Occidental Petroleum (OXY) 10-K 14 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 51.7
Entity Common Stock, Shares Outstanding		879,499,439
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement, relating to its 2024 Annual Meeting of Stockholders, are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0000797468
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
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

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Houston, TX
Auditor Firm ID	185

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions		Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents		$ 1,426	$ 984
Trade receivables, net of reserves of $29 in 2023 and $37 in 2022		3,195	4,281
Inventories		2,022	2,059
Other current assets		1,732	1,562
Total current assets		8,375	8,886
INVESTMENTS IN UNCONSOLIDATED ENTITIES		3,224	3,176
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment		126,811	120,734
Accumulated depreciation, depletion and amortization		(68,282)	(62,350)
Total property, plant and equipment, net		58,529	58,384
OPERATING LEASE ASSETS		1,130	903
OTHER LONG-TERM ASSETS		2,750	1,260
TOTAL ASSETS		74,008	72,609
CURRENT LIABILITIES
Current maturities of long-term debt	[1]	1,202	165
Current operating lease liabilities		446	273
Accounts payable		3,646	4,029
Accrued liabilities		3,854	3,290
Total current liabilities		9,148	7,757
LONG-TERM DEBT, NET
Long-term debt, net	[2]	18,536	19,670
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net		5,764	5,512
Asset retirement obligations		3,882	3,636
Pension and postretirement obligations		931	1,055
Environmental remediation liabilities		889	905
Operating lease liabilities		727	657
Other		3,782	3,332
Total deferred credits and other liabilities		15,975	15,097
EQUITY
Preferred stock, at $1.00 per share par value (84,897 shares as of December 31, 2023 and 100,000 as of December 31, 2022)		8,287	9,762
Common stock, $0.20 per share par value, authorized shares: 1.5 billion, issued shares: 2023 — 1,107,516,500 and 2022 — 1,098,512,626		222	220
Treasury stock: 2023 — 228,053,397 shares and 2022 — 198,653,682 shares		(15,582)	(13,772)
Additional paid-in capital		17,422	17,181
Retained earnings		19,626	16,499
Accumulated other comprehensive income		275	195
Total stockholders’ equity		30,250	30,085
Non-controlling interest		99	0
Total equity		30,349	30,085
TOTAL LIABILITIES AND EQUITY		74,008	72,609
Operating segments | Oil and gas
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment		109,214	104,487
TOTAL ASSETS		53,786	54,058
Operating segments | Chemical
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment		8,279	7,808
Operating segments | Midstream and marketing
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment		8,279	7,550
Corporate
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment		$ 1,039	$ 889
[1] Included $146 million and $143 million of current finance lease liabilities as of December 31, 2023 and 2022, respectively. Included $591 million and $546 million of finance lease liabilities as of December 31, 2023 and 2022, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Trade receivables, reserves	$ 29	$ 37
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares outstanding (in shares)	84,897	100,000
Common stock, per share par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, authorized shares (in shares)	1,500,000,000	1,500,000,000
Common stock, issued shares (in shares)	1,107,516,500	1,098,512,626
Treasury stock, shares (in shares)	228,053,397	198,653,682
Current finance lease liabilities	$ 146	$ 143
Non-current finance lease liabilities	$ 591	$ 546

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES AND OTHER INCOME
Net sales	$ 28,257	$ 36,634	$ 25,956
Interest, dividends and other income	139	153	166
Gains on sales of assets and other, net	522	308	192
Total	28,918	37,095	26,314
COSTS AND OTHER DEDUCTIONS
Oil and gas lease operating expense	4,677	4,028	3,160
Transportation and gathering expense	1,481	1,475	1,419
Chemical and midstream cost of sales	3,116	3,273	2,772
Purchased commodities	2,009	3,287	2,308
Selling, general and administrative	1,083	945	863
Other operating and non-operating expense	1,084	1,271	1,065
Taxes other than on income	1,087	1,548	1,005
Depreciation, depletion and amortization	6,865	6,926	8,447
Asset impairments and other charges	209	0	304
Acquisition-related costs	26	89	153
Exploration expense	441	216	252
Interest and debt expense, net	945	1,030	1,614
Total	23,023	24,088	23,362
Income before income taxes and other items	5,895	13,007	2,952
OTHER ITEMS
Gains on interest rate swaps, net	0	317	122
Income from equity investments and other	534	793	631
Total	534	1,110	753
Income from continuing operations before income taxes	6,429	14,117	3,705
Income tax expense	(1,733)	(813)	(915)
Income from continuing operations	4,696	13,304	2,790
Loss from discontinued operations, net of tax	0	0	(468)
NET INCOME	4,696	13,304	2,322
Less: Preferred stock dividends and redemption premiums	(923)	(800)	(800)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 3,773	$ 12,504	$ 1,522
PER COMMON SHARE
Income from continuing operations—basic (in dollars per share)	$ 4.22	$ 13.41	$ 2.12
Loss from discontinued operations—basic (in dollars per share)	0	0	(0.50)
Net income attributable to common stockholders—basic (in dollars per share)	4.22	13.41	1.62
PER COMMON SHARE, DILUTED
Income from continuing operations—diluted (in dollars per share)	3.90	12.40	2.06
Loss from discontinued operations—diluted (in dollars per share)	0	0	(0.48)
Net income attributable to common stockholders—diluted (in dollars per share)	$ 3.90	$ 12.40	$ 1.58

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income		$ 4,696	$ 13,304	$ 2,322
Other comprehensive income items:
Gains on derivatives	[1]	44	80	14
Pension and postretirement gains	[2]	34	321	67
Other		2	2	(1)
Other comprehensive income, net of tax		80	403	80
Comprehensive income attributable to preferred and common stockholders		$ 4,776	$ 13,707	$ 2,402
[1] Net of tax expense of zero, $(22) and $(4) in 2023, 2022 and 2021, respectively. Net of tax expense of $(10), $(99) and $(18) in 2023, 2022 and 2021, respectively. See Note 11 - Retirement and Postretirement Benefit Plans in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K for additional information.

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Gains on derivatives, tax expense	$ 0	$ (22,000,000)	$ (4,000,000)
Pension and postretirement gains, tax expenses	$ (10,000,000)	$ (99,000,000)	$ (18,000,000)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests
Beginning balance at Dec. 31, 2020	$ 18,573	$ 9,762	$ 216	$ (10,665)	$ 16,552	$ 2,996	$ (288)	$ 0
Increase (Decrease) in Stockholders' Equity
Net income	2,322					2,322
Other comprehensive income, net of tax	80						80
Dividends on common stock	(38)					(38)
Dividends on preferred stock	(800)					(800)
Shareholder warrants exercised	7				7
Issuance of common stock and other, net	191		1		190
Purchases of treasury stock	(8)			(8)
Ending balance at Dec. 31, 2021	20,327	9,762	217	(10,673)	16,749	4,480	(208)	0
Increase (Decrease) in Stockholders' Equity
Net income	13,304					13,304
Other comprehensive income, net of tax	403						403
Dividends on common stock	(485)					(485)
Dividends on preferred stock	(800)					(800)
Shareholder warrants exercised	254		2		252
Options Exercised	27				27
Issuance of common stock and other, net	154		1		153
Purchases of treasury stock	(3,099)			(3,099)
Ending balance at Dec. 31, 2022	30,085	9,762	220	(13,772)	17,181	16,499	195	0
Increase (Decrease) in Stockholders' Equity
Net income	4,696					4,696
Other comprehensive income, net of tax	80						80
Dividends on common stock	(646)					(646)
Dividends on preferred stock	(736)					(736)
Preferred stock redemption – face value	(1,511)	(1,511)
Preferred stock redemption – premium	(151)					(151)
Preferred stock redemption – amortization of carrying value	0	36				(36)
Shareholder warrants exercised	99		1		98
Options Exercised	13				13
Issuance of common stock and other, net	131		1		130
Purchases of treasury stock	(1,810)			(1,810)
Noncontrolling interest contributions, net	99							99
Ending balance at Dec. 31, 2023	$ 30,349	$ 8,287	$ 222	$ (15,582)	$ 17,422	$ 19,626	$ 275	$ 99

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in dollars per share)	$ 0.72	$ 0.52	$ 0.04
Dividends on preferred stock (in dollars per share)	$ 8,000	$ 8,000	$ 8,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$ 4,696	$ 13,304	$ 2,322
Adjustments to reconcile net income to net cash from operating activities:
Discontinued operations, net	0	0	468
Depreciation, depletion and amortization of assets	6,865	6,926	8,447
Deferred income tax provision (benefit)	57	(1,644)	46
Other noncash charges (benefit) to income	(100)	(8)	229
Asset impairments and related items	209	0	304
Gain on sales of assets and other, net	(522)	(308)	(192)
Undistributed losses (earnings) from equity investments	144	(219)	(70)
Dry hole expense	299	84	125
Changes in operating assets and liabilities:
(Increase) decrease in receivables	1,088	(97)	(2,086)
Increase in inventories	(91)	(230)	(86)
Increase in other current assets	(13)	(335)	(119)
Increase (decrease) in accounts payable and accrued liabilities	(549)	(478)	865
Increase (decrease) in current domestic and foreign income taxes	225	(185)	0
Operating cash flow from continuing operations	12,308	16,810	10,253
Operating cash flow from discontinued operations, net of taxes	0	0	181
Net cash provided by operating activities	12,308	16,810	10,434
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(6,270)	(4,497)	(2,870)
Change in capital accrual	25	147	97
Purchase of businesses, assets and equity investments, net	(713)	(990)	(431)
Proceeds from sale of assets and equity investments, net	448	584	1,624
Equity investments and other, net	(470)	(116)	406
Investing cash flow from continuing operations	(6,980)	(4,872)	(1,174)
Investing cash flow from discontinued operations	0	0	(79)
Net cash used by investing activities	(6,980)	(4,872)	(1,253)
CASH FLOW FROM FINANCING ACTIVITIES
Draws on receivables securitization facility	900	400	0
Payment of receivables securitization facility	(900)	(400)	0
Debt issuance costs	(46)	0	0
Payments of long-term debt, net	(22)	(9,484)	(6,834)
Redemption of preferred stock	(1,661)	0	0
Purchases of treasury stock	(1,798)	(3,099)	(8)
Cash dividends paid on common and preferred stock	(1,365)	(1,184)	(839)
Proceeds from issuance of common stock	135	293	31
Contribution from noncontrolling interest	100	0	0
Financing portion of net cash paid for derivative instruments	0	(111)	(834)
Other financing, net	(233)	(130)	(80)
Financing cash flow from continuing operations	(4,890)	(13,715)	(8,564)
Financing cash flow from discontinued operations	0	0	(8)
Net cash used by financing activities	(4,890)	(13,715)	(8,572)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	438	(1,777)	609
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of year	1,026	2,803	2,194
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of year	$ 1,464	$ 1,026	$ 2,803

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS Occidental conducts its operations through various subsidiaries and affiliates. Occidental’s principal businesses consist of three reporting segments: oil and gas, chemical and midstream and marketing. The oil and gas segment explores for, develops and produces oil (which includes condensate), NGL and natural gas. OxyChem primarily manufactures and markets basic chemicals and vinyls. The midstream and marketing segment purchases, markets, gathers, processes, transports and stores oil (which includes condensate), NGL, natural gas, CO 2 and power. It also optimizes its transportation and storage capacity, and invests in entities that conduct similar activities, such as WES. The midstream and marketing segment also includes OLCV. OLCV seeks to leverage Occidental’s legacy of carbon management expertise to develop CCUS projects, including the commercialization of DAC technology, and invests in other low-carbon technologies intended to reduce GHG emissions from its operations and strategically partner with other industries to help reduce their emissions. PRINCIPLES OF CONSOLIDATION The Consolidated Financial Statements have been prepared in conformity with GAAP and include the accounts of Occidental, its subsidiaries, its undivided interests in oil and gas exploration and production ventures and, previously, variable interest entities, for which Occidental was the primary beneficiary. Occidental accounts for its share of oil and gas exploration and production ventures by reporting its proportionate share of assets, liabilities, revenues, costs and cash flows within the relevant lines on the balance sheets, statements of operations and statements of cash flows. INVESTMENTS IN UNCONSOLIDATED ENTITIES Occidental’s percentage interest in the underlying net assets of affiliates for which it exercises significant influence without having a controlling interest (excluding oil and gas ventures in which Occidental holds an undivided interest) are accounted for under the equity method. Occidental reviews equity-method investments for impairment whenever events or changes in circumstances indicate that an other-than-temporary decline in value may have occurred. The amount of impairment, if any, is based on quoted market prices, when available, or other valuation techniques, including discounted cash flows. Occidental evaluates the facts and circumstances of any distributions in excess of its carrying amount in the investment to determine the appropriate accounting, including the source of the proceeds and any implicit or explicit commitments to fund the affiliate. If there is no implicit or explicit commitment the distribution is treated as a gain. If an implicit or explicit commitment exists to possibly fund the affiliate at a future date the distribution is recorded against the equity-method investment. See Note 4 - Investments and Related-Party Transactions for further discussion regarding investments in unconsolidated entities. WES INVESTMENT WES is a publicly traded limited partnership with its limited partner units traded on the NYSE under the ticker symbol “WES.” As of December 31, 2023, Occidental owned all of the 2.3% non-voting general partner interest, 48.8% of the WES limited partner units, and a 2% non-voting limited partner interest in WES Operating, a subsidiary of WES. As of December 31, 2023, Occidental's combined share of net income from WES and its subsidiaries was 51.0%. See Note 4 - Investment and Related-Party Transactions for further information. NON-CONTROLLING INTEREST In 2023, Occidental and BlackRock formed a joint venture, for the continued development of the first commercial scale direct air capture facility using Carbon Engineering technology. The joint venture is a VIE and Occidental consolidates the VIE as it is the primary beneficiary. BlackRock’s investment is accounted for as a NCI. Each party has committed to make additional investments towards the completion of the direct air capture facility in Ector County, Texas, with BlackRock committed to invest up to $550 million. In addition, Occidental has entered into agreements with the joint venture related to project management, operations and maintenance and carbon removal offtake. Occidental may incur additional payments if certain construction and operational thresholds are not met. Occidental may call the NCI on June 30, 2025 or earlier if the plant does not achieve commercial operations or ceases and permanently discontinues operations. Dividends from the joint venture will be distributed preferentially to the NCI up to a return threshold, then preferentially to Occidental thereafter. The NCI receives preferential distributions in liquidation. Because distributions from the joint venture will not be consistent over time, or with the initial investments or ownership interest, Occidental has determined that the appropriate methodology for attributing income and loss from the joint venture is the HLBV method. Under the HLBV method, the amounts of income and loss attributed to the NCI in the consolidated statements of operations reflect changes in the amounts the NCI would hypothetically receive at each balance sheet date if the joint venture was liquidated. As of December 31, 2023, the VIE’s assets were comprised of $275 million construction in progress. BERKSHIRE HATHAWAY OWNERSHIP Berkshire Hathaway is a related party of Occidental due to its level of ownership of Occidental's common stock. As of December 31, 2023, Berkshire Hathaway’s ownership in Occidental included 244 million shares of common stock, 83.9 million of warrants of Occidental common stock with a strike price of $59.62, and $8.5 billion in preferred 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 OxyChem. DISCONTINUED OPERATIONS Unless otherwise indicated, information presented in the Notes to Consolidated Financial Statements relates only to Occidental's continuing operations. Information related to discontinued operations is included in Note 5 - Acquisitions, Divestitures and Other Transactions and in some instances, where appropriate, is included as a separate disclosure within the individual Notes to Consolidated Financial Statements. RISKS AND UNCERTAINTIES The process of preparing Consolidated Financial Statements in conformity with GAAP requires Occidental’s management to make informed estimates and judgments regarding certain types of financial statement balances and disclosures. Such estimates primarily relate to unsettled transactions and events as of the date of the Consolidated Financial Statements and judgments on expected outcomes as well as the materiality of transactions and balances. Changes in facts and circumstances or discovery of new information relating to such transactions and events may result in revised estimates and judgments and actual results may differ from estimates upon settlement. Management believes that these estimates and judgments provide a reasonable basis for the fair presentation of Occidental’s financial statements. Occidental establishes a valuation allowance against net operating losses and other deferred tax assets to the extent it believes the future benefit from these assets will not be realized in the statutory carryforward periods. Realization of deferred tax assets is dependent upon Occidental generating sufficient future taxable income and reversal of temporary differences in jurisdictions where such assets originate. The accompanying Consolidated Financial Statements include assets of approximately $7.8 billion as of December 31, 2023 and net sales of approximately $4.4 billion in 2023, relating to Occidental’s operations in countries outside North America. Occidental has experienced and may continue to experience adverse consequences, such as risk of loss or production limitations, because certain of its international operations are located in countries affected by political instability, nationalizations, corruption, armed conflict, terrorism, insurgency, civil unrest, security problems, labor unrest, OPEC production restrictions, equipment import restrictions and sanctions. Exposure to such risks may increase if a greater percentage of Occidental’s future oil and gas production or revenue comes from international sources. Occidental attempts to conduct its affairs so as to mitigate its exposure to such risks and would seek compensation in the event of nationalization. Because Occidental’s major products are commodities, significant changes in the prices of oil, NGL, natural gas and chemical products may have a significant impact on Occidental’s results of operations. Also, see Property, Plant and Equipment section below. RECEIVABLES AND OTHER CURRENT ASSETS Trade receivables, net of $3.2 billion and $4.3 billion as of December 31, 2023 and 2022, respectively, represent rights to payment for which Occidental had satisfied its obligations under a contract with a customer and its right to payment was conditioned only on the passage of time. Other current assets includes amounts receivable from working interest partners in Occidental’s oil and gas operations, prepaid expenses, derivative assets and taxes receivable. INVENTORIES Materials and supplies are valued at weighted-average cost and are reviewed periodically for obsolescence. Oil, NGL and natural gas inventories are valued at the lower of cost or market. For the chemical segment, Occidental’s finished goods inventories are valued at the lower of cost or market. For most of its domestic inventories, other than materials and supplies, the chemical segment uses the LIFO method as it better matches current costs and current revenue. For other countries, Occidental uses the first-in, first-out method (if the costs of goods are specifically identifiable) or the average-cost method (if the costs of goods are not specifically identifiable). PROPERTY, PLANT AND EQUIPMENT OIL AND GAS The carrying value of Occidental’s PP&E represents the cost incurred to acquire or develop the asset, including any AROs and capitalized interest, net of accumulated DD&A and any impairment charges. For assets acquired, PP&E cost is based on fair values at the acquisition date. AROs and interest costs incurred in connection with qualifying capital expenditures are capitalized and amortized over the lives of the related assets. Occidental uses the successful efforts method to account for its oil and gas properties. Under this method, Occidental capitalizes costs of acquiring properties, costs of drilling successful exploration wells and development costs. The costs of exploratory wells are initially capitalized pending a determination of whether proved reserves have been found. If proved reserves have been found, the costs of exploratory wells remain capitalized. For exploratory wells that find reserves that cannot be classified as proved when drilling is completed, costs continue to be capitalized as suspended exploratory drilling costs if there have been sufficient reserves found to justify completion as a producing well and sufficient progress is being made in assessing the reserves and the economic and operating viability of the project. At the end of each quarter, management reviews the status of all suspended exploratory drilling costs in light of ongoing exploration activities, in particular, whether Occidental is making sufficient progress in its ongoing exploration and appraisal efforts or, in the case of discoveries requiring government sanctioning, analyzing whether development negotiations are underway and proceeding as planned. If management determines that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. The following table summarizes the activity of capitalized exploratory well costs for continuing operations for the years ended December 31: millions 2023 2022 2021 Balance — beginning of year $ 276 $ 213 $ 211 Additions to capitalized exploratory well costs pending the determination of proved reserves 750 323 163 Reclassifications to property, plant and equipment based on the determination of proved reserves (314) (183) (67) Capitalized exploratory well costs charged to expense (307) (77) (94) Balance — end of year $ 405 $ 276 $ 213 Occidental expenses annual lease rentals, the costs of injectants used in production and geological and geophysical costs as incurred. Occidental determines depreciation and depletion of oil and gas producing properties by the unit-of-production method. It amortizes leasehold costs over total proved reserves and capitalized development and successful exploration costs over proved developed reserves. Proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs and under existing economic conditions, operating methods and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. Proved reserves include PUD reserves. PUD reserves are supported by a management-approved, detailed, field-level development plan where sufficient capital has been committed to develop those reserves. Only PUD reserves which are reasonably certain to be drilled within five years of booking and are supported by a final investment decision to drill them are included in the development plan. A portion of the PUD reserves associated with international operations are expected to be developed beyond the five years and are tied to approved long-term development projects. Occidental performs impairment tests with respect to its proved properties whenever events or circumstances indicate that the carrying value of property may not be recoverable. If there is an indication the carrying amount of the asset may not be recovered due to significant and prolonged declines in current and forward prices, significant changes in reserve estimates, changes in management’s plans, or other significant events, management will evaluate the property for impairment. Under the successful efforts method, if the sum of the undiscounted cash flows is less than the carrying value of the proved property, the carrying value is reduced to estimated fair value and reported as an impairment charge in the period. Individual proved properties are grouped for impairment purposes at the lowest level for which there are identifiable cash flows. The fair value of impaired assets is typically determined based on the present value of expected future cash flows using discount rates believed to be consistent with those used by market participants. The impairment test incorporates a number of assumptions involving expectations of future cash flows which can change significantly over time. These assumptions include estimates of future production, product prices, contractual prices, estimates of risk-adjusted oil and gas proved and unproved reserves and estimates of future operating and development costs. It is reasonably possible that prolonged declines in commodity prices, reduced capital spending in response to lower prices or increases in operating costs could result in additional impairments. See Note 9 - Fair Value Measurements and below for further discussion of asset impairments. Net capitalized costs attributable to unproved properties were $10.2 billion as of December 31, 2023 and $12.6 billion as of December 31, 2022. The unproved amounts are not subject to DD&A until they are classified as proved properties. Individually insignificant unproved properties are combined and amortized on a group basis based on factors such as geographic location, lease terms, success rates and other factors to provide for full amortization upon lease expiration or abandonment. Significant unproved properties are assessed individually for impairment and when events or circumstances indicate that the carrying value of property may not be recovered a valuation allowance is provided if an impairment is indicated. Occidental periodically reviews significant unproved properties for impairments. When assessing for impairments, several factors are considered, including but not limited to, availability of funds for future exploration and development activities, current exploration and development plans, favorable or unfavorable exploration activity on the property or the adjacent property, geologists’ evaluation of the property, the current and projected political and regulatory climate, contractual conditions and the remaining lease term for the properties. If an impairment is indicated, Occidental will first determine whether a comparable transaction for similar properties or implied acreage valuation derived from domestic onshore market participants is available and will adjust the carrying amount of the unproved property to its fair value using the market approach. In situations where the market approach is not observable and unproved reserves are available, undiscounted future net cash flows used in the impairment analysis are determined based on managements’ risk adjusted estimates of unproved reserves, future commodity prices and future costs to produce the reserves. If undiscounted future net cash flows are less than the carrying value of the unproved property, the future net cash flows are discounted and compared to the carrying value for determining the amount of the impairment loss to record. Occidental utilizes the same assumptions and methodology discussed above for cash flows associated with proved properties. CHEMICAL Occidental’s chemical assets are depreciated using either the unit-of-production or the straight-line method, based upon the estimated useful lives of the facilities. The estimated useful lives of Occidental’s chemical assets, which range from three years to 50 years, are also used for impairment tests. The estimated useful lives for the chemical facilities are based on the assumption that Occidental will provide an appropriate level of annual expenditures to ensure productive capacity is sustained. Such expenditures consist of ongoing routine repairs and maintenance, as well as planned major maintenance activities. Ongoing routine repairs and maintenance expenditures are expensed as incurred. Planned major maintenance activities costs are capitalized and amortized over the period until the next planned overhaul. Additionally, Occidental incurs capital expenditures that extend the remaining useful lives of existing assets, increase their capacity or operating efficiency beyond the original specification or add value through modification for a different use. These capital expenditures are not considered in the initial determination of the useful lives of these assets at the time they are placed into service. The resulting revision, if any, of the asset’s estimated useful life is measured and accounted for prospectively. Without these continued expenditures, the useful lives of these assets could decrease significantly. Other factors that could change the estimated useful lives of Occidental’s chemical assets include sustained higher or lower product prices, which are affected by domestic and international competition, demand, feedstock costs, energy prices, environmental regulations and technological changes. Occidental performs impairment tests on its chemical assets whenever events or changes in circumstances lead to a reduction in the estimated useful lives or estimated future cash flows that would indicate that the carrying amount may not be recoverable, or when management’s plans change with respect to those assets. Any impairment loss would be calculated as the excess of the asset’s net book value over its estimated fair value. MIDSTREAM AND MARKETING Occidental’s midstream and marketing PP&E is depreciated over the estimated useful lives of the assets, using either the unit-of-production or straight-line method. Occidental performs impairment tests on its midstream and marketing assets whenever events or changes in circumstances lead to a reduction in the estimated useful lives or estimated future cash flows that would indicate that the carrying amount may not be recoverable, or when management’s plans change with respect to those assets. Any impairment loss would be calculated as the excess of the asset’s net book value over its estimated fair value. IMPAIRMENTS AND OTHER CHARGES In 2023, Occidental recorded a pre-tax impairment of $180 million related to undeveloped acreage in the northern non-core area of the Powder River Basin where Occidental has decided not to pursue future exploration and appraisal activities. In 2023, impairment expense also included $29 million related to an equity method investment in Black Butte Coal Company. During 2021, Occidental’s oil and gas segment recognized pre-tax impairment and related charges of $282 million primarily related to undeveloped leases that either expired or were set to expire in the near-term, where Occidental had no plans to pursue exploration activities and, to a lesser extent, impairments of oil and gas materials and supplies inventories. Prolonged declines in commodity prices, reduced capital spending in response to lower prices or increases in operating costs could result in additional impairments. INTANGIBLES AND GOODWILL As of December 31, 2023, Occidental had $960 million of other intangible assets primarily related to Carbon Engineering and TerraLithium, included in other long-term assets. These assets will be amortized between 9 and 25 years on a straight-line basis. Occidental performs impairment tests on its finite-lived intangible assets whenever events or changes in circumstances lead to a reduction in the estimated useful lives or estimated future cash flows that would indicate that the carrying amount may not be recoverable, or when management’s plans change with respect to those assets. Any impairment loss would be calculated as the excess of the asset’s net book value over its estimated fair value. As of December 31, 2023, Occidental had $668 million of goodwill related to its ownership in Carbon Engineering, included in other long-term assets. Goodwill is subject to annual impairment testing every April. Occidental’s goodwill impairment test first assesses qualitative factors to determine whether goodwill is likely impaired. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount including goodwill, Occidental will then perform a quantitative goodwill impairment test. Changes in goodwill may result from, among other things, impairments, future acquisitions, or future divestitures. FAIR VALUE MEASUREMENTS Occidental has categorized its assets and liabilities that are measured at fair value in a three-level fair value hierarchy, based on the inputs to the valuation techniques: Level 1 – using quoted prices in active markets for the assets or liabilities; Level 2 – using observable inputs other than quoted prices for the assets or liabilities; and Level 3 – using unobservable inputs. Transfers between levels, if any, are reported at the end of each reporting period. FAIR VALUES - RECURRING Occidental primarily applies the market approach for recurring fair value measurements, maximizes its use of observable inputs and minimizes its use of unobservable inputs. Occidental utilizes the mid-point between bid and ask prices for valuing the majority of its assets and liabilities measured and reported at fair value. In addition to using market data, Occidental makes assumptions in valuing its assets and liabilities, including assumptions about the risks inherent in the inputs to the valuation technique. For assets and liabilities carried at fair value, Occidental measures fair value using the following methods: ■ Occidental values exchange-cleared commodity derivatives using closing prices provided by the exchange as of the balance sheet date. These derivatives are classified as Level 1. ■ OTC bilateral financial commodity contracts, foreign exchange contracts, interest rate swaps, warrants, options and physical commodity forward purchase and sale contracts are generally classified as Level 2 and are generally valued using quotations provided by brokers or industry-standard models that consider various inputs, including quoted forward prices for commodities, time value, volatility factors, credit risk and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, and can be derived from observable data or are supported by observable prices at which transactions are executed in the marketplace. ■ Occidental values commodity derivatives based on a market approach that considers various assumptions, including quoted forward commodity prices and market yield curves. The assumptions used include inputs that are generally unobservable in the marketplace or are observable but have been adjusted based upon various assumptions and the fair value is designated as Level 3 within the valuation hierarchy. ■ Occidental values debt using market-observable information for debt instruments that are traded on secondary markets. For debt instruments that are not traded, the fair value is determined by interpolating the value based on debt with similar terms and credit risk. NON-FINANCIAL ASSETS Occidental uses market-observable prices for assets when comparable transactions can be identified that are similar to the asset being valued. When Occidental is required to measure fair value and there is not a market-observable price for the asset or for a similar asset then the cost or income approach is used depending on the quality of information available to support management’s assumptions. The cost approach is based on management’s best estimate of the current asset replacement cost. The income approach is based on management’s best assumptions regarding expectations of future net cash flows. The expected cash flows are discounted using a commensurate risk-adjusted discount rate. Such evaluations involve significant judgment, and the results are based on expected future events or conditions such as sales prices, estimates of future oil and gas production or throughput, development and operating costs and the timing thereof, economic and regulatory climates and other factors, most of which are often outside of management’s control. However, assumptions used reflect a market participant’s view of long-term prices, costs and other factors and are consistent with assumptions used in Occidental’s business plans and investment decisions. ACCRUED LIABILITIES - CURRENT Accrued liabilities - current included accrued payroll, commissions and related expenses of $693 million and $582 million as of December 31, 2023 and 2022, respectively, and taxes other than on income of $618 million and $544 million as of December 31, 2023 and 2022, respectively. Dividends payable, also included in accrued liabilities - current ENVIRONMENTAL LIABILITIES AND EXPENDITURES Certain subsidiaries of Occidental incur environmental liabilities and expenditures that relate to current operations and are expensed or capitalized by such subsidiaries as appropriate. Certain subsidiaries also incur environmental liabilities and expenditures with respect to remediation of existing conditions from alleged past practices at Third-Party, Currently Operated, and Closed or Non-operated Sites, which categories may include NPL sites. Those environmental liabilities and related charges and expenses for estimated remediation costs from past operations are recorded when environmental remediation efforts are probable and the costs can be reasonably estimated. Occidental discloses such remediation liabilities on a consolidated basis. In determining the environmental remediation liability and the range of reasonably possible additional losses, Occidental refers to currently available information, including relevant past experience, remedial objectives, available technologies, applicable laws and regulations and cost-sharing arrangements. These environmental remediation liabilities are based on management’s estimate of the most likely cost to be incurred, using the most cost-effective technology reasonably expected to achieve the remedial objective. Occidental periodically reviews these environmental remediation liabilities and adjusts them as new information becomes available. Occidental’s subsidiaries generally record reimbursements or recoveries of environmental remediation costs in income when received, or when receipt of recovery is highly probable. Many factors could affect future remediation costs incurred by Occidental’s subsidiaries and result in adjustments to environmental remediation liabilities and the range of reasonably possible additional losses. The most significant are: (1) cost estimates for remedial activities may vary from the initial estimate; (2) the length of time, type or amount of remediation necessary to achieve the remedial objective may change due to factors such as site conditions, the ability to identify and control contaminant sources or the discovery of additional contamination; (3) a regulatory agency may ultimately reject or modify Occidental’s proposed remedial plan; (4) improved or alternative remediation technologies may change remediation costs; (5) laws and regulations may change remediation requirements or affect cost sharing or allocation of liability; and (6) changes in allocation or cost-sharing arrangements may occur. Certain sites involve multiple parties with various cost-sharing arrangements, which fall into the following three categories: (1) environmental proceedings that result in a negotiated or prescribed allocation of remediation costs among the affected Occidental subsidiary and other alleged potentially responsible parties; (2) oil and gas ventures in which each participant pays its proportionate share of remediation costs reflecting its working interest; or (3) contractual arrangements, typically relating to purchases and sales of properties, in which the parties to the transaction agree to methods of allocating remediation costs. In these circumstances, the affected subsidiary evaluates the financial viability of other parties with whom it is alleged to be jointly liable, the degree of their commitment to participate and the consequences to such subsidiary of their failure to participate when estimating its ultimate share of liability. Occidental records its environmental remediation liabilities at its expected net cost of remedial activities and, based on these factors, believes that it will not be required to assume a share of liability of such other potentially responsible parties in an amount materially above amounts reserved. In addition to the costs of investigations and clean-up measures, which often take in excess of 10 years at CERCLA NPL sites, Occidental’s environmental remediation liabilities include management’s estimates of the costs to operate and maintain remedial systems. If remedial systems are modified over time in response to significant changes in site-specific data, laws, regulations, technologies or engineering estimates, Occidental reviews and adjusts its environmental remediation liabilities accordingly. ASSET RETIREMENT OBLIGATIONS Occidental recognizes the fair value of AROs in the period in which a determination is made that a legal obligation exists to dismantle an asset and reclaim or remediate the property at the end of its useful life and the cost of the obligation can be reasonably estimated. The liability amounts are based on future retirement cost estimates and incorporate many assumptions such as time to abandonment, future inflation rates and the risk-adjusted discount rate. When the liability is initially recorded, Occidental capitalizes the cost by increasing the related PP&E balances. If the estimated future cost of the AROs changes, Occidental records an adjustment to both the AROs and PP&E. Over time, the liability is increased, expense is recognized for accretion and the capitalized cost is depreciated over the useful

