Occidental Petroleum (OXY) 10-Q2 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page	6 Months Ended
Cover Page	Jun. 30, 2023 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-9210
Entity Registrant Name	OCCIDENTAL PETROLEUM CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4035997
Entity Address, Address Line One	5 Greenway Plaza
Entity Address, Address Line Two	Suite 110
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77046
City Area Code	713
Local Phone Number	215-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	884,681,888
Entity Central Index Key	0000797468
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock, $0.20 par value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.20 par value
Trading Symbol	OXY
Security Exchange Name	NYSE
Warrants to Purchase Common Stock, $0.20 par value
Entity Information [Line Items]
Title of 12(b) Security	Warrants to Purchase Common Stock, $0.20 par value
Trading Symbol	OXY WS
Security Exchange Name	NYSE

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents		$ 486	$ 984
Trade receivables, net of reserves of $24 in 2023 and $37 in 2022		2,850	4,281
Inventories		2,021	2,059
Other current assets		2,097	1,562
Total current assets		7,454	8,886
INVESTMENTS IN UNCONSOLIDATED ENTITIES		3,431	3,176
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment		123,891	120,734
Accumulated depreciation, depletion and amortization		(65,550)	(62,350)
Net property, plant and equipment		58,341	58,384
OPERATING LEASE ASSETS		827	903
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET		1,146	1,260
TOTAL ASSETS		71,199	72,609
CURRENT LIABILITIES
Current maturities of long-term debt	[1]	158	165
Preferred stock redemption payable		304	0
Current operating lease liabilities		284	273
Accounts payable		3,557	4,029
Accrued liabilities		3,153	3,290
Total current liabilities		7,456	7,757
LONG-TERM DEBT, NET
Long-term debt, net	[2]	19,669	19,670
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net		5,605	5,512
Asset retirement obligations		3,667	3,636
Pension and postretirement obligations		978	1,055
Environmental remediation liabilities		867	905
Operating lease liabilities		576	657
Other		3,270	3,332
Total deferred credits and other liabilities		14,963	15,097
STOCKHOLDERS' EQUITY
Preferred stock, at $1.00 per share par value: 2023 — 88,312 shares and 2022 —100,000 shares	[3]	8,621	9,762
Common stock, at $0.20 per share par value, authorized shares: 1.5 billion, issued shares: 2023 — 1,103,080,267 shares and 2022 — 1,098,512,626 shares		221	220
Treasury stock: 2023 — 218,398,379 shares and 2022 — 198,653,682 shares		(14,958)	(13,772)
Additional paid-in capital		17,218	17,181
Retained earnings		17,762	16,499
Accumulated other comprehensive income		247	195
Total stockholders' equity		29,111	30,085
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		71,199	72,609
Corporate
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment		921	889
Oil and gas \| Operating segments
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment		107,190	104,487
Chemical \| Operating segments
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment		7,946	7,808
Midstream and marketing \| Operating segments
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment		$ 7,834	$ 7,550

[1]Included $158 million and $143 million of current finance lease liabilities as of June 30, 2023 and December 31, 2022, respectively.[2]Included $587 million and $546 million of finance lease liabilities as of June 30, 2023 and December 31, 2022, respectively.[3] Reduced for obligated redemptions. See Note 9 - Earnings Per Share and Stockholders' Equity in the notes to the Consolidated Condensed Financial Statements in Part I, Item 1 of this Form 10-Q.

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Trade receivables, reserves	$ 24	$ 37
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, outstanding (in shares)	88,312	100,000
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, issued (in shares)	1,103,080,267	1,098,512,626
Treasury stock (in shares)	218,398,379	198,653,682
Current finance lease liabilities	$ 158	$ 143
Non-current finance lease liabilities	$ 587	$ 546

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES AND OTHER INCOME
Net sales	$ 6,702	$ 10,676	$ 13,927	$ 19,025
Interest, dividends and other income	28	36	57	85
Gains on sales of assets, net	1	23	5	158
Total	6,731	10,735	13,989	19,268
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense	1,130	1,005	2,211	1,869
Transportation and gathering expense	375	364	759	711
Chemical and midstream cost of sales	791	835	1,536	1,653
Purchased commodities	490	1,031	988	1,842
Selling, general and administrative expenses	277	244	518	440
Other operating and non-operating expense	10	291	318	590
Taxes other than on income	266	426	572	761
Depreciation, depletion and amortization	1,709	1,728	3,430	3,371
Asset impairments and other charges	209	0	209	0
Anadarko acquisition-related costs	0	13	0	78
Exploration expense	102	26	204	51
Interest and debt expense, net	230	114	468	485
Total	5,589	6,077	11,213	11,851
Income before income taxes and other items	1,142	4,658	2,776	7,417
OTHER ITEMS
Gains on interest rate swaps, net	0	127	0	262
Income from equity investments and other	185	201	285	390
Total	185	328	285	652
Income before income taxes	1,327	4,986	3,061	8,069
Income tax benefit (expense)	(467)	(1,231)	(938)	562
NET INCOME	860	3,755	2,123	8,631
Less: Preferred stock dividends and redemption premiums	(255)	(200)	(535)	(400)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 605	$ 3,555	$ 1,588	$ 8,231
PER COMMON SHARE
Net income attributable to common stockholders—basic (in dollars per share)	$ 0.68	$ 3.76	$ 1.76	$ 8.71
Net income attributable to common stockholders per share—diluted (in dollars per share)	$ 0.63	$ 3.47	$ 1.63	$ 8.11

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income		$ 860	$ 3,755	$ 2,123	$ 8,631
Other comprehensive income (loss) items:
Gains (losses) on derivatives	[1]	(5)	37	58	64
Pension and postretirement gains (losses)	[2]	(2)	8	(7)	9
Other		(1)	0	1	0
Other comprehensive income (losses), net of tax		(8)	45	52	73
Comprehensive income attributable to preferred and common stockholders		$ 852	$ 3,800	$ 2,175	$ 8,704

[1]Net of tax expense of zero and $(10) million for the three months ended June 30, 2023 and 2022, respectively, and zero and $(18) million for the six months ended June 30, 2023 and 2022, respectively.[2]Net of tax benefit (expense) of $1 million and $(3) million for the three months ended June 30, 2023 and 2022, respectively, and $2 million and $(3) million for the six months ended June 30, 2023 and 2022, respectively.

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Gains on derivatives, tax expense	$ 0	$ 10	$ 0	$ 18
Pension and postretirement gains, tax benefit (expense)	$ 1	$ (3)	$ 2	$ (3)

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$ 2,123	$ 8,631
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization of assets	3,430	3,371
Deferred income tax provision (benefit)	98	(2,037)
Asset impairments and other charges	209	0
Gains on sales of assets, net	(5)	(158)
Noncash charges to income and other	(51)	(481)
Changes in operating assets and liabilities:
(Increase) decrease in receivables	1,432	(2,155)
(Increase) decrease in inventories	(75)	287
(Increase) decrease in other current assets	(347)	12
Increase (decrease) in accounts payable and accrued liabilities	(1,007)	771
Increase in current domestic and foreign income taxes	133	327
Net cash provided by operating activities	5,940	8,568
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(3,107)	(1,830)
Change in capital accrual	5	(68)
Purchases of businesses and assets, net	(140)	(309)
Proceeds from sales of assets, net	80	324
Equity investments and other, net	(375)	(72)
Net cash used by investing activities	(3,537)	(1,955)
CASH FLOW FROM FINANCING ACTIVITIES
Draws on receivables securitization facility	0	400
Payment of receivables securitization facility	0	(400)
Payments of long-term debt, net	(22)	(7,108)
Proceeds from issuance of common stock	37	117
Redemption of preferred stock	(982)	0
Purchases of treasury stock	(1,177)	(568)
Cash dividends paid on common and preferred stock	(688)	(539)
Financing portion of net cash received for derivative instruments	0	140
Other financing, net	(64)	(57)
Net cash used by financing activities	(2,896)	(8,015)
Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents	(493)	(1,402)
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period	1,026	2,803
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period	$ 533	$ 1,401

Consolidated Condensed Statem_5

Consolidated Condensed Statements of Equity - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2021	$ 20,327	$ 9,762	$ 217	$ (10,673)	$ 16,749	$ 4,480	$ (208)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,631					8,631
Other comprehensive income, net of tax	73						73
Dividends on common stock	(249)					(249)
Dividends on preferred stock	(400)					(400)
Shareholder warrants exercised	90		1		89
Options exercised	17				17
Issuance of common stock and other, net of cancellations	59				59
Purchases of treasury stock	(718)			(718)
Ending balance at Jun. 30, 2022	27,830	9,762	218	(11,391)	16,914	12,462	(135)
Beginning balance at Mar. 31, 2022	24,907	9,762	217	(10,709)	16,785	9,032	(180)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,755					3,755
Other comprehensive income, net of tax	45						45
Dividends on common stock	(125)					(125)
Dividends on preferred stock	(200)					(200)
Shareholder warrants exercised	70		1		69
Options exercised	10				10
Issuance of common stock and other, net of cancellations	50				50
Purchases of treasury stock	(682)			(682)
Ending balance at Jun. 30, 2022	27,830	9,762	218	(11,391)	16,914	12,462	(135)
Beginning balance at Dec. 31, 2022	30,085	9,762	220	(13,772)	17,181	16,499	195
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,123					2,123
Other comprehensive income, net of tax	52						52
Dividends on common stock	(325)					(325)
Dividends on preferred stock	(390)					(390)
Preferred stock redemption - face value	(1,169)	(1,169)
Preferred stock redemption - premium	(117)					(117)
Preferred stock redemption value in excess of carrying value	0	28				(28)
Shareholder warrants exercised	3				3
Options exercised	13				13
Issuance of common stock and other, net of cancellations	22		1		21
Purchases of treasury stock	(1,186)			(1,186)
Ending balance at Jun. 30, 2023	29,111	8,621	221	(14,958)	17,218	17,762	247
Beginning balance at Mar. 31, 2023	29,559	9,130	221	(14,524)	17,159	17,318	255
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	860					860
Other comprehensive income, net of tax	(8)						(8)
Dividends on common stock	(161)					(161)
Dividends on preferred stock	(190)					(190)
Preferred stock redemption - face value	(522)	(522)
Preferred stock redemption - premium	(52)					(52)
Preferred stock redemption value in excess of carrying value	0	13				(13)
Shareholder warrants exercised	1				1
Options exercised	6				6
Issuance of common stock and other, net of cancellations	52				52
Purchases of treasury stock	(434)			(434)
Ending balance at Jun. 30, 2023	$ 29,111	$ 8,621	$ 221	$ (14,958)	$ 17,218	$ 17,762	$ 247

Consolidated Condensed Statem_6

Consolidated Condensed Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in dollars per share)	$ 0.18	$ 0.13	$ 0.36	$ 0.26
Dividends on preferred stock (in dollars per share)	$ 2,000	$ 2,000	$ 4,000	$ 4,000

GENERAL

GENERAL	6 Months Ended
GENERAL	Jun. 30, 2023
Accounting Policies [Abstract]
General	NOTE 1 - GENERAL NATURE OF OPERATIONS Occidental conducts its operations through various subsidiaries and affiliates. Occidental has made its disclosures in accordance with United States generally accepted accounting principles as they apply to interim reporting, and condensed or omitted, as permitted by the U.S. Securities and Exchange Commission’s rules and regulations, certain information and disclosures normally included in Consolidated Financial Statements and the notes thereto. These unaudited Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto in the 2022 Form 10-K. In the opinion of Occidental’s management, the accompanying unaudited Consolidated Condensed Financial Statements in this report reflect all adjustments (consisting of normal recurring adjustments) that are necessary to fairly present Occidental’s results of operations and cash flows for the six months ended June 30, 2023 and 2022 and Occidental’s financial position as of June 30, 2023 and December 31, 2022. The income and cash flows for the periods ended June 30, 2023 and 2022 are not necessarily indicative of the income or cash flows to be expected for the full year. CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balances for the periods presented included investments in government money market funds in which the carrying value approximates fair value. The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Consolidated Condensed Statements of Cash Flows as of June 30, 2023 and 2022: millions 2023 2022 Cash and cash equivalents $ 486 $ 1,362 Restricted cash and restricted cash equivalents included in other current assets 29 23 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 18 16 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 533 $ 1,401 SUPPLEMENTAL CASH FLOW INFORMATION The following table represents U.S. federal, domestic, state and international income taxes paid, tax refunds received and interest paid during the six months ended June 30, 2023 and 2022, respectively: millions 2023 2022 Income tax payments $ 632 $ 962 Income tax refunds received $ 3 $ 70 Interest paid (a) $ 509 $ 846 (a) Net of capitalized interest of $42 million and $30 million for the six months ended June 30, 2023 and 2022, respectively. WES INVESTMENT As of June 30, 2023, Occidental owned all of the 2.3% non-voting general partner interest and 49.5% of the limited partner units in WES. On a combined basis, with its 2% non-voting limited partner interest in WES Operating, Occidental's total effective economic interest in WES and its subsidiaries was 51.6%. IMPAIRMENT For the three and six months ended June 30, 2023, Occidental recorded a pre-tax impairment of $180 million related to undeveloped acreage in the northern non-core area of the Powder River Basin where Occidental has decided not to pursue future exploration and appraisal activities. Impairment expense for the three and six months ended June 30, 2023 also includes a $29 million impairment related to an equity method investment in Black Butte Coal Company.

