Occidental Petroleum (OXY) 10-Q7 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 30, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		886,636,750
Entity Central Index Key	0000797468
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock, $0.20 par value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.20 par value
Trading Symbol	OXY
Security Exchange Name	NYSE
Warrants to Purchase Common Stock, $0.20 par value
Entity Information [Line Items]
Title of 12(b) Security	Warrants to Purchase Common Stock, $0.20 par value
Trading Symbol	OXY WS
Security Exchange Name	NYSE

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 1,272	$ 1,426
Trade receivables, net of reserves of $29 in 2024 and $29 in 2023	3,271	3,195
Inventories	2,131	2,022
Other current assets	1,671	1,732
Total current assets	8,345	8,375
INVESTMENTS IN UNCONSOLIDATED ENTITIES	3,400	3,224
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	128,542	126,811
Accumulated depreciation, depletion and amortization	(69,779)	(68,282)
Net property, plant and equipment	58,763	58,529
OPERATING LEASE ASSETS	1,038	1,130
OTHER LONG-TERM ASSETS	2,731	2,750
TOTAL ASSETS	74,277	74,008
CURRENT LIABILITIES
Current maturities of long-term debt	1,203	1,202
Current operating lease liabilities	424	446
Accounts payable	3,827	3,646
Accrued liabilities	3,358	3,854
Total current liabilities	8,812	9,148
LONG-TERM DEBT, NET
Long-term debt, net	18,545	18,536
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net	5,728	5,764
Asset retirement obligations	3,867	3,882
Pension and postretirement obligations	933	931
Environmental remediation liabilities	870	889
Operating lease liabilities	664	727
Other	3,891	3,782
Total deferred credits and other liabilities	15,953	15,975
EQUITY
Preferred stock, at $1.00 per share par value: 2024 — $84,897 shares and 2023 —$84,897 shares	8,287	8,287
Common stock, at $0.20 per share par value, authorized shares: 1.5 billion, issued shares: 2024 — 1,114,773,127 shares and 2023 — 1,107,516,500 shares	223	222
Treasury stock: 2024 — $228,053,397 shares and 2023 — $228,053,397 shares	(15,582)	(15,582)
Additional paid-in capital	17,456	17,422
Retained earnings	20,147	19,626
Accumulated other comprehensive income	280	275
Total stockholders' equity	30,811	30,250
Non-controlling interest	156	99
Total equity	30,967	30,349
TOTAL LIABILITIES AND EQUITY	74,277	74,008
Corporate
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	1,060	1,039
Oil and gas \| Operating segments
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	110,680	109,214
Chemical \| Operating segments
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	8,315	8,279
Midstream and marketing \| Operating segments
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	$ 8,487	$ 8,279

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Trade receivables, reserves	$ 29	$ 29
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, outstanding (in shares)	84,897	84,897
Preferred stock, issued (in shares)	84,897	84,897
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)	1,114,773,127	1,107,516,500
Treasury stock, shares (in shares)	228,053,397	228,053,397

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES AND OTHER INCOME
Net sales	$ 5,975	$ 7,225
Interest, dividends and other income	36	29
Gains (losses) on sales of assets and other, net	(1)	4
Total	6,010	7,258
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense	1,161	1,081
Transportation and gathering expense	353	384
Chemical and midstream cost of sales	742	745
Purchased commodities	86	498
Selling, general and administrative expenses	259	241
Other operating and non-operating expense	410	308
Taxes other than on income	235	306
Depreciation, depletion and amortization	1,693	1,721
Acquisition-related costs	12	0
Exploration expense	66	102
Interest and debt expense, net	284	238
Total	5,301	5,624
Income before income taxes and other items	709	1,634
OTHER ITEMS
Income from equity investments and other	301	100
Total	301	100
Income before income taxes	1,010	1,734
Income tax expense	(304)	(471)
Income from continuing operations	706	1,263
Discontinued operations, net of taxes	182	0
NET INCOME	888	1,263
Less: Preferred stock dividends and redemption premiums	(170)	(280)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 718	$ 983
PER COMMON SHARE
Income from continuing operations—basic (in dollars per share)	$ 0.60	$ 1.08
Discontinued operations—basic (in dollars per share)	0.21	0
Net income attributable to common stockholders—basic (in dollars per share)	0.81	1.08
PER COMMON SHARE, DILUTED
Income from continuing operations—diluted (in dollars per share)	0.56	1
Discontinued operations—diluted (in dollars per share)	0.19	0
Net income attributable to common stockholders—diluted (in dollars per share)	$ 0.75	$ 1

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income		$ 888	$ 1,263
Other comprehensive income (loss) items:
Gains on derivatives	[1]	9	63
Pension and postretirement losses	[2]	(4)	(5)
Other		0	2
Other comprehensive income, net of tax		5	60
Comprehensive income attributable to preferred and common stockholders		$ 893	$ 1,323

[1] Net of tax expense of zero for the three months ended March 31, 2024 and 2023. Net of tax expense of $1 million for the three months ended March 31, 2024 and 2023.

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Gains on derivatives, tax expense	$ 0	$ 0
Pension and postretirement gains, tax expenses	$ 1,000,000	$ 1,000,000

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$ 888	$ 1,263
Adjustments to reconcile net income to net cash provided by operating activities:
Discontinued operations, net	(182)	0
Depreciation, depletion and amortization of assets	1,693	1,721
Deferred income tax provision (benefit)	(91)	17
Noncash charges to income and other	138	152
Changes in operating assets and liabilities:
(Increase) decrease in receivables	(76)	1,010
Increase in inventories	(110)	(248)
(Increase) decrease in other current assets	6	(122)
Decrease in accounts payable and accrued liabilities	(454)	(1,174)
Increase in current domestic and foreign income taxes	195	251
Net cash provided by operating activities	2,007	2,870
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(1,783)	(1,461)
Change in capital accrual	51	(20)
Purchases of businesses and assets, net	(142)	(151)
Proceeds from sales of assets, net	98	54
Equity investments and other, net	(34)	(20)
Net cash used by investing activities	(1,810)	(1,598)
CASH FLOW FROM FINANCING ACTIVITIES
Payments of long-term debt, net	0	(22)
Proceeds from issuance of common stock	88	30
Purchases of treasury stock	0	(732)
Cash dividends paid on common and preferred stock	(332)	(320)
Contribution from noncontrolling interest	57	0
Other financing, net	(141)	(36)
Net cash used by financing activities	(328)	(1,080)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	(131)	192
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period	1,464	1,026
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period	$ 1,333	$ 1,218

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	Non-controlling Interests
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	1,263					1,263
Other comprehensive income, net of tax	60						60
Dividends on common stock	(164)					(164)
Dividends on preferred stock	(200)					(200)
Preferred stock redemption - face value	(647)	(647)
Preferred stock redemption - premium	(65)					(65)
Preferred stock redemption value in excess of carrying value	0	15				(15)
Shareholder warrants exercised	2				2
Options exercised	7				7
Issuance of common stock and other, net of cancellations	(30)		1		(31)
Purchases of treasury stock	(752)			(752)
Ending balance at Mar. 31, 2023	29,559	9,130	221	(14,524)	17,159	17,318	255
Beginning balance at Dec. 31, 2023	30,250
Beginning balance, including NCI at Dec. 31, 2023	30,349	8,287	222	(15,582)	17,422	19,626	275	$ 99
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	888					888
Other comprehensive income, net of tax	5						5
Dividends on common stock	(197)					(197)
Dividends on preferred stock	(170)					(170)
Shareholder warrants exercised	72				72
Issuance of common stock and other, net of cancellations	(37)		1		(38)
Noncontrolling interest contributions	57							57
Ending balance at Mar. 31, 2024	30,811
Ending balance, including NCI at Mar. 31, 2024	$ 30,967	$ 8,287	$ 223	$ (15,582)	$ 17,456	$ 20,147	$ 280	$ 156

Consolidated Condensed Statem_6

Consolidated Condensed Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in dollars per share)	$ 0.22	$ 0.18
Dividends on preferred stock (in dollars per share)	$ 2,000	$ 2,000

