Occidental Petroleum (OXY) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2022shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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
Entity Address, Address Line Two	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	937,190,982
Entity Central Index Key	0000797468
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock, $0.20 par value
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, $0.20 par value
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		Mar. 31, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash and cash equivalents		$ 1,909	$ 2,764
Trade receivables, net		5,434	4,208
Inventories		1,406	1,846
Assets held for sale		0	72
Other current assets		1,309	1,321
Total current assets		10,058	10,211
INVESTMENTS IN UNCONSOLIDATED ENTITIES		3,015	2,938
PROPERTY, PLANT AND EQUIPMENT		117,542	118,157
Accumulated depreciation, depletion and amortization		(58,313)	(58,227)
Net property, plant and equipment		59,229	59,930
OPERATING LEASE ASSETS		689	726
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET		1,231	1,231
TOTAL ASSETS		74,222	75,036
CURRENT LIABILITIES
Current maturities of long-term debt	[1]	507	186
Current operating lease liabilities		173	186
Accounts payable		4,664	3,899
Accrued liabilities		3,356	4,046
Liabilities of assets held for sale		0	7
Total current liabilities		8,700	8,324
LONG-TERM DEBT, NET
Long-term debt, net	[2]	25,865	29,431
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net		4,806	7,039
Asset retirement obligations		3,634	3,687
Pension and postretirement obligations		1,541	1,540
Environmental remediation liabilities		933	944
Operating lease liabilities		558	585
Other		3,278	3,159
Total deferred credits and other liabilities		14,750	16,954
STOCKHOLDERS' EQUITY
Preferred stock, at $1.00 per share par value (100,000 shares as of March 31, 2022 and December 31, 2021)		9,762	9,762
Common stock, at $0.20 per share par value, authorized shares: 1.5 billion, issued shares: 2022 — 1,087,270,122 shares and 2021 — 1,083,423,094 shares		217	217
Treasury stock: 2022 — 150,079,140 shares and 2021 — 149,348,394 shares		(10,709)	(10,673)
Additional paid-in capital		16,785	16,749
Retained earnings		9,032	4,480
Accumulated other comprehensive loss		(180)	(208)
Total stockholders' equity		24,907	20,327
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		74,222	75,036
Corporate
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT		960	964
Oil and gas | Operating segments
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT		101,511	101,251
Chemical | Operating segments
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT		7,588	7,571
Midstream and marketing | Operating segments
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT		$ 7,483	$ 8,371
[1]	Included $99 million and $85 million of current finance lease liabilities as of March 31, 2022 and December 31, 2021, respectively.
[2]	Included $540 million and $504 million of finance lease liabilities as of March 31, 2022 and December 31, 2021, respectively.

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, outstanding (in shares)	100,000	100,000
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, issued (in shares)	1,087,270,122	1,083,423,094
Treasury stock (in shares)	150,079,140	149,348,394
Current finance lease liabilities	$ 99	$ 85
Non-current finance lease liabilities	$ 540	$ 504

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REVENUES AND OTHER INCOME
Net sales	$ 8,349	$ 5,293
Interest, dividends and other income	49	75
Gains on sales of assets and equity investments, net	135	111
Total	8,533	5,479
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense	864	776
Transportation and gathering expense	347	329
Chemical and midstream cost of sales	818	594
Purchased commodities	811	558
Selling, general and administrative expenses	196	166
Other operating and non-operating expense	299	258
Taxes other than on income	335	210
Depreciation, depletion and amortization	1,643	2,194
Asset impairments and other charges	0	135
Anadarko acquisition-related costs	65	41
Exploration expense	25	28
Interest and debt expense, net	371	395
Total	5,774	5,684
Income (loss) before income taxes and other items	2,759	(205)
OTHER ITEMS
Gains on interest rate swaps, net	135	399
Income from equity investments	189	121
Total	324	520
Income from continuing operations before income taxes	3,083	315
Income tax benefit (expense)	1,793	(16)
Income from continuing operations	4,876	299
Loss from discontinued operations, net of tax	0	(445)
NET INCOME (LOSS)	4,876	(146)
Less: Preferred stock dividends	(200)	(200)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 4,676	$ (346)
PER COMMON SHARE, BASIC
Income from continuing operations—basic (in usd per share)	$ 4.96	$ 0.11
Loss from discontinued operations - basic (in usd per share)	0	(0.48)
Net income (loss) attributable to common stockholders—basic (in usd per share)	4.96	(0.37)
PER COMMON SHARE, DILUTED
Income from continuing operations—diluted (in usd per share)	4.65	0.10
Loss from discontinued operations - diluted (in usd per share)	0	(0.46)
Net income (loss) attributable to common stockholders—diluted (in usd per share)	$ 4.65	$ (0.36)

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 4,876	$ (146)
Other comprehensive income items:
Gains on derivatives	[1]	27	1
Pension and postretirement gains	[2]	1	52
Other comprehensive income, net of tax		28	53
Comprehensive income (loss) attributable to preferred and common stockholders		$ 4,904	$ (93)
[1]	Net of tax expense of $8 million and zero for the three months ended March 31, 2022 and 2021, respectively.
[2]	Net of tax expense of zero and $15 million for the three months ended March 31, 2022 and 2021, respectively.

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Gains on derivatives, tax expense	$ 8	$ 0
Pension and postretirement gains, tax expense	$ 0	$ 15

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)	$ 4,876	$ (146)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Discontinued operations, net	0	445
Depreciation, depletion and amortization of assets	1,643	2,194
Deferred income tax benefit	(2,240)	(81)
Asset impairments and other charges	0	135
Gain on sales of assets, net	(135)	(111)
Other noncash reconciling items	34	(301)
Changes in operating assets and liabilities:
Increase in receivables	(1,238)	(937)
Decrease (increase) in inventories	439	(311)
Increase in other current assets	(158)	(82)
Decrease in accounts payable and accrued liabilities	(187)	(42)
Increase in current domestic and foreign income taxes	205	25
Operating cash flow from continuing operations	3,239	788
Operating cash flow from discontinued operations, net of taxes	0	122
Net cash provided by operating activities	3,239	910
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(858)	(579)
Change in capital accrual	(39)	(75)
Purchases of businesses and assets, net	(29)	(105)
Proceeds from sales of assets, net	267	496
Equity investments and other, net	(3)	(10)
Investing cash flow from continuing operations	(662)	(273)
Investing cash flow from discontinued operations	0	(9)
Net cash used by investing activities	(662)	(282)
CASH FLOW FROM FINANCING ACTIVITIES
Payments of long-term debt	(3,259)	(174)
Proceeds from issuance of common stock	27	9
Purchases of treasury stock	(36)	(3)
Cash dividends paid on common and preferred stock	(216)	(211)
Financing portion of net cash received for derivative instruments	79	45
Other financing, net	(24)	(18)
Financing cash flow from continuing operations	(3,429)	(352)
Financing cash flow from discontinued operations	0	(2)
Net cash used by financing activities	(3,429)	(354)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	(852)	274
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period	2,803	2,194
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period	$ 1,951	$ 2,468