REVENUE

REVENUE	6 Months Ended
REVENUE	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	NOTE 2 - REVENUE Revenue from customers is recognized when obligations under the terms of a contract with customers are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services, such as transportation. As of June 30, 2023, trade receivables, net of $2.9 billion represent rights to payment for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time. The following table shows a reconciliation of revenue from customers to total net sales for the three and six months ended June 30, 2023 and 2022: Three months ended June 30, Six months ended June 30, millions 2023 2022 2023 2022 Revenue from customers $ 6,601 $ 10,351 $ 13,716 $ 18,564 All other revenues (a) 101 325 211 461 Net sales $ 6,702 $ 10,676 $ 13,927 $ 19,025 (a) Includes net marketing derivatives 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 June 30, 2023 Oil and gas Oil $ 3,446 $ 795 $ — $ 4,241 NGL 352 90 — 442 Gas 161 87 — 248 Other 10 — — 10 Segment total $ 3,969 $ 972 $ — $ 4,941 Chemical $ 1,292 $ 82 $ — $ 1,374 Midstream and marketing $ 421 $ 95 $ — $ 516 Eliminations $ — $ — $ (230) $ (230) Consolidated $ 5,682 $ 1,149 $ (230) $ 6,601 millions United States International Eliminations Total Three months ended June 30, 2022 Oil and gas Oil $ 4,894 $ 1,146 $ — $ 6,040 NGL 783 113 — 896 Gas 675 79 — 754 Other 5 1 — 6 Segment total $ 6,357 $ 1,339 $ — $ 7,696 Chemical $ 1,810 $ 98 $ — $ 1,908 Midstream and marketing $ 903 $ 247 $ — $ 1,150 Eliminations $ — $ — $ (403) $ (403) Consolidated $ 9,070 $ 1,684 $ (403) $ 10,351 millions United States International Eliminations Total Six months ended June 30, 2023 Oil and gas Oil $ 7,096 $ 1,513 $ — $ 8,609 NGL 812 175 — 987 Gas 516 159 — 675 Other (6) 1 — (5) Segment total $ 8,418 $ 1,848 $ — $ 10,266 Chemical $ 2,600 $ 176 $ — $ 2,776 Midstream and marketing $ 961 $ 199 $ — $ 1,160 Eliminations $ — $ — $ (486) $ (486) Consolidated $ 11,979 $ 2,223 $ (486) $ 13,716 millions United States International Eliminations Total Six months ended June 30, 2022 Oil and gas Oil $ 8,942 $ 1,897 $ — $ 10,839 NGL 1,481 175 — 1,656 Gas 1,130 137 — 1,267 Other 7 2 — 9 Segment total $ 11,560 $ 2,211 $ — $ 13,771 Chemical $ 3,412 $ 179 $ — $ 3,591 Midstream and marketing $ 1,551 $ 346 $ — $ 1,897 Eliminations $ — $ — $ (695) $ (695) Consolidated $ 16,523 $ 2,736 $ (695) $ 18,564

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	NOTE 3 - INVENTORIES Finished goods primarily represent oil, which is carried at the lower of weighted-average cost or net realizable value, and caustic soda and chlorine, which are valued under the LIFO method. As of June 30, 2023 and December 31, 2022, inventories consisted of the following: millions June 30, 2023 December 31, 2022 Raw materials $ 120 $ 120 Materials and supplies 850 913 Commodity inventory and finished goods 1,172 1,147 2,142 2,180 Revaluation to LIFO (121) (121) Total $ 2,021 $ 2,059

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
LONG-TERM DEBT	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 4 - LONG-TERM DEBT As of June 30, 2023 and December 31, 2022, Occidental’s debt consisted of the following: millions June 30, 2023 December 31, 2022 8.750% medium-term notes due 2023 $ — $ 22 2.900% senior notes due 2024 654 654 6.950% senior notes due 2024 291 291 3.450% senior notes due 2024 111 111 5.875% senior notes due 2025 606 606 3.500% senior notes due 2025 137 137 5.500% senior notes due 2025 465 465 5.550% senior notes due 2026 870 870 3.200% senior notes due 2026 182 182 3.400% senior notes due 2026 284 284 7.500% debentures due 2026 112 112 8.500% senior notes due 2027 489 489 3.000% senior notes due 2027 216 216 7.125% debentures due 2027 150 150 7.000% debentures due 2027 48 48 6.625% debentures due 2028 14 14 7.150% debentures due 2028 232 232 7.200% senior debentures due 2028 82 82 6.375% senior notes due 2028 578 578 7.200% debentures due 2029 135 135 7.950% debentures due 2029 116 116 8.450% senior notes due 2029 116 116 3.500% senior notes due 2029 286 286 Variable rate bonds due 2030 (5.920% and 5.320% as of June 30, 2023 and December 31, 2022, respectively) 68 68 8.875% senior notes due 2030 1,000 1,000 6.625% senior notes due 2030 1,449 1,449 6.125% senior notes due 2031 1,143 1,143 7.500% senior notes due 2031 900 900 7.875% senior notes due 2031 500 500 6.450% senior notes due 2036 1,727 1,727 Zero Coupon senior notes due 2036 673 673 4.300% senior notes due 2039 247 247 7.950% senior notes due 2039 325 325 6.200% senior notes due 2040 737 737 4.500% senior notes due 2044 191 191 4.625% senior notes due 2045 296 296 6.600% senior notes due 2046 1,117 1,117 4.400% senior notes due 2046 424 424 4.100% senior notes due 2047 258 258 (continued on next page) millions (continued) 2023 2022 4.200% senior notes due 2048 304 304 4.400% senior notes due 2049 280 280 7.730% debentures due 2096 58 58 7.500% debentures due 2096 60 60 7.250% debentures due 2096 5 5 Total borrowings at face value $ 17,936 $ 17,958 The following table summarizes Occidental's outstanding debt, including finance lease liabilities: millions June 30, 2023 December 31, 2022 Total borrowings at face value $ 17,936 $ 17,958 Adjustments to book value: Unamortized premium, net 1,213 1,261 Debt issuance costs (67) (73) Net book value of debt $ 19,082 $ 19,146 Long-term finance leases 587 546 Current finance leases 158 143 Total debt and finance leases $ 19,827 $ 19,835 Less: current maturities of financing leases (158) (143) Less: current maturities of long-term debt — (22) Long-term debt, net $ 19,669 $ 19,670 DEBT ACTIVITY In the first quarter of 2023, Occidental used cash on hand to repay $22 million of its 8.750% medium-term notes upon maturity. Occidental has no remaining debt maturities in 2023. FAIR VALUE OF DEBT The estimated fair value of Occidental’s debt as of June 30, 2023 and December 31, 2022, substantially all of which was classified as Level 1, was approximately $17.6 billion and $17.6 billion, respectively.

DERIVATIVES

DERIVATIVES	6 Months Ended
DERIVATIVES	Jun. 30, 2023
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, transportation commitments and to fix margins on the future sale of stored commodity volumes. Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty. Occidental may occasionally use a variety of derivative financial instruments to manage its exposure to foreign currency fluctuations and interest rate risks. Occidental also enters into derivative financial instruments for trading purpose. Occidental may elect normal purchases and normal sales exclusions when physically delivered commodities are purchased or sold to a customer. Occidental occasionally applies cash flow hedge accounting treatment to derivative financial instruments to lock in margins on the forecasted sales of its natural gas storage volumes, and at times for other strategies, such as to lock in rates on debt issuances. The value of cash flow hedges was insignificant for all periods presented. As of June 30, 2023, Occidental’s marketing derivatives are not designated as hedges. Occidental retired all remaining outstanding interest rate swaps in the twelve months ended December 31, 2022. MARKETING DERIVATIVES Occidental's marketing derivative instruments are short-duration physical and financial forward contracts. As of June 30, 2023, the weighted-average settlement price of these forward contracts was $73.72 per barrel and $2.65 per Mcf for crude oil and natural gas, respectively. The weighted-average settlement price was $81.37 per barrel and $7.89 per Mcf for crude oil and natural gas, respectively, as of December 31, 2022. Derivative instruments that are not designated as hedging instruments are required to be recorded on the balance sheet at fair value. Changes in fair value will impact Occidental’s earnings through mark-to-market adjustments until the physical commodity is delivered or the financial instrument is settled. Net gains and losses associated with marketing derivative instruments are recognized currently in net sales. The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives: long (short) June 30, 2023 December 31, 2022 Oil commodity contracts Volume (MMbbl) (46) (33) Natural gas commodity contracts Volume (Bcf) (73) (112) FAIR VALUE OF DERIVATIVES The following tables present the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts below, including when the derivatives are subject to netting arrangements, and are presented on a net basis in the Consolidated Condensed Balance Sheets: millions Fair Value Measurements Using Netting (a) Total Fair Value Balance Sheet Classifications Level 1 Level 2 Level 3 June 30, 2023 Marketing Derivatives Other current assets $ 976 $ 62 $ — $ (948) $ 90 Long-term receivables and other assets, net 22 1 — (20) 3 Accrued liabilities (926) (42) — 948 (20) Deferred credits and other liabilities - other (20) — — 20 — December 31, 2022 Marketing Derivatives Other current assets $ 920 $ 127 $ — $ (980) $ 67 Long-term receivables and other assets, net 1 2 — (1) 2 Accrued liabilities (938) (96) — 980 (54) Deferred credits and other liabilities - other (1) (1) — 2 — (a) These amounts do not include collateral. Occidental netted $35 million of collateral received from brokers against derivative assets and $1 million of collateral deposited with brokers against derivatives liabilities related to marketing derivatives as of June 30, 2023 and netted $15 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of December 31, 2022. GAINS AND LOSSES ON DERIVATIVES The following table presents net gains related to Occidental's derivative instruments on the Consolidated Condensed Statements of Operations: millions Three months ended June 30, Six months ended June 30, Income Statement Classification 2023 2022 2023 2022 Marketing Derivatives Net sales (a) $ 100 $ 324 $ 207 $ 459 Interest Rate Swaps Gains on interest rate swaps, net (b) $ — $ 127 $ — $ 262 (a) Includes derivative and non-derivative marketing activity. (b) Occidental retired all remaining outstanding interest rate swaps in the twelve months ended December 31, 2022. CREDIT RISK Certain of Occidental's over-the-counter derivative instruments contain credit-risk-contingent features, primarily tied to credit ratings for Occidental or its counterparties, which may affect the amount of collateral that each party would need to post. The aggregate fair value of derivative instruments with credit-risk-related contingent features, for which a net receivable position existed as of June 30, 2023, was $52 million. The aggregate fair value of derivative instruments with credit-risk-contingent features, for which a net liability position existed as of December 31, 2022, was $18 million.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 6 - INCOME TAXES The following table summarizes components of income tax expense: Three months ended June 30, Six months ended June 30, millions 2023 2022 2023 2022 Income before income taxes $ 1,327 $ 4,986 $ 3,061 $ 8,069 Current Federal (181) (640) (446) (855) State and Local (14) (50) (32) (84) Foreign (191) (338) (362) (536) Total current tax expense $ (386) $ (1,028) $ (840) $ (1,475) Deferred Federal (5) (231) (19) 1,982 State and Local (3) 5 (6) 78 Foreign (73) 23 (73) (23) Total deferred tax benefit (expense) $ (81) $ (203) $ (98) $ 2,037 Total income tax benefit (expense) $ (467) $ (1,231) $ (938) $ 562 Net income $ 860 $ 3,755 $ 2,123 $ 8,631 Worldwide effective tax rate 35 % 25 % 31 % (7) % The 35%, 25%, and 31% worldwide effective tax rates for the three months ended June 30, 2023, three months ended June 30, 2022, and six months ended June 30, 2023, respectively, are primarily driven by Occidental's jurisdictional mix of income. U.S. income is taxed at a U.S. federal statutory rate of 21%, while international income is subject to tax at statutory rates as high as 55%. These effective rates differ from the negative 7% tax rate for income from continuing operations for the six months ended June 30, 2022, which was impacted by a tax benefit associated with Occidental's legal entity reorganization as described below. LEGAL ENTITY REORGANIZATION To align Occidental’s legal entity structure with the nature of its business activities after completing the acquisition of Anadarko and subsequent large scale post-acquisition divestiture program, management undertook a legal entity reorganization that was completed in the first quarter of 2022. As a result of this legal entity reorganization, management made an adjustment to the tax basis in a portion of its operating assets, thus reducing Occidental’s deferred tax liabilities. Accordingly, for the year ended December 31, 2022, Occidental recorded a tax benefit of $2.7 billion in connection with this reorganization. The timing of any reduction in Occidental’s future cash taxes as a result of this legal entity reorganization will be dependent on a number of factors, including prevailing commodity prices, capital activity level and production mix. The legal entity reorganization transaction is currently under IRS review as part of Occidental’s 2022 federal tax audit.