GENERAL

GENERAL	3 Months Ended
GENERAL	Mar. 31, 2024
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 2023 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 three months ended March 31, 2024 and 2023 and Occidental’s financial position as of March 31, 2024 and December 31, 2023. The income and cash flows for the periods ended March 31, 2024 and 2023 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 include investments in government money market funds in which the carrying value approximates fair value. The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Consolidated Condensed Statements of Cash Flows as of March 31, 2024 and 2023: millions 2024 2023 Cash and cash equivalents $ 1,272 $ 1,165 Restricted cash and restricted cash equivalents included in other current assets 44 36 Restricted cash and restricted cash equivalents included in other long-term assets, net 17 17 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,333 $ 1,218 SUPPLEMENTAL CASH FLOW INFORMATION The following table represents U.S. federal, state and international income taxes paid and interest paid during the three months ended March 31, 2024 and 2023, respectively: millions 2024 2023 Income tax payments $ 152 $ 164 Interest paid (a) $ 395 $ 410 (a) Net of capitalized interest of $33 million and $19 million for the three months ended March 31, 2024 and 2023, respectively. WES INVESTMENT WES is a publicly traded limited partnership with its limited partner units traded on the NYSE under the ticker symbol "WES". As of March 31, 2024, Occidental owned all of the 2.3% non-voting general partner interest, 48.7% of the WES limited partner units, and a 2% non-voting limited partner interest in WES Operating, a subsidiary of WES. As of March 31, 2024, Occidental's combined share of net income from WES and its subsidiaries was 50.9%. NON-CONTROLLING INTEREST In 2023, Occidental and BlackRock formed a joint venture for the continued development of the first commercial scale direct air capture facility using Carbon Engineering technology. The joint venture is a VIE and Occidental consolidates the VIE as it is the primary beneficiary. BlackRock’s investment is accounted for as an NCI. Each party has committed to make additional investments towards the completion of the direct air capture facility in Ector County, Texas, with BlackRock committed to invest up to $550 million. In addition, Occidental has entered into agreements with the joint venture related to project management, operations and maintenance and carbon removal offtake. Occidental may incur additional payments if certain construction and operational thresholds are not met. Occidental may call the NCI on June 30, 2025 or earlier if the plant does not achieve commercial operations or ceases and permanently discontinues operations. Dividends from the joint venture will be distributed preferentially to the NCI up to a return threshold, then preferentially to Occidental thereafter. The NCI receives preferential distributions in liquidation.

REVENUE

REVENUE	3 Months Ended
REVENUE	Mar. 31, 2024
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 March 31, 2024, trade receivables, net of $3.3 billion represent rights to payment for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time. The following table shows a reconciliation of revenue from customers to total net sales for the three months ended March 31, 2024 and 2023: Three months ended March 31, millions 2024 2023 Revenue from customers $ 6,731 $ 7,115 All other revenues (a) (756) 110 Net sales $ 5,975 $ 7,225 (a) Includes marketing and chemical other revenues. DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS The table below presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGL and gas at the lease or concession area. Chemical segment revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale: millions United States International Eliminations Total Three months ended March 31, 2024 Oil and gas Oil $ 3,349 $ 772 $ — $ 4,121 NGL 416 99 — 515 Gas 187 87 — 274 Other 5 — — 5 Segment total $ 3,957 $ 958 $ — $ 4,915 Chemical $ 1,115 $ 70 $ — $ 1,185 Midstream and marketing $ 760 $ 96 $ — $ 856 Eliminations $ — $ — $ (225) $ (225) Consolidated $ 5,832 $ 1,124 $ (225) $ 6,731 millions United States International Eliminations Total Three months ended March 31, 2023 Oil and gas Oil $ 3,650 $ 718 $ — $ 4,368 NGL 460 85 — 545 Gas 355 72 — 427 Other (16) 1 — (15) Segment total $ 4,449 $ 876 $ — $ 5,325 Chemical $ 1,308 $ 94 $ — $ 1,402 Midstream and marketing $ 540 $ 104 $ — $ 644 Eliminations $ — $ — $ (256) $ (256) Consolidated $ 6,297 $ 1,074 $ (256) $ 7,115

INVENTORIES

INVENTORIES	3 Months Ended
INVENTORIES	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, inventories consisted of the following: millions March 31, 2024 December 31, 2023 Raw materials $ 107 $ 115 Materials and supplies 1,068 988 Commodity inventory and finished goods 1,064 1,027 2,239 2,130 Revaluation to LIFO (108) (108) Total $ 2,131 $ 2,022

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
LONG-TERM DEBT	Mar. 31, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	NOTE 4 - LONG-TERM DEBT As of March 31, 2024 and December 31, 2023, Occidental’s debt consisted of the following: millions March 31, 2024 December 31, 2023 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 (5.690% and 5.750% as of March 31, 2024 and December 31, 2023, respectively) 68 68 8.875% senior notes due 2030 1,000 1,000 6.625% senior notes due 2030 1,449 1,449 6.125% senior notes due 2031 1,143 1,143 7.500% senior notes due 2031 900 900 7.875% senior notes due 2031 500 500 6.450% senior notes due 2036 1,727 1,727 Zero Coupon senior notes due 2036 673 673 0.000% loan due 2039 19 19 4.300% senior notes due 2039 247 247 7.950% senior notes due 2039 325 325 6.200% senior notes due 2040 737 737 4.500% senior notes due 2044 191 191 4.625% senior notes due 2045 296 296 6.600% senior notes due 2046 1,117 1,117 4.400% senior notes due 2046 424 424 4.100% senior notes due 2047 258 258 (continued on next page) millions (continued) 2024 2023 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 $ 17,955 $ 17,955 The following table summarizes Occidental's outstanding debt, including finance lease liabilities: millions March 31, 2024 December 31, 2023 Total borrowings at face value $ 17,955 $ 17,955 Adjustments to book value: Unamortized premium, net 1,125 1,152 Debt issuance costs (66) (106) Net book value of debt $ 19,014 $ 19,001 Long-term finance leases, included in Long-term debt 588 591 Current finance leases, included in Current maturities of long-term debt 146 146 Total debt and finance leases $ 19,748 $ 19,738 Less: current maturities of financing leases (146) (146) Less: current maturities of long-term debt (1,057) (1,056) Long-term debt, net $ 18,545 $ 18,536 DEBT ACTIVITY In February 2024, Occidental entered into a Third Amended and Restated Credit Agreement for the RCF retaining its $4.0 billion borrowing capacity, but extending the maturity date to June 30, 2028. Occidental has $1.1 billion of debt maturities due in the next 12 months. In the first quarter of 2023, Occidental used cash on hand to repay $22 million of its 8.750% medium-term notes upon maturity. FAIR VALUE OF DEBT The estimated fair value of Occidental’s debt as of March 31, 2024 and December 31, 2023, substantially all of which was classified as Level 1, was approximately $18.0 billion.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
ACQUISITIONS	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	NOTE 5 - ACQUISITIONS CROWNROCK ACQUISITION In December 2023, Occidental entered into an agreement to purchase CrownRock L.P. for total consideration of approximately $12.0 billion. If regulatory approval is received, Occidental intends to finance the purchase with the issuance with up to $9.1 billion of new debt, the issuance of approximately 29.6 million shares of common equity and the assumption of CrownRock’s $1.2 billion of existing debt. The amount of new debt issued will be decreased by any available cash and excess cash flow generated by CrownRock from January 1, 2024 to close. The agreement is subject to customary closing conditions and the receipt of regulatory approval, including the expiration or termination of the waiting period (and any extensions thereof) under the HSR Act. In connection with the CrownRock Acquisition, Occidental has secured a fully-committed $5.3 billion bridge loan facility, a $2.0 billion 364-day term loan, and a $2.7 billion two-year term loan. No amounts were drawn as of March 31, 2024 under any of the aforementioned acquisition financings. Proceeds from the loans must be used to fund all or a portion of the CrownRock Acquisition. Financing costs related to the CrownRock Acquisition of $44 million were included in interest and debt expense, net, for the three months ended March 31, 2024. On January 19, 2024, Occidental and the Sellers each received a Second Request from the Federal Trade Commission in connection with its review of the CrownRock Acquisition. A Second Request extends the waiting period imposed by the HSR Act until 30 days after each of Occidental and the Sellers have substantially complied with the Second Request issued to them, unless that period is extended voluntarily by Occidental and the Sellers or terminated sooner by the Federal Trade Commission. The response to the Second Request is ongoing, and Occidental and the Sellers continue to work constructively with the Federal Trade Commission in its review of the CrownRock Acquisition.

