Occidental Petroleum (OXY) 10-Q10 May 212021 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page	3 Months Ended
Cover Page	Mar. 31, 2021shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-9210
Entity Registrant Name	OCCIDENTAL PETROLEUM CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4035997
Entity Address, Address Line One	5 Greenway Plaza, Suite 110
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77046
City Area Code	713
Local Phone Number	215-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	933,418,685
Entity Central Index Key	0000797468
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.20 par value
Trading Symbol	OXY
Security Exchange Name	NYSE
Warrants to Purchase Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Warrants to Purchase Common Stock, $0.20 par value
Trading Symbol	OXY WS
Security Exchange Name	NYSE

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 2,270	$ 2,008
Restricted cash and restricted cash equivalents	183	170
Trade receivables, net	3,046	2,115
Inventories	2,173	1,898
Other current assets	1,153	1,195
Assets held for sale	1,249	1,433
Total current assets	10,074	8,819
INVESTMENTS IN UNCONSOLIDATED ENTITIES	3,170	3,250
PROPERTY, PLANT AND EQUIPMENT	119,278	118,964
Accumulated depreciation, depletion and amortization	(55,205)	(53,075)
Net property, plant and equipment	64,073	65,889
OPERATING LEASE ASSETS	949	1,062
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	1,089	1,044
TOTAL ASSETS	79,355	80,064
CURRENT LIABILITIES
Current maturities of long-term debt	559	440
Current operating lease liabilities	369	473
Accounts payable	3,416	2,987
Accrued liabilities	3,566	3,570
Liabilities of assets held for sale	721	753
Total current liabilities	8,631	8,223
LONG-TERM DEBT, NET
Long-term debt, net	35,466	35,745
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net	6,941	7,113
Asset retirement obligations	4,030	3,977
Pension and postretirement obligations	1,553	1,763
Environmental remediation liabilities	1,029	1,028
Operating lease liabilities	628	641
Other	2,777	3,001
Total deferred credits and other liabilities	16,958	17,523
STOCKHOLDERS' EQUITY
Preferred stock at par value, 100,000 shares at March 31, 2021 and December 31, 2020	9,762	9,762
Common stock at par value, 1,082,618,615 shares at March 31, 2021 and 1,080,564,947 shares at December 31, 2020	217	216
Treasury stock, 149,199,930 shares at March 31, 2021 and 149,051,634 shares at December 31, 2020	(10,668)	(10,665)
Additional paid-in capital	16,585	16,552
Retained earnings	2,639	2,996
Accumulated other comprehensive loss	(235)	(288)
Total stockholders' equity	18,300	18,573
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	79,355	80,064
Oil and gas segment
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	102,718	102,454
Chemical segment
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	7,387	7,356
Midstream and marketing segment
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	8,249	8,232
Corporate
CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	$ 924	$ 922

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, outstanding (in shares)	100,000	100,000
Common stock, outstanding (in shares)	1,082,618,615	1,080,564,947
Treasury stock (in shares)	149,199,930	149,051,634

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES AND OTHER INCOME
Net sales	$ 5,293	$ 6,613
Interest, dividends and other income	75	34
Gains on sales of assets and equity investments, net	111	7
Total	5,479	6,654
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense	776	1,069
Transportation and gathering expense	329	565
Chemical and midstream cost of sales	594	612
Purchased commodities	558	393
Selling, general and administrative expenses	166	264
Other operating and non-operating expense	258	197
Taxes other than on income	210	225
Depreciation, depletion and amortization	2,194	2,309
Asset impairments and other charges	135	1,803
Anadarko acquisition-related costs	41	148
Exploration expense	28	37
Interest and debt expense, net	395	352
Total	5,684	7,974
Loss before income taxes and other items	(205)	(1,320)
OTHER ITEMS
Gains (losses) on interest rate swaps and warrants, net	399	(585)
Income (loss) from equity investments	121	(133)
Total	520	(718)
Income (loss) from continuing operations before income taxes	315	(2,038)
Income tax benefit (expense)	(16)	25
Income (loss) from continuing operations	299	(2,013)
Loss from discontinued operations, net of tax	(445)	0
NET LOSS	(146)	(2,013)
Less: Preferred stock dividends	(200)	(219)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (346)	$ (2,232)
PER COMMON SHARE, BASIC
Income (loss) from continuing operations—basic (in usd per share)	$ 0.11	$ (2.49)
Loss from discontinued operations - basic (in usd per share)	(0.48)	0
Net loss attributable to common stockholders—basic (in usd per share)	(0.37)	(2.49)
PER COMMON SHARE, DILUTED
Income (loss) from continuing operations—diluted (in usd per share)	0.10	(2.49)
Loss from discontinued operations - diluted (in usd per share)	(0.46)	0
Net loss attributable to common stockholders—diluted (in usd per share)	$ (0.36)	$ (2.49)

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss		$ (146)	$ (2,013)
Other comprehensive income (loss) items:
Losses on derivatives		1	0
Pension and postretirement gain (loss)	[1]	52	(111)
Other		0	(2)
Other comprehensive income (loss), net of tax		53	(113)
Comprehensive loss attributable to preferred and common stockholders		$ (93)	$ (2,126)

[1]	Net of tax expense of $15 million and tax benefit of $31 million for the three months ended March 31, 2021 and 2020, respectively.

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Pension and postretirement gains, tax expense (benefit)	$ 15	$ (31)

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOW FROM OPERATING ACTIVITIES
Net loss	$ (146)	$ (2,013)
Adjustments to reconcile net loss to net cash provided by operating activities:
Discontinued operations, net	445	0
Depreciation, depletion and amortization of assets	2,194	2,309
Deferred income tax benefit	(81)	(218)
Asset impairments and other charges	135	1,768
Gains on sales of equity investments and other assets, net	(111)	(7)
Other noncash benefits to income	(301)	(355)
Changes in operating assets and liabilities:
(Increase) decrease in receivables	(937)	3,909
(Increase) in inventory	(311)	(68)
(Increase) decrease in other current assets	(82)	254
(Decrease) in accounts payable and accrued liabilities	(42)	(4,332)
Increase in current domestic and foreign income taxes	25	48
Operating cash flow from continuing operations	788	1,295
Operating cash flow from discontinued operations, net of taxes	122	44
Net cash provided by operating activities	910	1,339
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(579)	(1,300)
Change in capital accrual	(75)	(435)
Purchases of businesses and assets, net	(105)	(35)
Proceeds from sales of equity investments and other assets, net	496	112
Equity investments and other, net	(10)	142
Investing cash flow from continuing operations	(273)	(1,516)
Investing cash flow from discontinued operations	(9)	(14)
Net cash used by investing activities	(282)	(1,530)
CASH FLOW FROM FINANCING ACTIVITIES
Payments of long-term debt	(174)	0
Proceeds from issuance of common stock	6	90
Purchases of treasury stock	(3)	0
Cash dividends paid on common and preferred stock	(211)	(913)
Financing portion of net cash received (paid) for derivative instruments	45
Financing portion of net cash received (paid) for derivative instruments		(149)
Other financing, net	(15)	(47)
Financing cash flow from continuing operations	(352)	(1,019)
Financing cash flow from discontinued operations	(2)	0
Net cash used by financing activities	(354)	(1,019)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	274	(1,210)
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period	2,194	3,574
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period	$ 2,468	$ 2,364

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2019	$ 34,232	$ 9,762	$ 209	$ (10,653)	$ 14,955	$ 20,180	$ (221)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,013)					(2,013)
Other comprehensive income (loss), net of tax	(113)						(113)
Dividends on common stock	(719)					(719)
Dividends on preferred stock	(219)					(219)
Issuance of common stock and other, net	127		1		126
Ending balance at Mar. 31, 2020	31,295	9,762	210	(10,653)	15,081	17,229	(334)
Beginning balance at Dec. 31, 2020	18,573	9,762	216	(10,665)	16,552	2,996	(288)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(146)					(146)
Other comprehensive income (loss), net of tax	53						53
Dividends on common stock	(11)					(11)
Dividends on preferred stock	(200)					(200)
Shareholder warrants exercised	3				3
Issuance of common stock and other, net	31		1		30
Purchases of treasury stock	(3)			(3)
Ending balance at Mar. 31, 2021	$ 18,300	$ 9,762	$ 217	$ (10,668)	$ 16,585	$ 2,639	$ (235)

CONSOLIDATED CONDENSED STATEM_6

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in usd per share)	$ 0.01	$ 0.79
Dividends on preferred stock (in usd per share)	$ 2,000	$ 2,222

