Occidental Petroleum Corporatio (OXY) 10-Q 8 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page	9 Months Ended
	Sep. 30, 2022 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	908,914,149
Entity Central Index Key	0000797468
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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		Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash and cash equivalents		$ 1,233	$ 2,764
Trade receivables, net		4,046	4,208
Inventories		1,937	1,846
Assets held for sale		0	72
Other current assets		1,533	1,321
Total current assets		8,749	10,211
INVESTMENTS IN UNCONSOLIDATED ENTITIES		3,156	2,938
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment		119,454	118,157
Accumulated depreciation, depletion and amortization		(61,183)	(58,227)
Net property, plant and equipment		58,271	59,930
OPERATING LEASE ASSETS		825	726
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET		1,143	1,231
TOTAL ASSETS		72,144	75,036
CURRENT LIABILITIES
Current maturities of long-term debt	[1]	546	186
Current operating lease liabilities		248	186
Accounts payable		3,715	3,899
Accrued liabilities		3,426	4,046
Liabilities of assets held for sale		0	7
Total current liabilities		7,935	8,324
LONG-TERM DEBT, NET
Long-term debt, net	[2]	20,478	29,431
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net		5,304	7,039
Asset retirement obligations		3,553	3,687
Pension and postretirement obligations		1,427	1,540
Environmental remediation liabilities		893	944
Operating lease liabilities		616	585
Other		3,218	3,159
Total deferred credits and other liabilities		15,011	16,954
STOCKHOLDERS' EQUITY
Preferred stock, at $1.00 per share par value (100,000 shares as of September 30, 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 — 1,098,408,209 shares and 2021 — 1,083,423,094 shares		220	217
Treasury stock: 2022 — 190,330,448 shares and 2021 — 149,348,394 shares		(13,192)	(10,673)
Additional paid-in capital		17,129	16,749
Retained earnings		14,888	4,480
Accumulated other comprehensive loss		(87)	(208)
Total stockholders' equity		28,720	20,327
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		72,144	75,036
Corporate
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment		864	964
Oil and gas | Operating segments
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment		103,236	101,251
Chemical | Operating segments
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment		7,685	7,571
Midstream and marketing | Operating segments
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment		$ 7,669	$ 8,371
[1]Included $141 million and $85 million of current finance lease liabilities as of September 30, 2022 and December 31, 2021, respectively.[2]Included $552 million and $504 million of finance lease liabilities as of September 30, 2022 and December 31, 2021, respectively.

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 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)	1,098,408,209	1,083,423,094
Treasury stock (in shares)	190,330,448	149,348,394
Current finance lease liabilities	$ 141	$ 85
Non-current finance lease liabilities	$ 552	$ 504

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES AND OTHER INCOME
Net sales	$ 9,390	$ 6,792	$ 28,415	$ 18,043
Interest, dividends and other income	37	18	122	142
Gains on sales of assets and equity investments, net	74	5	232	119
Total	9,501	6,815	28,769	18,304
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense	1,056	829	2,925	2,317
Transportation and gathering expense	378	360	1,089	1,053
Chemical and midstream cost of sales	835	731	2,488	2,001
Purchased commodities	785	588	2,627	1,633
Selling, general and administrative expenses	247	240	687	583
Other operating and non-operating expense	319	256	909	762
Taxes other than on income	427	289	1,188	743
Depreciation, depletion and amortization	1,736	1,916	5,107	6,481
Asset impairments and other charges	0	17	0	173
Anadarko acquisition-related costs	4	29	82	122
Exploration expense	47	31	98	145
Interest and debt expense, net	285	449	770	1,229
Total	6,119	5,735	17,970	17,242
Income before income taxes and other items	3,382	1,080	10,799	1,062
OTHER ITEMS
Gains (losses) on interest rate swaps, net	70	(26)	332	150
Income from equity investments	196	163	586	463
Total	266	137	918	613
Income from continuing operations before income taxes	3,648	1,217	11,717	1,675
Income tax expense	(902)	(387)	(340)	(446)
Income from continuing operations	2,746	830	11,377	1,229
Loss from discontinued operations, net of tax	0	(2)	0	(444)
NET INCOME	2,746	828	11,377	785
Less: Preferred stock dividends	(200)	(200)	(600)	(600)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 2,546	$ 628	$ 10,777	$ 185
PER COMMON SHARE
Income from continuing operations—basic (in usd per share)	$ 2.74	$ 0.67	$ 11.47	$ 0.67
Loss from discontinued operations—basic (in usd per share)	0	0	0	(0.47)
Net income attributable to common stockholders—basic (in usd per share)	2.74	0.67	11.47	0.20
PER COMMON SHARE, DILUTED
Income from continuing operations—diluted (in usd per share)	2.52	0.65	10.64	0.65
Loss from discontinued operations—diluted (in usd per share)	0	0	0	(0.46)
Net income attributable to common stockholders—diluted (in usd per share)	$ 2.52	$ 0.65	$ 10.64	$ 0.19

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income		$ 2,746	$ 828	$ 11,377	$ 785
Other comprehensive income (loss) items:
Gains on derivatives	[1]	1	2	65	3
Pension and postretirement gains (losses)	[2]	48	(45)	57	4
Other		(1)	(1)	(1)	(1)
Other comprehensive income (loss), net of tax		48	(44)	121	6
Comprehensive income attributable to preferred and common stockholders		$ 2,794	$ 784	$ 11,498	$ 791
[1]Net of tax expense of zero for the three months ended September 30, 2022 and 2021, and $18 million and zero for the nine months ended September 30, 2022 and 2021, respectively.[2]Net of tax expense of $13 million and zero for the three months ended September 30, 2022 and 2021, respectively, and $16 million and $13 million for the nine months ended September 30, 2022 and 2021, respectively.

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Gains on derivatives, tax expense	$ 0	$ 0	$ 18	$ 0
Pension and postretirement gains, tax expense	$ 13	$ 0	$ 16	$ 13

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$ 11,377	$ 785
Adjustments to reconcile net income to net cash provided by operating activities:
Discontinued operations, net	0	444
Depreciation, depletion and amortization of assets	5,107	6,481
Deferred income tax benefit	(1,765)	(192)
Asset impairments and other charges	0	173
Gain on sales of assets, net	(232)	(119)
Other noncash reconciling items	(461)	240
Changes in operating assets and liabilities:
(Increase) decrease in receivables	138	(1,366)
(Increase) decrease in inventories	(96)	92
Increase in other current assets	(313)	(172)
Increase (decrease) in accounts payable and accrued liabilities	(815)	593
Increase (decrease) in current domestic and foreign income taxes	(105)	63
Operating cash flow from continuing operations	12,835	7,022
Operating cash flow from discontinued operations, net of taxes	0	320
Net cash provided by operating activities	12,835	7,342
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(2,977)	(1,933)
Change in capital accrual	2	(83)
Purchases of businesses and assets, net	(466)	(122)
Proceeds from sales of assets, net	562	1,005
Equity investments and other, net	(95)	(21)
Investing cash flow from continuing operations	(2,974)	(1,154)
Investing cash flow from discontinued operations	0	(48)
Net cash used by investing activities	(2,974)	(1,202)
CASH FLOW FROM FINANCING ACTIVITIES
Draws on receivables securitization facility	400	0
Payment of receivables securitization facility	(400)	0
Payments of long-term debt	(8,325)	(4,555)
Proceeds from issuance of common stock	291	24
Purchases of treasury stock	(2,467)	0
Cash dividends paid on common and preferred stock	(863)	(630)
Financing portion of net cash received (paid) for derivative instruments	61	(824)
Other financing, net	(82)	(48)
Financing cash flow from continuing operations	(11,385)	(6,033)
Financing cash flow from discontinued operations	0	(7)
Net cash used by financing activities	(11,385)	(6,040)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	(1,524)	100
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	$ 1,279	$ 2,294