DERIVATIVES

DERIVATIVES	3 Months Ended
DERIVATIVES	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	NOTE 6 - DERIVATIVES OBJECTIVE AND STRATEGY Occidental uses a variety of derivative financial instruments and physical contracts to manage its exposure to commodity price fluctuations and 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 purposes. Occidental may elect normal purchases and normal sales exclusions when physically delivered commodities are purchased or sold to a customer. Occidental occasionally applies cash flow hedge accounting treatment to derivative financial instruments to lock in margins on the forecasted sales of its natural gas storage volumes, and at times for other strategies, such as to lock in rates on debt issuances. The value of cash flow hedges is insignificant for all periods presented. As of March 31, 2024, Occidental’s marketing derivatives are not designated as hedges. MARKETING DERIVATIVES Occidental's marketing derivative instruments are short-duration physical and financial forward contracts. As of March 31, 2024, the weighted-average settlement price of these forward contracts was $80.26 per barrel and $1.51 per Mcf for crude oil and natural gas, respectively. The weighted-average settlement price was $76.36 per barrel and $2.62 per Mcf for crude oil and natural gas, respectively, as of December 31, 2023. 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 as of: long (short) March 31, 2024 December 31, 2023 Oil commodity contracts Volume (MMbbl) (27) (20) Natural gas commodity contracts Volume (Bcf) (138) (113) FAIR VALUE OF DERIVATIVES The following tables present the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts below, including when the derivatives are subject to netting arrangements, and are presented on a net basis in the Consolidated Condensed Balance Sheets: millions Fair Value Measurements Using Netting (a) Total Fair Value Balance Sheet Classifications Level 1 Level 2 Level 3 March 31, 2024 Marketing Derivatives Other current assets $ 1,289 $ 95 $ — $ (1,349) $ 35 Other long-term assets 6 1 — (6) 1 Accrued liabilities (1,340) (99) — 1,349 (90) Deferred credits and other liabilities - other (6) (3) — 6 (3) December 31, 2023 Marketing Derivatives Other current assets $ 1,008 $ 100 $ — $ (1,009) $ 99 Other long-term assets 47 1 — (43) 5 Accrued liabilities (967) (64) — 1,009 (22) Deferred credits and other liabilities - other (43) (6) — 43 (6) (a) These amounts do not include collateral. Occidental netted $45 million of collateral deposited with brokers against derivatives liabilities as of March 31, 2024 and netted $42 million of collateral received with brokers against derivative assets as of December 31, 2023. GAINS AND LOSSES ON DERIVATIVES The following table presents net losses related to Occidental's derivative instruments and the location on the Consolidated Condensed Statements of Operations. millions Three months ended March 31, Income Statement Classification 2024 2023 Marketing Derivatives (included in Net sales) $ (238) $ (6) CREDIT RISK The majority of Occidental’s counterparty credit risk is related to the physical delivery of energy commodities to its customers and their potential inability to meet their settlement commitments. Occidental manages credit risk by selecting counterparties that it believes to be financially strong, by entering into netting arrangements with counterparties and by requiring collateral or other credit risk mitigants, as appropriate. Occidental actively evaluates the creditworthiness of its counterparties, assigns appropriate credit limits and monitors credit exposures against those assigned limits. Occidental also enters into futures contracts through regulated exchanges with select clearinghouses and brokers, which are subject to minimal credit risk, if any.

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 7 - INCOME TAXES The following table summarizes components of income tax expense: Three months ended March 31, millions 2024 2023 Income before income taxes $ 1,010 $ 1,734 Current Federal (243) (265) State and Local (12) (18) Foreign (140) (171) Total current tax expense $ (395) $ (454) Deferred Federal 81 (14) State and Local 2 (3) Foreign 8 — Total deferred tax benefit (expense) $ 91 $ (17) Total income tax expense $ (304) $ (471) Net income $ 706 $ 1,263 Worldwide effective tax rate 30 % 27 % The 30% and 27% worldwide effective tax rates for the three months ended March 31, 2024 and three months ended March 31, 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%. INFLATION REDUCTION ACT AND PILLAR TWO In August 2022, Congress passed the IRA that contains, among other provisions, a corporate book minimum tax on financial statement income, an excise tax on stock buybacks, a methane emissions charge and certain tax incentives related to climate change and clean energy. Occidental is currently evaluating the guidance and proposed regulations. The ultimate impact of the IRA to Occidental will depend on a number of factors including future commodity prices, interpretations and assumptions as well as additional regulatory guidance. Approximately 140 countries have agreed to a statement in support of the OECD Pillar Two initiative that proposes a 15% global minimum tax on a jurisdiction-by-jurisdiction basis. A number of countries, including European Union member states, the United Kingdom, and Canada have enacted or are in the process of enacting legislation to be effective in 2024, with widespread implementation of a global minimum tax expected by 2025. As the legislation becomes effective in countries in which Occidental operates, its cash tax could increase, and its effective tax rate could be negatively impacted. Occidental will continue to monitor proposed legislation and guidance issued by both the OECD as well as the jurisdictions in which it operates to assess the impact on its tax position. We do not expect the provisions effective in 2024 to have a materially adverse impact on our results of operations, financial position, or cash flows.

ENVIRONMENTAL LIABILITIES AND E

ENVIRONMENTAL LIABILITIES AND EXPENDITURES	3 Months Ended
ENVIRONMENTAL LIABILITIES AND EXPENDITURES	Mar. 31, 2024
Environmental Remediation Obligations [Abstract]
ENVIRONMENTAL LIABILITIES AND EXPENDITURES	NOTE 8 - 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 March 31, 2024, certain Occidental subsidiaries participated in or monitored remedial activities or proceedings at 159 sites. The following table presents the current and non-current environmental remediation liabilities of such subsidiaries on a consolidated basis as of March 31, 2024. The current portion of $131 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 32 $ 432 Third-Party Sites 64 220 Currently Operated Sites 12 96 Closed or Non-Operated Sites 51 253 Total 159 $ 1,001 As of March 31, 2024, environmental remediation liabilities of Occidental subsidiaries exceeded $10 million each at 18 of the 159 sites described above, and 93 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 45% 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 159 environmental sites in the table above could be up to $2.6 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, 2023. MAXUS ENVIRONMENTAL SITES A significant portion of aggregate estimates of environmental remediation liabilities and reasonably possible additional losses described above relates to the former DSCC. When OxyChem acquired DSCC in 1986, Maxus agreed to indemnify OxyChem for a number of environmental sites, including the DASS. In June 2016, Maxus and several affiliated companies filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. Prior to filing for bankruptcy, Maxus defended and indemnified OxyChem in connection with remediation costs and other liabilities associated with the sites subject to the indemnity. In 2023, OxyChem recovered on its remaining claims for indemnified costs from the proceeds of litigation brought by the Maxus Liquidating Trust. 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: Maxus and its affiliates implemented an interim remedy of OU1 pursuant to a 1990 Consent Decree, for which OxyChem currently performs maintenance and monitoring. The EPA conducts periodic evaluations of the interim remedy for OU1. OU2 – The Lower 8.3 Miles of the Lower Passaic River: In March 2016, the EPA issued a ROD specifying remedial actions required for OU2. During the third quarter of 2016, and following Maxus’s bankruptcy filing, OxyChem and the EPA entered into an AOC to complete the design of the remedy selected in the ROD. At that time, the EPA sent notice letters to approximately 100 parties notifying them that they were potentially responsible to pay the costs to implement the remedy in OU2 and announced that it would pursue similar agreements with other potentially responsible parties. In June 2018, OxyChem filed a complaint under CERCLA in U.S. District Court for the District of New Jersey against numerous potentially responsible parties seeking contribution and cost recovery of amounts incurred or to be incurred to comply with the AOC and the OU2 ROD, or to perform other remediation activities related to the DASS (2018 Contribution Action). The District Court has not adjudicated OxyChem’s relative share of responsibility for those costs. The EPA has estimated the cost to remediate OU2 to be approximately $1.4 billion. OU3 – Newark Bay Study Area, including Newark Bay and Portions of the Hackensack River, Arthur Kill, and Kill van Kull: Maxus and its affiliates initiated a remedial investigation and feasibility study of OU3 pursuant to a 2004 AOC which was amended in 2010. OxyChem is currently performing feasibility study activities in OU3. In September 2022, the EPA listed the Lower Hackensack River (LHR) on the NPL, and this newly listed site comprises several existing NPL sites along a portion of that river that flows into OU3. In January 2024, EPA sent a general notice letter requesting that OxyChem and four other entities coordinate certain investigation activities at the LHR site. OU4 – The 17-mile Lower Passaic River Study Area, comprising OU2 and the Upper 9 Miles of the Lower Passaic River: In September 2021, the EPA issued a ROD selecting an interim remedy for the portion of OU4 that excludes OU2 and is located upstream from the Lister Avenue Plant site for which OxyChem inherited legal responsibility. The EPA has estimated the cost to remediate OU4 to be approximately $440 million. At this time, OxyChem's role or responsibilities under the OU4 ROD, and those of other potentially responsible parties, have not been adjudicated. To provide continued, efficient remediation progress, in January 2022, OxyChem offered to design and implement the interim remedy for OU4 subject to certain conditions, including a condition that the EPA would not seek to bar OxyChem’s right to seek contribution or cost recovery from any other parties that are potentially responsible to pay for the OU4 interim remedy. In March 2022, the EPA sent a notice letter to OxyChem and other parties requesting good faith offers to implement the selected remedies at OU2 and OU4. OxyChem submitted a good faith offer in June 2022, reaffirming the offer to design the remedy for OU4 and offering to enter into additional sequential agreements to remediate OU2 and OU4, subject to similar conditions, including that the EPA not seek to bar OxyChem from pursuing contribution or cost recovery from other responsible parties. The EPA did not accept OxyChem's June 2022 offer. In March 2023, the EPA issued a Unilateral Administrative Order (OU4 UAO) in which it directed and ordered OxyChem to design the EPA’s selected interim remedy for OU4 and to provide approximately $93 million in financial assurance to secure its performance. Subject to all its defenses, OxyChem is designing the interim remedy in compliance with the OU4 UAO. As a result of OxyChem incurring costs to implement the OU4 UAO, and the EPA's proposal described below to bar OxyChem's contribution claims against various parties, including those asserted in the 2018 Contribution Action, OxyChem filed a cost recovery action under CERCLA in March 2023 in the District Court against multiple parties (2023 Cost Recovery Action). Natural Resource Trustees – In addition to the activities of the EPA and OxyChem in the OUs described above, federal and state natural resource trustees are assessing natural resources in the Lower Passaic River and Greater Newark Bay to evaluate potential claims for natural resource damages. ALDEN LEEDS LITIGATION In December 2022, the EPA and the DOJ filed a proposed Consent Decree in the Alden Leeds litigation seeking court approval to settle with 85 parties for a total of $150 million which OxyChem believes is based on an unauthorized, flawed and disproportionate allocation of responsibility, release the settling companies from liability to the United States for remediation costs in DASS OU2 and OU4 and bar OxyChem from pursuing contribution against those parties for remediation costs OxyChem had incurred or may incur in the future to design and implement the remedies in OU2 and OU4, including claims OxyChem asserted in the 2018 Contribution Action. The proposed settlement does not address the liability of entities that were excluded from the settlement for the DASS, including OU2, OU3, OU4 or natural resource damages, or the liability of any settling party with respect to OU3 or natural resource damages. The proposed settlement was subject to a public comment period that closed in March 2023. In January 2024, the DOJ filed a proposed Amended Consent Decree in which it excluded three companies from the proposed settlement, among other changes, and a motion to approve the Amended Consent Decree. OxyChem believes the proposed settlement and Amended Consent Decree rely, improperly, on an allocation report prepared by an EPA contractor in which the contractor purported to assign a disproportionate share of the responsibility for remediation costs in OU2 and OU4 to OxyChem. OxyChem also believes that process was unreasonably limited in scope and unreliably based on voluntary reporting by the settling parties, instead of sworn evidence, publicly available sampling results and historical documents reflecting the operating history and disposal practices of the 82 parties that the EPA proposes to release in this settlement. OxyChem intends to challenge vigorously the proposed settlement and Amended Consent Decree, as well as the allocation report and process upon which they are based, and to seek contribution and cost recovery from other potentially responsible parties for remediation costs it has incurred or may incur at the DASS. OxyChem filed its response to the motion to approve the Amended Consent Decree on April 1, 2024. Replies to OxyChem's filing are due in May 2024. OxyChem does not know when the District Court will rule on the DOJ’s motion to approve the Amended Consent Decree. If the Amended Consent Decree is approved by the District Court and not overturned on appeal, then, notwithstanding OxyChem’s vigorous, good faith effort to contest the settlement proposed in the Alden Leeds litigation, the EPA could attempt to compel OxyChem to bear substantially all the estimated cost to design and implement the OU2 and OU4 remedies. Such a result could have a material adverse impact on OxyChem and Occidental’s consolidated results of operations in the period recorded. While the remedies for OU2 and OU4 are expected to take over ten years to complete, the EPA may seek to require OxyChem to provide additional financial assurance. In the OU4 UAO, the EPA directed OxyChem to post financial assurance in the amount of approximately $93 million. Subject to all defenses, OxyChem has complied with this directive. The amount of any additional financial assurance is not subject to estimation at this time. It is uncertain when or to what extent the EPA may take action to compel OxyChem to perform further remediation in OU2 or OU4 or the amount of financial assurance the EPA may attempt to require OxyChem to post. For further information on the Alden Leeds litigation, see Note 9 - Lawsuits, Claims, Commitments and Contingencies . OTHER INFORMATION For the DASS, OxyChem has accrued a reserve relating to its estimated allocable share of the costs to perform the maintenance and monitoring required in the OU1 Consent Decree, the design and implementation of remedies selected in the OU2 ROD and AOC and the OU4 ROD and OU4 UAO, and the remedial investigation and feasibility study required in OU3. OxyChem’s accrued environmental remediation reserve does not reflect the potential for additional remediation costs or natural resource damages for the DASS that OxyChem believes are not reasonably estimable. OxyChem’s ultimate liability at the DASS may be higher or lower than the reserved amount and the reasonably possible additional losses, and is subject to final design plans, further action by the EPA and natural resource trustees, and the resolution of OxyChem's allocable share with other potentially responsible parties, among other factors. OxyChem continues to evaluate the estimated costs currently recorded for remediation at the DASS as well as the range of reasonably possible additional losses beyond those amounts currently recorded. Given the complexity and extent of the remediation efforts, estimates of the remediation costs may increase or decrease over time as new information becomes available.

