Occidental Petroleum Corporatio (OXY) 10-Q 6 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 03, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	1-9210
Entity Registrant Name	OCCIDENTAL PETROLEUM CORP /DE/
Entity Central Index Key	0000797468
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
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
City Area Code	713
Local Phone Number	215-7000
Title of 12(b) Security	Common Stock, $0.20 par value
Trading Symbol	OXY
Security Exchange Name	NYSE
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		900,018,184

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 2,021	$ 3,032
Restricted cash and restricted cash equivalents	242	480
Trade receivables, net	2,458	6,373
Inventories	1,436	1,447
Other current assets	2,220	1,323
Assets Held-for-sale, Not Part of Disposal Group, Current	5,732	6,026
Total current assets	14,109	18,681
INVESTMENTS IN UNCONSOLIDATED ENTITIES	6,050	6,389
PROPERTY, PLANT AND EQUIPMENT	123,462	122,347
Accumulated depreciation, depletion and amortization	(44,389)	(41,878)
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization	79,073	80,469
OPERATING LEASE ASSETS	1,193	1,385
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	1,218	2,406
Assets, Total	101,643	109,330
CURRENT LIABILITIES
Current maturities of long-term debt	2,464	51
Current operating lease liabilities	453	569
Accounts payable	3,845	7,017
Accrued liabilities	3,310	5,302
Liabilities of assets held for sale	1,891	2,010
Total current liabilities	11,963	14,949
LONG-TERM DEBT, NET
Long-term Debt, Excluding Current Maturities	36,058	38,537
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net	9,403	9,717
Asset retirement obligations	4,428	4,385
Pension and postretirement obligations	1,968	1,807
Environmental remediation liabilities	1,017	1,035
Operating lease liabilities	768	854
Other	4,743	3,814
Total deferred credits and other liabilities	22,327	21,612
STOCKHOLDERS' EQUITY
Preferred stock at par value, 100,000 shares at March 31, 2020 and December 31, 2019	9,762	9,762
Common stock at par value, 1,048,430,898 issued shares at March 31, 2020 and 1,044,434,893 shares at December 31, 2019	210	209
Treasury stock, 148,416,051 shares at March 31, 2020 and 150,323,151 shares at December 31, 2019	(10,653)	(10,653)
Additional paid-in capital	15,081	14,955
Retained earnings	17,229	20,180
Accumulated other comprehensive loss	(334)	(221)
Total stockholders' equity	31,295	34,232
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	101,643	109,330
Oil and gas segment
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	107,014	105,881
Chemical segment
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	7,187	7,172
Midstream and marketing segment
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	8,189	8,176
Corporate
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	$ 1,072	$ 1,118

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, outstanding (in shares)	100,000	100,000
Common stock, outstanding (in shares)	1,048,430,898	1,044,434,893
Treasury stock (in shares)	148,416,051	150,323,151

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
REVENUES AND OTHER INCOME
Net sales		$ 6,410	$ 4,004
Interest, dividends and other income		34	78
Gain on sale of equity investments and other assets, net		7	7
Total		6,451	4,089
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense		1,046	645
Transportation and gathering expense		558	31
Chemical and midstream cost of sales		612	669
Purchased commodities		393	365
Selling, general and administrative		260	140
Other operating and non-operating expense		195	238
Depreciation, depletion and amortization		2,242	973
Asset impairments and other charges	[1]	1,803	0
Taxes other than on income		182	111
Anadarko acquisition-related costs		148	0
Exploration expense		37	36
Interest and debt expense, net		352	98
Total		7,828	3,306
Income (loss) before income taxes and other items		(1,377)	783
OTHER ITEMS
Losses on interest rate swaps and warrants, net		(585)	0
Income (loss) from equity investments		(133)	73
Total		(718)	73
Income (loss) from continuing operations before income taxes		(2,095)	856
Income tax benefit (expense)		82	(225)
Income (loss) from continuing operations		(2,013)	631
NET INCOME (LOSS)		(2,013)	631
Less: Preferred stock dividends		(219)	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$ (2,232)	$ 631
Income (loss) from continuing operations—basic (in usd per share)		$ (2.49)	$ 0.84
Net income (loss) attributable to common stockholders—basic (in usd per share)		(2.49)	0.84
Income (loss) from continuing operations—diluted (in usd per share)		(2.49)	0.84
Net income (loss) attributable to common stockholders—diluted (in usd per share)		(2.49)	0.84
DIVIDENDS PER COMMON SHARE (in usd per share)		$ 0.79	$ 0.78
[1]	(a) Includes $1.2 billion of impairment related to the write-off of goodwill.

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Parenthetical) $ in Billions	3 Months Ended
	Mar. 31, 2020USD ($)
Income Statement [Abstract]
Goodwill impairment	$ 1.2

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		$ (2,013)	$ 631
Other comprehensive income (loss) items:
Foreign currency translation loss		(2)	0
Gains (losses) on derivatives	[1]	(2)	2
Pension and postretirement (losses) gains	[2]	(111)	2
Reclassification of losses on derivatives	[3]	2	0
Other comprehensive (loss) income, net of tax		(113)	4
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total		$ (2,126)	$ 635
[1]	Net of tax of $1 million and zero for the three months ended March 31, 2020 and 2019, respectively.
[2]	Net of tax of $31 million and $(1) million for the three months ended March 31, 2020 and 2019, respectively.
[3]	Net of tax of $(1) million and zero for the three months ended March 31, 2020 and 2019, respectively.

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Unrealized losses on derivatives, tax	$ 1	$ 0
Pension and postretirement gains, tax	31	(1)
Reclassification to income of realized (gains) losses on derivatives, tax	$ (1)	$ 0

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)	$ (2,013)	$ 631
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization of assets	2,242	973
Deferred income tax (benefit) provision	(218)	10
Other noncash (gains) charges to income	(550)	239
Asset impairments and other items	1,768	0
Gain on sales of equity investments and other assets, net	(7)	(7)
Undistributed losses (income) from affiliates	174	(24)
Dry hole expenses	18	10
Changes in operating assets and liabilities:
(Increase) decrease in receivables	3,909	(417)
Increase in inventories	(70)	(221)
Decrease (increase) in other current assets	324	(199)
Decrease in accounts payable and accrued liabilities	(4,401)	(40)
Increase (decrease) in current domestic and foreign income taxes	48	(7)
Net Cash Provided by (Used in) Operating Activities, Continuing Operations, Total	1,224	948
Cash Provided by (Used in) Operating Activities, Discontinued Operations	115	0
Net Cash Provided by (Used in) Operating Activities, Total	1,339	948
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(1,293)	(1,259)
Change in capital accrual	(435)	(51)
Purchase of businesses and assets, net	(35)	(69)
Proceeds from sale of assets and equity investments, net	112	16
Equity investments and other, net	142	(52)
Investing cash flow from continuing operations	(1,509)	(1,415)
Investing cash flow from discontinued operations, net of taxes	(21)	0
Net cash used by investing activities	(1,530)	(1,415)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock	90	16
Purchases of treasury stock	0	(237)
Cash dividends paid	(913)	(591)
Other financing, net	(196)	(2)
Net cash used by financing activities	(1,019)	(814)
Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents	(1,210)	(1,281)
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period	3,574	3,033
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period	$ 2,364	$ 1,752

CONSOLIDATED CONDENSED STATEM_6

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Common Stock	Preferred Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2018	$ 21,330	$ 179	$ 0	$ (10,473)	$ 8,046	$ 23,750	$ (172)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	631					631
Other comprehensive income (loss), net of tax	4						4
Dividends on common stock	(586)					(586)
Issuance of common stock, net	37				37
Purchases of treasury stock	(180)			(180)
Ending balance at Mar. 31, 2019	21,236	179	0	(10,653)	8,083	23,795	(168)
Beginning balance at Dec. 31, 2019	34,232	209	9,762	(10,653)	14,955	20,180	(221)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(2,013)					(2,013)
Other comprehensive income (loss), net of tax	(113)						(113)
Dividends on common stock	(719)					(719)
Dividends on preferred stock	(219)					(219)
Issuance of common stock, net	127	1			126
Ending balance at Mar. 31, 2020	$ 31,295	$ 210	$ 9,762	$ (10,653)	$ 15,081	$ 17,229	$ (334)

CONSOLIDATED CONDENSED STATEM_7

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2020$ / shares
Statement of Stockholders' Equity [Abstract]
DIVIDENDS PER COMMON SHARE (in usd per share)	$ 0.79
DIVIDENDS PER PREFERRED SHARE (in dollars per share)	$ 2,222

General

General	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
General	NOTE 1 - GENERAL NATURE OF OPERATIONS In this report, "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 conducts its operations through various subsidiaries and affiliates. 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 U.S. Securities and Exchange Commission’s rules and regulations, certain information and disclosures normally included in consolidated financial statements and the notes thereto. 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, 2019 (the 2019 Form 10-K). In the opinion of Occidental’s management, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present Occidental’s consolidated financial position as of March 31, 2020, and December 31, 2019, and the consolidated condensed statements of operations, comprehensive income, cash flows and stockholders' equity for the three months ended March 31, 2020, and 2019. 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 March 31, 2020, and 2019, are not necessarily indicative of the income or cash flows to be expected for the full year. THE ACQUISITION On August 8, 2019, pursuant to the Agreement and Plan of Merger dated May 9, 2020, Occidental acquired all of the outstanding shares of Anadarko Petroleum Corporation (the Acquisition). The Acquisition added to Occidental's oil and gas portfolio, primarily in the Permian Basin, DJ Basin and Gulf of Mexico, and an interest in Western Midstream Partners, L.P. (WES). The Acquisition constituted a business combination, and under the acquisition method of accounting, the acquisition consideration is allocated to tangible and intangible assets acquired and liabilities assumed based on their fair values. As of March 31, 2020, Occidental has substantially completed the allocation of the consideration; however, Occidental continues to gather information related to the evaluation of certain properties due to ongoing appraisal efforts. Estimates were recorded as of the Acquisition date related to these remaining items and the valuations could change as additional information is received. For the three months ended March 31, 2020 there were no material changes to the allocation presented in the 2019 Form 10-K. Occidental expensed $148 million in acquisition-related costs for the three months ended March 31, 2020, primarily related to one-time severance costs and the accelerated vesting of certain Anadarko share-based awards for former Anadarko employees based on the terms of the underlying Acquisition agreement and existing change of control provisions within the former Anadarko employment or award agreements. DISCONTINUED OPERATIONS In connection with the Acquisition, Occidental entered into a purchase and sale agreement with TOTAL S.A. (Total) to sell all of the assets, liabilities, businesses, and operations of Anadarko's operations in Algeria, Ghana, Mozambique and South Africa (collectively, the Africa Assets) for $8.8 billion, subject to certain purchase price adjustments. Occidental completed the sale of the Mozambique assets in September 2019 and the South Africa assets in January 2020. The closing of the sale of the remaining Africa Assets, in Algeria and Ghana, remained conditioned on the receipt of required regulatory and government approvals, as well as other customary closing conditions. The assets and liabilities for Algeria and Ghana are presented as held for sale at March 31, 2020. The results of operations of the Africa Assets are presented as discontinued operations, see Note 3 - Dispositions and Other Transactions . In April 2020, subsequent to communications with Algerian government officials, Occidental determined that the sale of the Algeria assets to Total will likely not be consummated. As such, beginning in the second quarter of 2020, Occidental will no longer classify the Algeria operations as a discontinued operation and will reclassify prior periods to reflect the Algerian operations as continuing operations. In addition, the carrying value of the Algeria assets will be remeasured at the lower of its fair value or the carrying amount as if depreciation, depletion and amortization (DD&A) were recorded from the date of the Acquisition. Any adjustment to reflect this remeasurement will be recorded in the second quarter of 2020. In addition, if the Algeria asset sale is not completed, Total will not be obligated to complete the acquisition of the Ghana assets under the purchase and sale agreement; however, Occidental and Total are continuing to have discussions regarding the potential sale of the Ghana assets. Unless otherwise indicated, information presented in the Notes to the Consolidated Condensed Financial Statements relates only to Occidental's continuing operations. Information related to discontinued operations is included in Note 3 - Dispositions and Other Transactions , and in some instances, where appropriate, is included as a separate disclosure within the individual Notes to the Consolidated Condensed Financial Statements. SUPPLEMENTAL CASH FLOW INFORMATION Occidental paid U.S. federal, domestic state and foreign income taxes for continuing operations of $111 million and $223 million during the three months ended March 31, 2020, and 2019, respectively. Occidental received tax refunds of $26 million and $1 million during the three months ended March 31, 2020, and 2019, respectively, related to continuing operations. Interest paid for continuing operations totaled $572 million and $114 million during the three months ended March 31, 2020, and 2019, respectively. CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balance at March 31, 2020, includes investments in government money market funds in which the carrying value approximates fair value. The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the Consolidated Condensed Statements of Cash Flows for the three months ended March 31, 2020, to the line items within the Consolidated Condensed Balance Sheet at March 31, 2020. There was no restricted cash or restricted cash equivalents at March 31, 2019. millions Cash and cash equivalents $ 2,021 Restricted cash and restricted cash equivalents 242 Cash and restricted cash included in assets held for sale 27 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 74 Cash, cash equivalents, restricted cash, and restricted cash equivalents $ 2,364 Total restricted cash and restricted cash equivalents are primarily associated with a benefits trust for former Anadarko employees that was funded as part of the Acquisition, payments of future hard-minerals royalties conveyed, and a judicially controlled account related to a Brazilian tax dispute. EQUITY METHOD INVESTMENT-WES Occidental's loss of control of WES on December 31, 2019 resulted in Occidental recognizing, at fair value, an equity method investment of $5.1 billion based on the closing market price of WES. As of March 31, 2020, the carrying amount of the investment in WES was $4.8 billion. The decline in the equity method investment from December 31, 2019 to March 31, 2020 was primarily attributable to Occidental's interest in WES's approximately $400 million impairment of its goodwill. Occidental has concluded that the short-term loss in value did not meet the other-than-temporary criteria under accounting literature governing equity method investments as of March 31, 2020. However, if WES’s unit price remains significantly below its year-end 2019 unit price for a sustained period of time, Occidental would be required to reduce the carrying amount of its equity method investment in WES. WES owns gathering systems, plants and pipelines and earns revenue from fee-based and service-based contracts with Occidental and third parties which could be impacted by lower demand for oil and gas associated with the ongoing COVID-19 pandemic. The period ended March 31, 2020, was the first quarter subsequent to the Acquisition where transactions between Occidental and WES were not eliminated upon consolidation. For the three months ended March 31, 2020 Occidental had sales of $113 million to WES and purchased $219 million and $310 million of commodities and services from WES, respectively.

