Occidental Petroleum Corporatio (OXY) 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
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
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		930,142,153
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.20 par value
Trading Symbol	OXY
Security Exchange Name	NYSE
Warrants to Purchase Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Warrants to Purchase Common Stock, $0.20 par value
Trading Symbol	OXY WS
Security Exchange Name	NYSE

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 1,011	$ 3,032
Restricted cash and restricted cash equivalents	124	485
Trade receivables, net	2,359	6,373
Inventories	1,477	1,581
Other current assets	2,054	1,432
Assets Held-for-sale, Not Part of Disposal Group, Current	1,412	3,870
Total current assets	8,437	16,773
INVESTMENTS IN UNCONSOLIDATED ENTITIES	6,128	6,389
PROPERTY, PLANT AND EQUIPMENT	125,523	124,267
Accumulated depreciation, depletion and amortization	(52,919)	(42,037)
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization	72,604	82,230
OPERATING LEASE ASSETS	1,129	1,411
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	1,154	2,527
Assets, Total	89,452	109,330
CURRENT LIABILITIES
Current maturities of long-term debt	2,460	51
Current operating lease liabilities	420	579
Accounts payable	3,034	7,050
Accrued liabilities	3,215	5,447
Liabilities of assets held for sale	790	1,718
Total current liabilities	9,919	14,845
LONG-TERM DEBT, NET
Long-term Debt, Excluding Current Maturities	36,034	38,537
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net	7,887	9,717
Asset retirement obligations	4,316	4,411
Pension and postretirement obligations	1,816	1,823
Environmental remediation liabilities	1,000	1,035
Operating lease liabilities	740	872
Other	4,394	3,858
Total deferred credits and other liabilities	20,153	21,716
STOCKHOLDERS' EQUITY
Preferred stock at par value, 100,000 shares at June 30, 2020 and December 31, 2019	9,762	9,762
Common stock at par value, 1,066,776,168 issued shares at June 30, 2020 and 1,044,434,893 shares at December 31, 2019	213	209
Treasury stock, 148,573,859 shares at June 30, 2020 and 150,323,151 shares at December 31, 2019	(10,657)	(10,653)
Treasury stock, 148,573,859 shares at June 30, 2020 and 150,323,151 shares at December 31, 2019	16,235	14,955
Additional paid-in capital	8,105	20,180
Accumulated other comprehensive loss	(312)	(221)
Total stockholders' equity	23,346	34,232
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	89,452	109,330
Oil and gas segment
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	109,026	107,801
Chemical segment
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	7,204	7,172
Midstream and marketing segment
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	8,210	8,176
Corporate
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	$ 1,083	$ 1,118

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, outstanding (in shares)	100,000	100,000
Common stock, outstanding (in shares)	1,066,776,168	1,044,434,893
Treasury stock (in shares)	148,573,589	150,323,151

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUES AND OTHER INCOME
Net sales	$ 2,928	$ 4,420	$ 9,541	$ 8,424
Interest, dividends and other income	33	41	67	119
Gain on sale of assets, net	15	15	22	22
Total	2,976	4,476	9,630	8,565
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense	631	717	1,700	1,362
Transportation and gathering expense	367	33	932	64
Chemical and midstream cost of sales	577	636	1,189	1,305
Purchased commodities	214	431	607	796
Selling, general and administrative expenses	225	163	489	303
Other operating and non-operating expense	114	260	311	498
Depreciation, depletion and amortization	2,119	1,031	4,428	2,004
Asset impairments and other charges	6,470	0	8,273	0
Taxes other than on income	68	123	293	234
Anadarko acquisition-related costs	149	50	297	50
Exploration expense	33	35	70	71
Interest and debt expense, net	310	153	662	251
Total	11,277	3,632	19,251	6,938
Income (loss) before income taxes and other items	(8,301)	844	(9,621)	1,627
OTHER ITEMS
Losses on interest rate swaps and Berkshire warrants, net	(76)	0	(661)	0
Income from equity investments	193	97	60	170
Total	117	97	(601)	170
Income (loss) from continuing operations before income taxes	(8,184)	941	(10,222)	1,797
Income tax benefit (expense)	1,468	(306)	1,493	(531)
Income (loss) from continuing operations	(6,716)	635	(8,729)	1,266
Loss from discontinued operations, net of tax	(1,415)	0	(1,415)	0
NET INCOME (LOSS)	(8,131)	635	(10,144)	1,266
Less: Preferred stock dividends	(222)	0	(441)	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (8,353)	$ 635	$ (10,585)	$ 1,266
Income (loss) from continuing operations—basic (in usd per share)	$ (7.58)	$ 0.84	$ (10.12)	$ 1.68
Loss from discontinued operations - basic (in usd per share)	(1.54)	0	(1.56)	0
Net income (loss) attributable to common stockholders—basic (in usd per share)	(9.12)	0.84	(11.68)	1.68
Income (loss) from continuing operations—diluted (in usd per share)	(7.58)	0.84	(10.12)	1.68
Loss from discontinued operations - diluted (in usd per share)	(1.54)	0	(1.56)	0
Net income (loss) attributable to common stockholders—diluted (in usd per share)	(9.12)	0.84	(11.68)	1.68
DIVIDENDS PER COMMON SHARE (in usd per share)	$ 0.01	$ 0.78	$ 0.8	$ 1.56

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Parenthetical) $ in Billions	6 Months Ended
	Jun. 30, 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				6 Months Ended
	Jun. 30, 2020		Jun. 30, 2019		Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (8,131)		$ 635		$ (10,144)	$ 1,266
Other comprehensive income (loss) items:
Foreign currency translation gains (losses)	1		0		(1)	0
Gains (losses) on derivatives	0	[1]	(18)	[1]	(2)	(16)
Pension and postretirement (losses) gains	20	[2]	2	[2]	(91)	4
Reclassification of losses on derivatives	1	[3]	0	[3]	3	0
Other comprehensive (loss) income, net of tax	22		(16)		(91)	(12)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total	$ (8,109)		$ 619		$ (10,235)	$ 1,254
[1]	Net of tax of zero and $5 million for the three months ended June 30, 2020 and 2019, respectively, and $1 million and $5 million for the six months ended June 30, 2020 and 2019, respectively.
[2]	Net of tax of $(5) million and zero for the three months ended June 30, 2020 and 2019, respectively, and $26 million and $(1) million for the six months ended June 30, 2020 and 2019, respectively.
[3]	Net of tax of zero for the three months ended June 30, 2020 and 2019, and $(1) million and zero for the six months ended June 30, 2020 and 2019, respectively.

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Unrealized losses on derivatives, tax	$ 0	$ 5	$ 1	$ 5
Pension and postretirement gains, tax	(5)	0	26	(1)
Reclassification to income of realized (gains) losses on derivatives, tax	$ 0	$ 0	$ (1)	$ 0

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)	$ (10,144)	$ 1,266
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Discontinued operations, net	1,415	0
Depreciation, depletion and amortization of assets	4,428	2,004
Deferred income tax (benefit) provision	(1,743)	47
Other noncash (gains) charges to income	(83)	308
Asset impairments and other items	8,220	0
Gain on sales of assets, net	(22)	(22)
Changes in operating assets and liabilities:
Decrease (increase) in receivables	3,999	(379)
Decrease (increase) in inventories	41	(320)
Decrease (increase) in other current assets	192	(237)
(Decrease) increase in accounts payable and accrued liabilities	(4,708)	353
Increase (decrease) in current domestic and foreign income taxes	65	(59)
Operating cash flow from continuing operations	1,660	2,961
Operating cash flow from discontinued operations, net of taxes	39	0
Net cash provided by operating activities	1,699	2,961
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(1,675)	(2,470)
Change in capital accrual	(742)	(108)
Purchase of businesses and assets, net	(48)	(76)
Proceeds from sale of assets, net	181	32
Equity investments and other, net	203	(81)
Investing cash flow from continuing operations	(2,081)	(2,703)
Investing cash flow from discontinued operations, net of taxes	(25)	0
Net cash used by investing activities	(2,106)	(2,703)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of issuance costs	0	(108)
Preferred stock issuance costs	0	(50)
Proceeds from issuance of common stock	108	37
Purchases of treasury stock	(4)	(237)
Cash dividends paid	(1,627)	(1,178)
Financing portion of net cash paid for derivative instruments	(367)	0
Other financing, net	(60)	(4)
Financing cash flow from continuing operations	(1,950)	(1,540)
Financing cash flow from discontinued operations, net of taxes	(4)	0
Net cash used by financing activities	(1,954)	(1,540)
Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents	(2,361)	(1,282)
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	$ 1,213	$ 1,751

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		$ (10,473)	$ 8,046	$ 23,750	$ (172)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		1,266					1,266
Other comprehensive income (loss), net of tax		(12)						(12)
Dividends on common stock		(1,168)					(1,168)
Issuance of common stock, net		111				111
Purchases of treasury stock		(180)			(180)
Ending balance at Jun. 30, 2019		21,347	179		(10,653)	8,157	23,848	(184)
Beginning balance at Mar. 31, 2019		21,236	179		(10,653)	8,083	23,795	(168)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		635					635
Other comprehensive income (loss), net of tax		(16)						(16)
Dividends on common stock		(582)					(582)
Issuance of common stock, net		74				74
Ending balance at Jun. 30, 2019		21,347	179		(10,653)	8,157	23,848	(184)
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		(10,144)					(10,144)
Other comprehensive income (loss), net of tax		(91)						(91)
Dividends on common stock		(727)					(727)
Dividends on preferred stock		(219)	3			219	(441)
Issuance of common stock, net		192	1			191
Stock warrants	[1]	107				870	(763)
Purchases of treasury stock		(4)			(4)
Ending balance at Jun. 30, 2020		23,346	213	9,762	(10,657)	16,235	8,105	(312)
Beginning balance at Mar. 31, 2020		31,295	210	9,762	(10,653)	15,081	17,229	(334)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		(8,131)					(8,131)
Other comprehensive income (loss), net of tax		22						22
Dividends on common stock		(8)					(8)
Dividends on preferred stock			3			219	(222)
Issuance of common stock, net		65				65	0
Stock warrants	[2]	107				870	(763)
Purchases of treasury stock		(4)			(4)
Ending balance at Jun. 30, 2020		$ 23,346	$ 213	$ 9,762	$ (10,657)	$ 16,235	$ 8,105	$ (312)
[1]	Represents the declaration of the Common Stock Warrants and the reclassification of the Berkshire Warrants. Please see Note 6 - Derivative s Note 13 - EPS and S tockholders' Equity
[2]	Represents the declaration of the Common Stock Warrants and the reclassification of the Berkshire Warrants. Please see Note 6 - Derivatives and Note 13 - EPS and Stockholders' Equity, respectively, to these Consolidated Condensed Financial Statements for additional information.