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 Income (Loss)
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)	(146)					(146)
Other comprehensive income, net of tax	53						53
Dividends on common stock	(11)					(11)
Dividends on preferred stock	(200)					(200)
Shareholder warrants exercised	3				3
Issuance of common stock and other, net	31		1		30
Purchases of treasury stock	(3)			(3)
Ending balance at Mar. 31, 2021	18,300	9,762	217	(10,668)	16,585	2,639	(235)
Beginning balance at Dec. 31, 2021	20,327	9,762	217	(10,673)	16,749	4,480	(208)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	4,876					4,876
Other comprehensive income, net of tax	28						28
Dividends on common stock	(124)					(124)
Dividends on preferred stock	(200)					(200)
Shareholder warrants exercised	20				20
Options exercised	7				7
Issuance of common stock and other, net	9				9
Purchases of treasury stock	(36)			(36)
Ending balance at Mar. 31, 2022	$ 24,907	$ 9,762	$ 217	$ (10,709)	$ 16,785	$ 9,032	$ (180)

CONSOLIDATED CONDENSED STATEM_6

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in usd per share)	$ 0.13	$ 0.01
Dividends on preferred stock (in usd per share)	$ 2,000	$ 2,000

General

General	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
General	NOTE 1 - GENERAL NATURE OF OPERATIONS 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, 2021. 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 March 31, 2022 and December 31, 2021, and the Consolidated Condensed Statements of Operations, Comprehensive Income (Loss), Cash Flows and Stockholders' Equity for the three months ended March 31, 2022 and 2021. Certain data in the Consolidated Condensed Financial Statements and notes for prior periods have been reclassified to conform to the current presentation. The income and cash flows for the periods ended March 31, 2022 and 2021 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 for the periods presented 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 in the Consolidated Condensed Statements of Cash Flows as of March 31, 2022 and 2021: millions 2022 2021 Cash and cash equivalents $ 1,909 $ 2,270 Restricted cash and restricted cash equivalents included in other current assets 25 183 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 17 15 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,951 $ 2,468 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 three months ended March 31, 2022 and 2021, respectively. millions 2022 2021 Income tax payments $ 208 $ 122 Income tax refunds received $ 70 $ 42 Interest paid (a) $ 598 $ 607 (a) Net of capitalized interest of $11 million and $15 million for the three months ended March 31, 2022 and 2021, respectively. DISCONTINUED OPERATIONS During the first quarter of 2021, Occidental recorded a $403 million after-tax loss contingency in discontinued operations associated with its former operations in Ecuador, see Note 10 - Laws uits, Claims, Commitments and Contingencies

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	NOTE 2 - REVENUE Revenue from customers is recognized when obligations under the terms of a contract with our customers are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services, such as transportation. As of March 31, 2022, trade receivables, net, of $5.4 billion represent rights to payment, for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time. The following table shows a reconciliation of revenue from customers to total net sales for the three months ended March 31, 2022 and 2021: Three months ended March 31, millions 2022 2021 Revenue from customers $ 8,213 $ 5,184 All other revenues (a) 136 109 Net sales $ 8,349 $ 5,293 (a) Includes net marketing derivatives, collars and calls and chemical exchange contracts in 2021 and the same in 2022 with the exception of the collars and calls which expired on or before December 31, 2021. DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS The table below presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGL and gas at the lease or concession area. Chemical segment revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale. millions United States International Eliminations Total Three months ended March 31, 2022 Oil and gas Oil $ 4,048 $ 751 $ — $ 4,799 NGL 698 62 — 760 Gas 455 58 — 513 Other 2 1 — 3 Segment total $ 5,203 $ 872 $ — $ 6,075 Chemical $ 1,602 $ 81 $ — $ 1,683 Midstream and marketing $ 648 $ 99 $ — $ 747 Eliminations $ — $ — $ (292) $ (292) Consolidated $ 7,453 $ 1,052 $ (292) $ 8,213 millions United States International Eliminations Total Three months ended March 31, 2021 Oil and gas Oil $ 2,464 $ 549 $ — $ 3,013 NGL 384 52 — 436 Gas 253 64 — 317 Other (31) — — (31) Segment total $ 3,070 $ 665 $ — $ 3,735 Chemical $ 1,037 $ 50 $ — $ 1,087 Midstream and marketing $ 497 $ 131 $ — $ 628 Eliminations $ — $ — $ (266) $ (266) Consolidated $ 4,604 $ 846 $ (266) $ 5,184

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	NOTE 3 - INVENTORIES Finished goods primarily represents 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 LIFO method. Inventories consisted of the following: millions March 31, 2022 December 31, 2021 Raw materials $ 108 $ 96 Materials and supplies 798 783 Commodity inventory and finished goods 599 1,066 1,505 1,945 Revaluation to LIFO (99) (99) Total $ 1,406 $ 1,846