Accounting and Disclosure Chang

Accounting and Disclosure Changes	3 Months Ended
	Mar. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Accounting and Disclosure Changes	NOTE 2 - ACCOUNTING AND DISCLOSURE CHANGES In January 2020, Occidental adopted Accounting Standards Update (ASU) 2016-13 Financial Instruments - Credit Losses (Topic 326). The new standard makes significant changes to the accounting for credit losses on financial assets and disclosures regarding credit losses. For trade receivables, loans and held-to-maturity debt securities, entities will be required to estimate lifetime expected credit losses. This will result in the earlier recognition of credit losses than the current incurred loss model. The acceleration of the recognition of losses is more material for entities whose receivables and other held-to-maturity debt investments are (1) long dated and (2) with less credit worthy counterparties. The vast majority of Occidental's receivables are short dated with maturities of less than 60 days with creditworthy counterparties, including refiners, pipelines and resellers. Given Occidental’s continued effort to maintain a strong credit portfolio, there have been no negative indications regarding the collectability of these receivables as of the date of this filing. Therefore, adoption of this standard has no material impact for the quarter. Occidental will continue to assess the risk to its receivables in the future. In January 2020, Occidental adopted ASU 2017-4 Intangibles, Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The new standard simplifies the accounting for goodwill impairment by requiring a single step impairment test, whereby the impairment equals the difference between the carrying amount and the estimated fair value of the specified units in their entirety, see Note 7 - Fair-Value Measurements

Dispositions and Other Transact

Dispositions and Other Transactions	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups and Equity Method And Joint Ventures [Abstract]
Dispositions and Other Transactions	NOTE 3 - DISPOSITIONS AND OTHER TRANSACTIONS AFRICA ASSETS - DISCONTINUED OPERATIONS In January 2020, Occidental completed the sale of the South Africa assets to Total. The carrying amount of Africa Assets that meet the held for sale criteria will be adjusted in future periods based on changes in fair value. The results of the Africa Assets are presented as discontinued operations in the Consolidated Condensed Statements of Operations and Cash Flows. The following table presents the amounts reported in discontinued operations, net of income taxes, related to the Africa Assets for the three months ended March 31, 2020: millions Revenues and other income Net sales $ 332 Costs and other deductions Oil and gas lease operating expense $ 46 Transportation expense 7 Taxes other than on income 43 Fair value adjustment on assets held for sale 139 Other 16 Total costs and other deductions $ 251 Income before income taxes $ 81 Income tax expense (81) Discontinued operations, net of tax $ — The following table presents the amounts reported in the Consolidated Condensed Balance Sheets as held for sale related to the Africa Assets as of March 31, 2020 and December 31, 2019: millions March 31, 2020 December 31, 2019 Current assets $ 378 $ 289 Property, plant and equipment, net 5,235 5,481 Long-term receivables and other assets, net 119 256 Assets held for sale (a) $ 5,732 $ 6,026 Current liabilities $ 399 $ 452 Long-term debt, net - finance leases 183 185 Deferred income taxes 1,096 1,112 Asset retirement obligations 183 181 Other 30 80 Liabilities of assets held for sale (a) $ 1,891 $ 2,010 Net assets held for sale $ 3,841 $ 4,016

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	NOTE 4 - REVENUE 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, natural gas liquids (NGL), gas, chemicals or services, such as transportation. As of March 31, 2020, trade receivables, net, of $2.5 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: Three months ended March 31, millions 2020 2019 Revenue from customers $ 5,047 $ 3,435 All other revenues (a) 1,363 569 Net sales $ 6,410 $ 4,004 (a) Includes net marketing derivatives, oil collars and calls, and chemical exchange contracts. DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS The table below presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGL and gas at the lease or concession area. Chemical segment revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale. millions United States Middle East Latin America Other International Eliminations Total Three months ended March 31, 2020 Oil and Gas Oil $ 2,755 $ 447 $ 149 $ — $ — $ 3,351 NGL 213 55 — — — 268 Gas 183 80 5 — — 268 Other 11 — — — — 11 Segment total $ 3,162 $ 582 $ 154 $ — $ — $ 3,898 Chemical $ 910 $ — $ 35 $ 16 $ — $ 961 Midstream and Marketing Gas processing $ 105 $ 71 $ — $ — $ — $ 176 Marketing 246 — — (51) — 195 Power and other 16 — — — — 16 Segment total $ 367 $ 71 $ — $ (51) $ — $ 387 Eliminations $ — $ — $ — $ — $ (199) $ (199) Consolidated $ 4,439 $ 653 $ 189 $ (35) $ (199) $ 5,047 millions United States Middle East Latin America Other International Eliminations Total Three months ended March 31, 2019 Oil and Gas Oil $ 1,205 $ 758 $ 135 $ — $ — $ 2,098 NGL 78 65 — — — 143 Gas 47 79 4 — — 130 Other (21) 1 — — — (20) Segment total $ 1,309 $ 903 $ 139 $ — $ — $ 2,351 Chemical $ 993 $ — $ 43 $ 19 $ — $ 1,055 Midstream and Marketing Gas processing $ 105 $ 102 $ — $ — $ — $ 207 Power and other 44 — — — — 44 Segment total $ 149 $ 102 $ — $ — $ — $ 251 Eliminations $ — $ — $ — $ — $ (222) $ (222) Consolidated $ 2,451 $ 1,005 $ 182 $ 19 $ (222) $ 3,435 TRANSACTION PRICE ALLOCATED TO REMAINING PERFORMANCE OBLIGATIONS Revenue expected to be recognized from certain performance obligations that are unsatisfied as of March 31, 2020, is reflected in the table below. Occidental applies the optional exemptions in ASU 2014-09 Revenue from Contracts with Customers (Topic 606) and does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied performance obligations. As a result, the following table represents a small portion of Occidental's expected future consolidated revenues, as future revenue from the sale of most products and services is dependent on future production or variable customer volume and variable commodity prices for that volume: millions Remainder of 2020 $ 92 2021 111 2022 9 2023 9 2024 9 Thereafter 85 Total $ 315

Inventory

Inventory	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventory	NOTE 5 - INVENTORY Commodity inventory and finished goods primarily represents crude oil, which is carried at the lower of weighted-average cost or net realizable value, and caustic soda and chlorine, which are valued under the last-in, first-out (LIFO) method. Inventories consisted of the following: millions March 31, 2020 December 31, 2019 Raw materials $ 69 $ 75 Materials and supplies 902 879 Commodity inventory and finished goods 505 533 1,476 1,487 Revaluation to LIFO (40) (40) Total $ 1,436 $ 1,447