CONSOLIDATED CONDENSED STATEM_7

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
DIVIDENDS PER COMMON SHARE (in usd per share)	$ 0.01	$ 0.8
DIVIDENDS PER PREFERRED SHARE (in dollars per share)	$ 2,222	$ 4,444

General

General	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019, the consolidated condensed statements of operations, comprehensive income, cash flows and stockholders' equity for the three and six months ended June 30, 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 June 30, 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, 2019, 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, Gulf of Mexico and Algeria, and an interest in Western Midstream Partners, L.P. (WES). The Acquisition constituted a business combination. 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 June 30, 2020, Occidental has substantially completed the allocation of the consideration; however, Occidental continues to gather information related to the evaluation for a limited number of assets. 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 and six months ended June 30, 2020, there were no material changes to the allocation presented in the 2019 Form 10-K. Occidental expensed $149 million and $297 million in acquisition-related costs for the three and six months ended June 30, 2020, respectively, primarily related to severance costs. 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. Total and Occidental completed the sale of the Mozambique assets in September 2019 and the South Africa assets in January 2020. In April 2020, subsequent to communications with Algerian government officials, Occidental determined that the sale of the Algeria assets to Total would not be consummated, and the decision was made to continue to operate within Algeria. As a result, Occidental no longer classified the Algeria operations as a held for sale asset in discontinued operations and reclassified prior periods to reflect the Algeria operations as continuing operations, see Note 3 - Dispositions and Other Transactions for the impact on prior periods. In addition, Occidental recorded a $931 million impairment to remeasure the Algeria oil and gas properties to their fair value which was lower than the carrying amount as if depreciation, depletion and amortization (DD&A) were recorded from the date of the Acquisition. The fair value of the oil and gas properties was measured based on the income approach, see Note 7 - Fair Value Measurements for a description of inputs and assumptions utilized. In May 2020, Occidental and Total mutually agreed to execute a waiver of the obligation to purchase and sell the Ghana assets, so that Occidental could begin marketing the sale of the Ghana assets to other third parties. Occidental is currently marketing the Ghana assets. The assets and liabilities for Ghana remain presented as held for sale at June 30, 2020, and the carrying amount of the assets and liabilities of the Ghana disposal group were adjusted to their estimated fair value. Occidental recorded an after-tax impairment of $1.4 billion to reflect the held for sale assets at their fair value less costs to sell based on the income approach, refer to Note 7 - Fair Value Measurements . The results of operations of Ghana continue to be presented as discontinued operations, see Note 3 - Dispositions and Other Transactions . 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. domestic state and foreign income taxes for continuing operations of $281 million and $544 million during the six months ended June 30, 2020 and 2019, respectively. Occidental received tax refunds of $96 million and $2 million during the six months ended June 30, 2020 and 2019, respectively, related to continuing operations. Interest paid for continuing operations totaled $775 million and $199 million during the six months ended June 30, 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 June 30, 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 June 30, 2020 to the line items within the Consolidated Condensed Balance Sheet at June 30, 2020. There was no restricted cash or restricted cash equivalents at June 30, 2019. millions Cash and cash equivalents $ 1,011 Restricted cash and restricted cash equivalents 124 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 78 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,213 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 On December 31, 2019, Occidental and WES executed several agreements to allow WES to operate as an independent midstream company. 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 June 30, 2020, the carrying amount of the investment in WES was $4.9 billion. The decline in the equity method investment from December 31, 2019 to June 30, 2020 was primarily attributable to Occidental's interest in WES's approximately $440 million impairment of its goodwill during the first quarter of 2020. 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 June 30, 2020. However, if WES’s unit price remains significantly below its year-end 2019 unit price for the remainder of 2020, Occidental may be 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. Subsequent to loss of control, transactions between Occidental and WES were no longer eliminated upon consolidation. Occidental and WES entered into the following related-party transactions for the three and six months ended June 30, 2020. millions Three months ended June 30, 2020 Six months ended June 30, 2020 Sales $ 6 $ 119 Purchases $ 92 $ 311 Transportation, gathering and other fees paid $ 236 $ 546

Accounting and Disclosure Chang

Accounting and Disclosure Changes	6 Months Ended
	Jun. 30, 2020
Accounting Standards Update and Change in Accounting Principle [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 for the results of this simplified goodwill impairment test.

Dispositions and Other Transact

Dispositions and Other Transactions	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups and Equity Method And Joint Ventures [Abstract]
Dispositions and Other Transactions	NOTE 3 - DISPOSITIONS AND OTHER TRANSACTIONS ALGERIA ASSETS - RECLASSIFICATION The following table presents the amounts previously reported in discontinued operations, net of income taxes, which have been reclassified to continuing operations, subsequent to Occidental's decision to operate in Algeria, for the three and six months ended June 30, 2020: millions Three months ended June 30, 2020 Six months ended June 30, 2020 Revenues and other income Net sales $ 116 $ 319 Costs and other deductions Oil and gas lease operating expense $ 21 $ 44 Transportation expense 7 14 Taxes other than on income 5 48 Depreciation, depletion and amortization 43 110 Impairment upon reclassification to held for use 931 931 Other 4 10 Total costs and other deductions $ 1,011 $ 1,157 Income before income taxes (895) (838) Income tax expense (38) (95) Net income of Algeria Assets, after taxes $ (933) $ (933) The following table presents the amounts previously reported in the Consolidated Condensed Balance Sheets as held for sale related to Algeria that were subsequently reclassified as of December 31, 2019: millions December 31, 2019 Current assets $ 249 Property, plant and equipment, net 1,761 Long-term receivables and other assets, net 146 Total Assets $ 2,156 Current liabilities $ 188 Non-current liabilities 104 Total Liabilities $ 292 DISCONTINUED OPERATIONS In January 2020, Occidental completed the sale of the South Africa assets to Total. The results of the South Africa and Ghana assets are presented as discontinued operations in the Consolidated Condensed Statements of Operations and Cash Flows. The amounts related to the Ghana assets are presented as held for sale on the Consolidated Condensed Balance Sheets as of June 30, 2020 and December 31, 2019, of which approximately $1.3 billion and $3.6 billion are related to property, plant and equipment net, respectively. The amounts presented in liabilities are primarily related to deferred income taxes, asset retirement obligations and a finance lease liability. The amounts presented in discontinued operations, net of income taxes, for the three and six months ended June 30, 2020, relate to the after-tax impairment of $1.4 billion recorded to adjust the Ghana assets to their fair value as the sale to Total will no longer be consummated.

Revenue

Revenue	6 Months Ended
	Jun. 30, 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 June 30, 2020, trade receivables, net, of $2.4 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 for the three and six months ended June 30, 2020 and 2019: Three months ended June 30, Six months ended June 30, millions 2020 2019 2020 2019 Revenue from customers $ 3,308 $ 3,731 $ 8,558 $ 7,166 All other revenues (a) (380) 689 983 1,258 Net sales $ 2,928 $ 4,420 $ 9,541 $ 8,424 (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, NGLs 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 / Africa Latin America Other International Eliminations Total Three months ended June 30, 2020 Oil and Gas Oil $ 1,166 $ 389 $ 66 $ — $ — $ 1,621 NGL 127 40 — — — 167 Gas 138 82 4 — — 224 Other 20 1 — — — 21 Segment total $ 1,451 $ 512 $ 70 $ — $ — $ 2,033 Chemical $ 793 $ — $ 33 $ 13 $ — $ 839 Midstream and Marketing Gas processing $ 67 $ 71 $ — $ — $ — $ 138 Marketing 299 — — 152 — 451 Power and other 9 — — — — 9 Segment total $ 375 $ 71 $ — $ 152 $ — $ 598 Eliminations $ — $ — $ — $ — $ (162) $ (162) Consolidated $ 2,619 $ 583 $ 103 $ 165 $ (162) $ 3,308 millions United States Middle East Latin America Other International Eliminations Total Three months ended June 30, 2019 Oil and Gas Oil $ 1,447 $ 825 $ 212 $ — $ — $ 2,484 NGL 84 68 — — — 152 Gas 8 76 5 — — 89 Other (1) (6) — — — (7) Segment total $ 1,538 $ 963 $ 217 $ — $ — $ 2,718 Chemical $ 935 $ — $ 40 $ 18 $ — $ 993 Midstream and Marketing Gas processing $ 104 $ 89 $ — $ — $ — $ 193 Marketing 3 — — — — 3 Power and other 29 — — — — 29 Segment total $ 136 $ 89 $ — $ — $ — $ 225 Eliminations $ — $ — $ — $ — $ (205) $ (205) Consolidated $ 2,609 $ 1,052 $ 257 $ 18 $ (205) $ 3,731 millions United States Middle East / Africa Latin America Other International Eliminations Total Six months ended June 30, 2020 Oil and Gas Oil $ 3,921 $ 1,029 $ 215 $ — $ — $ 5,165 NGL 340 105 — — — 445 Gas 321 162 9 — — 492 Other 31 1 — — — 32 Segment total $ 4,613 $ 1,297 $ 224 $ — $ — $ 6,134 Chemical $ 1,703 $ — $ 68 $ 29 $ — $ 1,800 Midstream and Marketing Gas processing $ 172 $ 142 $ — $ — $ — $ 314 Marketing 545 — — 101 — 646 Power and other 25 — — — — 25 Segment total $ 742 $ 142 $ — $ 101 $ — $ 985 Eliminations $ — $ — $ — $ — $ (361) $ (361) Consolidated $ 7,058 $ 1,439 $ 292 $ 130 $ (361) $ 8,558 millions United States Middle East Latin America Other International Eliminations Total Six months ended June 30, 2019 Oil and Gas Oil $ 2,652 $ 1,583 $ 347 $ — $ — $ 4,582 NGL 162 133 — — — 295 Gas 55 155 9 — — 219 Other (22) (5) — — — (27) Segment total $ 2,847 $ 1,866 $ 356 $ — $ — $ 5,069 Chemical $ 1,928 $ — $ 83 $ 37 $ — $ 2,048 Midstream and Marketing Gas processing $ 209 $ 191 $ — $ — $ — $ 400 Marketing 5 — — — — 5 Power and other 71 — — — — 71 Segment total $ 285 $ 191 $ — $ — $ — $ 476 Eliminations $ — $ — $ — $ — $ (427) $ (427) Consolidated $ 5,060 $ 2,057 $ 439 $ 37 $ (427) $ 7,166 TRANSACTION PRICE ALLOCATED TO REMAINING PERFORMANCE OBLIGATIONS Revenue expected to be recognized from certain performance obligations that are unsatisfied as of June 30, 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 $ 60 2021 118 2022 9 2023 9 2024 9 Thereafter 85 Total $ 290