Divestitures and Other Transact

Divestitures and Other Transactions	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups and Equity Method And Joint Ventures [Abstract]
Divestitures and Other Transactions	NOTE 4 - DIVESTITURES AND OTHER TRANSACTIONS DIVESTITURES In November 2021, Occidental entered into an agreement to sell certain non-strategic assets in the Permian Basin. The transaction closed in January 2022 for net cash proceeds of approximately $190 million. The difference in the proved assets' net book value and adjusted purchase price was treated as a normal retirement, which resulted in no gain or loss being recognized. The difference in the unproved assets' net book value and adjusted purchase price resulted in a gain on sale of approximately $123 million. The gain has been presented within gains on sales of assets and equity investments, net in the Consolidated Condensed Statements of Operations.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 5 - LONG-TERM DEBT The following table summarizes Occidental's outstanding debt, including finance lease liabilities: millions March 31, 2022 December 31, 2021 Total borrowings at face value $ 25,187 $ 28,493 Adjustments to book value: Unamortized premium, net 660 670 Debt issuance costs (114) (135) Net book value of debt $ 25,733 $ 29,028 Long-term finance leases 540 504 Current finance leases 99 85 Total debt and finance leases $ 26,372 $ 29,617 Less current maturities of financing leases (99) (85) Less current maturities of long-term debt (408) (101) Long-term debt, net $ 25,865 $ 29,431 DEBT ACTIVITY In the first quarter of 2022, Occidental used cash on hand to repay debt with maturities ranging from 2022 through 2049 by $3.3 billion. Subsequent to March 31, 2022, but before the date of this filing, Occidental paid off additional debt with maturities ranging from 2024 to 2049 and principal of $263 million. FAIR VALUE OF DEBT The estimated fair value of Occidental’s debt as of March 31, 2022, and December 31, 2021, substantially all of which was classified as Level 1, was approximately $26.2 billion and $31.1 billion, respectively.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	NOTE 6 - 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 debt issuances. Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty. DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS As of March 31, 2022, Occidental’s derivatives not designated as hedges consisted of 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 realized or cash value of the instrument. 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 throughout the reference period. Net gains and losses associated with interest rate swaps are recognized currently in gains on interest rate swaps, net in the Consolidated Condensed Statements of Operations. Occidental had the following outstanding interest rate swaps as of March 31, 2022: millions, except percentages Mandatory Weighted-Average Notional Principal Amount Reference Period Termination Date Interest Rate $ 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. In the first quarter of 2022, net cash payments related to settlements of interest rate swap agreements were $23 million. Additionally, $102 million of collateral was returned. MARKETING DERIVATIVES Occidental's marketing derivative instruments not designated as hedges are short-duration physical and financial forward contracts. A substantial majority of Occidental's physically settled derivative contracts are index-based and carry no mark-to-market valuation in earnings. As of March 31, 2022, the weighted-average settlement price of these forward contracts was $96.63 per barrel and $5.15 per Mcf for crude oil and natural gas, respectively. The weighted-average settlement price was $74.85 per barrel and $4.61 per Mcf for crude oil and natural gas, respectively, as of December 31, 2021. 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. March 31, 2022 December 31, 2021 Oil commodity contracts Volume (MMbbl) (23) (28) Natural gas commodity contracts Volume (Bcf) (111) (136) 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 netting arrangements, and are presented on a net basis in the Consolidated Condensed Balance Sheets. millions Fair Value Measurements Using Netting (a) Total Fair Value Balance Sheet Classifications Level 1 Level 2 Level 3 March 31, 2022 Marketing Derivatives Other current assets $ 3,486 $ 323 $ — $ (3,708) $ 101 Long-term receivables and other assets, net 71 1 — (71) 1 Accrued liabilities (3,796) (264) — 3,708 (352) Deferred credits and other liabilities - other (73) — — 71 (2) Interest Rate Swaps Accrued liabilities — (250) — — (250) Deferred credits and other liabilities - other — (343) — — (343) December 31, 2021 Marketing Derivatives Other current assets $ 1,516 $ 173 $ — $ (1,645) $ 44 Long-term receivables and other assets, net 4 1 — (4) 1 Accrued liabilities (1,608) (196) — 1,645 (159) Deferred credits and other liabilities - other (4) — — 4 — Interest Rate Swaps Accrued liabilities — (315) — — (315) Deferred credits and other liabilities - other — (436) — — (436) (a) These amounts do not include collateral. As of March 31, 2022 and December 31, 2021, $221 million and $323 million of collateral related to interest rate swaps had been netted against derivative liabilities, respectively. Occidental netted $296 million and $110 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of March 31, 2022 and December 31, 2021, respectively. GAINS AND LOSSES ON DERIVATIVES The following table presents gains and (losses) related to Occidental's derivative instruments on the Consolidated Condensed Statements of Operations: millions Three months ended March 31, Income Statement Classification 2022 2021 Collars and Calls Net sales (a) $ — $ (72) Marketing Derivatives Net sales (b) $ 135 $ 180 Interest Rate Swaps Gains on interest rate swaps, net $ 135 $ 399 (a) All of Occidental's calls and collars expired on or before December 31, 2021. (b) Includes derivative and non-derivative marketing activity. CREDIT RISK Certain of Occidental's over-the-counter derivative instruments contain credit-risk-contingent features, primarily tied to credit ratings for Occidental or its counterparties, which may affect the amount of collateral that each party would need to post. The aggregate fair value of derivative instruments with credit-risk-related contingent features for which a net liability position existed as of March 31, 2022, was $34 million (net of $221 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 as of December 31, 2021, was $107 million (net of $323 million of collateral), which was primarily related to interest rate swaps.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 7 - INCOME TAXES LEGAL ENTITY REORGANIZATION To align Occidental’s legal entity structure with the nature of its business activities after completing the acquisition of Anadarko and subsequent large scale post-Acquisition divestiture program, management undertook a legal entity reorganization that was completed in the first quarter of 2022. As a result of this legal entity reorganization, management made an adjustment to the tax basis in a portion of its operating assets, thus reducing Occidental’s deferred tax liabilities. Accordingly, in the first quarter of 2022, Occidental recorded an estimated non-cash tax benefit of $2.6 billion in connection with this reorganization. The timing of any reduction in Occidental’s future cash taxes as a result of this legal entity reorganization will be dependent on a number of factors, including prevailing commodity prices, capital activity level and production mix. Further refinement of the non-cash tax benefit may be necessary as Occidental finalizes its tax basis calculations, its tax returns and other information. The following summarizes components of income tax benefit (expense) on continuing operations for the three months ended March 31, 2022 and 2021: Three months ended millions March 31, 2022 March 31, 2021 Income from continuing operations before income taxes $ 3,083 $ 315 Current Federal $ (215) $ 30 State and Local (34) (10) Foreign (198) (117) Total current tax expense $ (447) $ (97) Deferred Federal 2,213 78 State and Local 73 4 Foreign (46) (1) Total deferred tax benefit $ 2,240 $ 81 Total income tax benefit (expense) $ 1,793 $ (16) Income from continuing operations $ 4,876 $ 299 Worldwide effective tax rate (58) % 5 % Occidental's worldwide effective tax rate for the three months ended March 31, 2022 was negative 58%. The difference between the negative 58% effective tax rate for income from continuing operations for the three months ended March 31, 2022, and the 21% U.S. federal statutory tax rate was primarily driven by a non-cash tax benefit associated with Occidental's legal entity reorganization, as described above, partially offset by higher tax rates in the foreign jurisdictions in which Occidental operates. The difference between the 5% effective tax rate for income from continuing operations for the three months ended March 31, 2021, and the 21% U.S. federal statutory tax rate was primarily driven by the jurisdictional mix of income. U.S. losses, taxed at a U.S. federal statutory rate of 21%, were mostly offset by foreign income that is subject to tax at statutory rates as high as 55%. In addition, the effective tax rate was impacted by benefits associated with the settlement of federal tax audit matters.