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	NOTE 2 - REVENUE Revenue from customers is recognized when obligations under the terms of a contract are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services such as transportation. Revenue from customers is measured as the amount of consideration Occidental expects to receive in exchange for the delivery of goods or services. Contracts may last from one month to one year or more and may have renewal terms that extend indefinitely at the option of either party. Price is typically based on market indexes. Volumes fluctuate due to production and, in certain cases, customer demand and transportation availability. Occidental records revenue net of certain taxes, such as sales taxes, that are assessed by government authorities on Occidental’s customers. Occidental does not incur significant costs to obtain contracts. Incidental items that are immaterial in the context of the contract are recognized as expenses. Sales of hydrocarbons and chemicals to customers are invoiced and settled on a monthly basis. Occidental is not usually subject to obligations for warranties, rebates, returns or refunds except in the case of customer incentive payments as discussed for the chemical segment below. Occidental does not typically receive payment in advance of satisfying its obligations under the terms of its sales contracts with customers; therefore, liabilities related to such payment are immaterial to Occidental. Occidental does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied performance obligations. OIL AND GAS SEGMENT Revenue from oil and gas production is recognized when production is delivered and control passes to the customer. Revenues from the production of oil and gas properties in which Occidental has an interest with other producers are recognized on the basis of Occidental’s net revenue interest. CHEMICAL SEGMENT Revenue from chemical product sales is recognized when control passes to the customer. Certain incentive programs may provide for payments or credits to be made to customers based on the volume of product purchased over a defined period. Customer incentives are estimated and recorded as a reduction to revenue ratably over the contract period. Such estimates are evaluated and revised as warranted. Revenue from exchange contracts is excluded from revenue from customers. MIDSTREAM AND MARKETING SEGMENT Revenue from pipeline and gas processing is recognized upon the completion of the transportation or processing service. Revenue from power sales is recognized upon delivery. Net marketing revenue is recognized upon completion of contract terms that are a prerequisite to payment and upon title transfer for physical deliveries. Unless the normal purchases and sales exception has been elected, net marketing revenue is classified as a derivative, reported on a net basis, recorded at fair value. Changes in fair value are reflected in net sales and excluded from revenue from customers in the table below. DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS The following table reconciles revenue from customers to total net sales for the years ended December 31: millions 2023 2022 2021 Revenue from customers $ 28,325 $ 36,234 $ 25,959 All other revenues (a) (68) 400 (3) Net sales $ 28,257 $ 36,634 $ 25,956 (a) Included net marketing derivatives, oil collars and calls and chemical exchange contracts. 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 natural 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 Year ended December 31, 2023 Oil and gas Oil $ 14,893 $ 3,057 $ — $ 17,950 NGL 1,619 372 — 1,991 Gas 970 335 — 1,305 Other 36 2 — 38 Segment total $ 17,518 $ 3,766 $ — $ 21,284 Chemical $ 5,002 $ 313 $ — $ 5,315 Midstream and marketing $ 2,216 $ 409 $ — $ 2,625 Eliminations $ — $ — $ (899) $ (899) Consolidated $ 24,736 $ 4,488 $ (899) $ 28,325 Year ended December 31, 2022 Oil and gas Oil $ 17,421 $ 3,935 $ — $ 21,356 NGL 2,631 421 — 3,052 Gas 2,422 311 — 2,733 Other 20 4 — 24 Segment total $ 22,494 $ 4,671 $ — $ 27,165 Chemical $ 6,359 $ 379 $ — $ 6,738 Midstream and marketing $ 3,167 $ 588 $ — $ 3,755 Eliminations $ — $ — $ (1,424) $ (1,424) Consolidated $ 32,020 $ 5,638 $ (1,424) $ 36,234 Year ended December 31, 2021 Oil and gas Oil $ 12,072 $ 2,844 $ — $ 14,916 NGL 2,203 325 — 2,528 Gas 1,524 291 — 1,815 Other 24 2 — 26 Segment total $ 15,823 $ 3,462 $ — $ 19,285 Chemical $ 4,995 $ 248 $ — $ 5,243 Midstream and marketing $ 1,969 $ 556 $ — $ 2,525 Eliminations $ — $ — $ (1,094) $ (1,094) Consolidated $ 22,787 $ 4,266 $ (1,094) $ 25,959

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 3 - INVENTORIES Finished goods primarily represents oil, which is carried at the lower of weighted-average cost or net realizable value, and caustic soda and chlorine, which are valued under the LIFO method. Inventories consisted of the following as of December 31: millions 2023 2022 Raw materials $ 115 $ 120 Materials and supplies 988 913 Commodity inventory and finished goods 1,027 1,147 2,130 2,180 Revaluation to LIFO (108) (121) Total $ 2,022 $ 2,059

INVESTMENTS AND RELATED-PARTY T

INVESTMENTS AND RELATED-PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Investments And Related Party Transactions Disclosure [Abstract]
INVESTMENTS AND RELATED-PARTY TRANSACTIONS	NOTE 4 - INVESTMENTS AND RELATED-PARTY TRANSACTIONS EQUITY INVESTMENTS Occidental’s significant equity investments are presented in investments in unconsolidated entities and in deferred credits and other liabilities - other. As of December 31, 2023 and 2022, investments in unconsolidated entities were $3.2 billion and its significant equity investments consisted of investments in WES, OxyChem Ingleside Facility, NET Power and DEL. Occidental’s equity investments presented in investments in unconsolidated entities primarily consist of the following: millions % Economic Interest Carrying amount WES (a) 51.0 % $ 1,928 OxyChem Ingleside Facility 50.0 % 539 NET Power (b) 42.2 % 495 DEL (c) 24.5 % — Other various 262 Total Investments in unconsolidated entities $ 3,224 (a) In 2023, 2022, and 2021, Occidental sold 5.1 million, 10.0 million and 14.0 million of its limited partner units in WES, respectively, resulting in gains on sale of $51 million, $62 million and $102 million, respectively. (b) In June 2023, Occidental invested an additional $351 million in NET Power, increasing its economic interest to 42.2%. (c) Not presented in investments in unconsolidated entities is Occidental’s 24.5% ownership in DEL, which had a carrying value of $252 million and is presented in deferred credits and other liabilities - other. Refer to the discussion below regarding the presentation of Occidental’s equity investment in DEL. Dividends received from equity investments were $708 million, $643 million and $652 million to Occidental in 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, cumulative undistributed earnings of equity-method investees since they were acquired was $613 million and $594 million, respectively. Excluding Occidental’s investment in NET Power and DEL, as of December 31, 2023, Occidental’s investments in equity investees exceeded the underlying equity in net assets by approximately $424 million, of which $371 million represented PP&E and equity investments with the remainder comprised of intangibles, both are subject to amortization over their estimated average lives. As a result of a refinancing transaction at DEL in November 2021, Occidental received cash distributions in excess of its investment balance. Since Occidental may be requested to provide financial support to DEL in the future, the excess distributions were recorded against the carrying amount of the equity investment and in deferred credits and other liabilities - other. The following table presents the summarized financial information of its equity-method investments combined for the years ended and as of December 31: millions 2023 2022 2021 Summarized Results of Operations Revenues and other income $ 4,724 $ 6,342 $ 6,252 Costs and expenses 3,753 4,514 4,569 Net income $ 971 $ 1,828 $ 1,683 Summarized Balance Sheet Current assets $ 4,772 $ 3,482 $ 3,387 Non-current assets $ 18,715 $ 15,282 $ 19,341 Current liabilities $ 2,547 $ 1,342 $ 1,976 Long-term debt $ 9,673 $ 9,512 $ 9,464 Other non-current liabilities $ 2,396 $ 1,289 $ 1,187 Equity $ 8,870 $ 6,621 $ 10,101 RELATED-PARTY TRANSACTIONS Occidental sells oil, NGL, natural gas, chemicals, power and steam to and purchases oil, NGL and chemicals from its equity method investees and other related parties. Occidental is charged service fees primarily related to gathering, processing, oil, NGL and natural gas treatment by certain of its equity investees and other related parties. Berkshire Hathaway is a related party of Occidental due to its ownership of Occidental's 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 OxyChem. Occidental entered into the following related-party transactions and had the following amounts due from or to its related parties for the years ended December 31: millions 2023 2022 2021 Sales (a) $ 256 $ 337 $ 261 Purchases (b) $ 722 $ 948 $ 773 Services (c) $ 1,155 $ 1,006 $ 942 Advances and amounts due from related parties $ 62 $ 40 $ 57 Amounts due to related parties $ 371 $ 306 $ 280 (a) In 2023 and 2022 and 2021 sales of Occidental-produced oil and NGL to WES accounted for 37% and 42% and 58% of these totals, respectively. (b) In 2023 and 2022 and 2021, purchases of gas and NGL marketed on behalf of WES accounted for 22% and 24% and 27% of related party purchases, respectively, while purchases of ethylene from the OxyChem Ingleside Facility accounted for 69% and 64% and 70%, respectively, of related party purchases. (c) In 2023 and 2022 and 2021, services primarily related to fees charged by WES to gather, process and treat Occidental produced oil, NGL and natural gas.

ACQUISITIONS, DIVESTITURES AND

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS	NOTE 5 - ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS 2023 In December 2023, Occidental entered in an agreement to purchase CrownRock L.P. for total consideration of approximately $12.0 billion. If regulatory approval is received, Occidental intends to finance the purchase with the issuance with up to $9.1 billion of new debt, the issuance of approximately 29.6 million shares of common equity and the assumption of CrownRock’s $1.2 billion of existing debt. The amount of new debt issued will be decreased by any available cash and excess cash flow received by CrownRock from January 1, 2024 to close. The agreement is subject to customary closing conditions and the receipt of regulatory approval, including the expiration or termination of the waiting period (and any extensions thereof) under the HSR Act. On January 19, 2024, Occidental and the Sellers each received a Second Request from the FTC in connection with the FTC’s review of the CrownRock Acquisition. A Second Request extends the waiting period imposed by the HSR Act until 30 days after each of Occidental and the Sellers have substantially complied with the Second Request issued to them, unless that period is extended voluntarily by Occidental and the Sellers or terminated sooner by the FTC. Occidental and the Sellers continue to work constructively with the FTC in its review of the CrownRock Acquisition. In September 2023, Occidental sold certain non-core proved and unproved properties in the Permian Basin for $202 million and recorded a gain on sale of assets of $142 million. Throughout 2023, Occidental entered into non-monetary exchange agreements, primarily in the Permian Basin. These exchanges were recorded as acquisitions and divestitures at a total combined fair value of $120 million. The difference in the assets' net book value was treated as a recovery of cost and normal retirement, which resulted in no gain or loss being recognized. In August 2023, Occidental entered into an agreement with Carbon Engineering Ltd., its equity method investee, to purchase the remaining 68% interest not already owned by Occidental or its affiliates for total cash consideration of approximately $1.1 billion, resulting in Carbon Engineering becoming a wholly owned subsidiary of Occidental. The transaction qualifies as a business combination and is accounted for using the acquisition method of accounting. Because Occidental acquired control of Carbon Engineering in the 2023 purchase, Occidental remeasured its previously held 32% equity interest at its acquisition-date fair value and recognized the resulting gain of $283 million in accordance with GAAP. The purchase price will be made in three approximately equal annual payments, with the first payment made at closing. This transaction closed on November 3, 2023, and Occidental made the first payment of $349 million. The remaining two payments will be paid on the first and second anniversaries of closing, which were accrued on the closing date. With this purchase Occidental intends to accelerate technological innovation and cost reductions in Carbon Engineering's direct air capture technology. Carbon Engineering’s current and historical results of operations are immaterial to Occidental. The purchase price was allocated to the major categories of assets and liabilities acquired based upon their estimated fair values at the date of acquisition. The valuation of intangible assets is based on inputs that are not observable in the market and thus represent Level 3 inputs. The fair value of intangible assets was derived using an income approach, with significant inputs being forecasted revenues and expenses, an anticipated growth rate, and an estimated discount rate. Occidental allocated the preliminary purchase price to the fair value of Carbon Engineering’s assets as follows: millions 2023 Fair value of assets acquired: Cash and other current assets $ 154 Property, plant and equipment 11 Intangible assets related to developed technology 845 Goodwill 668 Total fair value of assets acquired $ 1,678 Fair value of liabilities acquired: Liabilities acquired 110 Deferred tax liability 190 Total liabilities assumed $ 300 Fair value of previously held interest 371 Total acquisition consideration $ 1,007 2022 Throughout 2022, Occidental entered into non-monetary exchange agreements, primarily in the Permian Basin. These exchanges were recorded as acquisitions and divestitures at a total combined fair value of $340 million. In 2022, Occidental acquired additional interests in emerging low-carbon businesses to advance net-zero pathway for a combined net purchase price of approximately $350 million . In November 2022 and December 2022, Occidental acquired additional primarily producing assets in the Permian Basin for a combined net purchase price of approximately $400 million. In November 2021, Occidental entered into an agreement to sell certain non-strategic assets in the Permian Basin. The transaction closed in January 2022 for net cash proceeds of approximately $190 million. The difference in the proved assets' net book value and adjusted purchase price was treated as a normal retirement, which resulted in no gain or loss being recognized. The difference in the unproved assets' net book value and adjusted purchase price resulted in a gain on sale of approximately $123 million. The gain has been presented within gains on sales of assets and equity investments, net in the Consolidated Statements of Operations. In 2022, Occidental sold 10.0 million limited partner units of WES for proceeds of approximately $250 million, resulting in a gain of $62 million , see Note 4 - Investments and Related-Party Transactions . 2021 In November 2021, Occidental acquired additional working interests in certain assets in the Permian EOR business for a net purchase price of approximately $285 million. In October 2021, Occidental closed the sale of its Ghana assets. See below discussion on Discontinued Operations for additional information. This divestiture completed Occidental's large-scale asset divestiture program. In June 2021, Occidental entered into an agreement to sell certain non-strategic assets in the Permian Basin. The transaction closed in July 2021 for net cash proceeds of approximately $475 million. The difference in the assets' net book value and adjusted purchase price was treated as a recovery of cost and normal retirement, which resulted in no gain or loss being recognized. In March 2021, Occidental completed the sale of certain non-operated assets in the DJ Basin for net cash proceeds of approximately $280 million. The difference in the assets' net book value and adjusted purchase price was treated as a recovery of cost and normal retirement, which resulted in no gain or loss being recognized. In 2021, Occidental sold 14 million limited partner units of WES for proceeds of approximately $250 million, see Note 4 - Investments and Related-Party Transactions . DISCONTINUED OPERATIONS In 2021, Occidental recorded a $437 million after-tax loss contingency in discontinued operations associated with its former operations in Ecuador, see Note 13 - Lawsuits, Claims, Commitments and Contingencies. In October 2021, Occidental closed the sale of its Ghana assets for $750 million and net proceeds of $555 million, after closing adjustments to reflect an April 1, 2021 effective date. In addition, Occidental settled certain tax claims related to historical operations in Ghana for $170 million. Prior to the sale, 2021 operations in Ghana resulted in an after-tax loss of $31 million. The following table presents the amounts reported in discontinued operations, net of income taxes, related to the Ghana assets for the years ended December 31, 2021: millions 2021 Revenues and other income Net sales $ 458 Costs and other deductions Oil and gas lease operating expense 71 Fair value adjustment on assets held for sale (a) 409 Other 24 Total costs and other deductions $ 504 Loss before income taxes $ (46) Income tax benefit 15 Discontinued operations, net of tax $ (31) (a) For 2021, included effective date to close date adjustments as well as settlements of certain tax claims.

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	NOTE 6 - LONG-TERM DEBT As of December 31, 2023 and 2022, Occidental’s debt consisted of the following: millions 2023 2022 8.750% medium-term notes due 2023 $ — $ 22 2.900% senior notes due 2024 654 654 6.950% senior notes due 2024 291 291 3.450% senior notes due 2024 111 111 5.875% senior notes due 2025 606 606 3.500% senior notes due 2025 137 137 5.500% senior notes due 2025 465 465 5.550% senior notes due 2026 870 870 3.200% senior notes due 2026 182 182 3.400% senior notes due 2026 284 284 7.500% debentures due 2026 112 112 8.500% senior notes due 2027 489 489 3.000% senior notes due 2027 216 216 7.125% debentures due 2027 150 150 7.000% debentures due 2027 48 48 6.625% debentures due 2028 14 14 7.150% debentures due 2028 232 232 7.200% senior debentures due 2028 82 82 6.375% senior notes due 2028 578 578 7.200% debentures due 2029 135 135 7.950% debentures due 2029 116 116 8.450% senior debentures due 2029 116 116 3.500% senior notes due 2029 286 286 Variable rate bonds due 2030 ( 5.750% and 5.320% as of December 31, 2023 and 2022, respectively) 68 68 8.875% senior notes due 2030 1,000 1,000 6.625% senior notes due 2030 1,449 1,449 6.125% senior notes due 2031 1,143 1,143 7.500% senior notes due 2031 900 900 7.875% senior notes due 2031 500 500 6.450% senior notes due 2036 1,727 1,727 Zero Coupon senior notes due 2036 673 673 0.000% loan due 2039 19 — 4.300% senior notes due 2039 247 247 7.950%senior notes due 2039 325 325 6.200% senior notes due 2040 737 737 4.500% senior notes due 2044 191 191 4.625% senior notes due 2045 296 296 6.600% senior notes due 2046 1,117 1,117 4.400% senior notes due 2046 424 424 4.100% senior notes due 2047 258 258 4.200% senior notes due 2048 304 304 4.400% senior notes due 2049 280 280 (continued on next page) millions (continued) 2023 2022 7.730% debentures due 2096 58 58 7.500% debentures due 2096 60 60 7.250% debentures due 2096 5 5 Total borrowings at face value $ 17,955 $ 17,958 Adjustments to book value: Unamortized premium, net 1,152 1,261 Debt issuance costs (106) (73) Net book value of debt $ 19,001 $ 19,146 Long-term finance leases 591 546 Current finance leases 146 143 Total debt and finance leases $ 19,738 $ 19,835 Less current maturities of finance leases (146) (143) Less current maturities of long-term debt (1,056) (22) Long-term debt, net $ 18,536 $ 19,670 DEBT MATURITIES As of December 31, 2023, future principal payments of debt were less than $18.0 billion, of which $1.1 billion is due in 2024, $1.2 billion in 2025, $1.4 billion in 2026, $0.9 billion in 2027, and $13.3 billion due in 2028 and thereafter. ZERO COUPONS The Zero Coupons have an aggregate principal amount due at the 2036 maturity of approximately $673 million . The Zero Coupons can be put to Occidental in October of each year, in whole or in part, for the then-accreted value of the outstanding Zero Coupons. The Zero Coupons can next be put to Occidental in October 2024, which, if put in whole, would be $362 million at such date. Occidental currently has the ability to meet this obligation and may use available capacity under the RCF to satisfy the put should it be exercised. FAIR VALUE OF DEBT Occidental estimates the fair value of fixed-rate debt based on the quoted market prices for those instruments or on quoted market yields for similarly rated debt instruments, taking into account such instruments’ maturities. The estimated fair values of Occidental’s debt as of December 31, 2023, and 2022, the majority of which were classified as Level 1, were approximately $18.1 billion and $17.6 billion, respectively. Occidental’s exposure to changes in interest rates relates primarily to its variable-rate, long-term debt obligations, and is not material. As of December 31, 2023, and 2022, variable-rate debt constituted approximately 0.4% of Occidental’s total debt. DEBT RATINGS As of December 31, 2023, Occidental’s long-term debt was rated Baa3 by Moody’s Investors Service, BBB- by Fitch Ratings and BB+ by Standard and Poor’s. Occidental's credit rating was upgraded to investment grade by Moody's Investors Service in March 2023 and by Fitch Ratings in May 2023. Any downgrade in credit ratings could impact Occidental's ability to access capital markets and increase its cost of capital. In addition, Occidental or its subsidiaries may be requested, elect to provide or in some cases be required to provide collateral in the form of cash, letters of credit, surety bonds or other acceptable support as financial assurance of their performance and payment obligations under certain contractual arrangements such as pipeline transportation contracts, environmental remediation obligations, oil and gas purchase contracts and certain derivative instruments. As of the date of this filing, Occidental had provided required financial assurances through a combination of cash, letters of credit and surety bonds and had not issued any letters of credit under the RCF or other committed facilities. For additional information, see Risk Factors in Part I, Item IA of this Form 10-K. DEBT ACTIVITY In 2022, Occidental repaid debt with a face value of more than $10.5 billion, reducing the face value of Occidental’s debt to less than $18.0 billion. The net book value of the full year repayments was $9.8 billion, which resulted in a gain of $149 million. The following table summarizes Occidental’s debt activity in 2022: millions Borrowings at face value Total borrowings at face value as of December 31, 2021 $ 28,493 Repayments: 2.600% senior notes due 2022 $ (101) 2.700% senior notes due 2023 (442) 6.950% senior notes due 2024 (359) 3.450% senior notes due 2024 (16) 2.900% senior notes due 2024 (295) 3.500% senior notes due 2025 (189) 8.000% senior notes due 2025 (500) 5.875% senior notes due 2025 (294) 5.500% senior notes due 2025 (285) 5.550% senior notes due 2026 (230) 3.200% senior notes due 2026 (615) 3.400% senior notes due 2026 (495) 3.000% senior notes due 2027 (418) 8.500% senior notes due 2027 (11) 7.150% debentures due 2028 (3) 6.375% senior notes due 2028 (22) 3.500% senior notes due 2029 (1,191) 6.625% senior notes due 2030 (51) 6.125% senior notes due 2031 (107) 6.450% senior notes due 2036 (23) Zero Coupon senior notes due 2036 (1,596) 4.300% senior notes due 2039 (446) 6.200% senior notes due 2040 (13) 4.500% senior notes due 2044 (417) 4.625% senior notes due 2045 (338) 6.600% senior notes due 2046 (40) 4.400% senior notes due 2046 (552) 4.100% senior notes due 2047 (405) 4.200% senior notes due 2048 (657) 4.400% senior notes due 2049 (424) Total borrowings at face value as of December 31, 2022 $ 17,958 CROWNROCK ACQUISITION FINANCING In connection with the CrownRock Acquisition, Occidental has secured a fully-committed $5.3 billion bridge loan facility, a $2.0 billion 364-day term loan, and a $2.7 billion two-year term loan. No amounts were drawn as of December 31, 2023 under any acquisition financing. Proceeds from the loans must be used to fund all or a portion of the CrownRock Acquisition. REVOLVING CREDIT FACILITY In December 2021, Occidental entered into the Second Amended and Restated Credit Agreement in which the total committed borrowing capacity of $4.0 billion is based on a SOFR benchmark. The interest rate margin and the facility fee rates are subject to adjustments based on Occidental’s performance on specified sustainability target thresholds with respect to absolute reductions in GHG emissions from its worldwide operated assets. The RCF maturity date is June 30, 2025. In February 2024, Occidental entered into a Third Amended and Restated Credit Agreement with the same committed borrowing capacity as above, but extended the maturity date to June 30, 2028. No amounts were drawn under the facility as of December 31, 2023. Borrowings under the RCF bear interest at SOFR benchmark rates, plus a margin based on Occidental’s senior debt ratings. The facility has similar terms to other debt agreements and does not contain material adverse change clauses or debt ratings triggers that could restrict Occidental’s ability to borrow, or that would permit lenders to terminate their commitments or accelerate debt repayment. The facility provides for the termination of loan commitments and requires immediate repayment of any outstanding amounts if certain events of default occur. As of the date of this filing, Occidental had no drawn amounts under the RCF. In 2023, Occidental paid average annual facility fees of 0.22% on the total commitment amount. RECEIVABLES SECURITIZATION FACILITY

LEASE COMMITMENTS

LEASE COMMITMENTS	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
LEASE COMMITMENTS	NOTE 7 - LEASE COMMITMENTS Occidental identifies leases through its accounts payable and contract monitoring processes. Lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Lease assets include the discounted value of future lease payments, upfront payments and costs incurred to execute the lease and are amortized on a straight-line basis over the lease term. Occidental assesses the likelihood of exercising renewal, termination and purchase options to determine the lease term. Occidental uses its incremental borrowing rate at commencement date to determine the present value of lease payments. The incremental borrowing rate is the rate of interest that Occidental would pay to borrow an amount equal to the lease payments over a similar term on a collateralized basis in a similar economic environment. For assets except drilling rigs, Occidental does not separate lease and non-lease components as the non-lease portions were not significant. Occid ental has operating leases for oil and gas exploration and development equipment, including offshore and onshore drilling rigs of $385 million, office space of $339 million, compressors of $125 million, railcars of $112 million, marine transportation vessels of $110 million and $45 million consisting of storage facilities and other field equipment. Operating leases also include easements and real estate of $57 million. These operating leases have contract expiration terms ranging from one Occidental’s finance leases include compressors of $454 million, office space of $255 million, and $28 million of other assets. Property, plant and equipment included $738 million of finance leases at December 31, 2023 . The following summarizes maturities of lease liabilities at December 31, 2023: millions Operating Leases (a) Finance Leases (b) Total 2024 $ 453 $ 146 $ 599 2025 291 136 427 2026 194 126 320 2027 101 113 214 2028 71 85 156 Thereafter 190 256 446 Total lease payments 1,300 862 2,162 Less: Discount (127) (125) (252) Total lease liabilities $ 1,173 $ 737 $ 1,910 (a) The weighted-average remaining lease term is 4.5 years and the weighted-average discount rate is 4.94%. (b) The weighted-average remaining lease term is 6.3 years and the weighted-average discount rate is 4.61%. The following tables present Occidental’s total lease cost and other information for operating and finance lease liabilities for the years ended December 31: millions 2023 2022 Lease Cost Finance lease cost: Amortization of right-of-use assets $ 126 $ 83 Interest on lease liabilities 27 20 Operating lease cost 398 374 Short-term lease cost 460 184 Total lease cost $ 1,011 $ 661 millions 2023 2022 Cash payments related to leases Operating cash flows from finance lease $ 27 $ 20 Operating cash flows from operating leases $ 198 $ 191 Investing cash flows from operating leases $ 183 $ 81 Financing cash flows from finance leases $ 105 $ 83 Changes in Right-of-Use assets Right-of-use assets obtained in exchange for new finance lease liabilities $ 226 $ 85 Right-of-use assets obtained in exchange for new operating lease liabilities $ 630 $ 525
LEASE COMMITMENTS	NOTE 7 - LEASE COMMITMENTS Occidental identifies leases through its accounts payable and contract monitoring processes. Lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Lease assets include the discounted value of future lease payments, upfront payments and costs incurred to execute the lease and are amortized on a straight-line basis over the lease term. Occidental assesses the likelihood of exercising renewal, termination and purchase options to determine the lease term. Occidental uses its incremental borrowing rate at commencement date to determine the present value of lease payments. The incremental borrowing rate is the rate of interest that Occidental would pay to borrow an amount equal to the lease payments over a similar term on a collateralized basis in a similar economic environment. For assets except drilling rigs, Occidental does not separate lease and non-lease components as the non-lease portions were not significant. Occid ental has operating leases for oil and gas exploration and development equipment, including offshore and onshore drilling rigs of $385 million, office space of $339 million, compressors of $125 million, railcars of $112 million, marine transportation vessels of $110 million and $45 million consisting of storage facilities and other field equipment. Operating leases also include easements and real estate of $57 million. These operating leases have contract expiration terms ranging from one Occidental’s finance leases include compressors of $454 million, office space of $255 million, and $28 million of other assets. Property, plant and equipment included $738 million of finance leases at December 31, 2023 . The following summarizes maturities of lease liabilities at December 31, 2023: millions Operating Leases (a) Finance Leases (b) Total 2024 $ 453 $ 146 $ 599 2025 291 136 427 2026 194 126 320 2027 101 113 214 2028 71 85 156 Thereafter 190 256 446 Total lease payments 1,300 862 2,162 Less: Discount (127) (125) (252) Total lease liabilities $ 1,173 $ 737 $ 1,910 (a) The weighted-average remaining lease term is 4.5 years and the weighted-average discount rate is 4.94%. (b) The weighted-average remaining lease term is 6.3 years and the weighted-average discount rate is 4.61%. The following tables present Occidental’s total lease cost and other information for operating and finance lease liabilities for the years ended December 31: millions 2023 2022 Lease Cost Finance lease cost: Amortization of right-of-use assets $ 126 $ 83 Interest on lease liabilities 27 20 Operating lease cost 398 374 Short-term lease cost 460 184 Total lease cost $ 1,011 $ 661 millions 2023 2022 Cash payments related to leases Operating cash flows from finance lease $ 27 $ 20 Operating cash flows from operating leases $ 198 $ 191 Investing cash flows from operating leases $ 183 $ 81 Financing cash flows from finance leases $ 105 $ 83 Changes in Right-of-Use assets Right-of-use assets obtained in exchange for new finance lease liabilities $ 226 $ 85 Right-of-use assets obtained in exchange for new operating lease liabilities $ 630 $ 525