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	NOTE 6 - DERIVATIVES Occidental uses a variety of derivative financial instruments and physical contracts to manage its exposure to commodity-price fluctuations, interest rate risks and transportation commitments and to fix margins on the future sale of stored commodity volumes. Occidental also enters into derivative financial instruments for trading purposes. Occidental may elect normal purchases and normal sales exclusions when physically delivered commodities are purchased or sold to a customer. Occidental occasionally 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, such as to lock rates on forecasted debt issuances. Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty. DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS As of March 31, 2020, Occidental’s derivatives not designated as hedges consist of three-way oil collars and call options, interest rate swaps, marketing derivatives and warrants for 80 million shares of Occidental common stock (the Warrants). Derivative instruments that are derivatives not designated as hedging instruments are required to be recorded on the balance sheet at fair value. Changes in fair value will impact Occidental’s earnings through mark-to-market adjustments until the physical commodity is delivered or the financial instrument is settled. The fair value does not reflect the realized or cash value of the instrument. THREE-WAY OIL COLLARS AND CALL OPTIONS In 2019, Occidental entered into three-way costless collar derivative instruments for 2020 along with 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 ceiling price that Occidental will receive for the contracted commodity volume for a defined period of time. The purchased put establishes the floor price that Occidental will receive for the contracted volumes unless the market price for the commodity falls below the sold put strike price, at which point the floor 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 terms for the ceiling price that Occidental will receive for the contracted commodity volumes in 2020. Net gains and losses associated with collars and calls are recognized currently in net sales. In April 2020, Occidental received cash of $108 million associated with these collars. Occidental had the following collars and calls outstanding at March 31, 2020: Collars and Calls, not designated as hedges 2020 Settlement Three-way collars (Oil MMBBL) 96.25 Average price per barrel (Brent oil pricing) Ceiling sold price (call) $ 74.16 Floor purchased price (put) $ 55.00 Floor sold price (put) $ 45.00 2021 Settlement Call options sold (Oil MMBBL) 127.8 Average price per barrel (Brent oil pricing) Ceiling sold price (call) $ 74.16 INTEREST RATE SWAPS Occidental acquired interest rate swap contracts in the Acquisition. The contracts lock in a fixed interest rate in exchange for a floating interest rate indexed to three-month London Inter-Bank Offered Rate (LIBOR) throughout the reference period. Net gains and losses associated with interest rate derivative instruments not designated as hedging instruments are recognized currently in gains (losses) on interest rate swaps and warrants, net. Occidental had the following outstanding interest rate swaps at March 31, 2020: millions except percentages Mandatory Weighted-Average Notional Principal Amount Reference Period Termination Date Interest Rate $ 400 September 2016 - 2046 September 2021 6.348 % $ 350 September 2017 - 2047 September 2021 6.662 % $ 275 September 2016 - 2046 September 2022 6.709 % $ 450 September 2017 - 2047 September 2023 6.445 % Depending on market conditions, liability management actions or other factors, Occidental may enter into offsetting interest rate swap positions or settle or amend certain or all of the currently outstanding interest rate swaps. In the first quarter of 2020, Occidental extended all 2020 mandatory termination dates to 2021 or thereafter. Derivative settlements and collateralization are classified as cash flow from operating activities unless the derivatives contain an other-than-insignificant financing element, in which case the settlements and collateralization are classified as cash flows from financing activities. Due to the liability position of the interest rate derivatives at the date of the Acquisition, the interest rate derivatives in Occidental’s portfolio contain an other-than-insignificant financing element, and therefore, any settlements, collateralization or cash payments related to interest rate derivatives are classified as cash flow from financing activities. Net cash payments related to settlements, and collateralization of interest rate swap agreements were $50 million and $99 million in the first quarter of 2020, respectively. MARKETING DERIVATIVES Occidental's marketing derivative instruments not designated as hedges are physical and financial forward contracts which typically settle within three months. A substantial majority of Occidental's physically settled derivative contracts are index-based and carry no mark-to-market valuation in earnings. These instruments settled at a weighted average contract price of $41.58 per barrel and $1.25 per thousand cubic feet (Mcf) for crude oil and natural gas, respectively, at March 31, 2020. The weighted-average contract price was $60.60 per barrel and $2.17 per Mcf for crude oil and natural gas, respectively, at December 31, 2019. Net gains and losses associated with marketing derivative instruments not designated as hedging instruments are recognized currently in net sales. The following table summarizes net long/(short) volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments. March 31, 2020 December 31, 2019 Crude Oil Commodity Contracts Volume (MMBBL) 29 55 Natural Gas Commodity Contracts Volume (Bcf) (122) (128) THE WARRANTS The Warrants issued with the Preferred Stock in connection with the financing of the Acquisition are exercisable at the holder's option, in whole or in part, until the first anniversary of the date on which no shares of Preferred Stock remain outstanding at which time the Warrants expire. The holders of the Warrants may require net cash settlement if certain shareholder and regulatory approvals to issue shares of Occidental's common stock underlying the Warrants are not obtained on a timely basis. The fair value of the Warrants is remeasured at each reporting date using the Black Scholes option model. The following inputs are used in the Black Scholes option model: the expected life is based on the estimated term of the Warrants, the volatility factor is based on historical volatilities of Occidental common stock, and the call option price for Occidental common stock at $62.50. DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS Net gains and losses attributable to derivative instruments subject to cash flow 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. CASH FLOW HEDGES Occidental’s marketing operations store natural gas purchased from third parties at Occidental’s leased storage facilities. Derivative instruments are used to fix margins on the future sales of the stored volumes. As of March 31, 2020 and December 31, 2019, cash flow hedges were immaterial. FAIR VALUE OF DERIVATIVES The following tables present the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts below, including when the derivatives are subject to master netting arrangements, and are presented on a net basis in the Consolidated Condensed Balance Sheets. millions Fair-Value Measurements Using Netting (a) Total Fair Value Balance Sheet Classifications Level 1 Level 2 Level 3 March 31, 2020 Oil Collars and Calls Other current assets $ — $ 834 $ — $ — $ 834 Deferred credits and other liabilities - other — (58) — — (58) Marketing Derivatives Other current assets 6,438 392 — (6,445) 385 Long-term receivables and other assets, net 91 19 — (91) 19 Accrued liabilities (6,170) (367) — 6,445 (92) Deferred credits and other liabilities - other (91) (1) — 91 (1) Interest Rate Swaps Other current assets — 1 — — 1 Long-term receivables and other assets, net — 1 — — 1 Accrued liabilities — (90) — — (90) Deferred credits and other liabilities - other — (1,954) — — (1,954) Warrants Deferred credits and other liabilities - other — (23) — — (23) December 31, 2019 Oil Collars and Calls Other current assets $ — $ 92 $ — $ — $ 92 Deferred credits and other liabilities - other — (160) — — (160) Marketing Derivatives Other current assets 945 79 — (973) 51 Long-term receivables and other assets, net 4 12 — (4) 12 Accrued liabilities (1,008) (44) — 973 (79) Deferred credits and other liabilities - other (4) (1) — 4 (1) Interest Rate Swaps Other current assets — 5 — — 5 Long-term receivables and other assets, net — 5 — — 5 Accrued liabilities — (657) — — (657) Deferred credits and other liabilities - other — (776) — — (776) Warrants Deferred credits and other liabilities - other — (107) — — (107) (a) These amounts do not include collateral. As of March 31, 2020, and December 31, 2019, $204 million and $104 million of collateral had been netted against derivative liabilities related to interest rate swaps, respectively. Subsequent to March 31, 2020, Occidental was required to post an additional $225 million in cash collateral related to the interest rate swaps. As of March 31, 2020, Occidental had received $212 million of collateral from brokers, which is netted with derivative assets. Initial margin of $65 million was deposited with brokers as of December 31, 2019 related to marketing derivatives. GAINS AND LOSSES ON DERIVATIVES The following table presents the effect of Occidental's derivative instruments on the Consolidated Condensed Statements of Operations: millions Three months ended March 31, Income Statement Classification 2020 2019 Oil Collars and Calls Net sales $ 952 $ — Marketing Derivatives Net sales (a) 410 564 Interest Rate Swaps Losses on interest rate swaps and warrants, net (669) — Warrants Gains on interest rate swaps and warrants, net 84 — (a) Includes derivative and non-derivative marketing activity. CREDIT RISK Occidental's counterparty credit risk related to the physical delivery of energy commodities results from its customers' potential 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 party would need to post. The aggregate fair value of derivative instruments with credit-risk-related contingent features for which a net liability position existed at March 31, 2020, was $244 million (net of $204 million collateral), primarily related to acquired interest-rate swaps, and $787 million (net of $169 million of collateral) at December 31, 2019.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 7 - FAIR-VALUE MEASUREMENTS Occidental has categorized its assets and liabilities that are measured at fair value in a three-level fair-value hierarchy, based on the inputs to the valuation techniques: Level 1 — using quoted prices in active markets for the assets or liabilities; Level 2 — using observable inputs other than quoted prices for the assets or liabilities; and Level 3 — using unobservable inputs. Transfers between levels, if any, are recognized at the end of each reporting period. FAIR-VALUES - RECURRING In January 2012, Occidental entered into a long-term contract to purchase carbon dioxide (CO 2 ). This contract contains a price adjustment clause that is linked to changes in NYMEX crude oil prices. Occidental determined that the portion of this contract linked to NYMEX oil prices is not clearly and closely related to the host contract, and Occidental therefore bifurcated this embedded pricing feature from its host contract and accounts for it at fair value in the Consolidated Condensed Financial Statements. The following tables provide fair-value measurement information for embedded derivatives that are measured on a recurring basis: millions Fair-Value Measurements Using Embedded derivatives Level 1 Level 2 Level 3 Netting and Total Fair As of March 31, 2020 Accrued liabilities $ — $ 105 $ — $ — $ 105 Deferred credits and other liabilities - other — 67 — — 67 As of December 31, 2019 Accrued liabilities $ — $ 40 $ — $ — $ 40 Deferred credits and other liabilities - other — 49 — — 49 FAIR-VALUES - NONRECURRING - IMPAIRMENTS Given (1) the abrupt decline in oil commodity prices beginning in March 2020 caused by a collapse in demand for oil and natural gas due to the slowdown in worldwide economic activity attributable to the COVID-19 pandemic and government-imposed travel restrictions and business closures and the institution of quarantining and other restrictions on movement in many communities worldwide and a dispute among the Organization of the Petroleum Exporting Countries and its broader partners (OPEC+) regarding the level of oil production and (2) changes to management's 2020 exploration and development plans resulting therefrom, Occidental's oil and gas segment recognized pre-tax impairment and related charges of $581 million primarily related to both proved and unproved oil and gas properties and a lower of cost or net realizable value adjustment for crude inventory. Occidental identified certain proved oil and gas assets which would be significantly impacted in the near term due to declines in prices and changes in management's 2020 development plans and assessed those assets for impairment. Occidental recorded proved property impairments of $293 million related to certain assets in Oman, Bolivia and the Gulf of Mexico. The fair value of the proved properties was measured based on the income approach, which incorporated assumptions involving expectations of future cash flows. These assumptions included estimates of future product prices, which Occidental based on a combination of market information and published industry resources, 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. Unproved property impairments, of approximately $241 million, primarily relate to domestic onshore undeveloped leases and offshore Gulf of Mexico where Occidental no longer intends to pursue exploration, appraisal or development activities primarily due to the reduction in near-term capital plans. Since March 31, 2020, the near-term futures price for oil has continued to decrease as inventory and supply imbalances have magnified as a result of the pandemic related drop in demand for oil. If the macro-economic conditions that exist as of the date of this filing continue or worsen, it is likely that most, if not all, of Occidental’s oil and properties will be tested for impairment during the second quarter of 2020, which could result in additional non-cash asset impairments, and such impairments could be material to Occidental’s consolidated financial statements. GOODWILL As of December 31, 2019, Occidental had $1.2 billion of goodwill related to its ownership in WES. Significant declines in the market value of WES’s publicly traded units resulted in management’s determination that more likely than not the fair value of the reporting unit was significantly less than its carrying value and the remaining $1.2 billion in goodwill was fully impaired in the first quarter of 2020. The market value of WES's publicly traded units is considered a Level 1 input.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 8 - LONG-TERM DEBT The following table summarizes Occidental's outstanding debt, including finance lease liabilities: millions March 31, 2020 December 31, 2019 Total borrowings at face value $ 37,401 $ 37,401 Adjustments to book value: Unamortized premium, net 892 914 Debt issuance costs (117) (125) Long-term finance leases 308 347 Current finance leases 38 51 Total debt and finance leases 38,522 38,588 Less current maturities of long-term debt (2,464) (51) Long-term debt, net $ 36,058 $ 38,537 DEBT ACTIVITY On March 23, 2020, Occidental amended the sole financial covenant in its revolving credit facility (RCF) and Term Loan by revising the definition of "Total Capitalization" within each agreement to exclude any non-cash write-downs, impairments and related charges occurring after September 30, 2019. The amendments provide Occidental with additional flexibility in the event of any such write-downs, impairments or other changes under the ratio of Total Debt to Total Capitalization covenant. FAIR VALUE OF DEBT