LAWSUITS, CLAIMS, COMMITMENTS A

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	3 Months Ended
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	NOTE 9 - LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES LEGAL MATTERS Occidental or certain of its subsidiaries are involved, in the normal course of business, in lawsuits, claims and other legal proceedings that seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties, or injunctive or declaratory relief. Occidental or certain of its subsidiaries also are involved in proceedings under CERCLA and similar federal, regional, state, provincial, tribal, local and international environmental laws. These environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, natural resource damages, punitive damages, civil penalties, injunctive relief and government oversight costs. Usually Occidental or such subsidiaries are among many companies in these environmental proceedings and have to date been successful in sharing remediation costs with other financially sound companies. Further, some lawsuits, claims and legal proceedings involve acquired or disposed assets with respect to which a third party or Occidental or its subsidiary retains liability or indemnifies the other party for conditions that existed prior to the transaction. In accordance with applicable accounting guidance, Occidental or its subsidiaries accrue reserves for outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. Reserves for matters, other than for the arbitration award (disclosed below), tax matters or environmental remediation, that satisfy these criteria as of March 31, 2024 and 2023 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 the legal matters and its experience in contesting, litigating and settling similar matters. Occidental will reassess the probability and estimability of contingent losses as new information becomes available. ANDES ARBITRATION In 2016, Occidental received payments from the Republic of Ecuador of approximately $1.0 billion pursuant to a November 2015 arbitration award for Ecuador’s 2006 expropriation of Occidental’s Participation Contract for Block 15. The awarded amount represented a recovery of Occidental's 60% of the value of Block 15. In 2017, Andes commenced an arbitration against OEPC, claiming it is entitled to a 40% share of the judgment amount obtained by Occidental. Occidental believes that Andes is not entitled to any of the amounts paid under the 2015 arbitration award because Occidental’s recovery was limited to Occidental’s own 60% economic interest in the block. In March 2021, the arbitration tribunal issued an award in favor of Andes and against OEPC in the amount of $391 million plus interest. In June 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. Simultaneously, OEPC sought review of the Second Circuit ruling in the U.S. Supreme Court. During 2021, OEPC commenced an arbitration against Andes to recover significant additional claims, which were not addressed by the prior arbitration tribunal, relating to Andes' 40% share of costs, liabilities, losses, and expenses due under the farmout agreement and joint operating agreement to which Andes and OEPC are parties. In July 2023, a majority of the arbitration tribunal declined to award any costs to OEPC based upon the doctrine of res judicata. One arbitrator dissented, noting that the prior arbitration panel expressly noted that it was not ruling on the types of claims asserted by OEPC. Andes sought to confirm this award in New York federal district court, and OEPC asked to vacate it because, among other reasons, OEPC believed there were fundamental legal errors embodied in the award. During the pendency of the appeal of the 2021 Andes Award, Andes filed state court claims in New York and Delaware against OEPC, Occidental Petroleum Corporation (OPC) and OXY USA to attempt to recover on its judgment against OEPC. Andes also filed a turnover application against OPC in New York federal district court. The New York state court dismissed Andes’ action against OPC with prejudice in March 2023. Andes appealed. Both OXY USA and Andes filed motions for summary judgment in the Delaware state court action. The Delaware state court heard argument on these motions in November 2023. The Delaware state court action and the New York federal district court action were pending at the end of Q1. On April 5, 2024, Andes and the Occidental entities named in the pending actions executed a confidential final settlement in which the parties agreed to dismiss all pending legal actions. The settlement resulted in a gain of $182 million, net of taxes, in discontinued operations. ALDEN LEEDS AND OTHER LITIGATION As described in Note 8 – Environmental Liabilities and Expenditures , OxyChem intends to challenge vigorously the proposed settlement and Amended Consent Decree in the Alden Leeds litigation, as well as the allocation report and process upon which they are based. In the 2018 Contribution Action and 2023 Cost Recovery Action, OxyChem also intends to defend and prosecute vigorously its right to seek contribution and cost recovery from all potentially responsible parties to pay remediation costs in the DASS and to seek a judicial allocation of responsibility under CERCLA. The 2018 Contribution Action and the 2023 Cost Recovery Action are currently stayed pending the outcome of the Alden Leeds litigation. As the Alden Leeds litigation is in its early stages, OxyChem is unable to estimate the timing of the District Court’s decision, its outcome, or the outcome of any appeals from the District Court’s decision. 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 2021 for U.S. federal income tax purposes have been audited by the IRS pursuant to its Compliance Assurance Program and subsequent taxable years are currently under review. Tax years through 2018 have been audited for state income tax purposes. There are no outstanding significant audit matters in international jurisdictions. During the course of tax audits, disputes have arisen and other disputes may arise as to facts and matters of law. For Anadarko, its taxable years through 2014 and tax year 2016 for U.S. federal tax purposes have been audited and closed by the IRS. Tax years 2015 and 2017 through 2019 have been audited by the IRS but remain open pending the outcome of the Tronox U.S. Tax court litigation discussed below. Tax years through 2010 have been audited for state income tax purposes. There is one outstanding significant tax matter in an international jurisdiction related to a discontinued operation. As stated above, during the course of tax audits, disputes have arisen and other disputes may arise as to facts and matters of law. Other than the dispute discussed below, Occidental believes that the resolution of these outstanding tax disputes would not have a material adverse effect on its consolidated financial position or results of operations. Anadarko received an $881 million tentative refund in 2016 related to its $5.2 billion Tronox Adversary Proceeding settlement payment in 2015. In September 2018, Anadarko received a statutory notice of deficiency from the IRS disallowing the net operating loss carryback and rejecting Anadarko’s refund claim. As a result, Anadarko filed a petition with the U.S. Tax Court to dispute the disallowances in November 2018. Trial was held in May 2023. The parties filed simultaneous post- trial briefs on September 1, 2023 and filed reply briefs on December 7, 2023. Closing arguments are scheduled for May 2024. An opinion by the Tax Court could be issued at any time. If any tax liability is due as a result of the Tax Court’s opinion, it must be fully bonded or paid in full within 90 days of the entry of decision by the Tax Court. If an appeal is not pursued by Anadarko, any resulting tax deficiency will be assessed by the IRS and would be due within 30 days of receiving a formal notice of tax assessment. In accordance with ASC 740’s guidance on the accounting for uncertain tax positions, Occidental has recorded no tax benefit on the tentative cash tax refund of $881 million. Additionally, Occidental has recorded no tax benefit on approximately $500 million of additional cash tax benefits realized from the utilization of tax attributes generated as a result of the deduction of the $5.2 billion Tronox Adversary Proceeding settlement payment in 2015. As a result, should Occidental not ultimately prevail on the issue, there would be no additional tax expense recorded relative to this position for financial statement purposes other than future interest. However, in that event, as of March 31, 2024, Occidental would be required to repay approximately $1.4 billion in federal taxes, $28 million in state taxes and accrued interest of $622 million. A liability for the taxes and interest is included in deferred credits and other liabilities - other. INDEMNITIES TO THIRD PARTIES Occidental, its subsidiaries, or both, have indemnified various parties against specified liabilities those parties might incur in the future in connection with purchases and other transactions that they have entered into with Occidental or its subsidiaries. These indemnities usually are contingent upon the other party incurring liabilities that reach specified thresholds. As of March 31, 2024, 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 EQUITY