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	NOTE 8 - DERIVATIVES OBJECTIVE AND STRATEGY Occidental uses a variety of derivative financial instruments and physical contracts to manage its exposure to commodity price fluctuations, 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. The value of cash flow hedges was insignificant for all periods presented. See Note 1 - Summary of Significant Accounting Policies for Occidental’s accounting policy on derivatives. DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS As of December 31, 2023, Occidental’s derivatives not designated as hedges consisted of marketing derivatives. All interest rate swaps were settled prior to December 31, 2022. 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. A substantial majority of Occidental’s physically settled derivative contracts are index-based and carry no mark-to-market valuation in earnings. As of December 31, 2023, the weighted-average settlement price of these forward contracts was $76.36 /Bbl and $2.62 /Mcf for crude oil and natural gas, respectively. The weighted-average settlement price was $81.37/Bbl and $7.89/Mcf for crude oil and natural gas, respectively, as of December 31, 2022. Net gains and losses associated with marketing derivative instruments not designated as hedging instruments are recognized currently in net sales. Derivative settlements and collateralization are classified as cash flows 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. The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments as of December 31: 2023 2022 Oil commodity contracts Volume (MMbbl) (20) (33) Natural gas commodity contracts Volume (Bcf) (113) (112) INTEREST RATE SWAPS Occidental retired all remaining outstanding interest rate swaps in 2022. Occidental's interest rate swap contracts locked 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. Interest rate swaps and collateralization are classified as cash flows from financing activities. FAIR VALUE OF DERIVATIVES Occidental has categorized its assets and liabilities that are measured at fair value in a three-level fair value hierarchy, based on the inputs to the valuation techniques: Level 1 – using quoted prices in active markets for the assets or liabilities; Level 2 – using observable inputs other than quoted prices for the assets or liabilities; and Level 3 – using unobservable inputs. Transfers between levels, if any, are reported at the end of each reporting period. The following table presents the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts below, including when derivatives are subject to netting arrangements, and are presented on a net basis in the Consolidated Balance Sheets. millions Fair Value Measurements Using Total Fair Value Balance Sheet Classification Level 1 Level 2 Level 3 Netting (a) December 31, 2023 Marketing Derivatives Other current assets $ 1,008 $ 100 $ — $ (1,009) $ 99 Long-term receivables and other assets, net 47 1 — (43) 5 Accrued liabilities (967) (64) — 1,009 (22) Deferred credits and other liabilities - other (43) (6) — 43 (6) December 31, 2022 Marketing Derivatives Other current assets $ 920 $ 127 $ — $ (980) $ 67 Long-term receivables and other assets, net 1 2 — (1) 2 Accrued liabilities (938) (96) — 980 (54) Deferred credits and other liabilities - other (1) (1) — 2 — (a) These amounts do not include collateral. Occidental netted $42 million of collateral received with brokers against derivative assets as of December 31, 2023 and $15 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of December 31, 2022 . GAINS AND LOSSES ON DERIVATIVES The following table presents gains and (losses) related to Occidental’s derivative instruments in the Consolidated Statements of Operations for the years ended December 31: millions Income Statement Classification 2023 2022 2021 Collars and Calls (a) Net sales $ — $ — $ (344) Marketing Derivatives Net sales (b) (74) 381 338 Interest Rate Swaps Gains on interest rate swaps, net (c) — 317 122 (a) All of Occidental’s collars and calls expired on or before December 31, 2021. (b) Includes derivative and non-derivative marketing activity. (c) Occidental retired all remaining outstanding interest rate swaps on or before December 31, 2022. CREDIT RISK The majority of Occidental’s counterparty credit risk is related to the physical delivery of energy commodities to its customers and their inability to meet their settlement commitments. Occidental manages credit risk by selecting counterparties that it believes to be financially strong, by entering into netting arrangements with counterparties and by requiring collateral or other credit risk mitigants, as appropriate. Occidental actively evaluates the creditworthiness of its counterparties, assigns appropriate credit limits and monitors credit exposures against those assigned limits. Occidental also enters into futures contracts through regulated exchanges with select clearinghouses and brokers, which are subject to minimal credit risk, if any.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 9 - FAIR VALUE MEASUREMENTS FAIR VALUES – NONRECURRING In 2023, Occidental recorded a pre-tax impairment of $180 million related to undeveloped acreage in the northern non-core area of the Powder River Basin where Occidental has decided not to pursue future exploration and appraisal activities. Impairment expense also included a $29 million impairment related to an equity method investment in Black Butte Coal Company. There were no significant non-recurring fair value measurements in 2022. In 2021, Occidental recorded pre-tax impairments of $276 million related to undeveloped leases that either expired or were set to expire in the near-term, where Occidental had no plans to pursue exploration activities. FINANCIAL INSTRUMENTS FAIR VALUE The carrying amounts of cash, cash equivalents, restricted cash, restricted cash equivalents and other financial instruments, other than fixed-rate debt, approximate fair value. See Note 6 - Long-Term Debt for the fair value of long-term debt.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 10 - 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 programs, management undertook a legal entity reorganization that was completed in 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 2022, Occidental recorded a tax benefit of $2.7 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. The legal entity reorganization transaction is currently under IRS review as part of the Company’s 2022 federal tax audit. INFLATION REDUCTION ACT In August 2022, Congress passed the IRA that contains, among other provisions, a corporate book minimum tax on financial statement income, an excise tax on stock buybacks, a methane emissions fee and certain tax incentives related to climate change and clean energy. Occidental is currently evaluating the guidance and proposed regulations released in 2023. The ultimate impact of the IRA to Occidental will depend on a number of factors including future commodity prices, interpretations and assumptions as well as additional regulatory guidance. PILLAR TWO Approximately 140 countries have agreed to a statement in support of the OECD Pillar Two initiative that proposes a 15% global minimum tax on a jurisdiction by jurisdiction basis. A number of countries, including European Union member states, the United Kingdom, and Canada have enacted or are expected to enact legislation to be effective as early as 2024, with widespread implementation of a global minimum tax expected by 2025. As the legislation becomes effective in countries in which Oxy operates, the company’s cash tax could increase and its effective tax rate could be negatively impacted. Occidental will continue to monitor proposed legislation and guidance issued by both the OECD as well as the jurisdictions in which it operates to assess the impact on the its tax position. The following summarizes domestic and foreign components of income from continuing operations before domestic and foreign income taxes for the years ended December 31: millions 2023 2022 2021 Domestic $ 4,246 $ 11,314 $ 1,966 Foreign 2,183 2,803 1,739 Total income from continuing operations before income taxes $ 6,429 $ 14,117 $ 3,705 The following summarizes components of income tax (expense) benefit on continuing operations for the years ended December 31: millions 2023 2022 2021 Current Federal $ (871) $ (1,272) $ (173) State and local (92) (105) (36) Foreign (713) (1,080) (660) Total current tax expense $ (1,676) $ (2,457) $ (869) Deferred Federal (37) 1,569 (191) State and local 25 57 153 Foreign (45) 18 (8) Total deferred tax (expense) benefit $ (57) $ 1,644 $ (46) Total income tax expense $ (1,733) $ (813) $ (915) The following reconciliation of the U.S federal statutory income tax rate to Occidental’s worldwide effective tax rate on income from continuing operations for the years ended December 31 is stated as a percentage of income from continuing operations before income taxes: 2023 2022 2021 U.S. federal statutory tax rate 21 % 21 % 21 % Legal entity reorganization — (18) — Enhanced oil recovery credit and other general business credits — — (3) Capital loss — — (2) Tax impact from foreign operations 3 3 8 State income taxes, net of federal benefit 1 — (2) Uncertain tax positions 2 — — Other — — 3 Worldwide effective tax rate 27 % 6 % 25 % In 2023, Occidental’s worldwide effective tax rate of 27% was higher than the U.S. statutory rate of 21% and primarily driven by Occidental's jurisdictional mix of income, where international income is subject to tax at statutory rates as high as 55%. In 2022, Occidental’s worldwide effective tax rate was 6%, which was lower than the U.S. statutory rate of 21% and primarily driven by a tax benefit associated with Occidental's legal entity reorganization, as described above, partially offset by higher tax rates in the foreign jurisdictions in which Occidental operates. In 2021, Occidental’s worldwide effective tax rate was 25%, which was higher than the U.S. statutory rate of 21% due to higher tax rates in the foreign jurisdictions in which Occidental operates, partially offset by the tax impact of business credits, state tax revaluations and other domestic tax benefits. The tax effects of temporary differences resulting in deferred income taxes as of December 31: millions 2023 2022 Deferred tax liabilities Property, plant and equipment differences $ (6,994) $ (7,218) Equity investments, partnerships and international subsidiaries (709) (441) Gross long-term deferred tax liabilities (7,703) (7,659) Deferred tax assets Environmental reserves 223 229 Postretirement benefit accruals 229 235 Deferred compensation and benefits 237 207 Asset retirement obligations 722 799 Foreign tax credit carryforwards 2,759 3,622 Business credit carryforwards 43 30 Net operating loss carryforward 1,056 1,058 Interest expense carryforward 11 11 All other 586 771 Gross long-term deferred tax assets 5,866 6,962 Valuation allowance (3,901) (4,785) Net long-term deferred tax assets $ 1,965 $ 2,177 Total deferred income tax liability, net $ (5,738) $ (5,482) Less: foreign deferred tax asset in long-term receivables and other assets, net (26) (30) Total deferred income tax liability $ (5,764) $ (5,512) Total deferred tax assets, after valuation allowances, were $2.0 billion and $2.2 billion as of December 31, 2023 and 2022, respectively. Occidental expects to realize the recorded deferred tax assets, net of any allowances, through future operating income and reversal of temporary differences. The total deferred tax liabilities were $7.7 billion as of December 31, 2023 and 2022. As of December 31, 2023, Occidental had foreign tax credit carryforwards of $2.8 billion and state tax credit carryforwards of $33 million. Occidental had recorded a valuation allowance for $2.8 billion of the foreign tax credit carryforwards and $29 million of the state tax credit carryforwards. As of December 31, 2023, Occidental had tax-effected foreign net operating loss carryforwards of $854 million, state net operating loss carryforwards of $199 million, and federal net operating loss carryforwards of $3 million. The carryforward balances have varying carryforward periods through 2043, excluding certain attributes for which there is an indefinite carryforward period. A valuation allowance was recorded for $801 million of the tax-effected foreign net operating loss carryforwards and $159 million of the tax-effected state net operating loss carryforwards. Occidental had an additional valuation allowance of $145 million against other foreign deferred tax assets. Occidental had a tax-effected state interest expense carryforward of $11 million with a valuation allowance for $3 million of the state interest expense carryforward as of December 31, 2023. A deferred tax liability had not been recognized for temporary differences related to unremitted earnings of certain consolidated international subsidiaries aggregating approximately $984 million as of December 31, 2023, as it is Occidental’s intention to reinvest such earnings indefinitely. If the earnings of these international subsidiaries were not indefinitely reinvested, an additional deferred tax liability of approximately $232 million would be required. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: millions 2023 2022 2021 Balance as of January 1 $ 2,010 $ 2,026 $ 2,045 Increases related to prior-year positions — 2 75 Settlements — — (80) Reductions for tax positions of prior years (59) (18) (14) Balance as of December 31 $ 1,951 $ 2,010 $ 2,026 The December 31, 2023 balance of unrecognized tax benefits of $2.0 billion included potential benefits of $2.0 billion of which, if recognized, $1.5 billion would affect the effective tax rate on income. Also included were benefits of $45 million related to tax positions for which the ultimate deductibility is highly certain, but the timing of such deductibility is uncertain. Unrecognized tax benefits are included in deferred credits and other liabilities - other. Occidental records estimated potential interest and penalties related to liabilities for unrecognized tax benefits in the provisions for domestic and foreign income taxes. In 2023, Occidental recorded interest related to liabilities for unrecognized tax benefits of $159 million, for a cumulative accrued interest related to liabilities for unrecognized tax benefits of $576 million as of December 31, 2023. There were no penalties associated with liabilities for unrecognized tax benefits recorded for the years ended December 31, 2023 and 2022. Over the next 12 months, it is reasonably possible that the total amount of unrecognized tax benefits could decrease by an estimated $10 million due to settlements with taxing authorities or lapses in statutes of limitation. Occidental recognized $79 million and $280 million in federal and state income tax receivables as of December 31, 2023 and 2022, respectively, which was recorded in other current assets. In addition, Occidental recognized $31 million and $33 million in 2023 and 2022, respectively, of long-term income tax receivables, which were recorded in long-term receivables and other assets, net. Occidental is subject to audit by various tax authorities in varying periods. See Note 13 - Lawsuits, Claims, Commitments and Contingencies for a discussion of these matters.

RETIREMENT AND POSTRETIREMENT B

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	NOTE 11 - RETIREMENT AND POSTRETIREMENT BENEFIT PLANS Occidental has various defined contribution and defined benefit plans for its salaried, domestic union and nonunion hourly and certain foreign national employees. In addition, Occidental also provides medical and other benefits for certain active, retired and disabled employees and their eligible dependents. DEFINED CONTRIBUTION PLANS All domestic employees and certain foreign national employees are eligible to participate in one or more of the defined contribution retirement or savings plans that provide for periodic contributions by Occidental based on plan-specific criteria, such as base pay, level and employee contributions. Certain salaried employees participate in a supplemental retirement plan that restores benefits lost due to government limitations on qualified retirement benefits. The accrued liabilities for the supplemental retirement plan were $330 million and $288 million as of December 31, 2023 and 2022, respectively. In 2023, 2022 and 2021 Occidental expensed $221 million, $202 million and $166 million, respectively under the provisions of these defined contribution and supplemental retirement plans. DEFINED BENEFIT PLANS Participation in defined benefit plans is limited. Approximately 300 domestic and 300 foreign national employees, mainly union, nonunion hourly and certain employees that joined Occidental from acquired operations with grandfathered benefits, are currently accruing benefits under these plans. Pension costs for Occidental’s defined benefit pension plans, determined by independent actuarial valuations, are generally funded by payments to trust funds, which are administered by independent trustees. POSTRETIREMENT AND OTHER BENEFIT PLANS Occidental provides medical and dental benefits and life insurance coverage for certain active, retired and disabled employees and their eligible dependents. Occidental generally funds the benefits as they are paid during the year. In 2023, 2022 and 2021, these benefit costs, including the postretirement costs, were $175 million, $211 million and $211 million, respectively. OBLIGATIONS AND FUNDED STATUS The following tables show the amounts recognized in Occidental’s Consolidated Balance Sheets related to its pension and postretirement benefit plans as of December 31: Pension Benefits Postretirement Benefits millions 2023 2022 2023 2022 Amounts recognized in the Consolidated Balance Sheet: Other long-term assets $ 126 $ 102 $ — $ — Accrued liabilities (3) (3) (57) (62) Deferred credits and other liabilities — pension and postretirement obligations (270) (344) (661) (711) $ (147) $ (245) $ (718) $ (773) Accumulated other comprehensive loss included the following after-tax balances: Net (gain) loss $ 3 $ 17 $ (217) $ (190) Prior service credit — — (45) (52) $ 3 $ 17 $ (262) $ (242) The following tables show the funding status, obligations and plan asset fair values of Occidental related to its pension and postretirement benefit plans for the years ended December 31: Pension Benefits Postretirement Benefits millions 2023 2022 2023 2022 Changes in the benefit obligation: Benefit obligation — beginning of year $ 886 $ 1,273 $ 773 $ 1,220 Service cost — benefits earned during the period 5 7 16 38 Interest cost on projected benefit obligation 45 36 37 33 Actuarial (gain) loss 19 (297) (53) (468) Benefits paid (80) (123) (65) (58) Other 4 (10) 10 8 Benefit obligation — end of year $ 879 $ 886 $ 718 $ 773 Changes in plan assets: Fair value of plan assets — beginning of year $ 641 $ 1,070 $ — $ — Actual return (loss) on plan assets 77 (304) — — Employer contributions 89 16 54 49 Benefits paid (80) (123) (64) (57) Other 5 (18) 10 8 Fair value of plan assets — end of year $ 732 $ 641 $ — $ — Unfunded status: $ (147) $ (245) $ (718) $ (773) Changes in actuarial gains and losses in the projected benefit obligation are primarily driven by discount rate movement and changes in expected claims assumptions in the postretirement plans. The following table sets forth details of the obligations and assets of Occidental’s defined benefit pension plans for the years ended December 31: Accumulated Benefit Plan Assets in millions 2023 2022 2023 2022 Projected benefit obligation $ 719 $ 738 $ 160 $ 148 Accumulated benefit obligation $ 717 $ 736 $ 157 $ 146 Fair value of plan assets $ 543 $ 458 $ 189 $ 183 COMPONENTS OF NET PERIODIC BENEFIT COST The following table sets forth the components of net periodic benefit costs for the years ended December 31: Pension Benefits Postretirement Benefits millions 2023 2022 2021 2023 2022 2021 Net periodic benefit costs: Service cost — benefits earned during the period $ 5 $ 7 $ 8 $ 16 $ 38 $ 42 Interest cost on projected benefit obligation 45 36 35 37 33 33 Expected return on plan assets (45) (38) (59) — — — Recognized actuarial loss (gain) 4 1 2 (20) 5 15 Recognized prior service credit — — — (9) (9) (9) Gain (loss) due to settlement 1 (1) (19) — — — Net periodic benefit (cost) $ 10 $ 5 $ (33) $ 24 $ 67 $ 81 The service cost component of net periodic benefit cost is included in selling, general and administrative, oil and gas operating expense, chemical and midstream costs and exploration expense on Occidental’s Consolidated Statements of Operations. All other components of net periodic benefit cost are included in other operating and non-operating expense. ADDITIONAL INFORMATION The following table sets forth the weighted-average assumptions used to determine Occidental’s benefit obligation and net periodic benefit cost for domestic plans for the years ended December 31: Pension Benefits Postretirement Benefits 2023 2022 2023 2022 Benefit Obligation Assumptions: Discount rate 4.98 % 5.27 % 5.12 % 5.43 % Rate of increase in compensation levels 3.96 % 3.95 % — — Net Periodic Benefit Cost Assumptions: Discount rate 5.27 % 2.65 % 5.43 % 2.94 % Rate of increase in compensation levels 3.95 % 3.98 % — — Assumed long-term rate of return on assets 6.65 % 4.36 % — — For domestic pension plans and postretirement benefit plans, Occidental based the discount rate on a AA-AAA Universe yield curve in 2023 and 2022. The assumed long-term rate of return on assets is estimated with regard to current market factors but within the context of historical returns for the asset mix that exists at year end. Assumed rates of compensation increases for active participants in certain plans vary by age group. I n 2021, Occidental adopted the Society of Actuaries Pri-2012 Private Retirement Plans Mortality Tables with MP-2021 Mortality Improvement Scale, which updated the mortality assumptions that private defined-benefit plans in the United States use in the actuarial valuations that determine a plan sponsor’s pension obligations. These mortality assumptions reflect additional data that the Social Security Administration released since the previous mortality tables and improvement scales were released. The postretirement benefit obligation was determined by application of the terms of medical and dental benefits and life insurance coverage, including the effect of established maximums on covered costs, together with relevant actuarial assumptions and health care cost trend rates. Health care cost trend rates for Medicare advantaged prescription drug plans are 8.7% starting in 2023, then grading down to 4.5% in 2028 and beyond. Health care cost trend rates used for non-medicare advantaged prescription drug plans are 5.8% to 6.3% in 2023, then grading down to 4.5% in 2028 and beyond. The actuarial assumptions used could change in the near-term as a result of changes in expected future trends and other factors that, depending on the nature of the changes, could cause increases or decreases in the plan assets and liabilities. FAIR VALUE OF PENSION PLAN ASSETS Qualified defined benefit plan assets are monitored by Occidental’s Pension and Retirement Trust and Investment Committee in its role as a fiduciary. The Investment Committee selects and employs various external professional investment management firms to manage specific investments across the spectrum of asset classes. The Investment Committee employs a liability driven investment approach that uses a diversified blend of investments (equity securities, fixed-income securities, and alternative investments) along a glide path to optimize the long-term return of plan assets relative to plan liabilities, at a prudent level of risk. Equity investments are diversified across U.S. and non-U.S. stocks, as well as differing styles and market capitalizations. Investment performance is measured and monitored on an ongoing basis through quarterly investment portfolio and manager guideline compliance reviews, annual liability measurements and periodic studies. The fair values of Occidental’s pension plan assets by asset category were as follows: millions Level 1 Level 2 Level 3 Total December 31, 2023 Asset Class: Government securities $ 42 $ — $ — $ 42 Corporate bonds (a) — 19 — 19 Equity securities (b) 33 — — 33 Other — 47 — 47 Investments measured at fair value $ 75 $ 66 $ — $ 141 Investments measured at net asset value (c) — — — 591 Total pension plan assets (d) $ 75 $ 66 $ — $ 732 December 31, 2022 Asset Class: Cash and cash equivalents $ 8 $ — $ — $ 8 Government securities 29 — — 29 Corporate bonds (a) — 16 — 16 Equity securities (b) 34 — — 34 Other — 46 — 46 Investments measured at fair value $ 71 $ 62 $ — $ 133 Investments measured at net asset value (c) — — — 509 Total pension plan assets (d) $ 71 $ 62 $ — $ 642 (a) This category represents investment grade bonds of U.S. and non-U.S. issuers from diverse industries. (b) This category represents direct investments in mutual funds and common and preferred stocks from diverse U.S. and non-U.S. industries. (c) Certain investments measured at fair value using the NAV per share (or its equivalent) have not been categorized in the fair value hierarchy. Amounts presented in this table are intended to reconcile the fair value hierarchy to the pension plan assets. (d) Amounts exclude net payables of zero as of December 31, 2023 and $1 million as of December 31, 2022 . Occidental expects to contribute approximately $25 million to its defined benefit pension plans during 2024. Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows for the years ended December 31: millions Pension Benefits Postretirement Benefits 2024 $ 74 $ 58 2025 69 56 2026 66 54 2027 67 52 2028 63 50 2029 - 2033 292 238

ENVIRONMENTAL LIABILITIES AND E

ENVIRONMENTAL LIABILITIES AND EXPENDITURES	12 Months Ended
	Dec. 31, 2023
Environmental Remediation Obligations [Abstract]
ENVIRONMENTAL LIABILITIES AND EXPENDITURES	NOTE 12 - ENVIRONMENTAL LIABILITIES AND EXPENDITURES Occidental and its subsidiaries and their respective operations are subject to stringent federal, state, local and international laws and regulations related to improving or maintaining environmental quality. The laws that require or address environmental remediation, including CERCLA and similar federal, state, local and international laws, may apply retroactively and regardless of fault, the legality of the original activities or the current ownership or control of sites. 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 Third-Party, Currently Operated, and Closed or Non-operated Sites, which categories may include NPL Sites. Remedial activities may include one or more of the following: investigation involving sampling, modeling, risk assessment or monitoring; clean-up 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, natural resource damages, punitive damages, civil penalties, injunctive relief and government oversight costs. ENVIRONMENTAL REMEDIATION As of December 31, 2023, certain Occidental subsidiaries participated in or monitored remedial activities or proceedings at 160 sites. The following table presents the current and non-current environmental remediation liabilities of such subsidiaries on a consolidated basis as of December 31, 2023 and 2022, the current portion of which is included in accrued liabilities environmental remediation liabilities These environmental remediation sites are grouped into NPL Sites and the following three categories of non-NPL Sites —Third-Party Sites, Currently Operated Sites and Closed or Non-operated Sites. 2023 2022 millions, except number of sites Number of Sites Remediation Balance Number of Sites Remediation Balance NPL Sites 32 $ 435 30 $ 445 Third-Party Sites 65 233 68 238 Currently Operated Sites 12 98 13 106 Closed or Non-operated Sites 51 255 51 257 Total 160 $ 1,021 162 $ 1,046 As of December 31, 2023, environmental remediation liabilities of Occidental subsidiaries exceeded $10 million each at 18 of the 160 sites described above, and 94 of the sites had liabilities from $0 to $1 million each. The DASS in Newark, New Jersey accounted for a significant portion of the liabilities associated with the category of NPL Sites. Six of the 65 Third-Party Sites — a chrome site in New Jersey, a former copper mining and smelting operation in Tennessee, a former oil field, a former chemical plant and a landfill in California and an active refinery in Louisiana where Occidental reimburses the current owner for certain remediation activities — accounted for approximately two thirds of the liabilities associated with this category. Three Currently Operated Sites — oil and gas operations in Colorado and chemical plants in Kansas and Louisiana — accounted for approximately two thirds of the liabilities associated with this category. Eight Closed or Non-operated Sites — a landfill in Western New York, a former refinery in Oklahoma, former chemical plants in California, Michigan, Ohio, Tennessee and Washington, and a closed coal mine in Pennsylvania — accounted for approximately two thirds of the liabilities associated with this category. The consolidated estimate of environmental remediation liabilities in the table above varies over time depending on factors such as acquisitions or divestitures, identification of additional sites, remedy selection and implementation and changes in applicable laws or regulations, among other factors. Occidental’s subsidiaries recorded environmental remediation expenses three Occidental believes its range of reasonably possible additional losses of its subsidiaries beyond those amounts currently recorded for environmental remediation for the 160 environmental sites in the table above could be up to $2.6 billion. MAXUS ENVIRONMENTAL SITES A significant portion of aggregate estimates of environmental remediation liabilities and reasonably possible additional losses described above relates to the former DSCC. When OxyChem acquired DSCC in 1986, Maxus agreed to indemnify OxyChem for a number of environmental sites, including the DASS. In June 2016, Maxus and several affiliated companies filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. Prior to filing for bankruptcy, Maxus defended and indemnified OxyChem in connection with remediation costs and other liabilities associated with the sites subject to the indemnity. In 2023, OxyChem recovered on its remaining claims for indemnified costs from the proceeds of litigation brought by the Maxus Liquidating Trust. For additional information on the Maxus Liquidating Trust, see Note 13 - Lawsuits, Claims, Commitments and Contingencies . DIAMOND ALKALI SUPERFUND SITE The EPA has organized the DASS into four OUs for evaluating, selecting and implementing remediation under CERCLA. OxyChem’s current activities in each OU are summarized below, many of which are performed on OxyChem’s behalf by Glenn Springs Holdings, Inc. OU1 – The Former Diamond Alkali Plant at 80-120 Lister Avenue in Newark: Maxus and its affiliates implemented an interim remedy of OU1 pursuant to a 1990 Consent Decree, for which OxyChem currently performs maintenance and monitoring. The EPA is conducting a periodic evaluation of the interim remedy for OU1. OU2 – The Lower 8.3 Miles of the Lower Passaic River: In March 2016, the EPA issued a ROD specifying remedial actions required for OU2. 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 remedy selected in the ROD. At that time, the EPA sent notice letters to approximately 100 parties notifying them that they were potentially responsible to pay the costs to implement the remedy in OU2 and announced that it would pursue similar agreements with other potentially responsible parties. In June 2018, OxyChem filed a complaint under CERCLA in U.S. District Court for the District of New Jersey against numerous potentially responsible parties seeking contribution and cost recovery of amounts incurred or to be incurred to comply with the AOC and the OU2 ROD, or to perform other remediation activities related to the DASS (2018 Contribution Action). The District Court has not adjudicated OxyChem’s relative share of responsibility for those costs. The EPA has estimated the cost to remediate OU2 to be approximately $1.4 billion. OU3 – Newark Bay Study Area, including Newark Bay and Portions of the Hackensack River, Arthur Kill, and Kill van Kull: Maxus and its affiliates initiated a remedial investigation and feasibility study of OU3 pursuant to a 2004 AOC which was amended in 2010. OxyChem is currently performing feasibility study activities in OU3. In September 2022, the EPA listed the Lower Hackensack River (LHR) on the NPL, and this newly listed site comprises several existing NPL sites along a portion of that river that flows into OU3. In January 2024, EPA sent a general notice letter requesting that OxyChem and four other entities coordinate certain investigation activities at the LHR site. OU4 – The 17-mile Lower Passaic River Study Area, comprising OU2 and the Upper 9 Miles of the Lower Passaic River: In September 2021, the EPA issued a ROD selecting an interim remedy for the portion of OU4 that excludes OU2, and is located upstream from the Lister Avenue Plant site for which OxyChem inherited legal responsibility. The EPA has estimated the cost to remediate OU4 to be approximately $440 million. At this time, OxyChem's role or responsibilities under the OU4 ROD, and those of other potentially responsible parties, have not been adjudicated. To provide continued, efficient remediation progress, in January 2022, OxyChem offered to design and implement the interim remedy for OU4 subject to certain conditions, including a condition that the EPA would not seek to bar OxyChem’s right to seek contribution or cost recovery from any other parties that are potentially responsible to pay for the OU4 interim remedy. In March 2022, the EPA sent a notice letter to OxyChem and other parties requesting good faith offers to implement the selected remedies at OU2 and OU4. OxyChem submitted a good faith offer in June 2022, reaffirming the offer to design the remedy for OU4 and offering to enter into additional sequential agreements to remediate OU2 and OU4, subject to similar conditions, including that the EPA not seek to bar OxyChem from pursuing contribution or cost recovery from other responsible parties. The EPA did not accept OxyChem's June 2022 offer. In March 2023, the EPA issued a Unilateral Administrative Order (OU4 UAO) in which it directed and ordered OxyChem to design the EPA’s selected interim remedy for OU4 and to provide approximately $93 million in financial assurance to secure its performance. Subject to all its defenses, OxyChem is designing the interim remedy in compliance with the OU4 UAO. As a result of OxyChem incurring costs to implement the OU4 UAO, and the EPA's proposal described below to bar OxyChem's contribution claims against various parties, including those asserted in the 2018 Contribution Action, OxyChem filed a cost recovery action under CERCLA in March 2023 in the District Court against multiple parties (2023 Cost Recovery Action). Natural Resource Trustees – In addition to the activities of the EPA and OxyChem in the OUs described above, federal and state natural resource trustees are assessing natural resources in the Lower Passaic River and Greater Newark Bay to evaluate potential claims for natural resource damages. ALDEN LEEDS LITIGATION In December 2022, the EPA and the DOJ filed a proposed Consent Decree in the Alden Leeds litigation seeking court approval to settle with 85 parties for a total of $150 million, which OxyChem believes is based on an unauthorized, flawed and disproportionate allocation of responsibility, release the settling companies from liability to the United States for remediation costs in DASS OU2 and OU4 and bar OxyChem from pursuing contribution against those parties for remediation costs OxyChem had incurred or may incur in the future to design and implement the remedies in OU2 and OU4, including claims OxyChem asserted in the 2018 Contribution Action. The proposed settlement does not address the liability of entities that were excluded from the settlement for the DASS, including OU2, OU3, OU4 or natural resource damages, or the liability of any settling party with respect to OU3 or natural resource damages. The proposed settlement was subject to a public comment period that closed in March 2023. In January 2024, the DOJ filed a proposed Amended Consent Decree in which it excluded three companies from the proposed settlement, among other changes, and a motion to approve the Amended Consent Decree. OxyChem believes the proposed settlement and Amended Consent Decree rely, improperly, on an allocation report prepared by an EPA contractor in which the contractor purported to assign a disproportionate share of the responsibility for remediation costs in OU2 and OU4 to OxyChem. OxyChem also believes that process was unreasonably limited in scope and unreliably based on voluntary reporting by the settling parties, instead of sworn evidence, publicly available sampling results and historical documents reflecting the operating history and disposal practices of the 82 parties that the EPA proposes to release in this settlement. OxyChem intends to challenge vigorously the proposed settlement and Amended Consent Decree, as well as the allocation report and process upon which they are based, and to seek contribution and cost recovery from other potentially responsible parties for remediation costs it has incurred or may incur at the DASS. OxyChem's response to the motion to approve the Amended Consent Decree is due in April 2024. OxyChem does not know when the District Court will rule on the DOJ’s motion to approve the Amended Consent Decree. If the Amended Consent Decree is approved by the District Court and not overturned on appeal, then, notwithstanding OxyChem’s vigorous, good faith effort to contest the settlement proposed in the Alden Leeds litigation, the EPA could attempt to compel OxyChem to bear substantially all the estimated cost to design and implement the OU2 and OU4 remedies. Such a result could have a material adverse impact on OxyChem and Occidental’s consolidated results of operations in the period recorded. While the remedies for OU2 and OU4 are expected to take over ten years to complete, the EPA may seek to require OxyChem to provide additional financial assurance. In the OU4 UAO, the EPA directed OxyChem to post financial assurance in the amount of approximately $93 million. Subject to all defenses, OxyChem has complied with this directive. The amount of any additional financial assurance is not subject to estimation at this time. It is uncertain when or to what extent the EPA may take action to compel OxyChem to perform further remediation in OU2 or OU4 or the amount of financial assurance the EPA may attempt to require OxyChem to post. For further information on the Alden Leeds litigation, see Note 13 - Lawsuits, Claims, Commitments and Contingencies. OTHER INFORMATION For the DASS, OxyChem has accrued a reserve relating to its estimated allocable share of the costs to perform the maintenance and monitoring required in the OU1 Consent Decree, the design and implementation of remedies selected in the OU2 ROD and AOC and the OU4 ROD and OU4 UAO, and the remedial investigation and feasibility study required in OU3. OxyChem’s accrued environmental remediation reserve does not reflect the potential for additional remediation costs or natural resource damages for the DASS that OxyChem believes are not reasonably estimable. OxyChem’s ultimate liability at the DASS may be higher or lower than the reserved amount and the reasonably possible additional losses, and is subject to final design plans, further action by the EPA and natural resource trustees, and the resolution of OxyChem's allocable share with other potentially responsible parties, among other factors. OxyChem continues to evaluate the estimated costs currently recorded for remediation at the DASS as well as the range of reasonably possible additional losses beyond those amounts currently recorded. Given the complexity and extent of the remediation efforts, estimates of the remediation costs may increase or decrease over time as new information becomes available.