General

General	3 Months Ended
General	Mar. 31, 2021
Accounting Policies [Abstract]
General	NOTE 1 - GENERAL NATURE OF OPERATIONS In this report, "Occidental" means Occidental Petroleum Corporation, a Delaware corporation and one or more entities in which it owns a controlling interest (subsidiaries). Occidental conducts its operations through various subsidiaries and affiliates. Occidental has made its disclosures in accordance with United States generally accepted accounting principles as they apply to interim reporting, and condensed or omitted, as permitted by the U.S. Securities and Exchange Commission’s rules and regulations, certain information and disclosures normally included in consolidated financial statements and the notes thereto. These unaudited consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto in Occidental’s Annual Report on Form 10-K for the year ended December 31, 2020 (the 2020 Form 10-K). In the opinion of Occidental’s management, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present Occidental’s consolidated condensed balance sheets as of March 31, 2021 and December 31, 2020, and the consolidated condensed statements of operations, comprehensive income, cash flows and stockholders' equity for the three months ended March 31, 2021 and 2020. Certain data in the financial statements and notes for prior periods have been reclassified to conform to the current presentation. The income and cash flows for the periods ended March 31, 2021 and 2020 are not necessarily indicative of the income or cash flows to be expected for the full year. CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balances at March 31, 2021 and 2020 included investments in government money market funds in which the carrying value approximates fair value. The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the consolidated condensed statements of cash flows for the three months ended March 31, 2021 and 2020, respectively. millions 2021 2020 Cash and cash equivalents $ 2,270 $ 2,021 Restricted cash and restricted cash equivalents 183 269 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 15 74 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 2,468 $ 2,364 Total restricted cash and restricted cash equivalents are primarily associated with international joint ventures, a benefits trust associated with the acquisition of Anadarko Petroleum Corporation (Anadarko) and a judicially controlled account related to a Brazilian tax dispute. SUPPLEMENTAL CASH FLOW INFORMATION The following table represents U.S. federal, domestic state and international income taxes paid, tax refunds received and interest paid related to continuing operations during the three months ended March 31, 2021 and 2020, respectively. millions 2021 2020 Income tax payments $ (122) $ (168) Income tax refunds received $ 42 $ 26 Interest paid (a) $ (607) $ (548) (a) Net of capitalized interest of $15 million and $24 million for the three months ended March 31, 2021 and 2020, respectively. WES INVESTMENT In March 2021, Occidental sold 11.5 million limited partner units of Western Midstream Partners, LP (WES) for proceeds of approximately $200 million, resulting in a gain of $102 million. As of March 31, 2021, Occidental owned all of the 2% non-voting general partner interest and 49.1% of the limited partner units in WES. On a combined basis, with its 2.0% non-voting limited partner interest in WES Operating, a WES subsidiary, Occidental's total effective economic interest in WES and its subsidiaries was 51.2%. The following table represents the related-party transactions between Occidental and WES for the three months ended March 31, 2021 and 2020, respectively: millions 2021 2020 Sales $ 53 $ 113 Purchases $ 37 $ 219 Transportation, gathering and other fees paid $ 227 $ 310 DISCONTINUED OPERATIONS Occidental is continuing to actively market its Ghana assets. The results of operations in Ghana, an after-tax loss of $42 million for the three months ended March 31, 2021, are presented as discontinued operations. The amounts related to the Ghana assets, of which approximately $1.2 billion and $1.4 billion are related to property, plant and equipment, net, as of March 31, 2021 and December 31, 2020, respectively. Approximately $607 million and $670 million of liabilities held for sale are related to deferred income taxes, asset retirement obligations and a finance lease liability as of March 31, 2021 and December 31, 2020, respectively. Note 8 - Lawsuits, Claims , Commit ments and Contingencies

Divestitures and Other Transact

Divestitures and Other Transactions	3 Months Ended
Divestitures and Other Transactions	Mar. 31, 2021
Discontinued Operations and Disposal Groups and Equity Method And Joint Ventures [Abstract]
Divestitures and Other Transactions	NOTE 2 - DIVESTITURES AND OTHER TRANSACTIONS DIVESTITURES In March 2021, Occidental completed the sale of certain non-operated assets in the DJ Basin for net cash proceeds of approximately $280 million. The difference in the asset’s net book value and adjusted purchase price was treated as a recovery of cost and normal retirement, which resulted in no gain or loss being recognized. ALGERIA OPERATIONS - RECLASSIFICATION In April 2020, Occidental decided to continue to operate within Algeria. As a result, beginning in the second quarter of 2020, the Algerian operations were no longer classified as held for sale or within discontinued operations. The following table presents the amounts previously reported in discontinued operations, net of income taxes, which were reclassified to continuing operations for the three months ended March 31, 2020. millions Three months ended March 31, 2020 Revenues and other income Net sales $ 203 Costs and other deductions Oil and gas lease operating expense 23 Transportation expense 7 Taxes other than on income 43 Depreciation, depletion and amortization 67 Other 6 Total costs and other deductions 146 Income before income taxes 57 Income tax expense (57) Net income of Algeria operations, after taxes $ —

Revenue

Revenue	3 Months Ended
Revenue	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue	NOTE 3 - REVENUE Revenue from customers is recognized when obligations under the terms of a contract with our customers are satisfied; this generally occurs with the delivery of oil, natural gas liquids (NGL), gas, chemicals or services, such as transportation. As of March 31, 2021, trade receivables, net, of $3.0 billion represent rights to payment, for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time. The following table shows a reconciliation of revenue from customers to total net sales for the three months ended March 31, 2021 and 2020: Three months ended March 31, millions 2021 2020 Revenue from customers $ 5,184 $ 5,250 All other revenues (a) 109 1,363 Net sales $ 5,293 $ 6,613 (a) Includes net marketing derivatives, natural gas collars, oil collars and calls and chemical exchange contracts. DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS The table below presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGL and gas at the lease or concession area. Chemical segment revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale. millions United States International Eliminations Total Three months ended March 31, 2021 Oil and gas Oil $ 2,464 $ 549 $ — $ 3,013 NGL 384 52 — 436 Gas 253 64 — 317 Other (31) — — (31) Segment total $ 3,070 $ 665 $ — $ 3,735 Chemical $ 1,037 $ 50 $ — $ 1,087 Midstream and marketing Gas processing $ 101 $ 84 $ — $ 185 Marketing 438 47 — 485 Power and other (42) — — (42) Segment total $ 497 $ 131 $ — $ 628 Eliminations $ — $ — $ (266) $ (266) Consolidated $ 4,604 $ 846 $ (266) $ 5,184 millions United States International Eliminations Total Three months ended March 31, 2020 Oil and gas Oil $ 2,755 $ 789 $ — $ 3,544 NGL 213 65 — 278 Gas 183 85 — 268 Other 11 — — 11 Segment total $ 3,162 $ 939 $ — $ 4,101 Chemical $ 910 $ 51 $ — $ 961 Midstream and marketing Gas processing $ 105 $ 71 $ — $ 176 Marketing 246 (51) — 195 Power and other 16 — — 16 Segment total $ 367 $ 20 $ — $ 387 Eliminations $ — $ — $ (199) $ (199) Consolidated $ 4,439 $ 1,010 $ (199) $ 5,250

Inventories

Inventories	3 Months Ended
Inventories	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	NOTE 4 - 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 last in first out (LIFO) method. Inventories consisted of the following: millions March 31, 2021 December 31, 2020 Raw materials $ 69 $ 70 Materials and supplies 851 848 Commodity inventory and finished goods 1,282 1,009 2,202 1,927 Revaluation to LIFO (29) (29) Total $ 2,173 $ 1,898