Inventory

Inventory	6 Months Ended
	Jun. 30, 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 June 30, 2020 December 31, 2019 Raw materials $ 70 $ 75 Materials and supplies 945 974 Commodity inventory and finished goods 503 572 1,518 1,621 Revaluation to LIFO (41) (40) Total $ 1,477 $ 1,581 During the three and six months ended June 30, 2020, Occidental recognized impairments of $42 million and $54 million, respectively, due to obsolete material and supplies inventory and impairments of $7 million and $76 million, respectively, due to lower-than-cost or net-realizable value adjustments primarily related to commodity inventories. Occidental did not recognize any inventory impairments for the three or six months months ended June 30, 2019.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 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 June 30, 2020, Occidental’s derivatives not designated as hedges consist of three-way oil collars and call options, interest rate swaps, and marketing derivatives. 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. Occidental received cash of $322 million associated with these collars in the six months ended June 30, 2020. Occidental had the following collars and calls outstanding at June 30, 2020: Collars and Calls, not designated as hedges 2020 Settlement Three-way collars (Oil MMBBL) 64.4 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 June 30, 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. In addition to the interest rate swaps, Occidental has approximately $1.5 billion of debt referenced to LIBOR that matures after 2021. It is expected that a number of private-sector banks currently reporting information used to set LIBOR will stop doing so after 2021. Occidental is currently evaluating the potential effect to its debt and derivative obligations due to the transition from LIBOR to another benchmark rate. The effect to our LIBOR indexed contracts will depend on the alternative reference rate selected by our counterparties and the contracts relative values at the time of the transition. 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 receipts (payments) related to settlements were $3 million and $(47) million for the three and six months ended June 30, 2020, respectively. Occidental paid collateral with respect to interest rate swap agreements of $221 million and $320 million for the three months and six months ended June 30, 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 $36.24 per barrel and $1.55 per thousand cubic feet (Mcf) for crude oil and natural gas, respectively, at June 30, 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. June 30, 2020 December 31, 2019 Crude Oil Commodity Contracts Volume (MMBBL) 28 55 Natural Gas Commodity Contracts Volume (Bcf) (131) (128) THE BERKSHIRE WARRANTS Warrants for 80 million shares of Occidental stock, with an exercise price of $62.50, were issued in connection with with the financing of the Acquisition (the Berkshire Warrants). The Berkshire Warrants 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 Berkshire Warrants expire. The holders of the Berkshire Warrants could have required net cash settlement if certain shareholder and regulatory approvals to issue shares of Occidental's common stock underlying the Berkshire Warrants were not obtained. Prior to these approvals, the fair value of the Berkshire Warrants was remeasured each reporting date with gains and losses being recorded on the income statement. At Occidental's May 29, 2020 annual shareholders meeting, all remaining approvals were obtained, and as of the date of this filing the Berkshire Warrants can no longer be cash settled. Upon these approvals, the fair value of the Berkshire Warrants was remeasured at May 29, 2020 using the Black-Scholes option model. The reclassification from liabilities to "Additional paid-in capital" was $102 million. The following inputs were used in the Black-Scholes option model: the expected life of the Berkshire Warrants, a volatility factor and the exercise price. The expected life is based on the estimated term of the Berkshire Warrants, the volatility factor is based on historical volatilities of Occidental common stock, and the exercise price is $62.50. The Berkshire Warrants contain an anti-dilution provision that adjusts the exercise price and the number of shares of Occidental's common stock issuable on exercise upon the occurrence of certain distributions to common shareholders. On June 26, 2020, Occidental's Board of Directors declared a distribution to its common shareholders of warrants to purchase additional shares of common stock, see Note 13 - E arnings Per Share and Stockholders' Equity . This distribution to common shareholders resulted in an anti-dilution adjustment to the Berkshire Warrants which lowered its exercise price to $59.624 and increased the number of shares of Occidental's common stock issuable on exercise of the Berkshire Warrants by approximately 3.9 million shares. 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 June 30, 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 June 30, 2020 Oil Collars and Calls Other current assets $ — $ 510 $ — $ — $ 510 Deferred credits and other liabilities - other — (47) — — (47) Marketing Derivatives Other current assets 2,201 38 — (2,103) 136 Long-term receivables and other assets, net 79 8 — (79) 8 Accrued liabilities (2,105) (35) — 2,103 (37) Deferred credits and other liabilities - other (79) — — 79 — Interest Rate Swaps Accrued liabilities — (92) — — (92) Deferred credits and other liabilities - other — (1,948) — — (1,948) 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) Berkshire Warrants Deferred credits and other liabilities - other — (107) — — (107) (a) These amounts do not include collateral. As of June 30, 2020, and December 31, 2019, $424 million and $104 million of collateral had been netted against derivative liabilities related to interest rate swaps, respectively. As of June 30, 2020, Occidental had received $41 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 June 30, Six months ended June 30, Income Statement Classification 2020 2019 2020 2019 Oil Collars and Calls Net sales $ 5 $ — $ 957 $ — Marketing Derivatives Net sales (a) (392) 683 18 1,248 Interest Rate Swaps Gains (losses) on interest rate swaps and warrants, net 3 — (666) — Berkshire Warrants (Losses) gains on interest rate swaps and warrants, net (b) $ (79) $ — $ 5 $ — (a) Includes derivative and non-derivative marketing activity. (b) Includes losses and gains on Berkshire Warrants prior to the May 29, 2020 reclassification to equity. 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 June 30, 2020, was $43 million (net of $424 million collateral), of which $23 million related to marketing activity, and the balance related to interest-rate swaps. The aggregate fair value of derivative instruments with credit-risk-related contingent features for which a net liability position existed at December 31, 2019, was $787 million (net of $169 million of collateral).

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 2020 Accrued liabilities $ — $ 83 $ — $ — $ 83 Deferred credits and other liabilities - other — 41 — — 41 As of December 31, 2019 Accrued liabilities $ — $ 40 $ — $ — $ 40 Deferred credits and other liabilities - other — 49 — — 49 FAIR VALUES - NONRECURRING - IMPAIRMENTS As a result of the expected prolonged period of lower commodity prices brought on by the COVID-19 pandemic’s impact on oil demand, Occidental tested substantially all of its oil and gas assets for impairment during the second quarter of 2020. Occidental recognized total pre-tax impairments to its oil and gas proved and unproved properties of $8.6 billion, of which $6.4 billion is included in oil and gas segment results and $2.2 billion ($1.4 billion net of tax) related to Ghana is included in discontinued operations for three months ended June 30, 2020. For the three months ended June 30, 2020, Occidental recorded proved property pre-tax impairments of $1.2 billion primarily related to certain assets for its domestic onshore and Gulf of Mexico assets and $0.9 billion to remeasure the Algeria oil and gas proved properties to their fair value. The fair value of the proved properties was measured based on the income approach. Unproved property pre-tax impairments of $4.3 billion were primarily related to domestic onshore unproved acreage. The fair value of this acreage was measured based on a market approach using an implied acreage valuation derived from domestic onshore market participants excluding the fair value assigned to proved properties. Income approaches are considered Level 3 fair value estimates and include significant assumptions of future production and timing of production, commodity price assumptions, and operating and capital cost estimates, discounted using a 10% weighted average cost of capital. Taxes were based on current statutory rates. Future production and timing of production is based on internal reserves estimates and internal economic models for a specific oil and gas asset. Internal reserve estimates consist of proved reserves and risk adjusted unproved reserves based on reserve category. Price assumptions were based on a combination of market information and published industry resources adjusted for historical differentials. Price assumptions ranged from approximately $40 per barrel of oil in 2020 increasing to approximately $70 per barrel of oil in 2034, with an unweighted arithmetic average price of $59.17 and $62.42 for WTI and Brent indexed assets for the 15 year period, respectively. Natural gas prices ranged from approximately $2.00 per MCF in 2020 to $3.60 per MCF in 2034, with an unweighted arithmetic average price of $3.13 for NYMEX based assets for the 15 year period. Both oil and natural gas commodity prices were held flat after 2034 and were adjusted for location and quality differentials. Operating and capital cost estimates were based on current observable costs and were further escalated 1% in every period where commodity prices exceeded $50 per barrel and 2% in every period where commodity prices exceeded $60 per barrel. The weighted average cost of capital is calculated based on industry peers and best approximates the cost of capital an external market participant would expect to obtain. In the first quarter of 2020, 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 recorded proved property impairments of $293 million related to certain international assets and the Gulf of Mexico. Unproved property impairments, of approximately $241 million, primarily related 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. If there is a further worsening of the macro-economic conditions and if such worsened conditions are expected to be prolonged, Occidental’s oil and gas properties may be subject to further testing for impairment, which could result in additional non-cash asset impairments, and such impairments could be material to our 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	6 Months Ended
	Jun. 30, 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 June 30, 2020 December 31, 2019 Total borrowings at face value $ 37,401 $ 37,401 Adjustments to book value: Unamortized premium, net 868 914 Debt issuance costs (110) (125) Long-term finance leases 301 347 Current finance leases 34 51 Total debt and finance leases 38,494 38,588 Less current maturities of long-term debt (2,460) (51) Long-term debt, net $ 36,034 $ 38,537 DEBT ACTIVITY On March 23, 2020, Occidental amended the sole financial covenant in its revolving credit facility (RCF) and variable rate bonds due 2021 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. In July 2020, Occidental issued $500 million aggregate principal amount of 8.000% senior notes due 2025, $500 million aggregate principal amount of 8.500% senior notes due 2027 and $1.0 billion aggregate principal amount of 8.875% senior notes due 2030 (July 2020 Notes). Interest on each series of notes will be paid semi-annually in arrears on July 15 and January 15 of each year, commencing on January 15, 2021. Concurrent with the above issuance of the July 2020 Notes Occidental utilized the $1,985 million in net proceeds from the July 2020 Notes to fund a cash tender offer to purchase a portion of the outstanding principal of the senior notes listed below. millions Principal Amount Accepted 4.1% senior notes due February 2021 $ 943 Variable rate bonds due February 2021 $ 473 4.85% senior notes due March 2021 $ 530 2.6% senior notes due August 2021 $ 51 Total $ 1,997 FAIR VALUE OF DEBT

Lease Commitments

Lease Commitments	6 Months Ended
	Jun. 30, 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 $47 million, compressors of $133 million, storage facilities of $342 million, office space of $348 million and other field equipment of $71 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 $335 million . The following table presents lease balances and their location on the Consolidated Condensed Balance Sheet at June 30, 2020, and December 31, 2019: millions Balance sheet location 2020 2019 Assets: Operating Operating lease assets $ 1,129 $ 1,411 Finance Property, plant and equipment 338 397 Total lease assets $ 1,467 $ 1,808 Liabilities: Current Operating Current operating lease liabilities $ 420 $ 579 Finance Current maturities of long-term debt 34 51 Non-current Operating Deferred credits and other liabilities - Operating lease liabilities 740 872 Finance Long-term debt, net 301 347 Total lease liabilities $ 1,495 $ 1,849 At June 30, 2020, Occidental's leases expire based on the following schedule: Operating Finance millions Leases (a) Leases (b) Total Remainder of 2020 $ 239 $ 17 $ 256 2021 406 37 443 2022 149 34 183 2023 109 32 141 2024 87 30 117 Thereafter 405 261 666 Total lease payments 1,395 411 1,806 Less: Interest (235) (76) (311) Total lease liabilities $ 1,160 $ 335 $ 1,495 (a) The weighted-average remaining lease term is 5.6 years and the weighted-average discount rate is 5.03%. (b) The weighted-average remaining lease term is 11.8 years and the weighted-average discount rate is 3.36%. 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 June 30, Six months ended June 30, Lease cost classification (a) 2020 2019 2020 2019 Operating lease costs (b) Property, plant and equipment, net $ 45 $ 91 $ 129 $ 182 Cost of sales (c) 143 61 287 138 Selling, general and administrative expenses 22 19 43 35 Finance lease cost: Amortization of ROU assets 7 — 11 — Interest on lease liabilities 3 — 6 — Total lease cost $ 220 $ 171 $ 476 $ 355 (a) Amounts reflected are gross before joint-interest recoveries. (b) Includes short-term lease cost of $51 million and $70 million for the three months ended June 30, 2020, and 2019, respectively, and $105 million and $156 million for the six months ended June 30, 2020, and 2019, respectively. Includes variable lease cost of $24 million and $29 million for the three months ended June 30, 2020, and 2019, respectively, and $62 million and $60 million for the six months ended June 30, 2020, and 2019, respectively. (c) Operating lease costs recorded as cost of sales in oil and gas operating expenses, transportation and gathering expenses and chemical and midstream cost of sales depending on their nature. millions Six months ended June 30, 2020 2019 Operating cash flows $ 270 $ 95 Investing cash flows $ 49 $ 44 Financing cash flows $ 12 $ —
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 $47 million, compressors of $133 million, storage facilities of $342 million, office space of $348 million and other field equipment of $71 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 $335 million . The following table presents lease balances and their location on the Consolidated Condensed Balance Sheet at June 30, 2020, and December 31, 2019: millions Balance sheet location 2020 2019 Assets: Operating Operating lease assets $ 1,129 $ 1,411 Finance Property, plant and equipment 338 397 Total lease assets $ 1,467 $ 1,808 Liabilities: Current Operating Current operating lease liabilities $ 420 $ 579 Finance Current maturities of long-term debt 34 51 Non-current Operating Deferred credits and other liabilities - Operating lease liabilities 740 872 Finance Long-term debt, net 301 347 Total lease liabilities $ 1,495 $ 1,849 At June 30, 2020, Occidental's leases expire based on the following schedule: Operating Finance millions Leases (a) Leases (b) Total Remainder of 2020 $ 239 $ 17 $ 256 2021 406 37 443 2022 149 34 183 2023 109 32 141 2024 87 30 117 Thereafter 405 261 666 Total lease payments 1,395 411 1,806 Less: Interest (235) (76) (311) Total lease liabilities $ 1,160 $ 335 $ 1,495 (a) The weighted-average remaining lease term is 5.6 years and the weighted-average discount rate is 5.03%. (b) The weighted-average remaining lease term is 11.8 years and the weighted-average discount rate is 3.36%. 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 June 30, Six months ended June 30, Lease cost classification (a) 2020 2019 2020 2019 Operating lease costs (b) Property, plant and equipment, net $ 45 $ 91 $ 129 $ 182 Cost of sales (c) 143 61 287 138 Selling, general and administrative expenses 22 19 43 35 Finance lease cost: Amortization of ROU assets 7 — 11 — Interest on lease liabilities 3 — 6 — Total lease cost $ 220 $ 171 $ 476 $ 355 (a) Amounts reflected are gross before joint-interest recoveries. (b) Includes short-term lease cost of $51 million and $70 million for the three months ended June 30, 2020, and 2019, respectively, and $105 million and $156 million for the six months ended June 30, 2020, and 2019, respectively. Includes variable lease cost of $24 million and $29 million for the three months ended June 30, 2020, and 2019, respectively, and $62 million and $60 million for the six months ended June 30, 2020, and 2019, respectively. (c) Operating lease costs recorded as cost of sales in oil and gas operating expenses, transportation and gathering expenses and chemical and midstream cost of sales depending on their nature. millions Six months ended June 30, 2020 2019 Operating cash flows $ 270 $ 95 Investing cash flows $ 49 $ 44 Financing cash flows $ 12 $ —