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	785					785
Other comprehensive loss (income), net of tax	6						6
Dividends on common stock	(29)					(29)
Dividends on preferred stock	(600)					(600)
Issuance of common stock and other, net	141		1		140
Purchases of treasury stock	(3)			(3)
Ending balance at Sep. 30, 2021	18,873	9,762	217	(10,668)	16,692	3,152	(282)
Beginning balance at Jun. 30, 2021	18,244	9,762	217	(10,668)	16,638	2,533	(238)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	828					828
Other comprehensive loss (income), net of tax	(44)						(44)
Dividends on common stock	(9)					(9)
Dividends on preferred stock	(200)					(200)
Issuance of common stock and other, net	54				54
Ending balance at Sep. 30, 2021	18,873	9,762	217	(10,668)	16,692	3,152	(282)
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	11,377					11,377
Other comprehensive loss (income), net of tax	121						121
Dividends on common stock	(369)					(369)
Dividends on preferred stock	(600)					(600)
Shareholder warrants exercised	253		2		251
Options exercised	27				27
Issuance of common stock and other, net	103		1		102
Purchases of treasury stock	(2,519)			(2,519)
Ending balance at Sep. 30, 2022	28,720	9,762	220	(13,192)	17,129	14,888	(87)
Beginning balance at Jun. 30, 2022	27,830	9,762	218	(11,391)	16,914	12,462	(135)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,746					2,746
Other comprehensive loss (income), net of tax	48						48
Dividends on common stock	(120)					(120)
Dividends on preferred stock	(200)					(200)
Shareholder warrants exercised	163		1		162
Options exercised	10				10
Issuance of common stock and other, net	44		1		43
Purchases of treasury stock	(1,801)			(1,801)
Ending balance at Sep. 30, 2022	$ 28,720	$ 9,762	$ 220	$ (13,192)	$ 17,129	$ 14,888	$ (87)

CONSOLIDATED CONDENSED STATEM_6

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in usd per share)	$ 0.13	$ 0.01	$ 0.39	$ 0.03
Dividends on preferred stock (in usd per share)	$ 2,000	$ 2,000	$ 6,000	$ 6,000

General

General	9 Months Ended
	Sep. 30, 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 in this report reflect all adjustments (consisting of normal recurring adjustments) that are necessary to fairly present Occidental’s results of operations and cash flows for the three and nine months ended September 30, 2022 and 2021 and Occidental’s financial position as of September 30, 2022 and December 31, 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 September 30, 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 September 30, 2022 and 2021: millions 2022 2021 Cash and cash equivalents $ 1,233 $ 2,059 Restricted cash and restricted cash equivalents included in other current assets 31 220 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 15 15 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,279 $ 2,294 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 nine months ended September 30, 2022 and 2021, respectively: millions 2022 2021 Income tax payments $ 1,885 $ 502 Income tax refunds received $ 89 $ 70 Interest paid (a) $ 1,236 $ 1,432 (a) Net of capitalized interest of $50 million and $46 million for the nine months ended September 30, 2022 and 2021, respectively. BERKSHIRE HATHAWAY OWNERSHIP Berkshire Hathaway is a related party of Occidental due to its ownership of Occidental's common stock. During the third quarter of 2022, Berkshire Hathaway increased its ownership in Occidental to approximately 194 million shares of common stock. Occidental has, from time to time, contracted with Berkshire Hathaway for the provision of electricity, rail and insurance. In addition, certain Berkshire Hathaway subsidiaries purchase various chemicals from our chemical segment. While these types of transactions between Berkshire Hathaway and Occidental have not been significant, Occidental will continue to assess the financial significance of our transactions with Berkshire Hathaway and its subsidiaries. WES INVESTMENT In July 2022, Occidental sold 10.0 million limited partner units of WES for proceeds of $253 million, resulting in a gain of $62 million. As of September 30, 2022, Occidental owned all of the 2.3% non-voting general partner interest and 49.4% of the limited partner units in WES. On a combined basis, with its 2% non-voting limited partner interest in WES Operating, Occidental's total effective economic interest in WES and its subsidiaries was 51.5%. DISCONTINUED OPERATIONS The nine months ended 2021 included a $412 million after-tax loss contingency in discontinued operations associated with its former operations in Ecuador, which was primarily recorded in the first quarter of 2021. See Note 9 - Lawsuits, Claims, Commitments and Contingencies . In addition, the results of operations for Ghana for the nine months ended September 30, 2021, an after-tax loss of $32 million, are presented as discontinued operations. The Ghana assets were sold in October 2021.

Revenue

Revenue	9 Months Ended
	Sep. 30, 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 September 30, 2022, trade receivables, net, of $4.0 billion represent rights to payment for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time. The following table shows a reconciliation of revenue from customers to total net sales for the three and nine months ended September 30, 2022 and 2021: Three months ended September 30, Nine months ended September 30, millions 2022 2021 2022 2021 Revenue from customers $ 9,359 $ 6,880 $ 27,923 $ 18,166 All other revenues (a) 31 (88) 492 (123) Net sales $ 9,390 $ 6,792 $ 28,415 $ 18,043 (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 September 30, 2022 Oil and gas Oil $ 4,369 $ 1,061 $ — $ 5,430 NGL 658 127 — 785 Gas 786 88 — 874 Other 8 1 — 9 Segment total $ 5,821 $ 1,277 $ — $ 7,098 Chemical $ 1,572 $ 102 $ — $ 1,674 Midstream and marketing $ 859 $ 132 $ — $ 991 Eliminations $ — $ — $ (404) $ (404) Consolidated $ 8,252 $ 1,511 $ (404) $ 9,359 millions United States International Eliminations Total Three months ended September 30, 2021 Oil and gas Oil $ 3,056 $ 766 $ — $ 3,822 NGL 642 90 — 732 Gas 399 76 — 475 Other 26 1 — 27 Segment total $ 4,123 $ 933 $ — $ 5,056 Chemical $ 1,329 $ 66 $ — $ 1,395 Midstream and marketing $ 543 $ 147 $ — $ 690 Eliminations $ — $ — $ (261) $ (261) Consolidated $ 5,995 $ 1,146 $ (261) $ 6,880 millions United States International Eliminations Total Nine months ended September 30, 2022 Oil and gas Oil $ 13,311 $ 2,958 $ — $ 16,269 NGL 2,139 302 — 2,441 Gas 1,916 225 — 2,141 Other 15 3 — 18 Segment total $ 17,381 $ 3,488 $ — $ 20,869 Chemical $ 4,984 $ 281 $ — $ 5,265 Midstream and marketing $ 2,410 $ 478 $ — $ 2,888 Eliminations $ — $ — $ (1,099) $ (1,099) Consolidated $ 24,775 $ 4,247 $ (1,099) $ 27,923 millions United States International Eliminations Total Nine months ended September 30, 2021 Oil and gas Oil $ 8,548 $ 1,998 $ — $ 10,546 NGL 1,498 220 — 1,718 Gas 963 216 — 1,179 Other 18 2 — 20 Segment total $ 11,027 $ 2,436 $ — $ 13,463 Chemical $ 3,494 $ 175 $ — $ 3,669 Midstream and marketing $ 1,362 $ 430 $ — $ 1,792 Eliminations $ — $ — $ (758) $ (758) Consolidated $ 15,883 $ 3,041 $ (758) $ 18,166

