Occidental Petroleum Corporatio (OXY) 10-Q 3 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2021shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-9210
Entity Registrant Name	OCCIDENTAL PETROLEUM CORPORATION
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	933,734,637
Entity Central Index Key	0000797468
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
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, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 4,569	$ 2,008
Restricted cash and restricted cash equivalents	180	170
Trade receivables, net	3,288	2,115
Inventories	1,837	1,898
Other current assets	1,196	1,195
Assets held for sale	1,774	1,433
Total current assets	12,844	8,819
INVESTMENTS IN UNCONSOLIDATED ENTITIES	3,249	3,250
PROPERTY, PLANT AND EQUIPMENT	116,566	118,964
Accumulated depreciation, depletion and amortization	(54,720)	(53,075)
Net property, plant and equipment	61,846	65,889
OPERATING LEASE ASSETS	860	1,062
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	1,138	1,044
TOTAL ASSETS	79,937	80,064
CURRENT LIABILITIES
Current maturities of long-term debt	651	440
Current operating lease liabilities	331	473
Accounts payable	3,544	2,987
Accrued liabilities	4,325	3,570
Liabilities of assets held for sale	735	753
Total current liabilities	9,586	8,223
LONG-TERM DEBT, NET
Long-term debt, net	35,352	35,745
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net	6,808	7,113
Asset retirement obligations	3,949	3,977
Pension and postretirement obligations	1,551	1,763
Environmental remediation liabilities	1,020	1,028
Operating lease liabilities	583	641
Other	2,844	3,001
Total deferred credits and other liabilities	16,755	17,523
STOCKHOLDERS' EQUITY
Preferred stock at par value, 100,000 shares at June 30, 2021 and December 31, 2020	9,762	9,762
Common stock at par value, 1,082,934,567 shares at June 30, 2021 and 1,080,564,947 shares at December 31, 2020	217	216
Treasury stock, 149,199,930 shares at June 30, 2021 and 149,051,634 shares at December 31, 2020	(10,668)	(10,665)
Additional paid-in capital	16,638	16,552
Retained earnings	2,533	2,996
Accumulated other comprehensive loss	(238)	(288)
Total stockholders' equity	18,244	18,573
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	79,937	80,064
Oil and gas segment
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	99,926	102,454
Chemical segment
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	7,433	7,356
Midstream and marketing segment
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	8,276	8,232
Corporate
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	$ 931	$ 922

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, outstanding (in shares)	100,000	100,000
Common stock, outstanding (in shares)	1,082,934,567	1,080,564,947
Treasury stock (in shares)	149,199,930	149,051,634

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUES AND OTHER INCOME
Net sales	$ 5,958	$ 2,928	$ 11,251	$ 9,541
Interest, dividends and other income	49	33	124	67
Gains on sales of equity investments and other assets, net	3	15	114	22
Total	6,010	2,976	11,489	9,630
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense	712	631	1,488	1,700
Transportation and gathering expense	364	367	693	932
Chemical and midstream cost of sales	676	577	1,270	1,189
Purchased commodities	487	214	1,045	607
Selling, general and administrative expense	177	225	343	489
Other operating and non-operating expense	248	114	506	311
Taxes other than on income	244	68	454	293
Depreciation, depletion and amortization	2,371	2,119	4,565	4,428
Asset impairments and other charges	21	6,470	156	8,273
Anadarko acquisition-related costs	52	149	93	297
Exploration expense	86	33	114	70
Interest and debt expense, net	385	310	780	662
Total	5,823	11,277	11,507	19,251
Income (loss) before income taxes and other items	187	(8,301)	(18)	(9,621)
OTHER ITEMS
Gains (losses) on interest rate swaps and warrants, net	(223)	(76)	176	(661)
Income from equity investments	179	193	300	60
Total	(44)	117	476	(601)
Income (loss) from continuing operations before income taxes	143	(8,184)	458	(10,222)
Income tax benefit (expense)	(43)	1,468	(59)	1,493
Income (loss) from continuing operations	100	(6,716)	399	(8,729)
Income (loss) from discontinued operations, net of tax	3	(1,415)	(442)	(1,415)
NET INCOME (LOSS)	103	(8,131)	(43)	(10,144)
Less: Preferred stock dividends	(200)	(222)	(400)	(441)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (97)	$ (8,353)	$ (443)	$ (10,585)
PER COMMON SHARE, BASIC
Loss from continuing operations—basic (in usd per share)	$ (0.11)	$ (7.58)	$ 0	$ (10.12)
Income (loss) from discontinued operations - basic (in usd per share)	0.01	(1.54)	(0.47)	(1.56)
Net loss attributable to common stockholders—basic (in usd per share)	(0.10)	(9.12)	(0.47)	(11.68)
PER COMMON SHARE, DILUTED
Loss from continuing operations—diluted (in usd per share)	(0.11)	(7.58)	0	(10.12)
Income (loss) from discontinued operations - diluted (in usd per share)	0.01	(1.54)	(0.47)	(1.56)
Net loss attributable to common stockholders—diluted (in usd per share)	$ (0.10)	$ (9.12)	$ (0.47)	$ (11.68)

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 103	$ (8,131)	$ (43)	$ (10,144)
Other comprehensive income (loss) items:
Pension and postretirement gains (losses)	[1]	(3)	20	49	(91)
Losses on derivatives		0	1	1	1
Other		0	1	0	(1)
Other comprehensive income (loss), net of tax		(3)	22	50	(91)
Comprehensive income (loss) attributable to preferred and common stockholders		$ 100	$ (8,109)	$ 7	$ (10,235)
[1]	Net of tax (expense) benefit of $1 million and $(5) million for the three months ended June 30, 2021 and 2020, respectively, and $(14) million and $26 million for the six months ended June 30, 2021 and 2020, respectively.

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Pension and postretirement gains, tax (expense) benefit	$ 1	$ (5)	$ (14)	$ 26

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOW FROM OPERATING ACTIVITIES
Net loss	$ (43)	$ (10,144)
Adjustments to reconcile net loss to net cash provided by operating activities:
Discontinued operations, net	442	1,415
Depreciation, depletion and amortization of assets	4,565	4,428
Deferred income tax benefit	(212)	(1,743)
Asset impairments and other charges	156	8,220
Gains on sales of equity investments and other assets, net	(114)	(22)
Other noncash reconciling items	51	(83)
Changes in operating assets and liabilities:
(Increase) decrease in receivables	(1,179)	3,999
Decrease in inventory	58	41
(Increase) decrease in other current assets	(105)	192
Increase (decrease) in accounts payable and accrued liabilities	475	(4,708)
Increase in current domestic and international income taxes	18	65
Operating cash flow from continuing operations	4,112	1,660
Operating cash flow from discontinued operations, net of taxes	112	39
Net cash provided by operating activities	4,224	1,699
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(1,277)	(1,675)
Change in capital accrual	(94)	(742)
Purchases of businesses and assets, net	(113)	(48)
Proceeds from sales of equity investments and other assets, net	503	181
Equity investments and other, net	(27)	203
Investing cash flow from continuing operations	(1,008)	(2,081)
Investing cash flow from discontinued operations	(28)	(25)
Net cash used by investing activities	(1,036)	(2,106)
CASH FLOW FROM FINANCING ACTIVITIES
Payments of long-term debt	(174)	0
Proceeds from issuance of common stock	11	108
Cash dividends paid on common and preferred stock	(420)	(1,627)
Financing portion of net cash received (paid) for derivative instruments	2
Financing portion of net cash received (paid) for derivative instruments		(367)
Other financing, net	(30)	(64)
Financing cash flow from continuing operations	(611)	(1,950)
Financing cash flow from discontinued operations	(5)	(4)
Net cash used by financing activities	(616)	(1,954)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	2,572	(2,361)
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period	2,194	3,574
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period	$ 4,766	$ 1,213

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2019	$ 34,232	$ 9,762	$ 209	$ (10,653)	$ 14,955	$ 20,180	$ (221)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(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)
Stock warrants issued	107				870	(763)
Issuance of common stock and other, net	192		1		191
Purchases of treasury stock	(4)			(4)
Ending balance at Jun. 30, 2020	23,346	9,762	213	(10,657)	16,235	8,105	(312)
Beginning balance at Mar. 31, 2020	31,295	9,762	210	(10,653)	15,081	17,229	(334)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(8,131)					(8,131)
Other comprehensive income (loss), net of tax	22						22
Dividends on common stock	(8)					(8)
Dividends on preferred stock	0		3		219	(222)
Stock warrants issued	107				870	(763)
Issuance of common stock and other, net	65				65
Purchases of treasury stock	(4)			(4)
Ending balance at Jun. 30, 2020	23,346	9,762	213	(10,657)	16,235	8,105	(312)
Beginning balance at Dec. 31, 2020	18,573	9,762	216	(10,665)	16,552	2,996	(288)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(43)					(43)
Other comprehensive income (loss), net of tax	50						50
Dividends on common stock	(20)					(20)
Dividends on preferred stock	(400)					(400)
Issuance of common stock and other, net	87		1		86
Purchases of treasury stock	(3)			(3)
Ending balance at Jun. 30, 2021	18,244	9,762	217	(10,668)	16,638	2,533	(238)
Beginning balance at Mar. 31, 2021	18,300	9,762	217	(10,668)	16,585	2,639	(235)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	103					103
Other comprehensive income (loss), net of tax	(3)						(3)
Dividends on common stock	(9)					(9)
Dividends on preferred stock	(200)					(200)
Issuance of common stock and other, net	53				53
Ending balance at Jun. 30, 2021	$ 18,244	$ 9,762	$ 217	$ (10,668)	$ 16,638	$ 2,533	$ (238)

