, Occidental's leases matured on the following schedule (in millions): Operating Finance Leases (a) Leases (b) Total Remainder of 2019 $ 122 $ 6 $ 128 2020 190 12 202 2021 116 1 117 2022 81 — 81 2023 61 — 61 Thereafter 170 — 170 Total lease payments 740 19 759 Less: Interest (61 ) (1 ) (62 ) Present value of lease liabilities $ 679 $ 18 $ 697 (a) The weighted average remaining lease term is 5.5 years and the weighted average discount rate is 3.03% . (b) The weighted average remaining lease term is 1.8 years and the weighted average discount rate is 2.93%
Schedule of Finance Lease Maturities	At June 30, 2019, Occidental's leases matured on the following schedule (in millions): Operating Finance Leases (a) Leases (b) Total Remainder of 2019 $ 122 $ 6 $ 128 2020 190 12 202 2021 116 1 117 2022 81 — 81 2023 61 — 61 Thereafter 170 — 170 Total lease payments 740 19 759 Less: Interest (61 ) (1 ) (62 ) Present value of lease liabilities $ 679 $ 18 $ 697 (a) The weighted average remaining lease term is 5.5 years and the weighted average discount rate is 3.03% . (b) The weighted average remaining lease term is 1.8 years and the weighted average discount rate is 2.93%
Schedule of Future Net Minimum Fixed Lease Payments	At December 31, 2018 , future undiscounted net minimum fixed lease payments for non-cancellable operating leases, prepared in accordance with accounting standards prior to the adoption of ASC 842, were as follows (in millions): Amount 2019 $ 186 2020 147 2021 96 2022 68 2023 49 Thereafter 158 Total minimum lease payments $ 704
Schedule of Lease Costs	The following tables present Occidental's total lease cost and classifications as well as cash paid for amounts included in the measurement of operating lease liabilities. Lease costs and amounts paid associated with finance leases were immaterial for the three and six months ended June 30, 2019 (in millions): Lease cost classification (a,b) Three months ended June 30, 2019 Six months ended June 30, 2019 Property, plant and equipment, net $ 91 $ 182 Cost of sales 61 138 Selling, general and administrative expenses 19 35 Total $ 171 $ 355 (a) Includes short-term lease costs of $70 million and variable lease costs of $29 million for the three months ended June 30, 2019. Includes short-term lease costs of $156 million and variable lease costs of $60 million for the six months ended June 30, 2019. (b) Amounts reflected are gross before joint interest recoveries. Cash paid on operating leases (a) Six months ended June 30, 2019 Cash flow from operating activities $ 95 Cash flow from investing activities $ 44 (a)

Revenue Recognition - Impact of

Revenue Recognition - Impact of Adoption (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 5,273	$ 4,893

Revenue Recognition - Reconcili

Revenue Recognition - Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue from customers	$ 3,731	$ 3,831	$ 7,166	$ 7,556
All other revenue	689	252	1,258	290
Total net sales	$ 4,420	$ 4,083	$ 8,424	$ 7,846