Lease Commitments

Lease Commitments	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lease Commitments	NOTE 9 - LEASE COMMITMENTS Occidental’s operating lease agreements include leases for oil and gas exploration and development equipment, including offshore and onshore drilling rigs and storage platforms of $105 million, compressors of $154 million and other field equipment of $341 million, which are recorded gross on the Consolidated Condensed Balance Sheet and in the lease cost disclosures below. Contract expiration terms generally range from two one Occidental’s finance lease agreements include leases for oil and gas exploration and development equipment, as well as real estate offices, compressors and field equipment of approximately $347 million . The following table presents lease balances and their location on the Consolidated Condensed Balance Sheet at March 31, 2020 and December 31, 2019: millions Balance sheet location 2020 2019 Assets: Operating Operating lease assets $ 1,193 $ 1,385 Finance Property, plant and equipment 343 397 Total lease assets $ 1,536 $ 1,782 Liabilities: Current Operating Current operating lease liabilities $ 453 $ 569 Finance Current maturities of long-term debt 38 51 Non-current Operating Deferred credits and other liabilities - Operating lease liabilities 768 854 Finance Long-term debt, net 308 347 Total lease liabilities $ 1,567 $ 1,821 At March 31, 2020, Occidental's leases expire based on the following schedule: Operating Finance millions Leases (a) Leases (b) Total Remainder of 2020 $ 382 $ 31 $ 413 2021 386 37 423 2022 136 34 170 2023 102 32 134 2024 81 30 111 Thereafter 248 261 509 Total lease payments 1,335 425 1,760 Less: Interest (114) (79) (193) Total lease liabilities $ 1,221 $ 346 $ 1,567 (a) The weighted-average remaining lease term is 4.8 years and the weighted-average discount rate is 2.85%. (b) The weighted-average remaining lease term is 11.8 years and the weighted-average discount rate is 3.39%. The following tables present Occidental's total lease cost and classifications, as well as cash paid for amounts included in the measurement of operating and finance lease liabilities: millions Three months ended March 31, Lease cost classification (a) 2020 2019 Operating lease costs (b) : Property, plant and equipment, net $ 85 $ 91 Cost of sales 143 77 Selling, general and administrative expenses 21 16 Finance lease cost: Amortization of ROU assets 4 — Interest on lease liabilities 3 — Total lease cost $ 256 $ 184 (a) Amounts reflected are gross before joint-interest recoveries. (b) Includes short-term lease cost of $54 million and $86 million for the three months ended March 31, 2020 and 2019, respectively. Includes variable lease cost of $38 million and $31 million for the three months ended March 31, 2020 and 2019, respectively. Three months ended March 31, millions 2020 2019 Operating cash flows $ 145 $ 48 Investing cash flows $ 36 $ 19 Financing cash flows $ 9 $ —
Lease Commitments	NOTE 9 - LEASE COMMITMENTS Occidental’s operating lease agreements include leases for oil and gas exploration and development equipment, including offshore and onshore drilling rigs and storage platforms of $105 million, compressors of $154 million and other field equipment of $341 million, which are recorded gross on the Consolidated Condensed Balance Sheet and in the lease cost disclosures below. Contract expiration terms generally range from two one Occidental’s finance lease agreements include leases for oil and gas exploration and development equipment, as well as real estate offices, compressors and field equipment of approximately $347 million . The following table presents lease balances and their location on the Consolidated Condensed Balance Sheet at March 31, 2020 and December 31, 2019: millions Balance sheet location 2020 2019 Assets: Operating Operating lease assets $ 1,193 $ 1,385 Finance Property, plant and equipment 343 397 Total lease assets $ 1,536 $ 1,782 Liabilities: Current Operating Current operating lease liabilities $ 453 $ 569 Finance Current maturities of long-term debt 38 51 Non-current Operating Deferred credits and other liabilities - Operating lease liabilities 768 854 Finance Long-term debt, net 308 347 Total lease liabilities $ 1,567 $ 1,821 At March 31, 2020, Occidental's leases expire based on the following schedule: Operating Finance millions Leases (a) Leases (b) Total Remainder of 2020 $ 382 $ 31 $ 413 2021 386 37 423 2022 136 34 170 2023 102 32 134 2024 81 30 111 Thereafter 248 261 509 Total lease payments 1,335 425 1,760 Less: Interest (114) (79) (193) Total lease liabilities $ 1,221 $ 346 $ 1,567 (a) The weighted-average remaining lease term is 4.8 years and the weighted-average discount rate is 2.85%. (b) The weighted-average remaining lease term is 11.8 years and the weighted-average discount rate is 3.39%. The following tables present Occidental's total lease cost and classifications, as well as cash paid for amounts included in the measurement of operating and finance lease liabilities: millions Three months ended March 31, Lease cost classification (a) 2020 2019 Operating lease costs (b) : Property, plant and equipment, net $ 85 $ 91 Cost of sales 143 77 Selling, general and administrative expenses 21 16 Finance lease cost: Amortization of ROU assets 4 — Interest on lease liabilities 3 — Total lease cost $ 256 $ 184 (a) Amounts reflected are gross before joint-interest recoveries. (b) Includes short-term lease cost of $54 million and $86 million for the three months ended March 31, 2020 and 2019, respectively. Includes variable lease cost of $38 million and $31 million for the three months ended March 31, 2020 and 2019, respectively. Three months ended March 31, millions 2020 2019 Operating cash flows $ 145 $ 48 Investing cash flows $ 36 $ 19 Financing cash flows $ 9 $ —

Lawsuits, Claims, Commitments a

Lawsuits, Claims, Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Lawsuits, Claims, Commitments and Contingencies	NOTE 10 - 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 the Comprehensive Environmental Response, Compensation and Liability Act (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. Reserve balances for matters, other than for environmental remediation, that satisfy this criteria as of March 31, 2020, and December 31, 2019, were not material to Occidental’s Consolidated Condensed 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. The hearing date is subject to change due to the COVID-19 pandemic. 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 Section 220 Demand). On June 14, 2019, Occidental filed an answer to the complaint in the Court of Chancery of the State of Delaware. A trial was held on September 20, 2019, and the court dismissed the Icahn Complaint. The Icahn Complainants appealed and oral arguments occurred in February 2020. On March 25, 2020, as part of the Director Appointment and Nomination Agreement, the Icahn Complainants agreed to (i) withdraw and not renew its Section 220 Demand and (ii) pursuant to the Rules of the Supreme Court of the State of Delaware, (1) stipulate to the dismissal with prejudice of the appeal filed by the Icahn Complainants in the Supreme Court of the State of Delaware in the case of High River Ltd. P’ship v. Occidental Petroleum Corp. and (2) use reasonable best efforts to obtain Court approval of such stipulation of dismissal. In August 2019, Sanchez Energy Corporation and certain of its affiliates (Sanchez) filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code. Sanchez is a party to agreements with Anadarko as a result of its 2017 purchase of Anadarko's Eagle Ford Shale assets. In a recent filing in the bankruptcy proceeding, Sanchez stated that it intends to reject all agreements related to the purchase of Anadarko’s Eagle Ford Shale assets. If Sanchez is permitted to reject certain of the agreements, then Anadarko may owe deficiency payments to various third parties. The Company intends to defend vigorously any attempt by Sanchez to reject the agreements. 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 Condensed Balance Sheets. 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. For the legacy Occidental group, taxable years through 2016 for U.S. federal income tax purposes have been audited by the U.S. 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, 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. For Anadarko, its taxable years through 2016 for U.S. federal and state income tax purposes have been audited by the IRS and respective state taxing authorities. There are outstanding significant audit matters in one foreign jurisdiction. As stated above, during the course of tax audits, disputes have arisen and other disputes may arise as to facts and matters of law. Other than the matter discussed below, Occidental believes that the resolution of these outstanding tax matters would not have a material adverse effect on its consolidated financial position or results of operations. Anadarko received an $881 million tentative refund in 2016 related to its $5.2 billion Tronox Adversary Proceeding settlement payment in 2015. In September 2018, Anadarko received a statutory notice of deficiency from the IRS disallowing the net operating loss carryback and rejecting Anadarko’s refund claim. As a result, Anadarko filed a petition with the U.S. Tax Court to dispute the disallowances in November 2018. The case is currently in the IRS appeals process. If the matter is not resolved in the IRS appeals process, Occidental expects to continue pursuing resolution in the U.S. Tax Court. While Occidental believes it is entitled to this refund, in accordance with ASC 740’s guidance on the accounting for uncertain tax positions, as of March 31, 2020, Occidental has recorded no tax benefit on the tentative cash tax refund of $881 million. As a result, should Occidental not ultimately prevail on the issue, there would be no additional tax expense recorded for financial statement purposes other than future interest. A liability was recorded in deferred credits and other liabilities - other at December 31, 2019, for the amount to be repaid plus interest in the event Occidental does not prevail. On March 27, 2020, the President signed into law the Coronavirus Aid, Relief and Economic Security Act (hereafter, CARES Act), an economic stimulus package in response to the COVID-19 pandemic. The CARES Act contains several corporate income tax provisions, including provisions allowing for immediate refund of remaining unutilized AMT credits as well as allowing a 5-year carryback of net operating losses generated in tax years 2018, 2019, and 2020. Occidental anticipates a cash refund of approximately $195 million as a result of the aforementioned AMT credit and NOL carryback provisions enacted as of March 31, 2020. However, Occidental does not currently expect the various provisions of the CARES Act to have a material effect on current income tax expense or the realizability of deferred income tax assets. Occidental will continue to monitor additional guidance issued by the U.S. Treasury Department and the Internal Revenue Service. INDEMNITIES TO THIRD PARTIES Occidental, its subsidiaries, or both, have indemnified various parties against specified liabilities those parties might incur in the future in connection with purchases and other transactions that they have entered into with Occidental. These indemnities usually are contingent upon the other party incurring liabilities that reach specified thresholds. As of March 31, 2020, 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.

Environmental Liabilities and E

Environmental Liabilities and Expenditures	3 Months Ended
	Mar. 31, 2020
Environmental Remediation Obligations [Abstract]
Environmental Liabilities and Expenditures	NOTE 11 - 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 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. ENVIRONMENTAL REMEDIATION As of March 31, 2020, Occidental participated in or monitored remedial activities or proceedings at 177 sites. The following table presents Occidental’s current and non-current environmental remediation liabilities as of March 31, 2020. The current portion, $160 million, is included in accrued liabilities and the non-current portion, $1.0 billion, in deferred credits and other liabilities - environmental remediation liabilities. Occidental’s environmental remediation sites are grouped into four categories: sites listed or proposed for listing by the U.S. Environmental Protection Agency (EPA) on the CERCLA National Priorities List (NPL) and three categories of non-NPL sites — third-party sites, Occidental-operated sites and closed or non-operated Occidental sites. millions, except number of sites Number of Sites Remediation Balance NPL sites 37 $ 459 Third-party sites 73 301 Occidental-operated sites 17 152 Closed or non-operated Occidental sites 50 265 Total 177 $ 1,177 As of March 31, 2020, Occidental’s environmental remediation liabilities exceeded $10 million each at 19 of the 177 sites described above, and 101 of the sites had liabilities from zero to $1 million each. Based on current estimates, Occidental expects to expend funds corresponding to approximately 45 percent of the period-end remediation balance at the sites described above over the next three 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 September 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 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.

Retirement and Postretirement B

Retirement and Postretirement Benefit Plans	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Retirement and Postretirement Benefit Plans	NOTE 12 - RETIREMENT AND POSTRETIREMENT BENEFIT PLANS Occidental has various defined benefit pension plans for certain domestic union, non-union hourly and foreign national employees. In addition, Occidental also provides medical and other benefits for certain active, retired and disabled employees and their eligible dependents. In conjunction with the Acquisition, Occidental acquired certain Anadarko contributory and non-contributory defined benefit pension plans, which include both qualified and supplemental plans, and plans that provide health care and life insurance benefits for certain retired employees. The Anadarko pension and postretirement obligations were remeasured as of the Acquisition date. The disclosures below exclude the Africa Assets classified as held for sale as of March 31, 2020. Net periodic benefit costs related to pension benefits included a settlement gain of $9 million, a curtailment gain of $5 million and a $16 million cost of special termination benefits for the three months ended March 31, 2020. The settlement and curtailment gains and the cost of special termination benefits for 2020 primarily relate to the separation program initiated in conjunction with the Acquisition. Excluding these items, net periodic benefit costs related to pension benefits were $11 million and $2 million for the three months ended March 31, 2020 and 2019, respectively. Net periodic benefit costs related to postretirement benefits were $20 million and $14 million for the three months ended March 31, 2020 and 2019, respectively.