Derivatives

Derivatives	3 Months Ended
Derivatives	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	NOTE 5 - DERIVATIVES OBJECTIVE AND STRATEGY Occidental uses a variety of derivative financial instruments and physical contracts to manage its exposure to commodity price fluctuations, interest rate risks and transportation commitments and to fix margins on the future sale of stored commodity volumes. Occidental also enters into derivative financial instruments for trading purposes. Occidental may elect normal purchases and normal sales exclusions when physically delivered commodities are purchased or sold to a customer. Occidental occasionally applies cash flow hedge accounting treatment to derivative financial instruments to lock in margins on the forecasted sales of its natural gas storage volumes, and at times for other strategies, such as to lock in rates on forecasted debt issuances. The value of cash flow hedges was insignificant at March 31, 2021 and December 31, 2020. Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty. DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS As of March 31, 2021, Occidental’s derivatives not designated as hedges consist of oil call options, natural gas collars, interest rate swaps and marketing derivatives. Derivative instruments that are not designated as hedging instruments are required to be recorded on the balance sheet at fair value. Changes in fair value will impact Occidental’s earnings through mark-to-market adjustments until the physical commodity is delivered or the financial instrument is settled. The fair value does not reflect the ultimate realized cash value of the instrument at settlement. COLLARS AND OIL CALL OPTIONS Occidental's natural gas two-way collar derivative instruments settle in 2021 and were entered into to manage its near-term exposure to cash flow variability from natural gas price risk. Occidental's Brent-priced call options were entered into to enhance the upside of three-way collars that expired in 2020. Net gains and losses associated with collars and calls are recognized in net sales. Occidental had the following collars and calls outstanding at March 31, 2021: Collars and Calls, not designated as hedges 2021 Settlement - oil Call options sold (MMbbl) 96.3 Average price per barrel (Brent oil pricing) Ceiling sold price (call) $ 74.16 2021 Settlement - natural gas Natural Gas Collars (millions of MMbtu) 154.4 Volume weighted-average price per MMbtu (NYMEX) Ceiling sold price (call) $ 3.61 Floor purchased price (put) $ 2.50 INTEREST RATE SWAPS Occidental's interest rate swap contracts lock in a fixed interest rate in exchange for a floating interest rate indexed to the three-month London InterBank Offered Rate (LIBOR) throughout the reference period. Net gains and losses associated with interest rate swaps are recognized currently in gains (losses) on interest rate swaps and warrants, net. Occidental had the following outstanding interest rate swaps at March 31, 2021: millions, except percentages Mandatory Weighted-Average Notional Principal Amount Reference Period Termination Date Interest Rate $ 400 September 2016 - 2046 September 2021 6.348 % $ 350 September 2017 - 2047 September 2021 6.662 % $ 275 September 2016 - 2046 September 2022 6.709 % $ 450 September 2017 - 2047 September 2023 6.445 % Depending on market conditions, liability management actions or other factors, Occidental may enter into offsetting interest rate swap positions or settle or amend certain or all of the currently outstanding interest rate swaps. Derivative settlements and collateralization are classified as cash flow from operating activities unless the derivatives contain an other-than-insignificant financing element, in which case the settlements and collateralization are classified as cash flows from financing activities. In the first quarter of 2021, net cash payments related to settlements of interest rate swap agreements were $47 million. Additionally, $92 million of collateral was returned. MARKETING DERIVATIVES Occidental's marketing derivative instruments not designated as hedges are short-duration physical and financial forward contracts. Marketing derivative instruments do not include the collars and call options discussed above. A substantial majority of Occidental's physically settled derivative contracts are index-based and carry no mark-to-market valuation in earnings. As of March 31, 2021, the weighted-average settlement price of these forward contracts was $58.84 per barrel and $2.51 per thousand cubic feet (Mcf) for crude oil and natural gas, respectively. The weighted-average settlement price was $46.05 per barrel and $2.58 per Mcf for crude oil and natural gas, respectively, at December 31, 2020. Net gains and losses associated with marketing derivative instruments not designated as hedging instruments are recognized currently in net sales. The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments. March 31, 2021 December 31, 2020 Oil Commodity Contracts Volume (MMbbl) (28) (31) Natural gas commodity contracts Volume (Bcf) (130) (117) FAIR VALUE OF DERIVATIVES The following tables present the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts below, including when the derivatives are subject to master netting arrangements, and are presented on a net basis in the consolidated condensed balance sheets. millions Fair Value Measurements Using Netting (a) Total Fair Value Balance Sheet Classifications Level 1 Level 2 Level 3 March 31, 2021 Collars and Call Options Other current assets $ — $ 8 $ — $ — $ 8 Accrued liabilities — (98) — — (98) Marketing Derivatives Other current assets 1,649 136 — (1,732) 53 Long-term receivables and other assets, net 38 2 — (38) 2 Accrued liabilities (1,861) (94) — 1,732 (223) Deferred credits and other liabilities - other (38) — — 38 — Interest Rate Swaps Accrued liabilities — (708) — — (708) Deferred credits and other liabilities - other — (604) — — (604) December 31, 2020 Collars and Call Options Other current assets $ — $ 25 $ — $ — $ 25 Accrued liabilities — (42) — — (42) Marketing Derivatives Other current assets 1,155 80 — (1,204) 31 Long-term receivables and other assets, net 7 2 — (7) 2 Accrued liabilities (1,252) (81) — 1,204 (129) Deferred credits and other liabilities - other (7) — — 7 — Interest Rate Swaps Accrued liabilities — (936) — — (936) Deferred credits and other liabilities - other — (822) — — (822) (a) These amounts do not include collateral. As of March 31, 2021 and December 31, 2020, $282 million and $374 million of collateral related to interest rate swaps had been netted against derivative liabilities, respectively. Occidental had $202 million and $85 million of initial margin related to marketing derivatives deposited with brokers as of March 31, 2021 and December 31, 2020, respectively. GAINS AND LOSSES ON DERIVATIVES The following table presents the effect of Occidental's derivative instruments on the consolidated condensed statements of operations: millions Three months ended March 31, Income Statement Classification 2021 2020 Collars and Calls Net sales $ (72) $ 952 Marketing Derivatives Net sales (a) 180 410 Interest Rate Swaps Gains (losses) on interest rate swaps and warrants, net 399 (669) Other (b) Gains (losses) on interest rate swaps and warrants, net $ — $ 84 (a) Includes derivative and non-derivative marketing activity. (b) Includes gains on warrants which were reclassified to equity on May 29, 2020. CREDIT RISK The majority of Occidental's counterparty credit risk is related to the physical delivery of energy commodities to its customers and their inability to meet their settlement commitments. Occidental manages credit risk by selecting counterparties that it believes to be financially strong, by entering into netting arrangements with counterparties and by requiring collateral or other credit risk mitigants, as appropriate. Occidental actively evaluates the creditworthiness of its counterparties, assigns appropriate credit limits and monitors credit exposures against those assigned limits. Occidental also enters into future contracts through regulated exchanges with select clearinghouses and brokers, which are subject to minimal credit risk as a significant portion of these transactions settle on a daily margin basis.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 6 - FAIR VALUE MEASUREMENTS Occidental has categorized its assets and liabilities that are measured at fair value in a three-level fair value hierarchy, based on the inputs to the valuation techniques: Level 1 — using quoted prices in active markets for the assets or liabilities; Level 2 — using observable inputs other than quoted prices for the assets or liabilities; and Level 3 — using unobservable inputs. Transfers between levels, if any, are recognized at the end of each reporting period. FAIR VALUES - RECURRING In January 2012, Occidental entered into a long-term contract to purchase carbon dioxide (CO 2 ). This contract contains a price adjustment clause that is linked to changes in NYMEX oil prices. Occidental determined that the portion of this contract linked to NYMEX oil prices is not clearly and closely related to the host contract, and Occidental therefore bifurcated this embedded pricing feature from its host contract and accounts for it at fair value in the consolidated financial statements. The following tables provide fair value measurement information for embedded derivatives that are measured on a recurring basis: millions Fair Value Measurements Using Embedded derivatives Level 1 Level 2 Level 3 Netting and Total Fair As of March 31, 2021 Accrued liabilities $ — $ 32 $ — $ — $ 32 As of December 31, 2020 Accrued liabilities $ — $ 64 $ — $ — $ 64 FAIR VALUES - NONRECURRING In the first quarter 2021, Occidental recorded pre-tax impairments of $135 million related to non-core domestic undeveloped leases that either expired in the first quarter of 2021 or were set to expire in the near-term, where Occidental had no plans to pursue exploration activities.

Long-Term Debt

Long-Term Debt	3 Months Ended
Long-Term Debt	Mar. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 7 - LONG-TERM DEBT The following table summarizes Occidental's outstanding debt, including finance lease liabilities: millions March 31, 2021 December 31, 2020 Total borrowings at face value $ 35,061 $ 35,235 Adjustments to book value: Unamortized premium, net 727 748 Debt issuance costs (152) (156) Net book value of debt $ 35,636 $ 35,827 Long-term finance leases 330 316 Current finance leases 59 42 Total debt and finance leases $ 36,025 $ 36,185 Less current maturities of financing leases (59) (42) Less current maturities of long-term debt (500) (398) Long-term debt, net $ 35,466 $ 35,745 DEBT ACTIVITY In the first quarter of 2021, Occidental repaid $174 million of debt upon maturity. FAIR VALUE OF DEBT The estimated fair value of Occidental’s debt as of March 31, 2021, and December 31, 2020, substantially all of which was classified as Level 1, was approximately $34.5 billion and $33.8 billion, respectively.