Retirement and Postretirement B

Retirement and Postretirement Benefit Plans	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Retirement and Postretirement Benefit Plans	NOTE 8 - RETIREMENT AND POSTRETIREMENT BENEFIT PLANS Occidental has various defined benefit pension plans for certain domestic union, non-union hourly and foreign national employees. In addition, Occidental also provides medical and other benefits for certain active, retired and disabled employees and their eligible dependents. Net periodic benefit gains related to pension benefits were zero and $11 million for the three months ended March 31, 2022, and 2021, respectively. Net periodic benefit costs related to postretirement benefits were $19 million and $20 million for the three months ended March 31, 2022, and 2021, respectively. Occidental's contributions to its defined benefit plans were $1 million and $147 million for the three months ended March 31, 2022, and 2021, respectively. The 2021 contributions were primarily due to distributions related to a separation program and freezing of benefit accruals for Anadarko employees in 2020 and for contributions which were previously deferred in 2020 under the Coronavirus Aid, Relief, and Economic Security Act.

Environmental Liabilities and E

Environmental Liabilities and Expenditures	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, 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 March 31, 2022. The current portion, $155 million, is included in accrued liabilities and the non-current portion, $933 million, 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. EPA on the CERCLA 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 30 $ 427 Third-party sites 69 269 Occidental-operated sites 15 120 Closed or non-operated Occidental sites 52 272 Total 166 $ 1,088 As of March 31, 2022, Occidental’s environmental liabilities exceeded $10 million each at 20 of the 166 sites described above, and 98 of the sites had liabilities from zero to $1 million each. Based on current estimates, Occidental expects to expend funds corresponding to approximately 40% 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, agreed to indemnify Occidental for a number of environmental sites, including the Diamond Alkali Superfund 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 Diamond Alkali Superfund Site. In March 2016, the EPA issued a ROD specifying remedial actions required for the lower 8.3 miles of the Lower Passaic River (OU-2). The ROD does not address any potential remedial action for the upper nine miles of the Lower Passaic River or Newark Bay. During the third quarter of 2016, and following Maxus’s bankruptcy filing, OxyChem and the EPA entered into an 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, OxyChem 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 Diamond Alkali Superfund Site. In September 2021, the EPA issued a ROD with an estimated cost of $441 million for an interim remedy plan for the upper nine miles of the Lower Passaic River. At this time, Occidental's role or responsibilities under this ROD, and those of other potentially responsible parties, have not been determined with the EPA. Discussions between Occidental and the EPA are ongoing about this ROD. In January 2022, OxyChem made an offer to design and implement the interim remedy for the upper nine miles of the Lower Passaic River (OU-4) subject to certain conditions. EPA sent a notice letter to OxyChem and other parties requesting good faith offers to implement the selected remedies at OU-2 and OU-4. In June 2017, the court overseeing the Maxus bankruptcy approved a Plan of Liquidation to liquidate Maxus and create a trust to pursue claims against current and former parents and each of its respective subsidiaries and affiliates of YPF and 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 of Liquidation 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. The bankruptcy court will hear motions for summary judgment in June 2022 .

Lawsuits, Claims, Commitments a

Lawsuits, Claims, Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Lawsuits, Claims, Commitments and Contingencies	NOTE 10 - LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES LEGAL MATTERS Occidental or certain of its subsidiaries are involved, in the normal course of business, in lawsuits, claims and other legal proceedings that seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties, or injunctive or declaratory relief. Occidental or certain of its subsidiaries also are involved in proceedings under CERCLA and similar federal, state, 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. Reserves for matters, other than for environmental remediation and the arbitration award disclosed below, that satisfy this criteria as of March 31, 2022 and 2021, were not material to Occidental’s Consolidated Condensed Balance Sheets. In 2016, Occidental received payments from the Republic of Ecuador of approximately $1.0 billion pursuant to a November 2015 arbitration award for Ecuador’s 2006 expropriation of Occidental’s Participation Contract for Block 15. The awarded amount represented a recovery of 60% of the value of Block 15. In 2017, 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 OEPC in the amount of $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 December 2021, the U.S. District Court Southern District of New York confirmed the arbitration award, plus prejudgment interest, in the aggregate amount of $558 million. OEPC has appealed the judgement. 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. Tax years through 2019 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. Tax years through 2014 have been audited for state income tax purposes. 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. For Anadarko, its taxable years through 2014 and tax year 2016 for U.S. federal tax purposes have been audited by the IRS. Tax years through 2008 have been audited for state income tax purposes. There is one outstanding significant tax matter in an international jurisdiction related to a discontinued operation. As stated above, during the course of tax audits, disputes have arisen and other disputes may arise as to facts and matters of law. Other than the matter discussed below, Occidental believes that the resolution of these outstanding tax matters would not have a material adverse effect on its consolidated financial position or results of operations. Anadarko received an $881 million tentative refund in 2016 related to its $5.2 billion Tronox Adversary Proceeding settlement payment in 2015. In September 2018, Anadarko received a statutory notice of deficiency from the IRS disallowing the net operating loss carryback and rejecting Anadarko’s refund claim. As a result, Anadarko filed a petition with the U.S. Tax Court to dispute the disallowances in November 2018. The case was in the IRS appeals process until the second quarter of 2020, however it has since been returned to the U.S. Tax Court, where 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 $1.1 billion in federal taxes, $28 million in state taxes and accrued interest of $329 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 March 31, 2022, 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.

Earnings Per Share and Stockhol

Earnings Per Share and Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
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 EPS attributable to common stockholders: Three months ended March 31, millions except per-share amounts 2022 2021 Net income from continuing operations $ 4,876 $ 299 Loss from discontinued operations — (445) Net income (loss) $ 4,876 $ (146) Less: Preferred stock dividends (200) (200) Net income (loss) attributable to common stock $ 4,676 $ (346) Less: Net income allocated to participating securities (34) — Net income (loss), net of participating securities $ 4,642 $ (346) Weighted-average number of basic shares 936.7 933.1 Basic income (loss) per common share $ 4.96 $ (0.37) Net income (loss), net of participating securities 4,642 (346) Dilutive securities 997.7 947.9 Diluted income (loss) per common share $ 4.65 $ (0.36)