CONSOLIDATED CONDENSED STATEM_6

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in usd per share)	$ 0.01	$ 0.01	$ 0.02	$ 0.80
Dividends on preferred stock (in usd per share)	$ 2,000	$ 2,222	$ 4,000	$ 4,444

General

General	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
General	NOTE 1 - GENERAL NATURE OF OPERATIONS In this report, "Occidental" means Occidental Petroleum Corporation, a Delaware corporation, 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 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, 2020 (the 2020 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 condensed balance sheets as of June 30, 2021 and December 31, 2020, and the consolidated condensed statements of operations, comprehensive income (loss), cash flows and equity for the three and six months ended June 30, 2021 and 2020. 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, 2021 and 2020 are not necessarily indicative of the income or cash flows to be expected for the full year. 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 balances at June 30, 2021 and 2020 included 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 six months ended June 30, 2021 and 2020, respectively. millions 2021 2020 Cash and cash equivalents $ 4,569 $ 1,011 Restricted cash and restricted cash equivalents 180 124 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 17 78 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 4,766 $ 1,213 Total restricted cash and restricted cash equivalents are primarily associated with international joint ventures, a benefits trust and a judicially controlled account related to a Brazilian tax dispute. SUPPLEMENTAL CASH FLOW INFORMATION The following table represents U.S. federal, domestic state and international income taxes paid, tax refunds received and interest paid related to continuing operations during the six months ended June 30, 2021 and 2020, respectively. millions 2021 2020 Income tax payments $ (302) $ (281) Income tax refunds received $ 45 $ 96 Interest paid (a) $ (793) $ (728) (a) Net of capitalized interest of $29 million and $47 million for the six months ended June 30, 2021 and 2020, respectively. WES INVESTMENT In March 2021, Occidental sold 11.5 million limited partner units of Western Midstream Partners, LP (WES) for proceeds of approximately $200 million, resulting in a gain of $102 million. As of June 30, 2021, Occidental owned all of the 2% non-voting general partner interest and 49.1% of the limited partner units in WES. On a combined basis, with its 2.0% non-voting limited partner interest in WES Operating, a WES subsidiary, Occidental's total effective economic interest in WES and its subsidiaries was 51.2%. The following table presents the related-party transactions between Occidental and WES for the six months ended June 30, 2021 and 2020. millions 2021 2020 Sales $ 91 $ 119 Purchases $ 17 $ 311 Transportation, gathering and other fees paid $ 472 $ 546 DISCONTINUED OPERATIONS Occidental is continuing to actively market its Ghana assets. The results of operations in Ghana, after-tax income of $7 million for the three months ended June 30, 2021 and after-tax losses of $35 million for the six months ended June 30, 2021, continue to be presented as discontinued operations. The amounts related to the Ghana assets, of which approximately $1.2 billion and $1.4 billion are related to property, plant and equipment, net, as of June 30, 2021 and December 31, 2020, respectively, and the amounts related to Ghana liabilities, of which approximately $600 million and $670 million are related to deferred income taxes, asset retirement obligations and a finance lease liability as of June 30, 2021 and December 31, 2020, respectively, are presented as assets and liabilities held for sale.

Divestitures and Other Transact

Divestitures and Other Transactions	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Divestitures and Other Transactions	NOTE 2 - DIVESTITURES AND OTHER TRANSACTIONS DIVESTITURES In June 2021, Occidental entered into an agreement to sell certain non-strategic assets in the Permian Basin. The transaction closed on July 29, 2021 for net proceeds of approximately $475 million. The difference in the asset’s net book value and adjusted purchase price was treated as a recovery of cost and normal retirement, which resulted in no gain or loss being recognized. The disposal group’s assets and liabilities, of which approximately $525 million is related to property, plant and equipment, net and approximately $50 million is related to asset retirement obligations, were presented as held for sale as of June 30, 2021. In March 2021, Occidental completed the sale of certain non-operated assets in the DJ Basin for net cash proceeds of approximately $280 million. The difference in the asset’s net book value and adjusted purchase price was treated as a recovery of cost and normal retirement, which resulted in no gain or loss being recognized.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	NOTE 3 - REVENUE Revenue from customers is recognized when obligations under the terms of a contract with our customers are satisfied, which generally occurs with the delivery of oil, natural gas liquids (NGL), gas, chemicals or services, such as transportation. As of June 30, 2021, trade receivables, net, of $3.3 billion represented 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 presents a reconciliation of revenue from customers to total net sales for the three and six months ended June 30, 2021 and 2020: Three months ended June 30, Six months ended June 30, millions 2021 2020 2021 2020 Revenue from customers $ 6,102 $ 3,308 $ 11,286 $ 8,558 All other revenues (a) (144) (380) (35) 983 Net sales $ 5,958 $ 2,928 $ 11,251 $ 9,541 (a) Includes net marketing derivatives, natural gas collars, oil collars and calls and chemical exchange contracts. DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS The table below presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGL and gas at the lease or concession area. Chemical and midstream and marketing segment revenues are shown by geographic area based on the location of the sale. millions United States International Eliminations Total Three months ended June 30, 2021 Oil and gas Oil $ 3,028 $ 683 $ — $ 3,711 NGL 472 78 — 550 Gas 311 76 — 387 Other 23 1 — 24 Segment total $ 3,834 $ 838 $ — $ 4,672 Chemical $ 1,128 $ 59 $ — $ 1,187 Midstream and marketing $ 322 $ 152 $ — $ 474 Eliminations $ — $ — $ (231) $ (231) Consolidated $ 5,284 $ 1,049 $ (231) $ 6,102 millions United States International Eliminations Total Three months ended June 30, 2020 Oil and gas Oil $ 1,166 $ 455 $ — $ 1,621 NGL 127 40 — 167 Gas 138 86 — 224 Other 20 1 — 21 Segment total $ 1,451 $ 582 $ — $ 2,033 Chemical $ 793 $ 46 $ — $ 839 Midstream and marketing $ 375 $ 223 $ — $ 598 Eliminations $ — $ — $ (162) $ (162) Consolidated $ 2,619 $ 851 $ (162) $ 3,308 millions United States International Eliminations Total Six months ended June 30, 2021 Oil and gas Oil $ 5,492 $ 1,232 $ — $ 6,724 NGL 856 130 — 986 Gas 564 140 — 704 Other (8) 1 — (7) Segment total $ 6,904 $ 1,503 $ — $ 8,407 Chemical $ 2,165 $ 109 $ — $ 2,274 Midstream and marketing $ 819 $ 283 $ — $ 1,102 Eliminations $ — $ — $ (497) $ (497) Consolidated $ 9,888 $ 1,895 $ (497) $ 11,286 millions United States International Eliminations Total Six months ended June 30, 2020 Oil and gas Oil $ 3,921 $ 1,244 $ — $ 5,165 NGL 340 105 — 445 Gas 321 171 — 492 Other 31 1 — 32 Segment total $ 4,613 $ 1,521 $ — $ 6,134 Chemical $ 1,703 $ 97 $ — $ 1,800 Midstream and marketing $ 742 $ 243 $ — $ 985 Eliminations $ — $ — $ (361) $ (361) Consolidated $ 7,058 $ 1,861 $ (361) $ 8,558