Lawsuits, Claims, Commitments a

Lawsuits, Claims, Commitments and Contingencies	3 Months Ended
Lawsuits, Claims, Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Lawsuits, Claims, Commitments and Contingencies	NOTE 8 - LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES LEGAL MATTERS Occidental or certain of its subsidiaries are involved, in the normal course of business, in lawsuits, claims and other legal proceedings that seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties, or injunctive or declaratory relief. Occidental or certain of its subsidiaries also are involved in proceedings under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) and similar federal, regional, state, provincial, tribal, local and international environmental laws. These environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, punitive damages, civil penalties and injunctive relief. Usually Occidental or such subsidiaries are among many companies in these environmental proceedings and have to date been successful in sharing response costs with other financially sound companies. Further, some lawsuits, claims and legal proceedings involve acquired or disposed assets with respect to which a third party or Occidental retains liability or indemnifies the other party for conditions that existed prior to the transaction. In accordance with applicable accounting guidance, Occidental accrues reserves for outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. In 2016, Occidental received payments from the Republic of Ecuador of approximately $1.0 billion pursuant to a November 2015 arbitration award for Ecuador’s 2006 expropriation of Occidental’s Participation Contract for Block 15. The awarded amount represented a recovery of 60% of the value of Block 15. In 2017, Andes Petroleum Ecuador Ltd. (Andes) filed a demand for arbitration, claiming it is entitled to a 40% share of the judgment amount obtained by Occidental. Occidental contends that Andes is not entitled to any of the amounts paid under the 2015 arbitration award because Occidental’s recovery was limited to Occidental’s own 60% economic interest in the block. On March 26, 2021, the arbitration tribunal issued an award in favor of Andes and against Occidental Exploration and Production Company (OEPC) in the amount of approximately $391 million plus interest. OEPC intends to pursue a petition to vacate the award due to concerns regarding the validity of the award. In addition, OEPC has made a demand for significant additional claims not addressed by the arbitration tribunal that OEPC has against Andes relating to Andes' 40% share of costs, liabilities, losses and expenses due under the farmout agreement and joint operating agreement to which Andes and OEPC are parties. In August 2019, Sanchez Energy Corporation and certain of its affiliates (Sanchez) filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code. Sanchez is a party to agreements with Anadarko as a result of its 2017 purchase of Anadarko's Eagle Ford Shale assets. Sanchez is attempting to reject some of the agreements related to the purchase of Anadarko’s Eagle Ford Shale assets. If Sanchez is permitted to reject certain of those agreements, then Anadarko may owe deficiency payments to various third parties. Occidental intends to defend vigorously any attempt by Sanchez to reject the agreements. Occidental expects a final ruling from the bankruptcy court on Sanchez's purported contract rejection by the end of the third quarter in 2021. On May 26, 2020, a putative securities class action captioned City of Sterling Heights General Employees’ Retirement System, et al. v. Occidental Petroleum Corporation, et al., No. 651994/2020 (City of Sterling), was filed in the Supreme Court of the State of New York. The complaint asserted claims under Sections 11, 12 and 15 of the Securities Act of 1933, as amended (the Securities Act), based on alleged misstatements in the Securities Act filings, including the registration statement filed in connection with the acquisition of Anadarko and Occidental’s related issuance of common stock and debt securities offerings that took place in August 2019. The lawsuit was filed against Occidental, certain current and former officers and directors and certain underwriters of the debt securities offerings and sought damages in an unspecified amount, plus attorneys’ fees and expenses. Two additional putative class actions were filed in the same court (together with City of Sterling, the State Cases) and the State Cases were consolidated into In re Occidental Petroleum Corporation Securities Litigation, No. 651830/2020. On March 4, 2021, the court granted Occidental's motion to dismiss the complaint with prejudice. The ultimate outcome and impact of outstanding lawsuits, claims and proceedings on Occidental cannot be predicted. Management believes that the resolution of these matters will not, individually or in the aggregate, have a material adverse effect on Occidental’s consolidated condensed balance sheets. If unfavorable outcomes of these matters were to occur, future results of operations or cash flows for any particular quarterly or annual period could be materially adversely affected. Occidental’s estimates are based on information known about the legal matters and its experience in contesting, litigating and settling similar matters. Occidental reassesses the probability and estimability of contingent losses as new information becomes available. TAX MATTERS During the course of its operations, Occidental is subject to audit by tax authorities for varying periods in various federal, state, local and international tax jurisdictions. Taxable years through 2017 for U.S. federal income tax purposes have been audited by the IRS pursuant to its Compliance Assurance Program and subsequent taxable years are currently under review. Taxable years through 2009 have been audited for state income tax purposes. All other significant audit matters in international jurisdictions have been resolved through 2010. During the course of tax audits, disputes have arisen and other disputes may arise as to facts and matters of law. Occidental believes that the resolution of outstanding tax matters would not have a material adverse effect on its consolidated condensed balance sheets or consolidated condensed statements of operations. For Legacy Anadarko, its taxable years through 2014 and tax year 2016 for U.S. federal and state income tax purposes have been audited by the IRS and respective state taxing authorities. There are outstanding significant audit matters in one international jurisdiction. As stated above, during the course of tax audits, disputes have arisen and other disputes may arise as to facts and matters of law. Other than the matter discussed below, Occidental believes that the resolution of these outstanding tax matters would not have a material adverse effect on its consolidated condensed balance sheets or consolidated condensed statements of operations. Anadarko received an $881 million tentative refund in 2016 related to its $5.2 billion Tronox Adversary Proceeding settlement payment in 2015. In September 2018, Anadarko received a statutory notice of deficiency from the IRS disallowing the net operating loss carryback and rejecting Anadarko’s refund claim. As a result, Anadarko filed a petition with the U.S. Tax Court to dispute the disallowances in November 2018. The case was in the IRS appeals process until the second quarter of 2020. The case has since been returned to the U.S. Tax Court, where a trial date has been set for April 2022 and Occidental expects to continue pursuing resolution. In accordance with ASC 740’s guidance on the accounting for uncertain tax positions, Occidental has recorded no tax benefit on the tentative cash tax refund of $881 million. As a result, should Occidental not ultimately prevail on the issue, there would be no additional tax expense recorded relative to this position for financial statement purposes other than future interest. However, in that event, Occidental would be required to repay approximately $925 million ($898 million in federal taxes and $27 million in state taxes) plus accrued interest of approximately $270 million. A liability for this amount plus interest is included in deferred credits and other liabilities-other. INDEMNITIES TO THIRD PARTIES Occidental, its subsidiaries, or both, have indemnified various parties against specified liabilities those parties might incur in the future in connection with purchases and other transactions that they have entered into with Occidental. These indemnities usually are contingent upon the other party incurring liabilities that reach specified thresholds. As of March 31, 2021, Occidental is not aware of circumstances that it believes would reasonably be expected to lead to indemnity claims that would result in payments materially in excess of reserves.

Environmental Liabilities and E

Environmental Liabilities and Expenditures	3 Months Ended
Environmental Liabilities and Expenditures	Mar. 31, 2021
Environmental Remediation Obligations [Abstract]
Environmental Liabilities and Expenditures	NOTE 9 - ENVIRONMENTAL LIABILITIES AND EXPENDITURES Occidental’s operations are subject to stringent federal, regional, state, provincial, tribal, local and international laws and regulations related to improving or maintaining environmental quality. The laws that require or address environmental remediation, including CERCLA and similar federal, regional, state, provincial, tribal, local and international laws, may apply retroactively and regardless of fault, the legality of the original activities or the current ownership or control of sites. Occidental or certain of its subsidiaries participate in or actively monitor a range of remedial activities and government or private proceedings under these laws with respect to alleged past practices at operating, closed and third-party sites. Remedial activities may include one or more of the following: investigation involving sampling, modeling, risk assessment or monitoring; cleanup measures including removal, treatment or disposal; or operation and maintenance of remedial systems. The environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, punitive damages, civil penalties, injunctive relief and government oversight costs. ENVIRONMENTAL REMEDIATION As of March 31, 2021, Occidental participated in or monitored remedial activities or proceedings at 168 sites. The following table presents Occidental’s current and non-current environmental remediation liabilities as of March 31, 2021. The current portion, $123 million, is included in accrued liabilities and the non-current portion, $1.0 billion, in deferred credits and other liabilities-environmental remediation liabilities. Occidental’s environmental remediation sites are grouped into four categories: sites listed or proposed for listing by the U.S. Environmental Protection Agency (EPA) on the CERCLA National Priorities List (NPL) and three categories of non-NPL sites—third-party sites, Occidental-operated sites and closed or non-operated Occidental sites. millions, except number of sites Number of Sites Remediation Balance NPL sites 34 $ 445 Third-party sites 69 303 Occidental-operated sites 17 141 Closed or non-operated Occidental sites 48 263 Total 168 $ 1,152 As of March 31, 2021, Occidental’s environmental remediation liabilities exceeded $10 million each at 19 of the 168 sites described above, and 96 of the sites had liabilities from zero to $1 million each. Based on current estimates, Occidental expects to expend funds corresponding to approximately 45% of the period-end remediation balance at the sites described above over the next three MAXUS ENVIRONMENTAL SITES When Occidental acquired Diamond Shamrock Chemicals Company (DSCC) in 1986, Maxus, a subsidiary of YPF S.A. (YPF), agreed to indemnify Occidental for a number of environmental sites, including the Diamond Alkali Superfund Site (Site) along a portion of the Passaic River. On June 17, 2016, Maxus and several affiliated companies filed for Chapter 11 bankruptcy in Federal District Court in the State of Delaware. Prior to filing for bankruptcy, Maxus defended and indemnified Occidental in connection with clean-up and other costs associated with the sites subject to the indemnity, including the Site. In March 2016, the EPA issued a Record of Decision (ROD) specifying remedial actions required for the lower 8.3 miles of the Lower Passaic River. The ROD does not address any potential remedial action for the upper nine miles of the Lower Passaic River or Newark Bay. During the third quarter of 2016, and following Maxus’s bankruptcy filing, Occidental and the EPA entered into an Administrative Order on Consent (AOC) to complete the design of the proposed clean-up plan outlined in the ROD at an estimated cost of $165 million. The EPA announced that it will pursue similar agreements with other potentially responsible parties. Occidental has accrued a reserve relating to its estimated allocable share of the costs to perform the design and remediation called for in the AOC and the ROD as well as for certain other Maxus-indemnified sites. Occidental's accrued estimated environmental reserve does not consider any recoveries for indemnified costs. Occidental’s ultimate share of this liability may be higher or lower than the reserved amount, and is subject to final design plans and the resolution of Occidental's allocable share with other potentially responsible parties. Occidental continues to evaluate the costs to be incurred to comply with the AOC and the ROD and to perform remediation at other Maxus-indemnified sites in light of the Maxus bankruptcy and the share of ultimate liability of other potentially responsible parties. In June 2018, Occidental filed a complaint under CERCLA in Federal District Court in the State of New Jersey against numerous potentially responsible parties for reimbursement of amounts incurred or to be incurred to comply with the AOC and the ROD, or to perform other remediation activities at the Site.

Retirement and Postretirement B

Retirement and Postretirement Benefit Plans	3 Months Ended
Retirement and Postretirement Benefit Plans	Mar. 31, 2021
Retirement Benefits [Abstract]
Retirement and Postretirement Benefit Plans	NOTE 10 - RETIREMENT AND POSTRETIREMENT BENEFIT PLANS Occidental has various defined benefit pension plans for certain domestic union, non-union hourly and foreign national employees. In addition, Occidental also provides medical and other benefits for certain active, retired and disabled employees and their eligible dependents. The following table contains a summary of Occidental's retirement and postretirement benefits plan costs for the three months ended March 31, 2021, and 2020: Three months ended March 31, millions 2021 2020 Net gains related to pension settlement and curtailment (a) $ 6 $ 14 Net periodic benefit costs related to pension special termination benefits (a) $ — $ 16 Net periodic benefit costs (gains) related to pension benefits excluding $ (5) $ 12 Net periodic benefit costs related to postretirement benefits $ 20 $ 20 Contributions to qualified and supplemental pension plans $ 147 $ 91 (a) Net gains related to settlement and curtailment and costs of special termination benefits for the three months ended March 31, 2021 and 2020 primarily relate to a separation program and the freezing of benefit accruals for Anadarko employees. The increase in 2021 contributions is primarily due to distributions related to the separation program and freezing of benefit accruals described above and for contributions which were previously deferred in 2020 under the Coronavirus Aid, Relief, and Economic Security Act.