Earnings Per Share And Stockhol

Earnings Per Share And Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Earnings Per Share And Stockholders' Equity	NOTE 13 - EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY The following table presents the calculation of basic and diluted net income (loss) attributable to common stockholders per share: Three months ended millions except per-share amounts 2020 2019 Net income (loss) $ (2,013) $ 631 Less: Preferred stock dividends (219) — Net income (loss) attributable to common stock (2,232) 631 Less: Net income allocated to participating securities — (3) Net income (loss) attributable to common stock, net of participating securities $ (2,232) $ 628 Weighted average number of basic shares 896.7 748.9 Basic earnings (loss) per common share $ (2.49) $ 0.84 Net income (loss) attributable to common stock, net of participating securities $ (2,232) $ 628 Weighted-average number of basic shares 896.7 748.9 Dilutive securities — 1.6 Total diluted weighted-average common shares 896.7 750.5 Net income (loss) attributable to common stockholders per share—diluted $ (2.49) $ 0.84 PREFERRED STOCK In connection with the Acquisition, Occidental issued 100,000 shares of series A preferred stock (the Preferred Stock), having a face value of $100,000 per share. Dividends on the Preferred Stock will accrue on the face value at a rate per annum of 8 percent, but will be paid only when, as and if declared by Occidental’s Board of Directors. The Board of Directors will assess market conditions and Occidental's financial position on a quarterly basis to determine whether the dividend on the Preferred Stock will be paid in shares of common stock, in cash or a combination of shares of common stock and cash. 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 percent. Following the payment in full of any accrued but unpaid dividends, the dividend rate will remain at 9 percent per annum. If preferred dividends are not paid in full Occidental is prohibited from paying dividends on common stock. ten

Industry Segments

Industry Segments	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Industry Segments	NOTE 14 - INDUSTRY SEGMENTS Occidental conducts its operations through three segments: (1) oil and gas; (2) chemical; and (3) midstream and marketing. Income taxes, interest income, interest expense, environmental remediation expenses, Anadarko acquisition-related costs and unallocated corporate expenses are included under Corporate and Eliminations. 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 table presents Occidental’s industry segments: millions Oil and Chemical Midstream and Marketing Corporate Total Three months ended March 31, 2020 Net sales $ 4,857 $ 962 $ 790 $ (199) $ 6,410 Income (loss) from continuing operations before income taxes $ 179 (a) $ 186 $ (1,287) (b) $ (1,173) (c) $ (2,095) Income tax benefit — — — 82 82 Income (loss) from continuing operations $ 179 $ 186 $ (1,287) $ (1,091) $ (2,013) Three months ended March 31, 2019 Net sales $ 2,351 $ 1,059 $ 816 $ (222) $ 4,004 Income (loss) from continuing operations before income taxes $ 484 $ 265 $ 279 $ (172) $ 856 Income tax expense — — — (225) (225) Income (loss) from continuing operations $ 484 $ 265 $ 279 $ (397) $ 631 (a) Includes $317 million related to domestic asset impairments and other charges, $952 million gain on the oil collars and calls and $264 million related to foreign asset impairments for the three months ended March 31, 2020. (b) Includes $1.4 billion impairment related to the write-off of goodwill and a loss from an equity investment related to WES's writeoff of its goodwill for the three months ended March 31, 2020. (c) Includes $148 million in expenses related to Anadarko acquisition-related costs, $669 million loss on interest rate swaps and $84 million in warrant gains for the three months ended March 31, 2020.

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Discontinued Operations	DISCONTINUED OPERATIONS In connection with the Acquisition, Occidental entered into a purchase and sale agreement with TOTAL S.A. (Total) to sell all of the assets, liabilities, businesses, and operations of Anadarko's operations in Algeria, Ghana, Mozambique and South Africa (collectively, the Africa Assets) for $8.8 billion, subject to certain purchase price adjustments. Occidental completed the sale of the Mozambique assets in September 2019 and the South Africa assets in January 2020. The closing of the sale of the remaining Africa Assets, in Algeria and Ghana, remained conditioned on the receipt of required regulatory and government approvals, as well as other customary closing conditions. The assets and liabilities for Algeria and Ghana are presented as held for sale at March 31, 2020. The results of operations of the Africa Assets are presented as discontinued operations, see Note 3 - Dispositions and Other Transactions . In April 2020, subsequent to communications with Algerian government officials, Occidental determined that the sale of the Algeria assets to Total will likely not be consummated. As such, beginning in the second quarter of 2020, Occidental will no longer classify the Algeria operations as a discontinued operation and will reclassify prior periods to reflect the Algerian operations as continuing operations. In addition, the carrying value of the Algeria assets will be remeasured at the lower of its fair value or the carrying amount as if depreciation, depletion and amortization (DD&A) were recorded from the date of the Acquisition. Any adjustment to reflect this remeasurement will be recorded in the second quarter of 2020. Unless otherwise indicated, information presented in the Notes to the Consolidated Condensed Financial Statements relates only to Occidental's continuing operations. Information related to discontinued operations is included in Note 3 - Dispositions and Other Transactions
Cash Equivalents and Restricted Cash Equivalents	Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents.
Accounting and Disclosure Changes	NOTE 2 - ACCOUNTING AND DISCLOSURE CHANGES In January 2020, Occidental adopted Accounting Standards Update (ASU) 2016-13 Financial Instruments - Credit Losses (Topic 326). The new standard makes significant changes to the accounting for credit losses on financial assets and disclosures regarding credit losses. For trade receivables, loans and held-to-maturity debt securities, entities will be required to estimate lifetime expected credit losses. This will result in the earlier recognition of credit losses than the current incurred loss model. The acceleration of the recognition of losses is more material for entities whose receivables and other held-to-maturity debt investments are (1) long dated and (2) with less credit worthy counterparties. The vast majority of Occidental's receivables are short dated with maturities of less than 60 days with creditworthy counterparties, including refiners, pipelines and resellers. Given Occidental’s continued effort to maintain a strong credit portfolio, there have been no negative indications regarding the collectability of these receivables as of the date of this filing. Therefore, adoption of this standard has no material impact for the quarter. Occidental will continue to assess the risk to its receivables in the future. In January 2020, Occidental adopted ASU 2017-4 Intangibles, Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The new standard simplifies the accounting for goodwill impairment by requiring a single step impairment test, whereby the impairment equals the difference between the carrying amount and the estimated fair value of the specified units in their entirety, see Note 7 - Fair-Value Measurements

General (Tables)

General (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of Restrictions on Cash and Cash Equivalents	There was no restricted cash or restricted cash equivalents at March 31, 2019. millions Cash and cash equivalents $ 2,021 Restricted cash and restricted cash equivalents 242 Cash and restricted cash included in assets held for sale 27 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 74 Cash, cash equivalents, restricted cash, and restricted cash equivalents $ 2,364
Schedule of Cash and Cash Equivalents	There was no restricted cash or restricted cash equivalents at March 31, 2019. millions Cash and cash equivalents $ 2,021 Restricted cash and restricted cash equivalents 242 Cash and restricted cash included in assets held for sale 27 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 74 Cash, cash equivalents, restricted cash, and restricted cash equivalents $ 2,364

Dispositions and Other Transa_2

Dispositions and Other Transactions (Tables)	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups and Equity Method And Joint Ventures [Abstract]
Summary of Revenues, Costs and Assets Held for Sale of Discontinued Operations	The following table presents the amounts reported in discontinued operations, net of income taxes, related to the Africa Assets for the three months ended March 31, 2020: millions Revenues and other income Net sales $ 332 Costs and other deductions Oil and gas lease operating expense $ 46 Transportation expense 7 Taxes other than on income 43 Fair value adjustment on assets held for sale 139 Other 16 Total costs and other deductions $ 251 Income before income taxes $ 81 Income tax expense (81) Discontinued operations, net of tax $ — The following table presents the amounts reported in the Consolidated Condensed Balance Sheets as held for sale related to the Africa Assets as of March 31, 2020 and December 31, 2019: millions March 31, 2020 December 31, 2019 Current assets $ 378 $ 289 Property, plant and equipment, net 5,235 5,481 Long-term receivables and other assets, net 119 256 Assets held for sale (a) $ 5,732 $ 6,026 Current liabilities $ 399 $ 452 Long-term debt, net - finance leases 183 185 Deferred income taxes 1,096 1,112 Asset retirement obligations 183 181 Other 30 80 Liabilities of assets held for sale (a) $ 1,891 $ 2,010 Net assets held for sale $ 3,841 $ 4,016

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
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: Three months ended March 31, millions 2020 2019 Revenue from customers $ 5,047 $ 3,435 All other revenues (a) 1,363 569 Net sales $ 6,410 $ 4,004 (a) Includes net marketing derivatives, oil collars and calls, and chemical exchange contracts.
Schedule of revenue from customers by segment, product, and geographical area	Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale. millions United States Middle East Latin America Other International Eliminations Total Three months ended March 31, 2020 Oil and Gas Oil $ 2,755 $ 447 $ 149 $ — $ — $ 3,351 NGL 213 55 — — — 268 Gas 183 80 5 — — 268 Other 11 — — — — 11 Segment total $ 3,162 $ 582 $ 154 $ — $ — $ 3,898 Chemical $ 910 $ — $ 35 $ 16 $ — $ 961 Midstream and Marketing Gas processing $ 105 $ 71 $ — $ — $ — $ 176 Marketing 246 — — (51) — 195 Power and other 16 — — — — 16 Segment total $ 367 $ 71 $ — $ (51) $ — $ 387 Eliminations $ — $ — $ — $ — $ (199) $ (199) Consolidated $ 4,439 $ 653 $ 189 $ (35) $ (199) $ 5,047 millions United States Middle East Latin America Other International Eliminations Total Three months ended March 31, 2019 Oil and Gas Oil $ 1,205 $ 758 $ 135 $ — $ — $ 2,098 NGL 78 65 — — — 143 Gas 47 79 4 — — 130 Other (21) 1 — — — (20) Segment total $ 1,309 $ 903 $ 139 $ — $ — $ 2,351 Chemical $ 993 $ — $ 43 $ 19 $ — $ 1,055 Midstream and Marketing Gas processing $ 105 $ 102 $ — $ — $ — $ 207 Power and other 44 — — — — 44 Segment total $ 149 $ 102 $ — $ — $ — $ 251 Eliminations $ — $ — $ — $ — $ (222) $ (222) Consolidated $ 2,451 $ 1,005 $ 182 $ 19 $ (222) $ 3,435
Schedule of expected revenue recognition from satisfaction of performance obligations	As a result, the following table represents a small portion of Occidental's expected future consolidated revenues, as future revenue from the sale of most products and services is dependent on future production or variable customer volume and variable commodity prices for that volume: millions Remainder of 2020 $ 92 2021 111 2022 9 2023 9 2024 9 Thereafter 85 Total $ 315

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following: millions March 31, 2020 December 31, 2019 Raw materials $ 69 $ 75 Materials and supplies 902 879 Commodity inventory and finished goods 505 533 1,476 1,487 Revaluation to LIFO (40) (40) Total $ 1,436 $ 1,447

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Derivative Instruments	Occidental had the following collars and calls outstanding at March 31, 2020: Collars and Calls, not designated as hedges 2020 Settlement Three-way collars (Oil MMBBL) 96.25 Average price per barrel (Brent oil pricing) Ceiling sold price (call) $ 74.16 Floor purchased price (put) $ 55.00 Floor sold price (put) $ 45.00 2021 Settlement Call options sold (Oil MMBBL) 127.8 Average price per barrel (Brent oil pricing) Ceiling sold price (call) $ 74.16 Occidental had the following outstanding interest rate swaps at March 31, 2020: millions except percentages Mandatory Weighted-Average Notional Principal Amount Reference Period Termination Date Interest Rate $ 400 September 2016 - 2046 September 2021 6.348 % $ 350 September 2017 - 2047 September 2021 6.662 % $ 275 September 2016 - 2046 September 2022 6.709 % $ 450 September 2017 - 2047 September 2023 6.445 %
Summary of net sales related to the outstanding commodity derivative instruments	The following table summarizes net long/(short) volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments. March 31, 2020 December 31, 2019 Crude Oil Commodity Contracts Volume (MMBBL) 29 55 Natural Gas Commodity Contracts Volume (Bcf) (122) (128)
Gross and net fair values of outstanding derivatives	The following tables present the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts below, including when the derivatives are subject to master netting arrangements, and are presented on a net basis in the Consolidated Condensed Balance Sheets. millions Fair-Value Measurements Using Netting (a) Total Fair Value Balance Sheet Classifications Level 1 Level 2 Level 3 March 31, 2020 Oil Collars and Calls Other current assets $ — $ 834 $ — $ — $ 834 Deferred credits and other liabilities - other — (58) — — (58) Marketing Derivatives Other current assets 6,438 392 — (6,445) 385 Long-term receivables and other assets, net 91 19 — (91) 19 Accrued liabilities (6,170) (367) — 6,445 (92) Deferred credits and other liabilities - other (91) (1) — 91 (1) Interest Rate Swaps Other current assets — 1 — — 1 Long-term receivables and other assets, net — 1 — — 1 Accrued liabilities — (90) — — (90) Deferred credits and other liabilities - other — (1,954) — — (1,954) Warrants Deferred credits and other liabilities - other — (23) — — (23) December 31, 2019 Oil Collars and Calls Other current assets $ — $ 92 $ — $ — $ 92 Deferred credits and other liabilities - other — (160) — — (160) Marketing Derivatives Other current assets 945 79 — (973) 51 Long-term receivables and other assets, net 4 12 — (4) 12 Accrued liabilities (1,008) (44) — 973 (79) Deferred credits and other liabilities - other (4) (1) — 4 (1) Interest Rate Swaps Other current assets — 5 — — 5 Long-term receivables and other assets, net — 5 — — 5 Accrued liabilities — (657) — — (657) Deferred credits and other liabilities - other — (776) — — (776) Warrants Deferred credits and other liabilities - other — (107) — — (107)
Schedule of Gains and Losses on Derivatives	The following table presents the effect of Occidental's derivative instruments on the Consolidated Condensed Statements of Operations: millions Three months ended March 31, Income Statement Classification 2020 2019 Oil Collars and Calls Net sales $ 952 $ — Marketing Derivatives Net sales (a) 410 564 Interest Rate Swaps Losses on interest rate swaps and warrants, net (669) — Warrants Gains on interest rate swaps and warrants, net 84 — (a) Includes derivative and non-derivative marketing activity.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on a recurring basis	The following tables provide fair-value measurement information for embedded derivatives that are measured on a recurring basis: millions Fair-Value Measurements Using Embedded derivatives Level 1 Level 2 Level 3 Netting and Total Fair As of March 31, 2020 Accrued liabilities $ — $ 105 $ — $ — $ 105 Deferred credits and other liabilities - other — 67 — — 67 As of December 31, 2019 Accrued liabilities $ — $ 40 $ — $ — $ 40 Deferred credits and other liabilities - other — 49 — — 49