Inventories

Inventories	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories	NOTE 4 - INVENTORIES Finished goods primarily represent 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, 2021 December 31, 2020 Raw materials $ 71 $ 70 Materials and supplies 878 848 Commodity inventory and finished goods 917 1,009 1,866 1,927 Revaluation to LIFO (29) (29) Total $ 1,837 $ 1,898 Occidental did not recognize any inventory impairments due to obsolescence for the six months ended June 30, 2021. 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.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	NOTE 5 - DERIVATIVES OBJECTIVE AND STRATEGY 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 in rates on future debt issuances. The value of cash flow hedges was insignificant at June 30, 2021 and December 31, 2020. 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, 2021, Occidental’s derivatives not designated as hedging instruments consisted of oil call options, natural gas collars, interest rate swaps and marketing derivatives. Derivative instruments that are 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 ultimate realized cash value of the instrument at settlement. COLLARS AND OIL CALL OPTIONS Occidental's Brent-priced call options were entered into in conjunction with three-way collars that expired in 2020. Net gains and losses associated with collars and calls are recognized in net sales. Occidental's natural gas two-way collar derivative instruments settle in 2021 and were entered into to manage its near-term exposure to cash flow variability from natural gas price risk. Occidental had the following collars and calls outstanding at June 30, 2021: Collars and Calls, not designated as hedges 2021 Settlement - oil Call options sold (MMbbl) 64.4 Average price per barrel (Brent oil pricing) Ceiling sold price (call) $ 74.16 2021 Settlement - natural gas Natural gas collars (millions of MMbtu) 96.4 Volume weighted-average price per MMbtu (NYMEX) Ceiling sold price (call) $ 3.61 Floor purchased price (put) $ 2.50 INTEREST RATE SWAPS Occidental's interest rate swap contracts lock in a fixed interest rate in exchange for a floating interest rate indexed to the three-month London InterBank Offered Rate (LIBOR) throughout the reference period. Net gains and losses associated with interest rate swaps are recognized currently in gains (losses) on interest rate swaps and warrants, net. Occidental had the following interest rate swaps outstanding at June 30, 2021: 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 as well as amend or settle certain or all of the currently outstanding interest rate swaps. 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. Net cash payments related to settlements of interest rate swap agreements were $47 million for the six months ended June 30, 2021. For the six months ended June 30, 2021, $49 million of collateral was returned. MARKETING DERIVATIVES Occidental's marketing derivative instruments not designated as hedges are short-duration physical and financial forward contracts. Marketing derivative instruments do not include the collars and call options discussed above. A substantial majority of Occidental's physically settled derivative contracts are index-based and carry no mark-to-market valuation in earnings. As of June 30, 2021, the weighted-average settlement price of these forward contracts was $69.05 per barrel (Bbl) and $3.61 per thousand cubic feet (Mcf) for crude oil and natural gas, respectively. The weighted-average settlement price was $46.05 per Bbl and $2.58 per Mcf for crude oil and natural gas, respectively, at December 31, 2020. 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 short volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments. June 30, 2021 December 31, 2020 Oil Commodity Contracts Volume (MMbbl) (24) (31) Natural gas commodity contracts Volume (Bcf) (121) (117) 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, 2021 Collars and Call Options Accrued liabilities $ — $ (249) $ — $ — $ (249) Marketing Derivatives Other current assets 1,584 112 — (1,679) 17 Long-term receivables and other assets, net 100 2 — (100) 2 Accrued liabilities (1,696) (113) — 1,679 (130) Deferred credits and other liabilities - other (101) — — 100 (1) Interest Rate Swaps Accrued liabilities — (823) — — (823) Deferred credits and other liabilities - other — (710) — — (710) December 31, 2020 Collars and Call Options Other current assets $ — $ 25 $ — $ — $ 25 Accrued liabilities — (42) — — (42) Marketing Derivatives Other current assets 1,155 80 — (1,204) 31 Long-term receivables and other assets, net 7 2 — (7) 2 Accrued liabilities (1,252) (81) — 1,204 (129) Deferred credits and other liabilities - other (7) — — 7 — Interest Rate Swaps Accrued liabilities — (936) — — (936) Deferred credits and other liabilities - other — (822) — — (822) (a) These amounts do not include collateral. As of June 30, 2021 and December 31, 2020, $326 million and $374 million of collateral related to interest rate swaps had been netted against derivative liabilities, respectively. Occidental netted $78 million and $85 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of June 30, 2021 and December 31, 2020, respectively. 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 2021 2020 2021 2020 Collars and Calls Net sales $ (166) $ 5 $ (238) $ 957 Marketing Derivatives Net sales (a) 22 (392) 202 18 Interest Rate Swaps Gains (losses) on interest rate swaps and warrants, net (223) 4 176 (665) Other Gains (losses) on interest rate swaps and warrants, net (b) $ — $ (79) $ — $ 5 (a) Includes derivative and non-derivative marketing activity. (b) Includes gains on warrants which were reclassified to equity on May 29, 2020. CREDIT RISK The majority of Occidental's counterparty credit risk is related to the physical delivery of energy commodities to its customers and their inability to meet their settlement commitments. Occidental manages credit risk by selecting counterparties that it believes to be financially strong, by entering into netting arrangements with counterparties and by requiring collateral or other credit risk mitigants, as appropriate. Occidental actively evaluates the creditworthiness of its counterparties, assigns appropriate credit limits and monitors credit exposures against those assigned limits. Occidental also enters into future contracts through regulated exchanges with select clearinghouses and brokers, which are subject to minimal credit risk as a significant portion of these transactions settle on a daily margin basis. Certain of Occidental's over-the-counter derivative instruments contain credit-risk-contingent features, primarily tied to credit ratings for Occidental or its counterparties, which may affect the amount of collateral that each party would need to post. The aggregate fair value of derivative instruments with credit-risk-contingent features for which a net liability position existed at June 30, 2021, was $110 million (net of $326 million of collateral), which was primarily related to interest rate swaps. The aggregate fair value of derivative instruments with credit-risk-contingent features for which a net liability position existed at December 31, 2020, was $104 million (net of $374 million of collateral), which was primarily related to interest rate swaps.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 6 - 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 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 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, 2021 Accrued liabilities $ — $ 6 $ — $ — $ 6 As of December 31, 2020 Accrued liabilities $ — $ 64 $ — $ — $ 64 FAIR VALUES - NONRECURRING 2021: For the three and six months ended June 30, 2021, Occidental recorded pre-tax impairments of $21 million and $156 million, respectively, related to non-core onshore and offshore domestic undeveloped leases that either expired or were set to expire in the near-term, where Occidental had no plans to pursue exploration activities. 2020: 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 was included in oil and gas segment results and $2.2 billion ($1.4 billion net of tax) related to Ghana was included in discontinued operations for the 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. Also during the three months ended June 30, 2020, $4.3 billion of unproved property pre-tax impairments were recorded 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 consisted 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 Bbl of oil in 2020 increasing to approximately $70 per Bbl 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 approximately $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 Bbl and 2% in every period where commodity prices exceeded $60 per Bbl. The weighted average cost of capital is calculated based on industry peers and 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. Occidental recorded unproved property impairments of $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.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 7 - LONG-TERM DEBT The following table summarizes Occidental's outstanding debt, including finance lease liabilities: millions June 30, 2021 December 31, 2020 Total borrowings at face value $ 35,061 $ 35,235 Adjustments to book value: Unamortized premium, net 707 748 Debt issuance costs (147) (156) Net book value of debt $ 35,621 $ 35,827 Long-term finance leases 332 316 Current finance leases 50 42 Total debt and finance leases $ 36,003 $ 36,185 Less current maturities of financing leases (50) (42) Less current maturities of long-term debt (601) (398) Long-term debt, net $ 35,352 $ 35,745 DEBT ACTIVITY In the first quarter of 2021, Occidental repaid $174 million of debt upon maturity. No debt matured or was otherwise paid during the second quarter of 2021. JULY 2021 DEBT ACTIVITY In July 2021, Occidental used cash on hand to purchase $3.1 billion in outstanding senior notes, inclusive of accrued interest and premiums, with maturities ranging from 2022 through 2026. A premium of approximately $90 million associated with the purchase and retirement will be expensed in the third quarter. Subsequent to the purchase and retirement of these outstanding senior notes, Occidental's face value of debt was $32.0 billion. The following table summarizes the face value of senior notes tendered and retired in July 2021: millions Face value tendered July tender and purchase: 2.700% senior notes due 2022 $ (278) 2.700% senior notes due 2023 (484) 3.450% senior notes due 2024 (81) 2.900% senior notes due 2024 (1,620) 3.500% senior notes due 2025 (229) 3.400% senior notes due 2026 (224) 3.200% senior notes due 2026 (110) Total $ (3,026) FAIR VALUE OF DEBT The estimated fair value of Occidental’s debt as of June 30, 2021 and December 31, 2020, substantially all of which was classified as Level 1, was approximately $36.8 billion and $33.8 billion, respectively.