ENVIRONMENTAL LIABILITIES AND E

ENVIRONMENTAL LIABILITIES AND EXPENDITURES	6 Months Ended
ENVIRONMENTAL LIABILITIES AND EXPENDITURES	Jun. 30, 2023
Environmental Remediation Obligations [Abstract]
Environmental Liabilities and Expenditures	NOTE 7 - ENVIRONMENTAL LIABILITIES AND EXPENDITURES Occidental and its subsidiaries and their respective 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 Third-Party, Currently Operated, and Closed or Non-Operated Sites. Remedial activities may include one or more of the following: investigation involving sampling, modeling, risk assessment or monitoring; clean-up measures including removal, treatment or disposal; or operation and maintenance of remedial systems. The environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, natural resource damages, punitive damages, civil penalties, injunctive relief and government oversight costs. ENVIRONMENTAL REMEDIATION As of June 30, 2023, certain Occidental subsidiaries participated in or monitored remedial activities or proceedings at 160 sites. The following table presents the current and non-current environmental remediation liabilities of such subsidiaries on a consolidated basis as of June 30, 2023. The current portion of $141 million is included in accrued liabilities These environmental remediation sites are grouped into NPL Sites and the following three categories of non-NPL Sites—Third-Party Sites, Currently Operated Sites and Closed or Non-Operated Sites. millions, except number of sites Number of Sites Remediation Balance NPL Sites 30 $ 438 Third-Party Sites 66 217 Currently Operated Sites 13 101 Closed or Non-Operated Sites 51 252 Total 160 $ 1,008 As of June 30, 2023, environmental remediation liabilities of Occidental subsidiaries exceeded $10 million each at 16 of the 160 sites described above, and 95 of the sites had liabilities from $0 to $1 million each. Based on current estimates, Occidental expects its subsidiaries to expend funds corresponding to approximately 40% of the period-end remediation balance over the next three Occidental believes its range of reasonably possible additional losses of its subsidiaries beyond those amounts currently recorded for environmental remediation for the 160 environmental sites in the table above could be up to $2.7 billion. The status of Occidental's involvement with the sites and related significant assumptions, including those sites indemnified by Maxus, has not changed materially since December 31, 2022. MAXUS ENVIRONMENTAL SITES A significant portion of aggregate estimates of environmental remediation liabilities and reasonably possible additional losses described above relates to the former Diamond Shamrock Chemicals Company (DSCC). When OxyChem acquired DSCC in 1986, Maxus agreed to indemnify OxyChem for a number of environmental sites, including the Diamond Alkali Superfund Site (DASS). In June 2016, Maxus and several affiliated companies filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. Prior to filing for bankruptcy, Maxus defended and indemnified OxyChem in connection with remediation costs and other liabilities associated with the sites subject to the indemnity. Any additional recovery of indemnified costs would come from the proceeds of litigation brought by the Maxus Liquidating Trust (Trust). For additional information on the Trust, see Note 8 - Lawsuits, Claims, Commitments and Contingencies . DIAMOND ALKALI SUPERFUND SITE The EPA has organized the DASS into four Operable Units (OUs) for evaluating, selecting and implementing remediation under CERCLA. OxyChem’s current activities in each OU are summarized below, many of which are performed on OxyChem’s behalf by Glenn Springs Holdings, Inc. OU1 – The Former Diamond Alkali Plant at 80-120 Lister Avenue in Newark, New Jersey: Maxus and its affiliates implemented an interim remedy of OU1 pursuant to a 1990 Consent Decree (OU1 Consent Decree), for which OxyChem currently performs maintenance and monitoring. The EPA is conducting a periodic evaluation of the interim remedy for OU1. OU2 – The Lower 8.3 Miles of the Lower Passaic River: In March 2016, the EPA issued a Record of Decision (ROD) specifying remedial actions required for OU2. During the third quarter of 2016, and following Maxus’s bankruptcy filing, OxyChem and the EPA entered into an Administrative Order on Consent (AOC) to complete the design of the remedy selected in the OU2 ROD. At that time, the EPA sent notice letters to approximately 100 parties notifying them that they were potentially responsible to pay the costs to implement the remedy in OU2 and announced that it would pursue similar agreements with other potentially responsible parties. In June 2018, OxyChem filed a complaint under CERCLA in the Federal District Court in the State of New Jersey (District Court) against numerous potentially responsible parties seeking contribution and cost recovery of amounts incurred or to be incurred to comply with the AOC and the OU2 ROD, or to perform other remediation activities related to the DASS (2018 Contribution Action). The 2018 Contribution Action remains pending, but is stayed. The District Court has not adjudicated OxyChem’s relative share of responsibility for those costs. The EPA has estimated the cost to remediate OU2 to be approximately $1.4 billion. OU3 – Newark Bay Study Area, including Newark Bay and Portions of the Hackensack River, Arthur Kill, and Kill van Kull: Maxus and its affiliates initiated a remedial investigation and feasibility study of OU3 pursuant to a 2004 AOC which was amended in 2010. OxyChem is currently performing feasibility study activities in OU3. OU4 – The 17-mile Lower Passaic River Study Area, comprising OU2 and the Upper 9 Miles of the Lower Passaic River: In September 2021, the EPA issued a ROD selecting an interim remedy for the portion of OU4 that excludes OU2, and is located upstream from the Lister Avenue Plant site for which OxyChem inherited legal responsibility. The EPA had estimated the cost to remediate OU4, excluding OU2, to be approximately $440 million. The District Court has not adjudicated OxyChem's relative share of responsibility for costs under the OU4 ROD. To provide continued, efficient remediation progress, in January 2022, OxyChem offered to design and implement the interim remedy for OU4 subject to certain conditions, including a condition that the EPA would not seek to bar OxyChem’s right to pursue contribution or cost recovery from any other parties that are potentially responsible to pay for the OU4 interim remedy. In March 2022, the EPA sent a notice letter to OxyChem and other parties requesting good faith offers to implement the selected remedies at OU2 and OU4. OxyChem submitted a good faith offer in June 2022, reaffirming the offer to design the remedy for OU4 and offering to enter into additional sequential agreements to remediate OU2 and OU4, subject to similar conditions, including that the EPA not seek to bar OxyChem from pursuing contribution or cost recovery from other responsible parties. The EPA did not accept OxyChem's June 2022 offer. In March 2023, the EPA issued a Unilateral Administrative Order (OU4 UAO) in which it directed and ordered OxyChem to design the EPA’s selected interim remedy for OU4 and to provide approximately $93 million in financial assurance to secure its performance. OxyChem has commenced work to design the interim remedy in compliance with the OU4 UAO. As a result of OxyChem incurring costs to implement the OU4 UAO, and the EPA's proposal to bar OxyChem's contribution claims against the settling parties, including those asserted in the 2018 Contribution Action, OxyChem filed a cost recovery action under CERCLA in March 2023 in the District Court against multiple parties (2023 Cost Recovery Action). Natural Resource Trustees – In addition to the activities of the EPA and OxyChem in the OUs described above, federal and state natural resource trustees are assessing natural resources in the Lower Passaic River and Greater Newark Bay to evaluate potential claims for natural resource damages. ALDEN LEEDS LITIGATION In December 2022, the EPA and the DOJ filed a proposed Consent Decree in the Alden Leeds litigation seeking court approval to settle with 85 parties for a total of $150 million and release them from liability for remediation costs in DASS OU2 and OU4, which OxyChem believes is based on a disproportionate allocation of responsibility to OxyChem despite overwhelming evidence regarding the responsibility of others, and, among other infirmities, is contrary to site-specific sampling and other relevant evidence concerning the liability of the settling parties. The EPA and the DOJ also seek entry of an order that would bar OxyChem from pursuing contribution against those parties for remediation costs OxyChem has incurred or may incur in the future to design and implement the remedies in OU2 and OU4. In April 2023, the District Court granted OxyChem's request to intervene and participate in the Alden Leeds litigation as a party. OxyChem intends to challenge the proposed settlement vigorously and to seek contribution and cost recovery from other potentially responsible parties for remediation costs it has incurred or may incur at the DASS. Based upon extensive comments to the proposed settlement, the DOJ requested to inform the District Court by September 22, 2023 whether it will proceed with the settlement, modify it, or withdraw the proposed settlement. Consequently, the District Court has ordered the DOJ to notify it by no later than September 22, 2023 how it intends to proceed, after which the District Court will put in place a briefing schedule. OxyChem does not know when the District Court will rule on the propriety of the proposed settlement, if the DOJ continues to pursue the settlement. If the proposed settlement is approved by the District Court and not overturned on appeal, then, notwithstanding OxyChem’s vigorous, good faith effort to contest the settlement proposed in the Alden Leeds litigation, the EPA could attempt to compel OxyChem to bear substantially all of the estimated cost to design and implement the OU2 and OU4 remedies, which could have a material adverse impact on OxyChem and Occidental’s consolidated results of operations in the period recorded. While the remedies for OU2 and OU4 are expected to take over ten years to complete, the EPA may seek to require OxyChem to provide additional financial assurance. In the OU4 UAO, the EPA directed OxyChem to post financial assurance in the amount of approximately $93 million. Subject to all defenses, OxyChem has complied with this directive. The amount of any additional financial assurance is not subject to estimation at this time. It is uncertain when or to what extent the EPA may take action to compel OxyChem to perform further remediation in OU2 or OU4 or the amount of financial assurance the EPA may attempt to require OxyChem to post. For further information on the Alden Leeds litigation, see Note 8 - Lawsuits, Claims, Commitments and Contingencies . OTHER INFORMATION For the DASS, OxyChem has accrued a reserve relating to its estimated allocable share of the costs to perform the maintenance and monitoring required in the OU1 Consent Decree, the design and implementation of remedies selected in the OU2 ROD and AOC and the OU4 ROD and OU4 UAO, and the remedial investigation and feasibility study required in OU3. OxyChem’s accrued environmental remediation reserve does not reflect the potential for additional remediation costs or natural resource damages for the DASS that OxyChem believes are not reasonably estimable. OxyChem’s ultimate liability at the DASS may be higher or lower than the reserved amount and the reasonably possible additional losses, and is subject to final design plans, further action by the EPA and natural resource trustees, and the resolution of OxyChem's allocable share with other potentially responsible parties, among other factors. OxyChem continues to evaluate the estimated costs currently recorded for remediation at the DASS and other Maxus-indemnified sites, as well as the range of reasonably possible additional losses beyond those amounts currently recorded. Given the complexity and extent of the remediation efforts, estimates of the remediation costs may increase or decrease over time as new information becomes available.