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table summarizes Occidental's outstanding debt, including finance lease liabilities: millions March 31, 2020 December 31, 2019 Total borrowings at face value $ 37,401 $ 37,401 Adjustments to book value: Unamortized premium, net 892 914 Debt issuance costs (117) (125) Long-term finance leases 308 347 Current finance leases 38 51 Total debt and finance leases 38,522 38,588 Less current maturities of long-term debt (2,464) (51) Long-term debt, net $ 36,058 $ 38,537

Lease Commitments (Tables)

Lease Commitments (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Lease Related Assets and Liabilities	The following table presents lease balances and their location on the Consolidated Condensed Balance Sheet at March 31, 2020 and December 31, 2019: millions Balance sheet location 2020 2019 Assets: Operating Operating lease assets $ 1,193 $ 1,385 Finance Property, plant and equipment 343 397 Total lease assets $ 1,536 $ 1,782 Liabilities: Current Operating Current operating lease liabilities $ 453 $ 569 Finance Current maturities of long-term debt 38 51 Non-current Operating Deferred credits and other liabilities - Operating lease liabilities 768 854 Finance Long-term debt, net 308 347 Total lease liabilities $ 1,567 $ 1,821
Schedule of Operating Lease Maturities	At March 31, 2020, Occidental's leases expire based on the following schedule: Operating Finance millions Leases (a) Leases (b) Total Remainder of 2020 $ 382 $ 31 $ 413 2021 386 37 423 2022 136 34 170 2023 102 32 134 2024 81 30 111 Thereafter 248 261 509 Total lease payments 1,335 425 1,760 Less: Interest (114) (79) (193) Total lease liabilities $ 1,221 $ 346 $ 1,567 (a) The weighted-average remaining lease term is 4.8 years and the weighted-average discount rate is 2.85%.
Schedule of Finance Lease Maturities	At March 31, 2020, Occidental's leases expire based on the following schedule: Operating Finance millions Leases (a) Leases (b) Total Remainder of 2020 $ 382 $ 31 $ 413 2021 386 37 423 2022 136 34 170 2023 102 32 134 2024 81 30 111 Thereafter 248 261 509 Total lease payments 1,335 425 1,760 Less: Interest (114) (79) (193) Total lease liabilities $ 1,221 $ 346 $ 1,567 (a) The weighted-average remaining lease term is 4.8 years and the weighted-average discount rate is 2.85%.
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 and finance lease liabilities: millions Three months ended March 31, Lease cost classification (a) 2020 2019 Operating lease costs (b) : Property, plant and equipment, net $ 85 $ 91 Cost of sales 143 77 Selling, general and administrative expenses 21 16 Finance lease cost: Amortization of ROU assets 4 — Interest on lease liabilities 3 — Total lease cost $ 256 $ 184 (a) Amounts reflected are gross before joint-interest recoveries. (b) Includes short-term lease cost of $54 million and $86 million for the three months ended March 31, 2020 and 2019, respectively. Includes variable lease cost of $38 million and $31 million for the three months ended March 31, 2020 and 2019, respectively. Three months ended March 31, millions 2020 2019 Operating cash flows $ 145 $ 48 Investing cash flows $ 36 $ 19 Financing cash flows $ 9 $ —

Environmental Liabilities and_2

Environmental Liabilities and Expenditures (Tables)	3 Months Ended
	Mar. 31, 2020
Environmental Remediation Obligations [Abstract]
Schedule of current and non-current environmental remediation reserves by categories of sites	The following table presents Occidental’s current and non-current environmental remediation liabilities as of March 31, 2020. The current portion, $160 million, is included in accrued liabilities and the non-current portion, $1.0 billion, in deferred credits and other liabilities - environmental remediation liabilities. Occidental’s environmental remediation sites are grouped into four categories: sites listed or proposed for listing by the U.S. Environmental Protection Agency (EPA) on the CERCLA National Priorities List (NPL) and three categories of non-NPL sites — third-party sites, Occidental-operated sites and closed or non-operated Occidental sites. millions, except number of sites Number of Sites Remediation Balance NPL sites 37 $ 459 Third-party sites 73 301 Occidental-operated sites 17 152 Closed or non-operated Occidental sites 50 265 Total 177 $ 1,177

Earnings Per Share And Stockh_2

Earnings Per Share And Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Calculation of basic and diluted EPS	The following table presents the calculation of basic and diluted net income (loss) attributable to common stockholders per share: Three months ended millions except per-share amounts 2020 2019 Net income (loss) $ (2,013) $ 631 Less: Preferred stock dividends (219) — Net income (loss) attributable to common stock (2,232) 631 Less: Net income allocated to participating securities — (3) Net income (loss) attributable to common stock, net of participating securities $ (2,232) $ 628 Weighted average number of basic shares 896.7 748.9 Basic earnings (loss) per common share $ (2.49) $ 0.84 Net income (loss) attributable to common stock, net of participating securities $ (2,232) $ 628 Weighted-average number of basic shares 896.7 748.9 Dilutive securities — 1.6 Total diluted weighted-average common shares 896.7 750.5 Net income (loss) attributable to common stockholders per share—diluted $ (2.49) $ 0.84

Industry Segments (Tables)

Industry Segments (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of industry segments	The following table presents Occidental’s industry segments: millions Oil and Chemical Midstream and Marketing Corporate Total Three months ended March 31, 2020 Net sales $ 4,857 $ 962 $ 790 $ (199) $ 6,410 Income (loss) from continuing operations before income taxes $ 179 (a) $ 186 $ (1,287) (b) $ (1,173) (c) $ (2,095) Income tax benefit — — — 82 82 Income (loss) from continuing operations $ 179 $ 186 $ (1,287) $ (1,091) $ (2,013) Three months ended March 31, 2019 Net sales $ 2,351 $ 1,059 $ 816 $ (222) $ 4,004 Income (loss) from continuing operations before income taxes $ 484 $ 265 $ 279 $ (172) $ 856 Income tax expense — — — (225) (225) Income (loss) from continuing operations $ 484 $ 265 $ 279 $ (397) $ 631 (a) Includes $317 million related to domestic asset impairments and other charges, $952 million gain on the oil collars and calls and $264 million related to foreign asset impairments for the three months ended March 31, 2020. (b) Includes $1.4 billion impairment related to the write-off of goodwill and a loss from an equity investment related to WES's writeoff of its goodwill for the three months ended March 31, 2020. (c) Includes $148 million in expenses related to Anadarko acquisition-related costs, $669 million loss on interest rate swaps and $84 million in warrant gains for the three months ended March 31, 2020.

General (Details)

General (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2016	Dec. 31, 2019	Aug. 08, 2019	Dec. 31, 2018
Noncontrolling Interest [Line Items]
Anadarko acquisition-related costs	$ 148	$ 0
Income taxes paid	111	223
Domestic tax refunds	26	1
Interest paid	572	114
Cash and cash equivalents	2,021			$ 3,032
Restricted cash and restricted cash equivalents	242			480
Cash and restricted cash included in assets held for sale	27
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net	74
Cash, cash equivalents, restricted cash, and restricted cash equivalents	2,364	$ 1,752		3,574		$ 3,033
Equity method investment amounts	6,050			6,389
WES Midstream segment
Noncontrolling Interest [Line Items]
Equity method investment amounts	4,800			$ 5,100
Impairment of equity method investment	400
WES
Noncontrolling Interest [Line Items]
Sales	113
WES | Commodities
Noncontrolling Interest [Line Items]
Purchases	219
WES | Services
Noncontrolling Interest [Line Items]
Purchases	310
Anadarko
Noncontrolling Interest [Line Items]
Anadarko acquisition-related costs	148
Domestic tax refunds	$ 881		$ 881
Anadarko | Africa Assets | Discontinued Operations, Held-for-sale
Noncontrolling Interest [Line Items]
Discontinued operations, consideration receivable					$ 8,800

Dispositions and Other Transa_3

Dispositions and Other Transactions - Summary of Revenues and Costs from Discontinued Operations (Details) - Anadarko's Africa Assets - Discontinued Operations, Disposed of by Sale $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Revenues and other income
Net sales	$ 332
Costs and other deductions
Oil and gas lease operating expense	46
Transportation expense	7
Taxes other than on income	43
Fair value adjustment on assets held for sale	139
Other	16
Costs and other deductions, net	251
Income before income taxes	81
Income tax expense	(81)
Discontinued operations, net of tax	$ 0

Dispositions and Other Transa_4

Dispositions and Other Transactions - Summary of Assets Held for Sale (Details) - Anadarko's Africa Assets - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets	$ 378	$ 289
Property, plant and equipment, net	5,235	5,481
Long-term receivables and other assets, net	119	256
Assets held for sale	5,732	6,026
Current liabilities	399	452
Long-term debt, net - finance leases	183	185
Deferred income taxes	1,096	1,112
Asset retirement obligations	183	181
Other	30	80
Liabilities of assets held for sale	1,891	2,010
Net assets held for sale	$ 3,841	$ 4,016

Revenue - Impact of Adoption (D

Revenue - Impact of Adoption (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 2,458	$ 6,373

Revenue - Reconciliation (Detai

Revenue - Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue from customers	$ 5,047	$ 3,435
All other revenue	1,363	569
Net sales	$ 6,410	$ 4,004