Lawsuits, Claims, Commitments a

Lawsuits, Claims, Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Lawsuits, Claims, Commitments and Contingencies	NOTE 8 - LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES LEGAL MATTERS Occidental or certain of its subsidiaries are involved, in the normal course of business, in lawsuits, claims and other legal proceedings that seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties, or injunctive or declaratory relief. Occidental or certain of its subsidiaries also are involved in proceedings under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) and similar federal, regional, state, provincial, tribal, local and international environmental laws. These environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, punitive damages, civil penalties and injunctive relief. Usually Occidental or such subsidiaries are among many companies in these environmental proceedings and have to date been successful in sharing response costs with other financially sound companies. Further, some lawsuits, claims and legal proceedings involve acquired or disposed assets with respect to which a third party or Occidental retains liability or indemnifies the other party for conditions that existed prior to the transaction. In accordance with applicable accounting guidance, Occidental accrues reserves for outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. In 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% 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% 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% economic interest in the block. On March 26, 2021, the arbitration tribunal issued an award in favor of Andes and against Occidental Exploration and Production Company (OEPC) in the amount of approximately $391 million plus interest. In June 2021, OEPC filed a motion to vacate the award due to concerns regarding the validity of the award. In addition, OEPC has made a demand for significant additional claims not addressed by the arbitration tribunal that OEPC has against Andes relating to Andes' 40% share of costs, liabilities, losses and expenses due under the farmout agreement and joint operating agreement to which Andes and OEPC are parties. 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 Petroleum Corporation (Anadarko) as a result of its 2017 purchase of Anadarko's Eagle Ford Shale assets. Sanchez is attempting to reject some of the agreements related to the purchase of Anadarko’s Eagle Ford Shale assets. If Sanchez is permitted to reject certain of those agreements, then Anadarko may owe deficiency payments to various third parties. Occidental expects a final ruling from the bankruptcy court on Sanchez's purported contract rejection by the end of the third quarter in 2021. Occidental intends to defend vigorously any attempt by Sanchez to reject the agreements. 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 asserted 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 acquisition of Anadarko 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 sought damages in an unspecified amount, plus attorneys’ fees and expenses. Two additional putative class actions were filed in the same court (together with City of Sterling, the State Cases) and the State Cases were consolidated into In re Occidental Petroleum Corporation Securities Litigation, No. 651830/2020. On March 4, 2021, the court dismissed the complaint, and on July 1, 2021, the court entered judgment. 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 international tax jurisdictions. Taxable years through 2017 for U.S. federal income tax purposes have been audited by the 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 other significant audit matters in international jurisdictions have been resolved through 2010. During the course of tax audits, disputes have arisen and other disputes may arise as to facts and matters of law. Occidental believes that the resolution of outstanding tax matters would not have a material adverse effect on its consolidated condensed balance sheets or consolidated condensed statements of operations. For Anadarko, its taxable years through 2014 and tax year 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 international 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 condensed balance sheets or consolidated condensed statements 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. The case has since been returned to the U.S. Tax Court, where a trial date has been set for July 2022 and Occidental expects to continue pursuing resolution. In accordance with ASC 740’s guidance on the accounting for uncertain tax positions, 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 relative to this position for financial statement purposes other than future interest. However, in that event, Occidental would be required to repay approximately $935 million ($908 million in federal taxes and $27 million in state taxes) plus accrued interest of approximately $284 million. A liability for this amount plus interest is included in deferred credits and other liabilities-other. 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, 2021, 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, 2021
Environmental Remediation Obligations [Abstract]
Environmental Liabilities and Expenditures	NOTE 9 - ENVIRONMENTAL LIABILITIES AND EXPENDITURES Occidental’s operations are subject to stringent federal, regional, state, provincial, tribal, 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, regional, state, provincial, tribal, 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. Occidental 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, 2021, Occidental participated in or monitored remedial activities or proceedings at 166 sites. The following table presents Occidental’s current and non-current environmental remediation liabilities as of June 30, 2021. The current portion, $123 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 32 $ 438 Third-party sites 68 299 Occidental-operated sites 17 136 Closed or non-operated Occidental sites 49 270 Total 166 $ 1,143 As of June 30, 2021, Occidental’s environmental remediation liabilities exceeded $10 million each at 19 of the 166 sites described above, and 94 of the sites had liabilities from zero to $1 million each. Based on current estimates, Occidental expects to expend funds corresponding to approximately 50% 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 in 1986, Maxus, a subsidiary of YPF S.A., agreed to indemnify Occidental for a number of environmental sites, including the Diamond Alkali Superfund Site (Site) along a portion of the Passaic River. On June 17, 2016, Maxus and several affiliated companies filed for Chapter 11 bankruptcy in federal district court in the State of Delaware. Prior to filing for bankruptcy, Maxus defended and indemnified Occidental in connection with clean-up and other costs associated with the sites subject to the indemnity, including the Site. In March 2016, the EPA issued a Record of Decision (ROD) specifying remedial actions required for the lower 8.3 miles of the Lower Passaic River. The ROD does not address any potential remedial action for the upper nine miles of the Lower Passaic River or Newark Bay. During the third quarter of 2016, and following Maxus’ 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 and 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 and 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 current and former parents YPF and each of its respective subsidiaries and affiliates (YPF) and Repsol, S.A. and each of its respective subsidiaries and affiliates (Repsol), as well as 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. The trust is pursuing claims against YPF, Repsol and others and is expected to 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, 2021
Retirement Benefits [Abstract]
Retirement and Postretirement Benefit Plans	NOTE 10 - RETIREMENT AND POSTRETIREMENT BENEFIT PLANS Occidental has various defined contribution and defined benefit plans for its salaried, domestic union and non-union hourly and certain foreign national employees. In addition, Occidental also provides medical and other benefits for certain active, retired and disabled employees and their eligible dependents. The following table contains a summary of Occidental's retirement and postretirement benefits plan costs for the three and six months ended June 30, 2021 and 2020: Three months ended June 30, Six months ended June 30, millions 2021 2020 2021 2020 Net gains related to pension settlement and curtailment (a) $ 4 $ 120 $ 10 $ 134 Net periodic benefit costs related to pension special termination benefits (a) $ — $ 2 $ — $ 18 Net periodic benefit costs (gains) related to pension benefits excluding settlement, curtailment and special termination benefits $ (3) $ 13 $ (8) $ 24 Net periodic benefit costs related to postretirement benefits $ 18 $ 18 $ 38 $ 38 Contributions to qualified and supplemental pension plans $ 5 $ 11 $ 152 $ 102 (a) Net gains related to settlement and curtailment and costs of special termination benefits for the three and six months ended June 30, 2021 and 2020 primarily related to a separation program and the freezing of benefit accruals for Anadarko employees. The increase in 2021 contributions was primarily due to distributions related to the separation program and freezing of benefit accruals described above and for contributions which were previously deferred in 2020 under the Coronavirus Aid, Relief, and Economic Security Act.

Earnings Per Share and Stockhol

Earnings Per Share and Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Earnings Per Share and Stockholders' Equity	NOTE 11 - 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 June 30, Six months ended June 30, millions except share and per-share amounts 2021 2020 2021 2020 Net income (loss) from continuing operations $ 100 $ (6,716) $ 399 $ (8,729) Income (loss) from discontinued operations 3 (1,415) (442) (1,415) Net income (loss) 103 (8,131) (43) (10,144) Less: Preferred stock dividends (200) (222) (400) (441) Net loss attributable to common stockholders $ (97) $ (8,353) $ (443) $ (10,585) Weighted-average number of basic shares 934.2 915.5 933.8 906.2 Basic loss per common share $ (0.10) $ (9.12) $ (0.47) $ (11.68) Net loss attributable to common stockholders $ (97) $ (8,353) $ (443) $ (10,585) Weighted-average number of basic shares 934.2 915.5 933.8 906.2 Dilutive securities — — — — Total diluted weighted-average common shares 934.2 915.5 933.8 906.2 Diluted loss per common share $ (0.10) $ (9.12) $ (0.47) $ (11.68) For the three and six months ended June 30, 2021 and 2020, 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.

Segments

Segments	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segments	NOTE 12 - 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, 2021 Net sales $ 4,505 $ 1,187 $ 497 $ (231) $ 5,958 Income (loss) from continuing operations before income taxes $ 631 $ 312 $ (30) $ (770) $ 143 Income tax expense — — — (43) (43) Income (loss) from continuing operations $ 631 $ 312 $ (30) $ (813) $ 100 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) millions Oil and gas (a) Chemical Midstream and marketing (b) Corporate and eliminations (c) Total Six months ended June 30, 2021 Net sales $ 8,169 $ 2,275 $ 1,304 $ (497) $ 11,251 Income (loss) from continuing operations before income taxes $ 569 $ 563 $ 252 $ (926) $ 458 Income tax expense — — — (59) (59) Income (loss) from continuing operations $ 569 $ 563 $ 252 $ (985) $ 399 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) (a) The three months ended June 30, 2021 included $21 million of asset impairments and $140 million of net oil, gas, and CO 2 derivative losses. The six months ended June 30, 2021 included $156 million of asset impairments and $180 million of net oil, gas, and CO 2 derivative losses. The three months ended June 30, 2020 included $6.4 billion of asset impairments. The six months ended June 30, 2020 included $923 million of net oil, gas, and CO 2 derivative gains and $7.0 billion of asset impairments. (b) The three months ended June 30, 2021 included $180 million of net derivative mark-to-market losses, partially offset by a $22 million settlement gain. The six months ended June 30, 2021 included a $124 million of gains on sales, primarily from the sale of 11.5 million limited partner units in WES, and $165 million in derivative mark-to-market losses. The six months ended June 30, 2020 included $1.4 billion impairment of goodwill and a loss from an equity investment related to WES' write-off of its goodwill, partially offset by derivative mark-to-market gains of $305 million.

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
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.