Earnings Per Share and Stockhol

Earnings Per Share and Stockholders' Equity	3 Months Ended
Earnings Per Share and Stockholders' Equity	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Earnings Per Share and Stockholders' Equity	NOTE 11 - EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY The following table presents the calculation of basic and diluted net income (loss) attributable to common stockholders per share: Three months ended March 31, millions except per share amounts 2021 2020 Net income (loss) from continuing operations $ 299 $ (2,013) Loss from discontinued operations (445) — Net loss (146) (2,013) Less: Preferred stock dividends (200) (219) Net loss attributable to common stockholders $ (346) $ (2,232) Weighted-average number of basic shares 933.1 896.7 Basic loss per common share $ (0.37) $ (2.49) Net loss, net of participating securities (346) (2,232) Dilutive securities 947.9 896.7 Diluted loss per common share $ (0.36) $ (2.49)

Segments

Segments	3 Months Ended
Segments	Mar. 31, 2021
Segment Reporting [Abstract]
Segments	NOTE 12 - SEGMENTS Occidental conducts its operations through three segments: (1) oil and gas (2) chemical and (3) midstream and marketing. Income taxes, interest income, interest expense, environmental remediation expenses, Anadarko acquisition-related costs and unallocated corporate expenses are included under corporate and eliminations. Intersegment sales eliminate upon consolidation and are generally made at prices approximating those that the selling entity would be able to obtain in third-party transactions. The following table presents Occidental’s industry segments: millions Oil and gas (a) Chemical Midstream and marketing (b) Corporate and eliminations (c) Total Three months ended March 31, 2021 Net sales $ 3,664 $ 1,088 $ 807 $ (266) $ 5,293 Income (loss) from continuing operations before income taxes $ (62) $ 251 $ 282 $ (156) $ 315 Income tax expense — — — (16) (16) Income (loss) from continuing operations $ (62) $ 251 $ 282 $ (172) $ 299 Three months ended March 31, 2020 Net sales $ 5,060 $ 962 $ 790 $ (199) $ 6,613 Income (loss) from continuing operations before income taxes $ 236 $ 186 $ (1,287) $ (1,173) $ (2,038) Income tax benefit — — — 25 25 Income (loss) from continuing operations $ 236 $ 186 $ (1,287) $ (1,148) $ (2,013) (a) The 2021 amount included a $135 million impairment charge related to non-core domestic undeveloped leases that either expired in the first quarter of 2021 or were set to expire in the near-term, where Occidental had no plans to pursue exploration activities. The 2020 amount included $317 million related to domestic asset impairments and other charges, a $952 million gain on the oil collars and calls and a $264 million impairment charge related to international assets. (b) The 2021 amount included a $102 million gain from the sale of 11.5 million limited partner units in WES. The 2020 amount included a $1.4 billion impairment related to the write-off of goodwill and a loss from an equity investment related to WES' write-off of its goodwill. (c) The 2021 amount included a $399 million gain on interest rate swaps and $41 million in Anadarko acquisition-related costs. The 2020 amount included $148 million in expenses related to Anadarko acquisition-related costs, a $669 million loss on interest rate swaps and an $84 million gain on the Berkshire warrants.

General (Policies)

General (Policies)	3 Months Ended
General (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Cash Equivalents and Restricted Cash Equivalents	Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents.

General (Tables)

General (Tables)	3 Months Ended
General (Tables)	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the consolidated condensed statements of cash flows for the three months ended March 31, 2021 and 2020, respectively. millions 2021 2020 Cash and cash equivalents $ 2,270 $ 2,021 Restricted cash and restricted cash equivalents 183 269 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 15 74 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 2,468 $ 2,364
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the consolidated condensed statements of cash flows for the three months ended March 31, 2021 and 2020, respectively. millions 2021 2020 Cash and cash equivalents $ 2,270 $ 2,021 Restricted cash and restricted cash equivalents 183 269 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 15 74 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 2,468 $ 2,364
Schedule of Supplemental Cash Flows	The following table represents U.S. federal, domestic state and international income taxes paid, tax refunds received and interest paid related to continuing operations during the three months ended March 31, 2021 and 2020, respectively. millions 2021 2020 Income tax payments $ (122) $ (168) Income tax refunds received $ 42 $ 26 Interest paid (a) $ (607) $ (548) (a) Net of capitalized interest of $15 million and $24 million for the three months ended March 31, 2021 and 2020, respectively.
Summary of Related-Party Transactions	The following table represents the related-party transactions between Occidental and WES for the three months ended March 31, 2021 and 2020, respectively: millions 2021 2020 Sales $ 53 $ 113 Purchases $ 37 $ 219 Transportation, gathering and other fees paid $ 227 $ 310

Divestitures and Other Transa_2

Divestitures and Other Transactions (Tables)	3 Months Ended
Divestitures and Other Transactions (Tables)	Mar. 31, 2021
Discontinued Operations and Disposal Groups and Equity Method And Joint Ventures [Abstract]
Summary of Revenues, Costs and Assets Held for Sale of Discontinued Operations	The following table presents the amounts previously reported in discontinued operations, net of income taxes, which were reclassified to continuing operations for the three months ended March 31, 2020. millions Three months ended March 31, 2020 Revenues and other income Net sales $ 203 Costs and other deductions Oil and gas lease operating expense 23 Transportation expense 7 Taxes other than on income 43 Depreciation, depletion and amortization 67 Other 6 Total costs and other deductions 146 Income before income taxes 57 Income tax expense (57) Net income of Algeria operations, after taxes $ —

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Schedule of reconciliation of revenue from customers to total net sales	The following table shows a reconciliation of revenue from customers to total net sales for the three months ended March 31, 2021 and 2020: Three months ended March 31, millions 2021 2020 Revenue from customers $ 5,184 $ 5,250 All other revenues (a) 109 1,363 Net sales $ 5,293 $ 6,613 (a) Includes net marketing derivatives, natural gas collars, oil collars and calls and chemical exchange contracts.
Schedule of revenue from customers by segment, product, and geographical area	Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale. millions United States International Eliminations Total Three months ended March 31, 2021 Oil and gas Oil $ 2,464 $ 549 $ — $ 3,013 NGL 384 52 — 436 Gas 253 64 — 317 Other (31) — — (31) Segment total $ 3,070 $ 665 $ — $ 3,735 Chemical $ 1,037 $ 50 $ — $ 1,087 Midstream and marketing Gas processing $ 101 $ 84 $ — $ 185 Marketing 438 47 — 485 Power and other (42) — — (42) Segment total $ 497 $ 131 $ — $ 628 Eliminations $ — $ — $ (266) $ (266) Consolidated $ 4,604 $ 846 $ (266) $ 5,184 millions United States International Eliminations Total Three months ended March 31, 2020 Oil and gas Oil $ 2,755 $ 789 $ — $ 3,544 NGL 213 65 — 278 Gas 183 85 — 268 Other 11 — — 11 Segment total $ 3,162 $ 939 $ — $ 4,101 Chemical $ 910 $ 51 $ — $ 961 Midstream and marketing Gas processing $ 105 $ 71 $ — $ 176 Marketing 246 (51) — 195 Power and other 16 — — 16 Segment total $ 367 $ 20 $ — $ 387 Eliminations $ — $ — $ (199) $ (199) Consolidated $ 4,439 $ 1,010 $ (199) $ 5,250

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following: millions March 31, 2021 December 31, 2020 Raw materials $ 69 $ 70 Materials and supplies 851 848 Commodity inventory and finished goods 1,282 1,009 2,202 1,927 Revaluation to LIFO (29) (29) Total $ 2,173 $ 1,898

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
Derivatives (Tables)	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Derivative Instruments	Occidental had the following collars and calls outstanding at March 31, 2021: Collars and Calls, not designated as hedges 2021 Settlement - oil Call options sold (MMbbl) 96.3 Average price per barrel (Brent oil pricing) Ceiling sold price (call) $ 74.16 2021 Settlement - natural gas Natural Gas Collars (millions of MMbtu) 154.4 Volume weighted-average price per MMbtu (NYMEX) Ceiling sold price (call) $ 3.61 Floor purchased price (put) $ 2.50 Occidental had the following outstanding interest rate swaps at March 31, 2021: millions, except percentages Mandatory Weighted-Average Notional Principal Amount Reference Period Termination Date Interest Rate $ 400 September 2016 - 2046 September 2021 6.348 % $ 350 September 2017 - 2047 September 2021 6.662 % $ 275 September 2016 - 2046 September 2022 6.709 % $ 450 September 2017 - 2047 September 2023 6.445 %
Summary of net sales related to the outstanding commodity derivative instruments	The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments. March 31, 2021 December 31, 2020 Oil Commodity Contracts Volume (MMbbl) (28) (31) Natural gas commodity contracts Volume (Bcf) (130) (117)
Gross and net fair values of outstanding derivatives	The following tables present the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts below, including when the derivatives are subject to master netting arrangements, and are presented on a net basis in the consolidated condensed balance sheets. millions Fair Value Measurements Using Netting (a) Total Fair Value Balance Sheet Classifications Level 1 Level 2 Level 3 March 31, 2021 Collars and Call Options Other current assets $ — $ 8 $ — $ — $ 8 Accrued liabilities — (98) — — (98) Marketing Derivatives Other current assets 1,649 136 — (1,732) 53 Long-term receivables and other assets, net 38 2 — (38) 2 Accrued liabilities (1,861) (94) — 1,732 (223) Deferred credits and other liabilities - other (38) — — 38 — Interest Rate Swaps Accrued liabilities — (708) — — (708) Deferred credits and other liabilities - other — (604) — — (604) December 31, 2020 Collars and Call Options Other current assets $ — $ 25 $ — $ — $ 25 Accrued liabilities — (42) — — (42) Marketing Derivatives Other current assets 1,155 80 — (1,204) 31 Long-term receivables and other assets, net 7 2 — (7) 2 Accrued liabilities (1,252) (81) — 1,204 (129) Deferred credits and other liabilities - other (7) — — 7 — Interest Rate Swaps Accrued liabilities — (936) — — (936) Deferred credits and other liabilities - other — (822) — — (822) (a) These amounts do not include collateral. As of March 31, 2021 and December 31, 2020, $282 million and $374 million of collateral related to interest rate swaps had been netted against derivative liabilities, respectively. Occidental had $202 million and $85 million of initial margin related to marketing derivatives deposited with brokers as of March 31, 2021 and December 31, 2020, respectively.
Schedule of Gains and Losses on Derivatives	The following table presents the effect of Occidental's derivative instruments on the consolidated condensed statements of operations: millions Three months ended March 31, Income Statement Classification 2021 2020 Collars and Calls Net sales $ (72) $ 952 Marketing Derivatives Net sales (a) 180 410 Interest Rate Swaps Gains (losses) on interest rate swaps and warrants, net 399 (669) Other (b) Gains (losses) on interest rate swaps and warrants, net $ — $ 84 (a) Includes derivative and non-derivative marketing activity. (b) Includes gains on warrants which were reclassified to equity on May 29, 2020.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Embedded derivatives measured at fair value on a recurring basis	The following tables provide fair value measurement information for embedded derivatives that are measured on a recurring basis: millions Fair Value Measurements Using Embedded derivatives Level 1 Level 2 Level 3 Netting and Total Fair As of March 31, 2021 Accrued liabilities $ — $ 32 $ — $ — $ 32 As of December 31, 2020 Accrued liabilities $ — $ 64 $ — $ — $ 64