Revenue - Disaggregation of rev

Revenue - Disaggregation of revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of revenue
Revenue from customers	$ 5,047	$ 3,435
United States
Disaggregation of revenue
Revenue from customers	4,439	2,451
Middle East
Disaggregation of revenue
Revenue from customers	653	1,005
Latin America
Disaggregation of revenue
Revenue from customers	189	182
Other International
Disaggregation of revenue
Revenue from customers	(35)	19
Eliminations
Disaggregation of revenue
Revenue from customers	(199)	(222)
Eliminations | United States
Disaggregation of revenue
Revenue from customers	0	0
Eliminations | Middle East
Disaggregation of revenue
Revenue from customers	0	0
Eliminations | Latin America
Disaggregation of revenue
Revenue from customers	0	0
Eliminations | Other International
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas
Disaggregation of revenue
Revenue from customers	3,898	2,351
Oil and Gas | Oil
Disaggregation of revenue
Revenue from customers	3,351	2,098
Oil and Gas | NGL
Disaggregation of revenue
Revenue from customers	268	143
Oil and Gas | Gas
Disaggregation of revenue
Revenue from customers	268	130
Oil and Gas | Other
Disaggregation of revenue
Revenue from customers	11	(20)
Oil and Gas | United States
Disaggregation of revenue
Revenue from customers	3,162	1,309
Oil and Gas | United States | Oil
Disaggregation of revenue
Revenue from customers	2,755	1,205
Oil and Gas | United States | NGL
Disaggregation of revenue
Revenue from customers	213	78
Oil and Gas | United States | Gas
Disaggregation of revenue
Revenue from customers	183	47
Oil and Gas | United States | Other
Disaggregation of revenue
Revenue from customers	11	(21)
Oil and Gas | Middle East
Disaggregation of revenue
Revenue from customers	582	903
Oil and Gas | Middle East | Oil
Disaggregation of revenue
Revenue from customers	447	758
Oil and Gas | Middle East | NGL
Disaggregation of revenue
Revenue from customers	55	65
Oil and Gas | Middle East | Gas
Disaggregation of revenue
Revenue from customers	80	79
Oil and Gas | Middle East | Other
Disaggregation of revenue
Revenue from customers	0	1
Oil and Gas | Latin America
Disaggregation of revenue
Revenue from customers	154	139
Oil and Gas | Latin America | Oil
Disaggregation of revenue
Revenue from customers	149	135
Oil and Gas | Latin America | NGL
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas | Latin America | Gas
Disaggregation of revenue
Revenue from customers	5	4
Oil and Gas | Latin America | Other
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas | Other International
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas | Other International | Oil
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas | Other International | NGL
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas | Other International | Gas
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas | Other International | Other
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas | Eliminations
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas | Eliminations | Oil
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas | Eliminations | NGL
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas | Eliminations | Gas
Disaggregation of revenue
Revenue from customers	0	0
Oil and Gas | Eliminations | Other
Disaggregation of revenue
Revenue from customers	0	0
Chemical
Disaggregation of revenue
Revenue from customers	961	1,055
Chemical | United States
Disaggregation of revenue
Revenue from customers	910	993
Chemical | Middle East
Disaggregation of revenue
Revenue from customers	0	0
Chemical | Latin America
Disaggregation of revenue
Revenue from customers	35	43
Chemical | Other International
Disaggregation of revenue
Revenue from customers	16	19
Chemical | Eliminations
Disaggregation of revenue
Revenue from customers	0	0
Midstream and Marketing
Disaggregation of revenue
Revenue from customers	387	251
Midstream and Marketing | Gas Processing
Disaggregation of revenue
Revenue from customers	176	207
Midstream and Marketing | Marketing
Disaggregation of revenue
Revenue from customers	195
Midstream and Marketing | Power and Other
Disaggregation of revenue
Revenue from customers	16	44
Midstream and Marketing | United States
Disaggregation of revenue
Revenue from customers	367	149
Midstream and Marketing | United States | Gas Processing
Disaggregation of revenue
Revenue from customers	105	105
Midstream and Marketing | United States | Marketing
Disaggregation of revenue
Revenue from customers	246
Midstream and Marketing | United States | Power and Other
Disaggregation of revenue
Revenue from customers	16	44
Midstream and Marketing | Middle East
Disaggregation of revenue
Revenue from customers	71	102
Midstream and Marketing | Middle East | Gas Processing
Disaggregation of revenue
Revenue from customers	71	102
Midstream and Marketing | Middle East | Marketing
Disaggregation of revenue
Revenue from customers	0
Midstream and Marketing | Middle East | Power and Other
Disaggregation of revenue
Revenue from customers	0	0
Midstream and Marketing | Latin America
Disaggregation of revenue
Revenue from customers	0	0
Midstream and Marketing | Latin America | Gas Processing
Disaggregation of revenue
Revenue from customers	0	0
Midstream and Marketing | Latin America | Marketing
Disaggregation of revenue
Revenue from customers	0
Midstream and Marketing | Latin America | Power and Other
Disaggregation of revenue
Revenue from customers	0	0
Midstream and Marketing | Other International
Disaggregation of revenue
Revenue from customers	(51)	0
Midstream and Marketing | Other International | Gas Processing
Disaggregation of revenue
Revenue from customers	0	0
Midstream and Marketing | Other International | Marketing
Disaggregation of revenue
Revenue from customers	(51)
Midstream and Marketing | Other International | Power and Other
Disaggregation of revenue
Revenue from customers	0	0
Midstream and Marketing | Eliminations
Disaggregation of revenue
Revenue from customers	0	0
Midstream and Marketing | Eliminations | Gas Processing
Disaggregation of revenue
Revenue from customers	0	0
Midstream and Marketing | Eliminations | Marketing
Disaggregation of revenue
Revenue from customers	0
Midstream and Marketing | Eliminations | Power and Other
Disaggregation of revenue
Revenue from customers	$ 0	$ 0

Revenue - Schedule of Expected

Revenue - Schedule of Expected Future Revenue (Details) $ in Millions	Mar. 31, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation expected to be satisfied	$ 315
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation expected to be satisfied	$ 92
Remaining performance obligation, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation expected to be satisfied	$ 111
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation expected to be satisfied	$ 9
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation expected to be satisfied	$ 9
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation expected to be satisfied	$ 9
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation expected to be satisfied	$ 85
Remaining performance obligation, period

Inventory (Details)

Inventory (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 69	$ 75
Materials and supplies	902	879
Commodity inventory and finished goods	505	533
Inventories, gross	1,476	1,487
Revaluation to LIFO	(40)	(40)
Total	1,436	$ 1,447
Impairment recognized due to lower than cost or market adjustments	$ 79

Derivatives - Derivative Instru

Derivatives - Derivative Instruments (Details) shares in Millions, $ in Millions	1 Months Ended
	Apr. 30, 2020USD ($)	Mar. 31, 2020MMBbls$ / Barrelshares
Crude Oil | 2020 Settlement
Derivative [Line Items]
Derivative instruments (mmbls/day) | MMBbls		96.25
Crude Oil | 2020 Settlement | Short position
Derivative [Line Items]
Ceiling sold price (dollars per barrel)		74.16
Purchase price (dollars per barrel)		45
Crude Oil | 2020 Settlement | Long position
Derivative [Line Items]
Purchase price (dollars per barrel)		55
Crude Oil | 2021 Settlement
Derivative [Line Items]
Derivative instruments (mmbls/day) | MMBbls		127,800
Crude Oil | 2021 Settlement | Short position
Derivative [Line Items]
Ceiling sold price (dollars per barrel)		74.16
Subsequent Event
Derivative [Line Items]
Cash received | $	$ 108
Not designated as hedging instruments | Common Stock | Warrants
Derivative [Line Items]
The Warrant | shares		80

Derivatives - Interest-Rate Der

Derivatives - Interest-Rate Derivatives (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Interest Rate Swap, 6.835%
Derivative [Line Items]
Notional Principal Amount	$ 400
Weighted-Average Interest Rate	6.348%
Interest Rate Swap, 6.891%
Derivative [Line Items]
Notional Principal Amount	$ 350
Weighted-Average Interest Rate	6.662%
Interest Rate Swap, 6.570%
Derivative [Line Items]
Notional Principal Amount	$ 275
Weighted-Average Interest Rate	6.709%
Interest Rate Swap, 6.445%
Derivative [Line Items]
Notional Principal Amount	$ 450
Weighted-Average Interest Rate	6.445%
Interest Rate Swaps
Derivative [Line Items]
Net cash payments related to settlements and amendments	$ 50
Collateralization of interest rate swap	$ 99

Derivatives - Marketing Derivat

Derivatives - Marketing Derivatives and Warrants (Details)	3 Months Ended					6 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2020MMBbls	Mar. 31, 2020$ / Barrel	Mar. 31, 2020$ / MillionCubicFeet	Mar. 31, 2020Bcf	Jun. 30, 2019$ / Barrel	Jun. 30, 2019$ / MillionCubicFeet	Dec. 31, 2019MMBblsBcf	Aug. 08, 2019$ / shares
Marketing Derivatives
Outstanding commodity derivatives contracts not designated as hedging instruments
Derivative instrument settlement period (within)	3 months
Marketing Derivatives | Not designated as hedging instruments
Outstanding commodity derivatives contracts not designated as hedging instruments
Weighted average sales price (dollars per barrel)			41.58	1.25		60.60	2.17
Crude oil | Not designated as hedging instruments | Long position
Outstanding commodity derivatives contracts not designated as hedging instruments
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) | MMBbls		29						55
Natural gas | Not designated as hedging instruments | Short position
Outstanding commodity derivatives contracts not designated as hedging instruments
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) | Bcf					122			128
Anadarko | Common Stock
Outstanding commodity derivatives contracts not designated as hedging instruments
Exercise price of warrant (usd per share) | $ / shares									$ 62.50

Derivatives - Fair Value (Detai

Derivatives - Fair Value (Details) - USD ($) $ in Millions	May 05, 2020	Mar. 31, 2020	Dec. 31, 2019
Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Collateral deposited with clearinghouses and brokers		$ 212
Initial margin			$ 65
Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Collateral paid netted against derivative liabilities		204	104
Interest Rate Swaps | Subsequent Event
Gross and net fair values of outstanding derivatives (in millions)
Collateral paid netted against derivative liabilities	$ 225
Other current assets | Oil Collars and Calls
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset		0	0
Total net fair value, asset		834	92
Other current assets | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset		(6,445)	(973)
Total net fair value, asset		385	51
Other current assets | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset		0	0
Total net fair value, asset		1	5
Long-term receivables and other assets, net | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset		(91)	(4)
Total net fair value, asset		19	12
Long-term receivables and other assets, net | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset		0	0
Total net fair value, asset		1	5
Accrued liabilities | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability		(6,445)	(973)
Total net fair value, liability		(92)	(79)
Accrued liabilities | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability		0	0
Total net fair value, liability		(90)	(657)
Deferred credits and other liabilities - other | Oil Collars and Calls
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability		0	0
Total net fair value, liability		(58)	(160)
Deferred credits and other liabilities - other | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability		(91)	(4)
Total net fair value, liability		(1)	(1)
Deferred credits and other liabilities - other | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability		0	0
Total net fair value, liability		(1,954)	(776)
Deferred credits and other liabilities - other | Warrants
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability		0	0
Total net fair value, liability		(23)	(107)
Level 1 | Other current assets | Oil Collars and Calls
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		0	0
Level 1 | Other current assets | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		6,438	945
Level 1 | Other current assets | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		0	0
Level 1 | Long-term receivables and other assets, net | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		91	4
Level 1 | Long-term receivables and other assets, net | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		0	0
Level 1 | Accrued liabilities | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		(6,170)	(1,008)
Level 1 | Accrued liabilities | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0	0
Level 1 | Deferred credits and other liabilities - other | Oil Collars and Calls
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0	0
Level 1 | Deferred credits and other liabilities - other | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		(91)	(4)
Level 1 | Deferred credits and other liabilities - other | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0	0
Level 1 | Deferred credits and other liabilities - other | Warrants
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0	0
Level 2 | Other current assets | Oil Collars and Calls
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		834	92
Level 2 | Other current assets | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		392	79
Level 2 | Other current assets | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		1	5
Level 2 | Long-term receivables and other assets, net | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		19	12
Level 2 | Long-term receivables and other assets, net | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		1	5
Level 2 | Accrued liabilities | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		(367)	(44)
Level 2 | Accrued liabilities | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		(90)	(657)
Level 2 | Deferred credits and other liabilities - other | Oil Collars and Calls
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		(58)	(160)
Level 2 | Deferred credits and other liabilities - other | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		(1)	(1)
Level 2 | Deferred credits and other liabilities - other | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		(1,954)	(776)
Level 2 | Deferred credits and other liabilities - other | Warrants
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		(23)	(107)
Level 3 | Other current assets | Oil Collars and Calls
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		0	0
Level 3 | Other current assets | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		0	0
Level 3 | Other current assets | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		0	0
Level 3 | Long-term receivables and other assets, net | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		0	0
Level 3 | Long-term receivables and other assets, net | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		0	0
Level 3 | Accrued liabilities | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0	0
Level 3 | Accrued liabilities | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0	0
Level 3 | Deferred credits and other liabilities - other | Oil Collars and Calls
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0	0
Level 3 | Deferred credits and other liabilities - other | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0	0
Level 3 | Deferred credits and other liabilities - other | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0	0
Level 3 | Deferred credits and other liabilities - other | Warrants
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		$ 0	$ 0