General (Tables)

General (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Schedule of Restrictions on Cash and Cash Equivalents	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 six months ended June 30, 2021 and 2020, respectively. millions 2021 2020 Cash and cash equivalents $ 4,569 $ 1,011 Restricted cash and restricted cash equivalents 180 124 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 17 78 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 4,766 $ 1,213
Schedule of Cash and Cash Equivalents	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 six months ended June 30, 2021 and 2020, respectively. millions 2021 2020 Cash and cash equivalents $ 4,569 $ 1,011 Restricted cash and restricted cash equivalents 180 124 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 17 78 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 4,766 $ 1,213
Schedule of Supplemental Cash Flows	The following table represents U.S. federal, domestic state and international income taxes paid, tax refunds received and interest paid related to continuing operations during the six months ended June 30, 2021 and 2020, respectively. millions 2021 2020 Income tax payments $ (302) $ (281) Income tax refunds received $ 45 $ 96 Interest paid (a) $ (793) $ (728) (a) Net of capitalized interest of $29 million and $47 million for the six months ended June 30, 2021 and 2020, respectively.
Summary of Related-Party Transactions	The following table presents the related-party transactions between Occidental and WES for the six months ended June 30, 2021 and 2020. millions 2021 2020 Sales $ 91 $ 119 Purchases $ 17 $ 311 Transportation, gathering and other fees paid $ 472 $ 546

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Reconciliation of Revenue from Customers to Total Net Sales	The following table presents a reconciliation of revenue from customers to total net sales for the three and six months ended June 30, 2021 and 2020: Three months ended June 30, Six months ended June 30, millions 2021 2020 2021 2020 Revenue from customers $ 6,102 $ 3,308 $ 11,286 $ 8,558 All other revenues (a) (144) (380) (35) 983 Net sales $ 5,958 $ 2,928 $ 11,251 $ 9,541 (a) Includes net marketing derivatives, natural gas collars, oil collars and calls and chemical exchange contracts.
Schedule of Revenue from Customers by Segment, Product, and Geographical Area	millions United States International Eliminations Total Three months ended June 30, 2021 Oil and gas Oil $ 3,028 $ 683 $ — $ 3,711 NGL 472 78 — 550 Gas 311 76 — 387 Other 23 1 — 24 Segment total $ 3,834 $ 838 $ — $ 4,672 Chemical $ 1,128 $ 59 $ — $ 1,187 Midstream and marketing $ 322 $ 152 $ — $ 474 Eliminations $ — $ — $ (231) $ (231) Consolidated $ 5,284 $ 1,049 $ (231) $ 6,102 millions United States International Eliminations Total Three months ended June 30, 2020 Oil and gas Oil $ 1,166 $ 455 $ — $ 1,621 NGL 127 40 — 167 Gas 138 86 — 224 Other 20 1 — 21 Segment total $ 1,451 $ 582 $ — $ 2,033 Chemical $ 793 $ 46 $ — $ 839 Midstream and marketing $ 375 $ 223 $ — $ 598 Eliminations $ — $ — $ (162) $ (162) Consolidated $ 2,619 $ 851 $ (162) $ 3,308 millions United States International Eliminations Total Six months ended June 30, 2021 Oil and gas Oil $ 5,492 $ 1,232 $ — $ 6,724 NGL 856 130 — 986 Gas 564 140 — 704 Other (8) 1 — (7) Segment total $ 6,904 $ 1,503 $ — $ 8,407 Chemical $ 2,165 $ 109 $ — $ 2,274 Midstream and marketing $ 819 $ 283 $ — $ 1,102 Eliminations $ — $ — $ (497) $ (497) Consolidated $ 9,888 $ 1,895 $ (497) $ 11,286 millions United States International Eliminations Total Six months ended June 30, 2020 Oil and gas Oil $ 3,921 $ 1,244 $ — $ 5,165 NGL 340 105 — 445 Gas 321 171 — 492 Other 31 1 — 32 Segment total $ 4,613 $ 1,521 $ — $ 6,134 Chemical $ 1,703 $ 97 $ — $ 1,800 Midstream and marketing $ 742 $ 243 $ — $ 985 Eliminations $ — $ — $ (361) $ (361) Consolidated $ 7,058 $ 1,861 $ (361) $ 8,558

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: millions June 30, 2021 December 31, 2020 Raw materials $ 71 $ 70 Materials and supplies 878 848 Commodity inventory and finished goods 917 1,009 1,866 1,927 Revaluation to LIFO (29) (29) Total $ 1,837 $ 1,898

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Derivative Instruments	Occidental had the following collars and calls outstanding at June 30, 2021: Collars and Calls, not designated as hedges 2021 Settlement - oil Call options sold (MMbbl) 64.4 Average price per barrel (Brent oil pricing) Ceiling sold price (call) $ 74.16 2021 Settlement - natural gas Natural gas collars (millions of MMbtu) 96.4 Volume weighted-average price per MMbtu (NYMEX) Ceiling sold price (call) $ 3.61 Floor purchased price (put) $ 2.50 Occidental had the following interest rate swaps outstanding at June 30, 2021: 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 short volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments. June 30, 2021 December 31, 2020 Oil Commodity Contracts Volume (MMbbl) (24) (31) Natural gas commodity contracts Volume (Bcf) (121) (117)
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, 2021 Collars and Call Options Accrued liabilities $ — $ (249) $ — $ — $ (249) Marketing Derivatives Other current assets 1,584 112 — (1,679) 17 Long-term receivables and other assets, net 100 2 — (100) 2 Accrued liabilities (1,696) (113) — 1,679 (130) Deferred credits and other liabilities - other (101) — — 100 (1) Interest Rate Swaps Accrued liabilities — (823) — — (823) Deferred credits and other liabilities - other — (710) — — (710) December 31, 2020 Collars and Call Options Other current assets $ — $ 25 $ — $ — $ 25 Accrued liabilities — (42) — — (42) Marketing Derivatives Other current assets 1,155 80 — (1,204) 31 Long-term receivables and other assets, net 7 2 — (7) 2 Accrued liabilities (1,252) (81) — 1,204 (129) Deferred credits and other liabilities - other (7) — — 7 — Interest Rate Swaps Accrued liabilities — (936) — — (936) Deferred credits and other liabilities - other — (822) — — (822) (a) These amounts do not include collateral. As of June 30, 2021 and December 31, 2020, $326 million and $374 million of collateral related to interest rate swaps had been netted against derivative liabilities, respectively. Occidental netted $78 million and $85 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of June 30, 2021 and December 31, 2020, respectively.
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 2021 2020 2021 2020 Collars and Calls Net sales $ (166) $ 5 $ (238) $ 957 Marketing Derivatives Net sales (a) 22 (392) 202 18 Interest Rate Swaps Gains (losses) on interest rate swaps and warrants, net (223) 4 176 (665) Other Gains (losses) on interest rate swaps and warrants, net (b) $ — $ (79) $ — $ 5 (a) Includes derivative and non-derivative marketing activity. (b) Includes gains on warrants which were reclassified to equity on May 29, 2020.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Embedded Derivatives 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, 2021 Accrued liabilities $ — $ 6 $ — $ — $ 6 As of December 31, 2020 Accrued liabilities $ — $ 64 $ — $ — $ 64

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table summarizes Occidental's outstanding debt, including finance lease liabilities: millions June 30, 2021 December 31, 2020 Total borrowings at face value $ 35,061 $ 35,235 Adjustments to book value: Unamortized premium, net 707 748 Debt issuance costs (147) (156) Net book value of debt $ 35,621 $ 35,827 Long-term finance leases 332 316 Current finance leases 50 42 Total debt and finance leases $ 36,003 $ 36,185 Less current maturities of financing leases (50) (42) Less current maturities of long-term debt (601) (398) Long-term debt, net $ 35,352 $ 35,745 The following table summarizes the face value of senior notes tendered and retired in July 2021: millions Face value tendered July tender and purchase: 2.700% senior notes due 2022 $ (278) 2.700% senior notes due 2023 (484) 3.450% senior notes due 2024 (81) 2.900% senior notes due 2024 (1,620) 3.500% senior notes due 2025 (229) 3.400% senior notes due 2026 (224) 3.200% senior notes due 2026 (110) Total $ (3,026)

Environmental Liabilities and_2

Environmental Liabilities and Expenditures (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021. The current portion, $123 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 32 $ 438 Third-party sites 68 299 Occidental-operated sites 17 136 Closed or non-operated Occidental sites 49 270 Total 166 $ 1,143

Retirement and Postretirement_2

Retirement and Postretirement Benefits Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Schedule of Retirement and Postretirement Benefit Plan Costs	The following table contains a summary of Occidental's retirement and postretirement benefits plan costs for the three and six months ended June 30, 2021 and 2020: Three months ended June 30, Six months ended June 30, millions 2021 2020 2021 2020 Net gains related to pension settlement and curtailment (a) $ 4 $ 120 $ 10 $ 134 Net periodic benefit costs related to pension special termination benefits (a) $ — $ 2 $ — $ 18 Net periodic benefit costs (gains) related to pension benefits excluding settlement, curtailment and special termination benefits $ (3) $ 13 $ (8) $ 24 Net periodic benefit costs related to postretirement benefits $ 18 $ 18 $ 38 $ 38 Contributions to qualified and supplemental pension plans $ 5 $ 11 $ 152 $ 102 (a) Net gains related to settlement and curtailment and costs of special termination benefits for the three and six months ended June 30, 2021 and 2020 primarily related to a separation program and the freezing of benefit accruals for Anadarko employees.