LAWSUITS, CLAIMS, COMMITMENTS A

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	NOTE 13 - 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, natural resource damages, punitive damages, civil penalties, injunctive relief and government oversight costs. Usually Occidental or such subsidiaries are among many companies in these environmental proceedings and have to date been successful in sharing remediation 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 or its subsidiary retains liability or indemnifies the other party for conditions that existed prior to the transaction. In accordance with applicable accounting guidance, Occidental or its subsidiaries accrue 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 the arbitration award (disclosed below), tax matters or environmental remediation, that satisfy these criteria as of December 31, 2023 and 2022, were not material to Occidental’s Consolidated Balance Sheets. If unfavorable outcomes of these matters were to occur, future results of operations or cash flows for any particular quarterly or annual period could be materially adversely affected. Occidental’s estimates are based on information known about the legal matters and its experience in contesting, litigating and settling similar matters. Occidental will reassess the probability and estimability of contingent losses as new information becomes available. ANDES ARBITRATION 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 commenced an arbitration against OEPC, claiming it is entitled to a 40% share of the judgment amount obtained by Occidental. Occidental believes 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. In March 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 December 2021, the U.S. District Court for the Southern District of New York confirmed the arbitration award, plus prejudgment interest, in the aggregate amount of $558 million. OEPC appealed the judgment. In June 2023, the U.S. Court of Appeals for the Second Circuit confirmed the District Court's ruling with respect to the arbitration award but overturned the District Court's decision to add prejudgment interest in the amount of $166 million, ordering the District Court to recalculate the interest amount. The parties completed briefing on the interest issue in December 2023. Simultaneously, OEPC sought review of the Second Circuit ruling in the U.S. Supreme Court. Andes responded to OEPC’s request on February 2, 2024 and OEPC’s reply is due later in February. Andes also filed state court claims in New York and Delaware against OEPC, Occidental Petroleum Corporation (OPC) and OXY USA to attempt to recover on its judgment against OEPC during the pendency of the appeal. The New York state court dismissed Andes’ action against OPC with prejudice in March 2023. Andes appealed this ruling and oral argument was set for March 2024. Andes also seeks to recover its judgment from other Occidental entities (which were not a party to the Andes arbitration) in New York federal court and in Delaware state court. Both OXY USA and Andes filed motions for summary judgment in the Delaware state court action. The Delaware state court heard argument on these motions in November 2023. In addition, OEPC commenced an arbitration against Andes to recover significant additional claims not addressed by the prior arbitration tribunal 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 July 2023, a majority of the arbitration tribunal declined to award any costs to OEPC based upon the doctrine of res judicata. One arbitrator dissented, noting that the prior arbitration panel expressly noted that it was not ruling on the types of claims asserted by OEPC. Andes has moved to confirm this award and OEPC has moved to vacate the award because of, among other things, what OEPC believes are fundamental legal errors embodied in the award. Regarding the pending matters discussed above, Andes and the Occidental entities named in the pending actions have jointly requested that the relevant courts adjourn all rulings for sixty days while Andes and OEPC attempt to negotiate settlement terms acceptable to both parties. If acceptable terms cannot be agreed upon, then all Occidental entities will continue to vigorously defend against these actions. ALDEN LEEDS AND OTHER LITIGATION As described in Note 12 - Environmental Liabilities and Expenditures , OxyChem intends to challenge vigorously the proposed settlement and Amended Consent Decree in the Alden Leeds litigation, as well as the allocation report and process upon which they are based. In the 2018 Contribution Action and 2023 Cost Recovery Action, OxyChem also intends to defend and prosecute vigorously its right to seek contribution and cost recovery from all potentially responsible parties to pay remediation costs in the DASS and to seek a judicial allocation of responsibility under CERCLA. The 2018 Contribution Action and the 2023 Cost Recovery Action are currently stayed pending the outcome of the Alden Leeds litigation. As the Alden Leeds litigation is in its early stages, OxyChem is unable to estimate the timing of the District Court’s decision, its outcome, or the outcome of any appeals from the District Court’s decision. MAXUS LIQUIDATING TRUST As described in Note 12 – Environmental Liabilities and Expenditures , Maxus was contractually obligated to indemnify, defend, and hold harmless OxyChem against environmental liabilities arising from the former operations of DSCC. In June 2016, Maxus filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware (the Bankruptcy Court). In June 2017, the Bankruptcy Court approved a Plan of Liquidation to liquidate Maxus and create the Trust for the benefit of Maxus’ creditors, including OxyChem, to pursue claims against Maxus’ current and former parents, YPF and Repsol, certain of their respective subsidiaries and affiliates, and others to satisfy claims by OxyChem and other creditors for past and future remediation and other costs. In July 2017, the court-approved Plan of Liquidation became final, and the Trust became effective. Pursuant to the Plan, the Trust is governed by an independent trustee and is not controlled by OxyChem. The Plan authorizes the Trust to distribute any assets it recovers from such litigation claims to the Trust’s beneficiaries, which include OxyChem and other creditors, in accordance with the Plan and governing Trust Agreement. In June 2018, the Trust filed its complaint against YPF and Repsol in the Bankruptcy Court asserting claims based upon, among other things, fraudulent transfer and alter ego. In April 2023, the Trust, YPF and Repsol reached an agreement to resolve the claims pending in the Bankruptcy Court. Related agreements were executed among the United States Government, YPF and Repsol as well as among OxyChem, YPF and Repsol. Under the settlement, which became final in August 2023, YPF and Repsol paid the Trust $575 million, which the Trust is distributing according to the Plan. OxyChem’s share of these settlement proceeds, under the Plan, is approximately $350 million. OxyChem adjusted its valuation allowance established against its claims against Maxus, resulting in a gain of approximately $260 million in the second quarter of 2023. In October 2023, OxyChem recovered proceeds of $341 million and expects to recover approximately $9 million during 2024. TAX MATTERS AND OTHER DISPUTES 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 2021 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 2018 have been audited for state income tax purposes. There are no outstanding significant audit matters in international jurisdictions. 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 and closed by the IRS. Tax years 2015 and 2017 through 2019 have been audited by the IRS but remain open pending the outcome of the Tronox U.S. Tax court litigation discussed below. Tax years through 2010 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 dispute discussed below, Occidental believes that the resolution of these outstanding tax disputes 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. Trial was held in May 2023. The parties filed simultaneous post-trial briefs on September 1, 2023 and will file reply briefs on December 7, 2023. Closing arguments are scheduled for May 2024. An opinion by the Tax Court could be issued at any time. If any tax liability is due as a result of the Tax Court’s opinion, it must be fully bonded or paid in full within 90 days of the entry of decision by the Tax Court. If an appeal is not pursued by Anadarko, any resulting tax deficiency will be assessed by the IRS and would be due within 30 days of receiving a formal notice of tax assessment. 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. Additionally, Occidental has recorded no tax benefit on approximately $500 million of additional cash tax benefits realized from the utilization of tax attributes generated as a result of the deduction of the $5.2 billion Tronox Adversary Proceeding settlement payment in 2015. 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, as of December 31, 2023, Occidental would be required to repay approximately $1.4 billion in federal taxes, $28 million in state taxes and accrued interest of $574 million. A liability for the taxes and 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 or its subsidiaries. These indemnities usually are contingent upon the other party incurring liabilities that reach specified thresholds. As of December 31, 2023, 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. PURCHASE OBLIGATIONS AND COMMITMENTS Occidental, its subsidiaries, or both, have entered into agreements providing for future payments, primarily to secure terminal and pipeline capacity, and also for drilling rigs and services, electrical power, non-lease components, steam and certain chemical raw materials. Occidental has certain other commitments under contracts, guarantees and joint ventures, including purchase commitments for goods and services at market-related prices and certain other contingent liabilities. The amounts that will be paid for such outstanding off-balance sheet purchase obligations as of December 31, 2023 are $3.2 billion in 2024, $4.1 billion in 2025 and 2026, $2.5 billion in 2027 and 2028 and $2.6 billion in 2029 and thereafter.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	NOTE 14 - STOCKHOLDERS’ EQUITY The following table presents Occidental's common share activity, including exercises of options and warrants, other transactions in Occidental's common stock in 2023 and treasury stock purchased both under its $3.0 billion share repurchase program announced in February 2023 and from the trustee of Occidental's defined contribution savings plan: Period Exercise of Warrants and Options (a) Other (b) Treasury Stock Purchases (c) Common Stock Outstanding (d) December 31, 2022 899,858,944 First Quarter 2023 268,371 3,935,166 (12,511,237) 891,551,244 Second Quarter 2023 205,631 158,473 (7,233,460) 884,681,888 Third Quarter 2023 2,468,799 19,248 (9,468,451) 877,701,484 Fourth Quarter 2023 1,901,994 46,192 (186,567) 879,463,103 Total 2023 4,844,795 4,159,079 (29,399,715) 879,463,103 (a) Approximately $112 million of cash was received as a result of the exercise of common stock warrants and options. (b) Consisted of issuances for the 2015 long-term incentive plan, the OPC savings plan and the dividend reinvestment plan. (c) Included purchases of shares from the trustee of Occidental's defined contribution savings plan that are not part of publicly announced plans or programs. (d) As of December 31, 2023, Occidental had 99.5 million outstanding warrants with a strike price of $22 per share and 83.9 million of warrants with a strike price of $59.62 per share. TREASURY STOCK Under the share repurchase program announced in February 2023, Occidental purchased 29.1 million shares for $1.8 billion during 2023. Additionally, Occidental purchased shares from the trustee of its defined contribution savings plan in 2023, 2022 and 2021. As of December 31, 2023, 2022 and 2021, treasury stock shares numbered 228.1 million, 198.7 million and 149.3 million, respectively. PREFERRED STOCK In connection with the Anadarko Acquisition, Occidental issued 100,000 shares of series A preferred stock, with a face value of $100,000 per share and a liquidation preference of $105,000 per share plus unpaid accrued dividends. Prior to August 2029, a mandatory redemption provision obligates Occidental to redeem preferred stock at a 10% premium to face value on a dollar-for-dollar basis for every dollar distributed to common shareholders (either via common stock dividends or share repurchases) above $4.00 per share, on a trailing 12-month basis. Preferred redemptions can settle between 30 and 60 days from the date Berkshire Hathaway is notified of the redemption obligation and accrued unpaid dividends are paid up to but not including the redemption date. Occidental cannot voluntarily redeem preferred stock before August 2029. After August 2029, Occidental can voluntarily redeem preferred stock at a 5% premium to face value. Dividends on the preferred stock accrue on the face value at a rate per annum of 8%, but will be paid only when, as and if declared by Occidental’s Board of Directors. At any time, when such dividends have not been paid in full, the unpaid amounts will accrue dividends, compounded quarterly, at a rate per annum of 9%. Following the payment in full of any accrued but unpaid dividends, the dividend rate will remain at 9% per annum. If preferred dividends are not paid in full, Occidental is prohibited from paying dividends on common stock. Occidental paid $762 million in preferred stock dividends in 2023. In 2023, Occidental redeemed preferred stock with a face value of $1.5 billion, and incurred $151 million in redemption premiums. To the extent Occidental's trailing 12-month distributions to common shareholders is above $4.00 per share, Occidental is required to match any common shareholder distributions with preferred stock redemptions. As of the date of this filing approximately $8.5 billion face value of the preferred stock remains outstanding. The following table presents preferred stock redemption activity for 2023: shares of Preferred stock Preferred stock, as of December 31, 2022 100,000 Less: Preferred redemptions (15,103) Preferred stock, as of December 31, 2023 84,897 The carrying value of preferred stock is less than the face value. The difference between carrying value and face value, along with the redemption premium, reduces net income available to common stockholders. The following presents the components of preferred stock dividends and redemptions: millions Year ended December 31, 2023 Preferred dividends $ 736 Redemption premium 151 Redemption value in excess of carrying value 36 Preferred dividend and redemption premiums $ 923 BERKSHIRE WARRANT In connection with the preferred stock issuance, Occidental also issued the Berkshire Warrant. The Berkshire Warrant is exercisable at the holder’s option, in whole or in part, until the first anniversary of the date on which no shares of preferred stock remain outstanding, at which time the Berkshire Warrant expires. The holder of the Berkshire Warrant and the preferred stock may redeem the preferred stock as payment for the exercise price of the Warrant in lieu of cash payment upon exercise. As of December 31, 2023, the Berkshire warrant would result in the issuance of 83.9 million shares of Occidental common stock, if exercised in full for its current strike price of $59.62 per share of Occidental common stock. COMMON STOCK WARRANTS On June 26, 2020, the Board of Directors declared Common Stock Warrants, at a rate of 0.125 warrants per share of Occidental common stock. Occidental issued approximately 116 million Common Stock Warrants on August 3, 2020 to holders of record of outstanding shares of Occidental’s common stock as of the close of business on July 6, 2020, and pursuant to Occidental’s outstanding equity-based incentive awards in connection with anti-dilution adjustments resulting from such distribution. The Common Stock Warrants have an exercise price of $22.00 per share and will expire on August 3, 2027. The Common Stock Warrants are listed on the NYSE and trade under the symbol "OXY WS". As of December 31, 2023 , Occidental had 99.5 million outstanding warrants. The Common Stock Warrants were measured at fair value on the declaration date using the Black-Scholes option model and were classified as equity in "Additional paid-in capital". The following level 2 inputs were used in the Black-Scholes option model: the expected life of the Common Stock Warrants, a volatility factor and the exercise price. The expected life is based on the estimated term of the Common Stock Warrants, the volatility factor is based on historical volatilities of Occidental common stock and the exercise of $22.00 per share of Occidental common stock. EARNINGS PER SHARE Occidental’s instruments containing rights to nonforfeitable dividends granted in stock-based awards are considered participating securities prior to vesting and, therefore, have been deducted from earnings in computing basic and diluted EPS under the two-class method. Basic EPS was computed by dividing net income attributable to common stock, net of income allocated to participating securities, by the weighted-average number of common shares outstanding during each period, including vested but unissued shares and share units. The computation of diluted EPS reflects the additional dilutive effect of stock options, warrants and unvested stock awards. The following table presents the calculation of basic and diluted EPS for the years ended December 31: millions except per share amounts 2023 2022 2021 Income from continuing operations $ 4,696 $ 13,304 $ 2,790 Loss from discontinued operations — — (468) Net income $ 4,696 $ 13,304 $ 2,322 Less: Preferred stock dividends (923) (800) (800) Net income attributable to common stock $ 3,773 $ 12,504 $ 1,522 Less: Net income allocated to participating securities (23) (83) (10) Net income, net of participating securities $ 3,750 $ 12,421 $ 1,512 Weighted-average number of basic shares 889.2 926.2 935.0 Basic earnings per common share $ 4.22 $ 13.41 $ 1.62 Net income attributable to common stock $ 3,773 $ 12,504 $ 1,522 Less: Net income allocated to participating securities (21) (77) (10) Net income, net of participating securities $ 3,752 $ 12,427 $ 1,512 Weighted-average number of basic shares 889.2 926.2 935.0 Dilutive securities 71.7 75.8 23.8 Total diluted weighted-average common shares 960.9 1,002.0 958.8 Diluted earnings per common share $ 3.90 $ 12.40 $ 1.58 As of December 31, 2023 and 2022, there were no Occidental common stock warrants nor options that were excluded from diluted shares. As of December 31, 2021, warrants and options covering 87 million shares of Occidental common stock were excluded from the diluted shares as their effect would have been anti-dilutive. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated OCI (loss) consisted of the following after-tax amounts as of December 31: millions 2023 2022 Foreign currency translation adjustments $ (4) $ (5) Derivatives 20 (25) Pension and postretirement adjustments (a) 259 225 Total $ 275 $ 195 (a) See Note 11 - Retirement and Postretirement Benefit Plans for further information.

STOCK-BASED INCENTIVE PLANS

STOCK-BASED INCENTIVE PLANS	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED INCENTIVE PLANS	NOTE 15 - STOCK-BASED INCENTIVE PLANS Occidental issues stock-based awards to employees in accordance with the terms of the Plans. An aggregate of 133 million shares of Occidental common stock were authorized for issuance and approximately 14.1 million shares had been reserved for issuance for employee awards through December 31, 2023. As of December 31, 2023, approximately 45.0 million shares were available for grants of future awards. The 2015 Long-Term Incentive plan requires each share covered by an award (other than options) to be counted as if three shares were issued in determining the number of shares that are available for future awards. Accordingly, the number of shares available for future awards may be less than 45.0 million depending on the type of award granted, and shares available for future awards may increase by the number of shares that are forfeited, canceled, or correspond to the portion of any stock-based awards settled in cash, including awards that were issued under a previous plan that remain outstanding. Current outstanding awards include RSUs, stock options, CROCEI awards and TSRI awards. During 2023, non-employee directors were granted awards for 36,106 shares of common stock. Compensation expense for these awards was measured using the closing quoted market price of Occidental’s common stock on the grant date and was fully recognized at that time. Occidental incurred expenses of $217 million, $258 million and $287 million related to stock-based incentive plans in the years ended December 31, 2023, 2022, and 2021, respectively. The income tax benefit associated with this expense was $46 million, $54 million and $60 million in the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, unrecognized compensation expense for all unvested stock-based incentive awards was $283 million. This expense is expected to be recognized over a weighted-average period of 1.9 years. Occidental accounts for forfeitures as they occur. RESTRICTED STOCK UNITS Certain employees are awarded the right to receive RSUs, some of which have performance criteria, and are in the form of, or equivalent in value to, actual shares of Occidental common stock. Depending on their terms, RSUs may be settled in stock or may be cash settled liabilities. These awards vest from one CASH-SETTLED RSU LIABILITY AWARDS The weighted-average, grant-date fair values of cash-settled RSUs granted in 2023, 2022, and 2021 were $60.43, $47.41 and $25.83 per share, respectively. Cash-settled RSUs resulted in payments of $9 million, $203 million and $4 million, during the years ended December 31, 2023, 2022, and 2021, respectively. STOCK-SETTLED RSU EQUITY AWARDS The weighted-average, grant-date fair values of the stock-settled RSUs granted in 2023, 2022, and 2021 were $59.85, $45.14 and $25.45, respectively. The fair value of RSUs settled in shares during the years ended December 31, 2023, 2022, and 2021 was $254 million, $160 million and $70 million, respectively. A summary of changes in Occidental’s unvested cash- and stock-settled RSUs for 2023, is presented below: Cash-Settled Stock-Settled thousands, except fair values RSUs RSUs Unvested as of January 1 298 $ 37.96 8,894 $ 36.70 Granted 131 $ 60.43 3,342 $ 59.85 Vested (148) $ 36.33 (4,330) $ 35.81 Forfeitures (10) $ 42.19 (174) $ 44.37 Unvested as of December 31 271 $ 49.53 7,732 $ 47.03 TOTAL SHAREHOLDER RETURN INCENTIVE AWARDS Certain executives are awarded TSRIs that vest at the end of a three-year period following the grant date. Payout is based upon Occidental’s absolute total shareholder return and performance relative to its peers. TSRIs have payouts that range from 0% to 200% of the target award and settle in stock once certified. Dividend equivalents for TSRIs are accumulated and paid upon certification of the award. The fair value of TSRIs settled in shares during the years ended December 31, 2023, 2022, and 2021 was $45 million, zero and $4 million, respectively. The fair values of TSRIs are initially determined on the grant date using a Monte Carlo simulation model based on Occidental’s assumptions, noted in the following table, and the volatility from corresponding peer group companies. The expected life is based on the Term. The risk-free interest rate is the implied yield available on zero coupon Treasury notes at the time of grant with a remaining term equal to the Term. The dividend yield is the expected annual dividend yield over the Term, expressed as a percentage of the stock price on the grant date. Estimates of fair value may not accurately predict the value ultimately realized by the employees who receive the awards, and the ultimate value may not be indicative of the reasonableness of the original estimates of fair value made by Occidental. The grant-date assumptions used in the Monte Carlo simulation models for the estimated payout level of TSRIs were as follows: TSRIs 2023 2022 2021 Assumptions used: Risk-free interest rate 4.6% 1.7% 0.2% Volatility factor 64% 80% 75% Expected life, years 2.84 2.89 2.88 Grant-date fair value of underlying Occidental common stock $ 59.71 $ 42.98 $ 25.39 A summary of changes in Occidental’s unvested TSRIs in 2023 is presented below: TSRIs thousands, except fair values Awards Weighted-Average Unvested as of January 1 1,643 $ 35.51 Granted 459 $ 59.71 Vested (a) (591) $ 41.60 Forfeitures (4) $ 59.71 Unvested as of December 31 1,507 $ 40.43 (a) Presented at the target payouts. In 2023, the weighted-average payout at vesting was 122% of the target, resulting in the issuance of approximately 721,000 shares of Occidental common stock. STOCK OPTIONS Certain employees are granted options that vest over three years, expire on the tenth anniversary of the grant date, and settle in stock. Exercise prices of the options were equal to the quoted market value of Occidental’s stock on the grant date. There were no options granted in 2023. A summary of Occidental’s outstanding stock options as of December 31, 2023 and changes during the year ended December 31, 2023 is presented below: Vested Unvested thousands, except fair values Options Weighted Average Strike Price Options Weighted Average Strike Price January 1 1,653 $ 38.83 1,075 $ 36.82 Vested 781 $ 37.36 (781) $ 37.36 Exercised (340) $ 37.81 — $ — December 31 2,094 $ 38.45 294 $ 35.37 The intrinsic value of options exercised in December 31, 2023 and 2022, respectively was $9 million and $17 million. No options were exercised in 2021. As of December 31, 2023, the remaining life of fully vested options was 6.3 years. CASH RETURN ON CAPITAL EMPLOYED INCENTIVE AWARDS Certain executives are awarded CROCEI awards that vest at the end of a three-year period if performance targets based on CROCE are met. These awards are settled in stock upon certification of the performance target, with payouts that range from 0% to 200% of the target award. Dividend equivalents are accumulated and paid upon certification of the award. The value of shares that vested in 2023 was $25 million. A summary of changes in Occidental’s unvested CROCEI in 2023 is presented below: CROCEI thousands, except fair values Awards Weighted-Average Unvested as of January 1 574 $ 35.73 Granted 130 $ 59.71 Vested (a) (197) $ 41.60 Unvested as of December 31 507 $ 39.59 (a) Presented at the target payouts. The weighted-average payout at vesting was 200% of the target, resulting in the issuance of approximately 395,000 shares of Occidental common stock.