Derivatives - Gains and Losses

Derivatives - Gains and Losses on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Losses on interest rate swaps and warrants, net	$ (585)	$ 0
Oil Collars and Calls | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Losses on interest rate swaps and warrants, net	952	0
Marketing Derivatives | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Losses on interest rate swaps and warrants, net	410	564
Interest Rate Swaps | Losses on interest rate swaps and warrants, net
Derivative Instruments, Gain (Loss) [Line Items]
Losses on interest rate swaps and warrants, net	(669)	0
Warrants | Losses on interest rate swaps and warrants, net
Derivative Instruments, Gain (Loss) [Line Items]
Losses on interest rate swaps and warrants, net	$ 84	$ 0

Derivatives - Credit Risk (Deta

Derivatives - Credit Risk (Details) - Not designated as hedging instruments - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Aggregate fair value of derivative instruments with credit-risk-related contingent features for which a net liability position existed (net of collateral)	$ 244	$ 787
Amount of collateral posted related to derivative instruments with credit-risk-related contingent features	$ 204	$ 169

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Embedded derivatives
Goodwill impairment	$ 1,200
Oil and gas segment
Embedded derivatives
Impairment and related charges	581
Midstream and Marketing | Anadarko
Embedded derivatives
Goodwill		$ 1,200
Oman, Bolivia and the Gulf of Mexico
Embedded derivatives
Impairment and related charges	293
Gulf of Mexico
Embedded derivatives
Impairment and related charges	$ 241
Level 3 | Measurement Input, Discount Rate
Embedded derivatives
Risk adjusted discount rate	10.00%
Recurring | Accrued liabilities
Embedded derivatives
Netting and Collateral	$ 0	0
Recurring | Accrued liabilities | Total Fair Value
Embedded derivatives
Embedded derivatives	105	40
Recurring | Accrued liabilities | Level 1
Embedded derivatives
Embedded derivatives	0	0
Recurring | Accrued liabilities | Level 2
Embedded derivatives
Embedded derivatives	105	40
Recurring | Accrued liabilities | Level 3
Embedded derivatives
Embedded derivatives	0	0
Recurring | Deferred credits and other liabilities - other
Embedded derivatives
Netting and Collateral	0	0
Recurring | Deferred credits and other liabilities - other | Total Fair Value
Embedded derivatives
Embedded derivatives	67	49
Recurring | Deferred credits and other liabilities - other | Level 1
Embedded derivatives
Embedded derivatives	0	0
Recurring | Deferred credits and other liabilities - other | Level 2
Embedded derivatives
Embedded derivatives	67	49
Recurring | Deferred credits and other liabilities - other | Level 3
Embedded derivatives
Embedded derivatives	$ 0	$ 0

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Total borrowings at face value	$ 37,401	$ 37,401
Unamortized premium, net	892	914
Debt issuance costs	(117)	(125)
Long-term finance leases	308	347
Finance lease liabilities, current	38	51
Long-term Debt, Total	38,522	38,588
Less current maturities of long-term debt	(2,464)	(51)
Long-term Debt, Excluding Current Maturities	$ 36,058	$ 38,537

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - Total Fair Value - USD ($) $ in Billions	Mar. 31, 2020	Dec. 31, 2019
Long-term Debt
Estimated fair value of debt	$ 21.8	$ 38.8
Level 2
Long-term Debt
Estimated fair value of debt	$ 2.3

Lease Commitments - Narrative (

Lease Commitments - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 1,193	$ 1,385
Operating lease liabilities	1,221
Finance lease agreement	346
Offshore and onshore drilling rigs
Lessee, Lease, Description [Line Items]
Operating lease assets	105
Compressors
Lessee, Lease, Description [Line Items]
Operating lease assets	154
Other field equipment
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 341
Oil and gas exploration and development equipment | Minimum
Lessee, Lease, Description [Line Items]
Contract expiration term	2 years
Oil and gas exploration and development equipment | Maximum
Lessee, Lease, Description [Line Items]
Contract expiration term	8 years
Pipelines, rail cars, storage facilities, easements and real estate
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 619
Real estate leases | Minimum
Lessee, Lease, Description [Line Items]
Contract expiration term	1 year
Real estate leases | Maximum
Lessee, Lease, Description [Line Items]
Contract expiration term	13 years
Oil and gas exploration and development equipment, real estate offices, compressors, and field equipment
Lessee, Lease, Description [Line Items]
Finance lease agreement	$ 347

Lease Commitments - Lease Asset

Lease Commitments - Lease Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Assets:
Operating lease assets	$ 1,193	$ 1,385
Finance lease assets	343	397
Total leased assets	1,536	1,782
Liabilities:
Operating lease liabilities, current	453	569
Finance lease liabilities, current	38	51
Operating lease liabilities, non-current	768	854
Finance lease liabilities, non-current	308	347
Total lease liabilities	$ 1,567	$ 1,821

Lease Commitments - Schedule of

Lease Commitments - Schedule of Operating and Finance Lease Maturities (Details) $ in Millions	Mar. 31, 2020USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2020	$ 382
2021	386
2022	136
2023	102
2024	81
Thereafter	248
Total lease payments	1,335
Less: Interest	(114)
Total lease liabilities	1,221
Remainder of 2020
Finance Lease, Liability, Payments, Remainder of Fiscal Year	31
2021	37
2022	34
2023	32
2024	30
Thereafter	261
Total lease payments	425
Less: Interest	(79)
Total lease liabilities	346
Operating and Finance Lease Liabilities, Payments, Due [Abstract]
Remainder of 2020	413
2021	423
2022	170
2023	134
2024	111
Thereafter	509
Total lease payments	1,760
Less: Interest	(193)
Total lease liabilities	$ 1,567
Weighted average lease term, operating lease	4 years 9 months 18 days
Weighted average discount rate, operating lease	2.85%
Weighted average lease term, finance lease	11 years 9 months 18 days
Weighted average discount rate, finance lease	3.39%

Lease Commitments - Other Infor

Lease Commitments - Other Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 85	$ 91
Amortization of ROU assets	4	0
Interest on lease liabilities	3	0
Lease, Cost	256	184
Short-term lease cost	54	86
Variable lease cost	38	31
Operating cash flows	145	48
Investing cash flows	36	19
Financing cash flows	9	0
Cost of sales
Lessee, Lease, Description [Line Items]
Operating lease costs	143	77
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 21	$ 16

Lawsuits, Claims, Commitments_2

Lawsuits, Claims, Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2016	Dec. 31, 2015
Lawsuits, commitments and contingencies
Tentative cash tax refund	$ 26	$ 1
Anticipated cash refund	195
Anadarko
Lawsuits, commitments and contingencies
Tentative cash tax refund	$ 881				$ 881
Arbitration filed by Andes Petroleum Ecuador Ltd
Lawsuits, commitments and contingencies
Proceeds from settlement				$ 1,000
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%
Tronox Settlement
Lawsuits, commitments and contingencies
Payments for settlement						$ 5,200

Environmental Liabilities and_3

Environmental Liabilities and Expenditures (Details)	1 Months Ended	3 Months Ended
	Mar. 31, 2016mi	Mar. 31, 2020USD ($)site	Mar. 31, 2017USD ($)	Dec. 31, 2019USD ($)
Environmental remediation reserves
Number of Sites | site		177
Environmental remediation reserves, current, included in accrued liabilities		$ 1,177,000,000
Environmental remediation reserves, non-current, included in deferred credits and other liabilities - other		1,017,000,000		$ 1,035,000,000
Environmental reserves, exceeding $ ten million, threshold value		$ 10,000,000
Environmental reserves, exceeding $ ten million, number of sites | site		19
Environmental reserves, range between zero to $ one million site category, number of sites | site		101
Expected expend funds of environmental reserves (as a percent)		45.00%
Environmental remediation additional loss range		$ 1,100,000,000
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		$ 1,000,000
Period of expending first half of environmental reserves		4 years
NPL sites
Environmental remediation reserves
Number of Sites | site		37
Environmental remediation reserves, current, included in accrued liabilities		$ 459,000,000
Third-party sites
Environmental remediation reserves
Number of Sites | site		73
Environmental remediation reserves, current, included in accrued liabilities		$ 301,000,000
Occidental-operated sites
Environmental remediation reserves
Number of Sites | site		17
Environmental remediation reserves, current, included in accrued liabilities		$ 152,000,000
Closed or non-operated Occidental sites
Environmental remediation reserves
Number of Sites | site		50
Environmental remediation reserves, current, included in accrued liabilities		$ 265,000,000
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			$ 165,000,000
Accrued liabilities
Environmental remediation reserves
Environmental remediation reserves, current, included in accrued liabilities		160,000,000
Deferred credits and other liabilities - other
Environmental remediation reserves
Environmental remediation reserves, non-current, included in deferred credits and other liabilities - other		$ 1,000,000,000

Retirement and Postretirement_2

Retirement and Postretirement Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net Periodic Benefit Costs
Employer contributions	$ 91	$ 1
Pension Benefit
Net Periodic Benefit Costs
Settlement gain	9
Curtailment gain	5
Special termination benefits	16
Net periodic benefit cost	11	2
Postretirement Benefit
Net Periodic Benefit Costs
Net periodic benefit cost	$ 20	$ 14

Earnings Per Share And Stockh_3

Earnings Per Share And Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic earnings (loss) per common share
Net income (loss)	$ (2,013)	$ 631
Less: Preferred stock dividends	(219)	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	(2,232)	631
Less: Net income allocated to participating securities	0	(3)
Net income (loss) attributable to common stock, net of participating securities	$ (2,232)	$ 628
Weighted average number of basic shares (in shares)	896.7	748.9
Basic earnings (loss) per common share (in usd per share)	$ (2.49)	$ 0.84
Weighted average number of basic shares (in shares)	896.7	748.9
Net income (loss) attributable to common stock, net of participating securities	$ (2,232)	$ 628
Dilutive securities (in shares)	0	1.6
Total diluted weighted average common shares (in shares)	896.7	750.5
Net income (loss) attributable to common stockholders per share—diluted (in usd per share)	$ (2.49)	$ 0.84

Earnings Per Share And Stockh_4

Earnings Per Share And Stockholders' Equity - Narrative (Details) - $ / shares	Apr. 15, 2020	Aug. 08, 2019	Mar. 31, 2020
Class of Stock [Line Items]
Volume weighted average price			90.00%
Volume weighted average price calculation period			10 days
Common Stock | Subsequent Event
Class of Stock [Line Items]
Common stock issued to holders of Preferred Stock (in shares)	17,000,000
Anadarko | Series A Preferred Stock
Class of Stock [Line Items]
Issued as part of the Merger (in shares)		100,000
Face value (in usd per share)		$ 100,000
Preferred stock accrual rate per annum		8.00%
Preferred stock accrual rate per annum on unpaid amounts		9.00%

Industry Segments - Schedule of

Industry Segments - Schedule of Industry Segments and Eliminations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)segment	Mar. 31, 2019USD ($)
Segment Information
Number of operating segments | segment	3
Net sales	$ 6,410	$ 4,004
Income (loss) from continuing operations before income taxes	(2,095)	856
Income tax benefit	82	(225)
Income (loss) from continuing operations	(2,013)	631
Gain on derivative instrument	(585)	0
Goodwill impairment	1,200
Anadarko acquisition-related costs	148	0
Operating Segments | Oil and Gas
Segment Information
Net sales	4,857	2,351
Income (loss) from continuing operations before income taxes	179	484
Income tax benefit	0	0
Income (loss) from continuing operations	179	484
Impairments	317
Gain on derivative instrument	952
Asset impairments	264
Operating Segments | Chemical
Segment Information
Net sales	962	1,059
Income (loss) from continuing operations before income taxes	186	265
Income tax benefit	0	0
Income (loss) from continuing operations	186	265
Operating Segments | Midstream and Marketing
Segment Information
Net sales	790	816
Income (loss) from continuing operations before income taxes	(1,287)	279
Income tax benefit	0	0
Income (loss) from continuing operations	(1,287)	279
Goodwill impairment	1,400
Corporate and Eliminations
Segment Information
Net sales	(199)	(222)
Income (loss) from continuing operations before income taxes	(1,173)	(172)
Income tax benefit	82	(225)
Income (loss) from continuing operations	(1,091)	$ (397)
Gain on derivative instrument	84
Anadarko acquisition-related costs	148
Loss on interest rate swaps	$ 669