Segments

Segments	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Net sales $ 6,075 $ 1,684 $ 882 $ (292) $ 8,349 Income (loss) from continuing operations before income taxes $ 2,898 $ 671 $ (50) $ (436) $ 3,083 Income tax benefit — — — 1,793 1,793 Income (loss) from continuing operations $ 2,898 $ 671 $ (50) $ 1,357 $ 4,876 Three months ended March 31, 2021 Net sales $ 3,664 $ 1,088 $ 807 $ (266) $ 5,293 Income (loss) from continuing operations before income taxes $ (62) $ 251 $ 282 $ (156) $ 315 Income tax expense — — — (16) (16) Income (loss) from continuing operations $ (62) $ 251 $ 282 $ (172) $ 299 (a) The 2022 amount included $125 million of gains related to the sale of certain non-strategic assets in the Permian Basin. The 2021 amount included a $135 million impairment charge related to non-core domestic undeveloped leases that either expired in the first quarter of 2021 or were set to expire in the near-term, where Occidental had no plans to pursue exploration activities. (b) The 2022 amount included $198 million of net derivative mark-to-market losses. In March 2021, Occidental sold 11.5 million limited partner units of WES for proceeds of approximately $200 million, resulting in a gain of $102 million. (c) The 2022 amount included a non-cash tax benefit of $2.6 billion in connection with Occidental's legal entity reorganization, which is further discussed in the Income Taxes section of the Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2 of this Form 10-Q as well as a $135 million gain on interest rate swaps and $65 million in Anadarko acquisition-related costs. The 2021 amount included a $399 million gain on interest rate swaps and $41 million in Anadarko acquisition-related costs.

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2022
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)	3 Months Ended
	Mar. 31, 2022
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 in the Consolidated Condensed Statements of Cash Flows as of March 31, 2022 and 2021: millions 2022 2021 Cash and cash equivalents $ 1,909 $ 2,270 Restricted cash and restricted cash equivalents included in other current assets 25 183 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 17 15 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,951 $ 2,468
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Consolidated Condensed Statements of Cash Flows as of March 31, 2022 and 2021: millions 2022 2021 Cash and cash equivalents $ 1,909 $ 2,270 Restricted cash and restricted cash equivalents included in other current assets 25 183 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 17 15 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,951 $ 2,468
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 three months ended March 31, 2022 and 2021, respectively. millions 2022 2021 Income tax payments $ 208 $ 122 Income tax refunds received $ 70 $ 42 Interest paid (a) $ 598 $ 607 (a) Net of capitalized interest of $11 million and $15 million for the three months ended March 31, 2022 and 2021, respectively.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Reconciliation of Revenue from Customers to Total Net Sales	The following table shows a reconciliation of revenue from customers to total net sales for the three months ended March 31, 2022 and 2021: Three months ended March 31, millions 2022 2021 Revenue from customers $ 8,213 $ 5,184 All other revenues (a) 136 109 Net sales $ 8,349 $ 5,293
Schedule of Revenue from Customers by Segment, Product, and Geographical Area	Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale. millions United States International Eliminations Total Three months ended March 31, 2022 Oil and gas Oil $ 4,048 $ 751 $ — $ 4,799 NGL 698 62 — 760 Gas 455 58 — 513 Other 2 1 — 3 Segment total $ 5,203 $ 872 $ — $ 6,075 Chemical $ 1,602 $ 81 $ — $ 1,683 Midstream and marketing $ 648 $ 99 $ — $ 747 Eliminations $ — $ — $ (292) $ (292) Consolidated $ 7,453 $ 1,052 $ (292) $ 8,213 millions United States International Eliminations Total Three months ended March 31, 2021 Oil and gas Oil $ 2,464 $ 549 $ — $ 3,013 NGL 384 52 — 436 Gas 253 64 — 317 Other (31) — — (31) Segment total $ 3,070 $ 665 $ — $ 3,735 Chemical $ 1,037 $ 50 $ — $ 1,087 Midstream and marketing $ 497 $ 131 $ — $ 628 Eliminations $ — $ — $ (266) $ (266) Consolidated $ 4,604 $ 846 $ (266) $ 5,184

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: millions March 31, 2022 December 31, 2021 Raw materials $ 108 $ 96 Materials and supplies 798 783 Commodity inventory and finished goods 599 1,066 1,505 1,945 Revaluation to LIFO (99) (99) Total $ 1,406 $ 1,846

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table summarizes Occidental's outstanding debt, including finance lease liabilities: millions March 31, 2022 December 31, 2021 Total borrowings at face value $ 25,187 $ 28,493 Adjustments to book value: Unamortized premium, net 660 670 Debt issuance costs (114) (135) Net book value of debt $ 25,733 $ 29,028 Long-term finance leases 540 504 Current finance leases 99 85 Total debt and finance leases $ 26,372 $ 29,617 Less current maturities of financing leases (99) (85) Less current maturities of long-term debt (408) (101) Long-term debt, net $ 25,865 $ 29,431

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Derivative Instruments	Occidental had the following outstanding interest rate swaps as of March 31, 2022: millions, except percentages Mandatory Weighted-Average Notional Principal Amount Reference Period Termination Date Interest Rate $ 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. March 31, 2022 December 31, 2021 Oil commodity contracts Volume (MMbbl) (23) (28) Natural gas commodity contracts Volume (Bcf) (111) (136)
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 netting arrangements, and are presented on a net basis in the Consolidated Condensed Balance Sheets. millions Fair Value Measurements Using Netting (a) Total Fair Value Balance Sheet Classifications Level 1 Level 2 Level 3 March 31, 2022 Marketing Derivatives Other current assets $ 3,486 $ 323 $ — $ (3,708) $ 101 Long-term receivables and other assets, net 71 1 — (71) 1 Accrued liabilities (3,796) (264) — 3,708 (352) Deferred credits and other liabilities - other (73) — — 71 (2) Interest Rate Swaps Accrued liabilities — (250) — — (250) Deferred credits and other liabilities - other — (343) — — (343) December 31, 2021 Marketing Derivatives Other current assets $ 1,516 $ 173 $ — $ (1,645) $ 44 Long-term receivables and other assets, net 4 1 — (4) 1 Accrued liabilities (1,608) (196) — 1,645 (159) Deferred credits and other liabilities - other (4) — — 4 — Interest Rate Swaps Accrued liabilities — (315) — — (315) Deferred credits and other liabilities - other — (436) — — (436) (a) These amounts do not include collateral. As of March 31, 2022 and December 31, 2021, $221 million and $323 million of collateral related to interest rate swaps had been netted against derivative liabilities, respectively. Occidental netted $296 million and $110 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of March 31, 2022 and December 31, 2021, respectively.
Schedule of Gains and Losses on Derivatives	The following table presents gains and (losses) related to Occidental's derivative instruments on the Consolidated Condensed Statements of Operations: millions Three months ended March 31, Income Statement Classification 2022 2021 Collars and Calls Net sales (a) $ — $ (72) Marketing Derivatives Net sales (b) $ 135 $ 180 Interest Rate Swaps Gains on interest rate swaps, net $ 135 $ 399 (a) All of Occidental's calls and collars expired on or before December 31, 2021. (b) Includes derivative and non-derivative marketing activity.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The following summarizes components of income tax benefit (expense) on continuing operations for the three months ended March 31, 2022 and 2021: Three months ended millions March 31, 2022 March 31, 2021 Income from continuing operations before income taxes $ 3,083 $ 315 Current Federal $ (215) $ 30 State and Local (34) (10) Foreign (198) (117) Total current tax expense $ (447) $ (97) Deferred Federal 2,213 78 State and Local 73 4 Foreign (46) (1) Total deferred tax benefit $ 2,240 $ 81 Total income tax benefit (expense) $ 1,793 $ (16) Income from continuing operations $ 4,876 $ 299 Worldwide effective tax rate (58) % 5 %