GEOGRAPHIC AREAS AND INDUSTRY S

GEOGRAPHIC AREAS AND INDUSTRY SEGMENTS	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
GEOGRAPHIC AREAS AND INDUSTRY SEGMENTS	NOTE 16 - GEOGRAPHIC AREAS AND INDUSTRY SEGMENTS GEOGRAPHIC AREAS The following table represents Occidental’s property, plant and equipment, net by geographic area: millions Property, plant and equipment, net For the years ended December 31, 2023 2022 2021 United States $ 51,646 $ 51,706 $ 53,197 International UAE 3,609 3,663 3,645 Oman 2,156 2,159 2,055 Algeria 624 350 496 Qatar 393 428 468 Other International 101 78 69 Total International 6,883 6,678 6,733 Total $ 58,529 $ 58,384 $ 59,930 Occidental conducts its operations through three segments: (1) oil and gas; (2) chemical; and (3) midstream and marketing. The factors used to identify these segments are based on the nature of the operations that are undertaken in each segment. Income taxes, interest income, interest expense, environmental remediation expenses, 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. Identifiable assets are those assets used in the operations of the segments. Corporate assets consist of cash and restricted cash, certain corporate receivables and PP&E. The chief operating decision maker analyzes each segment’s operating results to make decisions about resources to be allocated to the segment and to assess its performance as well as Occidental’s overall performance. INDUSTRY SEGMENTS millions Oil and gas (a) Chemical Midstream and marketing (b) Corporate and eliminations (c) Total Year ended December 31, 2023 Net sales $ 21,284 $ 5,321 $ 2,551 $ (899) $ 28,257 Income (loss) from continuing operations before income taxes $ 6,240 $ 1,531 $ 24 $ (1,366) $ 6,429 Income tax expense (d) — — — (1,733) (1,733) Income (loss) from continuing operations $ 6,240 $ 1,531 $ 24 $ (3,099) $ 4,696 Investments in unconsolidated entities $ 93 $ 550 $ 2,581 $ — $ 3,224 Property, plant and equipment additions (e) $ 5,028 $ 551 $ 664 $ 125 $ 6,368 Depreciation, depletion and amortization $ 6,112 $ 356 $ 326 $ 71 $ 6,865 Total assets $ 53,786 $ 4,682 $ 13,327 $ 2,213 $ 74,008 Year ended December 31, 2022 Net sales $ 27,165 $ 6,757 $ 4,136 $ (1,424) $ 36,634 Income (loss) from continuing operations before income taxes $ 12,803 $ 2,508 $ 273 $ (1,467) $ 14,117 Income tax expense (d) — — — (813) (813) Income (loss) from continuing operations $ 12,803 $ 2,508 $ 273 $ (2,280) $ 13,304 Investments in unconsolidated entities $ 142 $ 578 $ 2,456 $ — $ 3,176 Property, plant and equipment additions (e) $ 3,898 $ 331 $ 270 $ 67 $ 4,566 Depreciation, depletion and amortization $ 6,179 $ 370 $ 328 $ 49 $ 6,926 Total assets $ 54,058 $ 4,558 $ 12,076 $ 1,917 $ 72,609 Year ended December 31, 2021 Net sales $ 18,941 $ 5,246 $ 2,863 $ (1,094) $ 25,956 Income (loss) from continuing operations before income taxes $ 4,145 $ 1,544 $ 257 $ (2,241) $ 3,705 Income tax expense (d) — — — (915) (915) Income (loss) from continuing operations $ 4,145 $ 1,544 $ 257 $ (3,156) $ 2,790 Investments in unconsolidated entities $ 154 $ 608 $ 2,176 $ — $ 2,938 Property, plant and equipment additions (e) $ 2,458 $ 316 $ 107 $ 50 $ 2,931 Depreciation, depletion and amortization $ 7,741 $ 343 $ 325 $ 38 $ 8,447 Total assets $ 56,132 $ 4,671 $ 11,132 $ 3,101 $ 75,036 (a) The 2023 income included a gain on sale of $142 million for the sale of certain non-core proved and unproved properties in the Permian Basin, a gain on sale of $25 million related to the 2020 Colombia divestiture, a $180 million impairment related to undeveloped acreage in the northern non-core area of the Powder River Basin, a $29 million impairment related to an equity method investment in the Black Butte Coal Company, and a $26 million legal settlement gain. The 2022 income included gains on sale of $148 million, primarily related to the sale of certain non-strategic assets in the Permian Basin, a gain on sale of $55 million related to the 2020 Colombia divestiture. The 2021 income included $282 million of asset impairments and $280 million of net oil, gas and CO 2 derivative losses. (b) The 2023 income included a fair value gain of $283 million related to the Carbon Engineering acquisition, $60 million of asset impairment and other charges included in income from equity investments and other, a gain on sale of $51 million on the sale of 5.1 million limited partner units in WES, $20 million for the acquisition-related costs on acquiring Carbon Engineering and $14 million of net derivative mark-to-market losses. The 2022 income included $259 million of net derivative mark-to-market losses, $62 million relating to a gain on the sale of 10 million limited partner units in WES and a $36 million gain on the sale of a joint venture. The 2021 income included $252 million in derivative mark-to-market losses and $124 million of gains on sales, primarily from the sale of 11.5 million limited partner units in WES. (c) The 2023 loss included a $260 million remeasurement of the valuation allowance for Occidental’s claim against Maxus and $6 million of costs for the CrownRock Acquisition. The 2022 loss included net derivative mark-to-market gains of $317 million, interest rate swaps and $149 million on early debt extinguishment expenses and $89 million costs for the Anadarko Acquisition. The 2021 included $153 million of costs for the Anadarko Acquisition, $122 million net derivative mark-to-market gains on interest rate swaps and $118 million of early debt extinguishment expenses. (d) Included all foreign and domestic income taxes from continuing operations. (e) Included capital expenditures and capitalized interest, but excluded acquisition and disposition of assets. The 2022 amount included a tax benefit of $2.7 billion for Occidental’s legal entity reorganization, further discussed in the Income Taxes section of the Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part II, Item 7, of this Form 10-K and Note 10 - Income Taxes in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	Schedule II – Valuation and Qualifying Accounts Occidental Petroleum Corporation Additions millions Balance at Beginning of Period Charged to Charged to Deductions (a) Balance at 2023 Allowance for doubtful accounts $ 904 $ (235) $ — $ (625) $ 44 (b) Environmental, litigation, tax and other reserves $ 3,712 $ 328 $ 50 $ (297) $ 3,793 (c) 2022 Allowance for doubtful accounts $ 867 $ 37 $ — $ — $ 904 (b) Environmental, litigation, tax and other reserves $ 3,164 $ 714 $ 138 $ (304) $ 3,712 (c) 2021 Allowance for doubtful accounts $ 822 $ 56 $ (11) $ — $ 867 (b) Environmental, litigation, tax and other reserves $ 2,429 $ 900 $ 94 $ (259) $ 3,164 (c) (a) Primarily represents payments except for 2023 allowance for doubtful accounts, where Occidental reversed the receivable and allowance related to the Maxus settlement. See Note 13 - Lawsuits, Claims, Commitments and Contingencies (b) Of these amounts, $43 million, $44 million and $46 million in 2023, 2022, and 2021, respectively, were classified as current. (c) Of these amounts, $215 million, $266 million and $790 million in 2023, 2022, and 2021, respectively, were classified as current. Note: The amounts presented represent continuing operations.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
PRINCIPLES OF CONSOLIDATION	PRINCIPLES OF CONSOLIDATION The Consolidated Financial Statements have been prepared in conformity with GAAP and include the accounts of Occidental, its subsidiaries, its undivided interests in oil and gas exploration and production ventures and, previously, variable interest entities, for which Occidental was the primary beneficiary. Occidental accounts for its share of oil and gas exploration and production ventures by reporting its proportionate share of assets, liabilities, revenues, costs and cash flows within the relevant lines on the balance sheets, statements of operations and statements of cash flows.
INVESTMENTS IN UNCONSOLIDATED ENTITIES	INVESTMENTS IN UNCONSOLIDATED ENTITIES
NON-CONTROLLING INTEREST	NON-CONTROLLING INTEREST In 2023, Occidental and BlackRock formed a joint venture, for the continued development of the first commercial scale direct air capture facility using Carbon Engineering technology. The joint venture is a VIE and Occidental consolidates the VIE as it is the primary beneficiary. BlackRock’s investment is accounted for as a NCI. Each party has committed to make additional investments towards the completion of the direct air capture facility in Ector County, Texas, with BlackRock committed to invest up to $550 million. In addition, Occidental has entered into agreements with the joint venture related to project management, operations and maintenance and carbon removal offtake. Occidental may incur additional payments if certain construction and operational thresholds are not met. Occidental may call the NCI on June 30, 2025 or earlier if the plant does not achieve commercial operations or ceases and permanently discontinues operations. Dividends from the joint venture will be distributed preferentially to the NCI up to a return threshold, then preferentially to Occidental thereafter. The NCI receives preferential distributions in liquidation. Because distributions from the joint venture will not be consistent over time, or with the initial investments or ownership interest, Occidental has determined that the appropriate methodology for attributing income and loss from the joint venture is the HLBV method. Under the HLBV method, the amounts of income and loss attributed to the NCI in the consolidated statements of operations reflect changes in the amounts the NCI would hypothetically receive at each balance sheet date if
RISKS AND UNCERTAINTIES	RISKS AND UNCERTAINTIES The process of preparing Consolidated Financial Statements in conformity with GAAP requires Occidental’s management to make informed estimates and judgments regarding certain types of financial statement balances and disclosures. Such estimates primarily relate to unsettled transactions and events as of the date of the Consolidated Financial Statements and judgments on expected outcomes as well as the materiality of transactions and balances. Changes in facts and circumstances or discovery of new information relating to such transactions and events may result in revised estimates and judgments and actual results may differ from estimates upon settlement. Management believes that these estimates and judgments provide a reasonable basis for the fair presentation of Occidental’s financial statements. Occidental establishes a valuation allowance against net operating losses and other deferred tax assets to the extent it believes the future benefit from these assets will not be realized in the statutory carryforward periods. Realization of deferred tax assets is dependent upon Occidental generating sufficient future taxable income and reversal of temporary differences in jurisdictions where such assets originate. The accompanying Consolidated Financial Statements include assets of approximately $7.8 billion as of December 31, 2023 and net sales of approximately $4.4 billion in 2023, relating to Occidental’s operations in countries outside North America. Occidental has experienced and may continue to experience adverse consequences, such as risk of loss or production limitations, because certain of its international operations are located in countries affected by political instability, nationalizations, corruption, armed conflict, terrorism, insurgency, civil unrest, security problems, labor unrest, OPEC production restrictions, equipment import restrictions and sanctions. Exposure to such risks may increase if a greater percentage of Occidental’s future oil and gas production or revenue comes from international sources. Occidental attempts to conduct its affairs so as to mitigate its exposure to such risks and would seek compensation in the event of nationalization.
INVENTORIES	INVENTORIES Materials and supplies are valued at weighted-average cost and are reviewed periodically for obsolescence. Oil, NGL and natural gas inventories are valued at the lower of cost or market. For the chemical segment, Occidental’s finished goods inventories are valued at the lower of cost or market. For most of its domestic inventories, other than materials and supplies, the chemical segment uses the LIFO method as it better matches current costs and current revenue. For other countries, Occidental uses the first-in, first-out method (if the costs of goods are specifically identifiable) or the average-cost method (if the costs of goods are not specifically identifiable).
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT OIL AND GAS The carrying value of Occidental’s PP&E represents the cost incurred to acquire or develop the asset, including any AROs and capitalized interest, net of accumulated DD&A and any impairment charges. For assets acquired, PP&E cost is based on fair values at the acquisition date. AROs and interest costs incurred in connection with qualifying capital expenditures are capitalized and amortized over the lives of the related assets. Occidental uses the successful efforts method to account for its oil and gas properties. Under this method, Occidental capitalizes costs of acquiring properties, costs of drilling successful exploration wells and development costs. The costs of exploratory wells are initially capitalized pending a determination of whether proved reserves have been found. If proved reserves have been found, the costs of exploratory wells remain capitalized. For exploratory wells that find reserves that cannot be classified as proved when drilling is completed, costs continue to be capitalized as suspended exploratory drilling costs if there have been sufficient reserves found to justify completion as a producing well and sufficient progress is being made in assessing the reserves and the economic and operating viability of the project. At the end of each quarter, management reviews the status of all suspended exploratory drilling costs in light of ongoing exploration activities, in particular, whether Occidental is making sufficient progress in its ongoing exploration and appraisal efforts or, in the case of discoveries requiring government sanctioning, analyzing whether development negotiations are underway and proceeding as planned. If management determines that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. Occidental expenses annual lease rentals, the costs of injectants used in production and geological and geophysical costs as incurred. Occidental determines depreciation and depletion of oil and gas producing properties by the unit-of-production method. It amortizes leasehold costs over total proved reserves and capitalized development and successful exploration costs over proved developed reserves. Proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs and under existing economic conditions, operating methods and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. Proved reserves include PUD reserves. PUD reserves are supported by a management-approved, detailed, field-level development plan where sufficient capital has been committed to develop those reserves. Only PUD reserves which are reasonably certain to be drilled within five years of booking and are supported by a final investment decision to drill them are included in the development plan. A portion of the PUD reserves associated with international operations are expected to be developed beyond the five years and are tied to approved long-term development projects. Occidental performs impairment tests with respect to its proved properties whenever events or circumstances indicate that the carrying value of property may not be recoverable. If there is an indication the carrying amount of the asset may not be recovered due to significant and prolonged declines in current and forward prices, significant changes in reserve estimates, changes in management’s plans, or other significant events, management will evaluate the property for impairment. Under the successful efforts method, if the sum of the undiscounted cash flows is less than the carrying value of the proved property, the carrying value is reduced to estimated fair value and reported as an impairment charge in the period. Individual proved properties are grouped for impairment purposes at the lowest level for which there are identifiable cash flows. The fair value of impaired assets is typically determined based on the present value of expected future cash flows using discount rates believed to be consistent with those used by market participants. The impairment test incorporates a number of assumptions involving expectations of future cash flows which can change significantly over time. These assumptions include estimates of future production, product prices, contractual prices, estimates of risk-adjusted oil and gas proved and unproved reserves and estimates of future operating and development costs. It is reasonably possible that prolonged declines in commodity prices, reduced capital spending in response to lower prices or increases in operating costs could result in additional impairments. See Note 9 - Fair Value Measurements and below for further discussion of asset impairments. Significant unproved properties are assessed individually for impairment and when events or circumstances indicate that the carrying value of property may not be recovered a valuation allowance is provided if an impairment is indicated. Occidental periodically reviews significant unproved properties for impairments. When assessing for impairments, several factors are considered, including but not limited to, availability of funds for future exploration and development activities, current exploration and development plans, favorable or unfavorable exploration activity on the property or the adjacent property, geologists’ evaluation of the property, the current and projected political and regulatory climate, contractual conditions and the remaining lease term for the properties. If an impairment is indicated, Occidental will first determine whether a comparable transaction for similar properties or implied acreage valuation derived from domestic onshore market participants is available and will adjust the carrying amount of the unproved property to its fair value using the market approach. In situations where the market approach is not observable and unproved reserves are available, undiscounted future net cash flows used in the impairment analysis are determined based on managements’ risk adjusted estimates of unproved reserves, future commodity prices and future costs to produce the reserves. If undiscounted future net cash flows are less than the carrying value of the unproved property, the future net cash flows are discounted and compared to the carrying value for determining the amount of the impairment loss to record. Occidental utilizes the same assumptions and methodology discussed above for cash flows associated with proved properties. CHEMICAL Occidental’s chemical assets are depreciated using either the unit-of-production or the straight-line method, based upon the estimated useful lives of the facilities. The estimated useful lives of Occidental’s chemical assets, which range from three years to 50 years, are also used for impairment tests. The estimated useful lives for the chemical facilities are based on the assumption that Occidental will provide an appropriate level of annual expenditures to ensure productive capacity is sustained. Such expenditures consist of ongoing routine repairs and maintenance, as well as planned major maintenance activities. Ongoing routine repairs and maintenance expenditures are expensed as incurred. Planned major maintenance activities costs are capitalized and amortized over the period until the next planned overhaul. Additionally, Occidental incurs capital expenditures that extend the remaining useful lives of existing assets, increase their capacity or operating efficiency beyond the original specification or add value through modification for a different use. These capital expenditures are not considered in the initial determination of the useful lives of these assets at the time they are placed into service. The resulting revision, if any, of the asset’s estimated useful life is measured and accounted for prospectively. Without these continued expenditures, the useful lives of these assets could decrease significantly. Other factors that could change the estimated useful lives of Occidental’s chemical assets include sustained higher or lower product prices, which are affected by domestic and international competition, demand, feedstock costs, energy prices, environmental regulations and technological changes. Occidental performs impairment tests on its chemical assets whenever events or changes in circumstances lead to a reduction in the estimated useful lives or estimated future cash flows that would indicate that the carrying amount may not be recoverable, or when management’s plans change with respect to those assets. Any impairment loss would be calculated as the excess of the asset’s net book value over its estimated fair value. MIDSTREAM AND MARKETING Occidental’s midstream and marketing PP&E is depreciated over the estimated useful lives of the assets, using either the unit-of-production or straight-line method. Occidental performs impairment tests on its midstream and marketing assets whenever events or changes in circumstances lead to a reduction in the estimated useful lives or estimated future cash flows that would indicate that the carrying amount may not be recoverable, or when management’s plans change with respect to those assets. Any impairment loss would be calculated as the excess of the asset’s net book value over its estimated fair value.
IMPAIRMENTS AND OTHER CHARGES	IMPAIRMENTS AND OTHER CHARGES In 2023, Occidental recorded a pre-tax impairment of $180 million related to undeveloped acreage in the northern non-core area of the Powder River Basin where Occidental has decided not to pursue future exploration and appraisal activities. In 2023, impairment expense also included $29 million related to an equity method investment in Black Butte Coal Company. During 2021, Occidental’s oil and gas segment recognized pre-tax impairment and related charges of $282 million primarily related to undeveloped leases that either expired or were set to expire in the near-term, where Occidental had no plans to pursue exploration activities and, to a lesser extent, impairments of oil and gas materials and supplies inventories. Prolonged declines in commodity prices, reduced capital spending in response to lower prices or increases in operating costs could result in additional impairments.
INTANGIBLES AND GOODWILL	INTANGIBLES AND GOODWILL As of December 31, 2023, Occidental had $960 million of other intangible assets primarily related to Carbon Engineering and TerraLithium, included in other long-term assets. These assets will be amortized between 9 and 25 years on a straight-line basis. Occidental performs impairment tests on its finite-lived intangible assets whenever events or changes in circumstances lead to a reduction in the estimated useful lives or estimated future cash flows that would indicate that the carrying amount may not be recoverable, or when management’s plans change with respect to those assets. Any impairment loss would be calculated as the excess of the asset’s net book value over its estimated fair value. As of December 31, 2023, Occidental had $668 million of goodwill related to its ownership in Carbon Engineering, included in other long-term assets. Goodwill is subject to annual impairment testing every April. Occidental’s goodwill impairment test first assesses qualitative factors to determine whether goodwill is likely impaired. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount including goodwill, Occidental will then perform a quantitative goodwill impairment test. Changes in goodwill may result from, among other things, impairments, future acquisitions, or future divestitures.
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Occidental has categorized its assets and liabilities that are measured at fair value in a three-level fair value hierarchy, based on the inputs to the valuation techniques: Level 1 – using quoted prices in active markets for the assets or liabilities; Level 2 – using observable inputs other than quoted prices for the assets or liabilities; and Level 3 – using unobservable inputs. Transfers between levels, if any, are reported at the end of each reporting period. FAIR VALUES - RECURRING Occidental primarily applies the market approach for recurring fair value measurements, maximizes its use of observable inputs and minimizes its use of unobservable inputs. Occidental utilizes the mid-point between bid and ask prices for valuing the majority of its assets and liabilities measured and reported at fair value. In addition to using market data, Occidental makes assumptions in valuing its assets and liabilities, including assumptions about the risks inherent in the inputs to the valuation technique. For assets and liabilities carried at fair value, Occidental measures fair value using the following methods: ■ Occidental values exchange-cleared commodity derivatives using closing prices provided by the exchange as of the balance sheet date. These derivatives are classified as Level 1. ■ OTC bilateral financial commodity contracts, foreign exchange contracts, interest rate swaps, warrants, options and physical commodity forward purchase and sale contracts are generally classified as Level 2 and are generally valued using quotations provided by brokers or industry-standard models that consider various inputs, including quoted forward prices for commodities, time value, volatility factors, credit risk and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, and can be derived from observable data or are supported by observable prices at which transactions are executed in the marketplace. ■ Occidental values commodity derivatives based on a market approach that considers various assumptions, including quoted forward commodity prices and market yield curves. The assumptions used include inputs that are generally unobservable in the marketplace or are observable but have been adjusted based upon various assumptions and the fair value is designated as Level 3 within the valuation hierarchy. ■ Occidental values debt using market-observable information for debt instruments that are traded on secondary markets. For debt instruments that are not traded, the fair value is determined by interpolating the value based on debt with similar terms and credit risk. NON-FINANCIAL ASSETS Occidental uses market-observable prices for assets when comparable transactions can be identified that are similar to the asset being valued. When Occidental is required to measure fair value and there is not a market-observable price for the asset or for a similar asset then the cost or income approach is used depending on the quality of information available to support management’s assumptions. The cost approach is based on management’s best estimate of the current asset replacement cost. The income approach is based on management’s best assumptions regarding expectations of future net cash flows. The expected cash flows are discounted using a commensurate risk-adjusted discount rate. Such evaluations involve significant judgment, and the results are based on expected future events or conditions such as sales prices, estimates of future oil and gas production or throughput, development and operating costs and the timing thereof, economic and regulatory climates and other factors, most of which are often outside of management’s control. However, assumptions used reflect a market participant’s view of long-term prices, costs and other factors and are consistent with assumptions used in Occidental’s business plans and investment decisions.
ACCRUED LIABILITIES-CURRENT	ACCRUED LIABILITIES - CURRENT accrued liabilities - current
ENVIRONMENTAL LIABILITIES AND EXPENDITURES	ENVIRONMENTAL LIABILITIES AND EXPENDITURES Certain subsidiaries of Occidental incur environmental liabilities and expenditures that relate to current operations and are expensed or capitalized by such subsidiaries as appropriate. Certain subsidiaries also incur environmental liabilities and expenditures with respect to remediation of existing conditions from alleged past practices at Third-Party, Currently Operated, and Closed or Non-operated Sites, which categories may include NPL sites. Those environmental liabilities and related charges and expenses for estimated remediation costs from past operations are recorded when environmental remediation efforts are probable and the costs can be reasonably estimated. Occidental discloses such remediation liabilities on a consolidated basis. In determining the environmental remediation liability and the range of reasonably possible additional losses, Occidental refers to currently available information, including relevant past experience, remedial objectives, available technologies, applicable laws and regulations and cost-sharing arrangements. These environmental remediation liabilities are based on management’s estimate of the most likely cost to be incurred, using the most cost-effective technology reasonably expected to achieve the remedial objective. Occidental periodically reviews these environmental remediation liabilities and adjusts them as new information becomes available. Occidental’s subsidiaries generally record reimbursements or recoveries of environmental remediation costs in income when received, or when receipt of recovery is highly probable. Many factors could affect future remediation costs incurred by Occidental’s subsidiaries and result in adjustments to environmental remediation liabilities and the range of reasonably possible additional losses. The most significant are: (1) cost estimates for remedial activities may vary from the initial estimate; (2) the length of time, type or amount of remediation necessary to achieve the remedial objective may change due to factors such as site conditions, the ability to identify and control contaminant sources or the discovery of additional contamination; (3) a regulatory agency may ultimately reject or modify Occidental’s proposed remedial plan; (4) improved or alternative remediation technologies may change remediation costs; (5) laws and regulations may change remediation requirements or affect cost sharing or allocation of liability; and (6) changes in allocation or cost-sharing arrangements may occur. Certain sites involve multiple parties with various cost-sharing arrangements, which fall into the following three categories: (1) environmental proceedings that result in a negotiated or prescribed allocation of remediation costs among the affected Occidental subsidiary and other alleged potentially responsible parties; (2) oil and gas ventures in which each participant pays its proportionate share of remediation costs reflecting its working interest; or (3) contractual arrangements, typically relating to purchases and sales of properties, in which the parties to the transaction agree to methods of allocating remediation costs. In these circumstances, the affected subsidiary evaluates the financial viability of other parties with whom it is alleged to be jointly liable, the degree of their commitment to participate and the consequences to such subsidiary of their failure to participate when estimating its ultimate share of liability. Occidental records its environmental remediation liabilities at its expected net cost of remedial activities and, based on these factors, believes that it will not be required to assume a share of liability of such other potentially responsible parties in an amount materially above amounts reserved. In addition to the costs of investigations and clean-up measures, which often take in excess of 10 years at CERCLA NPL sites, Occidental’s environmental remediation liabilities include management’s estimates of the costs to operate and maintain remedial systems. If remedial systems are modified over time in response to significant changes in site-specific data, laws, regulations, technologies or engineering estimates, Occidental reviews and adjusts its environmental remediation liabilities accordingly.
ASSET RETIREMENT OBLIGATIONS	ASSET RETIREMENT OBLIGATIONS Occidental recognizes the fair value of AROs in the period in which a determination is made that a legal obligation exists to dismantle an asset and reclaim or remediate the property at the end of its useful life and the cost of the obligation can be reasonably estimated. The liability amounts are based on future retirement cost estimates and incorporate many assumptions such as time to abandonment, future inflation rates and the risk-adjusted discount rate. When the liability is initially recorded, Occidental capitalizes the cost by increasing the related PP&E balances. If the estimated future cost of the AROs changes, Occidental records an adjustment to both the AROs and PP&E. Over time, the liability is increased, expense is recognized for accretion and the capitalized cost is depreciated over the useful life of the asset. The majority of Occidental’s AROs relate to the plugging of wells and the related abandonment of oil and gas properties. At a certain number of its facilities, Occidental has identified conditional AROs that are related mainly to plant decommissioning. Occidental does not know or cannot estimate when it may settle these obligations. Therefore, Occidental cannot reasonably estimate the fair value of these liabilities. Occidental will recognize these conditional AROs in the periods in which sufficient information becomes available to reasonably estimate their fair values.
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS
STOCK-BASED INCENTIVE PLANS	STOCK-BASED INCENTIVE PLANS Occidental has established the Plans that are more fully described in Note 15 - Stock-Based Incentive Plans . A summary of Occidental’s accounting policy for awards issued under the Plans is as follows. For cash- and stock-settled RSUs and CROCEI awards, compensation value is initially measured on the grant date using the quoted market price of Occidental’s common stock and the estimated payout on the grant date. The fair value of stock options is estimated using a Black Scholes model. For TSRI awards, compensation value is initially measured on the grant date using the fair value derived from a Monte Carlo valuation model. Compensation expense for all awards is recognized on a straight-line basis over the requisite service periods, which is generally over the awards’ respective vesting or performance periods. The stock-settled awards are expensed using the initially measured compensation value. The liability resulting from cash settled awards and accrued dividends are remeasured at each reporting period. Dividends accrued on unvested awards are adjusted quarterly for any changes in the number of share equivalents expected to be paid based on the relevant performance and market criteria, if applicable.
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	RETIREMENT AND POSTRETIREMENT BENEFIT PLANS Occidental recognizes the overfunded or underfunded amounts of its defined benefit pension and postretirement plans, which are more fully described in Note 11 - Retirement and Postretirement Benefit Plans , in its financial statements using a December 31 measurement date. Occidental’s defined benefit pension and postretirement benefit plan obligations are actuarially determined based on various assumptions and discount rates. The discount rate assumptions used are meant to reflect the interest rate at which the obligations could effectively be settled on the measurement date. Occidental estimates the rate of return on assets with regard to current market factors but within the context of historical returns. Occidental funds and expenses negotiated pension increases for domestic union employees over the terms of the applicable collective bargaining agreements. Pension and any postretirement plan assets are measured at fair value. Common stock, preferred stock, publicly registered mutual funds, U.S. government securities and corporate bonds are valued using quoted market prices in active markets when available. When quoted market prices are not available, these investments are valued using pricing models with observable inputs from both active and non-active markets. Common and collective trusts are valued at the fund units’ NAV provided by the issuer, which represents the quoted price in a non-active market. Short-term investment funds are valued at the fund units’ NAV provided by the issuer.
CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS	CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balance as of December 31, 2023, included investments in government money market funds in which the carrying value approximates fair value.
FOREIGN CURRENCY TRANSACTIONS	FOREIGN CURRENCY TRANSACTIONS The functional currency applicable to all of Occidental’s international oil and gas operations is the U.S. dollar since cash flows are denominated principally in U.S. dollars. In Occidental’s other operations, Occidental’s use of non-United States dollar functional currencies was not material for all years presented. The effect of exchange rates on transactions in foreign currencies is included in periodic income. Occidental reports the exchange rate differences arising from translating foreign-currency-denominated balance sheet accounts to the United States dollar as of the reporting date in OCI. Exchange-rate gains and losses for continuing operations were not material for all years presented.
INCOME TAXES	INCOME TAXES
LOSS CONTINGENCIES	LOSS CONTINGENCIES Occidental or certain of its subsidiaries are involved, in the normal course of business, in lawsuits, claims and other legal proceedings that seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties, or injunctive or declaratory relief. Occidental or certain of its subsidiaries also are involved in proceedings under CERCLA and similar federal, state, local and international environmental laws. These environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, punitive damages, civil penalties, injunctive relief, and government oversight costs. 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 or its subsidiaries retains liability or indemnifies the other party for conditions that existed prior to the transaction.
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS In December 2023, FASB issued new guidance to improve Income Tax disclosures to provide information to assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The rules become effective for annual periods beginning after December 15, 2024. The standard modifies required income tax disclosures. Occidental is currently evaluating the impact of adopting this guidance on the consolidated financial statements. In November 2023, FASB issued new guidance to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The rules become effective for the fiscal years beginning after December 15, 2023. The standard requires additional disclosures about operating segments. Occidental is currently evaluating the impact of adopting this guidance on the consolidated financial statements. In August 2023, FASB issued new guidance to provide specific guidance on how a joint venture, upon formation, should recognize and initially measure assets contributed and liabilities assumed. The rules become effective prospectively for all joint venture formations occurring on or after January 1, 2025. Occidental is currently assessing the impact of this guidance.
REVENUE	Revenue from customers is recognized when obligations under the terms of a contract are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services such as transportation. Revenue from customers is measured as the amount of consideration Occidental expects to receive in exchange for the delivery of goods or services. Contracts may last from one month to one year or more and may have renewal terms that extend indefinitely at the option of either party. Price is typically based on market indexes. Volumes fluctuate due to production and, in certain cases, customer demand and transportation availability. Occidental records revenue net of certain taxes, such as sales taxes, that are assessed by government authorities on Occidental’s customers. Occidental does not incur significant costs to obtain contracts. Incidental items that are immaterial in the context of the contract are recognized as expenses. Sales of hydrocarbons and chemicals to customers are invoiced and settled on a monthly basis. Occidental is not usually subject to obligations for warranties, rebates, returns or refunds except in the case of customer incentive payments as discussed for the chemical segment below. Occidental does not typically receive payment in advance of satisfying its obligations under the terms of its sales contracts with customers; therefore, liabilities related to such payment are immaterial to Occidental. Occidental does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied performance obligations. OIL AND GAS SEGMENT Revenue from oil and gas production is recognized when production is delivered and control passes to the customer. Revenues from the production of oil and gas properties in which Occidental has an interest with other producers are recognized on the basis of Occidental’s net revenue interest. CHEMICAL SEGMENT Revenue from chemical product sales is recognized when control passes to the customer. Certain incentive programs may provide for payments or credits to be made to customers based on the volume of product purchased over a defined period. Customer incentives are estimated and recorded as a reduction to revenue ratably over the contract period. Such estimates are evaluated and revised as warranted. Revenue from exchange contracts is excluded from revenue from customers. MIDSTREAM AND MARKETING SEGMENT Revenue from pipeline and gas processing is recognized upon the completion of the transportation or processing service. Revenue from power sales is recognized upon delivery. Net marketing revenue is recognized upon completion of contract terms that are a prerequisite to payment and upon title transfer for physical deliveries. Unless the normal purchases and sales exception has been elected, net marketing revenue is classified as a derivative, reported on a net basis, recorded at fair value. Changes in fair value are reflected in net sales and excluded from revenue from customers in the table below. DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
EARNINGS PER SHARE	EARNINGS PER SHARE Occidental’s instruments containing rights to nonforfeitable dividends granted in stock-based awards are considered participating securities prior to vesting and, therefore, have been deducted from earnings in computing basic and diluted EPS under the two-class method. Basic EPS was computed by dividing net income attributable to common stock, net of income allocated to participating securities, by the weighted-average number of common shares outstanding during each period, including vested but unissued shares and share units. The computation of diluted EPS reflects the additional dilutive effect of stock options, warrants and unvested stock awards.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of the activity of capitalized exploratory well costs for continuing operations	The following table summarizes the activity of capitalized exploratory well costs for continuing operations for the years ended December 31: millions 2023 2022 2021 Balance — beginning of year $ 276 $ 213 $ 211 Additions to capitalized exploratory well costs pending the determination of proved reserves 750 323 163 Reclassifications to property, plant and equipment based on the determination of proved reserves (314) (183) (67) Capitalized exploratory well costs charged to expense (307) (77) (94) Balance — end of year $ 405 $ 276 $ 213
Summary of the activity of the asset retirement obligation	The following table summarizes the activity of AROs for the years ended December 31: millions 2023 2022 Beginning balance $ 3,805 $ 4,026 Liabilities incurred – capitalized to PP&E 105 55 Liabilities settled and paid (295) (342) Accretion expense 211 145 Acquisitions, divestitures and other, net (15) (54) Revisions to previous estimates 264 (25) Ending balance (a) $ 4,075 $ 3,805 (a) The ending balance included $193 million and $169 million related to the current balance of AROs that are presented in accrued liabilities on the Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively.
Schedule of 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 year ended December 31, 2023, 2022 and 2021, respectively. millions 2023 2022 2021 Income tax payments $ 1,299 $ 2,184 $ 763 Income tax refunds received $ 18 $ 89 $ 70 Production, property and other tax payments $ 1,164 $ 1,093 $ 790 Interest paid (a) $ 1,099 $ 1,425 $ 1,685 (a) Net of capitalized interest of $98 million, $69 million and $61 million, for the years 2023, 2022 and 2021, respectively.
Summary of cash equivalents and restricted cash equivalents	The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the Consolidated Statements of Cash Flows for the year ended December 31, 2023 and 2022: millions 2023 2022 Cash and cash equivalents $ 1,426 $ 984 Restricted cash and restricted cash equivalents 21 26 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 17 16 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,464 $ 1,026

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of reconciliation of revenue from customers to total net sales	The following table reconciles revenue from customers to total net sales for the years ended December 31: millions 2023 2022 2021 Revenue from customers $ 28,325 $ 36,234 $ 25,959 All other revenues (a) (68) 400 (3) Net sales $ 28,257 $ 36,634 $ 25,956 (a) Included net marketing derivatives, oil collars and calls and chemical exchange contracts.
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 natural 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 Year ended December 31, 2023 Oil and gas Oil $ 14,893 $ 3,057 $ — $ 17,950 NGL 1,619 372 — 1,991 Gas 970 335 — 1,305 Other 36 2 — 38 Segment total $ 17,518 $ 3,766 $ — $ 21,284 Chemical $ 5,002 $ 313 $ — $ 5,315 Midstream and marketing $ 2,216 $ 409 $ — $ 2,625 Eliminations $ — $ — $ (899) $ (899) Consolidated $ 24,736 $ 4,488 $ (899) $ 28,325 Year ended December 31, 2022 Oil and gas Oil $ 17,421 $ 3,935 $ — $ 21,356 NGL 2,631 421 — 3,052 Gas 2,422 311 — 2,733 Other 20 4 — 24 Segment total $ 22,494 $ 4,671 $ — $ 27,165 Chemical $ 6,359 $ 379 $ — $ 6,738 Midstream and marketing $ 3,167 $ 588 $ — $ 3,755 Eliminations $ — $ — $ (1,424) $ (1,424) Consolidated $ 32,020 $ 5,638 $ (1,424) $ 36,234 Year ended December 31, 2021 Oil and gas Oil $ 12,072 $ 2,844 $ — $ 14,916 NGL 2,203 325 — 2,528 Gas 1,524 291 — 1,815 Other 24 2 — 26 Segment total $ 15,823 $ 3,462 $ — $ 19,285 Chemical $ 4,995 $ 248 $ — $ 5,243 Midstream and marketing $ 1,969 $ 556 $ — $ 2,525 Eliminations $ — $ — $ (1,094) $ (1,094) Consolidated $ 22,787 $ 4,266 $ (1,094) $ 25,959

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following as of December 31: millions 2023 2022 Raw materials $ 115 $ 120 Materials and supplies 988 913 Commodity inventory and finished goods 1,027 1,147 2,130 2,180 Revaluation to LIFO (108) (121) Total $ 2,022 $ 2,059

INVESTMENTS AND RELATED-PARTY_2

INVESTMENTS AND RELATED-PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Investments And Related Party Transactions Disclosure [Abstract]
Schedule of significant equity investments	Occidental’s significant equity investments are presented in investments in unconsolidated entities and in deferred credits and other liabilities - other. As of December 31, 2023 and 2022, investments in unconsolidated entities were $3.2 billion and its significant equity investments consisted of investments in WES, OxyChem Ingleside Facility, NET Power and DEL. Occidental’s equity investments presented in investments in unconsolidated entities primarily consist of the following: millions % Economic Interest Carrying amount WES (a) 51.0 % $ 1,928 OxyChem Ingleside Facility 50.0 % 539 NET Power (b) 42.2 % 495 DEL (c) 24.5 % — Other various 262 Total Investments in unconsolidated entities $ 3,224 (a) In 2023, 2022, and 2021, Occidental sold 5.1 million, 10.0 million and 14.0 million of its limited partner units in WES, respectively, resulting in gains on sale of $51 million, $62 million and $102 million, respectively. (b) In June 2023, Occidental invested an additional $351 million in NET Power, increasing its economic interest to 42.2%. (c) Not presented in investments in unconsolidated entities is Occidental’s 24.5% ownership in DEL, which had a carrying value of $252 million and is presented in deferred credits and other liabilities - other. Refer to the discussion below regarding the presentation of Occidental’s equity investment in DEL.
Summarized financial information of equity-method investments	The following table presents the summarized financial information of its equity-method investments combined for the years ended and as of December 31: millions 2023 2022 2021 Summarized Results of Operations Revenues and other income $ 4,724 $ 6,342 $ 6,252 Costs and expenses 3,753 4,514 4,569 Net income $ 971 $ 1,828 $ 1,683 Summarized Balance Sheet Current assets $ 4,772 $ 3,482 $ 3,387 Non-current assets $ 18,715 $ 15,282 $ 19,341 Current liabilities $ 2,547 $ 1,342 $ 1,976 Long-term debt $ 9,673 $ 9,512 $ 9,464 Other non-current liabilities $ 2,396 $ 1,289 $ 1,187 Equity $ 8,870 $ 6,621 $ 10,101
Summary of related-party transactions	Occidental entered into the following related-party transactions and had the following amounts due from or to its related parties for the years ended December 31: millions 2023 2022 2021 Sales (a) $ 256 $ 337 $ 261 Purchases (b) $ 722 $ 948 $ 773 Services (c) $ 1,155 $ 1,006 $ 942 Advances and amounts due from related parties $ 62 $ 40 $ 57 Amounts due to related parties $ 371 $ 306 $ 280 (a) In 2023 and 2022 and 2021 sales of Occidental-produced oil and NGL to WES accounted for 37% and 42% and 58% of these totals, respectively. (b) In 2023 and 2022 and 2021, purchases of gas and NGL marketed on behalf of WES accounted for 22% and 24% and 27% of related party purchases, respectively, while purchases of ethylene from the OxyChem Ingleside Facility accounted for 69% and 64% and 70%, respectively, of related party purchases. (c) In 2023 and 2022 and 2021, services primarily related to fees charged by WES to gather, process and treat Occidental produced oil, NGL and natural gas.

ACQUISITIONS, DIVESTITURES AN_2

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of preliminary purchase price	Occidental allocated the preliminary purchase price to the fair value of Carbon Engineering’s assets as follows: millions 2023 Fair value of assets acquired: Cash and other current assets $ 154 Property, plant and equipment 11 Intangible assets related to developed technology 845 Goodwill 668 Total fair value of assets acquired $ 1,678 Fair value of liabilities acquired: Liabilities acquired 110 Deferred tax liability 190 Total liabilities assumed $ 300 Fair value of previously held interest 371 Total acquisition consideration $ 1,007
Schedule of discontinued operations	The following table presents the amounts reported in discontinued operations, net of income taxes, related to the Ghana assets for the years ended December 31, 2021: millions 2021 Revenues and other income Net sales $ 458 Costs and other deductions Oil and gas lease operating expense 71 Fair value adjustment on assets held for sale (a) 409 Other 24 Total costs and other deductions $ 504 Loss before income taxes $ (46) Income tax benefit 15 Discontinued operations, net of tax $ (31) (a) For 2021, included effective date to close date adjustments as well as settlements of certain tax claims.