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of revenue
Revenue from customers	$ 3,731	$ 3,831	$ 7,166	$ 7,556
United States
Disaggregation of revenue
Revenue from customers	2,609	2,846	5,060	5,573
Middle East
Disaggregation of revenue
Revenue from customers	1,052	960	2,057	1,945
Latin America
Disaggregation of revenue
Revenue from customers	257	235	439	461
Other International
Disaggregation of revenue
Revenue from customers	18	17	37	38
Eliminations
Disaggregation of revenue
Revenue from customers	(205)	(227)	(427)	(461)
Eliminations | United States
Disaggregation of revenue
Revenue from customers	0	0	0	0
Eliminations | Middle East
Disaggregation of revenue
Revenue from customers	0	0	0	0
Eliminations | Latin America
Disaggregation of revenue
Revenue from customers	0	0	0	0
Eliminations | Other International
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas Segment
Disaggregation of revenue
Revenue from customers	2,718	2,531	5,069	4,985
Oil and Gas Segment | Oil
Disaggregation of revenue
Revenue from customers	2,484	2,232	4,582	4,422
Oil and Gas Segment | NGL
Disaggregation of revenue
Revenue from customers	152	175	295	315
Oil and Gas Segment | Gas
Disaggregation of revenue
Revenue from customers	89	118	219	239
Oil and Gas Segment | Other
Disaggregation of revenue
Revenue from customers	(7)	6	(27)	9
Oil and Gas Segment | United States
Disaggregation of revenue
Revenue from customers	1,538	1,491	2,847	2,882
Oil and Gas Segment | United States | Oil
Disaggregation of revenue
Revenue from customers	1,447	1,334	2,652	2,581
Oil and Gas Segment | United States | NGL
Disaggregation of revenue
Revenue from customers	84	111	162	200
Oil and Gas Segment | United States | Gas
Disaggregation of revenue
Revenue from customers	8	42	55	94
Oil and Gas Segment | United States | Other
Disaggregation of revenue
Revenue from customers	(1)	4	(22)	7
Oil and Gas Segment | Middle East
Disaggregation of revenue
Revenue from customers	963	856	1,866	1,745
Oil and Gas Segment | Middle East | Oil
Disaggregation of revenue
Revenue from customers	825	718	1,583	1,491
Oil and Gas Segment | Middle East | NGL
Disaggregation of revenue
Revenue from customers	68	64	133	115
Oil and Gas Segment | Middle East | Gas
Disaggregation of revenue
Revenue from customers	76	73	155	138
Oil and Gas Segment | Middle East | Other
Disaggregation of revenue
Revenue from customers	(6)	1	(5)	1
Oil and Gas Segment | Latin America
Disaggregation of revenue
Revenue from customers	217	184	356	358
Oil and Gas Segment | Latin America | Oil
Disaggregation of revenue
Revenue from customers	212	180	347	350
Oil and Gas Segment | Latin America | NGL
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas Segment | Latin America | Gas
Disaggregation of revenue
Revenue from customers	5	3	9	7
Oil and Gas Segment | Latin America | Other
Disaggregation of revenue
Revenue from customers	0	1	0	1
Oil and Gas Segment | Other International
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas Segment | Other International | Oil
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas Segment | Other International | NGL
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas Segment | Other International | Gas
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas Segment | Other International | Other
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas Segment | Eliminations
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas Segment | Eliminations | Oil
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas Segment | Eliminations | NGL
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas Segment | Eliminations | Gas
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas Segment | Eliminations | Other
Disaggregation of revenue
Revenue from customers	0	0	0	0
Chemical Segment
Disaggregation of revenue
Revenue from customers	993	1,170	2,048	2,323
Chemical Segment | United States
Disaggregation of revenue
Revenue from customers	935	1,102	1,928	2,182
Chemical Segment | Middle East
Disaggregation of revenue
Revenue from customers	0	0	0	0
Chemical Segment | Latin America
Disaggregation of revenue
Revenue from customers	40	51	83	103
Chemical Segment | Other International
Disaggregation of revenue
Revenue from customers	18	17	37	38
Chemical Segment | Eliminations
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream Segment
Disaggregation of revenue
Revenue from customers	225	357	476	709
Midstream Segment | Gas Processing
Disaggregation of revenue
Revenue from customers	193	235	400	468
Midstream Segment | Pipelines
Disaggregation of revenue
Revenue from customers		101		195
Midstream Segment | Power and Other
Disaggregation of revenue
Revenue from customers	32	21	76	46
Midstream Segment | United States
Disaggregation of revenue
Revenue from customers	136	253	285	509
Midstream Segment | United States | Gas Processing
Disaggregation of revenue
Revenue from customers	104	131	209	268
Midstream Segment | United States | Pipelines
Disaggregation of revenue
Revenue from customers		101		195
Midstream Segment | United States | Power and Other
Disaggregation of revenue
Revenue from customers	32	21	76	46
Midstream Segment | Middle East
Disaggregation of revenue
Revenue from customers	89	104	191	200
Midstream Segment | Middle East | Gas Processing
Disaggregation of revenue
Revenue from customers	89	104	191	200
Midstream Segment | Middle East | Pipelines
Disaggregation of revenue
Revenue from customers		0		0
Midstream Segment | Middle East | Power and Other
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream Segment | Latin America
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream Segment | Latin America | Gas Processing
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream Segment | Latin America | Pipelines
Disaggregation of revenue
Revenue from customers		0		0
Midstream Segment | Latin America | Power and Other
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream Segment | Other International
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream Segment | Other International | Gas Processing
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream Segment | Other International | Pipelines
Disaggregation of revenue
Revenue from customers		0		0
Midstream Segment | Other International | Power and Other
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream Segment | Eliminations
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream Segment | Eliminations | Gas Processing
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream Segment | Eliminations | Pipelines
Disaggregation of revenue
Revenue from customers		0		0
Midstream Segment | Eliminations | Power and Other
Disaggregation of revenue
Revenue from customers	$ 0	$ 0	$ 0	$ 0