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
Long-Term Debt (Tables)	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table summarizes Occidental's outstanding debt, including finance lease liabilities: millions March 31, 2021 December 31, 2020 Total borrowings at face value $ 35,061 $ 35,235 Adjustments to book value: Unamortized premium, net 727 748 Debt issuance costs (152) (156) Net book value of debt $ 35,636 $ 35,827 Long-term finance leases 330 316 Current finance leases 59 42 Total debt and finance leases $ 36,025 $ 36,185 Less current maturities of financing leases (59) (42) Less current maturities of long-term debt (500) (398) Long-term debt, net $ 35,466 $ 35,745

Environmental Liabilities and_2

Environmental Liabilities and Expenditures (Tables)	3 Months Ended
Environmental Liabilities and Expenditures (Tables)	Mar. 31, 2021
Environmental Remediation Obligations [Abstract]
Schedule of current and non-current environmental remediation reserves by categories of sites	The following table presents Occidental’s current and non-current environmental remediation liabilities as of March 31, 2021. The current portion, $123 million, is included in accrued liabilities and the non-current portion, $1.0 billion, in deferred credits and other liabilities-environmental remediation liabilities. Occidental’s environmental remediation sites are grouped into four categories: sites listed or proposed for listing by the U.S. Environmental Protection Agency (EPA) on the CERCLA National Priorities List (NPL) and three categories of non-NPL sites—third-party sites, Occidental-operated sites and closed or non-operated Occidental sites. millions, except number of sites Number of Sites Remediation Balance NPL sites 34 $ 445 Third-party sites 69 303 Occidental-operated sites 17 141 Closed or non-operated Occidental sites 48 263 Total 168 $ 1,152

Retirement and Postretirement_2

Retirement and Postretirement Benefits Plans (Tables)	3 Months Ended
Retirement and Postretirement Benefits Plans (Tables)	Mar. 31, 2021
Retirement Benefits [Abstract]
Schedule of Retirement and Postretirement Benefit Plan Costs	The following table contains a summary of Occidental's retirement and postretirement benefits plan costs for the three months ended March 31, 2021, and 2020: Three months ended March 31, millions 2021 2020 Net gains related to pension settlement and curtailment (a) $ 6 $ 14 Net periodic benefit costs related to pension special termination benefits (a) $ — $ 16 Net periodic benefit costs (gains) related to pension benefits excluding $ (5) $ 12 Net periodic benefit costs related to postretirement benefits $ 20 $ 20 Contributions to qualified and supplemental pension plans $ 147 $ 91 (a) Net gains related to settlement and curtailment and costs of special termination benefits for the three months ended March 31, 2021 and 2020 primarily relate to a separation program and the freezing of benefit accruals for Anadarko employees.

Earnings Per Share and Stockh_2

Earnings Per Share and Stockholders' Equity (Tables)	3 Months Ended
Earnings Per Share and Stockholders' Equity (Tables)	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Calculation of basic and diluted EPS	The following table presents the calculation of basic and diluted net income (loss) attributable to common stockholders per share: Three months ended March 31, millions except per share amounts 2021 2020 Net income (loss) from continuing operations $ 299 $ (2,013) Loss from discontinued operations (445) — Net loss (146) (2,013) Less: Preferred stock dividends (200) (219) Net loss attributable to common stockholders $ (346) $ (2,232) Weighted-average number of basic shares 933.1 896.7 Basic loss per common share $ (0.37) $ (2.49) Net loss, net of participating securities (346) (2,232) Dilutive securities 947.9 896.7 Diluted loss per common share $ (0.36) $ (2.49)

Segments (Tables)

Segments (Tables)	3 Months Ended
Segments (Tables)	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of industry segments	The following table presents Occidental’s industry segments: millions Oil and gas (a) Chemical Midstream and marketing (b) Corporate and eliminations (c) Total Three months ended March 31, 2021 Net sales $ 3,664 $ 1,088 $ 807 $ (266) $ 5,293 Income (loss) from continuing operations before income taxes $ (62) $ 251 $ 282 $ (156) $ 315 Income tax expense — — — (16) (16) Income (loss) from continuing operations $ (62) $ 251 $ 282 $ (172) $ 299 Three months ended March 31, 2020 Net sales $ 5,060 $ 962 $ 790 $ (199) $ 6,613 Income (loss) from continuing operations before income taxes $ 236 $ 186 $ (1,287) $ (1,173) $ (2,038) Income tax benefit — — — 25 25 Income (loss) from continuing operations $ 236 $ 186 $ (1,287) $ (1,148) $ (2,013) (a) The 2021 amount included a $135 million impairment charge related to non-core domestic undeveloped leases that either expired in the first quarter of 2021 or were set to expire in the near-term, where Occidental had no plans to pursue exploration activities. The 2020 amount included $317 million related to domestic asset impairments and other charges, a $952 million gain on the oil collars and calls and a $264 million impairment charge related to international assets. (b) The 2021 amount included a $102 million gain from the sale of 11.5 million limited partner units in WES. The 2020 amount included a $1.4 billion impairment related to the write-off of goodwill and a loss from an equity investment related to WES' write-off of its goodwill. (c) The 2021 amount included a $399 million gain on interest rate swaps and $41 million in Anadarko acquisition-related costs. The 2020 amount included $148 million in expenses related to Anadarko acquisition-related costs, a $669 million loss on interest rate swaps and an $84 million gain on the Berkshire warrants.

General - Cash, Cash Equivalent

General - Cash, Cash Equivalents and Restricted Cash Equivalents (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 2,270	$ 2,008	$ 2,021
Restricted cash and restricted cash equivalents	183	170	269
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net	15		74
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 2,468	$ 2,194	$ 2,364	$ 3,574

General - Supplemental Cash Flo

General - Supplemental Cash Flow Information (Details) - Continuing Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
SUPPLEMENTAL CASH FLOW INFORMATION
Income tax payments	$ (122)	$ (168)
Income tax refunds received	42	26
Interest paid	(607)	(548)
Capitalized interest	$ 15	$ 24

General - Narrative (Details)

General - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
WES Midstream segment
Summary of Significant Accounting Policies [Line Items]
Non-voting general partner interest	2.00%
Limited partner interest	49.10%
Non-voting limited partner interest	2.00%
Effective economic interest	51.20%
Discontinued Operations, Held-for-sale \| Ghana Operations
Summary of Significant Accounting Policies [Line Items]
Loss from discontinued operations	$ 42
Property, plant and equipment, net	1,200	$ 1,400
Deferred income taxes, asset retirement obligations and finance lease liability	$ 607	$ 670
Disposed of by Sale, Not Discontinued Operations \| WES Midstream segment
Summary of Significant Accounting Policies [Line Items]
Number of limited partner units sold (in units)	11.5
Proceeds from sale of limited partner units	$ 200
Gain on sale	102
Discontinued Operations \| Ecuador Operations
Summary of Significant Accounting Policies [Line Items]
Loss from discontinued operations	$ 403

General - Related Party Transac

General - Related Party Transactions (Details) - WES - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Summary of Significant Accounting Policies [Line Items]
Sales	$ 53	$ 113
Purchases
Summary of Significant Accounting Policies [Line Items]
Purchases	37	219
Transportation, gathering and other fees paid
Summary of Significant Accounting Policies [Line Items]
Purchases	$ 227	$ 310

Divestitures and Other Transa_3

Divestitures and Other Transactions - Narrative (Details) $ in Millions	1 Months Ended
	Mar. 31, 2021USD ($)
Disposed of by Sale, Not Discontinued Operations \| DJ Basin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale	$ 280