Earnings Per Share and Stockh_2

Earnings Per Share and Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, Six months ended June 30, millions except share and per-share amounts 2021 2020 2021 2020 Net income (loss) from continuing operations $ 100 $ (6,716) $ 399 $ (8,729) Income (loss) from discontinued operations 3 (1,415) (442) (1,415) Net income (loss) 103 (8,131) (43) (10,144) Less: Preferred stock dividends (200) (222) (400) (441) Net loss attributable to common stockholders $ (97) $ (8,353) $ (443) $ (10,585) Weighted-average number of basic shares 934.2 915.5 933.8 906.2 Basic loss per common share $ (0.10) $ (9.12) $ (0.47) $ (11.68) Net loss attributable to common stockholders $ (97) $ (8,353) $ (443) $ (10,585) Weighted-average number of basic shares 934.2 915.5 933.8 906.2 Dilutive securities — — — — Total diluted weighted-average common shares 934.2 915.5 933.8 906.2 Diluted loss per common share $ (0.10) $ (9.12) $ (0.47) $ (11.68)

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 Net sales $ 4,505 $ 1,187 $ 497 $ (231) $ 5,958 Income (loss) from continuing operations before income taxes $ 631 $ 312 $ (30) $ (770) $ 143 Income tax expense — — — (43) (43) Income (loss) from continuing operations $ 631 $ 312 $ (30) $ (813) $ 100 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) millions Oil and gas (a) Chemical Midstream and marketing (b) Corporate and eliminations (c) Total Six months ended June 30, 2021 Net sales $ 8,169 $ 2,275 $ 1,304 $ (497) $ 11,251 Income (loss) from continuing operations before income taxes $ 569 $ 563 $ 252 $ (926) $ 458 Income tax expense — — — (59) (59) Income (loss) from continuing operations $ 569 $ 563 $ 252 $ (985) $ 399 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) (a) The three months ended June 30, 2021 included $21 million of asset impairments and $140 million of net oil, gas, and CO 2 derivative losses. The six months ended June 30, 2021 included $156 million of asset impairments and $180 million of net oil, gas, and CO 2 derivative losses. The three months ended June 30, 2020 included $6.4 billion of asset impairments. The six months ended June 30, 2020 included $923 million of net oil, gas, and CO 2 derivative gains and $7.0 billion of asset impairments. (b) The three months ended June 30, 2021 included $180 million of net derivative mark-to-market losses, partially offset by a $22 million settlement gain. The six months ended June 30, 2021 included a $124 million of gains on sales, primarily from the sale of 11.5 million limited partner units in WES, and $165 million in derivative mark-to-market losses. The six months ended June 30, 2020 included $1.4 billion impairment of goodwill and a loss from an equity investment related to WES' write-off of its goodwill, partially offset by derivative mark-to-market gains of $305 million.

General - Cash, Cash Equivalent

General - Cash, Cash Equivalents and Restricted Cash Equivalents (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 4,569	$ 2,008	$ 1,011
Restricted cash and restricted cash equivalents	180	170	124
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net	17		78
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 4,766	$ 2,194	$ 1,213	$ 3,574

General - Supplemental Cash Flo

General - Supplemental Cash Flow Information (Details) - Continuing Operations - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
SUPPLEMENTAL CASH FLOW INFORMATION
Income tax payments	$ (302)	$ (281)
Income tax refunds received	45	96
Interest paid	(793)	(728)
Capitalized interest	$ 29	$ 47

General - Narrative (Details)

General - Narrative (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Disposed of by Sale, Not Discontinued Operations | WES Midstream segment
Summary of Significant Accounting Policies [Line Items]
Number of limited partner units sold (in units)	11.5
Proceeds from sale of limited partner units	$ 200
Gain on sale	$ 102
Discontinued Operations, Held-for-sale | Ghana Operations
Summary of Significant Accounting Policies [Line Items]
Income (loss) from discontinued operations		$ 7		$ (35)
Property, plant and equipment, net		1,200		1,200	$ 1,400
Deferred income taxes, asset retirement obligations and finance lease liability		$ 600		$ 600	$ 670
Discontinued Operations | Ecuador Operations
Summary of Significant Accounting Policies [Line Items]
Income (loss) from discontinued operations			$ (403)
WES Midstream segment
Summary of Significant Accounting Policies [Line Items]
Non-voting general partner interest				2.00%
Limited partner interest				49.10%
Non-voting limited partner interest				2.00%
Effective economic interest				51.20%

General - Related Party Transac

General - Related Party Transactions (Details) - WES - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Summary of Significant Accounting Policies [Line Items]
Sales	$ 91	$ 119
Purchases
Summary of Significant Accounting Policies [Line Items]
Purchases	17	311
Transportation, gathering and other fees paid
Summary of Significant Accounting Policies [Line Items]
Purchases	$ 472	$ 546

Divestitures and Other Transa_2

Divestitures and Other Transactions - Narrative (Details) - USD ($) $ in Millions	Jul. 29, 2021	Mar. 31, 2021	Jun. 30, 2021
Disposed of by Sale, Not Discontinued Operations | Permian Basin | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale	$ 475
Disposed of by Sale, Not Discontinued Operations | DJ Basin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale		$ 280
Discontinued Operations, Held-for-sale | Permian Basin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property, plant and equipment, net			$ 525
Asset retirement obligation			$ 50

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 3,288	$ 2,115

Revenue - Reconciliation (Detai

Revenue - Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue from customers	$ 6,102	$ 3,308	$ 11,286	$ 8,558
All other revenues	(144)	(380)	(35)	983
Net sales	$ 5,958	$ 2,928	$ 11,251	$ 9,541

Revenue - Disaggregation of rev

Revenue - Disaggregation of revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of revenue
Revenue from customers	$ 6,102	$ 3,308	$ 11,286	$ 8,558
United States
Disaggregation of revenue
Revenue from customers	5,284	2,619	9,888	7,058
International
Disaggregation of revenue
Revenue from customers	1,049	851	1,895	1,861
Eliminations
Disaggregation of revenue
Revenue from customers	(231)	(162)	(497)	(361)
Oil and gas
Disaggregation of revenue
Revenue from customers	4,672	2,033	8,407	6,134
Oil and gas | Oil
Disaggregation of revenue
Revenue from customers	3,711	1,621	6,724	5,165
Oil and gas | NGL
Disaggregation of revenue
Revenue from customers	550	167	986	445
Oil and gas | Gas
Disaggregation of revenue
Revenue from customers	387	224	704	492
Oil and gas | Other
Disaggregation of revenue
Revenue from customers	24	21	(7)	32
Oil and gas | United States
Disaggregation of revenue
Revenue from customers	3,834	1,451	6,904	4,613
Oil and gas | United States | Oil
Disaggregation of revenue
Revenue from customers	3,028	1,166	5,492	3,921
Oil and gas | United States | NGL
Disaggregation of revenue
Revenue from customers	472	127	856	340
Oil and gas | United States | Gas
Disaggregation of revenue
Revenue from customers	311	138	564	321
Oil and gas | United States | Other
Disaggregation of revenue
Revenue from customers	23	20	(8)	31
Oil and gas | International
Disaggregation of revenue
Revenue from customers	838	582	1,503	1,521
Oil and gas | International | Oil
Disaggregation of revenue
Revenue from customers	683	455	1,232	1,244
Oil and gas | International | NGL
Disaggregation of revenue
Revenue from customers	78	40	130	105
Oil and gas | International | Gas
Disaggregation of revenue
Revenue from customers	76	86	140	171
Oil and gas | International | Other
Disaggregation of revenue
Revenue from customers	1	1	1	1
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	1,187	839	2,274	1,800
Chemical | United States
Disaggregation of revenue
Revenue from customers	1,128	793	2,165	1,703
Chemical | International
Disaggregation of revenue
Revenue from customers	59	46	109	97
Chemical | Eliminations
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and marketing
Disaggregation of revenue
Revenue from customers	474	598	1,102	985
Midstream and marketing | United States
Disaggregation of revenue
Revenue from customers	322	375	819	742
Midstream and marketing | International
Disaggregation of revenue
Revenue from customers	152	223	283	243
Midstream and marketing | Eliminations
Disaggregation of revenue
Revenue from customers	$ 0	$ 0	$ 0	$ 0

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 71	$ 70
Materials and supplies	878	848
Commodity inventory and finished goods	917	1,009
Inventories, gross	1,866	1,927
Revaluation to LIFO	(29)	(29)
Total	$ 1,837	$ 1,898

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Public Utilities, Inventory [Line Items]
Impairment recognized due to lower than cost or market adjustments	$ 42	$ 0	$ 54
Commodity Inventories
Public Utilities, Inventory [Line Items]
Impairment recognized due to lower than cost or market adjustments	$ 7	$ 0	$ 76

Derivatives - Derivative Instru

Derivatives - Derivative Instruments (Details) - 2021 Settlement	Jun. 30, 2021MMBTUMMBbls$ / Barrel
Crude Oil
Derivative [Line Items]
Derivative instrument (MMbbl and MMbtu) | MMBbls	64.4
Crude Oil | Short position
Derivative [Line Items]
Ceiling sold price (dollars per barrel)	74.16
Natural Gas
Derivative [Line Items]
Derivative instrument (MMbbl and MMbtu) | MMBTU	96.4
Natural Gas | Short position
Derivative [Line Items]
Ceiling sold price (dollars per barrel)	3.61
Natural Gas | Long position
Derivative [Line Items]
Purchase price (dollars per barrel)	2.50