Lawsuits, Claims, Commitments a

Lawsuits, Claims, Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 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 September 2020. Occidental intends to vigorously defend against this claim in arbitration. 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 Company expects a ruling on Sanchez's purported contract rejection by the fourth quarter of 2020. On May 26, 2020, a putative securities class action captioned City of Sterling Heights General Employees’ Retirement System, et al. v. Occidental Petroleum Corporation, et al., No. 651994/2020 (City of Sterling), was filed in the Supreme Court of the State of New York. The complaint asserts claims under Sections 11, 12 and 15 of the Securities Act of 1933, as amended (the Securities Act), based on alleged misstatements in the Securities Act filings, including the registration statement filed in connection with the Anadarko Acquisition and Occidental’s related issuance of common stock and debt securities offerings that took place in August 2019. The lawsuit was filed against Occidental, certain current and former officers and directors and certain underwriters of the debt securities offerings, and seeks damages in an unspecified amount, plus attorneys’ fees and expenses. Since the filing of the City of Sterling complaint, two additional putative class actions have been filed in the same court (together with City of Sterling, the State Cases) and the State Cases have now been consolidated. The Company intends to vigorously defend itself in all respects in regard to the State Cases. 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 2017 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. All 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 was in the IRS appeals process until the second quarter of 2020, however it has since been returned to the U.S. Tax Court where Occidental expects to continue pursuing resolution. 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 June 30, 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. As of the date of this report, Occidental received approximately $170 million of cash refunds as a result of the aforementioned AMT credit and NOL carryback provisions and anticipates an additional $25 million cash refund by the end of the year. 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 June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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 $ 458 Third-party sites 73 292 Occidental-operated sites 17 148 Closed or non-operated Occidental sites 50 262 Total 177 $ 1,160 As of June 30, 2020, Occidental’s environmental remediation liabilities exceeded $10 million each at 19 of the 177 sites described above, and 100 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. In June 2017, the court overseeing the Maxus bankruptcy approved a Plan of Liquidation (Plan) to liquidate Maxus and create a trust to pursue claims against YPF, Repsol, and others to satisfy claims by Occidental and other creditors for past and future cleanup and other costs. In July 2017, the court-approved Plan became final and the trust became effective. Among other responsibilities, the trust will pursue claims against YPF, Repsol and others and distribute assets to Maxus' creditors in accordance with the trust agreement and Plan. In June 2018, the trust filed its complaint against YPF and Repsol in Delaware bankruptcy court asserting claims based upon, among other things, fraudulent transfer and alter ego. During 2019, the bankruptcy court denied Repsol's and YPF's motions to dismiss the complaint as well as their motions to move the case away from the bankruptcy court. Discovery remains ongoing at the time of this report.

Retirement and Postretirement B

Retirement and Postretirement Benefit Plans	6 Months Ended
	Jun. 30, 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. Effective as of June 30, 2020, the defined benefit pension plans and certain of the supplemental plans covering active Anadarko employees were frozen. Net periodic benefit costs related to pension benefits included net gains related to settlement, curtailment and special termination benefits of $118 million for three months ended June 30, 2020, and $116 million for the six months ended June 30, 2020, respectively. The settlement and curtailment gains and special termination benefits for 2020 primarily relate to a separation program initiated in conjunction with the Acquisition and the freezing of benefit accruals for Anadarko employees. Excluding these items, net periodic benefit costs related to pension benefits were $13 million and $24 million for the three and six months ended June 30, 2020, respectively. Net periodic benefit costs related to pension benefits were not material for the three or six months ended June 30, 2019. Net periodic benefit costs related to postretirement benefits were $18 million and $38 million for the three and six months ended June 30, 2020, respectively, compared to $15 million and $29 million for the same periods in 2019.

Earnings Per Share And Stockhol

Earnings Per Share And Stockholders' Equity	6 Months Ended
	Jun. 30, 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 Six months ended millions except per-share amounts 2020 2019 2020 2019 Net income (loss) from continuing operations $ (6,716) $ 635 $ (8,729) $ 1,266 Loss from discontinued operations (1,415) — (1,415) — Net income (loss) (8,131) 635 (10,144) 1,266 Less: Preferred stock dividends (222) — (441) — Net income (loss) attributable to common stock $ (8,353) $ 635 $ (10,585) $ 1,266 Less: Net income allocated to participating securities — (3) — (6) Net income (loss) attributable to common stock, net of participating securities (8,353) 632 (10,585) 1,260 Weighted average number of basic shares 915.5 748.3 906.2 748.7 Net income (loss) attributable to common stockholders per share—basic $ (9.12) $ 0.84 $ (11.68) $ 1.68 Net income (loss) attributable to common stock, net of participating securities (8,353) 632 (10,585) 1,260 Weighted-average number of basic shares 915.5 748.3 906.2 748.7 Dilutive securities — 1.2 — 1.3 Total diluted weighted-average common shares 915.5 749.5 906.2 750.0 Net income (loss) attributable to common stockholders per share—diluted $ (9.12) $ 0.84 $ (11.68) $ 1.68 For the three and six months ended June 30, 2020, the Berkshire Warrants, Common Stock Warrants, and options covering approximately 200 million shares of Occidental common stock were excluded from the diluted shares as their effect would have been anti-dilutive. 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 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. In March and June, 2020, the Board of Directors elected to declare its quarterly dividend on the Preferred Stock in shares of common stock. In accordance with the Certificate of Designations, the number of shares issued was calculated based on 90 percent of the average of the volume weighted average price over each of the 10 consecutive trading days following the dividend declaration date. On July 15, 2020, Occidental issued approximately 11.6 million shares of common stock to the holders of Preferred Stock as of June 30, 2020. COMMON STOCK WARRANTS On June 26, 2020, the Board of Directors declared a distribution to holders of its common stock of warrants to purchase shares of Occidental’s common stock, at a rate of 0.125 warrants per share of Occidental common stock (the Common Stock Warrants). Occidental issued approximately 116 million Common Stock Warrants on or about August 3, 2020 to holders of record of outstanding shares of Occidental’s common stock as of the close of business on July 6, 2020 and pursuant to Occidental’s outstanding equity-based incentive awards in connection with anti-dilution adjustments resulting from such distribution. The Common Stock Warrants have an exercise price of $22.00 per share and will expire on August 3, 2027. The Common Stock Warrants are listed on the the New York Stock Exchange and trade under the symbol "OXY WS".

Industry Segments

Industry Segments	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Industry Segments	NOTE 14 - 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 Gas (a) Chemical Midstream and Marketing (b) Corporate and Eliminations (c) Total Three months ended June 30, 2020 Net sales $ 2,040 $ 846 $ 204 $ (162) $ 2,928 Income (loss) from continuing operations before income taxes $ (7,734) $ 108 $ (7) $ (551) $ (8,184) Income tax benefit 1,468 1,468 Income (loss) from continuing operations $ (7,734) $ 108 $ (7) $ 917 $ (6,716) Three months ended June 30, 2019 Net sales $ 2,718 $ 998 $ 909 $ (205) $ 4,420 Income (loss) from continuing operations before income taxes $ 726 $ 208 $ 331 $ (324) $ 941 Income tax expense — — — (306) (306) Income (loss) from continuing operations $ 726 $ 208 $ 331 $ (630) $ 635 millions Oil and Gas (a) Chemical Midstream and Marketing (b) Corporate and Eliminations (c) Total Six months ended June 30, 2020 Net sales $ 7,100 $ 1,808 $ 994 $ (361) $ 9,541 Income (loss) from continuing operations before income taxes $ (7,498) $ 294 $ (1,294) $ (1,724) $ (10,222) Income tax benefit 1,493 1,493 Income (loss) from continuing operations $ (7,498) $ 294 $ (1,294) $ (231) $ (8,729) Six months ended June 30, 2019 Net sales $ 5,069 $ 2,057 $ 1,725 $ (427) $ 8,424 Income (loss) from continuing operations before income taxes $ 1,210 $ 473 $ 610 $ (496) $ 1,797 Income tax expense — — — (531) (531) Income (loss) from continuing operations $ 1,210 $ 473 $ 610 $ (1,027) $ 1,266 (a) Includes $6.4 billion and $7.0 billion related to asset impairments and other charges for the three and six months ended June 30, 2020, respectively. Additionally includes a $957 million gain on the oil collars and calls for the six months ended June 30, 2020. (b) Includes $1.4 billion of impairments related to the write-off of goodwill and a loss from an equity investment related to WES's write-off of its goodwill for the six months ended June 30, 2020. (c) Includes $149 million and $297 million in expenses related to Anadarko acquisition-related costs for the three and six months ended June 30, 2020, respectively, and a $665 million loss on interest rate swaps for the six months ended June 30, 2020.