Environmental Liabilities and_2

Environmental Liabilities and Expenditures (Tables)	3 Months Ended
	Mar. 31, 2022
Environmental Remediation Obligations [Abstract]
Schedule of Current and Non-Current Environmental Remediation Reserves by Categories of Sites	The following table presents Occidental’s current and non-current environmental remediation liabilities as of March 31, 2022. The current portion, $155 million, is included in accrued liabilities and the non-current portion, $933 million, 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. EPA on the CERCLA 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 30 $ 427 Third-party sites 69 269 Occidental-operated sites 15 120 Closed or non-operated Occidental sites 52 272 Total 166 $ 1,088

Earnings Per Share and Stockh_2

Earnings Per Share and Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Calculation of Basic and Diluted EPS	The following table presents the calculation of basic and diluted EPS attributable to common stockholders: Three months ended March 31, millions except per-share amounts 2022 2021 Net income from continuing operations $ 4,876 $ 299 Loss from discontinued operations — (445) Net income (loss) $ 4,876 $ (146) Less: Preferred stock dividends (200) (200) Net income (loss) attributable to common stock $ 4,676 $ (346) Less: Net income allocated to participating securities (34) — Net income (loss), net of participating securities $ 4,642 $ (346) Weighted-average number of basic shares 936.7 933.1 Basic income (loss) per common share $ 4.96 $ (0.37) Net income (loss), net of participating securities 4,642 (346) Dilutive securities 997.7 947.9 Diluted income (loss) per common share $ 4.65 $ (0.36)

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Net sales $ 6,075 $ 1,684 $ 882 $ (292) $ 8,349 Income (loss) from continuing operations before income taxes $ 2,898 $ 671 $ (50) $ (436) $ 3,083 Income tax benefit — — — 1,793 1,793 Income (loss) from continuing operations $ 2,898 $ 671 $ (50) $ 1,357 $ 4,876 Three months ended March 31, 2021 Net sales $ 3,664 $ 1,088 $ 807 $ (266) $ 5,293 Income (loss) from continuing operations before income taxes $ (62) $ 251 $ 282 $ (156) $ 315 Income tax expense — — — (16) (16) Income (loss) from continuing operations $ (62) $ 251 $ 282 $ (172) $ 299 (a) The 2022 amount included $125 million of gains related to the sale of certain non-strategic assets in the Permian Basin. The 2021 amount included a $135 million impairment charge related to non-core domestic undeveloped leases that either expired in the first quarter of 2021 or were set to expire in the near-term, where Occidental had no plans to pursue exploration activities. (b) The 2022 amount included $198 million of net derivative mark-to-market losses. In March 2021, Occidental sold 11.5 million limited partner units of WES for proceeds of approximately $200 million, resulting in a gain of $102 million. (c) The 2022 amount included a non-cash tax benefit of $2.6 billion in connection with Occidental's legal entity reorganization, which is further discussed in the Income Taxes section of the Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2 of this Form 10-Q as well as a $135 million gain on interest rate swaps and $65 million in Anadarko acquisition-related costs. The 2021 amount included a $399 million gain on interest rate swaps and $41 million in Anadarko acquisition-related costs.

General - Cash, Cash Equivalent

General - Cash, Cash Equivalents and Restricted Cash Equivalents (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,909	$ 2,764	$ 2,270
Restricted cash and restricted cash equivalents included in other current assets	25		183
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net	17		15
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 1,951	$ 2,803	$ 2,468	$ 2,194

General - Supplemental Cash Flo

General - Supplemental Cash Flow Information (Details) - Continuing Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
SUPPLEMENTAL CASH FLOW INFORMATION
Income tax payments	$ 208	$ 122
Income tax refunds received	70	42
Interest paid	598	607
Capitalized interest	$ 11	$ 15

General - Narrative (Details)

General - Narrative (Details) - Discontinued Operations $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Ecuador Operations
Summary of Significant Accounting Policies [Line Items]
Loss from discontinued operations	$ 403
Ghana Operations
Summary of Significant Accounting Policies [Line Items]
Loss from discontinued operations	$ 42

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 5,434	$ 4,208

Revenue - Reconciliation (Detai

Revenue - Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue from customers	$ 8,213	$ 5,184
All other revenue	136	109
Net sales	$ 8,349	$ 5,293