Derivatives - Interest-Rate Der

Derivatives - Interest-Rate Derivatives (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Interest Rate Swaps
Derivative [Line Items]
Net cash payments related to settlements	$ 47
Collateral paid with respect to interest rate swap agreements	49
Interest Rate Swap, 6.348%
Derivative [Line Items]
Notional Principal Amount	$ 400
Weighted-Average Interest Rate	6.348%
Interest Rate Swap, 6.662%
Derivative [Line Items]
Notional Principal Amount	$ 350
Weighted-Average Interest Rate	6.662%
Interest Rate Swap, 6.709%
Derivative [Line Items]
Notional Principal Amount	$ 275
Weighted-Average Interest Rate	6.709%
Interest Rate Swap, 6.445%
Derivative [Line Items]
Notional Principal Amount	$ 450
Weighted-Average Interest Rate	6.445%

Derivatives - Marketing Derivat

Derivatives - Marketing Derivatives (Details)	6 Months Ended				12 Months Ended
	Jun. 30, 2021$ / Barrel	Jun. 30, 2021$ / Mcfe	Jun. 30, 2021MMBbls	Jun. 30, 2021Bcf	Dec. 31, 2020$ / Barrel	Dec. 31, 2020$ / Mcfe	Dec. 31, 2020MMBbls	Dec. 31, 2020Bcf
Marketing Derivatives | Not Designated as Hedging Instrument
Derivative [Line Items]
Weighted average sales price (dollars per barrel and dollars per million cubic feet)	69.05	3.61			46.05	2.58
Crude oil | Short position
Derivative [Line Items]
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) | MMBbls			(24)				(31)
Natural gas | Short position
Derivative [Line Items]
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) | Bcf				(121)				(117)

Derivatives - Fair Value (Detai

Derivatives - Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Marketing Derivatives
Derivatives, Fair Value [Line Items]
Collateral related to marketing derivatives	$ 78	$ 85
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Collateral paid netted against derivative liabilities	326	374
Accrued liabilities | Collars and Call Options
Derivatives, Fair Value [Line Items]
Netting and collateral, liability	0	0
Total net fair value, liability	(249)	(42)
Accrued liabilities | Marketing Derivatives
Derivatives, Fair Value [Line Items]
Netting and collateral, liability	1,679	1,204
Total net fair value, liability	(130)	(129)
Accrued liabilities | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Netting and collateral, liability	0	0
Total net fair value, liability	(823)	(936)
Other current assets | Collars and Call Options
Derivatives, Fair Value [Line Items]
Netting, asset		0
Total net fair value, asset		25
Other current assets | Marketing Derivatives
Derivatives, Fair Value [Line Items]
Netting, asset	(1,679)	(1,204)
Total net fair value, asset	17	31
Long-term receivables and other assets, net | Marketing Derivatives
Derivatives, Fair Value [Line Items]
Netting, asset	(100)	(7)
Total net fair value, asset	2	2
Deferred credits and other liabilities - other | Marketing Derivatives
Derivatives, Fair Value [Line Items]
Netting and collateral, liability	100	7
Total net fair value, liability	(1)	0
Deferred credits and other liabilities - other | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Netting and collateral, liability	0	0
Total net fair value, liability	(710)	(822)
Level 1 | Accrued liabilities | Collars and Call Options
Derivatives, Fair Value [Line Items]
Commodity contract derivative liability, gross	0	0
Level 1 | Accrued liabilities | Marketing Derivatives
Derivatives, Fair Value [Line Items]
Commodity contract derivative liability, gross	(1,696)	(1,252)
Level 1 | Accrued liabilities | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Commodity contract derivative liability, gross	0	0
Level 1 | Other current assets | Collars and Call Options
Derivatives, Fair Value [Line Items]
Commodity contract derivative asset, gross		0
Level 1 | Other current assets | Marketing Derivatives
Derivatives, Fair Value [Line Items]
Commodity contract derivative asset, gross	1,584	1,155
Level 1 | Long-term receivables and other assets, net | Marketing Derivatives
Derivatives, Fair Value [Line Items]
Commodity contract derivative asset, gross	100	7
Level 1 | Deferred credits and other liabilities - other | Marketing Derivatives
Derivatives, Fair Value [Line Items]
Commodity contract derivative liability, gross	(101)	(7)
Level 1 | Deferred credits and other liabilities - other | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Commodity contract derivative liability, gross	0	0
Level 2 | Accrued liabilities | Collars and Call Options
Derivatives, Fair Value [Line Items]
Commodity contract derivative liability, gross	(249)	(42)
Level 2 | Accrued liabilities | Marketing Derivatives
Derivatives, Fair Value [Line Items]
Commodity contract derivative liability, gross	(113)	(81)
Level 2 | Accrued liabilities | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Commodity contract derivative liability, gross	(823)	(936)
Level 2 | Other current assets | Collars and Call Options
Derivatives, Fair Value [Line Items]
Commodity contract derivative asset, gross		25
Level 2 | Other current assets | Marketing Derivatives
Derivatives, Fair Value [Line Items]
Commodity contract derivative asset, gross	112	80
Level 2 | Long-term receivables and other assets, net | Marketing Derivatives
Derivatives, Fair Value [Line Items]
Commodity contract derivative asset, gross	2	2
Level 2 | Deferred credits and other liabilities - other | Marketing Derivatives
Derivatives, Fair Value [Line Items]
Commodity contract derivative liability, gross	0	0
Level 2 | Deferred credits and other liabilities - other | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Commodity contract derivative liability, gross	(710)	(822)
Level 3 | Accrued liabilities | Collars and Call Options
Derivatives, Fair Value [Line Items]
Commodity contract derivative liability, gross	0	0
Level 3 | Accrued liabilities | Marketing Derivatives
Derivatives, Fair Value [Line Items]
Commodity contract derivative liability, gross	0	0
Level 3 | Accrued liabilities | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Commodity contract derivative liability, gross	0	0
Level 3 | Other current assets | Collars and Call Options
Derivatives, Fair Value [Line Items]
Commodity contract derivative asset, gross		0
Level 3 | Other current assets | Marketing Derivatives
Derivatives, Fair Value [Line Items]
Commodity contract derivative asset, gross	0	0
Level 3 | Long-term receivables and other assets, net | Marketing Derivatives
Derivatives, Fair Value [Line Items]
Commodity contract derivative asset, gross	0	0
Level 3 | Deferred credits and other liabilities - other | Marketing Derivatives
Derivatives, Fair Value [Line Items]
Commodity contract derivative liability, gross	0	0
Level 3 | Deferred credits and other liabilities - other | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Commodity contract derivative liability, gross	$ 0	$ 0

Derivatives - Gains and Losses

Derivatives - Gains and Losses on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	$ (223)	$ (76)	$ 176	$ (661)
Collars and Call Options | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	(166)	5	(238)	957
Marketing Derivatives | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	22	(392)	202	18
Interest Rate Swaps | Gains (losses) on interest rate swaps and warrants, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	(223)	4	176	(665)
Other | Gains (losses) on interest rate swaps and warrants, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	$ 0	$ (79)	$ 0	$ 5

Derivatives - Credit Risk (Deta

Derivatives - Credit Risk (Details) - Not Designated as Hedging Instrument - Interest Rate Swaps - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
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)	$ 110	$ 104
Amount of collateral posted related to derivative instruments with credit-risk-related contingent features	$ 326	$ 374

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Embedded Derivatives (Details) - Recurring - Accrued liabilities - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Embedded derivatives
Netting and Collateral	$ 0	$ 0
Total Fair Value
Embedded derivatives
Embedded derivatives	6	64
Level 1
Embedded derivatives
Embedded derivatives	0	0
Level 2
Embedded derivatives
Embedded derivatives	6	64
Level 3
Embedded derivatives
Embedded derivatives	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020$ / Mcfe$ / Barrel
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment and related charges, net of tax	$ 21			$ 156
Impairment and related charges		$ 8,600
Low end of range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Operating and capital cost estimates, percentage					1.00%
Operating and capital cost estimates (in dollars per barrel) | $ / Barrel					50
High end of range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Operating and capital cost estimates, percentage					2.00%
Operating and capital cost estimates (in dollars per barrel) | $ / Barrel					60
Crude Oil
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price (dollars per barrel) | $ / Barrel					40
Crude Oil | High end of range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price (dollars per barrel) | $ / Barrel					70
Natural Gas
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unweighted arithmetic average price (in dollars per barrel) | $ / Mcfe					3.13
Unweighted arithmetic average price, period					15 years
Natural Gas | Low end of range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price (dollars per barrel) | $ / Mcfe					2
Natural Gas | High end of range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price (dollars per barrel) | $ / Mcfe					3.60
Gulf of Mexico
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment and related charges		1,200	$ 241
Algeria Oil and Gas Proved Properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment and related charges		900
Oman, Bolivia and the Gulf of Mexico
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment and related charges			293
Level 2 | Domestic Onshore Unproved Acreage
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment and related charges		$ 4,300
Level 3 | Measurement Input, Weighted Average Cost of Capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		10.00%			10.00%
Ghana Assets | Discontinued Operations, Held-for-sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment and related charges, net of tax		$ 1,400
Impairment and related charges		2,200
Oil and gas segment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment and related charges		$ 6,400	$ 581