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 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. Total and Occidental completed the sale of the Mozambique assets in September 2019 and the South Africa assets in January 2020. In April 2020, subsequent to communications with Algerian government officials, Occidental determined that the sale of the Algeria assets to Total would not be consummated, and the decision was made to continue to operate within Algeria. As a result, Occidental no longer classified the Algeria operations as a held for sale asset in discontinued operations and reclassified prior periods to reflect the Algeria operations as continuing operations, see Note 3 - Dispositions and Other Transactions for the impact on prior periods. In addition, Occidental recorded a $931 million impairment to remeasure the Algeria oil and gas properties to their fair value which was lower than the carrying amount as if depreciation, depletion and amortization (DD&A) were recorded from the date of the Acquisition. The fair value of the oil and gas properties was measured based on the income approach, see Note 7 - Fair Value Measurements for a description of inputs and assumptions utilized. In May 2020, Occidental and Total mutually agreed to execute a waiver of the obligation to purchase and sell the Ghana assets, so that Occidental could begin marketing the sale of the Ghana assets to other third parties. Occidental is currently marketing the Ghana assets. The assets and liabilities for Ghana remain presented as held for sale at June 30, 2020, and the carrying amount of the assets and liabilities of the Ghana disposal group were adjusted to their estimated fair value. Occidental recorded an after-tax impairment of $1.4 billion to reflect the held for sale assets at their fair value less costs to sell based on the income approach, refer to Note 7 - Fair Value Measurements . The results of operations of Ghana continue to be presented as discontinued operations, see Note 3 - Dispositions and Other Transactions . 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.
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 for the results of this simplified goodwill impairment test.

General (Tables)

General (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of Restrictions on Cash and Cash Equivalents	There was no restricted cash or restricted cash equivalents at June 30, 2019. millions Cash and cash equivalents $ 1,011 Restricted cash and restricted cash equivalents 124 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 78 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,213
Schedule of Cash and Cash Equivalents	There was no restricted cash or restricted cash equivalents at June 30, 2019. millions Cash and cash equivalents $ 1,011 Restricted cash and restricted cash equivalents 124 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 78 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,213
Summary of related-party transactions	millions Three months ended June 30, 2020 Six months ended June 30, 2020 Sales $ 6 $ 119 Purchases $ 92 $ 311 Transportation, gathering and other fees paid $ 236 $ 546

Dispositions and Other Transa_2

Dispositions and Other Transactions (Tables)	6 Months Ended
	Jun. 30, 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 previously reported in discontinued operations, net of income taxes, which have been reclassified to continuing operations, subsequent to Occidental's decision to operate in Algeria, for the three and six months ended June 30, 2020: millions Three months ended June 30, 2020 Six months ended June 30, 2020 Revenues and other income Net sales $ 116 $ 319 Costs and other deductions Oil and gas lease operating expense $ 21 $ 44 Transportation expense 7 14 Taxes other than on income 5 48 Depreciation, depletion and amortization 43 110 Impairment upon reclassification to held for use 931 931 Other 4 10 Total costs and other deductions $ 1,011 $ 1,157 Income before income taxes (895) (838) Income tax expense (38) (95) Net income of Algeria Assets, after taxes $ (933) $ (933) The following table presents the amounts previously reported in the Consolidated Condensed Balance Sheets as held for sale related to Algeria that were subsequently reclassified as of December 31, 2019: millions December 31, 2019 Current assets $ 249 Property, plant and equipment, net 1,761 Long-term receivables and other assets, net 146 Total Assets $ 2,156 Current liabilities $ 188 Non-current liabilities 104 Total Liabilities $ 292

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 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 for the three and six months ended June 30, 2020 and 2019: Three months ended June 30, Six months ended June 30, millions 2020 2019 2020 2019 Revenue from customers $ 3,308 $ 3,731 $ 8,558 $ 7,166 All other revenues (a) (380) 689 983 1,258 Net sales $ 2,928 $ 4,420 $ 9,541 $ 8,424 (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 / Africa Latin America Other International Eliminations Total Three months ended June 30, 2020 Oil and Gas Oil $ 1,166 $ 389 $ 66 $ — $ — $ 1,621 NGL 127 40 — — — 167 Gas 138 82 4 — — 224 Other 20 1 — — — 21 Segment total $ 1,451 $ 512 $ 70 $ — $ — $ 2,033 Chemical $ 793 $ — $ 33 $ 13 $ — $ 839 Midstream and Marketing Gas processing $ 67 $ 71 $ — $ — $ — $ 138 Marketing 299 — — 152 — 451 Power and other 9 — — — — 9 Segment total $ 375 $ 71 $ — $ 152 $ — $ 598 Eliminations $ — $ — $ — $ — $ (162) $ (162) Consolidated $ 2,619 $ 583 $ 103 $ 165 $ (162) $ 3,308 millions United States Middle East Latin America Other International Eliminations Total Three months ended June 30, 2019 Oil and Gas Oil $ 1,447 $ 825 $ 212 $ — $ — $ 2,484 NGL 84 68 — — — 152 Gas 8 76 5 — — 89 Other (1) (6) — — — (7) Segment total $ 1,538 $ 963 $ 217 $ — $ — $ 2,718 Chemical $ 935 $ — $ 40 $ 18 $ — $ 993 Midstream and Marketing Gas processing $ 104 $ 89 $ — $ — $ — $ 193 Marketing 3 — — — — 3 Power and other 29 — — — — 29 Segment total $ 136 $ 89 $ — $ — $ — $ 225 Eliminations $ — $ — $ — $ — $ (205) $ (205) Consolidated $ 2,609 $ 1,052 $ 257 $ 18 $ (205) $ 3,731 millions United States Middle East / Africa Latin America Other International Eliminations Total Six months ended June 30, 2020 Oil and Gas Oil $ 3,921 $ 1,029 $ 215 $ — $ — $ 5,165 NGL 340 105 — — — 445 Gas 321 162 9 — — 492 Other 31 1 — — — 32 Segment total $ 4,613 $ 1,297 $ 224 $ — $ — $ 6,134 Chemical $ 1,703 $ — $ 68 $ 29 $ — $ 1,800 Midstream and Marketing Gas processing $ 172 $ 142 $ — $ — $ — $ 314 Marketing 545 — — 101 — 646 Power and other 25 — — — — 25 Segment total $ 742 $ 142 $ — $ 101 $ — $ 985 Eliminations $ — $ — $ — $ — $ (361) $ (361) Consolidated $ 7,058 $ 1,439 $ 292 $ 130 $ (361) $ 8,558 millions United States Middle East Latin America Other International Eliminations Total Six months ended June 30, 2019 Oil and Gas Oil $ 2,652 $ 1,583 $ 347 $ — $ — $ 4,582 NGL 162 133 — — — 295 Gas 55 155 9 — — 219 Other (22) (5) — — — (27) Segment total $ 2,847 $ 1,866 $ 356 $ — $ — $ 5,069 Chemical $ 1,928 $ — $ 83 $ 37 $ — $ 2,048 Midstream and Marketing Gas processing $ 209 $ 191 $ — $ — $ — $ 400 Marketing 5 — — — — 5 Power and other 71 — — — — 71 Segment total $ 285 $ 191 $ — $ — $ — $ 476 Eliminations $ — $ — $ — $ — $ (427) $ (427) Consolidated $ 5,060 $ 2,057 $ 439 $ 37 $ (427) $ 7,166
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 $ 60 2021 118 2022 9 2023 9 2024 9 Thereafter 85 Total $ 290

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following: millions June 30, 2020 December 31, 2019 Raw materials $ 70 $ 75 Materials and supplies 945 974 Commodity inventory and finished goods 503 572 1,518 1,621 Revaluation to LIFO (41) (40) Total $ 1,477 $ 1,581

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Derivative Instruments	Occidental had the following collars and calls outstanding at June 30, 2020: Collars and Calls, not designated as hedges 2020 Settlement Three-way collars (Oil MMBBL) 64.4 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 June 30, 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. June 30, 2020 December 31, 2019 Crude Oil Commodity Contracts Volume (MMBBL) 28 55 Natural Gas Commodity Contracts Volume (Bcf) (131) (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 June 30, 2020 Oil Collars and Calls Other current assets $ — $ 510 $ — $ — $ 510 Deferred credits and other liabilities - other — (47) — — (47) Marketing Derivatives Other current assets 2,201 38 — (2,103) 136 Long-term receivables and other assets, net 79 8 — (79) 8 Accrued liabilities (2,105) (35) — 2,103 (37) Deferred credits and other liabilities - other (79) — — 79 — Interest Rate Swaps Accrued liabilities — (92) — — (92) Deferred credits and other liabilities - other — (1,948) — — (1,948) 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) Berkshire 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 June 30, Six months ended June 30, Income Statement Classification 2020 2019 2020 2019 Oil Collars and Calls Net sales $ 5 $ — $ 957 $ — Marketing Derivatives Net sales (a) (392) 683 18 1,248 Interest Rate Swaps Gains (losses) on interest rate swaps and warrants, net 3 — (666) — Berkshire Warrants (Losses) gains on interest rate swaps and warrants, net (b) $ (79) $ — $ 5 $ — (a) Includes derivative and non-derivative marketing activity.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 Accrued liabilities $ — $ 83 $ — $ — $ 83 Deferred credits and other liabilities - other — 41 — — 41 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)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table summarizes Occidental's outstanding debt, including finance lease liabilities: millions June 30, 2020 December 31, 2019 Total borrowings at face value $ 37,401 $ 37,401 Adjustments to book value: Unamortized premium, net 868 914 Debt issuance costs (110) (125) Long-term finance leases 301 347 Current finance leases 34 51 Total debt and finance leases 38,494 38,588 Less current maturities of long-term debt (2,460) (51) Long-term debt, net $ 36,034 $ 38,537
Debt Instrument Redemption	millions Principal Amount Accepted 4.1% senior notes due February 2021 $ 943 Variable rate bonds due February 2021 $ 473 4.85% senior notes due March 2021 $ 530 2.6% senior notes due August 2021 $ 51 Total $ 1,997

Lease Commitments (Tables)

Lease Commitments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020, and December 31, 2019: millions Balance sheet location 2020 2019 Assets: Operating Operating lease assets $ 1,129 $ 1,411 Finance Property, plant and equipment 338 397 Total lease assets $ 1,467 $ 1,808 Liabilities: Current Operating Current operating lease liabilities $ 420 $ 579 Finance Current maturities of long-term debt 34 51 Non-current Operating Deferred credits and other liabilities - Operating lease liabilities 740 872 Finance Long-term debt, net 301 347 Total lease liabilities $ 1,495 $ 1,849
Schedule of Operating Lease Maturities	At June 30, 2020, Occidental's leases expire based on the following schedule: Operating Finance millions Leases (a) Leases (b) Total Remainder of 2020 $ 239 $ 17 $ 256 2021 406 37 443 2022 149 34 183 2023 109 32 141 2024 87 30 117 Thereafter 405 261 666 Total lease payments 1,395 411 1,806 Less: Interest (235) (76) (311) Total lease liabilities $ 1,160 $ 335 $ 1,495 (a) The weighted-average remaining lease term is 5.6 years and the weighted-average discount rate is 5.03%.
Schedule of Finance Lease Maturities	At June 30, 2020, Occidental's leases expire based on the following schedule: Operating Finance millions Leases (a) Leases (b) Total Remainder of 2020 $ 239 $ 17 $ 256 2021 406 37 443 2022 149 34 183 2023 109 32 141 2024 87 30 117 Thereafter 405 261 666 Total lease payments 1,395 411 1,806 Less: Interest (235) (76) (311) Total lease liabilities $ 1,160 $ 335 $ 1,495 (a) The weighted-average remaining lease term is 5.6 years and the weighted-average discount rate is 5.03%.
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 June 30, Six months ended June 30, Lease cost classification (a) 2020 2019 2020 2019 Operating lease costs (b) Property, plant and equipment, net $ 45 $ 91 $ 129 $ 182 Cost of sales (c) 143 61 287 138 Selling, general and administrative expenses 22 19 43 35 Finance lease cost: Amortization of ROU assets 7 — 11 — Interest on lease liabilities 3 — 6 — Total lease cost $ 220 $ 171 $ 476 $ 355 (a) Amounts reflected are gross before joint-interest recoveries. (b) Includes short-term lease cost of $51 million and $70 million for the three months ended June 30, 2020, and 2019, respectively, and $105 million and $156 million for the six months ended June 30, 2020, and 2019, respectively. Includes variable lease cost of $24 million and $29 million for the three months ended June 30, 2020, and 2019, respectively, and $62 million and $60 million for the six months ended June 30, 2020, and 2019, respectively. (c) Operating lease costs recorded as cost of sales in oil and gas operating expenses, transportation and gathering expenses and chemical and midstream cost of sales depending on their nature. millions Six months ended June 30, 2020 2019 Operating cash flows $ 270 $ 95 Investing cash flows $ 49 $ 44 Financing cash flows $ 12 $ —