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Long-term debt	As of December 31, 2023 and 2022, Occidental’s debt consisted of the following: millions 2023 2022 8.750% medium-term notes due 2023 $ — $ 22 2.900% senior notes due 2024 654 654 6.950% senior notes due 2024 291 291 3.450% senior notes due 2024 111 111 5.875% senior notes due 2025 606 606 3.500% senior notes due 2025 137 137 5.500% senior notes due 2025 465 465 5.550% senior notes due 2026 870 870 3.200% senior notes due 2026 182 182 3.400% senior notes due 2026 284 284 7.500% debentures due 2026 112 112 8.500% senior notes due 2027 489 489 3.000% senior notes due 2027 216 216 7.125% debentures due 2027 150 150 7.000% debentures due 2027 48 48 6.625% debentures due 2028 14 14 7.150% debentures due 2028 232 232 7.200% senior debentures due 2028 82 82 6.375% senior notes due 2028 578 578 7.200% debentures due 2029 135 135 7.950% debentures due 2029 116 116 8.450% senior debentures due 2029 116 116 3.500% senior notes due 2029 286 286 Variable rate bonds due 2030 ( 5.750% and 5.320% as of December 31, 2023 and 2022, respectively) 68 68 8.875% senior notes due 2030 1,000 1,000 6.625% senior notes due 2030 1,449 1,449 6.125% senior notes due 2031 1,143 1,143 7.500% senior notes due 2031 900 900 7.875% senior notes due 2031 500 500 6.450% senior notes due 2036 1,727 1,727 Zero Coupon senior notes due 2036 673 673 0.000% loan due 2039 19 — 4.300% senior notes due 2039 247 247 7.950%senior notes due 2039 325 325 6.200% senior notes due 2040 737 737 4.500% senior notes due 2044 191 191 4.625% senior notes due 2045 296 296 6.600% senior notes due 2046 1,117 1,117 4.400% senior notes due 2046 424 424 4.100% senior notes due 2047 258 258 4.200% senior notes due 2048 304 304 4.400% senior notes due 2049 280 280 (continued on next page) millions (continued) 2023 2022 7.730% debentures due 2096 58 58 7.500% debentures due 2096 60 60 7.250% debentures due 2096 5 5 Total borrowings at face value $ 17,955 $ 17,958 Adjustments to book value: Unamortized premium, net 1,152 1,261 Debt issuance costs (106) (73) Net book value of debt $ 19,001 $ 19,146 Long-term finance leases 591 546 Current finance leases 146 143 Total debt and finance leases $ 19,738 $ 19,835 Less current maturities of finance leases (146) (143) Less current maturities of long-term debt (1,056) (22) Long-term debt, net $ 18,536 $ 19,670 millions Borrowings at face value Total borrowings at face value as of December 31, 2021 $ 28,493 Repayments: 2.600% senior notes due 2022 $ (101) 2.700% senior notes due 2023 (442) 6.950% senior notes due 2024 (359) 3.450% senior notes due 2024 (16) 2.900% senior notes due 2024 (295) 3.500% senior notes due 2025 (189) 8.000% senior notes due 2025 (500) 5.875% senior notes due 2025 (294) 5.500% senior notes due 2025 (285) 5.550% senior notes due 2026 (230) 3.200% senior notes due 2026 (615) 3.400% senior notes due 2026 (495) 3.000% senior notes due 2027 (418) 8.500% senior notes due 2027 (11) 7.150% debentures due 2028 (3) 6.375% senior notes due 2028 (22) 3.500% senior notes due 2029 (1,191) 6.625% senior notes due 2030 (51) 6.125% senior notes due 2031 (107) 6.450% senior notes due 2036 (23) Zero Coupon senior notes due 2036 (1,596) 4.300% senior notes due 2039 (446) 6.200% senior notes due 2040 (13) 4.500% senior notes due 2044 (417) 4.625% senior notes due 2045 (338) 6.600% senior notes due 2046 (40) 4.400% senior notes due 2046 (552) 4.100% senior notes due 2047 (405) 4.200% senior notes due 2048 (657) 4.400% senior notes due 2049 (424) Total borrowings at face value as of December 31, 2022 $ 17,958

LEASE COMMITMENTS (Tables)

LEASE COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of operating lease maturities	The following summarizes maturities of lease liabilities at December 31, 2023: millions Operating Leases (a) Finance Leases (b) Total 2024 $ 453 $ 146 $ 599 2025 291 136 427 2026 194 126 320 2027 101 113 214 2028 71 85 156 Thereafter 190 256 446 Total lease payments 1,300 862 2,162 Less: Discount (127) (125) (252) Total lease liabilities $ 1,173 $ 737 $ 1,910 (a) The weighted-average remaining lease term is 4.5 years and the weighted-average discount rate is 4.94%. (b) The weighted-average remaining lease term is 6.3 years and the weighted-average discount rate is 4.61%.
Schedule of finance lease maturities	The following summarizes maturities of lease liabilities at December 31, 2023: millions Operating Leases (a) Finance Leases (b) Total 2024 $ 453 $ 146 $ 599 2025 291 136 427 2026 194 126 320 2027 101 113 214 2028 71 85 156 Thereafter 190 256 446 Total lease payments 1,300 862 2,162 Less: Discount (127) (125) (252) Total lease liabilities $ 1,173 $ 737 $ 1,910 (a) The weighted-average remaining lease term is 4.5 years and the weighted-average discount rate is 4.94%. (b) The weighted-average remaining lease term is 6.3 years and the weighted-average discount rate is 4.61%.
Schedule of lease costs	The following tables present Occidental’s total lease cost and other information for operating and finance lease liabilities for the years ended December 31: millions 2023 2022 Lease Cost Finance lease cost: Amortization of right-of-use assets $ 126 $ 83 Interest on lease liabilities 27 20 Operating lease cost 398 374 Short-term lease cost 460 184 Total lease cost $ 1,011 $ 661 millions 2023 2022 Cash payments related to leases Operating cash flows from finance lease $ 27 $ 20 Operating cash flows from operating leases $ 198 $ 191 Investing cash flows from operating leases $ 183 $ 81 Financing cash flows from finance leases $ 105 $ 83 Changes in Right-of-Use assets Right-of-use assets obtained in exchange for new finance lease liabilities $ 226 $ 85 Right-of-use assets obtained in exchange for new operating lease liabilities $ 630 $ 525

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2023
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 as of December 31: 2023 2022 Oil commodity contracts Volume (MMbbl) (20) (33) Natural gas commodity contracts Volume (Bcf) (113) (112)
Gross and net fair values of outstanding derivatives	The following table presents the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts below, including when derivatives are subject to netting arrangements, and are presented on a net basis in the Consolidated Balance Sheets. millions Fair Value Measurements Using Total Fair Value Balance Sheet Classification Level 1 Level 2 Level 3 Netting (a) December 31, 2023 Marketing Derivatives Other current assets $ 1,008 $ 100 $ — $ (1,009) $ 99 Long-term receivables and other assets, net 47 1 — (43) 5 Accrued liabilities (967) (64) — 1,009 (22) Deferred credits and other liabilities - other (43) (6) — 43 (6) December 31, 2022 Marketing Derivatives Other current assets $ 920 $ 127 $ — $ (980) $ 67 Long-term receivables and other assets, net 1 2 — (1) 2 Accrued liabilities (938) (96) — 980 (54) Deferred credits and other liabilities - other (1) (1) — 2 — (a) These amounts do not include collateral. Occidental netted $42 million of collateral received with brokers against derivative assets as of December 31, 2023 and $15 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of December 31, 2022 .
Schedule of gains and losses on derivatives	The following table presents gains and (losses) related to Occidental’s derivative instruments in the Consolidated Statements of Operations for the years ended December 31: millions Income Statement Classification 2023 2022 2021 Collars and Calls (a) Net sales $ — $ — $ (344) Marketing Derivatives Net sales (b) (74) 381 338 Interest Rate Swaps Gains on interest rate swaps, net (c) — 317 122 (a) All of Occidental’s collars and calls expired on or before December 31, 2021. (b) Includes derivative and non-derivative marketing activity. (c) Occidental retired all remaining outstanding interest rate swaps on or before December 31, 2022.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of domestic and foreign components of income from continuing operations before domestic and foreign income taxes	The following summarizes domestic and foreign components of income from continuing operations before domestic and foreign income taxes for the years ended December 31: millions 2023 2022 2021 Domestic $ 4,246 $ 11,314 $ 1,966 Foreign 2,183 2,803 1,739 Total income from continuing operations before income taxes $ 6,429 $ 14,117 $ 3,705
Schedule of income tax (expense) benefit for domestic and foreign income taxes on continuing operations	The following summarizes components of income tax (expense) benefit on continuing operations for the years ended December 31: millions 2023 2022 2021 Current Federal $ (871) $ (1,272) $ (173) State and local (92) (105) (36) Foreign (713) (1,080) (660) Total current tax expense $ (1,676) $ (2,457) $ (869) Deferred Federal (37) 1,569 (191) State and local 25 57 153 Foreign (45) 18 (8) Total deferred tax (expense) benefit $ (57) $ 1,644 $ (46) Total income tax expense $ (1,733) $ (813) $ (915)
Schedule of reconciliation of the United States federal statutory income tax rate to Occidental's worldwide effective tax rate on income from continuing operations stated as a percentage of pre-tax income	The following reconciliation of the U.S federal statutory income tax rate to Occidental’s worldwide effective tax rate on income from continuing operations for the years ended December 31 is stated as a percentage of income from continuing operations before income taxes: 2023 2022 2021 U.S. federal statutory tax rate 21 % 21 % 21 % Legal entity reorganization — (18) — Enhanced oil recovery credit and other general business credits — — (3) Capital loss — — (2) Tax impact from foreign operations 3 3 8 State income taxes, net of federal benefit 1 — (2) Uncertain tax positions 2 — — Other — — 3 Worldwide effective tax rate 27 % 6 % 25 %
Schedule of tax effects of temporary differences resulting in deferred income taxes	The tax effects of temporary differences resulting in deferred income taxes as of December 31: millions 2023 2022 Deferred tax liabilities Property, plant and equipment differences $ (6,994) $ (7,218) Equity investments, partnerships and international subsidiaries (709) (441) Gross long-term deferred tax liabilities (7,703) (7,659) Deferred tax assets Environmental reserves 223 229 Postretirement benefit accruals 229 235 Deferred compensation and benefits 237 207 Asset retirement obligations 722 799 Foreign tax credit carryforwards 2,759 3,622 Business credit carryforwards 43 30 Net operating loss carryforward 1,056 1,058 Interest expense carryforward 11 11 All other 586 771 Gross long-term deferred tax assets 5,866 6,962 Valuation allowance (3,901) (4,785) Net long-term deferred tax assets $ 1,965 $ 2,177 Total deferred income tax liability, net $ (5,738) $ (5,482) Less: foreign deferred tax asset in long-term receivables and other assets, net (26) (30) Total deferred income tax liability $ (5,764) $ (5,512)
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: millions 2023 2022 2021 Balance as of January 1 $ 2,010 $ 2,026 $ 2,045 Increases related to prior-year positions — 2 75 Settlements — — (80) Reductions for tax positions of prior years (59) (18) (14) Balance as of December 31 $ 1,951 $ 2,010 $ 2,026

RETIREMENT AND POSTRETIREMENT_2

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Components of amounts recognized in the consolidated balance sheets	The following tables show the amounts recognized in Occidental’s Consolidated Balance Sheets related to its pension and postretirement benefit plans as of December 31: Pension Benefits Postretirement Benefits millions 2023 2022 2023 2022 Amounts recognized in the Consolidated Balance Sheet: Other long-term assets $ 126 $ 102 $ — $ — Accrued liabilities (3) (3) (57) (62) Deferred credits and other liabilities — pension and postretirement obligations (270) (344) (661) (711) $ (147) $ (245) $ (718) $ (773) Accumulated other comprehensive loss included the following after-tax balances: Net (gain) loss $ 3 $ 17 $ (217) $ (190) Prior service credit — — (45) (52) $ 3 $ 17 $ (262) $ (242)
Funding status of Occidental's plans	The following tables show the funding status, obligations and plan asset fair values of Occidental related to its pension and postretirement benefit plans for the years ended December 31: Pension Benefits Postretirement Benefits millions 2023 2022 2023 2022 Changes in the benefit obligation: Benefit obligation — beginning of year $ 886 $ 1,273 $ 773 $ 1,220 Service cost — benefits earned during the period 5 7 16 38 Interest cost on projected benefit obligation 45 36 37 33 Actuarial (gain) loss 19 (297) (53) (468) Benefits paid (80) (123) (65) (58) Other 4 (10) 10 8 Benefit obligation — end of year $ 879 $ 886 $ 718 $ 773 Changes in plan assets: Fair value of plan assets — beginning of year $ 641 $ 1,070 $ — $ — Actual return (loss) on plan assets 77 (304) — — Employer contributions 89 16 54 49 Benefits paid (80) (123) (64) (57) Other 5 (18) 10 8 Fair value of plan assets — end of year $ 732 $ 641 $ — $ — Unfunded status: $ (147) $ (245) $ (718) $ (773)
Schedule of projected benefit obligation, accumulated benefit obligation and fair value of plan assets for defined benefit pension plans with an accumulated benefit obligation in excess of plan assets and plan assets in excess of the accumulated benefit obligation	The following table sets forth details of the obligations and assets of Occidental’s defined benefit pension plans for the years ended December 31: Accumulated Benefit Plan Assets in millions 2023 2022 2023 2022 Projected benefit obligation $ 719 $ 738 $ 160 $ 148 Accumulated benefit obligation $ 717 $ 736 $ 157 $ 146 Fair value of plan assets $ 543 $ 458 $ 189 $ 183
Components of the net periodic benefit costs	The following table sets forth the components of net periodic benefit costs for the years ended December 31: Pension Benefits Postretirement Benefits millions 2023 2022 2021 2023 2022 2021 Net periodic benefit costs: Service cost — benefits earned during the period $ 5 $ 7 $ 8 $ 16 $ 38 $ 42 Interest cost on projected benefit obligation 45 36 35 37 33 33 Expected return on plan assets (45) (38) (59) — — — Recognized actuarial loss (gain) 4 1 2 (20) 5 15 Recognized prior service credit — — — (9) (9) (9) Gain (loss) due to settlement 1 (1) (19) — — — Net periodic benefit (cost) $ 10 $ 5 $ (33) $ 24 $ 67 $ 81
Weighted-average assumptions used to determine Occidental's benefit obligation and net periodic benefit cost for domestic plans	The following table sets forth the weighted-average assumptions used to determine Occidental’s benefit obligation and net periodic benefit cost for domestic plans for the years ended December 31: Pension Benefits Postretirement Benefits 2023 2022 2023 2022 Benefit Obligation Assumptions: Discount rate 4.98 % 5.27 % 5.12 % 5.43 % Rate of increase in compensation levels 3.96 % 3.95 % — — Net Periodic Benefit Cost Assumptions: Discount rate 5.27 % 2.65 % 5.43 % 2.94 % Rate of increase in compensation levels 3.95 % 3.98 % — — Assumed long-term rate of return on assets 6.65 % 4.36 % — —
Fair values of Occidental's pension plan assets by asset category	The fair values of Occidental’s pension plan assets by asset category were as follows: millions Level 1 Level 2 Level 3 Total December 31, 2023 Asset Class: Government securities $ 42 $ — $ — $ 42 Corporate bonds (a) — 19 — 19 Equity securities (b) 33 — — 33 Other — 47 — 47 Investments measured at fair value $ 75 $ 66 $ — $ 141 Investments measured at net asset value (c) — — — 591 Total pension plan assets (d) $ 75 $ 66 $ — $ 732 December 31, 2022 Asset Class: Cash and cash equivalents $ 8 $ — $ — $ 8 Government securities 29 — — 29 Corporate bonds (a) — 16 — 16 Equity securities (b) 34 — — 34 Other — 46 — 46 Investments measured at fair value $ 71 $ 62 $ — $ 133 Investments measured at net asset value (c) — — — 509 Total pension plan assets (d) $ 71 $ 62 $ — $ 642 (a) This category represents investment grade bonds of U.S. and non-U.S. issuers from diverse industries. (b) This category represents direct investments in mutual funds and common and preferred stocks from diverse U.S. and non-U.S. industries. (c) Certain investments measured at fair value using the NAV per share (or its equivalent) have not been categorized in the fair value hierarchy. Amounts presented in this table are intended to reconcile the fair value hierarchy to the pension plan assets. (d) Amounts exclude net payables of zero as of December 31, 2023 and $1 million as of December 31, 2022 .
Estimated future benefit payments, which reflect expected future service, as appropriate	Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows for the years ended December 31: millions Pension Benefits Postretirement Benefits 2024 $ 74 $ 58 2025 69 56 2026 66 54 2027 67 52 2028 63 50 2029 - 2033 292 238

ENVIRONMENTAL LIABILITIES AND_2

ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Tables)	12 Months Ended
	Dec. 31, 2023
Environmental Remediation Obligations [Abstract]
Schedule of current and non-current environmental remediation reserves by categories of sites	2023 2022 millions, except number of sites Number of Sites Remediation Balance Number of Sites Remediation Balance NPL Sites 32 $ 435 30 $ 445 Third-Party Sites 65 233 68 238 Currently Operated Sites 12 98 13 106 Closed or Non-operated Sites 51 255 51 257 Total 160 $ 1,021 162 $ 1,046

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of repurchase agreements	The following table presents Occidental's common share activity, including exercises of options and warrants, other transactions in Occidental's common stock in 2023 and treasury stock purchased both under its $3.0 billion share repurchase program announced in February 2023 and from the trustee of Occidental's defined contribution savings plan: Period Exercise of Warrants and Options (a) Other (b) Treasury Stock Purchases (c) Common Stock Outstanding (d) December 31, 2022 899,858,944 First Quarter 2023 268,371 3,935,166 (12,511,237) 891,551,244 Second Quarter 2023 205,631 158,473 (7,233,460) 884,681,888 Third Quarter 2023 2,468,799 19,248 (9,468,451) 877,701,484 Fourth Quarter 2023 1,901,994 46,192 (186,567) 879,463,103 Total 2023 4,844,795 4,159,079 (29,399,715) 879,463,103 (a) Approximately $112 million of cash was received as a result of the exercise of common stock warrants and options. (b) Consisted of issuances for the 2015 long-term incentive plan, the OPC savings plan and the dividend reinvestment plan. (c) Included purchases of shares from the trustee of Occidental's defined contribution savings plan that are not part of publicly announced plans or programs. (d) As of December 31, 2023, Occidental had 99.5 million outstanding warrants with a strike price of $22 per share and 83.9 million of warrants with a strike price of $59.62 per share.
Schedule of obligated preferred stock redemptions	The following table presents preferred stock redemption activity for 2023: shares of Preferred stock Preferred stock, as of December 31, 2022 100,000 Less: Preferred redemptions (15,103) Preferred stock, as of December 31, 2023 84,897
Components of preferred stock dividends and redemptions	The following presents the components of preferred stock dividends and redemptions: millions Year ended December 31, 2023 Preferred dividends $ 736 Redemption premium 151 Redemption value in excess of carrying value 36 Preferred dividend and redemption premiums $ 923
Calculation of basic and diluted EPS	The following table presents the calculation of basic and diluted EPS for the years ended December 31: millions except per share amounts 2023 2022 2021 Income from continuing operations $ 4,696 $ 13,304 $ 2,790 Loss from discontinued operations — — (468) Net income $ 4,696 $ 13,304 $ 2,322 Less: Preferred stock dividends (923) (800) (800) Net income attributable to common stock $ 3,773 $ 12,504 $ 1,522 Less: Net income allocated to participating securities (23) (83) (10) Net income, net of participating securities $ 3,750 $ 12,421 $ 1,512 Weighted-average number of basic shares 889.2 926.2 935.0 Basic earnings per common share $ 4.22 $ 13.41 $ 1.62 Net income attributable to common stock $ 3,773 $ 12,504 $ 1,522 Less: Net income allocated to participating securities (21) (77) (10) Net income, net of participating securities $ 3,752 $ 12,427 $ 1,512 Weighted-average number of basic shares 889.2 926.2 935.0 Dilutive securities 71.7 75.8 23.8 Total diluted weighted-average common shares 960.9 1,002.0 958.8 Diluted earnings per common share $ 3.90 $ 12.40 $ 1.58
Components of accumulated other comprehensive income (loss)	Accumulated OCI (loss) consisted of the following after-tax amounts as of December 31: millions 2023 2022 Foreign currency translation adjustments $ (4) $ (5) Derivatives 20 (25) Pension and postretirement adjustments (a) 259 225 Total $ 275 $ 195 (a) See Note 11 - Retirement and Postretirement Benefit Plans for further information.

STOCK-BASED INCENTIVE PLANS (Ta

STOCK-BASED INCENTIVE PLANS (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of changes in Occidental's unvested cash- and stock- settled RSUs	A summary of changes in Occidental’s unvested cash- and stock-settled RSUs for 2023, is presented below: Cash-Settled Stock-Settled thousands, except fair values RSUs RSUs Unvested as of January 1 298 $ 37.96 8,894 $ 36.70 Granted 131 $ 60.43 3,342 $ 59.85 Vested (148) $ 36.33 (4,330) $ 35.81 Forfeitures (10) $ 42.19 (174) $ 44.37 Unvested as of December 31 271 $ 49.53 7,732 $ 47.03
Grant-date assumptions used in the Monte Carlo simulation models for the estimated payout level of TSRIs	The grant-date assumptions used in the Monte Carlo simulation models for the estimated payout level of TSRIs were as follows: TSRIs 2023 2022 2021 Assumptions used: Risk-free interest rate 4.6% 1.7% 0.2% Volatility factor 64% 80% 75% Expected life, years 2.84 2.89 2.88 Grant-date fair value of underlying Occidental common stock $ 59.71 $ 42.98 $ 25.39
Summary of the changes of awards	A summary of changes in Occidental’s unvested TSRIs in 2023 is presented below: TSRIs thousands, except fair values Awards Weighted-Average Unvested as of January 1 1,643 $ 35.51 Granted 459 $ 59.71 Vested (a) (591) $ 41.60 Forfeitures (4) $ 59.71 Unvested as of December 31 1,507 $ 40.43 (a) Presented at the target payouts. In 2023, the weighted-average payout at vesting was 122% of the target, resulting in the issuance of approximately 721,000 shares of Occidental common stock. CROCEI thousands, except fair values Awards Weighted-Average Unvested as of January 1 574 $ 35.73 Granted 130 $ 59.71 Vested (a) (197) $ 41.60 Unvested as of December 31 507 $ 39.59 (a) Presented at the target payouts. The weighted-average payout at vesting was 200% of the target, resulting in the issuance of approximately 395,000 shares of Occidental common stock.
Summary of stock options	A summary of Occidental’s outstanding stock options as of December 31, 2023 and changes during the year ended December 31, 2023 is presented below: Vested Unvested thousands, except fair values Options Weighted Average Strike Price Options Weighted Average Strike Price January 1 1,653 $ 38.83 1,075 $ 36.82 Vested 781 $ 37.36 (781) $ 37.36 Exercised (340) $ 37.81 — $ — December 31 2,094 $ 38.45 294 $ 35.37

GEOGRAPHIC AREAS AND INDUSTRY_2

GEOGRAPHIC AREAS AND INDUSTRY SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Net sales and property, plant and equipment, net by geographic areas	The following table represents Occidental’s property, plant and equipment, net by geographic area: millions Property, plant and equipment, net For the years ended December 31, 2023 2022 2021 United States $ 51,646 $ 51,706 $ 53,197 International UAE 3,609 3,663 3,645 Oman 2,156 2,159 2,055 Algeria 624 350 496 Qatar 393 428 468 Other International 101 78 69 Total International 6,883 6,678 6,733 Total $ 58,529 $ 58,384 $ 59,930
Schedule of industry segments	millions Oil and gas (a) Chemical Midstream and marketing (b) Corporate and eliminations (c) Total Year ended December 31, 2023 Net sales $ 21,284 $ 5,321 $ 2,551 $ (899) $ 28,257 Income (loss) from continuing operations before income taxes $ 6,240 $ 1,531 $ 24 $ (1,366) $ 6,429 Income tax expense (d) — — — (1,733) (1,733) Income (loss) from continuing operations $ 6,240 $ 1,531 $ 24 $ (3,099) $ 4,696 Investments in unconsolidated entities $ 93 $ 550 $ 2,581 $ — $ 3,224 Property, plant and equipment additions (e) $ 5,028 $ 551 $ 664 $ 125 $ 6,368 Depreciation, depletion and amortization $ 6,112 $ 356 $ 326 $ 71 $ 6,865 Total assets $ 53,786 $ 4,682 $ 13,327 $ 2,213 $ 74,008 Year ended December 31, 2022 Net sales $ 27,165 $ 6,757 $ 4,136 $ (1,424) $ 36,634 Income (loss) from continuing operations before income taxes $ 12,803 $ 2,508 $ 273 $ (1,467) $ 14,117 Income tax expense (d) — — — (813) (813) Income (loss) from continuing operations $ 12,803 $ 2,508 $ 273 $ (2,280) $ 13,304 Investments in unconsolidated entities $ 142 $ 578 $ 2,456 $ — $ 3,176 Property, plant and equipment additions (e) $ 3,898 $ 331 $ 270 $ 67 $ 4,566 Depreciation, depletion and amortization $ 6,179 $ 370 $ 328 $ 49 $ 6,926 Total assets $ 54,058 $ 4,558 $ 12,076 $ 1,917 $ 72,609 Year ended December 31, 2021 Net sales $ 18,941 $ 5,246 $ 2,863 $ (1,094) $ 25,956 Income (loss) from continuing operations before income taxes $ 4,145 $ 1,544 $ 257 $ (2,241) $ 3,705 Income tax expense (d) — — — (915) (915) Income (loss) from continuing operations $ 4,145 $ 1,544 $ 257 $ (3,156) $ 2,790 Investments in unconsolidated entities $ 154 $ 608 $ 2,176 $ — $ 2,938 Property, plant and equipment additions (e) $ 2,458 $ 316 $ 107 $ 50 $ 2,931 Depreciation, depletion and amortization $ 7,741 $ 343 $ 325 $ 38 $ 8,447 Total assets $ 56,132 $ 4,671 $ 11,132 $ 3,101 $ 75,036 (a) The 2023 income included a gain on sale of $142 million for the sale of certain non-core proved and unproved properties in the Permian Basin, a gain on sale of $25 million related to the 2020 Colombia divestiture, a $180 million impairment related to undeveloped acreage in the northern non-core area of the Powder River Basin, a $29 million impairment related to an equity method investment in the Black Butte Coal Company, and a $26 million legal settlement gain. The 2022 income included gains on sale of $148 million, primarily related to the sale of certain non-strategic assets in the Permian Basin, a gain on sale of $55 million related to the 2020 Colombia divestiture. The 2021 income included $282 million of asset impairments and $280 million of net oil, gas and CO 2 derivative losses. (b) The 2023 income included a fair value gain of $283 million related to the Carbon Engineering acquisition, $60 million of asset impairment and other charges included in income from equity investments and other, a gain on sale of $51 million on the sale of 5.1 million limited partner units in WES, $20 million for the acquisition-related costs on acquiring Carbon Engineering and $14 million of net derivative mark-to-market losses. The 2022 income included $259 million of net derivative mark-to-market losses, $62 million relating to a gain on the sale of 10 million limited partner units in WES and a $36 million gain on the sale of a joint venture. The 2021 income included $252 million in derivative mark-to-market losses and $124 million of gains on sales, primarily from the sale of 11.5 million limited partner units in WES. (c) The 2023 loss included a $260 million remeasurement of the valuation allowance for Occidental’s claim against Maxus and $6 million of costs for the CrownRock Acquisition. The 2022 loss included net derivative mark-to-market gains of $317 million, interest rate swaps and $149 million on early debt extinguishment expenses and $89 million costs for the Anadarko Acquisition. The 2021 included $153 million of costs for the Anadarko Acquisition, $122 million net derivative mark-to-market gains on interest rate swaps and $118 million of early debt extinguishment expenses. (d) Included all foreign and domestic income taxes from continuing operations. (e) Included capital expenditures and capitalized interest, but excluded acquisition and disposition of assets. The 2022 amount included a tax benefit of $2.7 billion for Occidental’s legal entity reorganization, further discussed in the Income Taxes section of the Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part II, Item 7, of this Form 10-K and Note 10 - Income Taxes in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NARRATIVE (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) segment $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Sep. 30, 2023 shares	Jun. 30, 2023 shares	Mar. 31, 2023 shares
Summary of Significant Accounting Policies [Line Items]
Number of reportable segments | segment	3
Limited partner interest	48.80%
Non-voting limited partner interest	2%
Common stock, outstanding (in shares) | shares	879,463,103	899,858,944		877,701,484	884,681,888	891,551,244
Preferred stock, shares outstanding (in shares) | shares	84,897	100,000
Assets	$ 74,008	$ 72,609	$ 75,036
Net sales	28,325	36,234	25,959
Trade receivables, net	3,195	4,281
Net capitalized costs attributable to unproved properties	10,200	12,600
Accrued liabilities for accrued payroll, commissions and related expenses	693	582
Accrual for taxes other than income taxes, current	$ 618	$ 544
Derivative liability, statement of financial position	Accrued liabilities	Accrued liabilities
Dividends payable	$ 307	$ 289
Minimum period of investigations and cleanup for CERCLA sites	10 years
Gain on non-monetary exchange transactions	$ 120	$ 340
Land
Summary of Significant Accounting Policies [Line Items]
Impairment and related charges	180
Carbon Engineering, Ltd.
Summary of Significant Accounting Policies [Line Items]
Other intangible assets	960
Goodwill	668
Oil and gas | Land
Summary of Significant Accounting Policies [Line Items]
Impairment and related charges	$ 180
Low end of range
Summary of Significant Accounting Policies [Line Items]
Amortization period (in years)	9 years
Low end of range | Chemical
Summary of Significant Accounting Policies [Line Items]
The estimated useful lives of Occidental's chemical assets	3 years
High end of range
Summary of Significant Accounting Policies [Line Items]
Amortization period (in years)	25 years
High end of range | Chemical
Summary of Significant Accounting Policies [Line Items]
The estimated useful lives of Occidental's chemical assets	50 years
Outside North America
Summary of Significant Accounting Policies [Line Items]
Assets	$ 7,800
Net sales	4,400
Proved and unproved non-core Permian | Oil and gas
Summary of Significant Accounting Policies [Line Items]
Impairment and related charges			$ 282
BlackRock, Inc.
Summary of Significant Accounting Policies [Line Items]
Equity method investment commitments	$ 550
Berkshire Hathaway
Summary of Significant Accounting Policies [Line Items]
Common stock, outstanding (in shares) | shares	244,000,000
Outstanding warrants (in shares) | shares	83,900,000
Preferred stock, shares outstanding (in shares) | shares	8,500,000,000
Berkshire Hathaway | Common Stock
Summary of Significant Accounting Policies [Line Items]
Option indexed to issuer's equity, strike price (in dollars per share) | $ / shares	$ 59.62
VIE's
Summary of Significant Accounting Policies [Line Items]
Construction in progress	$ 275
WES
Summary of Significant Accounting Policies [Line Items]
Non-voting general partner interest	2.30%
WES
Summary of Significant Accounting Policies [Line Items]
Effective economic interest	51%
Black Butte Coal Company
Summary of Significant Accounting Policies [Line Items]
Impairment of equity method investment	$ 29
Black Butte Coal Company | Oil and gas
Summary of Significant Accounting Policies [Line Items]
Impairment of equity method investment	$ 29

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capitalized exploratory well costs for continuing operations
Balance — beginning of year	$ 276	$ 213	$ 211
Additions to capitalized exploratory well costs pending the determination of proved reserves	750	323	163
Reclassifications to property, plant and equipment based on the determination of proved reserves	(314)	(183)	(67)
Capitalized exploratory well costs charged to expense	(307)	(77)	(94)
Balance — end of year	$ 405	$ 276	$ 213

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset retirement obligation
Beginning balance	$ 3,805	$ 4,026
Liabilities incurred – capitalized to PP&E	105	55
Liabilities settled and paid	(295)	(342)
Accretion expense	211	145
Acquisitions, divestitures and other, net	(15)	(54)
Revisions to previous estimates	264	(25)
Ending balance	4,075	3,805
Asset retirement obligations, current balance included in accrued liabilities	$ 193	$ 169

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies [Line Items]
Interest paid	$ 1,099	$ 1,425	$ 1,685
Capitalized interest	98	69	61
Continuing operations
Summary of Significant Accounting Policies [Line Items]
Income tax payments	1,299	2,184	763
Income tax refunds received	18	89	70
Production, property and other tax payments	$ 1,164	$ 1,093	$ 790

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,426	$ 984
Restricted cash and restricted cash equivalents	21	26
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net	17	16
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 1,464	$ 1,026	$ 2,803	$ 2,194

REVENUE - NARRATIVE (Details)

REVENUE - NARRATIVE (Details)	12 Months Ended
	Dec. 31, 2023
Minimum
Disaggregation of Revenue [Line Items]
Contract term	1 month
Maximum
Disaggregation of Revenue [Line Items]
Contract term	1 year

REVENUE - RECONCILIATION (Detai

REVENUE - RECONCILIATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue from customers	$ 28,325	$ 36,234	$ 25,959
All other revenues	(68)	400	(3)
Net sales	$ 28,257	$ 36,634	$ 25,956

REVENUE - DISAGGREGATION OF REV

REVENUE - DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 28,325	$ 36,234	$ 25,959
Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	28,325	36,234	25,959
Operating segments | United States
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	24,736	32,020	22,787
Operating segments | International
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	4,488	5,638	4,266
Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(899)	(1,424)	(1,094)
Eliminations | United States
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Eliminations | International
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Oil and gas | Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	21,284	27,165	19,285
Oil and gas | Operating segments | Oil
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	17,950	21,356	14,916
Oil and gas | Operating segments | NGL
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,991	3,052	2,528
Oil and gas | Operating segments | Gas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,305	2,733	1,815
Oil and gas | Operating segments | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	38	24	26
Oil and gas | Operating segments | United States
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	17,518	22,494	15,823
Oil and gas | Operating segments | United States | Oil
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	14,893	17,421	12,072
Oil and gas | Operating segments | United States | NGL
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,619	2,631	2,203
Oil and gas | Operating segments | United States | Gas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	970	2,422	1,524
Oil and gas | Operating segments | United States | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	36	20	24
Oil and gas | Operating segments | International
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,766	4,671	3,462
Oil and gas | Operating segments | International | Oil
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,057	3,935	2,844
Oil and gas | Operating segments | International | NGL
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	372	421	325
Oil and gas | Operating segments | International | Gas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	335	311	291
Oil and gas | Operating segments | International | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2	4	2
Oil and gas | Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Oil and gas | Eliminations | Oil
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Oil and gas | Eliminations | NGL
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Oil and gas | Eliminations | Gas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Oil and gas | Eliminations | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Chemical | Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	5,315	6,738	5,243
Chemical | Operating segments | United States
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	5,002	6,359	4,995
Chemical | Operating segments | International
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	313	379	248
Chemical | Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Midstream and marketing | Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,625	3,755	2,525
Midstream and marketing | Operating segments | United States
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,216	3,167	1,969
Midstream and marketing | Operating segments | International
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	409	588	556
Midstream and marketing | Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 0	$ 0	$ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 115	$ 120
Materials and supplies	988	913
Commodity inventory and finished goods	1,027	1,147
Inventories	2,130	2,180
Revaluation to LIFO	(108)	(121)
Total	$ 2,022	$ 2,059

INVESTMENTS AND RELATED-PARTY_3

INVESTMENTS AND RELATED-PARTY TRANSACTIONS (Details) - USD ($) shares in Millions, $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2023
Equity Method Investments
Equity method investment amounts		$ 3,224	$ 3,176
Deferred credits and other liabilities		15,975	15,097
Dividends received as return on investment		708	643	$ 652
Cumulative undistributed earnings		613	594
Excess of investments in equity investees over the underlying equity in net assets		424
Excess of investments in equity investees over the underlying equity in net assets, which represents goodwill		371
Summarized Results of Operations
Revenues and other income		28,918	37,095	26,314
Costs and expenses		23,023	24,088	23,362
NET INCOME		4,696	13,304	2,322
Summarized Balance Sheet
Current assets		8,375	8,886
Current liabilities		9,148	7,757
Long-term debt	[1]	18,536	19,670
Other non-current liabilities		15,975	15,097
Equity		30,250	30,085
RELATED-PARTY TRANSACTIONS
Sales		28,257	36,634	25,956
Purchases		722	948	773
Services		1,155	1,006	942
Advances and amounts due from related parties		3,195	4,281
Amounts due to related parties		3,646	4,029
Related Party
RELATED-PARTY TRANSACTIONS
Sales		256	337	261
Advances and amounts due from related parties		62	40	57
Amounts due to related parties		371	306	280
Equity Method Investment, Nonconsolidated Investee
Equity Method Investments
Deferred credits and other liabilities		2,396	1,289	1,187
Summarized Results of Operations
Revenues and other income		4,724	6,342	6,252
Costs and expenses		3,753	4,514	4,569
NET INCOME		971	1,828	1,683
Summarized Balance Sheet
Current assets		4,772	3,482	3,387
Non-current assets		18,715	15,282	19,341
Current liabilities		2,547	1,342	1,976
Long-term debt		9,673	9,512	9,464
Other non-current liabilities		2,396	1,289	1,187
Equity		8,870	$ 6,621	$ 10,101
WES
Equity Method Investments
Equity method investment amounts		$ 1,928
Equity method investment ownership percentage		51%
RELATED-PARTY TRANSACTIONS
Sales to related party (as a percent)		37%	42%	58%
Purchases from related party (as a percent)		22%	24%	27%
OxyChem Ingleside Facility
Equity Method Investments
Equity method investment amounts		$ 539
Equity method investment ownership percentage		50%
NET Power
Equity Method Investments
Equity method investment amounts		$ 495			$ 351
Equity method investment ownership percentage		42.20%			42.20%
DEL
Equity Method Investments
Equity method investment amounts		$ 0
Equity method investment ownership percentage		24.50%
Deferred credits and other liabilities		$ 252
Summarized Balance Sheet
Other non-current liabilities		252
Other
Equity Method Investments
Equity method investment amounts		$ 262
Ingleside Ethylene LLC
RELATED-PARTY TRANSACTIONS
Purchases from related party (as a percent)		69%	64%	70%
WES | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Equity Method Investments
Number of shares sold (in shares)		5.1	10	14
Gain on sale		$ 51	$ 62	$ 102
[1] Included $591 million and $546 million of finance lease liabilities as of December 31, 2023 and 2022, respectively.