LAWSUITS, CLAIMS, COMMITMENTS A

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	6 Months Ended
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	Jun. 30, 2023
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 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 are also involved in proceedings under CERCLA and similar federal, regional, state, provincial, tribal, local and international environmental laws. These environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, natural resource damages, punitive damages, civil penalties, injunctive relief and government oversight costs. Usually Occidental or such subsidiaries are among many companies in these environmental proceedings and have to date been successful in sharing remediation costs with other financially sound companies. Further, some lawsuits, claims and other proceedings involve acquired or disposed assets with respect to which a third party or Occidental or its subsidiary retains liability or indemnifies the other party for conditions that existed prior to the transaction. In accordance with applicable accounting guidance, Occidental or its subsidiaries accrue reserves for outstanding lawsuits, claims and other proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. Reserves for matters, other than for the arbitration award (disclosed below), tax matters and disputes or environmental remediation, that satisfy these criteria as of June 30, 2023 and 2022 were not material to 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 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. ANDES ARBITRATION In 2016, Occidental received payments from the Republic of Ecuador of approximately $1.0 billion pursuant to a November 2015 arbitration award for Ecuador’s 2006 expropriation of Occidental’s Participation Contract for Block 15. The awarded amount represented a recovery of Occidental's 60% of the value of Block 15. In 2017, Andes commenced an arbitration, against OEPC, claiming it is entitled to a 40% share of the judgment amount obtained by Occidental. Occidental contended that Andes is not entitled to any of the amounts paid under the 2015 arbitration award because Occidental’s recovery was limited to Occidental’s own 60% economic interest in the block. In March 2021, the arbitration tribunal issued an award in favor of Andes and against OEPC in the amount of $391 million plus interest. In June 2021, OEPC filed a motion to vacate the award due to concerns regarding the validity of the award. In December 2021, the U.S. District Court for the Southern District of New York confirmed the arbitration award, plus prejudgment interest, in the aggregate amount of $558 million. OEPC appealed the judgment. In June 2023, the U.S. Court of Appeals for the Second Circuit confirmed the District Court's ruling with respect to the arbitration award but overturned the District Court's decision to add prejudgment interest in the amount of $166 million, ordering the District Court to recalculate the interest amount. On July 13, 2023, OEPC filed a motion for rehearing en banc in the Second Circuit because, in its view, the Second Circuit ruling is contrary to Supreme Court and other Second Circuit precedent. Andes has also filed state court claims in New York and Delaware against OEPC, OPC and OXY USA to attempt to recover on its judgment against OEPC during the pendency of the appeal. The New York state court action against OPC was dismissed with prejudice in March 2023, and Andes filed its notice of appeal in April 2023. Andes also continues to attempt to recover on its judgment in New York federal court and in Delaware state court. All Occidental entities are vigorously defending against these actions. In addition, OEPC commenced an arbitration against Andes to recover significant additional claims not addressed by the prior arbitration tribunal relating to Andes' 40% share of costs, liabilities, losses and expenses due under the farmout agreement and joint operating agreement to which Andes and OEPC are parties. In July 2023, a majority of the arbitration tribunal declined to award any costs to OEPC based upon the doctrine of res judicata. One arbitrator dissented. ALDEN LEEDS AND OTHER LITIGATION In December 2022, the EPA and the DOJ filed a proposed Consent Decree with the District Court in the Alden Leeds litigation seeking court approval of a proposed settlement in which the EPA seeks to release 85 potentially responsible parties from all remediation costs in OU2 and OU4 of the DASS for approximately $150 million. OxyChem believes the proposed settlement relies, improperly, on an allocation report prepared by an EPA contractor in which the contractor purported to assign a disproportionate share of the responsibility for remediation costs in OU2 and OU4 to OxyChem. In the proposed settlement, the EPA also seeks to bar OxyChem from pursuing contribution claims against the 85 settling parties for remediation costs in OU2 and OU4, including those asserted in OxyChem’s 2018 Contribution Action. The 2018 Contribution Action is currently stayed. The proposed settlement does not address the liability of any party with respect to OU3 or natural resource damages. OxyChem intends to contest the proposed settlement vigorously. As discussed above in Note 7 – Environmental Liabilities and Expenditures , in March 2023, the EPA issued the OU4 UAO, which directs OxyChem to design the remedy for OU4. Subject to its defenses, OxyChem is complying with this order. Based upon the OU4 UAO, OxyChem also filed its 2023 Cost Recovery Action against multiple parties to recover costs incurred or that will be incurred to comply with the OU4 UAO. The proposed EPA settlement was subject to a public comment period that closed in March 2023. Based upon extensive comments to the proposed settlement, the DOJ requested to inform the District Court by September 22, 2023 whether it will proceed with the settlement, modify it, or withdraw the proposed settlement. OxyChem believes the proposed settlement exceeds the EPA’s statutory authority and is based on a flawed allocation process. OxyChem also believes that process was unreasonably limited in scope and unreliably based on voluntary reporting by the settling parties, instead of sworn evidence, publicly available sampling results and historical documents reflecting the operating history and disposal practices of the 85 parties that the EPA proposes to release as part of this settlement. OxyChem expects to show that the EPA’s proposed settlement does not fairly and reasonably reflect the settling parties’ contribution of hazardous substances to the DASS and, among other things, incorrectly attributes to OxyChem substances that were contributed by one or more of the 85 settling parties. OxyChem's request to intervene in the Alden Leeds litigation has been granted. This intervention will allow OxyChem to protect its rights under federal law to challenge the proposed settlement, as well as the allocation report and process upon which the settlement is based. In the 2018 Contribution Action and 2023 Cost Recovery Action, OxyChem also intends to defend and prosecute vigorously its right to seek contribution and cost recovery from all potentially responsible parties to pay remediation costs in the DASS and to seek a judicial allocation of responsibility under CERCLA. As the Alden Leeds litigation is in its early stages, OxyChem is unable to estimate the timing of the District Court’s decision, its outcome, or the outcome of any appeals from the District Court’s decision. MAXUS LIQUIDATING TRUST As described in Note 7 – Environmental Liabilities and Expenditures , Maxus was contractually obligated to indemnify, defend, and hold harmless OxyChem against environmental liabilities arising from the former operations of DSCC. In June 2016, Maxus filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware (the Bankruptcy Court). In June 2017, the Bankruptcy Court approved a Plan of Liquidation to liquidate Maxus and create the Trust for the benefit of Maxus’ creditors, including OxyChem, to pursue claims against Maxus’ current and former parents, YPF and Repsol, certain of their respective subsidiaries and affiliates, and others to satisfy claims by OxyChem and other creditors for past and future remediation and other costs. In July 2017, the court-approved Plan of Liquidation became final, and the Trust became effective. Pursuant to the Plan, the Trust is governed by an independent trustee and is not controlled by OxyChem. The Plan authorizes the Trust to distribute any assets it recovers from such litigation claims to the Trust’s beneficiaries, which include OxyChem and other creditors, in accordance with the Plan and governing Trust Agreement. In June 2018, the Trust filed its complaint against YPF and Repsol in the Bankruptcy Court asserting claims based upon, among other things, fraudulent transfer and alter ego. During 2019, the Bankruptcy Court denied Repsol's and YPF's motions to dismiss the complaint as well as their motions to move the case to a different court. These rulings were upheld on appeal. The Trust, YPF and Repsol each filed motions for summary judgment, and the Bankruptcy Court denied all but one motion in the second quarter of 2022. The Bankruptcy Court’s summary judgment decision indicated that, at trial, the Trust must establish a causal link between its claimed damages and the alter ego conduct of YPF and Repsol. In April 2023, the Trust, YPF and Repsol reached an agreement to resolve the claims pending in the Bankruptcy Court. Related agreements were executed among the United States Government, YPF and Repsol as well as among OxyChem, YPF and Repsol. YPF and Repsol are required to pay the Trust $575 million, which the Trust will distribute according to the Plan. The agreements have been approved and no settlement objections were lodged. The settlement became final August 1, 2023. OxyChem expects to recover proceeds of approximately $350 million by the end of the year. OxyChem adjusted its valuation allowance established against its claims against Maxus, resulting in a gain of approximately $260 million on the remeasurement of the valuation allowance in the second quarter of 2023. TAX MATTERS AND DISPUTES During the course of its operations, Occidental is subject to audit by tax authorities for varying periods in various federal, state, local and international tax jurisdictions. Tax years through 2020 for U.S. federal income tax purposes have been audited by the IRS pursuant to its Compliance Assurance Program and subsequent taxable years are currently under review. Tax years through 2014 have been audited for state income tax purposes. Significant audit matters in international jurisdictions have been resolved through 2010. During the course of tax audits, disputes have arisen and other disputes may arise as to facts and matters of law. For Anadarko, its taxable years through 2014 and tax year 2016 for U.S. federal tax purposes have been audited by the IRS. Tax years through 2010 have been audited for state income tax purposes. There is one outstanding significant tax matter in an international jurisdiction related to a discontinued operation. As stated above, during the course of tax audits, disputes have arisen and other disputes may arise as to facts and matters of law. Other than the dispute discussed below, Occidental believes that the resolution of these outstanding tax disputes would not have a material adverse effect on its consolidated financial position or results of operations. Anadarko received an $881 million tentative refund in 2016 related to its $5.2 billion Tronox Adversary Proceeding settlement payment in 2015. In September 2018, Anadarko received a statutory notice of deficiency from the IRS disallowing the net operating loss carryback and rejecting Anadarko’s refund claim. As a result, Anadarko filed a petition with the U.S. Tax Court to dispute the disallowances in November 2018. Trial was held in May 2023. The parties will file simultaneous post-trial briefs on September 1, 2023 and December 7, 2023. Closing arguments are scheduled for January 30, 2024. An opinion by the Tax Court could be issued any time after the closing arguments are completed. If any tax liability is due as a result of the Tax Court’s opinion, it must be fully bonded or paid in full within 90 days of the entry of decision by the Tax Court. If an appeal is not pursued by Anadarko, any resulting tax deficiency will be assessed by the IRS and would be due within 30 days of receiving a formal notice of tax assessment. In accordance with ASC 740’s guidance on the accounting for uncertain tax positions, Occidental has recorded no tax benefit on the tentative cash tax refund of $881 million. As a result, should Occidental not ultimately prevail on the issue, there would be no additional tax expense recorded relative to this position for financial statement purposes other than future interest. However, in that event, as of June 30, 2023, Occidental would be required to repay approximately $1.4 billion in federal taxes, $28 million in state taxes and accrued interest of $493 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 or its subsidiaries. These indemnities usually are contingent upon the other party incurring liabilities that reach specified thresholds. As of June 30, 2023, Occidental is not aware of circumstances that it believes would reasonably be expected to lead to indemnity claims that would result in payments materially in excess of reserves.