Inventories

Inventories	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventories	NOTE 3 - 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 LIFO method. Inventories consisted of the following: millions September 30, 2022 December 31, 2021 Raw materials $ 110 $ 96 Materials and supplies 882 783 Commodity inventory and finished goods 1,044 1,066 2,036 1,945 Revaluation to LIFO (99) (99) Total $ 1,937 $ 1,846

Divestitures and Other Transact

Divestitures and Other Transactions	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Divestitures and Other Transactions	NOTE 4 - DIVESTITURES AND OTHER TRANSACTIONS

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 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 September 30, 2022 December 31, 2021 Total borrowings at face value $ 19,089 $ 28,493 Adjustments to book value: Unamortized premium, net 1,321 670 Debt issuance costs (79) (135) Net book value of debt $ 20,331 $ 29,028 Long-term finance leases 552 504 Current finance leases 141 85 Total debt and finance leases $ 21,024 $ 29,617 Less: current maturities of financing leases (141) (85) Less: current maturities of long-term debt (405) (101) Long-term debt, net $ 20,478 $ 29,431 DEBT ACTIVITY In the third quarter of 2022, Occidental repaid debt with maturities ranging from 2024 through 2048 and a face value of $1.3 billion. For the nine months ended September 30, 2022, Occidental used $8.3 billion of cash to repay debt maturities ranging from 2022 through 2049 with a face value of $9.4 billion and a net book value of $8.7 billion, which resulted in a gain of $143 million. Subsequent to September 30, 2022, but before the date of this filing, Occidental repaid additional debt principal of $191 million with maturities ranging from 2024 to 2049. Following these repayments, the face value of Occidental's debt was $18.9 billion. In October, Occidental exercised a par call for all $340 million of its 2.70% Senior Notes due February 2023. The 2.70% Senior Notes will be redeemed on November 15, 2022. FAIR VALUE OF DEBT The estimated fair value of Occidental’s debt as of September 30, 2022 and December 31, 2021, substantially all of which was classified as Level 1, was approximately $18.6 billion and $31.1 billion, respectively.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 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. Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty. 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. The value of cash flow hedges was insignificant for all periods presented. DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS As of September 30, 2022, Occidental’s derivatives not designated as hedges consisted of marketing derivatives and interest rate swaps. 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. MARKETING DERIVATIVES Occidental's marketing derivative instruments not designated as hedges are short-duration physical and financial forward contracts. As of September 30, 2022, the weighted-average settlement price of these forward contracts was $86.82 per barrel and $6.11 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: long (short) September 30, 2022 December 31, 2021 Oil commodity contracts Volume (MMbbl) (28) (28) Natural gas commodity contracts Volume (Bcf) (141) (136) 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 (losses) on interest rate swaps, net in the Consolidated Condensed Statements of Operations. Occidental had the following outstanding interest rate swaps as of September 30, 2022: millions, except percentages Mandatory Weighted-Average Notional Principal Amount Reference Period Termination Date Interest Rate $ 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 receipts for the nine months ended September 30, 2022 related to interest rate swap agreements were $61 million, which included $86 million paid to settle interest rate swaps, periodic interest settlements of $34 million and the return of $181 million of collateral. 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 September 30, 2022 Marketing Derivatives Other current assets $ 1,921 $ 210 $ — $ (1,970) $ 161 Long-term receivables and other assets, net 84 1 — (84) 1 Accrued liabilities (1,828) (159) — 1,970 (17) Deferred credits and other liabilities - other (84) — — 84 — Interest Rate Swaps Accrued liabilities — (221) — — (221) 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 September 30, 2022 and December 31, 2021, $64 million and $323 million of collateral related to interest rate swaps had been netted against derivative liabilities, respectively. Occidental netted $16 million of collateral received from brokers against derivative assets related to marketing derivatives as of September 30, 2022 and netted $110 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of December 31, 2021. 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 September 30, Nine months ended September 30, Income Statement Classification 2022 2021 2022 2021 Interest Rate Swaps Gains (losses) on interest rate swaps, net $ 70 $ (26) $ 332 $ 150 Marketing Derivatives Net sales (a) $ 14 $ 12 $ 473 $ 214 Collars and Calls Net sales (b) $ — $ (101) $ — $ (339) (a) Includes derivative and non-derivative marketing activity. (b) All of Occidental's calls and collars expired on or before December 31, 2021. 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 September 30, 2022 was $21 million (net of $64 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	9 Months Ended
	Sep. 30, 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 2022 tax returns and other information. INFLATION REDUCTION ACT In August 2022, Congress passed the Inflation Reduction Act which contains, among other provisions, a corporate book minimum tax on financial statement income, an excise tax on stock buybacks and certain tax incentives related to climate change and clean energy. Occidental is currently evaluating the provisions of this act. The ultimate impact of the Inflation Reduction Act to Occidental will depend on a number of factors including future commodity prices, interpretations and assumptions as well as additional regulatory guidance. The following summarizes components of income tax expense on continuing operations for the three and nine months ended September 30, 2022 and 2021: Three months ended September 30, Nine months ended September 30, millions 2022 2021 2022 2021 Income from continuing operations before income taxes $ 3,648 $ 1,217 $ 11,717 $ 1,675 Current Federal $ (297) $ (170) $ (1,152) $ (170) State and Local (43) (23) (127) (12) Foreign (290) (174) (826) (456) Total current tax expense $ (630) $ (367) $ (2,105) $ (638) Deferred Federal (264) 19 1,718 35 State and Local 5 23 83 106 Foreign (13) (62) (36) 51 Total deferred tax benefit (expense) $ (272) $ (20) $ 1,765 $ 192 Total income tax expense $ (902) $ (387) $ (340) $ (446) Income from continuing operations $ 2,746 $ 830 $ 11,377 $ 1,229 Worldwide effective tax rate 25 % 32 % 3 % 27 %

Environmental Liabilities and E

Environmental Liabilities and Expenditures	9 Months Ended
	Sep. 30, 2022
Environmental Remediation Obligations [Abstract]
Environmental Liabilities and Expenditures	NOTE 8 - 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 September 30, 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 September 30, 2022. The current portion, $155 million, is included in accrued liabilities and the non-current portion, $893 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 $ 445 Third-party sites 71 237 Occidental-operated sites 13 105 Closed or non-operated Occidental sites 52 261 Total 166 $ 1,048 As of September 30, 2022, Occidental’s environmental liabilities exceeded $10 million each at 16 of the 166 sites described above and 99 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 years to four years and the remaining balance at these sites over the subsequent 10 or more years. Occidental believes its range of reasonably possible additional losses beyond those liabilities recorded for environmental remediation at these sites could be up to $1.2 billion. The status of Occidental's involvement with the sites and related significant assumptions, including those sites indemnified by Maxus, has not changed materially since December 31, 2021. 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 cleanup 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 ROD). This ROD did 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 cleanup plan outlined in the ROD at an estimated cost of $165 million. The EPA announced that it would 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 OU-2 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 OU-2 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 OU-2 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 (OU-4 ROD). At this time, Occidental's role or responsibilities under the OU-4 ROD, and those of other potentially responsible parties, have not been determined with the EPA. In January 2022, OxyChem offered to design and implement the interim remedy for OU-4 subject to certain conditions. In March 2022, the 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. OxyChem responded to the EPA's letter in June 2022, reaffirming the offer to design the remedy for OU-4 and offering to enter into additional sequential agreements to remediate OU-2 and OU-4, subject to certain conditions. The EPA has not responded to OxyChem's June 2022 response. 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 certain of their 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. The trust, YPF, and Repsol each filed motions for summary judgment, and the bankruptcy court denied all but one motion in the second quarter of 2022 . Trial is set for March 2023.