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Schedule of Cash Flow, Supplemental Disclosures [Line Items]
Interest paid	$ 199	$ 182
Property and equipment acquired	105
Foreign and State
Schedule of Cash Flow, Supplemental Disclosures [Line Items]
Income taxes paid	544	545
Domestic
Schedule of Cash Flow, Supplemental Disclosures [Line Items]
Tax refunds	$ 2	$ 2

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 68	$ 74
Materials and supplies	531	445
Finished goods	1,030	788
Inventories, gross	1,629	1,307
Revaluation to LIFO	(47)	(47)
Total	$ 1,582	$ 1,260

Environmental Liabilities and_3

Environmental Liabilities and Expenditures (Details) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 31, 2016mi	Sep. 30, 2016USD ($)	Jun. 30, 2019USD ($)categorysite	Dec. 31, 2018USD ($)
Environmental remediation reserves
Number of Sites | site			146
Environmental remediation reserves, current, included in accrued liabilities			$ 120
Environmental remediation reserves, non-current, included in deferred credits and other liabilities - other			$ 764	$ 762
Number of non-NPL sites categories | category			3
Reserve Balance			$ 884
Environmental reserves, exceeding $ ten million, threshold value			$ 10
Environmental reserves, exceeding $ ten million, number of sites | site			16
Environmental reserves, range between zero to $ one million site category, number of sites | site			91
Expected expend funds of environmental reserves (as a percent)			46.00%
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
Environmental reserves, range between zero to $ one million site category			$ 0
Period of expending first half of environmental reserves			3 years
High end of range
Environmental remediation reserves
Environmental reserves, range between zero to $ one million site category			$ 1
Period of expending first half of environmental reserves			4 years
NPL sites
Environmental remediation reserves
Number of Sites | site			35
Reserve Balance			$ 452
Third-party sites
Environmental remediation reserves
Number of Sites | site			68
Reserve Balance			$ 190
Occidental-operated sites
Environmental remediation reserves
Number of Sites | site			14
Reserve Balance			$ 112
Closed or non-operated Occidental sites
Environmental remediation reserves
Number of Sites | site			29
Reserve Balance			$ 130
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

Lawsuits, Claims, Commitments_2

Lawsuits, Claims, Commitments and Contingencies (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	May 30, 2019
Arbitration filed by Andes Petroleum Ecuador Ltd
Lawsuits, commitments and contingencies
Proceeds from settlement		$ 1
Recovery of amount awarded in settlement amount (as a percent)		60.00%
Percentage of judgment amount claimed	40.00%
Own economic interest (as a percent)	60.00%
High River Ltd. P'ship v. Occidental Petroleum Corp.
Lawsuits, commitments and contingencies
Common stock accumulated			$ 1.6