Revenue - Disaggregation of rev

Revenue - Disaggregation of revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of revenue
Revenue from customers	$ 8,213	$ 5,184
United States
Disaggregation of revenue
Revenue from customers	7,453	4,604
International
Disaggregation of revenue
Revenue from customers	1,052	846
Eliminations
Disaggregation of revenue
Revenue from customers	(292)	(266)
Oil and gas
Disaggregation of revenue
Revenue from customers	6,075	3,735
Oil and gas | Oil
Disaggregation of revenue
Revenue from customers	4,799	3,013
Oil and gas | NGL
Disaggregation of revenue
Revenue from customers	760	436
Oil and gas | Gas
Disaggregation of revenue
Revenue from customers	513	317
Oil and gas | Other
Disaggregation of revenue
Revenue from customers	3	(31)
Oil and gas | United States
Disaggregation of revenue
Revenue from customers	5,203	3,070
Oil and gas | United States | Oil
Disaggregation of revenue
Revenue from customers	4,048	2,464
Oil and gas | United States | NGL
Disaggregation of revenue
Revenue from customers	698	384
Oil and gas | United States | Gas
Disaggregation of revenue
Revenue from customers	455	253
Oil and gas | United States | Other
Disaggregation of revenue
Revenue from customers	2	(31)
Oil and gas | International
Disaggregation of revenue
Revenue from customers	872	665
Oil and gas | International | Oil
Disaggregation of revenue
Revenue from customers	751	549
Oil and gas | International | NGL
Disaggregation of revenue
Revenue from customers	62	52
Oil and gas | International | Gas
Disaggregation of revenue
Revenue from customers	58	64
Oil and gas | International | Other
Disaggregation of revenue
Revenue from customers	1	0
Oil and gas | Eliminations
Disaggregation of revenue
Revenue from customers	0	0
Oil and gas | Eliminations | Oil
Disaggregation of revenue
Revenue from customers	0	0
Oil and gas | Eliminations | NGL
Disaggregation of revenue
Revenue from customers	0	0
Oil and gas | Eliminations | Gas
Disaggregation of revenue
Revenue from customers	0	0
Oil and gas | Eliminations | Other
Disaggregation of revenue
Revenue from customers	0	0
Chemical
Disaggregation of revenue
Revenue from customers	1,683	1,087
Chemical | United States
Disaggregation of revenue
Revenue from customers	1,602	1,037
Chemical | International
Disaggregation of revenue
Revenue from customers	81	50
Chemical | Eliminations
Disaggregation of revenue
Revenue from customers	0	0
Midstream and marketing
Disaggregation of revenue
Revenue from customers	747	628
Midstream and marketing | United States
Disaggregation of revenue
Revenue from customers	648	497
Midstream and marketing | International
Disaggregation of revenue
Revenue from customers	99	131
Midstream and marketing | Eliminations
Disaggregation of revenue
Revenue from customers	$ 0	$ 0

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 108	$ 96
Materials and supplies	798	783
Commodity inventory and finished goods	599	1,066
Inventories, gross	1,505	1,945
Revaluation to LIFO	(99)	(99)
Total	$ 1,406	$ 1,846

Divestitures and Other Transa_2

Divestitures and Other Transactions - Narrative (Details) - Discontinued Operations, Disposed of by Sale - Permian Basin $ in Millions	1 Months Ended
	Jan. 31, 2022USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale	$ 190
Gain on sale	$ 123

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions		Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Total borrowings at face value		$ 25,187	$ 28,493
Unamortized premium, net		660	670
Debt issuance costs		(114)	(135)
Net book value of debt		25,733	29,028
Long-term finance leases		540	504
Current finance leases		99	85
Total debt and finance leases		26,372	29,617
Less current maturities of financing leases		(99)	(85)
Less current maturities of long-term debt		(408)	(101)
Long-term debt, net	[1]	$ 25,865	$ 29,431
[1]	Included $540 million and $504 million of finance lease liabilities as of March 31, 2022 and December 31, 2021, respectively.

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May 09, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Long-term Debt
Payments of long-term debt		$ 3,259	$ 174
Subsequent Event
Long-term Debt
Payments of long-term debt	$ 263
Senior Notes Due from 2023 Through 2049 | Senior Notes
Long-term Debt
Face value of debt redeemed		3,300
Estimate of Fair Value | Level 1
Long-term Debt
Fair value of long-term debt		$ 26,200		$ 31,100

Derivatives - Oil Call Options

Derivatives - Oil Call Options (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Net cash payments related to settlements	$ (79)	$ (45)

Derivatives - Interest-Rate Swa

Derivatives - Interest-Rate Swaps (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Net cash payments related to settlements	$ (79)	$ (45)
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%
Interest Rate Swaps
Derivative [Line Items]
Net cash payments related to settlements	$ 23
Collateral paid with respect to interest rate swap agreements	$ 102

Derivatives - Marketing Derivat

Derivatives - Marketing Derivatives (Details)	3 Months Ended				12 Months Ended
	Mar. 31, 2022$ / bbl	Mar. 31, 2022$ / MillionCubicFeet	Mar. 31, 2022MMBbls	Mar. 31, 2022Bcf	Dec. 31, 2021$ / bbl	Dec. 31, 2021$ / MillionCubicFeet	Dec. 31, 2021MMBbls	Dec. 31, 2021Bcf
Marketing Derivatives | Not Designated as Hedging Instruments
Outstanding commodity derivatives contracts not designated as hedging instruments
Weighted average sales price (dollars per barrel)	96.63	5.15			74.85	4.61
Oil commodity contracts | Short position
Outstanding commodity derivatives contracts not designated as hedging instruments
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) | MMBbls			(23)				(28)
Natural gas commodity contracts | Short position
Outstanding commodity derivatives contracts not designated as hedging instruments
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) | Bcf				(111)				(136)

Derivatives - Fair Value (Detai

Derivatives - Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Collateral related to marketing derivatives	$ 296	$ 110
Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Collateral paid netted against derivative liabilities	221	323
Other current assets | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	(3,708)	(1,645)
Total net fair value, asset	101	44
Long-term receivables and other assets, net | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	(71)	(4)
Total net fair value, asset	1	1
Accrued liabilities | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	3,708	1,645
Total net fair value, liability	(352)	(159)
Accrued liabilities | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	0	0
Total net fair value, liability	(250)	(315)
Deferred credits and other liabilities - other | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	71	4
Total net fair value, liability	(2)	0
Deferred credits and other liabilities - other | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	0	0
Total net fair value, liability	(343)	(436)
Level 1 | Other current assets | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	3,486	1,516
Level 1 | Long-term receivables and other assets, net | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	71	4
Level 1 | Accrued liabilities | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(3,796)	(1,608)
Level 1 | Accrued liabilities | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Level 1 | Deferred credits and other liabilities - other | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(73)	(4)
Level 1 | Deferred credits and other liabilities - other | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Level 2 | Other current assets | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	323	173
Level 2 | Long-term receivables and other assets, net | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	1	1
Level 2 | Accrued liabilities | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(264)	(196)
Level 2 | Accrued liabilities | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(250)	(315)
Level 2 | Deferred credits and other liabilities - other | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Level 2 | Deferred credits and other liabilities - other | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(343)	(436)
Level 3 | Other current assets | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Level 3 | Long-term receivables and other assets, net | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Level 3 | Accrued liabilities | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Level 3 | Accrued liabilities | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Level 3 | Deferred credits and other liabilities - other | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Level 3 | Deferred credits and other liabilities - other | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	$ 0	$ 0

Derivatives - Gains and Losses

Derivatives - Gains and Losses on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	$ 135	$ 399
Collars and Calls | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	0	(72)
Marketing Derivatives | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	135	180
Interest Rate Swaps | Gains on interest rate swaps, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	$ 135	$ 399

Derivatives - Credit Risk (Deta

Derivatives - Credit Risk (Details) - Not Designated as Hedging Instruments - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
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)	$ 34	$ 107
Amount of collateral posted related to derivative instruments with credit-risk-related contingent features	$ 221	$ 323