Lawsuits, Claims, Commitments a

Lawsuits, Claims, Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Lawsuits, Claims, Commitments and Contingencies	NOTE 9 - 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, 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. Reserves for matters, other than for environmental remediation and the arbitration award disclosed below, that satisfy this criteria as of September 30, 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 Occidental's 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 judgment. 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 2020 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 May 2023 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 $1.3 billion in federal taxes, $28 million in state taxes and accrued interest of $369 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 September 30, 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	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Earnings Per Share and Stockholders' Equity	NOTE 10 - EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY The following table presents the effects of Occidental's share repurchases as part of the $3.0 billion stock repurchase plan announced in February 2022, along with other transactions in Occidental's stock: Period Exercise of Warrants and Options (a) Other (b) Treasury Stock Purchases (c) Common Stock Outstanding (d) December 31, 2021 934,074,700 First Quarter 2022 1,082,282 2,764,746 (730,746) 937,190,982 Second Quarter 2022 3,409,920 42,342 (11,679,732) 928,963,512 Third Quarter 2022 7,667,545 18,280 (28,571,576) 908,077,761 Total 2022 12,159,747 2,825,368 (40,982,054) 908,077,761 (a) Approximately $280 million of cash was received as a result of the exercise of common stock warrants and options. (b) Consists of issuances from the 2015 long-term incentive plan, the OPC savings plan, dividend reinvestment plan and Anadarko restricted stock awards. (c) In addition to the 39.6 million shares that Occidental repurchased under its share repurchase plan during the nine months ended September 30, 2022, Occidental subsequently repurchased an additional 2.2 million shares under its share repurchase plan in the period from October 1, 2022, through November 7, 2022. (d) As of September 30, 2022, Occidental has 104.1 million outstanding warrants with a strike of $22 per share and 83.9 million of warrants with a strike of $59.62 per share. The following table presents the calculation of basic and diluted EPS attributable to common stockholders: Three months ended September 30, Nine months ended September 30, millions except per-share amounts 2022 2021 2022 2021 Income from continuing operations $ 2,746 $ 830 $ 11,377 $ 1,229 Loss from discontinued operations — (2) — (444) Net income $ 2,746 $ 828 $ 11,377 $ 785 Less: Preferred stock dividends (200) (200) (600) (600) Net income attributable to common stock $ 2,546 $ 628 $ 10,777 $ 185 Less: Net income allocated to participating securities (18) (5) (76) (1) Net income, net of participating securities $ 2,528 $ 623 $ 10,701 $ 184 Weighted-average number of basic shares 922.0 935.4 933.0 934.4 Basic income per common share $ 2.74 $ 0.67 $ 11.47 $ 0.20 Net income attributable to common stock $ 2,546 $ 628 $ 10,777 $ 185 Less: Net income allocated to participating securities (17) (5) (70) (1) Net income, net of participating securities 2,529 623 10,707 184 Weighted-average number of basic shares 922.0 935.4 933.0 934.4 Dilutive securities 80.5 22.3 72.9 19.8 Dilutive effect of potentially dilutive securities 1,002.5 957.7 1,005.9 954.2 Diluted income per common share $ 2.52 $ 0.65 $ 10.64 $ 0.19

Segments

Segments	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segments	NOTE 11 - 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 September 30, 2022 Net sales $ 7,098 $ 1,691 $ 1,005 $ (404) $ 9,390 Income (loss) from continuing operations before income taxes $ 3,345 $ 580 $ 104 $ (381) $ 3,648 Income tax expense — — — (902) (902) Income (loss) from continuing operations $ 3,345 $ 580 $ 104 $ (1,283) $ 2,746 Three months ended September 30, 2021 Net sales $ 4,955 $ 1,396 $ 702 $ (261) $ 6,792 Income (loss) from continuing operations before income taxes $ 1,467 $ 407 $ 20 $ (677) $ 1,217 Income tax expense — — — (387) (387) Income (loss) from continuing operations $ 1,467 $ 407 $ 20 $ (1,064) $ 830 millions Oil and gas (a) Chemical Midstream and marketing (b) Corporate and eliminations (c) Total Nine months ended September 30, 2022 Net sales $ 20,869 $ 5,284 $ 3,361 $ (1,099) $ 28,415 Income (loss) from continuing operations before income taxes $ 10,337 $ 2,051 $ 318 $ (989) $ 11,717 Income tax expense — — — (340) (340) Income (loss) from continuing operations $ 10,337 $ 2,051 $ 318 $ (1,329) $ 11,377 Nine months ended September 30, 2021 Net sales $ 13,124 $ 3,671 $ 2,006 $ (758) $ 18,043 Income (loss) from continuing operations before income taxes $ 2,036 $ 970 $ 272 $ (1,603) $ 1,675 Income tax expense — — — (446) (446) Income (loss) from continuing operations $ 2,036 $ 970 $ 272 $ (2,049) $ 1,229 (a) The three months ended September 30, 2021 included $97 million of oil, gas and CO 2 net derivative losses. The nine months ended September 30, 2022 included $147 million of gains, primarily related to the sale of certain non-strategic assets in the Permian Basin. The nine months ended September 30, 2021 included $277 million of oil, gas and CO 2 net derivative losses and $173 million of asset impairments. (b) The three and nine months ended September 30, 2022 included $84 million and $186 million of net derivative mark-to-market losses, respectively, and $62 million of gain on the sale of 10 million limited partner units in WES. The nine months ended September 30, 2021 included $124 million of gains on sales, primarily from the sale of 11.5 million limited partner units in WES, and $176 million in net derivative mark-to-market losses.

General (Policies)

General (Policies)	9 Months Ended
	Sep. 30, 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.
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.

General (Tables)