Environmental Liabilities and_2

Environmental Liabilities and Expenditures (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 458 Third-party sites 73 292 Occidental-operated sites 17 148 Closed or non-operated Occidental sites 50 262 Total 177 $ 1,160

Earnings Per Share And Stockh_2

Earnings Per Share And Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 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 Six months ended millions except per-share amounts 2020 2019 2020 2019 Net income (loss) from continuing operations $ (6,716) $ 635 $ (8,729) $ 1,266 Loss from discontinued operations (1,415) — (1,415) — Net income (loss) (8,131) 635 (10,144) 1,266 Less: Preferred stock dividends (222) — (441) — Net income (loss) attributable to common stock $ (8,353) $ 635 $ (10,585) $ 1,266 Less: Net income allocated to participating securities — (3) — (6) Net income (loss) attributable to common stock, net of participating securities (8,353) 632 (10,585) 1,260 Weighted average number of basic shares 915.5 748.3 906.2 748.7 Net income (loss) attributable to common stockholders per share—basic $ (9.12) $ 0.84 $ (11.68) $ 1.68 Net income (loss) attributable to common stock, net of participating securities (8,353) 632 (10,585) 1,260 Weighted-average number of basic shares 915.5 748.3 906.2 748.7 Dilutive securities — 1.2 — 1.3 Total diluted weighted-average common shares 915.5 749.5 906.2 750.0 Net income (loss) attributable to common stockholders per share—diluted $ (9.12) $ 0.84 $ (11.68) $ 1.68

Industry Segments (Tables)

Industry Segments (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of industry segments	The following table presents Occidental’s industry segments: millions Oil and Gas (a) Chemical Midstream and Marketing (b) Corporate and Eliminations (c) Total Three months ended June 30, 2020 Net sales $ 2,040 $ 846 $ 204 $ (162) $ 2,928 Income (loss) from continuing operations before income taxes $ (7,734) $ 108 $ (7) $ (551) $ (8,184) Income tax benefit 1,468 1,468 Income (loss) from continuing operations $ (7,734) $ 108 $ (7) $ 917 $ (6,716) Three months ended June 30, 2019 Net sales $ 2,718 $ 998 $ 909 $ (205) $ 4,420 Income (loss) from continuing operations before income taxes $ 726 $ 208 $ 331 $ (324) $ 941 Income tax expense — — — (306) (306) Income (loss) from continuing operations $ 726 $ 208 $ 331 $ (630) $ 635 millions Oil and Gas (a) Chemical Midstream and Marketing (b) Corporate and Eliminations (c) Total Six months ended June 30, 2020 Net sales $ 7,100 $ 1,808 $ 994 $ (361) $ 9,541 Income (loss) from continuing operations before income taxes $ (7,498) $ 294 $ (1,294) $ (1,724) $ (10,222) Income tax benefit 1,493 1,493 Income (loss) from continuing operations $ (7,498) $ 294 $ (1,294) $ (231) $ (8,729) Six months ended June 30, 2019 Net sales $ 5,069 $ 2,057 $ 1,725 $ (427) $ 8,424 Income (loss) from continuing operations before income taxes $ 1,210 $ 473 $ 610 $ (496) $ 1,797 Income tax expense — — — (531) (531) Income (loss) from continuing operations $ 1,210 $ 473 $ 610 $ (1,027) $ 1,266 (a) Includes $6.4 billion and $7.0 billion related to asset impairments and other charges for the three and six months ended June 30, 2020, respectively. Additionally includes a $957 million gain on the oil collars and calls for the six months ended June 30, 2020. (b) Includes $1.4 billion of impairments related to the write-off of goodwill and a loss from an equity investment related to WES's write-off of its goodwill for the six months ended June 30, 2020. (c) Includes $149 million and $297 million in expenses related to Anadarko acquisition-related costs for the three and six months ended June 30, 2020, respectively, and a $665 million loss on interest rate swaps for the six months ended June 30, 2020.

General (Details)

General (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended			6 Months Ended
	May 31, 2020	Apr. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2017	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Noncontrolling Interest [Line Items]
Anadarko acquisition-related costs			$ (149)	$ (50)		$ (297)	$ (50)
Impairment and related charges			8,600
Income taxes paid						281	544
Domestic tax refunds						96	2
Interest paid						775	199
Cash and cash equivalents			1,011			1,011		$ 3,032
Restricted cash and restricted cash equivalents			124			124		485
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net			78			78
Cash, cash equivalents, restricted cash and restricted cash equivalents			1,213	$ 1,751		1,213	$ 1,751	3,574	$ 3,033
Equity method investment amounts			6,128			6,128		6,389
WES Midstream segment
Noncontrolling Interest [Line Items]
Equity method investment amounts			4,900			4,900		$ 5,100
Impairment of equity method investment						440
WES
Noncontrolling Interest [Line Items]
Sales			6			119
WES | Purchases
Noncontrolling Interest [Line Items]
Purchases			92			311
WES | Transportation, gathering and other fees paid
Noncontrolling Interest [Line Items]
Purchases			236			546
Algeria Africa Assets | Discontinued Operations, Disposed of by Sale
Noncontrolling Interest [Line Items]
Impairment and related charges		$ 931
Ghana Assets
Noncontrolling Interest [Line Items]
Impairment and related charges			1,400			1,400
Ghana Assets | Discontinued Operations, Held-for-sale
Noncontrolling Interest [Line Items]
Impairment and related charges	$ 1,400		2,200
Anadarko
Noncontrolling Interest [Line Items]
Anadarko acquisition-related costs			$ (149)			(297)
Domestic tax refunds					$ 881	$ 881

Dispositions and Other Transa_3

Dispositions and Other Transactions - Summary of Revenues and Costs from Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Costs and other deductions
Net income of Algeria Assets, after taxes	$ (1,415)	$ 0	$ (1,415)	$ 0
Algeria Africa Assets | Discontinued Operations, Disposed of by Sale
Revenues and other income
Net sales	116		319
Costs and other deductions
Oil and gas lease operating expense	21		44
Transportation expense	7		14
Taxes other than on income	5		48
Depreciation, depletion and amortization	43		110
Impairment upon reclassification to held for use	931		931
Other	4		10
Total costs and other deductions	1,011		1,157
Income before income taxes	(895)		(838)
Income tax expense	(38)		(95)
Net income of Algeria Assets, after taxes	$ (933)		$ (933)

Dispositions and Other Transa_4

Dispositions and Other Transactions - Summary of Assets Held for Sale (Details) - Algeria Africa Assets - Discontinued Operations, Disposed of by Sale $ in Millions	Dec. 31, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets	$ 249
Property, plant and equipment, net	1,761
Long-term receivables and other assets, net	146
Total Assets	2,156
Current liabilities	188
Non-current liabilities	104
Total Liabilities	$ 292

Dispositions and Other Transa_5

Dispositions and Other Transactions - Narrative (Details) - USD ($) $ in Billions	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2020	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment and related charges		$ 8.6
Ghana Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment and related charges		1.4	$ 1.4
Discontinued Operations, Held-for-sale | Ghana Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property, plant and equipment, net		1.3	$ 1.3	$ 3.6
Impairment and related charges	$ 1.4	$ 2.2

Revenue - Impact of Adoption (D

Revenue - Impact of Adoption (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 2,359	$ 6,373

Revenue - Reconciliation (Detai

Revenue - Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue from customers	$ 3,308	$ 3,731	$ 8,558	$ 7,166
All other revenue	(380)	689	983	1,258
Revenues, Total	$ 2,928	$ 4,420	$ 9,541	$ 8,424

Revenue - Disaggregation of rev

Revenue - Disaggregation of revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of revenue
Revenue from customers	$ 3,308	$ 3,731	$ 8,558	$ 7,166
United States
Disaggregation of revenue
Revenue from customers	2,619	2,609	7,058	5,060
Middle East / Africa
Disaggregation of revenue
Revenue from customers	583	1,052	1,439	2,057
Latin America
Disaggregation of revenue
Revenue from customers	103	257	292	439
Other International
Disaggregation of revenue
Revenue from customers	165	18	130	37
Eliminations
Disaggregation of revenue
Revenue from customers	(162)	(205)	(361)	(427)
Eliminations | United States
Disaggregation of revenue
Revenue from customers	0	0	0	0
Eliminations | Middle East / Africa
Disaggregation of revenue
Revenue from customers	0	0	0	0
Eliminations | Latin America
Disaggregation of revenue
Revenue from customers	0	0	0	0
Eliminations | Other International
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas
Disaggregation of revenue
Revenue from customers	2,033	2,718	6,134	5,069
Oil and Gas | Oil
Disaggregation of revenue
Revenue from customers	1,621	2,484	5,165	4,582
Oil and Gas | NGL
Disaggregation of revenue
Revenue from customers	167	152	445	295
Oil and Gas | Gas
Disaggregation of revenue
Revenue from customers	224	89	492	219
Oil and Gas | Other
Disaggregation of revenue
Revenue from customers	21	(7)	32	(27)
Oil and Gas | United States
Disaggregation of revenue
Revenue from customers	1,451	1,538	4,613	2,847
Oil and Gas | United States | Oil
Disaggregation of revenue
Revenue from customers	1,166	1,447	3,921	2,652
Oil and Gas | United States | NGL
Disaggregation of revenue
Revenue from customers	127	84	340	162
Oil and Gas | United States | Gas
Disaggregation of revenue
Revenue from customers	138	8	321	55
Oil and Gas | United States | Other
Disaggregation of revenue
Revenue from customers	20	(1)	31	(22)
Oil and Gas | Middle East / Africa
Disaggregation of revenue
Revenue from customers	512	963	1,297	1,866
Oil and Gas | Middle East / Africa | Oil
Disaggregation of revenue
Revenue from customers	389	825	1,029	1,583
Oil and Gas | Middle East / Africa | NGL
Disaggregation of revenue
Revenue from customers	40	68	105	133
Oil and Gas | Middle East / Africa | Gas
Disaggregation of revenue
Revenue from customers	82	76	162	155
Oil and Gas | Middle East / Africa | Other
Disaggregation of revenue
Revenue from customers	1	(6)	1	(5)
Oil and Gas | Latin America
Disaggregation of revenue
Revenue from customers	70	217	224	356
Oil and Gas | Latin America | Oil
Disaggregation of revenue
Revenue from customers	66	212	215	347
Oil and Gas | Latin America | NGL
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas | Latin America | Gas
Disaggregation of revenue
Revenue from customers	4	5	9	9
Oil and Gas | Latin America | Other
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas | Other International
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas | Other International | Oil
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas | Other International | NGL
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas | Other International | Gas
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas | Other International | Other
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas | Eliminations
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas | Eliminations | Oil
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas | Eliminations | NGL
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas | Eliminations | Gas
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and Gas | Eliminations | Other
Disaggregation of revenue
Revenue from customers	0	0	0	0
Chemical
Disaggregation of revenue
Revenue from customers	839	993	1,800	2,048
Chemical | United States
Disaggregation of revenue
Revenue from customers	793	935	1,703	1,928
Chemical | Middle East / Africa
Disaggregation of revenue
Revenue from customers	0	0	0	0
Chemical | Latin America
Disaggregation of revenue
Revenue from customers	33	40	68	83
Chemical | Other International
Disaggregation of revenue
Revenue from customers	13	18	29	37
Chemical | Eliminations
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and Marketing
Disaggregation of revenue
Revenue from customers	598	225	985	476
Midstream and Marketing | Gas Processing
Disaggregation of revenue
Revenue from customers	138	193	314	400
Midstream and Marketing | Marketing
Disaggregation of revenue
Revenue from customers	451	3	646	5
Midstream and Marketing | Power and Other
Disaggregation of revenue
Revenue from customers	9	29	25	71
Midstream and Marketing | United States
Disaggregation of revenue
Revenue from customers	375	136	742	285
Midstream and Marketing | United States | Gas Processing
Disaggregation of revenue
Revenue from customers	67	104	172	209
Midstream and Marketing | United States | Marketing
Disaggregation of revenue
Revenue from customers	299	3	545	5
Midstream and Marketing | United States | Power and Other
Disaggregation of revenue
Revenue from customers	9	29	25	71
Midstream and Marketing | Middle East / Africa
Disaggregation of revenue
Revenue from customers	71	89	142	191
Midstream and Marketing | Middle East / Africa | Gas Processing
Disaggregation of revenue
Revenue from customers	71	89	142	191
Midstream and Marketing | Middle East / Africa | Marketing
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and Marketing | Middle East / Africa | Power and Other
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and Marketing | Latin America
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and Marketing | Latin America | Gas Processing
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and Marketing | Latin America | Marketing
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and Marketing | Latin America | Power and Other
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and Marketing | Other International
Disaggregation of revenue
Revenue from customers	152	0	101	0
Midstream and Marketing | Other International | Gas Processing
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and Marketing | Other International | Marketing
Disaggregation of revenue
Revenue from customers	152	0	101	0
Midstream and Marketing | Other International | Power and Other
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and Marketing | Eliminations
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and Marketing | Eliminations | Gas Processing
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and Marketing | Eliminations | Marketing
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and Marketing | Eliminations | Power and Other
Disaggregation of revenue
Revenue from customers	$ 0	$ 0	$ 0	$ 0