EARNINGS PER SHARE AND EQUITY	3 Months Ended
EARNINGS PER SHARE AND EQUITY	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
EARNINGS PER SHARE AND EQUITY	NOTE 10 - EARNINGS PER SHARE AND EQUITY The following table presents the calculation of basic and diluted EPS attributable to common stockholders: Three months ended March 31, millions except per-share amounts 2024 2023 Income from continuing operations $ 706 $ 1,263 Discontinued operations, net of taxes (a) 182 — Net income $ 888 $ 1,263 Less: Preferred stock dividends and redemption premiums (170) (280) Net income attributable to common stock $ 718 $ 983 Less: Net income allocated to participating securities (4) (6) Net income, net of participating securities $ 714 $ 977 Weighted-average number of basic shares 884.1 901.2 Basic income per common share $ 0.81 $ 1.08 Net income attributable to common stock $ 718 $ 983 Less: Net income allocated to participating securities (4) (6) Net income, net of participating securities $ 714 $ 977 Weighted-average number of basic shares 884.1 901.2 Dilutive securities 64.5 74.1 Dilutive effect of potentially dilutive securities 948.6 975.3 Diluted income per common share $ 0.75 $ 1.00 (a) See Note 9 - Lawsuits, Claims, Commitments and Contingencies For the three months ended March 31, 2024 and 2023, 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 exercises of warrants, and other transactions in Occidental's common stock in 2024: Period Exercise of Warrants (a) Other (b) Common Stock Outstanding (c) December 31, 2023 879,463,103 First Quarter 2024 3,277,628 3,978,999 886,719,730 (a) Approximately $72 million of cash was received as a result of the exercise of common stock warrants. (b) Consists of issuances from the 2015 long-term incentive plan, the OPC savings plan and the dividend reinvestment plan. (c) As of March 31, 2024, Occidental has 96.2 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

SEGMENTS

SEGMENTS	3 Months Ended
SEGMENTS	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENTS	NOTE 11 - SEGMENTS Occidental conducts its operations through three segments: (1) oil and gas; (2) chemical; and (3) midstream and marketing. Income taxes, interest income, interest expense, environmental remediation expenses and unallocated corporate expenses are included under corporate and eliminations. Intersegment sales eliminate upon consolidation and are generally made at prices approximating those that the selling entity would be able to obtain in third-party transactions. The following table presents Occidental’s industry segments: millions Oil and gas (a) Chemical Midstream and marketing (b) Corporate and eliminations (c) Total Three months ended March 31, 2024 Net sales $ 4,915 $ 1,186 $ 99 $ (225) $ 5,975 Income (loss) before income taxes $ 1,238 $ 254 $ (33) $ (449) $ 1,010 Income tax expense — — — (304) (304) Net income (loss) $ 1,238 $ 254 $ (33) $ (753) $ 706 Three months ended March 31, 2023 Net sales $ 5,325 $ 1,405 $ 751 $ (256) $ 7,225 Income (loss) before income taxes $ 1,640 $ 472 $ 2 $ (380) $ 1,734 Income tax expense — — — (471) (471) Net income (loss) $ 1,640 $ 472 $ 2 $ (851) $ 1,263 (a) The three months ended March 31, 2024 included a $44 million international legal settlement provision. The three months ended March 31, 2023 included a $26 million litigation settlement gain. (b) The three months ended March 31, 2024 included $122 million of income from equity investments related to Occidental's share of WES's gains on asset divestitures and a $91 million derivative loss. The three months ended March 31, 2023 included a $26 million impairment charge included in income from equity investments. (c)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 888	$ 1,263

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

GENERAL (Policies)

GENERAL (Policies)	3 Months Ended
GENERAL (Policies)	Mar. 31, 2024
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.
NON-CONTROLLING INTEREST	NON-CONTROLLING INTEREST In 2023, Occidental and BlackRock formed a joint venture for the continued development of the first commercial scale direct air capture facility using Carbon Engineering technology. The joint venture is a VIE and Occidental consolidates the VIE as it is the primary beneficiary. BlackRock’s investment is accounted for as an NCI. Each party has committed to make additional investments towards the completion of the direct air capture facility in Ector County, Texas, with BlackRock committed to invest up to $550 million. In addition, Occidental has entered into agreements with the joint venture related to project management, operations and maintenance and carbon removal offtake. Occidental may incur additional payments if certain construction and operational thresholds are not met. Occidental may call the NCI on June 30, 2025 or earlier if the plant does not achieve commercial operations or ceases and permanently discontinues operations. Dividends from the joint venture will be distributed preferentially to the NCI up to a return threshold, then preferentially to Occidental thereafter. The NCI receives preferential distributions in liquidation.
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)	3 Months Ended
GENERAL (Tables)	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Consolidated Condensed Statements of Cash Flows as of March 31, 2024 and 2023: millions 2024 2023 Cash and cash equivalents $ 1,272 $ 1,165 Restricted cash and restricted cash equivalents included in other current assets 44 36 Restricted cash and restricted cash equivalents included in other long-term assets, net 17 17 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,333 $ 1,218
Schedule of Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Consolidated Condensed Statements of Cash Flows as of March 31, 2024 and 2023: millions 2024 2023 Cash and cash equivalents $ 1,272 $ 1,165 Restricted cash and restricted cash equivalents included in other current assets 44 36 Restricted cash and restricted cash equivalents included in other long-term assets, net 17 17 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,333 $ 1,218
Schedule of Supplemental Cash Flows	The following table represents U.S. federal, state and international income taxes paid and interest paid during the three months ended March 31, 2024 and 2023, respectively: millions 2024 2023 Income tax payments $ 152 $ 164 Interest paid (a) $ 395 $ 410 (a) Net of capitalized interest of $33 million and $19 million for the three months ended March 31, 2024 and 2023, respectively.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
REVENUE (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Reconciliation of Revenue from Customers to Total Net Sales	The following table shows a reconciliation of revenue from customers to total net sales for the three months ended March 31, 2024 and 2023: Three months ended March 31, millions 2024 2023 Revenue from customers $ 6,731 $ 7,115 All other revenues (a) (756) 110 Net sales $ 5,975 $ 7,225 (a) Includes marketing and chemical other revenues.
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 March 31, 2024 Oil and gas Oil $ 3,349 $ 772 $ — $ 4,121 NGL 416 99 — 515 Gas 187 87 — 274 Other 5 — — 5 Segment total $ 3,957 $ 958 $ — $ 4,915 Chemical $ 1,115 $ 70 $ — $ 1,185 Midstream and marketing $ 760 $ 96 $ — $ 856 Eliminations $ — $ — $ (225) $ (225) Consolidated $ 5,832 $ 1,124 $ (225) $ 6,731 millions United States International Eliminations Total Three months ended March 31, 2023 Oil and gas Oil $ 3,650 $ 718 $ — $ 4,368 NGL 460 85 — 545 Gas 355 72 — 427 Other (16) 1 — (15) Segment total $ 4,449 $ 876 $ — $ 5,325 Chemical $ 1,308 $ 94 $ — $ 1,402 Midstream and marketing $ 540 $ 104 $ — $ 644 Eliminations $ — $ — $ (256) $ (256) Consolidated $ 6,297 $ 1,074 $ (256) $ 7,115