General (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 and 2021: millions 2022 2021 Cash and cash equivalents $ 1,233 $ 2,059 Restricted cash and restricted cash equivalents included in other current assets 31 220 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 15 15 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,279 $ 2,294
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 September 30, 2022 and 2021: millions 2022 2021 Cash and cash equivalents $ 1,233 $ 2,059 Restricted cash and restricted cash equivalents included in other current assets 31 220 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 15 15 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,279 $ 2,294
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 nine months ended September 30, 2022 and 2021, respectively: millions 2022 2021 Income tax payments $ 1,885 $ 502 Income tax refunds received $ 89 $ 70 Interest paid (a) $ 1,236 $ 1,432 (a) Net of capitalized interest of $50 million and $46 million for the nine months ended September 30, 2022 and 2021, respectively.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021: Three months ended September 30, Nine months ended September 30, millions 2022 2021 2022 2021 Revenue from customers $ 9,359 $ 6,880 $ 27,923 $ 18,166 All other revenues (a) 31 (88) 492 (123) Net sales $ 9,390 $ 6,792 $ 28,415 $ 18,043
Schedule of Revenue from Customers by Segment, Product, and Geographical Area	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 September 30, 2022 Oil and gas Oil $ 4,369 $ 1,061 $ — $ 5,430 NGL 658 127 — 785 Gas 786 88 — 874 Other 8 1 — 9 Segment total $ 5,821 $ 1,277 $ — $ 7,098 Chemical $ 1,572 $ 102 $ — $ 1,674 Midstream and marketing $ 859 $ 132 $ — $ 991 Eliminations $ — $ — $ (404) $ (404) Consolidated $ 8,252 $ 1,511 $ (404) $ 9,359 millions United States International Eliminations Total Three months ended September 30, 2021 Oil and gas Oil $ 3,056 $ 766 $ — $ 3,822 NGL 642 90 — 732 Gas 399 76 — 475 Other 26 1 — 27 Segment total $ 4,123 $ 933 $ — $ 5,056 Chemical $ 1,329 $ 66 $ — $ 1,395 Midstream and marketing $ 543 $ 147 $ — $ 690 Eliminations $ — $ — $ (261) $ (261) Consolidated $ 5,995 $ 1,146 $ (261) $ 6,880 millions United States International Eliminations Total Nine months ended September 30, 2022 Oil and gas Oil $ 13,311 $ 2,958 $ — $ 16,269 NGL 2,139 302 — 2,441 Gas 1,916 225 — 2,141 Other 15 3 — 18 Segment total $ 17,381 $ 3,488 $ — $ 20,869 Chemical $ 4,984 $ 281 $ — $ 5,265 Midstream and marketing $ 2,410 $ 478 $ — $ 2,888 Eliminations $ — $ — $ (1,099) $ (1,099) Consolidated $ 24,775 $ 4,247 $ (1,099) $ 27,923 millions United States International Eliminations Total Nine months ended September 30, 2021 Oil and gas Oil $ 8,548 $ 1,998 $ — $ 10,546 NGL 1,498 220 — 1,718 Gas 963 216 — 1,179 Other 18 2 — 20 Segment total $ 11,027 $ 2,436 $ — $ 13,463 Chemical $ 3,494 $ 175 $ — $ 3,669 Midstream and marketing $ 1,362 $ 430 $ — $ 1,792 Eliminations $ — $ — $ (758) $ (758) Consolidated $ 15,883 $ 3,041 $ (758) $ 18,166

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: millions September 30, 2022 December 31, 2021 Raw materials $ 110 $ 96 Materials and supplies 882 783 Commodity inventory and finished goods 1,044 1,066 2,036 1,945 Revaluation to LIFO (99) (99) Total $ 1,937 $ 1,846

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table summarizes Occidental's outstanding debt, including finance lease liabilities: millions September 30, 2022 December 31, 2021 Total borrowings at face value $ 19,089 $ 28,493 Adjustments to book value: Unamortized premium, net 1,321 670 Debt issuance costs (79) (135) Net book value of debt $ 20,331 $ 29,028 Long-term finance leases 552 504 Current finance leases 141 85 Total debt and finance leases $ 21,024 $ 29,617 Less: current maturities of financing leases (141) (85) Less: current maturities of long-term debt (405) (101) Long-term debt, net $ 20,478 $ 29,431

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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: long (short) September 30, 2022 December 31, 2021 Oil commodity contracts Volume (MMbbl) (28) (28) Natural gas commodity contracts Volume (Bcf) (141) (136)
Summary of Derivative Instruments	Occidental had the following outstanding interest rate swaps as of September 30, 2022: millions, except percentages Mandatory Weighted-Average Notional Principal Amount Reference Period Termination Date Interest Rate $ 450 September 2017 - 2047 September 2023 6.445 %
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 September 30, 2022 Marketing Derivatives Other current assets $ 1,921 $ 210 $ — $ (1,970) $ 161 Long-term receivables and other assets, net 84 1 — (84) 1 Accrued liabilities (1,828) (159) — 1,970 (17) Deferred credits and other liabilities - other (84) — — 84 — Interest Rate Swaps Accrued liabilities — (221) — — (221) 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 September 30, 2022 and December 31, 2021, $64 million and $323 million of collateral related to interest rate swaps had been netted against derivative liabilities, respectively. Occidental netted $16 million of collateral received from brokers against derivative assets related to marketing derivatives as of September 30, 2022 and netted $110 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of December 31, 2021.
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 September 30, Nine months ended September 30, Income Statement Classification 2022 2021 2022 2021 Interest Rate Swaps Gains (losses) on interest rate swaps, net $ 70 $ (26) $ 332 $ 150 Marketing Derivatives Net sales (a) $ 14 $ 12 $ 473 $ 214 Collars and Calls Net sales (b) $ — $ (101) $ — $ (339) (a) Includes derivative and non-derivative marketing activity. (b) All of Occidental's calls and collars expired on or before December 31, 2021.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The following summarizes components of income tax expense on continuing operations for the three and nine months ended September 30, 2022 and 2021: Three months ended September 30, Nine months ended September 30, millions 2022 2021 2022 2021 Income from continuing operations before income taxes $ 3,648 $ 1,217 $ 11,717 $ 1,675 Current Federal $ (297) $ (170) $ (1,152) $ (170) State and Local (43) (23) (127) (12) Foreign (290) (174) (826) (456) Total current tax expense $ (630) $ (367) $ (2,105) $ (638) Deferred Federal (264) 19 1,718 35 State and Local 5 23 83 106 Foreign (13) (62) (36) 51 Total deferred tax benefit (expense) $ (272) $ (20) $ 1,765 $ 192 Total income tax expense $ (902) $ (387) $ (340) $ (446) Income from continuing operations $ 2,746 $ 830 $ 11,377 $ 1,229 Worldwide effective tax rate 25 % 32 % 3 % 27 %

Environmental Liabilities and_2

Environmental Liabilities and Expenditures (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022. The current portion, $155 million, is included in accrued liabilities and the non-current portion, $893 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 $ 445 Third-party sites 71 237 Occidental-operated sites 13 105 Closed or non-operated Occidental sites 52 261 Total 166 $ 1,048