ACQUISITIONS, DIVESTITURES AN_3

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS - NARRATIVE (Details) shares in Millions, $ in Millions

1 Months Ended

2 Months Ended

9 Months Ended

12 Months Ended

24 Months Ended

Dec. 31, 2023 USD ($)

Nov. 03, 2023 USD ($) payment

Dec. 31, 2023 USD ($) shares

Sep. 30, 2023 USD ($)

Jan. 31, 2022 USD ($)

Nov. 30, 2021 USD ($)

Oct. 31, 2021 USD ($)

Jul. 31, 2021 USD ($)

Mar. 31, 2021 USD ($)

Dec. 31, 2022 USD ($)

Sep. 30, 2021 USD ($)

Dec. 31, 2023 USD ($) shares

Dec. 31, 2022 USD ($) shares

Dec. 31, 2021 USD ($) shares

Nov. 03, 2025 USD ($)

Aug. 31, 2023

Jul. 31, 2023

Asset Acquisition, Disposition and Other Transactions [Line Items]

Non-core proved and unproved properties sold

$ 202

Gain on disposition of assets

$ 142

$ 522

$ 308

$ 192

Disposed of by sale | Permian Basin

Asset Acquisition, Disposition and Other Transactions [Line Items]

Proceeds received for divested assets

$ 190

$ 475

Gain on sale

$ 123

Disposed of by sale | DJ Basin

Asset Acquisition, Disposition and Other Transactions [Line Items]

Proceeds received for divested assets

$ 280

Disposed of by sale | Ghana Operations

Asset Acquisition, Disposition and Other Transactions [Line Items]

Proceeds received for divested assets

$ 555

Sale of assets

750

Settlement of certain tax claims related to historical operations in Ghana

$ 170

Disposal Group, Disposed of by Sale, Not Discontinued Operations | WES

Asset Acquisition, Disposition and Other Transactions [Line Items]

Gain on sale

$ 51

$ 62

$ 102

Number of shares sold (in shares) | shares

5.1

10

14

Net proceeds from sale of equity investment

$ 250

$ 250

Discontinued Operations | Ghana Operations

Asset Acquisition, Disposition and Other Transactions [Line Items]

After-tax loss contingency

$ 31

$ 437

Crownrock L.P.

Asset Acquisition, Disposition and Other Transactions [Line Items]

Consideration upon approval

$ 12,000

Issuance of shares upon approval (in shares) | shares

29.6

Crownrock L.P. | Existing Debt

Asset Acquisition, Disposition and Other Transactions [Line Items]

Issuance of debt upon approval

$ 1,200

Crownrock L.P. | High end of range | New Debt

Asset Acquisition, Disposition and Other Transactions [Line Items]

Issuance of debt upon approval

$ 9,100

Carbon Engineering, Ltd.

Asset Acquisition, Disposition and Other Transactions [Line Items]

Interest acquired, percent

68%

Cash consideration

$ 349

Equity interest in acquiree, percentage

32%

Equity interest in acquiree, remeasurement gain

$ 283

Number of equal annual payments | payment

3

Carbon Engineering, Ltd. | Subsequent event | Forecast

Asset Acquisition, Disposition and Other Transactions [Line Items]

Cash consideration

$ 1,100

Permian EOR Business Unit

Asset Acquisition, Disposition and Other Transactions [Line Items]

Non-monetary exchange agreement value

$ 120

Business combination, contingent consideration, asset

$ 340

340

Net purchase price

$ 285

Permian Basin

Asset Acquisition, Disposition and Other Transactions [Line Items]

Net purchase price

$ 400

Pathway and Emerging Low Carbon Opportunities

Asset Acquisition, Disposition and Other Transactions [Line Items]

Net purchase price

$ 350

ACQUISITIONS, DIVESTITURES AN_4

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS - PURCHASE PRICE (Details) - Carbon Engineering, Ltd. $ in Millions	Dec. 31, 2023 USD ($)
Fair value of assets acquired:
Cash and other current assets	$ 154
Property, plant and equipment	11
Intangible assets related to developed technology	845
Goodwill	668
Total fair value of assets acquired	1,678
Fair value of liabilities acquired:
Liabilities acquired	110
Deferred tax liability	190
Total liabilities assumed	300
Fair value of previously held interest	371
Total acquisition consideration	$ 1,007

ACQUISITIONS, DIVESTITURES AN_5

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS - SUMMARY OF REVENUES AND COSTS FROM DISCONTINUED OPERATIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Costs and other deductions
Discontinued operations, net of tax	$ 0	$ 0	$ (468)
Ghana, Mozambique and South Africa Assets | Disposed of by sale
Revenues and other income
Net sales			458
Costs and other deductions
Oil and gas lease operating expense			71
Fair value adjustment on assets held for sale			409
Other			24
Total costs and other deductions			504
Loss before income taxes			(46)
Income tax benefit			15
Discontinued operations, net of tax			$ (31)

LONG-TERM DEBT - SCHEDULE (Deta

LONG-TERM DEBT - SCHEDULE (Details) - USD ($) $ in Millions		Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross		$ 17,955	$ 17,958
Unamortized premium, net		1,152	1,261
Debt issuance costs		(106)	(73)
Net book value of debt		19,001	19,146
Long-term finance leases		591	546
Current finance leases		146	143
Total debt and finance leases		19,738	19,835
Less current maturities of finance leases		(146)	(143)
Less current maturities of long-term debt		(1,056)	(22)
Long-term debt, net	[1]	18,536	19,670
Senior notes
Debt Instrument [Line Items]
Net book value of debt			9,800
8.750% medium-term notes due 2023 | Medium-term notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 0	22
Debt instrument interest rate stated percentage		8.75%
2.900% senior notes due 2024 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 654	$ 654
Debt instrument interest rate stated percentage		2.90%	2.90%
6.950% senior notes due 2024 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 291	$ 291
Debt instrument interest rate stated percentage		6.95%	6.95%
3.450% senior notes due 2024 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 111	$ 111
Debt instrument interest rate stated percentage		3.45%	3.45%
5.875% senior notes due 2025 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 606	$ 606
Debt instrument interest rate stated percentage		5.875%	5.875%
3.500% senior notes due 2025 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 137	$ 137
Debt instrument interest rate stated percentage		3.50%	3.50%
5.500% senior notes due 2025 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 465	$ 465
Debt instrument interest rate stated percentage		5.50%	5.50%
5.550% senior notes due 2026 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 870	$ 870
Debt instrument interest rate stated percentage		5.55%	5.55%
3.200% senior notes due 2026 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 182	$ 182
Debt instrument interest rate stated percentage		3.20%	3.20%
3.400% senior notes due 2026 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 284	$ 284
Debt instrument interest rate stated percentage		3.40%	3.40%
7.500% debentures due 2026 | Debentures
Debt Instrument [Line Items]
Long-term debt, gross		$ 112	$ 112
Debt instrument interest rate stated percentage		7.50%
8.500% senior notes due 2027 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 489	$ 489
Debt instrument interest rate stated percentage		8.50%	8.50%
3.000% senior notes due 2027 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 216	$ 216
Debt instrument interest rate stated percentage		3%	3%
7.125% debentures due 2027 | Debentures
Debt Instrument [Line Items]
Long-term debt, gross		$ 150	$ 150
Debt instrument interest rate stated percentage		7.125%
7.000% debentures due 2027 | Debentures
Debt Instrument [Line Items]
Long-term debt, gross		$ 48	48
Debt instrument interest rate stated percentage		7%
6.625% debentures due 2028 | Debentures
Debt Instrument [Line Items]
Long-term debt, gross		$ 14	14
Debt instrument interest rate stated percentage		6.625%
7.150% debentures due 2028 | Debentures
Debt Instrument [Line Items]
Long-term debt, gross		$ 232	$ 232
Debt instrument interest rate stated percentage		7.15%	7.15%
7.200% senior debentures due 2028 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 82	$ 82
Debt instrument interest rate stated percentage		7.20%
6.375% senior notes due 2028 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 578	$ 578
Debt instrument interest rate stated percentage		6.375%	6.375%
7.200% debentures due 2029 | Debentures
Debt Instrument [Line Items]
Long-term debt, gross		$ 135	$ 135
Debt instrument interest rate stated percentage		7.20%
7.950% debentures due 2029 | Debentures
Debt Instrument [Line Items]
Long-term debt, gross		$ 116	116
Debt instrument interest rate stated percentage		7.95%
8.450% senior debentures due 2029 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 116	116
Debt instrument interest rate stated percentage		8.45%
3.500% senior notes due 2029 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 286	$ 286
Debt instrument interest rate stated percentage		3.50%	3.50%
Variable rate bonds due 2030 | Variable rate bonds
Debt Instrument [Line Items]
Long-term debt, gross		$ 68	$ 68
Debt instrument, variable rate		5.75%	5.32%
8.875% senior notes due 2030 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,000	$ 1,000
Debt instrument interest rate stated percentage		8.875%
6.625% senior notes due 2030 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,449	$ 1,449
Debt instrument interest rate stated percentage		6.625%	6.625%
6.125% senior notes due 2031 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,143	$ 1,143
Debt instrument interest rate stated percentage		6.125%	6.125%
7.500% senior notes due 2031 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 900	$ 900
Debt instrument interest rate stated percentage		7.50%
7.875% senior notes due 2031 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 500	500
Debt instrument interest rate stated percentage		7.875%
6.450% senior notes due 2036 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,727	$ 1,727
Debt instrument interest rate stated percentage		6.45%	6.45%
Zero Coupon senior notes due 2036 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 673	$ 673
0.000% loan due 2039
Debt Instrument [Line Items]
Long-term debt, gross		$ 19	0
Debt instrument interest rate stated percentage		0%
4.300% senior notes due 2039 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 247	$ 247
Debt instrument interest rate stated percentage		4.30%	4.30%
7.950%senior notes due 2039 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 325	$ 325
Debt instrument interest rate stated percentage		7.95%
6.200% senior notes due 2040 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 737	$ 737
Debt instrument interest rate stated percentage		6.20%	6.20%
4.500% senior notes due 2044 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 191	$ 191
Debt instrument interest rate stated percentage		4.50%	4.50%
4.625% senior notes due 2045 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 296	$ 296
Debt instrument interest rate stated percentage		4.625%	4.625%
6.600% senior notes due 2046 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,117	$ 1,117
Debt instrument interest rate stated percentage		6.60%
4.400% senior notes due 2046 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 424	$ 424
Debt instrument interest rate stated percentage		4.40%	4.40%
4.100% senior notes due 2047 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 258	$ 258
Debt instrument interest rate stated percentage		4.10%	4.10%
4.200% senior notes due 2048 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 304	$ 304
Debt instrument interest rate stated percentage		4.20%	4.20%
4.400% senior notes due 2049 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 280	$ 280
Debt instrument interest rate stated percentage		4.40%	4.40%
7.730% debentures due 2096 | Debentures
Debt Instrument [Line Items]
Long-term debt, gross		$ 58	$ 58
Debt instrument interest rate stated percentage		7.73%
7.500% debentures due 2096 | Debentures
Debt Instrument [Line Items]
Long-term debt, gross		$ 60	60
Debt instrument interest rate stated percentage		7.50%
7.250% debentures due 2096 | Debentures
Debt Instrument [Line Items]
Long-term debt, gross		$ 5	$ 5
Debt instrument interest rate stated percentage		7.25%
[1] Included $591 million and $546 million of finance lease liabilities as of December 31, 2023 and 2022, respectively.

LONG-TERM DEBT - NARRATIVE (Det

LONG-TERM DEBT - NARRATIVE (Details) - USD ($)		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 17,955,000,000	$ 17,955,000,000	$ 17,958,000,000
Due next year	1,100,000,000	1,100,000,000
Due in two years	1,200,000,000	1,200,000,000
Due in three years	1,400,000,000	1,400,000,000
Due in four years	900,000,000	900,000,000
Due in five years and thereafter	$ 13,300,000,000	$ 13,300,000,000
Debt instrument issued (less than for 2022 and 2023 debt activity)			$ 17,958,000,000	$ 28,493,000,000
Variable-rate debt as a percentage of total debt	0.40%	0.40%	0.40%
Payments of long-term debt		$ 22,000,000	$ 9,484,000,000	6,834,000,000
Long-term debt	$ 19,001,000,000	19,001,000,000	19,146,000,000
Level 1 | Fair Value
Debt Instrument [Line Items]
Estimated fair value of debt	18,100,000,000	18,100,000,000	17,600,000,000
Senior notes
Debt Instrument [Line Items]
Debt instrument issued (less than for 2022 and 2023 debt activity)			18,000,000,000
Payments of long-term debt			10,500,000,000
Long-term debt			9,800,000,000
Gain on extinguishment of debt			149,000,000
Line of credit | Revolving credit racility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 4,000,000,000
Amounts drawn under the facility	0	$ 0
Average annual facility fees		0.22%
Line of credit | Receivables securitization facility
Debt Instrument [Line Items]
Amounts drawn under the facility	0	$ 0
Available borrowing capacity	600,000,000	600,000,000			$ 600,000,000
Zero Coupon senior notes due 2036 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	673,000,000	673,000,000	$ 673,000,000
Debt instrument issued (less than for 2022 and 2023 debt activity)	673,000,000	673,000,000
Put in whole, amount	362,000,000	362,000,000
CrownRock Acquisition | Two year term loan | Secured Debt
Debt Instrument [Line Items]
Debt instrument issued (less than for 2022 and 2023 debt activity)	$ 2,700,000,000	2,700,000,000
Debt instrument, term (in years)	2 years
CrownRock Acquisition | Bridge Loan
Debt Instrument [Line Items]
Debt, combined amount drawn	$ 0	0
Maximum borrowing capacity	5,300,000,000	5,300,000,000
CrownRock Acquisition | Secured Debt | 364-Day Term Loan
Debt Instrument [Line Items]
Debt instrument issued (less than for 2022 and 2023 debt activity)	$ 2,000,000,000	$ 2,000,000,000
Debt instrument, term (in years)	364 days

LONG-TERM DEBT - DEBT ACTIVITY

LONG-TERM DEBT - DEBT ACTIVITY (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument issued (less than for 2022 and 2023 debt activity)	$ 17,958		$ 28,493
Medium-term notes | 8.750% medium-term notes due 2023
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage		8.75%
Senior notes
Debt Instrument [Line Items]
Debt instrument issued (less than for 2022 and 2023 debt activity)	18,000
Senior notes | 2.600% senior notes due 2022
Debt Instrument [Line Items]
Repayments of debt	$ (101)
Debt instrument interest rate stated percentage	2.60%
Senior notes | 2.700% senior notes due 2023
Debt Instrument [Line Items]
Repayments of debt	$ (442)
Debt instrument interest rate stated percentage	2.70%
Senior notes | 6.950% senior notes due 2024
Debt Instrument [Line Items]
Repayments of debt	$ (359)
Debt instrument interest rate stated percentage	6.95%	6.95%
Senior notes | 3.450% senior notes due 2024
Debt Instrument [Line Items]
Repayments of debt	$ (16)
Debt instrument interest rate stated percentage	3.45%	3.45%
Senior notes | 2.900% senior notes due 2024
Debt Instrument [Line Items]
Repayments of debt	$ (295)
Debt instrument interest rate stated percentage	2.90%	2.90%
Senior notes | 3.500% senior notes due 2025
Debt Instrument [Line Items]
Repayments of debt	$ (189)
Debt instrument interest rate stated percentage	3.50%	3.50%
Senior notes | 8.000% senior notes due 2025
Debt Instrument [Line Items]
Repayments of debt	$ (500)
Debt instrument interest rate stated percentage	8%
Senior notes | 5.875% senior notes due 2025
Debt Instrument [Line Items]
Repayments of debt	$ (294)
Debt instrument interest rate stated percentage	5.875%	5.875%
Senior notes | 5.500% senior notes due 2025
Debt Instrument [Line Items]
Repayments of debt	$ (285)
Debt instrument interest rate stated percentage	5.50%	5.50%
Senior notes | 5.550% senior notes due 2026
Debt Instrument [Line Items]
Repayments of debt	$ (230)
Debt instrument interest rate stated percentage	5.55%	5.55%
Senior notes | 3.200% senior notes due 2026
Debt Instrument [Line Items]
Repayments of debt	$ (615)
Debt instrument interest rate stated percentage	3.20%	3.20%
Senior notes | 3.400% senior notes due 2026
Debt Instrument [Line Items]
Repayments of debt	$ (495)
Debt instrument interest rate stated percentage	3.40%	3.40%
Senior notes | 3.000% senior notes due 2027
Debt Instrument [Line Items]
Repayments of debt	$ (418)
Debt instrument interest rate stated percentage	3%	3%
Senior notes | 8.500% senior notes due 2027
Debt Instrument [Line Items]
Repayments of debt	$ (11)
Debt instrument interest rate stated percentage	8.50%	8.50%
Senior notes | 6.375% senior notes due 2028
Debt Instrument [Line Items]
Repayments of debt	$ (22)
Debt instrument interest rate stated percentage	6.375%	6.375%
Senior notes | 3.500% senior notes due 2029
Debt Instrument [Line Items]
Repayments of debt	$ (1,191)
Debt instrument interest rate stated percentage	3.50%	3.50%
Senior notes | 6.625% senior notes due 2030
Debt Instrument [Line Items]
Repayments of debt	$ (51)
Debt instrument interest rate stated percentage	6.625%	6.625%
Senior notes | 6.125% senior notes due 2031
Debt Instrument [Line Items]
Repayments of debt	$ (107)
Debt instrument interest rate stated percentage	6.125%	6.125%
Senior notes | 6.450% senior notes due 2036
Debt Instrument [Line Items]
Repayments of debt	$ (23)
Debt instrument interest rate stated percentage	6.45%	6.45%
Senior notes | Zero Coupon senior notes due 2036
Debt Instrument [Line Items]
Debt instrument issued (less than for 2022 and 2023 debt activity)		$ 673
Repayments of debt	$ (1,596)
Senior notes | 4.300% senior notes due 2039
Debt Instrument [Line Items]
Repayments of debt	$ (446)
Debt instrument interest rate stated percentage	4.30%	4.30%
Senior notes | 6.200% senior notes due 2040
Debt Instrument [Line Items]
Repayments of debt	$ (13)
Debt instrument interest rate stated percentage	6.20%	6.20%
Senior notes | 4.500% senior notes due 2044
Debt Instrument [Line Items]
Repayments of debt	$ (417)
Debt instrument interest rate stated percentage	4.50%	4.50%
Senior notes | 4.625% senior notes due 2045
Debt Instrument [Line Items]
Repayments of debt	$ (338)
Debt instrument interest rate stated percentage	4.625%	4.625%
Senior notes | 6.600% senior notes due 2046
Debt Instrument [Line Items]
Repayments of debt	$ (40)
Debt instrument interest rate stated percentage	6.60%
Senior notes | 4.400% senior notes due 2046
Debt Instrument [Line Items]
Repayments of debt	$ (552)
Debt instrument interest rate stated percentage	4.40%	4.40%
Senior notes | 4.100% senior notes due 2047
Debt Instrument [Line Items]
Repayments of debt	$ (405)
Debt instrument interest rate stated percentage	4.10%	4.10%
Senior notes | 4.200% senior notes due 2048
Debt Instrument [Line Items]
Repayments of debt	$ (657)
Debt instrument interest rate stated percentage	4.20%	4.20%
Senior notes | 4.400% senior notes due 2049
Debt Instrument [Line Items]
Repayments of debt	$ (424)
Debt instrument interest rate stated percentage	4.40%	4.40%
Debentures | 7.150% debentures due 2028
Debt Instrument [Line Items]
Repayments of debt	$ (3)
Debt instrument interest rate stated percentage	7.15%	7.15%

LEASE COMMITMENTS - NARRATIVE (

LEASE COMMITMENTS - NARRATIVE (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use	$ 1,130	$ 903
Finance lease assets	$ 738
Low end of range
Lessee, Lease, Description [Line Items]
Contract expiration term	1 year
High end of range
Lessee, Lease, Description [Line Items]
Contract expiration term	10 years
Offshore and Onshore Drilling Rigs
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use	$ 385
Office Space
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use	339
Finance lease assets	255
Compressors
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use	125
Finance lease assets	454
Railcars
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use	112
Marine Transportation Vessels
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use	110
Storage Facilities and Other Field Equipment
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use	45
Easements and Real Estate
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use	57
Other
Lessee, Lease, Description [Line Items]
Finance lease assets	$ 28

LEASE COMMITMENTS - SCHEDULE OF

LEASE COMMITMENTS - SCHEDULE OF OPERATING AND FINANCE LEASE MATURITIES (Details) $ in Millions	Dec. 31, 2023 USD ($)
Operating Leases
2024	$ 453
2025	291
2026	194
2027	101
2028	71
Thereafter	190
Total lease payments	1,300
Less: Discount	(127)
Total lease liabilities	1,173
Finance Leases
2024	146
2025	136
2026	126
2027	113
2028	85
Thereafter	256
Total lease payments	862
Less: Discount	(125)
Total lease liabilities	737
Total
2024	599
2025	427
2026	320
2027	214
2028	156
Thereafter	446
Total lease payments	2,162
Less: Discount	(252)
Total lease liabilities	$ 1,910
Weighted average lease term, operating lease	4 years 6 months
Weighted average discount rate, operating lease	4.94%
Weighted average lease term, finance lease	6 years 3 months 18 days
Weighted average discount rate, finance lease	4.61%

LEASE COMMITMENTS - LEASE COST

LEASE COMMITMENTS - LEASE COST (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease Cost
Amortization of right-of-use assets	$ 126	$ 83
Interest on lease liabilities	27	20
Operating lease cost	398	374
Short-term lease cost	460	184
Total lease cost	$ 1,011	$ 661

LEASE COMMITMENTS - OTHER INFOR

LEASE COMMITMENTS - OTHER INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash payments related to leases
Operating cash flows from finance lease	$ 27	$ 20
Operating cash flows from operating leases	198	191
Investing cash flows from operating leases	183	81
Financing cash flows from finance leases	105	83
Changes in Right-of-Use assets
Right-of-use assets obtained in exchange for new finance lease liabilities	226	85
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 630	$ 525

DERIVATIVES - MARKETING DERIVAT

DERIVATIVES - MARKETING DERIVATIVES (Details)	12 Months Ended
	Dec. 31, 2023 $ / bbl	Dec. 31, 2023 $ / Mcfe	Dec. 31, 2023 MMBbls	Dec. 31, 2023 Bcf	Dec. 31, 2022 $ / bbl	Dec. 31, 2022 $ / Mcfe	Dec. 31, 2022 MMBbls	Dec. 31, 2022 Bcf
Marketing derivatives | Not designated as hedging instruments
Outstanding commodity derivatives contracts not designated as hedging instruments
Weighted average sales price (in dollars per share)	76.36	2.62			81.37	7.89
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			(20)				(33)
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				(113)				(112)

DERIVATIVES - FAIR VALUE (Detai

DERIVATIVES - FAIR VALUE (Details) - Marketing Derivatives - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Gross and net fair values of outstanding derivatives (in millions)
Collateral deposited with clearinghouses and brokers	$ 42	$ 15
Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	(1,009)	(980)
Total fair value, asset	99	67
Long-term receivables and other assets, net
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	(43)	(1)
Total fair value, asset	5	2
Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Netting, liability	1,009	980
Total fair value, liability	(22)	(54)
Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives (in millions)
Netting, liability	43	2
Total fair value, liability	(6)	0
Level 1 | Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	1,008	920
Level 1 | Long-term receivables and other assets, net
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	47	1
Level 1 | Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(967)	(938)
Level 1 | Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(43)	(1)
Level 2 | Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	100	127
Level 2 | Long-term receivables and other assets, net
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	1	2
Level 2 | Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(64)	(96)
Level 2 | Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(6)	(1)
Level 3 | Other current assets
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
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Level 3 | Accrued liabilities
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
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	$ 0	$ 0

DERIVATIVES - GAINS AND LOSSES

DERIVATIVES - GAINS AND LOSSES ON DERIVATIVES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gains on interest rate swaps, net	$ 0	$ 317	$ 122
Collars and Calls | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gains on interest rate swaps, net	0	0	(344)
Marketing Derivatives | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gains on interest rate swaps, net	(74)	381	338
Interest Rate Swaps | Gains on interest rate swaps, net
Derivative Instruments, Gain (Loss) [Line Items]
Gains on interest rate swaps, net	$ 0	$ 317	$ 122

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Fair value of assets and liabilities
Impairment and related charges, net of tax		$ 276
Black Butte Coal Company
Fair value of assets and liabilities
Impairment of equity method investment	$ 29
Land
Fair value of assets and liabilities
Impairment and related charges	$ 180

INCOME TAXES - NARRATIVE (Detai

INCOME TAXES - NARRATIVE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
One-time non-cash tax benefit as a result of a legal entity reorganization			$ 2,700,000,000
Worldwide effective tax rate		27%	6%	25%
Total deferred tax assets, after valuation allowances		$ 1,965,000,000	$ 2,177,000,000
Total deferred tax liabilities		7,703,000,000	7,659,000,000
Foreign tax credit carryforwards		2,759,000,000	3,622,000,000
Interest expense carryforward		11,000,000	11,000,000
Deferred foreign tax liability due to reversal of indefinite re-investment assertion		984,000,000
Additional deferred tax liability amount required		232,000,000
Unrecognized tax benefits		1,951,000,000	2,010,000,000	$ 2,026,000,000	$ 2,045,000,000
Potential benefit		2,000,000,000
Potential benefit, if recognized, would affect the effective tax rate on income		1,500,000,000
Benefits related to tax positions which ultimate deductibility is highly certain		45,000,000
Interest related to liabilities for unrecognized tax benefits		159,000,000
Cumulative accrued interest related to liabilities for unrecognized tax benefits		576,000,000
Interest and penalties associated with liabilities for unrecognized tax benefits		0	0
Decrease in unrecognized tax benefits resulting from settlements with taxing authorities		0	0	$ 80,000,000
Other current assets
Income Tax Contingency [Line Items]
Income tax receivables		79,000,000	280,000,000
Long-term receivables and other assets, net
Income Tax Contingency [Line Items]
Federal alternative minimum tax non-current receivables		31,000,000	$ 33,000,000
Forecast
Income Tax Contingency [Line Items]
Decrease in unrecognized tax benefits resulting from settlements with taxing authorities	$ 10,000,000
State
Income Tax Contingency [Line Items]
Tax credit carryforwards		33,000,000
Tax credit carryforward, valuation allowance		29,000,000
Operating loss carryforwards		199,000,000
Operating loss carryforward, valuation allowance		159,000,000
Interest expense carryforward		3,000,000
Foreign
Income Tax Contingency [Line Items]
Tax credit carryforward, valuation allowance		2,800,000,000
Operating loss carryforwards		854,000,000
Operating loss carryforward, valuation allowance		801,000,000
Valuation allowance on other deferred tax assets		145,000,000
Federal
Income Tax Contingency [Line Items]
Operating loss carryforwards		3,000,000
Interest expense carryforward		$ 11,000,000

INCOME TAXES - DOMESTIC AND FOR

INCOME TAXES - DOMESTIC AND FOREIGN COMPONENTS OF INCOME (LOSS) FROM CONTINUING OPERATIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 4,246	$ 11,314	$ 1,966
Foreign	2,183	2,803	1,739
Income from continuing operations before income taxes	$ 6,429	$ 14,117	$ 3,705

INCOME TAXES - COMPONENTS OF IN

INCOME TAXES - COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ (871)	$ (1,272)	$ (173)
State and local	(92)	(105)	(36)
Foreign	(713)	(1,080)	(660)
Total current tax expense	(1,676)	(2,457)	(869)
Deferred
Federal	(37)	1,569	(191)
State and local	25	57	153
Foreign	(45)	18	(8)
Total deferred tax (expense) benefit	(57)	1,644	(46)
Total income tax expense	$ (1,733)	$ (813)	$ (915)

INCOME TAXES - EFFECTIVE TAX RA

INCOME TAXES - EFFECTIVE TAX RATE RECONCILIATION (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	21%	21%	21%
Legal entity reorganization	0%	(18.00%)	0%
Enhanced oil recovery credit and other general business credits	0%	0%	(3.00%)
Capital loss	0%	0%	(2.00%)
Tax impact from foreign operations	3%	3%	8%
State income taxes, net of federal benefit	1%	0%	(2.00%)
Uncertain tax positions	2%	0%	0%
Other	0%	0%	3%
Worldwide effective tax rate	27%	6%	25%

INCOME TAXES - COMPONENTS OF DE

INCOME TAXES - COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax liabilities
Property, plant and equipment differences	$ (6,994)	$ (7,218)
Equity investments, partnerships and international subsidiaries	(709)	(441)
Gross long-term deferred tax liabilities	(7,703)	(7,659)
Deferred tax assets
Environmental reserves	223	229
Postretirement benefit accruals	229	235
Deferred compensation and benefits	237	207
Asset retirement obligations	722	799
Foreign tax credit carryforwards	2,759	3,622
Business credit carryforwards	43	30
Net operating loss carryforward	1,056	1,058
Interest expense carryforward	11	11
All other	586	771
Gross long-term deferred tax assets	5,866	6,962
Valuation allowance	(3,901)	(4,785)
Net long-term deferred tax assets	1,965	2,177
Total deferred income tax liability, net	(5,738)	(5,482)
Less: foreign deferred tax asset in long-term receivables and other assets, net	(26)	(30)
Total deferred income tax liability	$ (5,764)	$ (5,512)

INCOME TAXES - RECONCILIATION O

INCOME TAXES - RECONCILIATION OF UNRECOGNIZED TAX BENEFITS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, at beginning of period	$ 2,010	$ 2,026	$ 2,045
Increases related to prior-year positions	0	2	75
Settlements	0	0	(80)
Reductions for tax positions of prior years	(59)	(18)	(14)
Balance, at end of period	$ 1,951	$ 2,010	$ 2,026

RETIREMENT AND POSTRETIREMENT_3

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - NARRATIVE (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) employee	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Defined Benefit Plan Disclosure
Accrued liabilities for the supplemental retirement plan	$ 330	$ 288
Expenses under provisions of defined contribution and supplemental retirement plans	221	202	$ 166
Total benefit costs, including postretirement costs	175	$ 211	$ 211
Pension Benefits
Defined Benefit Plan Disclosure
Expected contribution to defined benefit pension plans in next fiscal year	$ 25
United States
Defined Benefit Plan Disclosure
Number of employees accruing benefits under defined benefit plans | employee	300
Foreign
Defined Benefit Plan Disclosure
Number of employees accruing benefits under defined benefit plans | employee	300