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Billions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Examination [Line Items]
Worldwide effective tax rate	(58.00%)	5.00%
Corporate and eliminations
Income Tax Examination [Line Items]
Non-cash income tax benefit from reorganization	$ 2.6

Income Taxes - Components of In

Income Taxes - Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income from continuing operations before income taxes	$ 3,083	$ 315
Current
Federal	(215)	30
State and Local	(34)	(10)
Foreign	(198)	(117)
Total current tax expense	(447)	(97)
Deferred
Federal	2,213	78
State and Local	73	4
Foreign	(46)	(1)
Total deferred tax benefit	2,240	81
Total income tax benefit (expense)	(1,793)	16
Income from continuing operations	$ 4,876	$ 299
Worldwide effective tax rate	(58.00%)	5.00%

Retirement and Postretirement_2

Retirement and Postretirement Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Postretirement and Other Benefit Plans Disclosure
Contributions to defined benefit plans	$ 1	$ 147
Pension Benefit
Postretirement and Other Benefit Plans Disclosure
Net periodic benefit costs (gains)	0	(11)
Postretirement Benefit
Postretirement and Other Benefit Plans Disclosure
Net periodic benefit costs (gains)	$ 19	$ 20

Environmental Liabilities and_3

Environmental Liabilities and Expenditures (Details)	1 Months Ended		3 Months Ended
	Sep. 30, 2021USD ($)mi	Mar. 31, 2016mi	Mar. 31, 2022USD ($)site	Sep. 30, 2016USD ($)	Dec. 31, 2021USD ($)
Environmental remediation reserves
Number of sites | site			166
Environmental remediation reserves, current, included in accrued liabilities			$ 1,088,000,000
Environmental remediation reserves, non-current, included in deferred credits and other liabilities - other			933,000,000		$ 944,000,000
Environmental reserves, exceeding $ ten million, threshold value			$ 10,000,000
Environmental reserves, exceeding $ ten million, threshold value, number of sites | site			20
Environmental reserves, range between zero to $ one million site category, number of sites | site			98
Percent of reserve to be funded over the next three to four years			40.00%
Period of expending remaining environmental reserves (or more)			10 years
Environmental remediation additional loss range			$ 1,300,000,000
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			30
Environmental remediation reserves, current, included in accrued liabilities			$ 427,000,000
Third-party sites
Environmental remediation reserves
Number of sites | site			69
Environmental remediation reserves, current, included in accrued liabilities			$ 269,000,000
Occidental-operated sites
Environmental remediation reserves
Number of sites | site			15
Environmental remediation reserves, current, included in accrued liabilities			$ 120,000,000
Closed or non-operated Occidental sites
Environmental remediation reserves
Number of sites | site			52
Environmental remediation reserves, current, included in accrued liabilities			$ 272,000,000
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	9
Clean-up estimated cost	$ 441,000,000			$ 165,000,000
Accrued liabilities
Environmental remediation reserves
Environmental remediation reserves, current, included in accrued liabilities			155,000,000
Deferred credits and other liabilities - other
Environmental remediation reserves
Environmental remediation reserves, non-current, included in deferred credits and other liabilities - other			$ 933,000,000

Lawsuits, Claims, Commitments_2

Lawsuits, Claims, Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 26, 2021	Dec. 31, 2021	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2022
Federal
Lawsuits, commitments and contingencies
Potential cash tax						$ 1,100
State
Lawsuits, commitments and contingencies
Potential cash tax						28
Anadarko
Lawsuits, commitments and contingencies
Tentative cash tax refund				$ 881
Potential accrued interest						$ 329
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	$ 558
Tronox Settlement
Lawsuits, commitments and contingencies
Payments for settlement					$ 5,200

Earnings Per Share and Stockh_3

Earnings Per Share and Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic earnings (loss) per common share
Net income from continuing operations	$ 4,876	$ 299
Loss from discontinued operations	0	(445)
NET INCOME (LOSS)	4,876	(146)
Less: Preferred stock dividends	(200)	(200)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	4,676	(346)
Less: Net income allocated to participating securities	(34)	0
Net income (loss), net of participating securities	$ 4,642	$ (346)
Weighted-average number of basic shares (in shares)	936.7	933.1
Basic loss per common share (in usd per share)	$ 4.96	$ (0.37)
Diluted shares (in shares)	997.7	947.9
Diluted loss per common share (in usd per share)	$ 4.65	$ (0.36)

Earnings Per Share and Stockh_4

Earnings Per Share and Stockholders' Equity - Narrative (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2022	Mar. 31, 2022	Mar. 31, 2021
Warrant
Class of Stock [Line Items]
Berkshire Warrants, Common Stock Warrants, and options excluded from diluted shares (in shares)		84	87
Subsequent Event
Class of Stock [Line Items]
Payments of preferred stock dividends	$ 200

Segments - Schedule of Industry

Segments - Schedule of Industry Segments and Eliminations (Details) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)siteshares	Mar. 31, 2021USD ($)
Segment Information
Number of operating segments | site	3
Net sales	$ 8,349	$ 5,293
Income (loss) from continuing operations before income taxes	3,083	315
Income tax benefit (expense)	1,793	(16)
Income (loss) from continuing operations	4,876	299
Anadarko acquisition-related costs	65	41
Operating segments | Oil and gas
Segment Information
Net sales	6,075	3,664
Income (loss) from continuing operations before income taxes	2,898	(62)
Income tax benefit (expense)	0	0
Income (loss) from continuing operations	2,898	(62)
Impairment charge		135
Operating segments | Oil and gas | Disposed of by sale, not discontinued operations | Permian Basin
Segment Information
Gain on sale	125
Operating segments | Chemical
Segment Information
Net sales	1,684	1,088
Income (loss) from continuing operations before income taxes	671	251
Income tax benefit (expense)	0	0
Income (loss) from continuing operations	671	251
Operating segments | Midstream and marketing
Segment Information
Net sales	882	807
Income (loss) from continuing operations before income taxes	(50)	282
Income tax benefit (expense)	0	0
Income (loss) from continuing operations	(50)	282
Mark to market gain (loss) on interest rate swaps	198
Operating segments | Midstream and marketing | 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
Proceeds from sale of limited partner units	$ 200
Corporate and eliminations
Segment Information
Net sales	(292)	(266)
Income (loss) from continuing operations before income taxes	(436)	(156)
Income tax benefit (expense)	1,793	(16)
Income (loss) from continuing operations	1,357	(172)
Mark to market gain (loss) on interest rate swaps	135	399
Non-cash income tax benefit from reorganization	2,600
Anadarko acquisition-related costs	$ 65	$ 41