Divestitures and Other Transa_4

Divestitures and Other Transactions - Summary of Revenues and Costs from Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Costs and other deductions
Net income of Algeria operations, after taxes	$ (445)	$ 0
Algeria Africa Assets \| Disposal Group, Not Discontinued Operations
Revenues and other income
Net sales		203
Costs and other deductions
Oil and gas lease operating expense		23
Transportation expense		7
Taxes other than on income		43
Depreciation, depletion and amortization		67
Other		6
Total costs and other deductions		146
Income before income taxes		57
Income tax expense		(57)
Net income of Algeria operations, after taxes		$ 0

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 3,046	$ 2,115

Revenue - Reconciliation (Detai

Revenue - Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Reconciliation (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from customers	$ 5,184	$ 5,250
All other revenue	109	1,363
Net sales	$ 5,293	$ 6,613

Revenue - Disaggregation of rev

Revenue - Disaggregation of revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of revenue
Revenue from customers	$ 5,184	$ 5,250
United States
Disaggregation of revenue
Revenue from customers	4,604	4,439
International
Disaggregation of revenue
Revenue from customers	846	1,010
Eliminations
Disaggregation of revenue
Revenue from customers	(266)	(199)
Oil and gas
Disaggregation of revenue
Revenue from customers	3,735	4,101
Oil and gas \| Oil
Disaggregation of revenue
Revenue from customers	3,013	3,544
Oil and gas \| NGL
Disaggregation of revenue
Revenue from customers	436	278
Oil and gas \| Gas
Disaggregation of revenue
Revenue from customers	317	268
Oil and gas \| Other
Disaggregation of revenue
Revenue from customers	(31)	11
Oil and gas \| United States
Disaggregation of revenue
Revenue from customers	3,070	3,162
Oil and gas \| United States \| Oil
Disaggregation of revenue
Revenue from customers	2,464	2,755
Oil and gas \| United States \| NGL
Disaggregation of revenue
Revenue from customers	384	213
Oil and gas \| United States \| Gas
Disaggregation of revenue
Revenue from customers	253	183
Oil and gas \| United States \| Other
Disaggregation of revenue
Revenue from customers	(31)	11
Oil and gas \| International
Disaggregation of revenue
Revenue from customers	665	939
Oil and gas \| International \| Oil
Disaggregation of revenue
Revenue from customers	549	789
Oil and gas \| International \| NGL
Disaggregation of revenue
Revenue from customers	52	65
Oil and gas \| International \| Gas
Disaggregation of revenue
Revenue from customers	64	85
Oil and gas \| International \| Other
Disaggregation of revenue
Revenue from customers	0	0
Oil and gas \| Eliminations
Disaggregation of revenue
Revenue from customers	0	0
Oil and gas \| Eliminations \| Oil
Disaggregation of revenue
Revenue from customers	0	0
Oil and gas \| Eliminations \| NGL
Disaggregation of revenue
Revenue from customers	0	0
Oil and gas \| Eliminations \| Gas
Disaggregation of revenue
Revenue from customers	0	0
Oil and gas \| Eliminations \| Other
Disaggregation of revenue
Revenue from customers	0	0
Chemical
Disaggregation of revenue
Revenue from customers	1,087	961
Chemical \| United States
Disaggregation of revenue
Revenue from customers	1,037	910
Chemical \| International
Disaggregation of revenue
Revenue from customers	50	51
Chemical \| Eliminations
Disaggregation of revenue
Revenue from customers	0	0
Midstream and marketing
Disaggregation of revenue
Revenue from customers	628	387
Midstream and marketing \| Gas processing
Disaggregation of revenue
Revenue from customers	185	176
Midstream and marketing \| Marketing
Disaggregation of revenue
Revenue from customers	485	195
Midstream and marketing \| Power and other
Disaggregation of revenue
Revenue from customers	(42)	16
Midstream and marketing \| United States
Disaggregation of revenue
Revenue from customers	497	367
Midstream and marketing \| United States \| Gas processing
Disaggregation of revenue
Revenue from customers	101	105
Midstream and marketing \| United States \| Marketing
Disaggregation of revenue
Revenue from customers	438	246
Midstream and marketing \| United States \| Power and other
Disaggregation of revenue
Revenue from customers	(42)	16
Midstream and marketing \| International
Disaggregation of revenue
Revenue from customers	131	20
Midstream and marketing \| International \| Gas processing
Disaggregation of revenue
Revenue from customers	84	71
Midstream and marketing \| International \| Marketing
Disaggregation of revenue
Revenue from customers	47	(51)
Midstream and marketing \| International \| Power and other
Disaggregation of revenue
Revenue from customers	0	0
Midstream and marketing \| Eliminations
Disaggregation of revenue
Revenue from customers	0	0
Midstream and marketing \| Eliminations \| Gas processing
Disaggregation of revenue
Revenue from customers	0	0
Midstream and marketing \| Eliminations \| Marketing
Disaggregation of revenue
Revenue from customers	0	0
Midstream and marketing \| Eliminations \| Power and other
Disaggregation of revenue
Revenue from customers	$ 0	$ 0

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 69	$ 70
Materials and supplies	851	848
Commodity inventory and finished goods	1,282	1,009
Inventories, gross	2,202	1,927
Revaluation to LIFO	(29)	(29)
Total	$ 2,173	$ 1,898

Derivatives - Derivative Instru

Derivatives - Derivative Instruments (Details) - 2021 Settlement	Mar. 31, 2021MMBblsMMBTU$ / Barrel
Crude Oil
Derivative [Line Items]
Derivative instrument (MMbbl and MMbtu) \| MMBbls	96.3
Crude Oil \| Short position
Derivative [Line Items]
Ceiling sold price (dollars per barrel)	74.16
Natural Gas
Derivative [Line Items]
Derivative instrument (MMbbl and MMbtu) \| MMBTU	154.4
Natural Gas \| Short position
Derivative [Line Items]
Ceiling sold price (dollars per barrel)	3.61
Natural Gas \| Long position
Derivative [Line Items]
Purchase price (dollars per barrel)	2.50

Derivatives - Interest-Rate Der

Derivatives - Interest-Rate Derivatives (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Interest Rate Swap, 6.348%
Derivative [Line Items]
Notional Principal Amount	$ 400
Weighted-Average Interest Rate	6.348%
Interest Rate Swap, 6.662%
Derivative [Line Items]
Notional Principal Amount	$ 350
Weighted-Average Interest Rate	6.662%
Interest Rate Swap, 6.709%
Derivative [Line Items]
Notional Principal Amount	$ 275
Weighted-Average Interest Rate	6.709%
Interest Rate Swap, 6.445%
Derivative [Line Items]
Notional Principal Amount	$ 450
Weighted-Average Interest Rate	6.445%
Interest Rate Swaps
Derivative [Line Items]
Net cash payments related to settlements	$ 47
Collateral paid with respect to interest rate swap agreements	$ 92

Derivatives - Marketing Derivat

Derivatives - Marketing Derivatives (Details)	3 Months Ended				12 Months Ended
Derivatives - Marketing Derivatives (Details)	Mar. 31, 2021$ / bbl	Mar. 31, 2021$ / MillionCubicFeet	Mar. 31, 2021MMBbls	Mar. 31, 2021Bcf	Dec. 31, 2020$ / bbl	Dec. 31, 2020$ / MillionCubicFeet	Dec. 31, 2020MMBbls	Dec. 31, 2020Bcf
Marketing Derivatives \| Not designated as hedging instruments
Outstanding commodity derivatives contracts not designated as hedging instruments
Weighted average sales price (dollars per barrel)	58.84	2.51			46.05	2.58
Crude oil \| Short position
Outstanding commodity derivatives contracts not designated as hedging instruments
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) \| MMBbls			(28)				(31)
Natural gas \| Short position
Outstanding commodity derivatives contracts not designated as hedging instruments
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) \| Bcf				(130)				(117)

Derivatives - Fair Value (Detai

Derivatives - Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Collateral related to marketing derivatives	$ 202	$ 85
Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Collateral paid netted against derivative liabilities	282	374
Other current assets \| Collars and Call Options
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	0	0
Total net fair value, asset	8	25
Other current assets \| Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	(1,732)	(1,204)
Total net fair value, asset	53	31
Long-term receivables and other assets, net \| Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting, asset	(38)	(7)
Total net fair value, asset	2	2
Accrued liabilities \| Collars and Call Options
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability		0
Total net fair value, liability		(42)
Accrued liabilities \| Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	1,732	1,204
Total net fair value, liability	(223)	(129)
Accrued liabilities \| Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	0	0
Total net fair value, liability	(708)	(936)
Deferred credits and other liabilities - other \| Collars and Call Options
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	0
Total net fair value, liability	(98)
Deferred credits and other liabilities - other \| Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	38	7
Total net fair value, liability	0	0
Deferred credits and other liabilities - other \| Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Netting and collateral, liability	0	0
Total net fair value, liability	(604)	(822)
Level 1 \| Other current assets \| Collars and Call Options
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Level 1 \| Other current assets \| Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	1,649	1,155
Level 1 \| Long-term receivables and other assets, net \| Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	38	7
Level 1 \| Accrued liabilities \| Collars and Call Options
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0
Level 1 \| Accrued liabilities \| Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(1,861)	(1,252)
Level 1 \| Accrued liabilities \| Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Level 1 \| Deferred credits and other liabilities - other \| Collars and Call Options
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0
Level 1 \| Deferred credits and other liabilities - other \| Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(38)	(7)
Level 1 \| Deferred credits and other liabilities - other \| Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Level 2 \| Other current assets \| Collars and Call Options
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	8	25
Level 2 \| Other current assets \| Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	136	80
Level 2 \| Long-term receivables and other assets, net \| Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	2	2
Level 2 \| Accrued liabilities \| Collars and Call Options
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		(42)
Level 2 \| Accrued liabilities \| Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(94)	(81)
Level 2 \| Accrued liabilities \| Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(708)	(936)
Level 2 \| Deferred credits and other liabilities - other \| Collars and Call Options
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(98)
Level 2 \| Deferred credits and other liabilities - other \| Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Level 2 \| Deferred credits and other liabilities - other \| Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	(604)	(822)
Level 3 \| Other current assets \| Collars and Call Options
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Level 3 \| Other current assets \| Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Level 3 \| Long-term receivables and other assets, net \| Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	0	0
Level 3 \| Accrued liabilities \| Collars and Call Options
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross		0
Level 3 \| Accrued liabilities \| Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Level 3 \| Accrued liabilities \| Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Level 3 \| Deferred credits and other liabilities - other \| Collars and Call Options
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0
Level 3 \| Deferred credits and other liabilities - other \| Marketing Derivatives
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	0	0
Level 3 \| Deferred credits and other liabilities - other \| Interest Rate Swaps
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	$ 0	$ 0