EARNINGS PER SHARE AND STOCKHOL

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY	6 Months Ended
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Earnings Per Share and Stockholders' Equity	NOTE 9 - EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY The following table presents the calculation of basic and diluted EPS attributable to common stockholders: Three months ended June 30, Six months ended June 30, millions except per-share amounts 2023 2022 2023 2022 Net income $ 860 $ 3,755 $ 2,123 $ 8,631 Less: Preferred stock dividends and redemption premiums (255) (200) (535) (400) Net income attributable to common stock $ 605 $ 3,555 $ 1,588 $ 8,231 Less: Net income allocated to participating securities (4) (28) (10) (59) Net income, net of participating securities $ 601 $ 3,527 $ 1,578 $ 8,172 Weighted-average number of basic shares 889.3 939.2 895.6 938.3 Basic income per common share $ 0.68 $ 3.76 $ 1.76 $ 8.71 Net income attributable to common stock $ 605 $ 3,555 $ 1,588 $ 8,231 Less: Net income allocated to participating securities (4) (26) (10) (56) Net income, net of participating securities $ 601 $ 3,529 $ 1,578 $ 8,175 Weighted-average number of basic shares 889.3 939.2 895.6 938.3 Dilutive securities 69.5 79.1 71.8 69.2 Dilutive effect of potentially dilutive securities 958.8 1,018.3 967.4 1,007.5 Diluted income per common share $ 0.63 $ 3.47 $ 1.63 $ 8.11 For the three and six months ended June 30, 2023 and 2022, there were no Occidental common stock warrants nor options that were excluded from diluted shares. The following table presents Occidental's common share activity, including its $3.0 billion stock repurchase plan announced in February 2023, exercises of options and warrants, and other transactions in Occidental's common stock in 2023: Period Exercise of Warrants and Options (a) Other (b) Treasury Stock Purchases Common Stock Outstanding (c) December 31, 2022 899,858,944 First Quarter 2023 268,371 3,935,166 (12,511,237) 891,551,244 Second Quarter 2023 205,631 158,473 (7,233,460) 884,681,888 Total 2023 474,002 4,093,639 (19,744,697) 884,681,888 (a) Approximately $16 million of cash was received as a result of the exercise of common stock warrants and options. (b) Consists of issuances from the 2015 long-term incentive plan, the OPC savings plan and the dividend reinvestment plan. (c) As of June 30, 2023, Occidental has 103.8 million outstanding warrants with a strike of $22.00 per share and 83.9 million of warrants with a strike of $59.62 per share. PREFERRED STOCK REDEMPTION In connection with the Anadarko Acquisition, Occidental issued 100,000 shares of series A preferred stock, with a face value of $100,000 per share and a liquidation preference of $105,000 per share plus unpaid accrued dividends. Prior to August 2029, a mandatory redemption provision obligates Occidental to redeem preferred stock at a 10% premium to face value on a dollar-for-dollar basis for every dollar distributed to common shareholders (either via common stock dividends or share repurchases) above $4.00 per share, on a trailing 12-month basis. Preferred redemptions can settle between 30 and 60 days from the date Berkshire Hathaway is notified of the redemption obligation and accrued unpaid dividends are paid up to but not including the redemption date. Occidental cannot voluntarily redeem preferred stock before August 2029. After August 2029, Occidental can voluntarily redeem preferred stock at a 5% premium to face value. Dividends on preferred stock accrue on the face value at a rate per annum of 8%, but will be paid only when, and if, declared by Occidental’s Board of Directors. At any time, when such dividends have not been paid in full, the unpaid amounts will accrue dividends, compounded quarterly, at a rate per annum of 9%. Following the payment in full of any accrued but unpaid dividends, the dividend rate will remain at 9% per annum. If preferred dividends are not paid in full, Occidental is prohibited from paying dividends on common stock. Occidental paid $205 million in preferred stock dividends in the second quarter of 2023. In the three months ended June 30, 2023, Occidental triggered the redemption of preferred stock with a face value of $522 million, and an additional $52 million premium. Occidental triggered the redemption of preferred stock of $1.3 billion, inclusive of a 10% premium, in the six months ended June 30, 2023. Of this amount, $304 million, inclusive of a 10% premium, was settled in cash subsequent to June 30, 2023 but before the date of this filing. To the extent Occidental's trailing 12-month distributions to common shareholders remain above $4.00 per share, Occidental is required to continue to match any common shareholder distributions with preferred stock redemptions. As of the date of this filing, approximately $8.8 billion face value of preferred stock remains outstanding. The following table presents preferred stock redemption activity for the six months ended June 30, 2023: shares of preferred stock Preferred stock, as of December 31, 2022 100,000 Less: Obligated redemptions (6,468) Preferred stock, as of March 31, 2023 93,532 Less: Obligated redemptions (5,220) Preferred stock, as of June 30, 2023 88,312 The carrying value of preferred stock is less than the face value. The difference between carrying value and face value, along with the redemption premium, reduces net income available to common stockholders. The following presents the components of preferred stock dividends and redemptions: millions Three months ended June 30, 2023 Six months ended June 30, 2023 Preferred dividends $ 190 $ 390 Redemption premium 52 117 Redemption value in excess of carrying value 13 28 Preferred dividend and redemption premiums $ 255 $ 535

SEGMENTS

SEGMENTS	6 Months Ended
SEGMENTS	Jun. 30, 2023
Segment Reporting [Abstract]
Segments	NOTE 10 - 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 and unallocated corporate expenses are included under corporate and eliminations. Intersegment sales eliminate upon consolidation and are generally made at prices approximating those that the selling entity would be able to obtain in third-party transactions. The following table presents Occidental’s industry segments: millions Oil and gas (a) Chemical Midstream and marketing (b) Corporate and eliminations (c) Total Three months ended June 30, 2023 Net sales $ 4,941 $ 1,375 $ 616 $ (230) $ 6,702 Income (loss) before income taxes $ 1,059 $ 436 $ (30) $ (138) $ 1,327 Income tax expense — — — (467) (467) Net income (loss) $ 1,059 $ 436 $ (30) $ (605) $ 860 Three months ended June 30, 2022 Net sales $ 7,696 $ 1,909 $ 1,474 $ (403) $ 10,676 Income (loss) before income taxes $ 4,094 $ 800 $ 264 $ (172) $ 4,986 Income tax expense — — — (1,231) (1,231) Net income (loss) $ 4,094 $ 800 $ 264 $ (1,403) $ 3,755 millions Oil and gas (a) Chemical Midstream and marketing (b) Corporate and eliminations (c) Total Six months ended June 30, 2023 Net sales $ 10,266 $ 2,780 $ 1,367 $ (486) $ 13,927 Income (loss) before income taxes $ 2,699 $ 908 $ (28) $ (518) $ 3,061 Income tax expense — — — (938) (938) Net income (loss) $ 2,699 $ 908 $ (28) $ (1,456) $ 2,123 Six months ended June 30, 2022 Net sales $ 13,771 $ 3,593 $ 2,356 $ (695) $ 19,025 Income (loss) before income taxes $ 6,992 $ 1,471 $ 214 $ (608) $ 8,069 Income tax benefit — — — 562 562 Net income (loss) $ 6,992 $ 1,471 $ 214 $ (46) $ 8,631 (a) The three and six months ended June 30, 2023 included a $180 million impairment related to undeveloped acreage in the northern non-core area of the Powder River Basin and $29 million impairment related to an equity method investment in the Black Butte Coal Company . The six months ended June 30, 2023 also included a $26 million litigation settlement gain. The six months ended June 30, 2022 included $147 million of gains, primarily related to the sale of certain non-strategic assets in the Permian Basin. (b) The three and six months ended June 30, 2023 included $48 million and $40 million of net derivative mark-to-market gains, respectively. The three and six months ended June 30, 2022 included $96 million and $102 million of net derivative mark-to-market gains and losses, respectively. (c) The three and six months ended June 30, 2023 included a $68 million deferred tax charge related to the Algeria contract renewal and a $260 million gain related to a Maxus environmental reserve adjustment, see Note 8 - Lawsuits, Claims, Commitments and Contingencies

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 860	$ 3,755	$ 2,123	$ 8,631

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false

GENERAL (Policies)

GENERAL (Policies)	6 Months Ended
GENERAL (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Cash Equivalents and Restricted Cash Equivalents	Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents.
Revenue	Revenue from customers is recognized when obligations under the terms of a contract with customers are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services, such as transportation.

GENERAL (Tables)

GENERAL (Tables)	6 Months Ended
GENERAL (Tables)	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Consolidated Condensed Statements of Cash Flows as of June 30, 2023 and 2022: millions 2023 2022 Cash and cash equivalents $ 486 $ 1,362 Restricted cash and restricted cash equivalents included in other current assets 29 23 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 18 16 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 533 $ 1,401
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Consolidated Condensed Statements of Cash Flows as of June 30, 2023 and 2022: millions 2023 2022 Cash and cash equivalents $ 486 $ 1,362 Restricted cash and restricted cash equivalents included in other current assets 29 23 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net 18 16 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 533 $ 1,401
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 during the six months ended June 30, 2023 and 2022, respectively: millions 2023 2022 Income tax payments $ 632 $ 962 Income tax refunds received $ 3 $ 70 Interest paid (a) $ 509 $ 846 (a) Net of capitalized interest of $42 million and $30 million for the six months ended June 30, 2023 and 2022, respectively.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
REVENUE (Tables)	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Reconciliation of Revenue from Customers to Total Net Sales	The following table shows a reconciliation of revenue from customers to total net sales for the three and six months ended June 30, 2023 and 2022: Three months ended June 30, Six months ended June 30, millions 2023 2022 2023 2022 Revenue from customers $ 6,601 $ 10,351 $ 13,716 $ 18,564 All other revenues (a) 101 325 211 461 Net sales $ 6,702 $ 10,676 $ 13,927 $ 19,025 (a) Includes net marketing derivatives and chemical exchange contracts.
Schedule of Revenue from Customers by Segment, Product, and Geographical Area	The table below presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGL and 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 June 30, 2023 Oil and gas Oil $ 3,446 $ 795 $ — $ 4,241 NGL 352 90 — 442 Gas 161 87 — 248 Other 10 — — 10 Segment total $ 3,969 $ 972 $ — $ 4,941 Chemical $ 1,292 $ 82 $ — $ 1,374 Midstream and marketing $ 421 $ 95 $ — $ 516 Eliminations $ — $ — $ (230) $ (230) Consolidated $ 5,682 $ 1,149 $ (230) $ 6,601 millions United States International Eliminations Total Three months ended June 30, 2022 Oil and gas Oil $ 4,894 $ 1,146 $ — $ 6,040 NGL 783 113 — 896 Gas 675 79 — 754 Other 5 1 — 6 Segment total $ 6,357 $ 1,339 $ — $ 7,696 Chemical $ 1,810 $ 98 $ — $ 1,908 Midstream and marketing $ 903 $ 247 $ — $ 1,150 Eliminations $ — $ — $ (403) $ (403) Consolidated $ 9,070 $ 1,684 $ (403) $ 10,351 millions United States International Eliminations Total Six months ended June 30, 2023 Oil and gas Oil $ 7,096 $ 1,513 $ — $ 8,609 NGL 812 175 — 987 Gas 516 159 — 675 Other (6) 1 — (5) Segment total $ 8,418 $ 1,848 $ — $ 10,266 Chemical $ 2,600 $ 176 $ — $ 2,776 Midstream and marketing $ 961 $ 199 $ — $ 1,160 Eliminations $ — $ — $ (486) $ (486) Consolidated $ 11,979 $ 2,223 $ (486) $ 13,716 millions United States International Eliminations Total Six months ended June 30, 2022 Oil and gas Oil $ 8,942 $ 1,897 $ — $ 10,839 NGL 1,481 175 — 1,656 Gas 1,130 137 — 1,267 Other 7 2 — 9 Segment total $ 11,560 $ 2,211 $ — $ 13,771 Chemical $ 3,412 $ 179 $ — $ 3,591 Midstream and marketing $ 1,551 $ 346 $ — $ 1,897 Eliminations $ — $ — $ (695) $ (695) Consolidated $ 16,523 $ 2,736 $ (695) $ 18,564

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
INVENTORIES (Tables)	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	As of June 30, 2023 and December 31, 2022, inventories consisted of the following: millions June 30, 2023 December 31, 2022 Raw materials $ 120 $ 120 Materials and supplies 850 913 Commodity inventory and finished goods 1,172 1,147 2,142 2,180 Revaluation to LIFO (121) (121) Total $ 2,021 $ 2,059