RETIREMENT AND POSTRETIREMENT_4

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - OBLIGATIONS AND FUNDED STATUS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amounts recognized in the Consolidated Balance Sheet:
Deferred credits and other liabilities — pension and postretirement obligations	$ (931)	$ (1,055)
Pension Benefits
Amounts recognized in the Consolidated Balance Sheet:
Other long-term assets	126	102
Accrued liabilities	(3)	(3)
Deferred credits and other liabilities — pension and postretirement obligations	(270)	(344)
Total amount recognized in consolidated balance sheet	(147)	(245)
Accumulated other comprehensive loss included the following after-tax balances:
Net (gain) loss	3	17
Prior service credit	0	0
AOCI after-tax balances	3	17
Changes in the benefit obligation:
Benefit obligation — beginning of year	886	1,273
Service cost — benefits earned during the period	5	7	$ 8
Interest cost on projected benefit obligation	45	36	35
Actuarial (gain) loss	19	(297)
Benefits paid	(80)	(123)
Other	4	(10)
Benefit obligation — end of year	879	886	1,273
Changes in plan assets:
Fair value of plan assets — beginning of year	641	1,070
Actual return (loss) on plan assets	77	(304)
Employer contributions	89	16
Benefits paid	(80)	(123)
Other	5	(18)
Fair value of plan assets — end of year	732	641	1,070
Unfunded status:	(147)	(245)
Accumulated Benefit Obligation in Excess of Plan Assets
Projected benefit obligation	719	738
Accumulated benefit obligation	717	736
Fair value of plan assets	543	458
Plan Assets in Excess of Accumulated Benefit Obligation
Projected benefit obligation	160	148
Accumulated benefit obligation	157	146
Fair value of plan assets	189	183
Postretirement Benefits
Amounts recognized in the Consolidated Balance Sheet:
Other long-term assets	0	0
Accrued liabilities	(57)	(62)
Deferred credits and other liabilities — pension and postretirement obligations	(661)	(711)
Total amount recognized in consolidated balance sheet	(718)	(773)
Accumulated other comprehensive loss included the following after-tax balances:
Net (gain) loss	(217)	(190)
Prior service credit	(45)	(52)
AOCI after-tax balances	(262)	(242)
Changes in the benefit obligation:
Benefit obligation — beginning of year	773	1,220
Service cost — benefits earned during the period	16	38	42
Interest cost on projected benefit obligation	37	33	33
Actuarial (gain) loss	(53)	(468)
Benefits paid	(65)	(58)
Other	10	8
Benefit obligation — end of year	718	773	1,220
Changes in plan assets:
Fair value of plan assets — beginning of year	0	0
Actual return (loss) on plan assets	0	0
Employer contributions	54	49
Benefits paid	(64)	(57)
Other	10	8
Fair value of plan assets — end of year	0	0	$ 0
Unfunded status:	$ (718)	$ (773)

RETIREMENT AND POSTRETIREMENT_5

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - COMPONENTS OF NET PERIODIC BENEFIT COST (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits
Net periodic benefit costs:
Service cost — benefits earned during the period	$ 5	$ 7	$ 8
Interest cost on projected benefit obligation	45	36	35
Expected return on plan assets	(45)	(38)	(59)
Recognized actuarial loss (gain)	4	1	2
Recognized prior service credit	0	0	0
Gain (loss) due to settlement	1	(1)	(19)
Net periodic benefit (cost)	10	5	(33)
Postretirement Benefits
Net periodic benefit costs:
Service cost — benefits earned during the period	16	38	42
Interest cost on projected benefit obligation	37	33	33
Expected return on plan assets	0	0	0
Recognized actuarial loss (gain)	(20)	5	15
Recognized prior service credit	(9)	(9)	(9)
Gain (loss) due to settlement	0	0	0
Net periodic benefit (cost)	$ 24	$ 67	$ 81

RETIREMENT AND POSTRETIREMENT_6

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - ASSUMPTIONS (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits
Benefit Obligation Assumptions:
Discount rate	4.98%	5.27%
Rate of increase in compensation levels	3.96%	3.95%
Net Periodic Benefit Cost Assumptions:
Discount rate	5.27%	2.65%
Rate of increase in compensation levels	3.95%	3.98%
Assumed long-term rate of return on assets	6.65%	4.36%
Postretirement Benefits
Benefit Obligation Assumptions:
Discount rate	5.12%	5.43%
Rate of increase in compensation levels	0%	0%
Net Periodic Benefit Cost Assumptions:
Discount rate	5.43%	2.94%
Rate of increase in compensation levels	0%	0%
Assumed long-term rate of return on assets	0%	0%
Postretirement Benefits | MAPD
Assumed healthcare cost trend rates
Projected annual rates of healthcare cost trend rates, next fiscal year (as a percent)	8.70%
Projected annual rates of healthcare cost trend rates, year nine and beyond (as a percent)	4.50%
Postretirement Benefits | Non-MAPD
Assumed healthcare cost trend rates
Projected annual rates of healthcare cost trend rates, year nine and beyond (as a percent)	4.50%
Postretirement Benefits | Non-MAPD | Low end of range
Assumed healthcare cost trend rates
Health care cost trend rates for prior year (as a percent)	5.80%
Postretirement Benefits | Non-MAPD | High end of range
Assumed healthcare cost trend rates
Health care cost trend rates for prior year (as a percent)	6.30%

RETIREMENT AND POSTRETIREMENT_7

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - FAIR VALUE OF PENSION PLAN ASSETS (Details) - Pension Benefits - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure
Fair value of plan assets, net of net payables	$ 732,000,000	$ 642,000,000
Cash and cash equivalents
Defined Benefit Plan Disclosure
Fair value of plan assets		8,000,000
Government securities
Defined Benefit Plan Disclosure
Fair value of plan assets	42,000,000	29,000,000
Corporate bonds
Defined Benefit Plan Disclosure
Fair value of plan assets	19,000,000	16,000,000
Equity securities
Defined Benefit Plan Disclosure
Fair value of plan assets	33,000,000	34,000,000
Other
Defined Benefit Plan Disclosure
Fair value of plan assets	47,000,000	46,000,000
Net payables
Defined Benefit Plan Disclosure
Fair value of plan assets	0	1,000,000
Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure
Fair value of plan assets	141,000,000	133,000,000
Level 1
Defined Benefit Plan Disclosure
Fair value of plan assets	75,000,000	71,000,000
Fair value of plan assets, net of net payables	75,000,000	71,000,000
Level 1 | Cash and cash equivalents
Defined Benefit Plan Disclosure
Fair value of plan assets		8,000,000
Level 1 | Government securities
Defined Benefit Plan Disclosure
Fair value of plan assets	42,000,000	29,000,000
Level 1 | Corporate bonds
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 1 | Equity securities
Defined Benefit Plan Disclosure
Fair value of plan assets	33,000,000	34,000,000
Level 1 | Other
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 2
Defined Benefit Plan Disclosure
Fair value of plan assets	66,000,000	62,000,000
Fair value of plan assets, net of net payables	66,000,000	62,000,000
Level 2 | Cash and cash equivalents
Defined Benefit Plan Disclosure
Fair value of plan assets		0
Level 2 | Government securities
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 2 | Corporate bonds
Defined Benefit Plan Disclosure
Fair value of plan assets	19,000,000	16,000,000
Level 2 | Equity securities
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 2 | Other
Defined Benefit Plan Disclosure
Fair value of plan assets	47,000,000	46,000,000
Level 3
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Fair value of plan assets, net of net payables	0	0
Level 3 | Cash and cash equivalents
Defined Benefit Plan Disclosure
Fair value of plan assets		0
Level 3 | Government securities
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 3 | Corporate bonds
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 3 | Equity securities
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Level 3 | Other
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Investments measured at net asset value
Defined Benefit Plan Disclosure
Fair value of plan assets	$ 591,000,000	$ 509,000,000

RETIREMENT AND POSTRETIREMENT_8

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - FUTURE BENEFIT PAYMENTS (Details) $ in Millions	Dec. 31, 2023 USD ($)
Pension Benefits
Estimated future benefit payments
2024	$ 74
2025	69
2026	66
2027	67
2028	63
2029 - 2033	292
Postretirement Benefits
Estimated future benefit payments
2024	58
2025	56
2026	54
2027	52
2028	50
2029 - 2033	$ 238

ENVIRONMENTAL LIABILITIES AND_3

ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Details)	1 Months Ended					3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) party site	Sep. 30, 2021 USD ($) mi	Jun. 30, 2018 USD ($)	Mar. 31, 2016 mi	Sep. 30, 2016 party	Dec. 31, 2023 USD ($) segment site	Dec. 31, 2022 USD ($) site	Dec. 31, 2021 USD ($)
Environmental remediation reserves
Number of sites | site		162					160	162
Remediation balance		$ 1,046,000,000					$ 1,021,000,000	$ 1,046,000,000
Environmental reserves, exceeding $ ten million, threshold value							$ 10,000,000
Environmental reserves, exceeding $ ten million, number of sites | site							18
Environmental reserves, range between zero to $ one million site category, number of sites | site							94
Environmental remediation expense, statement of income or comprehensive income							Other operating and non-operating expense	Other operating and non-operating expense	Other operating and non-operating expense
Remediation expenses							$ 79,000,000	$ 65,000,000	$ 28,000,000
Percent of reserve to be funded over the next three to four years							40%
Minimum period of expending second half of environmental reserves							10 years
Subsidiaries
Environmental remediation reserves
Environmental remediation additional loss range							$ 2,600,000,000
Low end of range
Environmental remediation reserves
Environmental reserves, range between zero to $ one million site category							$ 0
Period of expending 40 percent 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 40 percent of environmental reserves							4 years
Non-National Priorities List Sites
Environmental remediation reserves
Number of site categories | site							3
NPL Sites
Environmental remediation reserves
Number of sites | site		30					32	30
Remediation balance		$ 445,000,000					$ 435,000,000	$ 445,000,000
Third-Party Sites
Environmental remediation reserves
Number of sites | site		68					65	68
Remediation balance		$ 238,000,000					$ 233,000,000	$ 238,000,000
Number of sites with significant environmental remediation reserves | site							6
Percentage of environmental reserves accounted for by associated sites							66.70%
Currently Operated Sites
Environmental remediation reserves
Number of sites | site		13					12	13
Remediation balance		$ 106,000,000					$ 98,000,000	$ 106,000,000
Number of sites with significant environmental remediation reserves | site							3
Percentage of environmental reserves accounted for by associated sites							66.70%
Closed or Non-operated Sites
Environmental remediation reserves
Number of sites | site		51					51	51
Remediation balance		$ 257,000,000					$ 255,000,000	$ 257,000,000
Number of sites with significant environmental remediation reserves | site							8
Percentage of environmental reserves accounted for by associated sites							66.70%
Diamond Alkali Superfund Site
Environmental remediation reserves
Number of operating units | segment							4
Diamond Alkali Superfund Site - Operable Unit Two
Environmental remediation reserves
Remediation expenses				$ 1,400,000,000
Stretch of lower passaic river requiring remedial actions | mi					8.3
Number of parties, notified to pay the cost | party						100
Diamond Alkali Superfund Site - Operable Unit Four
Environmental remediation reserves
Remediation expenses			$ 440,000,000
Stretch of lower passaic river requiring remedial actions | mi			17
River stretch which may require remedial actions | mi			9
Financial assurance	$ 93,000,000
Alden Leeds | Alden Leeds
Environmental remediation reserves
Remediation expenses		$ 150,000,000
Financial assurance							$ 93,000,000
Number of parties, settled | party		85
Number of parties to be released | party		82
Accrued liabilities
Environmental remediation reserves
Environmental loss contingency, statement of financial position		Accrued liabilities					Accrued liabilities	Accrued liabilities
Remediation balance		$ 141,000,000					$ 132,000,000	$ 141,000,000
Accrued Environmental Loss Contingencies, Noncurrent
Environmental remediation reserves
Environmental loss contingency, statement of financial position		Accrued Environmental Loss Contingencies, Noncurrent					Accrued Environmental Loss Contingencies, Noncurrent	Accrued Environmental Loss Contingencies, Noncurrent
Remediation balance		$ 900,000,000					$ 900,000,000	$ 900,000,000

LAWSUITS, CLAIMS, COMMITMENTS_2

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES - LEGAL MATTERS (Details) - USD ($) $ in Millions

1 Months Ended

3 Months Ended

12 Months Ended

Aug. 01, 2023

Oct. 31, 2023

Aug. 31, 2023

Jun. 30, 2023

Dec. 31, 2021

Mar. 31, 2021

Jun. 30, 2023

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Federal

Long-term Purchase Commitment [Line Items]

Potential income tax expense

$ 1,400

State

Long-term Purchase Commitment [Line Items]

Potential income tax expense

28

Anadarko Petroleum Corporation

Long-term Purchase Commitment [Line Items]

Tax refund

$ 881

Accrued interest on potential income tax expense

574

Arbitration Demand Filed By Andes Petroleum Ecuador Ltd

Long-term Purchase Commitment [Line Items]

Proceeds from settlement

$ 1,000

Recovery of amount awarded in settlement amount (as a percent)

60%

Claim to a settlement amount (as a percent)

40%

Own economic interest (as a percent)

60%

Amount awarded to other party in litigation

$ 558

$ 391

Litigation settlement interest

$ 166

Maxus Filed Bankruptcy

Long-term Purchase Commitment [Line Items]

Proceeds from settlement

$ 350

$ 341

Amount awarded from other party in litigation

$ 575

Gains related to legal settlements

$ 260

Maxus Filed Bankruptcy | Forecast

Long-term Purchase Commitment [Line Items]

Proceeds from settlement

$ 9

Tronox Settlement

Long-term Purchase Commitment [Line Items]

Additional cash benefits realized from utilization of tax attributes from deduction of legal settlement

$ 500

Payments for settlement

$ 5,200

LAWSUITS, CLAIMS, COMMITMENTS_3

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES - PURCHASE OBLIGATIONS (Details) $ in Billions	Dec. 31, 2023 USD ($)
Purchase obligations
Purchase obligations in year one	$ 3.2
Purchase obligations in year two	4.1
Purchase obligations in year three	4.1
Purchase obligations in year four	2.5
Purchase obligations in year five	2.5
Purchase obligations in year six and thereafter	$ 2.6

STOCKHOLDERS' EQUITY - SCHEDULE

STOCKHOLDERS' EQUITY - SCHEDULE (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Exercise of Warrants and Options (in shares)	1,901,994	2,468,799	205,631	268,371	4,844,795
Other (in shares)	46,192	19,248	158,473	3,935,166	4,159,079
Treasury Stock Purchases (in shares)	(186,567)	(9,468,451)	(7,233,460)	(12,511,237)	(29,399,715)
Common stock, outstanding (in shares)	879,463,103	877,701,484	884,681,888	891,551,244	879,463,103	899,858,944
Proceeds from exercise of warrants and options					$ 112
Strike Price One
Class of Stock [Line Items]
Outstanding warrants (in shares)	99,500,000				99,500,000
Exercise price of warrants (in dollars 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 warrants (in dollars per share)	$ 59.62				$ 59.62

STOCKHOLDERS' EQUITY - NARRATIV

STOCKHOLDERS' EQUITY - NARRATIVE (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Aug. 08, 2019 $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Feb. 28, 2023 USD ($)	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Aug. 03, 2020 $ / shares shares	Jun. 26, 2020
TREASURY STOCK
Stock repurchase program, authorized amount | $		$ 1,800	$ 3,000
Share repurchase program, authorized shares (in shares) | shares		29,100,000
Treasury stock, shares (in shares) | shares		228,053,397		198,653,682	149,300,000
PREFERRED STOCK
Preferred stock dividends paid | $		$ 762
Shares of preferred stock were redeemed | $		1,511
Redemption premium | $		151
Preferred stock, value, outstanding | $		8,500
Preferred Stock
PREFERRED STOCK
Shares of preferred stock were redeemed | $		$ 1,511
Strike Price One
COMMON STOCK WARRANTS
Exercise price of warrants (in dollars per share) | $ / shares		$ 22
Outstanding warrants (in shares) | shares		99,500,000
Series A preferred stock
PREFERRED STOCK
Liquidation preference, par value percentage (in percent)		10%
Common stock, redemption threshold, per share (in dollars per share) | $ / shares		$ 4
Voluntary redemption, percentage (in percent)		5%
Common Stock, $0.20 par value | Warrant
COMMON STOCK WARRANTS
Warrant, rate conversion							0.125
Warrants issued (in shares) | shares						116,000,000
Exercise price of warrants (in dollars per share) | $ / shares						$ 22
Common Stock, $0.20 par value | Berkshire Warrant
PREFERRED STOCK
Issued (in shares) | shares		83,900,000
Option indexed to issuer's equity, strike price (in dollars per share) | $ / shares		$ 59.62
Anadarko Petroleum Corporation | Series A preferred stock
PREFERRED STOCK
Issued as part of the acquisition (in shares) | shares	100,000
Liquidation preference (in dollars per share) | $ / shares	$ 105,000
Dividend rate	8%
Dividend rate for unpaid amounts	9%

STOCKHOLDERS' EQUITY - SCHEDU_2

STOCKHOLDERS' EQUITY - SCHEDULE OF OBLIGATED PREFERRED STOCK REDEMPTIONS (Details)	12 Months Ended
	Dec. 31, 2023 shares
Preferred Stock Redemptions [Roll Forward]
Preferred stock, beginning balance (in shares)	100,000
Less: Preferred redemptions (in shares)	(15,103)
Preferred stock, ending balance (in shares)	84,897

STOCKHOLDERS' EQUITY - COMPONEN

STOCKHOLDERS' EQUITY - COMPONENTS OF PREFERRED STOCK DIVIDENDS AND REDEMPTIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Preferred dividends	$ 736
Redemption premium	151
Redemption value in excess of carrying value	36
Preferred dividend and redemption premiums	$ 923	$ 800	$ 800

STOCKHOLDERS' EQUITY - BASIC AN

STOCKHOLDERS' EQUITY - BASIC AND DILUTED EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PER COMMON SHARE
Income from continuing operations	$ 4,696	$ 13,304	$ 2,790
Loss from discontinued operations	0	0	(468)
NET INCOME	4,696	13,304	2,322
Less: Preferred stock dividends	(923)	(800)	(800)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	3,773	12,504	1,522
Less: Net income allocated to participating securities	(23)	(83)	(10)
Net income, net of participating securities	$ 3,750	$ 12,421	$ 1,512
Weighted-average number of basic shares (in shares)	889.2	926.2	935
Basic earnings per common share (in dollars per share)	$ 4.22	$ 13.41	$ 1.62
Less: Net income allocated to participating securities	$ (21)	$ (77)	$ (10)
Net income, net of participating securities	$ 3,752	$ 12,427	$ 1,512
Dilutive securities (in shares)	71.7	75.8	23.8
Total diluted weighted- average common shares (in shares)	960.9	1,002	958.8
Diluted earnings per common share (in dollars per share)	$ 3.90	$ 12.40	$ 1.58
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0	87

STOCKHOLDERS' EQUITY - ACCUMULA

STOCKHOLDERS' EQUITY - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive income (loss)	$ 30,250	$ 30,085
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive income (loss)	275	195
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive income (loss)	(4)	(5)
Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive income (loss)	20	(25)
Pension and postretirement adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive income (loss)	$ 259	$ 225

STOCK-BASED INCENTIVE PLANS - N

STOCK-BASED INCENTIVE PLANS - NARRATIVE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-Based Payment Award
Aggregate number of shares authorized for issuance (in shares)	133,000,000
Number of shares awarded to date (in shares)	14,100,000
Number of shares counted for each share covered by an award in determining the number of shares that are available for future awards (in shares)	3
Compensation expense	$ 217,000,000	$ 258,000,000	$ 287,000,000
Income tax benefit recognized in the income statement	46,000,000	54,000,000	$ 60,000,000
Unrecognized compensation expense	$ 283,000,000
Weighted-average period over which unrecognized compensation expense is expected to be recognized	1 year 10 months 24 days
Intrinsic value of options exercises	$ 9,000,000	$ 17,000,000
Options exercised (in shares)			0
High end of range
Share-based Compensation Arrangement by Share-Based Payment Award
Maximum shares available for future issuance (in shares)	45,000,000
Common Stock | Non-employee directors
Share-based Compensation Arrangement by Share-Based Payment Award
Restricted stock granted to non-employee directors (in shares)	36,106
RSUs | Low end of range
Share-based Compensation Arrangement by Share-Based Payment Award
Award vesting period	1 year
RSUs | High end of range
Share-based Compensation Arrangement by Share-Based Payment Award
Award vesting period	3 years
Cash-Settled RSUs
Share-based Compensation Arrangement by Share-Based Payment Award
Granted, weighted-average grant-date fair value (in dollars per share)	$ 60.43	$ 47.41	$ 25.83
Cash paid	$ 9,000,000	$ 203,000,000	$ 4,000,000
Stock-Settled RSUs
Share-based Compensation Arrangement by Share-Based Payment Award
Granted, weighted-average grant-date fair value (in dollars per share)	$ 59.85	$ 45.14	$ 25.45
Fair value of shares vested during the year	$ 254,000,000	$ 160,000,000	$ 70,000,000
TSRIs
Share-based Compensation Arrangement by Share-Based Payment Award
Award vesting period	3 years
Granted, weighted-average grant-date fair value (in dollars per share)	$ 59.71
Fair value of shares vested during the year	$ 45,000,000	$ 0	$ 4,000,000
TSRIs | Low end of range
Share-based Compensation Arrangement by Share-Based Payment Award
Payouts for share-based awards granted as a percentage of target	0%
TSRIs | High end of range
Share-based Compensation Arrangement by Share-Based Payment Award
Payouts for share-based awards granted as a percentage of target	200%
Options
Share-based Compensation Arrangement by Share-Based Payment Award
Award vesting period	3 years
Granted (in shares)	0
Option and SAR transactions
Share-based Compensation Arrangement by Share-Based Payment Award
Remaining life of options	6 years 3 months 18 days
CROCEI awards
Share-based Compensation Arrangement by Share-Based Payment Award
Award vesting period	3 years
Granted, weighted-average grant-date fair value (in dollars per share)	$ 59.71
Fair value of shares vested during the year	$ 25,000,000
CROCEI awards | Low end of range
Share-based Compensation Arrangement by Share-Based Payment Award
Payouts for share-based awards granted as a percentage of target	0%
CROCEI awards | High end of range
Share-based Compensation Arrangement by Share-Based Payment Award
Payouts for share-based awards granted as a percentage of target	200%

STOCK-BASED INCENTIVE PLANS - U

STOCK-BASED INCENTIVE PLANS - UNVESTED CASH AND STOCK-SETTLED RSUs, TSRIs & CROCEI (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash-Settled RSUs
Roll-forward of stock awards other than options and SARS.
Unvested, beginning of period (in shares)	298
Granted (in shares)	131
Vested (in shares)	(148)
Forfeitures (in shares)	(10)
Unvested, end of period (in shares)	271	298
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Unvested, beginning of period, weighted-average grant-date fair value (in dollars per share)	$ 37.96
Granted, weighted-average grant-date fair value (in dollars per share)	60.43	$ 47.41	$ 25.83
Vested, weighted-average grant-date fair value (in dollars per share)	36.33
Forfeitures, weighted-average grant-date fair value (in dollars per share)	42.19
Unvested, end of period, weighted-average grant-date fair value (in dollars per share)	$ 49.53	$ 37.96
Stock-Settled RSUs
Roll-forward of stock awards other than options and SARS.
Unvested, beginning of period (in shares)	8,894
Granted (in shares)	3,342
Vested (in shares)	(4,330)
Forfeitures (in shares)	(174)
Unvested, end of period (in shares)	7,732	8,894
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Unvested, beginning of period, weighted-average grant-date fair value (in dollars per share)	$ 36.70
Granted, weighted-average grant-date fair value (in dollars per share)	59.85	$ 45.14	$ 25.45
Vested, weighted-average grant-date fair value (in dollars per share)	35.81
Forfeitures, weighted-average grant-date fair value (in dollars per share)	44.37
Unvested, end of period, weighted-average grant-date fair value (in dollars per share)	$ 47.03	$ 36.70
TSRIs
Roll-forward of stock awards other than options and SARS.
Unvested, beginning of period (in shares)	1,643
Granted (in shares)	459
Vested (in shares)	(591)
Forfeitures (in shares)	(4)
Unvested, end of period (in shares)	1,507	1,643
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Unvested, beginning of period, weighted-average grant-date fair value (in dollars per share)	$ 35.51
Granted, weighted-average grant-date fair value (in dollars per share)	59.71
Vested, weighted-average grant-date fair value (in dollars per share)	41.60
Forfeitures, weighted-average grant-date fair value (in dollars per share)	59.71
Unvested, end of period, weighted-average grant-date fair value (in dollars per share)	$ 40.43	$ 35.51
Payout at vesting percentage	122%
Issued (in shares)	721
CROCEI awards
Roll-forward of stock awards other than options and SARS.
Unvested, beginning of period (in shares)	574
Granted (in shares)	130
Vested (in shares)	(197)
Unvested, end of period (in shares)	507	574
Stock awards other than options and SARs, Weighted-Average Grant-Date Fair Value (in dollars per share)
Unvested, beginning of period, weighted-average grant-date fair value (in dollars per share)	$ 35.73
Granted, weighted-average grant-date fair value (in dollars per share)	59.71
Vested, weighted-average grant-date fair value (in dollars per share)	41.60
Unvested, end of period, weighted-average grant-date fair value (in dollars per share)	$ 39.59	$ 35.73
Payout at vesting percentage	200%
Issued (in shares)	395

STOCK-BASED INCENTIVE PLANS -ES

STOCK-BASED INCENTIVE PLANS -ESTIMATED LEVEL OF TSRIs & STOCK OPTIONS (Details) - TSRIs - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Grant-date assumptions used in the Monte Carlo simulation models
Risk-free interest rate	4.60%	1.70%	0.20%
Volatility factor	64%	80%	75%
Expected life, years	2 years 10 months 2 days	2 years 10 months 20 days	2 years 10 months 17 days
Grant-date fair value of underlying Occidental common stock (in dollars per share)	$ 59.71	$ 42.98	$ 25.39

STOCK-BASED INCENTIVE PLANS - O

STOCK-BASED INCENTIVE PLANS - OUTSTANDING STOCK OPTIONS (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Outstanding stock options
Exercised (in shares)		0
Vested
Outstanding stock options
Stock options, number of shares outstanding, beginning balance (in shares)	1,653,000
Vested (in shares)	(781,000)
Exercised (in shares)	(340,000)
Stock options, number of shares outstanding, ending balance (in shares)	2,094,000
Options, weighted average strike price
Stock options, weighted average strike price, beginning balance (in dollars per share)	$ 38.83
Stock options, vested, weighted average strike price (in dollars per share)	37.36
Stock options, exercised, weighted average strike price (in dollars per share)	37.81
Stock options, weighted average strike price, ending balance (in dollars per share)	$ 38.45
Unvested
Outstanding stock options
Stock options, number of shares outstanding, beginning balance (in shares)	1,075,000
Vested (in shares)	(781,000)
Exercised (in shares)	0
Stock options, number of shares outstanding, ending balance (in shares)	294,000
Options, weighted average strike price
Stock options, weighted average strike price, beginning balance (in dollars per share)	$ 36.82
Stock options, vested, weighted average strike price (in dollars per share)	37.36
Stock options, exercised, weighted average strike price (in dollars per share)	0
Stock options, weighted average strike price, ending balance (in dollars per share)	$ 35.37

GEOGRAPHIC AREAS AND INDUSTRY_3

GEOGRAPHIC AREAS AND INDUSTRY SEGMENTS - CORPORATE AND GEOGRAPHIC AREAS (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Information
Property, plant and equipment, net	$ 58,529	$ 58,384	$ 59,930
United States
Segment Information
Property, plant and equipment, net	51,646	51,706	53,197
International
Segment Information
Property, plant and equipment, net	6,883	6,678	6,733
UAE
Segment Information
Property, plant and equipment, net	3,609	3,663	3,645
Oman
Segment Information
Property, plant and equipment, net	2,156	2,159	2,055
Algeria
Segment Information
Property, plant and equipment, net	624	350	496
Qatar
Segment Information
Property, plant and equipment, net	393	428	468
Other International
Segment Information
Property, plant and equipment, net	$ 101	$ 78	$ 69

GEOGRAPHIC AREAS AND INDUSTRY_4

GEOGRAPHIC AREAS AND INDUSTRY SEGMENTS - RESULTS OF OPERATIONS (Details) shares in Millions, $ in Millions		1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) segment shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Segment Reporting [Abstract]
Number of operating segments | segment				3
Segment Information
Net sales				$ 28,257	$ 36,634	$ 25,956
Income (loss) from continuing operations before income taxes				6,429	14,117	3,705
Income tax expense				(1,733)	(813)	(915)
Income from continuing operations				4,696	13,304	2,790
Investments in unconsolidated entities	$ 3,224			3,224	3,176	2,938
Property, plant and equipment additions				6,368	4,566	2,931
Depreciation, depletion and amortization				6,865	6,926	8,447
Total assets	74,008			74,008	72,609	75,036
Gains on sales of assets and other, net		$ 142		522	308	192
Loss on derivative instruments				0	(317)	(122)
Acquisition-related costs				26	89	153
Carbon Engineering, Ltd.
Segment Information
Equity interest in acquiree, remeasurement gain	283
Maxus Filed Bankruptcy
Segment Information
Gain (loss) related to legal settlements			$ 260
Black Butte Coal Company
Segment Information
Impairment of equity method investment				29
Land
Segment Information
Impairment and related charges				180
WES | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Segment Information
Gain on sale				$ 51	$ 62	$ 102
Number of shares sold (in shares) | shares				5.1	10	14
Oil and gas | Black Butte Coal Company
Segment Information
Impairment of equity method investment				$ 29
Oil and gas | Land
Segment Information
Impairment and related charges				180
Operating segments | Oil and gas
Segment Information
Net sales				21,284	$ 27,165	$ 18,941
Income (loss) from continuing operations before income taxes				6,240	12,803	4,145
Income tax expense				0	0	0
Income from continuing operations				6,240	12,803	4,145
Investments in unconsolidated entities	93			93	142	154
Property, plant and equipment additions				5,028	3,898	2,458
Depreciation, depletion and amortization				6,112	6,179	7,741
Total assets	53,786			53,786	54,058	56,132
Gain (loss) related to legal settlements				26
Pre-tax impairment charges						282
Loss on derivative instruments						280
Operating segments | Oil and gas | Permian Basin | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Segment Information
Gains on sales of assets and other, net				142	148
Operating segments | Oil and gas | Colombia | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Segment Information
Earnout from divestiture of businesses				25
Gain on sale					55
Operating segments | Chemical
Segment Information
Net sales				5,321	6,757	5,246
Income (loss) from continuing operations before income taxes				1,531	2,508	1,544
Income tax expense				0	0	0
Income from continuing operations				1,531	2,508	1,544
Investments in unconsolidated entities	550			550	578	608
Property, plant and equipment additions				551	331	316
Depreciation, depletion and amortization				356	370	343
Total assets	4,682			4,682	4,558	4,671
Operating segments | Midstream and marketing
Segment Information
Net sales				2,551	4,136	2,863
Income (loss) from continuing operations before income taxes				24	273	257
Income tax expense				0	0	0
Income from continuing operations				24	273	257
Investments in unconsolidated entities	2,581			2,581	2,456	2,176
Property, plant and equipment additions				664	270	107
Depreciation, depletion and amortization				326	328	325
Total assets	13,327			13,327	12,076	11,132
Operating segments | Midstream and marketing | Carbon Engineering, Ltd.
Segment Information
Equity interest in acquiree, remeasurement gain				283
Acquisition-related costs				20
Operating segments | Midstream and marketing | WES | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Segment Information
Impairment and related charges				60
Gain on sale				$ 51	$ 62	124
Loss on derivative instruments						$ 252
Number of shares sold (in shares) | shares				5.1	10	11.5
Mark to market (loss) gain on interest rate swaps				$ (14)	$ (259)
Operating segments | Midstream and marketing | Joint Venture | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Segment Information
Gain on sale					36
Corporate and eliminations
Segment Information
Net sales				(899)	(1,424)	$ (1,094)
Income (loss) from continuing operations before income taxes				(1,366)	(1,467)	(2,241)
Income tax expense				(1,733)	(813)	(915)
Income from continuing operations				(3,099)	(2,280)	(3,156)
Investments in unconsolidated entities	0			0	0	0
Property, plant and equipment additions				125	67	50
Depreciation, depletion and amortization				71	49	38
Total assets	$ 2,213			2,213	1,917	3,101
Acquisition-related costs				6	89	153
Mark to market (loss) gain on interest rate swaps					317	122
Gain on extinguishment of debt					149	$ 118
Non-cash tax benefit					$ 2,700
Corporate and eliminations | Maxus Filed Bankruptcy
Segment Information
Gain (loss) related to legal settlements				$ (260)

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts
Valuation and qualifying accounts
Balance at Beginning of Period	$ 904	$ 867	$ 822
Charged to Costs and Expenses	(235)	37	56
Charged to Other Accounts	0	0	(11)
Deductions	(625)	0	0
Balance at End of Period	44	904	867
Valuation allowance and reserves, current	43	44	46
Environmental, litigation, tax and other reserves
Valuation and qualifying accounts
Balance at Beginning of Period	3,712	3,164	2,429
Charged to Costs and Expenses	328	714	900
Charged to Other Accounts	50	138	94
Deductions	(297)	(304)	(259)
Balance at End of Period	3,793	3,712	3,164
Environmental litigation tax and other reserves, current	$ 215	$ 266	$ 790