Derivatives - Gains and Losses

Derivatives - Gains and Losses on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	$ 399	$ (585)
Collars and Call Options \| Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	(72)	952
Marketing Derivatives \| Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	180	410
Interest Rate Swaps \| Gains (losses) on interest rate swaps and warrants, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	399	(669)
Other \| Gains (losses) on interest rate swaps and warrants, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	$ 0	$ 84

Derivatives - Credit Risk (Deta

Derivatives - Credit Risk (Details) - Not designated as hedging instruments - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Aggregate fair value of derivative instruments with credit-risk-related contingent features for which a net liability position existed (net of collateral)	$ 210	$ 104
Amount of collateral posted related to derivative instruments with credit-risk-related contingent features	$ 282	$ 374

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Embedded derivatives
Impairment and related charges, net of tax	$ 135
Recurring \| Accrued liabilities
Embedded derivatives
Netting and Collateral	0	$ 0
Recurring \| Accrued liabilities \| Total Fair Value
Embedded derivatives
Embedded derivatives	32	64
Recurring \| Accrued liabilities \| Level 1
Embedded derivatives
Embedded derivatives	0	0
Recurring \| Accrued liabilities \| Level 2
Embedded derivatives
Embedded derivatives	32	64
Recurring \| Accrued liabilities \| Level 3
Embedded derivatives
Embedded derivatives	$ 0	$ 0

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Total borrowings at face value	$ 35,061	$ 35,235
Unamortized premium, net	727	748
Debt issuance costs	(152)	(156)
Net book value of debt	35,636	35,827
Long-term finance leases	330	316
Current finance leases	59	42
Total debt and finance leases	36,025	36,185
Less current maturities of financing leases	(59)	(42)
Less current maturities of long-term debt	(500)	(398)
Long-term debt, net	$ 35,466	$ 35,745

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Long-term Debt
Repayments of near-term maturities of debt	$ 174
Estimate of Fair Value \| Level 1
Long-term Debt
Fair value of long-term debt	$ 34,500	$ 33,800

Lawsuits, Claims, Commitments_2

Lawsuits, Claims, Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 26, 2021	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Lawsuits, commitments and contingencies
Potential cash tax		$ 925
Federal
Lawsuits, commitments and contingencies
Potential cash tax		898
State
Lawsuits, commitments and contingencies
Potential cash tax		27
Anadarko
Lawsuits, commitments and contingencies
Tentative cash tax refund		881		$ 881
Potential accrued interest		$ 270
Arbitration filed by Andes Petroleum Ecuador Ltd
Lawsuits, commitments and contingencies
Proceeds from settlement				$ 1,000
Recovery of amount awarded in settlement amount (as a percent)				60.00%
Percentage of judgment amount claimed	40.00%		40.00%
Own economic interest (as a percent)			60.00%
Amount awarded to other party in litigation	$ 391
Tronox Settlement
Lawsuits, commitments and contingencies
Payments for settlement					$ 5,200

Environmental Liabilities and_3

Environmental Liabilities and Expenditures (Details)	1 Months Ended	3 Months Ended
Environmental Liabilities and Expenditures (Details)	Mar. 31, 2016mi	Mar. 31, 2021USD ($)site	Sep. 30, 2016USD ($)	Dec. 31, 2020USD ($)
Environmental remediation reserves
Number of Sites \| site		168
Environmental remediation reserves, current, included in accrued liabilities		$ 1,152,000,000
Environmental remediation reserves, non-current, included in deferred credits and other liabilities - other		1,029,000,000		$ 1,028,000,000
Environmental reserves, exceeding $ ten million, threshold value		$ 10,000,000
Environmental reserves, exceeding $ ten million, number of sites \| site		19
Environmental reserves, range between zero to $ one million site category, number of sites \| site		96
Percent of reserve to be funded over the next three to four years		45.00%
Period of expending remaining environmental reserves (or more)		10 years
Environmental remediation additional loss range		$ 1,100,000,000
Low end of range
Environmental remediation reserves
Environmental reserves, range between zero to $ one million site category		$ 0
Period of expending first half of environmental reserves		3 years
High end of range
Environmental remediation reserves
Environmental reserves, range between zero to $ one million site category		$ 1,000,000
Period of expending first half of environmental reserves		4 years
NPL sites
Environmental remediation reserves
Number of Sites \| site		34
Environmental remediation reserves, current, included in accrued liabilities		$ 445,000,000
Third-party sites
Environmental remediation reserves
Number of Sites \| site		69
Environmental remediation reserves, current, included in accrued liabilities		$ 303,000,000
Occidental-operated sites
Environmental remediation reserves
Number of Sites \| site		17
Environmental remediation reserves, current, included in accrued liabilities		$ 141,000,000
Closed or non-operated Occidental sites
Environmental remediation reserves
Number of Sites \| site		48
Environmental remediation reserves, current, included in accrued liabilities		$ 263,000,000
Lower Passaic River
Environmental remediation reserves
Stretch of Lower Passaic river requiring remedial actions \| mi	8.3
Stretch of Lower Passaic river not covered by remedial actions \| mi	9
Clean-up estimated cost			$ 165,000,000
Accrued liabilities
Environmental remediation reserves
Environmental remediation reserves, current, included in accrued liabilities		123,000,000
Deferred credits and other liabilities - other
Environmental remediation reserves
Environmental remediation reserves, non-current, included in deferred credits and other liabilities - other		$ 1,000,000,000

Retirement and Postretirement_3

Retirement and Postretirement Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Periodic Benefit Costs
Net gains related to pension settlement and curtailment	$ 6	$ 14
Net periodic benefit costs related to pension special termination benefits	0	16
Contributions to qualified and supplemental pension plans	147	91
Pension Benefit
Net Periodic Benefit Costs
Net periodic benefit costs (gains)	(5)	12
Postretirement Benefit
Net Periodic Benefit Costs
Net periodic benefit costs (gains)	$ 20	$ 20

Earnings Per Share and Stockh_3

Earnings Per Share and Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic earnings (loss) per common share
Net income (loss) from continuing operations	$ 299	$ (2,013)
Loss from discontinued operations	(445)	0
NET LOSS	(146)	(2,013)
Less: Preferred stock dividends	(200)	(219)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (346)	$ (2,232)
Weighted-average number of basic shares (in shares)	933.1	896.7
Basic loss per common share (in usd per share)	$ (0.37)	$ (2.49)
Net loss, net of participating securities	$ (346)	$ (2,232)
Diluted shares (in shares)	947.9	896.7
Diluted loss per common share (in usd per share)	$ (0.36)	$ (2.49)

Earnings Per Share and Stockh_4

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

Segments - Schedule of Industry

Segments - Schedule of Industry Segments and Eliminations (Details) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)siteshares	Mar. 31, 2020USD ($)
Segment Information
Number of operating segments \| site	3
Net sales	$ 5,293	$ 6,613
Income (loss) from continuing operations before income taxes	315	(2,038)
Income tax benefit (expense)	(16)	25
Income (loss) from continuing operations	299	(2,013)
Gain (loss) on derivative instrument	399	(585)
Anadarko acquisition-related costs	41	148
Disposed of by Sale, Not Discontinued Operations \| WES Midstream segment
Segment Information
Gain on sale	$ 102
Number of limited partner units sold (in units) \| shares	11.5
Operating Segments \| Oil and gas
Segment Information
Net sales	$ 3,664	5,060
Income (loss) from continuing operations before income taxes	(62)	236
Income tax benefit (expense)	0	0
Income (loss) from continuing operations	(62)	236
Impairment charge	135	317
Gain (loss) on derivative instrument		952
Asset impairments		264
Operating Segments \| Chemical
Segment Information
Net sales	1,088	962
Income (loss) from continuing operations before income taxes	251	186
Income tax benefit (expense)	0	0
Income (loss) from continuing operations	251	186
Operating Segments \| Midstream and marketing
Segment Information
Net sales	807	790
Income (loss) from continuing operations before income taxes	282	(1,287)
Income tax benefit (expense)	0	0
Income (loss) from continuing operations	282	(1,287)
Goodwill impairment	1,400
Operating Segments \| Midstream and marketing \| Disposed of by Sale, Not Discontinued Operations \| WES Midstream segment
Segment Information
Gain on sale	$ 102
Number of limited partner units sold (in units) \| shares	11.5
Corporate and Eliminations
Segment Information
Net sales	$ (266)	(199)
Income (loss) from continuing operations before income taxes	(156)	(1,173)
Income tax benefit (expense)	(16)	25
Income (loss) from continuing operations	(172)	(1,148)
Gain (loss) on derivative instrument		84
Mark to market gain (loss) on interest rate swaps	399	(669)
Anadarko acquisition-related costs	$ 41	$ 148