Revenue - Schedule of Expected

Revenue - Schedule of Expected Future Revenue (Details) $ in Millions	Jun. 30, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation expected to be satisfied	$ 290
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation expected to be satisfied	$ 60
Remaining performance obligation, period	6 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	$ 118
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 70		$ 70		$ 75
Materials and supplies	945		945		974
Commodity inventory and finished goods	503		503		572
Inventories, gross	1,518		1,518		1,621
Revaluation to LIFO	(41)		(41)		(40)
Total	1,477		1,477		$ 1,581
Inventory [Line Items]
Impairment recognized due to lower than cost or market adjustments	42		54
Commodity Inventories
Inventory [Line Items]
Impairment recognized due to lower than cost or market adjustments	$ 7	$ 0	$ 76	$ 0

Derivatives - Derivative Instru

Derivatives - Derivative Instruments (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)MMBbls$ / Barrel
Derivative [Line Items]
Cash received | $	$ 322
Crude Oil | 2020 Settlement
Derivative [Line Items]
Derivative instruments (mmbls/day) | MMBbls	64.4
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	127.8
Crude Oil | 2021 Settlement | Short position
Derivative [Line Items]
Ceiling sold price (dollars per barrel)	74.16

Derivatives - Interest-Rate Der

Derivatives - Interest-Rate Derivatives (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Debt referenced to LIBOR	$ 38,494	$ 38,494	$ 38,588
LIBOR
Derivative [Line Items]
Debt referenced to LIBOR	1,500	1,500
Interest Rate Swap, 6.835%
Derivative [Line Items]
Notional Principal Amount	$ 400	$ 400
Weighted-Average Interest Rate	6.348%	6.348%
Interest Rate Swap, 6.891%
Derivative [Line Items]
Notional Principal Amount	$ 350	$ 350
Weighted-Average Interest Rate	6.662%	6.662%
Interest Rate Swap, 6.570%
Derivative [Line Items]
Notional Principal Amount	$ 275	$ 275
Weighted-Average Interest Rate	6.709%	6.709%
Interest Rate Swap, 6.445%
Derivative [Line Items]
Notional Principal Amount	$ 450	$ 450
Weighted-Average Interest Rate	6.445%	6.445%
Interest Rate Swaps
Derivative [Line Items]
Net cash receipts (payments) related to settlements	$ 3	$ (47)
Collateral paid with respect to interest rate swap agreements	$ 221	$ 320

Derivatives - Marketing Derivat

Derivatives - Marketing Derivatives and Warrants (Details) $ / shares in Units, shares in Millions, $ in Millions

6 Months Ended

12 Months Ended

Jun. 30, 2020

Jun. 30, 2020$ / Barrel

Jun. 30, 2020$ / MillionCubicFeet

Jun. 30, 2020MMBbls

Jun. 30, 2020Bcf

Dec. 31, 2019$ / Barrel

Dec. 31, 2019$ / MillionCubicFeet

Dec. 31, 2019MMBbls

Dec. 31, 2019Bcf

Jun. 26, 2020$ / sharesshares

May 29, 2020USD ($)

Aug. 08, 2019$ / sharesshares

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)

36.24

1.55

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)

28

(131)

55

(128)

Common Stock

Outstanding commodity derivatives contracts not designated as hedging instruments

Warrants issued (in shares) | shares

3.9

Exercise price of warrant (usd per share) | $ / shares

$ 59.624

Additional Paid-in Capital | Reclassification

Outstanding commodity derivatives contracts not designated as hedging instruments

Fair value of warrant, reclassification | $

$ 102

Anadarko | Common Stock

Outstanding commodity derivatives contracts not designated as hedging instruments

Warrants issued (in shares) | shares

80

Exercise price of warrant (usd per share) | $ / shares

$ 62.50

Derivatives - Fair Value (Detai

Derivatives - Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Collateral deposited with clearinghouses and brokers	$ 41
Initial margin		$ 65
Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Collateral paid netted against derivative liabilities	424	104
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	510	92
Other current assets | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	(2,103)	(973)
Total net fair value, asset	136	51
Other current assets | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset		0
Total net fair value, asset		5
Long-term receivables and other assets, net | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	(79)	(4)
Total net fair value, asset	8	12
Long-term receivables and other assets, net | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset		0
Total net fair value, asset		5
Accrued liabilities | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	(2,103)	(973)
Total net fair value, liability	(37)	(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	(92)	(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	(47)	(160)
Deferred credits and other liabilities - other | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	(79)	(4)
Total net fair value, liability	0	(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	(1,948)	(776)
Deferred credits and other liabilities - other | Warrant
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability		0
Total net fair value, liability		(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	2,201	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
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	79	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
Level 1 | Accrued liabilities | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(2,105)	(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	(79)	(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 | Warrant
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		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	510	92
Level 2 | Other current assets | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	38	79
Level 2 | Other current assets | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross		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	8	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		5
Level 2 | Accrued liabilities | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(35)	(44)
Level 2 | Accrued liabilities | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(92)	(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	(47)	(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	0	(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	(1,948)	(776)
Level 2 | Deferred credits and other liabilities - other | Warrant
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		(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
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
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 | Warrant
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		$ 0

Derivatives - Gains and Losses

Derivatives - Gains and Losses on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Losses on interest rate swaps and Berkshire warrants, net	$ (76)	$ 0	$ (661)	$ 0
Oil Collars and Calls | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Losses on interest rate swaps and Berkshire warrants, net	5	0	957	0
Marketing Derivatives | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Losses on interest rate swaps and Berkshire warrants, net	(392)	683	18	1,248
Interest Rate Swaps | Gains (losses) on interest rate swaps and warrants, net
Derivative Instruments, Gain (Loss) [Line Items]
Losses on interest rate swaps and Berkshire warrants, net	3	0	(666)	0
Warrant | Gains (losses) on interest rate swaps and warrants, net
Derivative Instruments, Gain (Loss) [Line Items]
Losses on interest rate swaps and Berkshire warrants, net	$ (79)	$ 0	$ 5	$ 0

Derivatives - Credit Risk (Deta

Derivatives - Credit Risk (Details) - Not designated as hedging instruments - USD ($) $ in Millions	Jun. 30, 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)	$ 43	$ 787
Amount of collateral posted related to derivative instruments with credit-risk-related contingent features	424	$ 169
Marketing Derivatives
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)	$ 23

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2020USD ($)	Jun. 30, 2020USD ($)$ / Barrel$ / MillionCubicFeet	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Embedded derivatives
Impairment and related charges		$ 8,600
Goodwill impairment			$ 1,200
Low end of range
Embedded derivatives
Operating and capital cost estimates, percentage		1.00%
Operating and capital cost estimates (in dollars per barrel) | $ / Barrel		50
High end of range
Embedded derivatives
Operating and capital cost estimates, percentage		2.00%
Operating and capital cost estimates (in dollars per barrel) | $ / Barrel		60
Crude Oil
Embedded derivatives
Sales price (dollars per barrel) | $ / Barrel		62.42
Unweighted arithmetic average price (in dollars per barrel) | $ / Barrel		59.17
Unweighted arithmetic average price, period		15 years
Crude Oil | Low end of range
Embedded derivatives
Sales price (dollars per barrel) | $ / Barrel		40
Crude Oil | High end of range
Embedded derivatives
Sales price (dollars per barrel) | $ / Barrel		70
Natural Gas
Embedded derivatives
Unweighted arithmetic average price (in dollars per barrel) | $ / MillionCubicFeet		3.13
Unweighted arithmetic average price, period		15 years
Natural Gas | Low end of range
Embedded derivatives
Sales price (dollars per barrel) | $ / MillionCubicFeet		2
Natural Gas | High end of range
Embedded derivatives
Sales price (dollars per barrel) | $ / MillionCubicFeet		3.60
Oman, Bolivia and the Gulf of Mexico
Embedded derivatives
Impairment and related charges			293
Gulf of Mexico
Embedded derivatives
Impairment and related charges		$ 1,200	$ 241
Algeria Oil and Gas Proved Properties
Embedded derivatives
Impairment and related charges		900
Level 2 | Domestic Onshore Unproved Acreage
Embedded derivatives
Impairment and related charges		$ 4,300
Level 3 | Measurement Input, Weighted Average Cost of Capital
Embedded derivatives
Discount rate		10.00%	10.00%
Recurring | Accrued liabilities
Embedded derivatives
Netting and Collateral		$ 0	$ 0	$ 0
Recurring | Accrued liabilities | Total Fair Value
Embedded derivatives
Embedded derivatives		83	83	40
Recurring | Accrued liabilities | Level 1
Embedded derivatives
Embedded derivatives		0	0	0
Recurring | Accrued liabilities | Level 2
Embedded derivatives
Embedded derivatives		83	83	40
Recurring | Accrued liabilities | Level 3
Embedded derivatives
Embedded derivatives		0	0	0
Recurring | Deferred credits and other liabilities - other
Embedded derivatives
Netting and Collateral		0	0	0
Recurring | Deferred credits and other liabilities - other | Total Fair Value
Embedded derivatives
Embedded derivatives		41	41	49
Recurring | Deferred credits and other liabilities - other | Level 1
Embedded derivatives
Embedded derivatives		0	0	0
Recurring | Deferred credits and other liabilities - other | Level 2
Embedded derivatives
Embedded derivatives		41	41	49
Recurring | Deferred credits and other liabilities - other | Level 3
Embedded derivatives
Embedded derivatives		0	0	0
Ghana Assets
Embedded derivatives
Impairment and related charges		1,400	1,400
Ghana Assets | Discontinued Operations, Held-for-sale
Embedded derivatives
Impairment and related charges	$ 1,400	2,200
Impairment and related charges, net of tax		1,400
Oil and gas segment
Embedded derivatives
Impairment and related charges		$ 6,400	$ 581
Midstream And Marketing | Anadarko
Embedded derivatives
Goodwill				$ 1,200