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
LONG-TERM DEBT (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	As of June 30, 2023 and December 31, 2022, Occidental’s debt consisted of the following: millions June 30, 2023 December 31, 2022 8.750% medium-term notes due 2023 $ — $ 22 2.900% senior notes due 2024 654 654 6.950% senior notes due 2024 291 291 3.450% senior notes due 2024 111 111 5.875% senior notes due 2025 606 606 3.500% senior notes due 2025 137 137 5.500% senior notes due 2025 465 465 5.550% senior notes due 2026 870 870 3.200% senior notes due 2026 182 182 3.400% senior notes due 2026 284 284 7.500% debentures due 2026 112 112 8.500% senior notes due 2027 489 489 3.000% senior notes due 2027 216 216 7.125% debentures due 2027 150 150 7.000% debentures due 2027 48 48 6.625% debentures due 2028 14 14 7.150% debentures due 2028 232 232 7.200% senior debentures due 2028 82 82 6.375% senior notes due 2028 578 578 7.200% debentures due 2029 135 135 7.950% debentures due 2029 116 116 8.450% senior notes due 2029 116 116 3.500% senior notes due 2029 286 286 Variable rate bonds due 2030 (5.920% and 5.320% as of June 30, 2023 and December 31, 2022, respectively) 68 68 8.875% senior notes due 2030 1,000 1,000 6.625% senior notes due 2030 1,449 1,449 6.125% senior notes due 2031 1,143 1,143 7.500% senior notes due 2031 900 900 7.875% senior notes due 2031 500 500 6.450% senior notes due 2036 1,727 1,727 Zero Coupon senior notes due 2036 673 673 4.300% senior notes due 2039 247 247 7.950% senior notes due 2039 325 325 6.200% senior notes due 2040 737 737 4.500% senior notes due 2044 191 191 4.625% senior notes due 2045 296 296 6.600% senior notes due 2046 1,117 1,117 4.400% senior notes due 2046 424 424 4.100% senior notes due 2047 258 258 (continued on next page) millions (continued) 2023 2022 4.200% senior notes due 2048 304 304 4.400% senior notes due 2049 280 280 7.730% debentures due 2096 58 58 7.500% debentures due 2096 60 60 7.250% debentures due 2096 5 5 Total borrowings at face value $ 17,936 $ 17,958 The following table summarizes Occidental's outstanding debt, including finance lease liabilities: millions June 30, 2023 December 31, 2022 Total borrowings at face value $ 17,936 $ 17,958 Adjustments to book value: Unamortized premium, net 1,213 1,261 Debt issuance costs (67) (73) Net book value of debt $ 19,082 $ 19,146 Long-term finance leases 587 546 Current finance leases 158 143 Total debt and finance leases $ 19,827 $ 19,835 Less: current maturities of financing leases (158) (143) Less: current maturities of long-term debt — (22) Long-term debt, net $ 19,669 $ 19,670

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
DERIVATIVES (Tables)	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of of Net Sales Related to the Outstanding Commodity Derivative Instruments	The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives: long (short) June 30, 2023 December 31, 2022 Oil commodity contracts Volume (MMbbl) (46) (33) Natural gas commodity contracts Volume (Bcf) (73) (112)
Schedule of Gross and Net Fair Values of Outstanding Derivatives	The following tables present the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts below, including when the derivatives are subject to netting arrangements, and are presented on a net basis in the Consolidated Condensed Balance Sheets: millions Fair Value Measurements Using Netting (a) Total Fair Value Balance Sheet Classifications Level 1 Level 2 Level 3 June 30, 2023 Marketing Derivatives Other current assets $ 976 $ 62 $ — $ (948) $ 90 Long-term receivables and other assets, net 22 1 — (20) 3 Accrued liabilities (926) (42) — 948 (20) Deferred credits and other liabilities - other (20) — — 20 — December 31, 2022 Marketing Derivatives Other current assets $ 920 $ 127 $ — $ (980) $ 67 Long-term receivables and other assets, net 1 2 — (1) 2 Accrued liabilities (938) (96) — 980 (54) Deferred credits and other liabilities - other (1) (1) — 2 — (a) These amounts do not include collateral. Occidental netted $35 million of collateral received from brokers against derivative assets and $1 million of collateral deposited with brokers against derivatives liabilities related to marketing derivatives as of June 30, 2023 and netted $15 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of December 31, 2022.
Schedule of Gains and Losses on Derivatives	The following table presents net gains related to Occidental's derivative instruments on the Consolidated Condensed Statements of Operations: millions Three months ended June 30, Six months ended June 30, Income Statement Classification 2023 2022 2023 2022 Marketing Derivatives Net sales (a) $ 100 $ 324 $ 207 $ 459 Interest Rate Swaps Gains on interest rate swaps, net (b) $ — $ 127 $ — $ 262 (a) Includes derivative and non-derivative marketing activity. (b) Occidental retired all remaining outstanding interest rate swaps in the twelve months ended December 31, 2022.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
INCOME TAXES (Tables)	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The following table summarizes components of income tax expense: Three months ended June 30, Six months ended June 30, millions 2023 2022 2023 2022 Income before income taxes $ 1,327 $ 4,986 $ 3,061 $ 8,069 Current Federal (181) (640) (446) (855) State and Local (14) (50) (32) (84) Foreign (191) (338) (362) (536) Total current tax expense $ (386) $ (1,028) $ (840) $ (1,475) Deferred Federal (5) (231) (19) 1,982 State and Local (3) 5 (6) 78 Foreign (73) 23 (73) (23) Total deferred tax benefit (expense) $ (81) $ (203) $ (98) $ 2,037 Total income tax benefit (expense) $ (467) $ (1,231) $ (938) $ 562 Net income $ 860 $ 3,755 $ 2,123 $ 8,631 Worldwide effective tax rate 35 % 25 % 31 % (7) %

ENVIRONMENTAL LIABILITIES AND_2

ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Tables)	6 Months Ended
ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Tables)	Jun. 30, 2023
Environmental Remediation Obligations [Abstract]
Schedule of Current and Non-Current Environmental Remediation Reserves by Categories of Sites	The following table presents the current and non-current environmental remediation liabilities of such subsidiaries on a consolidated basis as of June 30, 2023. The current portion of $141 million is included in accrued liabilities These environmental remediation sites are grouped into NPL Sites and the following three categories of non-NPL Sites—Third-Party Sites, Currently Operated Sites and Closed or Non-Operated Sites. millions, except number of sites Number of Sites Remediation Balance NPL Sites 30 $ 438 Third-Party Sites 66 217 Currently Operated Sites 13 101 Closed or Non-Operated Sites 51 252 Total 160 $ 1,008

EARNINGS PER SHARE AND STOCKH_2

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY (Tables)	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of Calculation of Basic and Diluted EPS	The following table presents the calculation of basic and diluted EPS attributable to common stockholders: Three months ended June 30, Six months ended June 30, millions except per-share amounts 2023 2022 2023 2022 Net income $ 860 $ 3,755 $ 2,123 $ 8,631 Less: Preferred stock dividends and redemption premiums (255) (200) (535) (400) Net income attributable to common stock $ 605 $ 3,555 $ 1,588 $ 8,231 Less: Net income allocated to participating securities (4) (28) (10) (59) Net income, net of participating securities $ 601 $ 3,527 $ 1,578 $ 8,172 Weighted-average number of basic shares 889.3 939.2 895.6 938.3 Basic income per common share $ 0.68 $ 3.76 $ 1.76 $ 8.71 Net income attributable to common stock $ 605 $ 3,555 $ 1,588 $ 8,231 Less: Net income allocated to participating securities (4) (26) (10) (56) Net income, net of participating securities $ 601 $ 3,529 $ 1,578 $ 8,175 Weighted-average number of basic shares 889.3 939.2 895.6 938.3 Dilutive securities 69.5 79.1 71.8 69.2 Dilutive effect of potentially dilutive securities 958.8 1,018.3 967.4 1,007.5 Diluted income per common share $ 0.63 $ 3.47 $ 1.63 $ 8.11
Schedule of Repurchase Agreements	The following table presents Occidental's common share activity, including its $3.0 billion stock repurchase plan announced in February 2023, exercises of options and warrants, and other transactions in Occidental's common stock in 2023: Period Exercise of Warrants and Options (a) Other (b) Treasury Stock Purchases Common Stock Outstanding (c) December 31, 2022 899,858,944 First Quarter 2023 268,371 3,935,166 (12,511,237) 891,551,244 Second Quarter 2023 205,631 158,473 (7,233,460) 884,681,888 Total 2023 474,002 4,093,639 (19,744,697) 884,681,888 (a) Approximately $16 million of cash was received as a result of the exercise of common stock warrants and options. (b) Consists of issuances from the 2015 long-term incentive plan, the OPC savings plan and the dividend reinvestment plan. (c) As of June 30, 2023, Occidental has 103.8 million outstanding warrants with a strike of $22.00 per share and 83.9 million of warrants with a strike of $59.62 per share.
Schedule of Obligated Preferred Stock Redemptions	The following table presents preferred stock redemption activity for the six months ended June 30, 2023: shares of preferred stock Preferred stock, as of December 31, 2022 100,000 Less: Obligated redemptions (6,468) Preferred stock, as of March 31, 2023 93,532 Less: Obligated redemptions (5,220) Preferred stock, as of June 30, 2023 88,312
Components of Preferred Stock Dividends and Redemptions	The following presents the components of preferred stock dividends and redemptions: millions Three months ended June 30, 2023 Six months ended June 30, 2023 Preferred dividends $ 190 $ 390 Redemption premium 52 117 Redemption value in excess of carrying value 13 28 Preferred dividend and redemption premiums $ 255 $ 535

SEGMENTS (Tables)

SEGMENTS (Tables)	6 Months Ended
SEGMENTS (Tables)	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Industry Segments	The following table presents Occidental’s industry segments: millions Oil and gas (a) Chemical Midstream and marketing (b) Corporate and eliminations (c) Total Three months ended June 30, 2023 Net sales $ 4,941 $ 1,375 $ 616 $ (230) $ 6,702 Income (loss) before income taxes $ 1,059 $ 436 $ (30) $ (138) $ 1,327 Income tax expense — — — (467) (467) Net income (loss) $ 1,059 $ 436 $ (30) $ (605) $ 860 Three months ended June 30, 2022 Net sales $ 7,696 $ 1,909 $ 1,474 $ (403) $ 10,676 Income (loss) before income taxes $ 4,094 $ 800 $ 264 $ (172) $ 4,986 Income tax expense — — — (1,231) (1,231) Net income (loss) $ 4,094 $ 800 $ 264 $ (1,403) $ 3,755 millions Oil and gas (a) Chemical Midstream and marketing (b) Corporate and eliminations (c) Total Six months ended June 30, 2023 Net sales $ 10,266 $ 2,780 $ 1,367 $ (486) $ 13,927 Income (loss) before income taxes $ 2,699 $ 908 $ (28) $ (518) $ 3,061 Income tax expense — — — (938) (938) Net income (loss) $ 2,699 $ 908 $ (28) $ (1,456) $ 2,123 Six months ended June 30, 2022 Net sales $ 13,771 $ 3,593 $ 2,356 $ (695) $ 19,025 Income (loss) before income taxes $ 6,992 $ 1,471 $ 214 $ (608) $ 8,069 Income tax benefit — — — 562 562 Net income (loss) $ 6,992 $ 1,471 $ 214 $ (46) $ 8,631 (a) The three and six months ended June 30, 2023 included a $180 million impairment related to undeveloped acreage in the northern non-core area of the Powder River Basin and $29 million impairment related to an equity method investment in the Black Butte Coal Company . The six months ended June 30, 2023 also included a $26 million litigation settlement gain. The six months ended June 30, 2022 included $147 million of gains, primarily related to the sale of certain non-strategic assets in the Permian Basin. (b) The three and six months ended June 30, 2023 included $48 million and $40 million of net derivative mark-to-market gains, respectively. The three and six months ended June 30, 2022 included $96 million and $102 million of net derivative mark-to-market gains and losses, respectively. (c) The three and six months ended June 30, 2023 included a $68 million deferred tax charge related to the Algeria contract renewal and a $260 million gain related to a Maxus environmental reserve adjustment, see Note 8 - Lawsuits, Claims, Commitments and Contingencies

GENERAL - Schedule of Restricti

GENERAL - Schedule of Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 486	$ 984	$ 1,362
Restricted cash and restricted cash equivalents included in other current assets	29		23
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net	18		16
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 533	$ 1,026	$ 1,401	$ 2,803

GENERAL - Schedule of Supplemen

GENERAL - Schedule of Supplemental Cash Flows (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
SUPPLEMENTAL CASH FLOW INFORMATION
Income tax payments	$ 632	$ 962
Income tax refunds received	3	70
Interest paid	509	846
Capitalized interest	$ 42	$ 30

GENERAL - Narrative (Details)

GENERAL - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
GENERAL - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2023
Summary of Significant Accounting Policies [Line Items]
Limited partner interest		49.50%
Non-voting limited partner interest		2%
Land
Summary of Significant Accounting Policies [Line Items]
Impairment and related charges	$ 180	$ 180
WES Midstream segment
Summary of Significant Accounting Policies [Line Items]
Effective economic interest		51.60%
Black Butte Coal
Summary of Significant Accounting Policies [Line Items]
Impairment of equity method investment	$ 29	$ 29
WES Midstream segment
Summary of Significant Accounting Policies [Line Items]
Non-voting general partner interest		2.30%