Retirement and Postretirement_3

Retirement and Postretirement Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Pension Benefit
Net Periodic Benefit Costs
Service cost	$ 1	$ 2	$ 2	$ 4
Interest cost	3	4	7	8
Expected return on plan assets	(5)	(6)	(10)	(12)
Recognized actuarial loss	3	1	5	2
Recognized prior service cost	0	0	0	0
Total	2	1	4	2
Postretirement Benefit
Net Periodic Benefit Costs
Service cost	5	6	11	12
Interest cost	10	9	18	18
Expected return on plan assets	0	0	0	0
Recognized actuarial loss	2	6	4	10
Recognized prior service cost	(2)	0	(4)	0
Total	15	21	29	40
Defined benefit plans
Net Periodic Benefit Costs
Employer contributions	$ 0	$ 1	$ 1	$ 2

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Jun. 30, 2019USD ($)
Liabilities:
Carrying value of debt, net of unamortized discount	$ 10,400	$ 10,400
Qatar ISND and ISSD
Liabilities:
Impairment and related charges	416
Total Fair Value
Liabilities:
Estimated fair value of debt	10,300	10,700
Recurring | Accrued liabilities
Liabilities:
Netting and Collateral	0	0
Recurring | Accrued liabilities | Total Fair Value
Liabilities:
Embedded derivatives	66	43
Recurring | Accrued liabilities | Level 1
Liabilities:
Embedded derivatives	0	0
Recurring | Accrued liabilities | Level 2
Liabilities:
Embedded derivatives	66	43
Recurring | Accrued liabilities | Level 3
Liabilities:
Embedded derivatives	0	0
Recurring | Deferred credits and other liabilities - other
Liabilities:
Netting and Collateral	0	0
Recurring | Deferred credits and other liabilities - other | Total Fair Value
Liabilities:
Embedded derivatives	116	73
Recurring | Deferred credits and other liabilities - other | Level 1
Liabilities:
Embedded derivatives	0	0
Recurring | Deferred credits and other liabilities - other | Level 2
Liabilities:
Embedded derivatives	116	73
Recurring | Deferred credits and other liabilities - other | Level 3
Liabilities:
Embedded derivatives	$ 0	$ 0
Non recurring | Measurement Input, Discount Rate
Liabilities:
Risk adjusted discount rate	0.10

Derivatives - Cash Flow Hedges

Derivatives - Cash Flow Hedges (Details)		3 Months Ended		6 Months Ended
		Jun. 30, 2019USD ($)Bcf	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)Bcf	Jun. 30, 2018USD ($)	Dec. 31, 2018Bcf
Derivative [Line Items]
Natural gas held in storage (in cubic feet) | Bcf		4		4		5
Forecast sale of natural gas from storage designated as cash-flow hedges (in cubic feet) | Bcf						4
Unrealized loss included in other comprehensive income	[1]	$ 18,000,000	$ 1,000,000	$ 16,000,000	$ 4,000,000
Cash Flow Hedging | Interest Rate Contract, 10-Year Tenor
Derivative [Line Items]
Treasury tenor				10 years
Notional value		$ 750,000,000		$ 750,000,000
Weighted Average Fixed Rate		2.11%		2.11%
Unrealized loss included in other comprehensive income				$ 7,000,000
Liability		$ 7,000,000		$ 7,000,000
Cash Flow Hedging | Interest Rate Contract, 30-Year Tenor
Derivative [Line Items]
Treasury tenor				30 years
Notional value		$ 750,000,000		$ 750,000,000
Weighted Average Fixed Rate		2.59%		2.59%
Unrealized loss included in other comprehensive income				$ 11,000,000
Liability		$ 11,000,000		11,000,000
Cash Flow Hedging | Interest Rate Contract | Level 2
Derivative [Line Items]
Liability		$ 18,000,000		$ 18,000,000
[1]	Net of tax of $5 and zero for the three months ended June 30, 2019 , and 2018, and $5 and $1 for the six months ended June 30, 2019 , and 2018, respectively.