Earnings Per Share and Stockh_2

Earnings Per Share and Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Schedule of Repurchase Agreements	The following table presents the effects of Occidental's share repurchases as part of the $3.0 billion stock repurchase plan announced in February 2022, along with other transactions in Occidental's stock: Period Exercise of Warrants and Options (a) Other (b) Treasury Stock Purchases (c) Common Stock Outstanding (d) December 31, 2021 934,074,700 First Quarter 2022 1,082,282 2,764,746 (730,746) 937,190,982 Second Quarter 2022 3,409,920 42,342 (11,679,732) 928,963,512 Third Quarter 2022 7,667,545 18,280 (28,571,576) 908,077,761 Total 2022 12,159,747 2,825,368 (40,982,054) 908,077,761 (a) Approximately $280 million of cash was received as a result of the exercise of common stock warrants and options. (b) Consists of issuances from the 2015 long-term incentive plan, the OPC savings plan, dividend reinvestment plan and Anadarko restricted stock awards. (c) In addition to the 39.6 million shares that Occidental repurchased under its share repurchase plan during the nine months ended September 30, 2022, Occidental subsequently repurchased an additional 2.2 million shares under its share repurchase plan in the period from October 1, 2022, through November 7, 2022. (d) As of September 30, 2022, Occidental has 104.1 million outstanding warrants with a strike of $22 per share and 83.9 million of warrants with a strike of $59.62 per share.
Calculation of Basic and Diluted EPS	The following table presents the calculation of basic and diluted EPS attributable to common stockholders: Three months ended September 30, Nine months ended September 30, millions except per-share amounts 2022 2021 2022 2021 Income from continuing operations $ 2,746 $ 830 $ 11,377 $ 1,229 Loss from discontinued operations — (2) — (444) Net income $ 2,746 $ 828 $ 11,377 $ 785 Less: Preferred stock dividends (200) (200) (600) (600) Net income attributable to common stock $ 2,546 $ 628 $ 10,777 $ 185 Less: Net income allocated to participating securities (18) (5) (76) (1) Net income, net of participating securities $ 2,528 $ 623 $ 10,701 $ 184 Weighted-average number of basic shares 922.0 935.4 933.0 934.4 Basic income per common share $ 2.74 $ 0.67 $ 11.47 $ 0.20 Net income attributable to common stock $ 2,546 $ 628 $ 10,777 $ 185 Less: Net income allocated to participating securities (17) (5) (70) (1) Net income, net of participating securities 2,529 623 10,707 184 Weighted-average number of basic shares 922.0 935.4 933.0 934.4 Dilutive securities 80.5 22.3 72.9 19.8 Dilutive effect of potentially dilutive securities 1,002.5 957.7 1,005.9 954.2 Diluted income per common share $ 2.52 $ 0.65 $ 10.64 $ 0.19

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 Net sales $ 7,098 $ 1,691 $ 1,005 $ (404) $ 9,390 Income (loss) from continuing operations before income taxes $ 3,345 $ 580 $ 104 $ (381) $ 3,648 Income tax expense — — — (902) (902) Income (loss) from continuing operations $ 3,345 $ 580 $ 104 $ (1,283) $ 2,746 Three months ended September 30, 2021 Net sales $ 4,955 $ 1,396 $ 702 $ (261) $ 6,792 Income (loss) from continuing operations before income taxes $ 1,467 $ 407 $ 20 $ (677) $ 1,217 Income tax expense — — — (387) (387) Income (loss) from continuing operations $ 1,467 $ 407 $ 20 $ (1,064) $ 830 millions Oil and gas (a) Chemical Midstream and marketing (b) Corporate and eliminations (c) Total Nine months ended September 30, 2022 Net sales $ 20,869 $ 5,284 $ 3,361 $ (1,099) $ 28,415 Income (loss) from continuing operations before income taxes $ 10,337 $ 2,051 $ 318 $ (989) $ 11,717 Income tax expense — — — (340) (340) Income (loss) from continuing operations $ 10,337 $ 2,051 $ 318 $ (1,329) $ 11,377 Nine months ended September 30, 2021 Net sales $ 13,124 $ 3,671 $ 2,006 $ (758) $ 18,043 Income (loss) from continuing operations before income taxes $ 2,036 $ 970 $ 272 $ (1,603) $ 1,675 Income tax expense — — — (446) (446) Income (loss) from continuing operations $ 2,036 $ 970 $ 272 $ (2,049) $ 1,229 (a) The three months ended September 30, 2021 included $97 million of oil, gas and CO 2 net derivative losses. The nine months ended September 30, 2022 included $147 million of gains, primarily related to the sale of certain non-strategic assets in the Permian Basin. The nine months ended September 30, 2021 included $277 million of oil, gas and CO 2 net derivative losses and $173 million of asset impairments. (b) The three and nine months ended September 30, 2022 included $84 million and $186 million of net derivative mark-to-market losses, respectively, and $62 million of gain on the sale of 10 million limited partner units in WES. The nine months ended September 30, 2021 included $124 million of gains on sales, primarily from the sale of 11.5 million limited partner units in WES, and $176 million in net derivative mark-to-market losses.

General - Cash, Cash Equivalent

General - Cash, Cash Equivalents and Restricted Cash Equivalents (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,233	$ 2,764	$ 2,059
Restricted cash and restricted cash equivalents included in other current assets	31		220
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net	15		15
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 1,279	$ 2,803	$ 2,294	$ 2,194

General - Supplemental Cash Flo

General - Supplemental Cash Flow Information (Details) - Continuing Operations - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
SUPPLEMENTAL CASH FLOW INFORMATION
Income tax payments	$ 1,885	$ 502
Income tax refunds received	89	70
Interest paid	1,236	1,432
Capitalized interest	$ 50	$ 46

General - Narrative (Details)

General - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Jul. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2022	Mar. 31, 2022
Summary of Significant Accounting Policies [Line Items]
Common stock, outstanding (in shares)		908,077,761	934,074,700		928,963,512	937,190,982
Limited partner interest		49.40%
Non-voting limited partner interest		2%
Effective economic interest		51.50%
WES
Summary of Significant Accounting Policies [Line Items]
Non-voting general partner interest		2.30%
Berkshire Hathaway
Summary of Significant Accounting Policies [Line Items]
Common stock, outstanding (in shares)		194,000,000
Discontinued Operations | Ecuador Operations
Summary of Significant Accounting Policies [Line Items]
Loss from discontinued operations			$ 412
Discontinued Operations | Ghana Operations
Summary of Significant Accounting Policies [Line Items]
Loss from discontinued operations				$ 32
Disposed of by Sale, Not Discontinued Operations | WES
Summary of Significant Accounting Policies [Line Items]
Number of limited partner units sold (in units)	10,000,000
Proceeds from sale of limited partner units	$ 253
Gain on sale	$ 62

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 4,046	$ 4,208

Revenue - Reconciliation (Detai

Revenue - Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue from customers	$ 9,359	$ 6,880	$ 27,923	$ 18,166
All other revenues	31	(88)	492	(123)
Net sales	$ 9,390	$ 6,792	$ 28,415	$ 18,043

Revenue - Disaggregation of rev

Revenue - Disaggregation of revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of revenue
Revenue from customers	$ 9,359	$ 6,880	$ 27,923	$ 18,166
United States
Disaggregation of revenue
Revenue from customers	8,252	5,995	24,775	15,883
International
Disaggregation of revenue
Revenue from customers	1,511	1,146	4,247	3,041
Eliminations
Disaggregation of revenue
Revenue from customers	(404)	(261)	(1,099)	(758)
Eliminations | United States
Disaggregation of revenue
Revenue from customers	0	0	0	0
Eliminations | International
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas
Disaggregation of revenue
Revenue from customers	7,098	5,056	20,869	13,463
Oil and gas | Oil
Disaggregation of revenue
Revenue from customers	5,430	3,822	16,269	10,546
Oil and gas | NGL
Disaggregation of revenue
Revenue from customers	785	732	2,441	1,718
Oil and gas | Gas
Disaggregation of revenue
Revenue from customers	874	475	2,141	1,179
Oil and gas | Other
Disaggregation of revenue
Revenue from customers	9	27	18	20
Oil and gas | United States
Disaggregation of revenue
Revenue from customers	5,821	4,123	17,381	11,027
Oil and gas | United States | Oil
Disaggregation of revenue
Revenue from customers	4,369	3,056	13,311	8,548
Oil and gas | United States | NGL
Disaggregation of revenue
Revenue from customers	658	642	2,139	1,498
Oil and gas | United States | Gas
Disaggregation of revenue
Revenue from customers	786	399	1,916	963
Oil and gas | United States | Other
Disaggregation of revenue
Revenue from customers	8	26	15	18
Oil and gas | International
Disaggregation of revenue
Revenue from customers	1,277	933	3,488	2,436
Oil and gas | International | Oil
Disaggregation of revenue
Revenue from customers	1,061	766	2,958	1,998
Oil and gas | International | NGL
Disaggregation of revenue
Revenue from customers	127	90	302	220
Oil and gas | International | Gas
Disaggregation of revenue
Revenue from customers	88	76	225	216
Oil and gas | International | Other
Disaggregation of revenue
Revenue from customers	1	1	3	2
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	1,674	1,395	5,265	3,669
Chemical | United States
Disaggregation of revenue
Revenue from customers	1,572	1,329	4,984	3,494
Chemical | International
Disaggregation of revenue
Revenue from customers	102	66	281	175
Chemical | Eliminations
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and marketing
Disaggregation of revenue
Revenue from customers	991	690	2,888	1,792
Midstream and marketing | United States
Disaggregation of revenue
Revenue from customers	859	543	2,410	1,362
Midstream and marketing | International
Disaggregation of revenue
Revenue from customers	132	147	478	430
Midstream and marketing | Eliminations
Disaggregation of revenue
Revenue from customers	$ 0	$ 0	$ 0	$ 0