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
INVENTORIES (Tables)	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	As of March 31, 2024 and December 31, 2023, inventories consisted of the following: millions March 31, 2024 December 31, 2023 Raw materials $ 107 $ 115 Materials and supplies 1,068 988 Commodity inventory and finished goods 1,064 1,027 2,239 2,130 Revaluation to LIFO (108) (108) Total $ 2,131 $ 2,022

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
LONG-TERM DEBT (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	As of March 31, 2024 and December 31, 2023, Occidental’s debt consisted of the following: millions March 31, 2024 December 31, 2023 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 (5.690% and 5.750% as of March 31, 2024 and December 31, 2023, respectively) 68 68 8.875% senior notes due 2030 1,000 1,000 6.625% senior notes due 2030 1,449 1,449 6.125% senior notes due 2031 1,143 1,143 7.500% senior notes due 2031 900 900 7.875% senior notes due 2031 500 500 6.450% senior notes due 2036 1,727 1,727 Zero Coupon senior notes due 2036 673 673 0.000% loan due 2039 19 19 4.300% senior notes due 2039 247 247 7.950% senior notes due 2039 325 325 6.200% senior notes due 2040 737 737 4.500% senior notes due 2044 191 191 4.625% senior notes due 2045 296 296 6.600% senior notes due 2046 1,117 1,117 4.400% senior notes due 2046 424 424 4.100% senior notes due 2047 258 258 (continued on next page) millions (continued) 2024 2023 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 $ 17,955 $ 17,955 The following table summarizes Occidental's outstanding debt, including finance lease liabilities: millions March 31, 2024 December 31, 2023 Total borrowings at face value $ 17,955 $ 17,955 Adjustments to book value: Unamortized premium, net 1,125 1,152 Debt issuance costs (66) (106) Net book value of debt $ 19,014 $ 19,001 Long-term finance leases, included in Long-term debt 588 591 Current finance leases, included in Current maturities of long-term debt 146 146 Total debt and finance leases $ 19,748 $ 19,738 Less: current maturities of financing leases (146) (146) Less: current maturities of long-term debt (1,057) (1,056) Long-term debt, net $ 18,545 $ 18,536

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
DERIVATIVES (Tables)	Mar. 31, 2024
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 as of: long (short) March 31, 2024 December 31, 2023 Oil commodity contracts Volume (MMbbl) (27) (20) Natural gas commodity contracts Volume (Bcf) (138) (113)
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 March 31, 2024 Marketing Derivatives Other current assets $ 1,289 $ 95 $ — $ (1,349) $ 35 Other long-term assets 6 1 — (6) 1 Accrued liabilities (1,340) (99) — 1,349 (90) Deferred credits and other liabilities - other (6) (3) — 6 (3) December 31, 2023 Marketing Derivatives Other current assets $ 1,008 $ 100 $ — $ (1,009) $ 99 Other long-term assets 47 1 — (43) 5 Accrued liabilities (967) (64) — 1,009 (22) Deferred credits and other liabilities - other (43) (6) — 43 (6) (a) These amounts do not include collateral. Occidental netted $45 million of collateral deposited with brokers against derivatives liabilities as of March 31, 2024 and netted $42 million of collateral received with brokers against derivative assets as of December 31, 2023.
Schedule of Losses on Derivatives	The following table presents net losses related to Occidental's derivative instruments and the location on the Consolidated Condensed Statements of Operations. millions Three months ended March 31, Income Statement Classification 2024 2023 Marketing Derivatives (included in Net sales) $ (238) $ (6)

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
INCOME TAXES (Tables)	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The following table summarizes components of income tax expense: Three months ended March 31, millions 2024 2023 Income before income taxes $ 1,010 $ 1,734 Current Federal (243) (265) State and Local (12) (18) Foreign (140) (171) Total current tax expense $ (395) $ (454) Deferred Federal 81 (14) State and Local 2 (3) Foreign 8 — Total deferred tax benefit (expense) $ 91 $ (17) Total income tax expense $ (304) $ (471) Net income $ 706 $ 1,263 Worldwide effective tax rate 30 % 27 %

ENVIRONMENTAL LIABILITIES AND_2

ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Tables)	3 Months Ended
ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Tables)	Mar. 31, 2024
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 March 31, 2024. The current portion of $131 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 32 $ 432 Third-Party Sites 64 220 Currently Operated Sites 12 96 Closed or Non-Operated Sites 51 253 Total 159 $ 1,001

EARNINGS PER SHARE AND EQUITY (

EARNINGS PER SHARE AND EQUITY (Tables)	3 Months Ended
EARNINGS PER SHARE AND EQUITY (Tables)	Mar. 31, 2024
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 March 31, millions except per-share amounts 2024 2023 Income from continuing operations $ 706 $ 1,263 Discontinued operations, net of taxes (a) 182 — Net income $ 888 $ 1,263 Less: Preferred stock dividends and redemption premiums (170) (280) Net income attributable to common stock $ 718 $ 983 Less: Net income allocated to participating securities (4) (6) Net income, net of participating securities $ 714 $ 977 Weighted-average number of basic shares 884.1 901.2 Basic income per common share $ 0.81 $ 1.08 Net income attributable to common stock $ 718 $ 983 Less: Net income allocated to participating securities (4) (6) Net income, net of participating securities $ 714 $ 977 Weighted-average number of basic shares 884.1 901.2 Dilutive securities 64.5 74.1 Dilutive effect of potentially dilutive securities 948.6 975.3 Diluted income per common share $ 0.75 $ 1.00 (a) See Note 9 - Lawsuits, Claims, Commitments and Contingencies
Schedule of Repurchase Agreements	The following table presents Occidental's common share activity, including exercises of warrants, and other transactions in Occidental's common stock in 2024: Period Exercise of Warrants (a) Other (b) Common Stock Outstanding (c) December 31, 2023 879,463,103 First Quarter 2024 3,277,628 3,978,999 886,719,730 (a) Approximately $72 million of cash was received as a result of the exercise of common stock warrants. (b) Consists of issuances from the 2015 long-term incentive plan, the OPC savings plan and the dividend reinvestment plan. (c) As of March 31, 2024, Occidental has 96.2 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.

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended
SEGMENTS (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Industry Segments	The following table presents Occidental’s industry segments: millions Oil and gas (a) Chemical Midstream and marketing (b) Corporate and eliminations (c) Total Three months ended March 31, 2024 Net sales $ 4,915 $ 1,186 $ 99 $ (225) $ 5,975 Income (loss) before income taxes $ 1,238 $ 254 $ (33) $ (449) $ 1,010 Income tax expense — — — (304) (304) Net income (loss) $ 1,238 $ 254 $ (33) $ (753) $ 706 Three months ended March 31, 2023 Net sales $ 5,325 $ 1,405 $ 751 $ (256) $ 7,225 Income (loss) before income taxes $ 1,640 $ 472 $ 2 $ (380) $ 1,734 Income tax expense — — — (471) (471) Net income (loss) $ 1,640 $ 472 $ 2 $ (851) $ 1,263 (a) The three months ended March 31, 2024 included a $44 million international legal settlement provision. The three months ended March 31, 2023 included a $26 million litigation settlement gain. (b) The three months ended March 31, 2024 included $122 million of income from equity investments related to Occidental's share of WES's gains on asset divestitures and a $91 million derivative loss. The three months ended March 31, 2023 included a $26 million impairment charge included in income from equity investments. (c)

GENERAL - Schedule of Restricti

GENERAL - Schedule of Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,272	$ 1,426	$ 1,165
Restricted cash and restricted cash equivalents included in other current assets	44		36
Restricted cash and restricted cash equivalents included in other long-term assets, net	17		17
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 1,333	$ 1,464	$ 1,218	$ 1,026