Derivatives - Not Designated as

Derivatives - Not Designated as Hedging Instruments (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)$ / MillionCubicFeet$ / BarrelBcfMMBbls	Dec. 31, 2018USD ($)$ / MillionCubicFeet$ / BarrelBcfMMBbls
Outstanding commodity derivatives contracts not designated as hedging instruments
Derivative instrument settlement period (within)	3 months
Not designated as hedging instruments | Crude oil
Outstanding commodity derivatives contracts not designated as hedging instruments
Weighted average sales price (dollars per barrel) | $ / Barrel	61.46	58.81
Not designated as hedging instruments | Crude oil | Net sales
Outstanding commodity derivatives contracts not designated as hedging instruments
Unrealized gain (loss) on derivatives not designated as hedges	$ (24)	$ 184
Not designated as hedging instruments | Natural gas
Outstanding commodity derivatives contracts not designated as hedging instruments
Weighted average sales price (dollars per barrel) | $ / MillionCubicFeet	2.11	3.18
Not designated as hedging instruments | Natural gas | Net sales
Outstanding commodity derivatives contracts not designated as hedging instruments
Unrealized gain (loss) on derivatives not designated as hedges	$ 5	$ 5
Not designated as hedging instruments | Long position | Crude oil
Outstanding commodity derivatives contracts not designated as hedging instruments
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) | MMBbls	54	61
Not designated as hedging instruments | Short position | Natural gas
Outstanding commodity derivatives contracts not designated as hedging instruments
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) | Bcf	155	142

Derivatives - Fair Value (Detai

Derivatives - Fair Value (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Gross and net fair values of outstanding derivatives (in millions)
Collateral received netted against derivative assets	$ 0	$ 45,000,000
Collateral paid netted against derivative liabilities	19,000,000	1,000,000
Collateral deposited with clearinghouses and brokers	43,000,000	178,000,000
Not designated as hedging instruments | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability		0
Total net fair value, liability		2,000,000
Not designated as hedging instruments | Other current assets | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	(1,105,000,000)	(2,392,000,000)
Total net fair value, asset	33,000,000	249,000,000
Not designated as hedging instruments | Long-term receivables and other assets, net | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	(24,000,000)	(6,000,000)
Total net fair value, asset	10,000,000	8,000,000
Not designated as hedging instruments | Accrued liabilities | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	(1,105,000,000)	(2,392,000,000)
Total net fair value, liability	60,000,000	66,000,000
Not designated as hedging instruments | Deferred credits and other liabilities - other | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	(24,000,000)	(6,000,000)
Total net fair value, liability	2,000,000	2,000,000
Not designated as hedging instruments | Level 1 | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0
Not designated as hedging instruments | Level 1 | Other current assets | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	1,053,000,000	2,531,000,000
Not designated as hedging instruments | Level 1 | Long-term receivables and other assets, net | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	24,000,000	5,000,000
Not designated as hedging instruments | Level 1 | Accrued liabilities | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	1,076,000,000	2,357,000,000
Not designated as hedging instruments | Level 1 | Deferred credits and other liabilities - other | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	25,000,000	6,000,000
Not designated as hedging instruments | Level 2 | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		2,000,000
Not designated as hedging instruments | Level 2 | Other current assets | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	85,000,000	110,000,000
Not designated as hedging instruments | Level 2 | Long-term receivables and other assets, net | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	10,000,000	9,000,000
Not designated as hedging instruments | Level 2 | Accrued liabilities | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	89,000,000	101,000,000
Not designated as hedging instruments | Level 2 | Deferred credits and other liabilities - other | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	1,000,000	2,000,000
Not designated as hedging instruments | Level 3 | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0
Not designated as hedging instruments | Level 3 | Other current assets | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Not designated as hedging instruments | Level 3 | Long-term receivables and other assets, net | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Not designated as hedging instruments | Level 3 | Accrued liabilities | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Not designated as hedging instruments | Level 3 | Deferred credits and other liabilities - other | Commodity Contract
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	$ 0	$ 0

Derivatives - Summary of Deriva

Derivatives - Summary of Derivative Instruments (Details) - Crude Oil - Subsequent Event ThousandBarrels / d in Thousands	Jul. 31, 2019ThousandBarrels / d$ / Barrel
2020 Settlement
Derivative [Line Items]
Derivative instruments (mmbls/day) | ThousandBarrels / d	300
2020 Settlement | Short position
Derivative [Line Items]
Ceiling sold price (dollars per barrel)	74.09
Purchased price (dollars per barrel)	45
2020 Settlement | Long position
Derivative [Line Items]
Purchased price (dollars per barrel)	55
2021 Settlement
Derivative [Line Items]
Derivative instruments (mmbls/day) | ThousandBarrels / d	300
2021 Settlement | Short position
Derivative [Line Items]
Ceiling sold price (dollars per barrel)	74.09