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Total borrowings at face value	$ 35,061	$ 35,235
Unamortized premium, net	707	748
Debt issuance costs	(147)	(156)
Net book value of debt	35,621	35,827
Long-term finance leases	332	316
Current finance leases	50	42
Total debt and finance leases	36,003	36,185
Less current maturities of financing leases	(50)	(42)
Less current maturities of long-term debt	(601)	(398)
Long-term debt, net	$ 35,352	$ 35,745

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Long-term Debt
Repayments of near-term maturities of debt		$ 0	$ 174
Unamortized premium associated with tender and purchase		707		$ 748
Long-term debt, gross		35,061		35,235
Subsequent Event
Long-term Debt
Long-term debt, gross	$ 32,000
July Tender and Purchase | Senior Notes | Subsequent Event
Long-term Debt
Tender and purchase	3,100
Unamortized premium associated with tender and purchase	$ 90
Estimate of Fair Value | Level 1
Long-term Debt
Fair value of long-term debt		$ 36,800		$ 33,800

Long-Term Debt - Debt Issuance,

Long-Term Debt - Debt Issuance, Repurchases, Repayments and Exchanges (Details) - Senior Notes - July Tender and Purchase - Subsequent Event $ in Millions	1 Months Ended
	Jul. 31, 2021USD ($)
Long-term Debt Rollforward [Roll Forward]
Tender and purchase	$ (3,026)
2.700% senior notes due 2022
Long-term Debt Rollforward [Roll Forward]
Interest rate	0.027%
Tender and purchase	$ (278)
2.700% senior notes due 2023
Long-term Debt Rollforward [Roll Forward]
Interest rate	0.027%
Tender and purchase	$ (484)
3.450% senior notes due 2024
Long-term Debt Rollforward [Roll Forward]
Interest rate	0.0345%
Tender and purchase	$ (81)
2.900% senior notes due 2024
Long-term Debt Rollforward [Roll Forward]
Interest rate	0.029%
Tender and purchase	$ (1,620)
3.500% senior notes due 2025
Long-term Debt Rollforward [Roll Forward]
Interest rate	0.035%
Tender and purchase	$ (229)
3.400% senior notes due 2026
Long-term Debt Rollforward [Roll Forward]
Interest rate	0.034%
Tender and purchase	$ (224)
3.200% senior notes due 2026
Long-term Debt Rollforward [Roll Forward]
Interest rate	0.032%
Tender and purchase	$ (110)

Lawsuits, Claims, Commitments_2

Lawsuits, Claims, Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 26, 2021	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2021
Lawsuits, commitments and contingencies
Potential cash tax					$ 935
Federal
Lawsuits, commitments and contingencies
Potential cash tax					908
State
Lawsuits, commitments and contingencies
Potential cash tax					27
Anadarko
Lawsuits, commitments and contingencies
Tentative cash tax refund			$ 881
Potential accrued interest					$ 284
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%	40.00%
Own economic interest (as a percent)		60.00%
Amount awarded to other party in litigation	$ 391
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 ($)	Jun. 30, 2021USD ($)site	Dec. 31, 2020USD ($)
Environmental remediation reserves
Number of Sites | site			166
Environmental remediation reserves, current, included in accrued liabilities			$ 1,143,000,000
Environmental remediation reserves, non-current, included in deferred credits and other liabilities - other			1,020,000,000	$ 1,028,000,000
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			94
Percent of reserve to be funded over the next three to four years			50.00%
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			32
Environmental remediation reserves, current, included in accrued liabilities			$ 438,000,000
Third-party sites
Environmental remediation reserves
Number of Sites | site			68
Environmental remediation reserves, current, included in accrued liabilities			$ 299,000,000
Occidental-operated sites
Environmental remediation reserves
Number of Sites | site			17
Environmental remediation reserves, current, included in accrued liabilities			$ 136,000,000
Closed or non-operated Occidental sites
Environmental remediation reserves
Number of Sites | site			49
Environmental remediation reserves, current, included in accrued liabilities			$ 270,000,000
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			123,000,000
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_3

Retirement and Postretirement Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Periodic Benefit Costs
Net gains related to pension settlement and curtailment	$ 4	$ 120	$ 10	$ 134
Net periodic benefit costs related to pension special termination benefits	0	2	0	18
Contributions to qualified and supplemental pension plans	5	11	152	102
Pension Benefit
Net Periodic Benefit Costs
Net periodic benefit costs (gains)	(3)	13	(8)	24
Postretirement Benefit
Net Periodic Benefit Costs
Net periodic benefit costs (gains)	$ 18	$ 18	$ 38	$ 38

Earnings Per Share and Stockh_3

Earnings Per Share and Stockholders' Equity - Schedule of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic earnings (loss) per common share
Net income (loss) from continuing operations	$ 100	$ (6,716)	$ 399	$ (8,729)
Income (loss) from discontinued operations	3	(1,415)	(442)	(1,415)
NET INCOME (LOSS)	103	(8,131)	(43)	(10,144)
Less: Preferred stock dividends	(200)	(222)	(400)	(441)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (97)	$ (8,353)	$ (443)	$ (10,585)
Weighted-average number of basic shares (in shares)	934.2	915.5	933.8	906.2
Basic loss per common share (in usd per share)	$ (0.10)	$ (9.12)	$ (0.47)	$ (11.68)
Net loss attributable to common stockholders	$ (97)	$ (8,353)	$ (443)	$ (10,585)
Dilutive securities (in shares)	0	0	0	0
Total dilutive weighted-average common shares (in shares)	934.2	915.5	933.8	906.2
Diluted loss per common share (in usd per share)	$ (0.10)	$ (9.12)	$ (0.47)	$ (11.68)

Earnings Per Share and Stockh_4

Earnings Per Share and Stockholders' Equity - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Warrant
Class of Stock [Line Items]
Berkshire Warrants, Common Stock Warrants, and options excluded from diluted shares (in shares)	200	200	200	200

Segments - Schedule of Industry

Segments - Schedule of Industry Segments and Eliminations (Details) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2021USD ($)shares	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segmentshares	Jun. 30, 2020USD ($)
Segment Information
Number of operating segments | segment				3
Net sales		$ 5,958	$ 2,928	$ 11,251	$ 9,541
Income (loss) from continuing operations before income taxes		143	(8,184)	458	(10,222)
Income tax benefit (expense)		(43)	1,468	(59)	1,493
Income (loss) from continuing operations		100	(6,716)	399	(8,729)
Gain (loss) on derivative instrument		(223)	(76)	176	(661)
Anadarko acquisition-related costs		52	149	93	297
Disposed of by Sale, Not Discontinued Operations | WES Midstream segment
Segment Information
Gain on sale	$ 102
Number of limited partner units sold (in units) | shares	11.5
Operating Segments | Oil and gas
Segment Information
Net sales		4,505	2,040	8,169	7,100
Income (loss) from continuing operations before income taxes		631	(7,734)	569	(7,498)
Income tax benefit (expense)		0	0	0	0
Income (loss) from continuing operations		631	(7,734)	569	(7,498)
Impairment charge		21	6,400	156	7,000
Gain (loss) on derivative instrument		(140)		(180)	923
Operating Segments | Chemical
Segment Information
Net sales		1,187	846	2,275	1,808
Income (loss) from continuing operations before income taxes		312	108	563	294
Income tax benefit (expense)		0	0	0	0
Income (loss) from continuing operations		312	108	563	294
Operating Segments | Midstream and marketing
Segment Information
Net sales		497	204	1,304	994
Income (loss) from continuing operations before income taxes		(30)	(7)	252	(1,294)
Income tax benefit (expense)		0	0	0	0
Income (loss) from continuing operations		(30)	(7)	252	(1,294)
Gain (loss) on derivative instrument		(180)		(165)	305
Goodwill impairment					1,400
Operating Segments | Midstream and marketing | Disposed of by Sale, Not Discontinued Operations | WES Midstream segment
Segment Information
Gain on sale		22		$ 124
Number of limited partner units sold (in units) | shares				11.5
Corporate and Eliminations
Segment Information
Net sales		(231)	(162)	$ (497)	(361)
Income (loss) from continuing operations before income taxes		(770)	(551)	(926)	(1,724)
Income tax benefit (expense)		(43)	1,468	(59)	1,493
Income (loss) from continuing operations		(813)	917	(985)	(231)
Gain (loss) on derivative instrument			114		114
Mark to market gain (loss) on interest rate swaps		(223)		176	(665)
Anadarko acquisition-related costs		$ 52	149	$ 93	297
Gain (loss) related to warrants			$ (79)		$ 5