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 110	$ 96
Materials and supplies	882	783
Commodity inventory and finished goods	1,044	1,066
Inventories, gross	2,036	1,945
Revaluation to LIFO	(99)	(99)
Total	$ 1,937	$ 1,846

Divestitures and Other Transa_2

Divestitures and Other Transactions (Details) - Discontinued Operations, Disposed of by Sale - Permian Basin $ in Millions	1 Months Ended
	Jan. 31, 2022 USD ($)
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		Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Total borrowings at face value		$ 19,089	$ 28,493
Adjustments to book value:
Unamortized premium, net		1,321	670
Debt issuance costs		(79)	(135)
Net book value of debt		20,331	29,028
Long-term finance leases		552	504
Current finance leases		141	85
Total debt and finance leases		21,024	29,617
Less: current maturities of financing leases		(141)	(85)
Less: current maturities of long-term debt		(405)	(101)
Long-term debt, net	[1]	$ 20,478	$ 29,431
[1]Included $552 million and $504 million of finance lease liabilities as of September 30, 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	9 Months Ended
	Nov. 08, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Oct. 31, 2022	Dec. 31, 2021
Long-term Debt
Payments of long-term debt			$ 8,325	$ 4,555
Long-term debt, gross		$ 19,089	19,089			$ 28,493
Net book value of debt		20,331	20,331			29,028
Level 1 | Estimate of Fair Value Measurement
Long-term Debt
Fair value of long-term debt		18,600	18,600			$ 31,100
Senior Notes Due from 2024 Through 2048 | Senior Notes
Long-term Debt
Payments of long-term debt		1,300
Senior Notes Due from 2022 Through 2049 | Senior Notes
Long-term Debt
Payments of long-term debt			8,300
Long-term debt, gross		9,400	9,400
Net book value of debt		$ 8,700	8,700
Loss on debt extinguished			$ 143
Senior Notes Due from 2024 Through 2049 | Senior Notes | Subsequent Event
Long-term Debt
Payments of long-term debt	$ 18,900
Debt issuance, face amount	$ 191
Senior Notes Due February 2023 | Senior Notes | Subsequent Event
Long-term Debt
Debt issuance, face amount					$ 340
Interest rate					2.70%

Derivatives - Marketing Derivat

Derivatives - Marketing Derivatives (Details)	9 Months Ended				12 Months Ended
	Sep. 30, 2022 $ / bbl	Sep. 30, 2022 $ / MillionCubicFeet	Sep. 30, 2022 MMBbls	Sep. 30, 2022 Bcf	Dec. 31, 2021 $ / bbl	Dec. 31, 2021 $ / MillionCubicFeet	Dec. 31, 2021 MMBbls	Dec. 31, 2021 Bcf
Marketing Derivatives | Not Designated as Hedging Instruments
Outstanding commodity derivatives contracts not designated as hedging instruments
Weighted average sales price (in dollars per barrel)	86.82	6.11			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			(28)				(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				(141)				(136)

Derivatives - Interest-Rate Swa

Derivatives - Interest-Rate Swaps (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Interest Rate Swap, 6.445%
Derivative [Line Items]
Derivative, notional amount	$ 450
Weighted-average interest rate	6.445%
Interest Rate Swaps
Derivative [Line Items]
Net cash receipts for interest rate swap agreements	$ 61
Payments for mandatory termination	86
Periodic interest settlement amount	34
Collateral paid with respect to interest rate swap agreements	$ 181

Derivatives - Fair Value Deriva

Derivatives - Fair Value Derivatives (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Collateral related to marketing derivatives	$ 16	$ 110
Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	0
Total net fair value, liability	(221)
Collateral paid netted against derivative liabilities	64	323
Other current assets | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	(1,970)	(1,645)
Total net fair value, asset	161	44
Long-term receivables and other assets, net | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	(84)	(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	1,970	1,645
Total net fair value, liability	(17)	(159)
Accrued liabilities | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability		0
Total net fair value, liability		(315)
Deferred credits and other liabilities - other | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	84	4
Total net fair value, liability	0	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
Total net fair value, liability		(436)
Level 1 | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0
Level 1 | Other current assets | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	1,921	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	84	4
Level 1 | Accrued liabilities | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(1,828)	(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
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	(84)	(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
Level 2 | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(221)
Level 2 | Other current assets | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	210	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	(159)	(196)
Level 2 | Accrued liabilities | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		(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		(436)
Level 3 | Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0
Level 3 | Other current assets | Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Level 3 | 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
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

Derivatives - Gains and Losses

Derivatives - Gains and Losses on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	$ 70	$ (26)	$ 332	$ 150
Interest Rate Swaps | Gains (losses) on interest rate swaps, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	70	(26)	332	150
Marketing Derivatives | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	14	12	473	214
Collars and Calls | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	$ 0	$ (101)	$ 0	$ (339)

Derivatives - Credit Risk (Deta

Derivatives - Credit Risk (Details) - Not Designated as Hedging Instruments - USD ($) $ in Millions	Sep. 30, 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)	$ 21	$ 107
Amount of collateral posted related to derivative instruments with credit-risk-related contingent features	$ 64	$ 323

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Billions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Non-cash tax benefit			$ 2.6
Worldwide effective tax rate	25%	32%	3%	27%

Income Taxes - Components of In

Income Taxes - Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income from continuing operations before income taxes	$ 3,648	$ 1,217	$ 11,717	$ 1,675
Current
Federal	(297)	(170)	(1,152)	(170)
State and Local	(43)	(23)	(127)	(12)
Foreign	(290)	(174)	(826)	(456)
Total current tax expense	(630)	(367)	(2,105)	(638)
Deferred
Federal	(264)	19	1,718	35
State and Local	5	23	83	106
Foreign	(13)	(62)	(36)	51
Total deferred tax benefit (expense)	(272)	(20)	1,765	192
Total income tax expense	(902)	(387)	(340)	(446)
Income from continuing operations	$ 2,746	$ 830	$ 11,377	$ 1,229
Worldwide effective tax rate	25%	32%	3%	27%