Industry Segments (Details)

Industry Segments (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)segment	Jun. 30, 2018USD ($)
Segment Information
Number of operating segments | segment			3
Net sales	$ 4,420	$ 4,083	$ 8,424	$ 7,846
Pre-tax operating profit (loss)	941	1,150	1,797	2,197
Income taxes	(306)	(302)	(531)	(641)
Net income (loss)	635	848	1,266	1,556
Anadarko transaction-related costs	50	0	50	0
Operating segments | Oil and Gas
Segment Information
Net sales	2,718	2,531	5,069	4,985
Pre-tax operating profit (loss)	726	780	1,210	1,530
Income taxes	0	0	0	0
Net income (loss)	726	780	1,210	1,530
Operating segments | Chemical
Segment Information
Net sales	998	1,176	2,057	2,330
Pre-tax operating profit (loss)	208	317	473	615
Income taxes	0	0	0	0
Net income (loss)	208	317	473	615
Operating segments | Midstream and Marketing
Segment Information
Net sales	909	603	1,725	992
Pre-tax operating profit (loss)	331	250	610	429
Income taxes	0	0	0	0
Net income (loss)	331	250	610	429
Corporate and Eliminations
Segment Information
Net sales	(205)	(227)	(427)	(461)
Pre-tax operating profit (loss)	(324)	(197)	(496)	(377)
Income taxes	(306)	(302)	(531)	(641)
Net income (loss)	$ (630)	$ (499)	(1,027)	$ (1,018)
Expenses			107
Anadarko transaction-related costs			50
Amortized debt financing fees			$ 57

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Basic EPS
Net Income	$ 635	$ 848	$ 1,266	$ 1,556
Less: Net income allocated to participating securities	(3)	(5)	(6)	(8)
Net Income, net of participating securities	$ 632	$ 843	$ 1,260	$ 1,548
Weighted average number of basic shares (in shares)	748.3	765.7	748.7	765.7
Basic EPS (in dollars per share)	$ 0.84	$ 1.10	$ 1.68	$ 2.02
Diluted EPS
Net income, net of participating securities	$ 632	$ 843	$ 1,260	$ 1,548
Weighted average number of basic shares (in shares)	748.3	765.7	748.7	765.7
Dilutive effect of potentially dilutive securities (in shares)	1.2	1.7	1.3	1.5
Total diluted weighted average common shares (in shares)	749.5	767.4	750	767.2
Diluted EPS (in dollars per share)	$ 0.84	$ 1.10	$ 1.68	$ 2.02

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 681
Operating lease liabilities	$ 679
Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Operating lease assets		$ 772
Operating lease liabilities		$ 772

Leases - Lease Assets and Liabi

Leases - Lease Assets and Liabilities (Details) $ in Millions	Jun. 30, 2019USD ($)
Assets:
Operating lease assets	$ 681
Finance lease assets	19
Total lease assets	700
Liabilities:
Current lease liabilities	252
Lease liabilities	445
Total lease liabilities	697
Current lease liabilities
Liabilities:
Current lease liabilities	242
Finance, liability, current	10
Deferred credits and other liabilities - Lease liabilities
Liabilities:
Lease liabilities	437
Finance, liability, noncurrent	$ 8

Leases - Schedule of Operating

Leases - Schedule of Operating and Finance Lease Maturities (Details) $ in Millions	Jun. 30, 2019USD ($)
Operating Leases
Remainder of 2019	$ 122
2020	190
2021	116
2022	81
2023	61
Thereafter	170
Total lease payments	740
Less: Interest	(61)
Present value of lease liabilities	679
Finance Leases
Remainder of 2019	6
2020	12
2021	1
2022	0
2023	0
Thereafter	0
Total lease payments	19
Less: Interest	(1)
Present value of lease liabilities	18
Total
Remainder of 2019	128
2020	202
2021	117
2022	81
2023	61
Thereafter	170
Total lease payments	759
Less: Interest	(62)
Present value of lease liabilities	$ 697
Weighted average lease term, operating lease	5 years 6 months
Weighted average discount rate, operating lease	3.03%
Weighted average lease term, finance lease	1 year 9 months 18 days
Weighted average discount rate, finance lease	2.93%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Millions	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 186
2020	147
2021	96
2022	68
2023	49
Thereafter	158
Total minimum lease payments	$ 704