GENERAL - Schedule of Supplemen

GENERAL - Schedule of Supplemental Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SUPPLEMENTAL CASH FLOW INFORMATION
Income tax payments	$ 152	$ 164
Interest paid	395	410
Capitalized interest	$ 33	$ 19

GENERAL - Narrative (Details)

GENERAL - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
GENERAL - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies [Line Items]
Limited partner interest	48.70%
Non-voting limited partner interest	2%
Variable Interest Entity, Primary Beneficiary
Summary of Significant Accounting Policies [Line Items]
Construction in progress	$ 432
BlackRock, Inc.
Summary of Significant Accounting Policies [Line Items]
Equity method investment commitments		$ 550
WES Midstream segment
Summary of Significant Accounting Policies [Line Items]
Effective economic interest	50.90%
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	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, after allowance for credit loss, current	$ 3,271	$ 3,195

REVENUE - Schedule of Reconcili

REVENUE - Schedule of Reconciliation of Revenue from Customers to Total Net Sales (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue from customers	$ 6,731	$ 7,115
All other revenues	(756)	110
Net sales	$ 5,975	$ 7,225

REVENUE - Schedule of Revenue f

REVENUE - Schedule of Revenue from Customers by Segment, Product, and Geographical Area (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of revenue
Revenue from customers	$ 6,731	$ 7,115
Operating segments
Disaggregation of revenue
Revenue from customers	6,731	7,115
Operating segments \| United States
Disaggregation of revenue
Revenue from customers	5,832	6,297
Operating segments \| International
Disaggregation of revenue
Revenue from customers	1,124	1,074
Eliminations
Disaggregation of revenue
Revenue from customers	(225)	(256)
Eliminations \| United States
Disaggregation of revenue
Revenue from customers	0	0
Eliminations \| International
Disaggregation of revenue
Revenue from customers	0	0
Oil and gas \| Operating segments
Disaggregation of revenue
Revenue from customers	4,915	5,325
Oil and gas \| Operating segments \| Oil
Disaggregation of revenue
Revenue from customers	4,121	4,368
Oil and gas \| Operating segments \| NGL
Disaggregation of revenue
Revenue from customers	515	545
Oil and gas \| Operating segments \| Gas
Disaggregation of revenue
Revenue from customers	274	427
Oil and gas \| Operating segments \| Other
Disaggregation of revenue
Revenue from customers	5	(15)
Oil and gas \| Operating segments \| United States
Disaggregation of revenue
Revenue from customers	3,957	4,449
Oil and gas \| Operating segments \| United States \| Oil
Disaggregation of revenue
Revenue from customers	3,349	3,650
Oil and gas \| Operating segments \| United States \| NGL
Disaggregation of revenue
Revenue from customers	416	460
Oil and gas \| Operating segments \| United States \| Gas
Disaggregation of revenue
Revenue from customers	187	355
Oil and gas \| Operating segments \| United States \| Other
Disaggregation of revenue
Revenue from customers	5	(16)
Oil and gas \| Operating segments \| International
Disaggregation of revenue
Revenue from customers	958	876
Oil and gas \| Operating segments \| International \| Oil
Disaggregation of revenue
Revenue from customers	772	718
Oil and gas \| Operating segments \| International \| NGL
Disaggregation of revenue
Revenue from customers	99	85
Oil and gas \| Operating segments \| International \| Gas
Disaggregation of revenue
Revenue from customers	87	72
Oil and gas \| Operating segments \| International \| Other
Disaggregation of revenue
Revenue from customers	0	1
Oil and gas \| Eliminations
Disaggregation of revenue
Revenue from customers	0	0
Oil and gas \| Eliminations \| Oil
Disaggregation of revenue
Revenue from customers	0	0
Oil and gas \| Eliminations \| NGL
Disaggregation of revenue
Revenue from customers	0	0
Oil and gas \| Eliminations \| Gas
Disaggregation of revenue
Revenue from customers	0	0
Oil and gas \| Eliminations \| Other
Disaggregation of revenue
Revenue from customers	0	0
Chemical \| Operating segments
Disaggregation of revenue
Revenue from customers	1,185	1,402
Chemical \| Operating segments \| United States
Disaggregation of revenue
Revenue from customers	1,115	1,308
Chemical \| Operating segments \| International
Disaggregation of revenue
Revenue from customers	70	94
Chemical \| Eliminations
Disaggregation of revenue
Revenue from customers	0	0
Midstream and marketing \| Operating segments
Disaggregation of revenue
Revenue from customers	856	644
Midstream and marketing \| Operating segments \| United States
Disaggregation of revenue
Revenue from customers	760	540
Midstream and marketing \| Operating segments \| International
Disaggregation of revenue
Revenue from customers	96	104
Midstream and marketing \| Eliminations
Disaggregation of revenue
Revenue from customers	$ 0	$ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 107	$ 115
Materials and supplies	1,068	988
Commodity inventory and finished goods	1,064	1,027
Total	2,239	2,130
Revaluation to LIFO	(108)	(108)
Total	$ 2,131	$ 2,022

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Feb. 29, 2024	Dec. 31, 2023
Long-term Debt
Long-term debt, gross	$ 17,955	$ 1,100	$ 17,955
Unamortized premium, net	1,125		1,152
Debt issuance costs	(66)		(106)
Net book value of debt	19,014		19,001
Long-term finance leases, included in Long-term debt	588		591
Current finance leases, included in Current maturities of long-term debt	146		146
Total debt and finance leases	19,748		19,738
Less: current maturities of financing leases	(146)		(146)
Less: current maturities of long-term debt	(1,057)		(1,056)
Long-term debt, net	$ 18,545		18,536
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 (5.690% and 5.750% as of March 31, 2024 and December 31, 2023, respectively) \| Variable Rate Bonds
Long-term Debt
Debt instrument, variable rate	5.69%		5.75%
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
0.000% loan due 2039
Long-term Debt
Debt instrument interest rate stated percentage	0%
Long-term debt, gross	$ 19		19
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 ($)	3 Months Ended
LONG-TERM DEBT - Narrative (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Feb. 29, 2024	Dec. 31, 2023
Long-term Debt
Long-term debt, gross	$ 17,955,000,000		$ 1,100,000,000	$ 17,955,000,000
Payments of long-term debt	0	$ 22,000,000
Level 1 \| Estimate of Fair Value Measurement
Long-term Debt
Fair value of long-term debt	$ 18,000,000,000			$ 18,000,000,000
Medium-term Notes \| 8.750% medium-term notes due 2023
Long-term Debt
Payments of long-term debt		$ 22,000,000
Interest rate		8.75%
Revolving Credit Facility \| Line of Credit
Long-term Debt
Line of credit facility, maximum borrowing capacity			$ 4,000,000,000

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) shares in Millions		1 Months Ended	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Asset Acquisition, Disposition and Other Transactions [Line Items]
Acquisition-related costs			$ 12,000,000	$ 0
Crownrock L.P.
Asset Acquisition, Disposition and Other Transactions [Line Items]
Consideration upon approval		$ 12,000,000,000
Issuance of shares upon approval (in shares)		29.6
Crownrock L.P. \| Existing Debt
Asset Acquisition, Disposition and Other Transactions [Line Items]
Issuance of debt upon approval		$ 1,200,000,000
Crownrock L.P. \| High end of range \| New Debt
Asset Acquisition, Disposition and Other Transactions [Line Items]
Issuance of debt upon approval		9,100,000,000
CrownRock Acquisition \| Bridge Loan
Asset Acquisition, Disposition and Other Transactions [Line Items]
Line of credit facility, maximum borrowing capacity	$ 5,300,000,000	5,300,000,000
Debt, combined amount drawn			0
Acquisition-related costs			$ 44,000,000
CrownRock Acquisition \| 364-Day Term Loan \| Secured Debt
Asset Acquisition, Disposition and Other Transactions [Line Items]
Debt issuance, face amount	$ 2,000,000,000	2,000,000,000
Maturity of notes	364 days
CrownRock Acquisition \| Two Year Term Loan \| Secured Debt
Asset Acquisition, Disposition and Other Transactions [Line Items]
Debt issuance, face amount	$ 2,700,000,000	$ 2,700,000,000
Maturity of notes	2 years

DERIVATIVES - Schedule of Marke

DERIVATIVES - Schedule of Marketing Derivatives (Details)	3 Months Ended				12 Months Ended
DERIVATIVES - Schedule of Marketing Derivatives (Details)	Mar. 31, 2024 $ / bbl	Mar. 31, 2024 $ / MMcf	Mar. 31, 2024 MMBbls	Mar. 31, 2024 Bcf	Dec. 31, 2023 $ / bbl	Dec. 31, 2023 $ / MMcf	Dec. 31, 2023 MMBbls	Dec. 31, 2023 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)	80.26	1.51			76.36	2.62
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			(27)				(20)
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				(138)				(113)