Environmental Liabilities and_3

Environmental Liabilities and Expenditures (Details)	1 Months Ended		3 Months Ended	9 Months Ended
	Sep. 30, 2021 USD ($) mi	Mar. 31, 2016 mi	Sep. 30, 2016 USD ($)	Sep. 30, 2022 USD ($) site	Dec. 31, 2021 USD ($)
Environmental remediation reserves
Number of Sites | site				166
Current portion of environmental remediation liabilities				$ 155,000,000
Environmental remediation reserves, non-current, included in deferred credits and other liabilities - other				893,000,000	$ 944,000,000
Remediation Balance				1,048,000,000
Environmental reserves, exceeding $ ten million, threshold value				$ 10,000,000
Environmental reserves, exceeding $ ten million, threshold value, number of sites | site				16
Environmental reserves, range between zero to $ one million site category, number of sites | site				99
Percent of reserve to be funded over the next three to four years				40%
Period of expending remaining environmental reserves (or more)				10 years
Environmental remediation additional loss range				$ 1,200,000,000
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 contingency, number of site categories | site				4
Remediation Balance				$ 445,000,000
Non-National Priorities List Sites
Environmental remediation reserves
Environmental remediation contingency, number of site categories | site				3
Third-party sites
Environmental remediation reserves
Number of Sites | site				71
Remediation Balance				$ 237,000,000
Occidental-operated sites
Environmental remediation reserves
Number of Sites | site				13
Remediation Balance				$ 105,000,000
Closed or non-operated Occidental sites
Environmental remediation reserves
Number of Sites | site				52
Remediation Balance				$ 261,000,000
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

Lawsuits, Claims, Commitments_2

Lawsuits, Claims, Commitments and Contingencies (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Mar. 26, 2021	Dec. 31, 2021	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2022
Federal
Lawsuits, commitments and contingencies
Potential cash tax						$ 1,300
State
Lawsuits, commitments and contingencies
Potential cash tax						28
Anadarko
Lawsuits, commitments and contingencies
Tentative cash tax refund				$ 881
Potential accrued interest						$ 369
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%
Percentage of judgment amount claimed	40%		40%
Own economic interest (as a percent)			60%
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 - Schedule (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended
	Nov. 07, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Exercise of Warrants and Options (in shares)		7,667,545	3,409,920	1,082,282	12,159,747
Other (in shares)		18,280	42,342	2,764,746	2,825,368
Treasury Stock Purchases (in shares)		(28,571,576)	(11,679,732)	(730,746)	(40,982,054)
Common stock, outstanding (in shares)		908,077,761	928,963,512	937,190,982	908,077,761	934,074,700
Proceeds from exercise of warrants and options					$ 280
Share Repurchase Plan 2022
Class of Stock [Line Items]
Treasury Stock Purchases (in shares)					(39,600,000)
Strike Price One
Class of Stock [Line Items]
Outstanding warrants (in shares)		104,100,000			104,100,000
Exercise price of warrant (in usd per share)		$ 22			$ 22
Strike Price Two
Class of Stock [Line Items]
Outstanding warrants (in shares)		83,900,000			83,900,000
Exercise price of warrant (in usd per share)		$ 59.62			$ 59.62
Subsequent Event | Share Repurchase Plan 2022
Class of Stock [Line Items]
Treasury Stock Purchases (in shares)	(2,200,000)

Earnings Per Share and Stockh_4

Earnings Per Share and Stockholders' Equity - Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic earnings (loss) per common share
Income from continuing operations	$ 2,746	$ 830	$ 11,377	$ 1,229
Loss from discontinued operations	0	(2)	0	(444)
NET INCOME	2,746	828	11,377	785
Less: Preferred stock dividends	(200)	(200)	(600)	(600)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	2,546	628	10,777	185
Less: Net income allocated to participating securities	(18)	(5)	(76)	(1)
Net income, net of participating securities	$ 2,528	$ 623	$ 10,701	$ 184
Weighted-average number of basic shares (in shares)	922	935.4	933	934.4
Basic income per common share (in usd per share)	$ 2.74	$ 0.67	$ 11.47	$ 0.20
Less: Net income allocated to participating securities	$ (17)	$ (5)	$ (70)	$ (1)
Net income, net of participating securities	$ 2,529	$ 623	$ 10,707	$ 184
Dilutive securities (in shares)	80.5	22.3	72.9	19.8
Dilutive effect of potentially dilutive securities (in shares)	1,002.5	957.7	1,005.9	954.2
Diluted income per common share (in usd per share)	$ 2.52	$ 0.65	$ 10.64	$ 0.19

Earnings Per Share and Stockh_5

Earnings Per Share and Stockholders' Equity - Narrative (Details) - USD ($) $ in Billions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Feb. 28, 2022
Class of Stock [Line Items]
Stock repurchased during period, value					$ 3
Warrant
Class of Stock [Line Items]
Berkshire warrants, common stock warrants, and options excluded from diluted shares (in shares)	0	87,000,000	0	87,000,000

Segments - Schedule of Industry

Segments - Schedule of Industry Segments and Eliminations (Details) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2022 USD ($) shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment shares	Sep. 30, 2021 USD ($) shares
Segment Information
Number of operating segments | segment				3
Net sales		$ 9,390	$ 6,792	$ 28,415	$ 18,043
Income (loss) from continuing operations before income taxes		3,648	1,217	11,717	1,675
Income tax expense		(902)	(387)	(340)	(446)
Income (loss) from continuing operations		2,746	830	11,377	1,229
Loss on derivative instrument		(70)	26	(332)	(150)
Anadarko acquisition-related costs		4	29	82	122
Disposed of by sale, not discontinued operations | WES Midstream segment
Segment Information
Gain on sale	$ 62
Number of limited partner units sold (in units) | shares	10
Operating segments | Oil and gas
Segment Information
Net sales		7,098	4,955	20,869	13,124
Income (loss) from continuing operations before income taxes		3,345	1,467	10,337	2,036
Income tax expense		0	0	0	0
Income (loss) from continuing operations		3,345	1,467	10,337	2,036
Loss on derivative instrument			97		277
Impairment charge					173
Operating segments | Oil and gas | Disposed of by sale, not discontinued operations | Permian Basin
Segment Information
Gain on sale				147
Operating segments | Chemical
Segment Information
Net sales		1,691	1,396	5,284	3,671
Income (loss) from continuing operations before income taxes		580	407	2,051	970
Income tax expense		0	0	0	0
Income (loss) from continuing operations		580	407	2,051	970
Operating segments | Midstream and marketing
Segment Information
Net sales		1,005	702	3,361	2,006
Income (loss) from continuing operations before income taxes		104	20	318	272
Income tax expense		0	0	0	0
Income (loss) from continuing operations		104	20	318	272
Loss on derivative instrument					176
Gain on sale				62	$ 124
Mark to market gain (loss) on interest rate swaps		(84)		$ (186)
Operating segments | Midstream and marketing | Disposed of by sale, not discontinued operations | WES Midstream segment
Segment Information
Number of limited partner units sold (in units) | shares				10	11.5
Corporate and eliminations
Segment Information
Net sales		(404)	(261)	$ (1,099)	$ (758)
Income (loss) from continuing operations before income taxes		(381)	(677)	(989)	(1,603)
Income tax expense		(902)	(387)	(340)	(446)
Income (loss) from continuing operations		(1,283)	(1,064)	(1,329)	(2,049)
Mark to market gain (loss) on interest rate swaps		$ 70		332	150
Non-cash income tax benefit from reorganization				2,600
Gain (loss) on extinguishment of debt			$ (88)	143
Anadarko acquisition-related costs				$ 82	$ 122