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Lessee, Lease, Description [Line Items]
Lease cost	$ 171	$ 355
Short-term lease costs	70	156
Variable lease costs	29	60
Cash flow from operating activities		95
Cash flow from investing activities		44
Cost of sales
Lessee, Lease, Description [Line Items]
Lease cost	61	138
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Lease cost	19	35
Property, plant and equipment, net
Lessee, Lease, Description [Line Items]
Lease cost	$ 91	$ 182

Anadarko Acquisition and Other

Anadarko Acquisition and Other - Narrative (Details) $ / shares in Units, ft² in Thousands	Jun. 03, 2019USD ($)	May 09, 2019USD ($)	May 03, 2019USD ($)	Apr. 30, 2019USD ($)$ / sharesshares	Dec. 31, 2019USD ($)ft²	Dec. 31, 2019$ / sharesshares	Jun. 30, 2019USD ($)	Jun. 04, 2019USD ($)	May 10, 2019USD ($)
Forecast | Ecopetrol | Subsequent Event
Business Acquisition [Line Items]
Area of development | ft²					97
Payments to acquire joint venture interest					$ 750,000,000
Carried capital exchanged for interest in new venture					$ 750,000,000
Interest in new venture, minority (percent)					49.00%	49.00%
Interest in new venture, majority (percent)					51.00%	51.00%
Share of capital expenditures (percent)					75.00%
Anadarko
Business Acquisition [Line Items]
Cash received from sale of assets, liabilities, businesses and operations of Anadarko			$ 8,800,000,000
Fees related to merger related transaction costs and debt financing fees							$ 107,000,000
Anadarko | Revolving Credit Facility
Business Acquisition [Line Items]
Revolving credit facility	$ 3,000,000,000							$ 5,000,000,000
Revolving credit facility, additional commitment	2,000,000,000
Anadarko | The Bridge Facility | Bridge Loan
Business Acquisition [Line Items]
Loan facility term		364 days
Principal amount		$ 21,800,000,000							$ 13,000,000,000
Anadarko | Term Loan Credit Agreement
Business Acquisition [Line Items]
Reduction of principal							$ 8,800,000,000
Anadarko | Term Loan Credit Agreement | Citibank, N.A.
Business Acquisition [Line Items]
Principal amount	$ 8,800,000,000
Anadarko | 364-Day Senior Unsecured Term Loan Facility | Citibank, N.A.
Business Acquisition [Line Items]
Loan facility term	364 days
Principal amount	$ 4,400,000,000
Anadarko | Two-Year Senior Unsecured Term Loan Facility
Business Acquisition [Line Items]
Loan facility term		2 years
Anadarko | Two-Year Senior Unsecured Term Loan Facility | Citibank, N.A.
Business Acquisition [Line Items]
Principal amount	$ 4,400,000,000
Anadarko | Berkshire Hathaway
Business Acquisition [Line Items]
Aggregate purchase price				$ 10,000,000,000
Series A preferred stock agreed to purchase (in shares) | shares				100,000
Securities Purchase Agreement, Preferred Stock, Face Value | $ / shares				$ 100,000
Warrant to purchase common stock (in shares) | shares				80,000,000
Exercise price of common stock (usd per share) | $ / shares				$ 62.50
Face value dividend accrual (percent)				8.00%
Unpaid amount dividend accrual (percent)				9.00%
Anadarko | Forecast
Business Acquisition [Line Items]
Cash of acquirer in exchange for acquiree (usd per share) | $ / shares						$ 59
Exchange ratio | shares						0.2934