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Total borrowings at face value	$ 37,401	$ 37,401
Unamortized premium, net	868	914
Debt issuance costs	(110)	(125)
Long-term finance leases	301	347
Finance lease liabilities, current	34	51
Long-term Debt, Total	38,494	38,588
Less current maturities of long-term debt	(2,460)	(51)
Long-term Debt, Excluding Current Maturities	$ 36,034	$ 38,537

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	1 Months Ended
	Jul. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Long-term Debt
Debt issuance, face amount		$ 37,401,000,000	$ 37,401,000,000
Senior Notes | Subsequent Event
Long-term Debt
Proceeds from issuance	$ 1,985,000,000
Senior Notes | Senior Notes due 2025, 8.000% | Subsequent Event
Long-term Debt
Debt issuance, face amount	$ 500,000,000
Interest rate	8.00%
Senior Notes | senior Notes due 2027, 8.500% | Subsequent Event
Long-term Debt
Debt issuance, face amount	$ 500,000,000
Interest rate	8.50%
Senior Notes | Senior Notes due 2030, 8.875% | Subsequent Event
Long-term Debt
Debt issuance, face amount	$ 1,000,000,000
Interest rate	8.875%
Total Fair Value
Long-term Debt
Estimated fair value of debt		31,400,000,000	$ 38,800,000,000
Total Fair Value | Level 2
Long-term Debt
Estimated fair value of debt		$ 2,300,000,000

Long-Term Debt - Debt Instrumen

Long-Term Debt - Debt Instrument Redemption (Details) - Subsequent Event $ in Millions	Jul. 31, 2020USD ($)
Long-term Debt
Principal Amount Accepted	$ 1,997
Variable rate bonds due February 2021
Long-term Debt
Principal Amount Accepted	$ 473
Senior Notes | 4.1% senior notes due February 2021
Long-term Debt
Interest rate	4.10%
Principal Amount Accepted	$ 943
Senior Notes | 4.85% senior notes due March 2021
Long-term Debt
Interest rate	4.85%
Principal Amount Accepted	$ 530
Senior Notes | 2.6% senior notes due August 2021
Long-term Debt
Interest rate	2.60%
Principal Amount Accepted	$ 51

Lease Commitments - Narrative (

Lease Commitments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 1,129	$ 1,411
Operating lease liabilities	1,160
Finance lease agreement	335
Offshore and onshore drilling rigs
Lessee, Lease, Description [Line Items]
Operating lease assets	47
Compressors
Lessee, Lease, Description [Line Items]
Operating lease assets	133
Storage facilities
Lessee, Lease, Description [Line Items]
Operating lease assets	342
Office space
Lessee, Lease, Description [Line Items]
Operating lease assets	348
Other field equipment
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 71
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	$ 219
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	$ 335

Lease Commitments - Lease Asset

Lease Commitments - Lease Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Assets:
Operating lease assets	$ 1,129	$ 1,411
Finance lease assets	$ 338	397
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Total leased assets	$ 1,467	1,808
Liabilities:
Operating lease liabilities, current	420	579
Finance lease liabilities, current	$ 34	51
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:DebtCurrent
Operating lease liabilities, non-current	$ 740	872
Finance lease liabilities, non-current	$ 301	347
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtNoncurrent
Total lease liabilities	$ 1,495	$ 1,849

Lease Commitments - Schedule of

Lease Commitments - Schedule of Operating and Finance Lease Maturities (Details) $ in Millions	Jun. 30, 2020USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2020	$ 239
2021	406
2022	149
2023	109
2024	87
Thereafter	405
Total lease payments	1,395
Less: Interest	(235)
Total lease liabilities	1,160
Remainder of 2020
Remainder of 2020	17
2021	37
2022	34
2023	32
2024	30
Thereafter	261
Total lease payments	411
Less: Interest	(76)
Total lease liabilities	335
Operating and Finance Lease Liabilities, Payments, Due [Abstract]
Remainder of 2020	256
2021	443
2022	183
2023	141
2024	117
Thereafter	666
Total lease payments	1,806
Less: Interest	(311)
Total lease liabilities	$ 1,495
Weighted average lease term, operating lease	5 years 7 months 6 days
Weighted average discount rate, operating lease	5.03%
Weighted average lease term, finance lease	11 years 9 months 18 days
Weighted average discount rate, finance lease	3.36%

Lease Commitments - Other Infor

Lease Commitments - Other Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 45	$ 91	$ 129	$ 182
Amortization of ROU assets	7	0	11	0
Interest on lease liabilities	3	0	6	0
Lease, Cost	220	171	476	355
Short-term lease cost	51	70	105	156
Variable lease cost	24	29	62	60
Operating cash flows			270	95
Investing cash flows			49	44
Financing cash flows			12	0
Cost of Sales
Lessee, Lease, Description [Line Items]
Operating lease costs	143	61	287	138
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 22	$ 19	$ 43	$ 35

Lawsuits, Claims, Commitments_2

Lawsuits, Claims, Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2020
Lawsuits, commitments and contingencies
Tentative cash tax refund			$ 96	$ 2
Anticipated cash refund			170
Forecast
Lawsuits, commitments and contingencies
Anticipated cash refund							$ 25
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	6 Months Ended
	Mar. 31, 2016mi	Sep. 30, 2016USD ($)	Jun. 30, 2020USD ($)site	Dec. 31, 2019USD ($)
Environmental remediation reserves
Number of Sites | site			177
Environmental remediation reserves, current, included in accrued liabilities			$ 1,160,000,000
Environmental remediation reserves, non-current, included in deferred credits and other liabilities - other			1,000,000,000	$ 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			100
Expected expend funds of environmental reserves (as a percent)			45.00%
Period of expending remaining environmental reserves (or more)			10 years
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			$ 458,000,000
Third-party sites
Environmental remediation reserves
Number of Sites | site			73
Environmental remediation reserves, current, included in accrued liabilities			$ 292,000,000
Occidental-operated sites
Environmental remediation reserves
Number of Sites | site			17
Environmental remediation reserves, current, included in accrued liabilities			$ 148,000,000
Closed or non-operated Occidental sites
Environmental remediation reserves
Number of Sites | site			50
Environmental remediation reserves, current, included in accrued liabilities			$ 262,000,000
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Periodic Benefit Costs
Special termination benefits	$ 118		$ 116
Employer contributions	11		102
Pension Benefit
Net Periodic Benefit Costs
Settlement gain	118		116
Curtailment gain	118		116
Net periodic benefit cost	13		24
Postretirement Benefit
Net Periodic Benefit Costs
Net periodic benefit cost	$ 18	$ 15	$ 38	$ 29

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Basic earnings (loss) per common share
Net income (loss) from continuing operations	$ (6,716)	$ 635	$ (8,729)	$ 1,266
Loss from discontinued operations, net of tax	(1,415)	0	(1,415)	0
NET INCOME (LOSS)	(8,131)	635	(10,144)	1,266
Less: Preferred stock dividends	(222)	0	(441)	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	(8,353)	635	(10,585)	1,266
Less: Net income allocated to participating securities	0	(3)	0	(6)
Net income (loss) attributable to common stock, net of participating securities	$ (8,353)	$ 632	$ (10,585)	$ 1,260
Weighted average number of basic shares (in shares)	915.5	748.3	906.2	748.7
Basic earnings (loss) per common share (in usd per share)	$ (9.12)	$ 0.84	$ (11.68)	$ 1.68
Weighted average number of basic shares (in shares)	915.5	748.3	906.2	748.7
Net income (loss) attributable to common stock, net of participating securities	$ (8,353)	$ 632	$ (10,585)	$ 1,260
Dilutive securities (in shares)	0	1.2	0	1.3
Total diluted weighted average common shares (in shares)	915.5	749.5	906.2	750
Net income (loss) attributable to common stockholders per share—diluted (in usd per share)	$ (9.12)	$ 0.84	$ (11.68)	$ 1.68
Berkshire Warrants, Common Stock Warrants, and options excluded from diluted shares (in shares)	200		200

Earnings Per Share And Stockh_4

Earnings Per Share And Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions	Jul. 15, 2020shares	Aug. 08, 2019$ / sharesshares	Mar. 31, 2020	Aug. 03, 2020USD ($)$ / sharesshares	Jun. 26, 2020
Class of Stock [Line Items]
Volume weighted average price			90.00%
Volume weighted average price calculation period			10 days
Subsequent Event
Class of Stock [Line Items]
Common stock issued to holders of Preferred Stock (in shares)	11,600,000
Common Stock | Warrant
Class of Stock [Line Items]
Warrant, rate conversion					0.125
Common Stock | Subsequent Event | Warrant
Class of Stock [Line Items]
Warrants issued (in shares)				116,000,000
Exercise price of warrant (usd per share) | $ / shares				$ 22
Fair value of Common Stock Warrants | $				$ 767
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) | $ / shares		$ 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		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)
Segment Information
Number of operating segments | segment			3
Net sales	$ 2,928	$ 4,420	$ 9,541	$ 8,424
Income (loss) from continuing operations before income taxes	(8,184)	941	(10,222)	1,797
Income tax benefit	1,468	(306)	1,493	(531)
Income (loss) from continuing operations	(6,716)	635	(8,729)	1,266
Asset impairments	8,600
Gain on derivative instrument	(76)	0	(661)	0
Goodwill impairment			1,200
Anadarko acquisition-related costs	149	50	297	50
Operating Segments | Oil and Gas
Segment Information
Net sales	2,040	2,718	7,100	5,069
Income (loss) from continuing operations before income taxes	(7,734)	726	(7,498)	1,210
Income tax benefit		0		0
Income (loss) from continuing operations	(7,734)	726	(7,498)	1,210
Asset impairments	6,400		7,000
Gain on derivative instrument			957
Operating Segments | Chemical
Segment Information
Net sales	846	998	1,808	2,057
Income (loss) from continuing operations before income taxes	108	208	294	473
Income tax benefit		0		0
Income (loss) from continuing operations	108	208	294	473
Operating Segments | Midstream And Marketing
Segment Information
Net sales	204	909	994	1,725
Income (loss) from continuing operations before income taxes	(7)	331	(1,294)	610
Income tax benefit		0		0
Income (loss) from continuing operations	(7)	331	(1,294)	610
Goodwill impairment			1,400
Corporate and Eliminations
Segment Information
Net sales	(162)	(205)	(361)	(427)
Income (loss) from continuing operations before income taxes	(551)	(324)	(1,724)	(496)
Income tax benefit	1,468	(306)	1,493	(531)
Income (loss) from continuing operations	917	$ (630)	(231)	$ (1,027)
Anadarko acquisition-related costs	$ 149		297
Loss on interest rate swaps			$ 665