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable, after allowance for credit loss, current	$ 2,850	$ 4,281

REVENUE - Schedule of Reconcili

REVENUE - Schedule of Reconciliation of Revenue from Customers to Total Net Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue from customers	$ 6,601	$ 10,351	$ 13,716	$ 18,564
All other revenues	101	325	211	461
Net sales	$ 6,702	$ 10,676	$ 13,927	$ 19,025

REVENUE - Schedule of Revenue f

REVENUE - Schedule of Revenue from Customers by Segment, Product, and Geographical Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of revenue
Revenue from customers	$ 6,601	$ 10,351	$ 13,716	$ 18,564
United States
Disaggregation of revenue
Revenue from customers	5,682	9,070	11,979	16,523
International
Disaggregation of revenue
Revenue from customers	1,149	1,684	2,223	2,736
Eliminations
Disaggregation of revenue
Revenue from customers	(230)	(403)	(486)	(695)
Eliminations \| United States
Disaggregation of revenue
Revenue from customers	0	0	0	0
Eliminations \| International
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Operating segments
Disaggregation of revenue
Revenue from customers	4,941	7,696	10,266	13,771
Oil and gas \| Operating segments \| Oil
Disaggregation of revenue
Revenue from customers	4,241	6,040	8,609	10,839
Oil and gas \| Operating segments \| NGL
Disaggregation of revenue
Revenue from customers	442	896	987	1,656
Oil and gas \| Operating segments \| Gas
Disaggregation of revenue
Revenue from customers	248	754	675	1,267
Oil and gas \| Operating segments \| Other
Disaggregation of revenue
Revenue from customers	10	6	(5)	9
Oil and gas \| Operating segments \| United States
Disaggregation of revenue
Revenue from customers	3,969	6,357	8,418	11,560
Oil and gas \| Operating segments \| United States \| Oil
Disaggregation of revenue
Revenue from customers	3,446	4,894	7,096	8,942
Oil and gas \| Operating segments \| United States \| NGL
Disaggregation of revenue
Revenue from customers	352	783	812	1,481
Oil and gas \| Operating segments \| United States \| Gas
Disaggregation of revenue
Revenue from customers	161	675	516	1,130
Oil and gas \| Operating segments \| United States \| Other
Disaggregation of revenue
Revenue from customers	10	5	(6)	7
Oil and gas \| Operating segments \| International
Disaggregation of revenue
Revenue from customers	972	1,339	1,848	2,211
Oil and gas \| Operating segments \| International \| Oil
Disaggregation of revenue
Revenue from customers	795	1,146	1,513	1,897
Oil and gas \| Operating segments \| International \| NGL
Disaggregation of revenue
Revenue from customers	90	113	175	175
Oil and gas \| Operating segments \| International \| Gas
Disaggregation of revenue
Revenue from customers	87	79	159	137
Oil and gas \| Operating segments \| International \| Other
Disaggregation of revenue
Revenue from customers	0	1	1	2
Oil and gas \| Eliminations
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Eliminations \| Oil
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Eliminations \| NGL
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Eliminations \| Gas
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Eliminations \| Other
Disaggregation of revenue
Revenue from customers	0	0	0	0
Chemical \| Operating segments
Disaggregation of revenue
Revenue from customers	1,374	1,908	2,776	3,591
Chemical \| Operating segments \| United States
Disaggregation of revenue
Revenue from customers	1,292	1,810	2,600	3,412
Chemical \| Operating segments \| International
Disaggregation of revenue
Revenue from customers	82	98	176	179
Chemical \| Eliminations
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and marketing \| Operating segments
Disaggregation of revenue
Revenue from customers	516	1,150	1,160	1,897
Midstream and marketing \| Operating segments \| United States
Disaggregation of revenue
Revenue from customers	421	903	961	1,551
Midstream and marketing \| Operating segments \| International
Disaggregation of revenue
Revenue from customers	95	247	199	346
Midstream and marketing \| Eliminations
Disaggregation of revenue
Revenue from customers	$ 0	$ 0	$ 0	$ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 120	$ 120
Materials and supplies	850	913
Commodity inventory and finished goods	1,172	1,147
Total	2,142	2,180
Revaluation to LIFO	(121)	(121)
Total	$ 2,021	$ 2,059

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Long-term Debt
Long-term debt, gross	$ 17,936		$ 17,958
Unamortized premium, net	1,213		1,261
Debt issuance costs	(67)		(73)
Net book value of debt	19,082		19,146
Long-term finance leases	587		546
Current finance leases	158		143
Total debt and finance leases	19,827		19,835
Less: current maturities of financing leases	(158)		(143)
Less: current maturities of long-term debt	0		(22)
Long-term debt, net	$ 19,669		19,670
8.750% medium-term notes due 2023 \| Medium-term Notes
Long-term Debt
Debt instrument interest rate stated percentage	8.75%	8.75%
Long-term debt, gross	$ 0		22
2.900% senior notes due 2024 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	2.90%
Long-term debt, gross	$ 654		654
6.950% senior notes due 2024 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	6.95%
Long-term debt, gross	$ 291		291
3.450% senior notes due 2024 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	3.45%
Long-term debt, gross	$ 111		111
5.875% senior notes due 2025 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	5.875%
Long-term debt, gross	$ 606		606
3.500% senior notes due 2025 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	3.50%
Long-term debt, gross	$ 137		137
5.500% senior notes due 2025 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	5.50%
Long-term debt, gross	$ 465		465
5.550% senior notes due 2026 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	5.55%
Long-term debt, gross	$ 870		870
3.200% senior notes due 2026 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	3.20%
Long-term debt, gross	$ 182		182
3.400% senior notes due 2026 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	3.40%
Long-term debt, gross	$ 284		284
7.500% debentures due 2026 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7.50%
Long-term debt, gross	$ 112		112
8.500% senior notes due 2027 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	8.50%
Long-term debt, gross	$ 489		489
3.000% senior notes due 2027 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	3%
Long-term debt, gross	$ 216		216
7.125% debentures due 2027 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7.125%
Long-term debt, gross	$ 150		150
7.000% debentures due 2027 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7%
Long-term debt, gross	$ 48		48
6.625% debentures due 2028 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	6.625%
Long-term debt, gross	$ 14		14
7.150% debentures due 2028 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7.15%
Long-term debt, gross	$ 232		232
7.200% senior debentures due 2028 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	7.20%
Long-term debt, gross	$ 82		82
6.375% senior notes due 2028 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	6.375%
Long-term debt, gross	$ 578		578
7.200% debentures due 2029 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7.20%
Long-term debt, gross	$ 135		135
7.950% debentures due 2029 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7.95%
Long-term debt, gross	$ 116		116
8.450% senior notes due 2029 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	8.45%
Long-term debt, gross	$ 116		116
3.500% senior notes due 2029 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	3.50%
Long-term debt, gross	$ 286		$ 286
Variable rate bonds due 2030 (5.920% and 5.320% as of June 30, 2023 and December 31, 2022, respectively) \| Variable Rate Bonds
Long-term Debt
Debt instrument, variable rate	5.92%		5.32%
Long-term debt, gross	$ 68		$ 68
8.875% senior notes due 2030 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	8.875%
Long-term debt, gross	$ 1,000		1,000
6.625% senior notes due 2030 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	6.625%
Long-term debt, gross	$ 1,449		1,449
6.125% senior notes due 2031 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	6.125%
Long-term debt, gross	$ 1,143		1,143
7.500% senior notes due 2031 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	7.50%
Long-term debt, gross	$ 900		900
7.875% senior notes due 2031 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	7.875%
Long-term debt, gross	$ 500		500
6.450% senior notes due 2036 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	6.45%
Long-term debt, gross	$ 1,727		1,727
Zero Coupon senior notes due 2036 \| Senior Notes
Long-term Debt
Long-term debt, gross	$ 673		673
4.300% senior notes due 2039 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	4.30%
Long-term debt, gross	$ 247		247
7.950% senior notes due 2039 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	7.95%
Long-term debt, gross	$ 325		325
6.200% senior notes due 2040 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	6.20%
Long-term debt, gross	$ 737		737
4.500% senior notes due 2044 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	4.50%
Long-term debt, gross	$ 191		191
4.625% senior notes due 2045 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	4.625%
Long-term debt, gross	$ 296		296
6.600% senior notes due 2046 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	6.60%
Long-term debt, gross	$ 1,117		1,117
4.400% senior notes due 2046 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	4.40%
Long-term debt, gross	$ 424		424
4.100% senior notes due 2047 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	4.10%
Long-term debt, gross	$ 258		258
4.200% senior notes due 2048 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	4.20%
Long-term debt, gross	$ 304		304
4.400% senior notes due 2049 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	4.40%
Long-term debt, gross	$ 280		280
7.730% debentures due 2096 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7.73%
Long-term debt, gross	$ 58		58
7.500% debentures due 2096 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7.50%
Long-term debt, gross	$ 60		60
7.250% debentures due 2096 \| Debentures
Long-term Debt
Debt instrument interest rate stated percentage	7.25%
Long-term debt, gross	$ 5		$ 5

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Long-term Debt
Payments of long-term debt		$ 22	$ 7,108
Level 1 \| Estimate of Fair Value Measurement
Long-term Debt
Fair value of long-term debt		$ 17,600		$ 17,600
8.750% medium-term notes due 2023 \| Medium-term Notes
Long-term Debt
Payments of long-term debt	$ 22
Interest rate	8.75%	8.75%

DERIVATIVES - Schedule of Marke

DERIVATIVES - Schedule of Marketing Derivatives (Details)	6 Months Ended				12 Months Ended
DERIVATIVES - Schedule of Marketing Derivatives (Details)	Jun. 30, 2023 $ / bbl	Jun. 30, 2023 $ / MMcf	Jun. 30, 2023 MMBbls	Jun. 30, 2023 Bcf	Dec. 31, 2022 $ / bbl	Dec. 31, 2022 $ / MMcf	Dec. 31, 2022 MMBbls	Dec. 31, 2022 Bcf
Marketing Derivatives \| Not Designated as Hedging Instruments
Outstanding commodity derivatives contracts not designated as hedging instruments
Weighted average sales price (in dollars per barrel)	73.72	2.65			81.37	7.89
Oil commodity contracts \| Short position
Outstanding commodity derivatives contracts not designated as hedging instruments
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) \| MMBbls			(46)				(33)
Natural gas commodity contracts \| Short position
Outstanding commodity derivatives contracts not designated as hedging instruments
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) \| Bcf				(73)				(112)

DERIVATIVES - Schedule of Fair

DERIVATIVES - Schedule of Fair Value Derivatives (Details) - Marketing Derivatives - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Gross and net fair values of outstanding derivatives
Collateral received netted against derivative assets	$ 35
Collateral paid netted against derivative liabilities	1	$ 15
Other current assets
Gross and net fair values of outstanding derivatives
Netting, asset	(948)	(980)
Total net fair value, asset	90	67
Long-term receivables and other assets, net
Gross and net fair values of outstanding derivatives
Netting, asset	(20)	(1)
Total net fair value, asset	3	2
Accrued liabilities
Gross and net fair values of outstanding derivatives
Netting and collateral, liability	948	980
Total net fair value, liability	(20)	(54)
Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives
Netting and collateral, liability	20	2
Total net fair value, liability	0	0
Level 1 \| Other current assets
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	976	920
Level 1 \| Long-term receivables and other assets, net
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	22	1
Level 1 \| Accrued liabilities
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	(926)	(938)
Level 1 \| Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	(20)	(1)
Level 2 \| Other current assets
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	62	127
Level 2 \| Long-term receivables and other assets, net
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	1	2
Level 2 \| Accrued liabilities
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	(42)	(96)
Level 2 \| Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	0	(1)
Level 3 \| Other current assets
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	0	0
Level 3 \| Long-term receivables and other assets, net
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	0	0
Level 3 \| Accrued liabilities
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	0	0
Level 3 \| Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	$ 0	$ 0