DERIVATIVES - Schedule of Fair

DERIVATIVES - Schedule of Fair Value Derivatives (Details) - Marketing Derivatives - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Gross and net fair values of outstanding derivatives
Collateral paid netted against derivative liabilities	$ 45	$ 42
Other current assets
Gross and net fair values of outstanding derivatives
Netting, asset	(1,349)	(1,009)
Total net fair value, asset	35	99
Other long-term assets
Gross and net fair values of outstanding derivatives
Netting, asset	(6)	(43)
Total net fair value, asset	1	5
Accrued liabilities
Gross and net fair values of outstanding derivatives
Netting and collateral, liability	1,349	1,009
Total net fair value, liability	(90)	(22)
Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives
Netting and collateral, liability	6	43
Total net fair value, liability	(3)	(6)
Level 1 \| Other current assets
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	1,289	1,008
Level 1 \| Other long-term assets
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	6	47
Level 1 \| Accrued liabilities
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	(1,340)	(967)
Level 1 \| Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	(6)	(43)
Level 2 \| Other current assets
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	95	100
Level 2 \| Other long-term assets
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	1	1
Level 2 \| Accrued liabilities
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	(99)	(64)
Level 2 \| Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	(3)	(6)
Level 3 \| Other current assets
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	0	0
Level 3 \| Other long-term assets
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
	Mar. 31, 2024	Mar. 31, 2023
Marketing Derivatives \| Net sales (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivative instrument	$ (238)	$ (6)

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 1,010	$ 1,734
Current
Federal	(243)	(265)
State and Local	(12)	(18)
Foreign	(140)	(171)
Total current tax expense	(395)	(454)
Deferred
Federal	81	(14)
State and Local	2	(3)
Foreign	8	0
Total deferred tax benefit (expense)	91	(17)
Total income tax expense	(304)	(471)
Income from continuing operations	$ 706	$ 1,263
Worldwide effective tax rate	30%	27%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details)	3 Months Ended
INCOME TAXES - Narrative (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Worldwide effective tax rate	30%	27%

ENVIRONMENTAL LIABILITIES AND_3

ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Details) $ in Millions	1 Months Ended						3 Months Ended
	Jan. 31, 2024 company	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) party	Sep. 30, 2021 USD ($) mi	Jun. 30, 2018 USD ($)	Mar. 31, 2016 mi	Mar. 31, 2024 USD ($) site unit party	Sep. 30, 2016 party	Dec. 31, 2023 USD ($)
Environmental remediation reserves
Number of sites \| site							159
Current portion of environmental remediation liabilities							$ 131
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							$ 870		$ 889
Remediation balance							1,001
Environmental reserves, exceeding $ ten million, threshold value							$ 10
Environmental reserves, exceeding $ ten million, threshold value, number of sites \| site							18
Environmental reserves, range between zero to $ one million site category, number of sites \| site							93
Percent of reserve to be funded over the next three to four years							45%
Period of expending remaining environmental reserves (or more)							10 years
Environmental remediation additional loss range							$ 2,600
Subsidiaries
Environmental remediation reserves
Number of sites \| site							159
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
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							32
Remediation balance							$ 432
Third-Party Sites
Environmental remediation reserves
Number of sites \| site							64
Remediation balance							$ 220
Currently Operated Sites
Environmental remediation reserves
Number of sites \| site							12
Remediation balance							$ 96
Closed or Non-Operated Sites
Environmental remediation reserves
Number of sites \| site							51
Remediation balance							$ 253
Diamond Alkali Superfund Site
Environmental remediation reserves
Site contingency, number of operating units \| unit							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
Diamond Alkali Superfund Site - Operable Unit Four
Environmental remediation reserves
Stretch of lower passaic river requiring remedial actions \| mi				17
Environmental remediation expense				$ 440
Stretch of lower passaic river not covered by remedial actions \| mi				9
Financial assurance		$ 93
Alden Leeds \| Alden Leeds
Environmental remediation reserves
Environmental remediation expense			$ 150
Financial assurance							$ 93
Number of parties, settled \| party			85
Number of companies excluded from settlement \| company	3
Number of parties to be released \| party							82
Remediation period							10 years

LAWSUITS, CLAIMS, COMMITMENTS_2

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions		1 Months Ended		3 Months Ended	12 Months Ended
	Apr. 05, 2024	Jun. 30, 2023	Mar. 31, 2021	Mar. 31, 2024	Dec. 31, 2021	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Federal
Lawsuits, commitments and contingencies
Potential cash tax				$ 1,400
State
Lawsuits, commitments and contingencies
Potential cash tax				28
Anadarko
Lawsuits, commitments and contingencies
Tentative cash tax refund							$ 881
Potential accrued interest				622
Arbitration filed by Andes Petroleum Ecuador Ltd
Lawsuits, commitments and contingencies
Proceeds from settlement							$ 1,000
Recovery of amount awarded in settlement amount (as a percent)							60%
Percentage of judgment amount claimed					40%	40%
Own economic interest (as a percent)						60%
Amount awarded to other party in litigation			$ 391
Litigation settlement interest		$ 166
Arbitration filed by Andes Petroleum Ecuador Ltd \| Subsequent Event
Lawsuits, commitments and contingencies
Gains related to legal settlements	$ 182
Tronox Settlement
Lawsuits, commitments and contingencies
Payments for settlement								$ 5,200
Additional cash benefits realized from utilization of tax attributes from deduction of legal settlement				$ 500

EARNINGS PER SHARE AND EQUITY -

EARNINGS PER SHARE AND EQUITY - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic earnings (loss) per common share
Income from continuing operations	$ 706	$ 1,263
Discontinued operations, net of taxes	182	0
NET INCOME	888	1,263
Less: Preferred stock dividends and redemption premiums	(170)	(280)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	718	983
Less: Net income allocated to participating securities	(4)	(6)
Net income, net of participating securities	$ 714	$ 977
Weighted-average number of basic shares (in shares)	884.1	901.2
Basic income per common share (in dollars per share)	$ 0.81	$ 1.08
Less: Net income allocated to participating securities	$ (4)	$ (6)
Net income, net of participating securities	$ 714	$ 977
Dilutive securities (in shares)	64.5	74.1
Dilutive effect of potentially dilutive securities (in shares)	948.6	975.3
Diluted income per common share (in dollars per share)	$ 0.75	$ 1

EARNINGS PER SHARE AND EQUITY_2

EARNINGS PER SHARE AND EQUITY - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Payments of preferred stock dividends	$ 170
Preferred stock, value, outstanding	$ 8,500
Preferred stock, outstanding (in shares)	84,897		84,897
Warrant
Class of Stock [Line Items]
Berkshire warrants, common stock warrants, and options excluded from diluted shares (in shares)	0	0

EARNINGS PER SHARE AND EQUITY_3

EARNINGS PER SHARE AND EQUITY - Schedule of Repurchase Agreements (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Exercise of warrants (in shares)	3,277,628
Other (in shares)	3,978,999
Common stock, outstanding (in shares)	886,719,730	879,463,103
Amount from exercise of warrants	$ 72
Strike Price One
Class of Stock [Line Items]
Outstanding warrants (in shares)	96,200,000
Exercise price of warrant (in dollars per share)	$ 22
Strike Price Two
Class of Stock [Line Items]
Outstanding warrants (in shares)	83,900,000
Exercise price of warrant (in dollars per share)	$ 59.62

SEGMENTS - Schedule of Industry

SEGMENTS - Schedule of Industry Segments and Eliminations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Information
Number of operating segments \| segment	3
Net sales	$ 5,975	$ 7,225
Income (loss) before income taxes	1,010	1,734
Income tax expense	(304)	(471)
Income from continuing operations	706	1,263
Income from equity investments and other	301	100
Acquisition-related costs	12	0
Operating segments \| Oil and gas
Segment Information
Net sales	4,915	5,325
Income (loss) before income taxes	1,238	1,640
Income tax expense	0	0
Income from continuing operations	1,238	1,640
Legal settlement expense	44
Gains related to legal settlements		26
Operating segments \| Chemical
Segment Information
Net sales	1,186	1,405
Income (loss) before income taxes	254	472
Income tax expense	0	0
Income from continuing operations	254	472
Operating segments \| Midstream and marketing
Segment Information
Net sales	99	751
Income (loss) before income taxes	(33)	2
Income tax expense	0	0
Income from continuing operations	(33)	2
Income from equity investments and other	122
Loss on derivative instrument	91
Impairment of equity method investment		26
Corporate and eliminations
Segment Information
Net sales	(225)	(256)
Income (loss) before income taxes	(449)	(380)
Income tax expense	(304)	(471)
Income from continuing operations	(753)	$ (851)
Acquisition-related costs	56
Corporate and eliminations \| CrownRock Acquisition
Segment Information
Financing costs	44
Transaction costs	$ 12