DERIVATIVES - Schedule of Gains

DERIVATIVES - Schedule of Gains and Losses on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	$ 0	$ 127	$ 0	$ 262
Marketing Derivatives \| Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	100	324	207	459
Interest Rate Swaps \| Gain on interest rate swaps, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	$ 0	$ 127	$ 0	$ 262

DERIVATIVES - Credit Risk (Deta

DERIVATIVES - Credit Risk (Details) - Not Designated as Hedging Instruments - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Aggregate fair value of derivative instruments with credit-risk-related contingent features, net receivable position	$ 52
Aggregate fair value of derivative instruments with credit-risk-related contingent features for which a net liability position existed (net of collateral)		$ 18

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 1,327	$ 4,986	$ 3,061	$ 8,069
Current
Federal	(181)	(640)	(446)	(855)
State and Local	(14)	(50)	(32)	(84)
Foreign	(191)	(338)	(362)	(536)
Total current tax expense	(386)	(1,028)	(840)	(1,475)
Deferred
Federal	(5)	(231)	(19)	1,982
State and Local	(3)	5	(6)	78
Foreign	(73)	23	(73)	(23)
Total deferred tax benefit (expense)	(81)	(203)	(98)	2,037
Total income tax benefit (expense)	(467)	(1,231)	(938)	562
NET INCOME	$ 860	$ 3,755	$ 2,123	$ 8,631
Worldwide effective tax rate	35%	25%	31%	(7.00%)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Billions	3 Months Ended		6 Months Ended		12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Billions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Worldwide effective tax rate	35%	25%	31%	(7.00%)
Income tax benefit from reorganization					$ 2.7

ENVIRONMENTAL LIABILITIES AND_3

ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Details)	1 Months Ended					3 Months Ended	6 Months Ended
ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Details)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) party	Sep. 30, 2021 USD ($) mi	Jun. 30, 2018 USD ($)	Mar. 31, 2016 mi	Sep. 30, 2016 party	Jun. 30, 2023 USD ($) site segment
Environmental remediation reserves
Number of Sites \| site							160
Current portion of environmental remediation liabilities							$ 141,000,000
Environmental loss contingency, statement of financial position							Environmental remediation reserves, non-current, included in deferred credits and other liabilities - other, Accrued liabilities
Environmental remediation reserves, non-current, included in deferred credits and other liabilities - other		$ 905,000,000					$ 867,000,000
Remediation Balance							1,008,000,000
Environmental reserves, exceeding $ ten million, threshold value							$ 10,000,000
Environmental reserves, exceeding $ ten million, threshold value, number of sites \| site							16
Environmental reserves, range between zero to $ one million site category, number of sites \| site							95
Percent of reserve to be funded over the next three to four years							40%
Period of expending remaining environmental reserves (or more)							10 years
Environmental remediation additional loss range							$ 2,700,000,000
Subsidiaries
Environmental remediation reserves
Number of Sites \| site							160
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
Non-National Priorities List Sites
Environmental remediation reserves
Environmental remediation contingency, number of site categories \| site							3
NPL Sites
Environmental remediation reserves
Number of Sites \| site							30
Remediation Balance							$ 438,000,000
Third-Party Sites
Environmental remediation reserves
Number of Sites \| site							66
Remediation Balance							$ 217,000,000
Currently Operated Sites
Environmental remediation reserves
Number of Sites \| site							13
Remediation Balance							$ 101,000,000
Closed or Non-Operated Sites
Environmental remediation reserves
Number of Sites \| site							51
Remediation Balance							$ 252,000,000
Diamond Alkali Superfund Site
Environmental remediation reserves
Site contingency, number of operating units \| segment							4
Diamond Alkali Superfund Site - Operable Unit Two
Environmental remediation reserves
Stretch of lower passaic river requiring remedial actions \| mi					8.3
Number of parties notified to pay the cost \| party						100
Environmental remediation expense				$ 1,400,000,000
Diamond Alkali Superfund Site - Operable Unit Four
Environmental remediation reserves
Stretch of lower passaic river requiring remedial actions \| mi			17
Environmental remediation expense			$ 440,000,000
Stretch of lower passaic river not covered by remedial actions \| mi			9
Financial assurance	$ 93,000,000
Alden Leeds
Environmental remediation reserves
Number of parties, settled \| party		85
Alden Leeds \| Alden Leeds
Environmental remediation reserves
Environmental remediation expense		$ 150,000,000
Number of parties, settled \| party		85
Financial assurance							$ 93,000,000

LAWSUITS, CLAIMS, COMMITMENTS_2

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	1 Months Ended				3 Months Ended	5 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($) party	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2017	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Lawsuits, commitments and contingencies
Tentative cash tax refund							$ 3	$ 70
Alden Leeds
Lawsuits, commitments and contingencies
Number of parties, settled \| party		85
Environmental remediation costs, released		$ 150
Federal
Lawsuits, commitments and contingencies
Potential cash tax	$ 1,400				$ 1,400		1,400
State
Lawsuits, commitments and contingencies
Potential cash tax	28				28		28
Anadarko
Lawsuits, commitments and contingencies
Tentative cash tax refund										$ 881
Potential accrued interest	493				493		493
Arbitration filed by Andes Petroleum Ecuador Ltd
Lawsuits, commitments and contingencies
Proceeds from settlement										$ 1,000
Recovery of amount awarded in settlement amount (as a percent)										60%
Percentage of judgment amount claimed									40%
Own economic interest (as a percent)									60%
Amount awarded to other party in litigation			$ 558	$ 391
Litigation settlement interest	$ 166
Maxus Filed Bankruptcy
Lawsuits, commitments and contingencies
Amount awarded from other party in litigation							575
Gains related to legal settlements					$ 260		$ 260
Maxus Filed Bankruptcy \| Forecast
Lawsuits, commitments and contingencies
Proceeds from settlement						$ 350
Tronox Settlement
Lawsuits, commitments and contingencies
Payments for settlement											$ 5,200

EARNINGS PER SHARE AND STOCKH_3

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic earnings (loss) per common share
Net income	$ 860	$ 3,755	$ 2,123	$ 8,631
Less: Preferred stock dividends and redemption premiums	(255)	(200)	(535)	(400)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	605	3,555	1,588	8,231
Less: Net income allocated to participating securities	(4)	(28)	(10)	(59)
Net income, net of participating securities	$ 601	$ 3,527	$ 1,578	$ 8,172
Weighted-average number of basic shares (in shares)	889.3	939.2	895.6	938.3
Basic income per common share (in dollars per share)	$ 0.68	$ 3.76	$ 1.76	$ 8.71
Less: Net income allocated to participating securities	$ (4)	$ (26)	$ (10)	$ (56)
Net income, net of participating securities	$ 601	$ 3,529	$ 1,578	$ 8,175
Dilutive securities (in shares)	69.5	79.1	71.8	69.2
Dilutive effect of potentially dilutive securities (in shares)	958.8	1,018.3	967.4	1,007.5
Diluted income per common share (in dollars per share)	$ 0.63	$ 3.47	$ 1.63	$ 8.11

EARNINGS PER SHARE AND STOCKH_4

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 08, 2019	Aug. 02, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Feb. 28, 2023
Class of Stock [Line Items]
Stock repurchased during period, value							$ 3,000
Payments of preferred stock dividends			$ 205
Shares of preferred stock were redeemed			522		$ 1,169
Redemption premium			52		117
Preferred stock, value, outstanding			$ 8,800		$ 8,800
Subsequent Event
Class of Stock [Line Items]
Payments for repurchase of preferred stock and preference stock		$ 304
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, liquidation preference, par value percentage			10%		10%
Common stock, redemption threshold, per share			$ 4		$ 4
Preferred stock, voluntary redemption, percentage			5%		5%
Anadarko \| Series A Preferred Stock
Class of Stock [Line Items]
Issued as part of the merger (in shares)	100,000
Face value per share (in dollars per share)	$ 100,000
Face value (in dollars per share)	$ 105,000
Preferred stock accrual rate per annum	8%
Preferred stock accrual rate per annum on unpaid amounts	9%
Warrant
Class of Stock [Line Items]
Berkshire warrants, common stock warrants, and options excluded from diluted shares (in shares)			0	0	0	0
Preferred Stock
Class of Stock [Line Items]
Shares of preferred stock were redeemed			$ 522		$ 1,169
Preferred stock redeemed, including premium					$ 1,300

EARNINGS PER SHARE AND STOCKH_5

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Schedule of Repurchase Agreements (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Exercise of warrants and options (in shares)	205,631	268,371	474,002
Other (in shares)	158,473	3,935,166	4,093,639
Treasury stock purchases (in shares)	(7,233,460)	(12,511,237)	(19,744,697)
Common stock, outstanding (in shares)	884,681,888	891,551,244	884,681,888	899,858,944
Proceeds from exercise of warrants and options			$ 16
Strike Price One
Class of Stock [Line Items]
Outstanding warrants (in shares)	103,800,000		103,800,000
Exercise price of warrant (in dollars per share)	$ 22		$ 22
Strike Price Two
Class of Stock [Line Items]
Outstanding warrants (in shares)	83,900,000		83,900,000
Exercise price of warrant (in dollars per share)	$ 59.62		$ 59.62

EARNINGS PER SHARE AND STOCKH_6

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Schedule of Obligated Preferred Stock Redemptions (Details) - shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Preferred Stock Redemptions [Roll Forward]
Preferred stock, beginning balance (in shares)	93,532	100,000
Less: Obligated redemptions (in shares)	(5,220)	(6,468)
Preferred stock, ending balance (in shares)	88,312	93,532

EARNINGS PER SHARE AND STOCKH_7

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Components of Preferred Stock Dividends and Redemptions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Preferred dividends	$ 190		$ 390
Redemption premium	52		117
Redemption value in excess of carrying value	13		28
Preferred dividend and redemption premiums	$ 255	$ 200	$ 535	$ 400

SEGMENTS - Schedule of Industry

SEGMENTS - Schedule of Industry Segments and Eliminations (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Segment Information
Number of operating segments \| segment			3
Net sales	$ 6,702	$ 10,676	$ 13,927	$ 19,025
Income (loss) before income taxes	1,327	4,986	3,061	8,069
Income tax expense	(467)	(1,231)	(938)	562
NET INCOME	860	3,755	2,123	8,631
Gains on sales of assets, net	1	23	5	158
Black Butte Coal
Segment Information
Impairment of equity method investment	29		29
Deferred Income Tax Charge
Segment Information
Deferred tax charges	68		68
Land
Segment Information
Impairment and related charges	180		180
Maxus Filed Bankruptcy
Segment Information
Gains related to legal settlements	260		260
Oil and gas \| Black Butte Coal
Segment Information
Impairment of equity method investment	29		29
Oil and gas \| Land
Segment Information
Impairment and related charges	180		180
Operating segments \| Oil and gas
Segment Information
Net sales	4,941	7,696	10,266	13,771
Income (loss) before income taxes	1,059	4,094	2,699	6,992
Income tax expense	0	0	0	0
NET INCOME	1,059	4,094	2,699	6,992
Gains related to legal settlements			26
Operating segments \| Oil and gas \| Disposed of by sale, not discontinued operations \| Permian Basin
Segment Information
Gains on sales of assets, net				147
Operating segments \| Chemical
Segment Information
Net sales	1,375	1,909	2,780	3,593
Income (loss) before income taxes	436	800	908	1,471
Income tax expense	0	0	0	0
NET INCOME	436	800	908	1,471
Operating segments \| Midstream and marketing
Segment Information
Net sales	616	1,474	1,367	2,356
Income (loss) before income taxes	(30)	264	(28)	214
Income tax expense	0	0	0	0
NET INCOME	(30)	264	(28)	214
Corporate and eliminations
Segment Information
Net sales	(230)	(403)	(486)	(695)
Income (loss) before income taxes	(138)	(172)	(518)	(608)
Income tax expense	(467)	(1,231)	(938)	562
NET INCOME	(605)	(1,403)	(1,456)	(46)
Mark to market gain (loss) on interest rate swaps		127		262
Gain on debt extinguished		179		161
Non-cash income tax benefit from reorganization				2,600
Corporate and eliminations \| Midstream and marketing
Segment Information
Mark to market gain (loss) on interest rate swaps	$ 48	$ 96	$ 40	$ 102