Occidental Petroleum (OXY) 10-Q12 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 31, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		938,343,042
Entity Central Index Key	0000797468
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock, $0.20 par value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.20 par value
Trading Symbol	OXY
Security Exchange Name	NYSE
Warrants to Purchase Common Stock, $0.20 par value
Entity Information [Line Items]
Title of 12(b) Security	Warrants to Purchase Common Stock, $0.20 par value
Trading Symbol	OXY WS
Security Exchange Name	NYSE

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 1,759	$ 1,426
Trade receivables, net of reserves of $29 in 2024 and $29 in 2023	3,924	3,195
Inventories	2,275	2,022
Other current assets	1,596	1,732
Total current assets	9,554	8,375
INVESTMENTS IN UNCONSOLIDATED ENTITIES	3,195	3,224
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	138,889	126,811
Accumulated depreciation, depletion and amortization	(69,547)	(68,282)
Net property, plant and equipment	69,342	58,529
OPERATING LEASE ASSETS	961	1,130
OTHER LONG-TERM ASSETS	2,751	2,750
TOTAL ASSETS	85,803	74,008
CURRENT LIABILITIES
Current maturities of long-term debt	1,179	1,202
Current operating lease liabilities	376	446
Accounts payable	3,935	3,646
Accrued liabilities	4,051	3,854
Total current liabilities	9,541	9,148
LONG-TERM DEBT, NET
Long-term debt, net	25,456	18,536
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net	5,630	5,764
Asset retirement obligations	3,888	3,882
Pension and postretirement obligations	933	931
Environmental remediation liabilities	847	889
Operating lease liabilities	638	727
Other	3,936	3,782
Total deferred credits and other liabilities	15,872	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 — 1,166,358,039 shares and 2023 — 1,107,516,500 shares	233	222
Treasury stock: 2024 — $228,183,821 shares and 2023 — $228,053,397 shares	(15,591)	(15,582)
Additional paid-in capital	19,802	17,422
Retained earnings	21,694	19,626
Accumulated other comprehensive income	249	275
Total stockholders' equity	34,674	30,250
Non-controlling interest	260	99
Total equity	34,934	30,349
TOTAL LIABILITIES AND EQUITY	85,803	74,008
Corporate
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	1,000	1,039
Oil and gas \| Operating segments
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	120,410	109,214
Chemical \| Operating segments
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	8,475	8,279
Midstream and marketing \| Operating segments
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	$ 9,004	$ 8,279

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 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)	1,166,358,039	1,107,516,500
Treasury stock, shares (in shares)	228,183,821	228,053,397

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES AND OTHER INCOME
Net sales	$ 7,173	$ 7,158	$ 19,965	$ 21,085
Interest, dividends and other income	60	50	130	107
Gains (losses) on sales of assets and other, net	(79)	192	(52)	197
Total	7,154	7,400	20,043	21,389
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense	1,207	1,189	3,547	3,400
Transportation and gathering expense	407	363	1,165	1,122
Chemical and midstream cost of sales	806	682	2,369	2,218
Purchased commodities	83	520	258	1,508
Selling, general and administrative expenses	268	258	786	776
Other operating and non-operating expense	334	328	1,088	646
Taxes other than on income	256	290	756	862
Depreciation, depletion and amortization	1,926	1,712	5,394	5,142
Asset impairments and other charges	21	0	21	209
Acquisition-related costs	49	0	75	0
Exploration expense	57	125	206	329
Interest and debt expense, net	312	230	848	698
Total	5,726	5,697	16,513	16,910
Income before income taxes and other items	1,428	1,703	3,530	4,479
OTHER ITEMS
Income from equity investments and other	166	106	709	391
Total	166	106	709	391
Income before income taxes	1,594	1,809	4,239	4,870
Income tax expense	(454)	(434)	(1,223)	(1,372)
Income from continuing operations	1,140	1,375	3,016	3,498
Discontinued operations, net of taxes	0	0	182	0
NET INCOME	1,140	1,375	3,198	3,498
Less: Net income attributable to noncontrolling interest	(7)	0	(15)	0
Less: Preferred stock dividends and redemption premiums	(169)	(219)	(509)	(754)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 964	$ 1,156	$ 2,674	$ 2,744
PER COMMON SHARE
Income from continuing operations—basic (in dollars per share)	$ 1.03	$ 1.30	$ 2.75	$ 3.06
Discontinued operations—basic (in dollars per share)	0	0	0.20	0
Net income attributable to common stockholders—basic (in dollars per share)	1.03	1.30	2.95	3.06
PER COMMON SHARE, DILUTED
Income from continuing operations—diluted (in dollars per share)	0.98	1.20	2.58	2.83
Discontinued operations—diluted (in dollars per share)	0	0	0.19	0
Net income attributable to common stockholders—diluted (in dollars per share)	$ 0.98	$ 1.20	$ 2.77	$ 2.83

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income		$ 1,140	$ 1,375	$ 3,198	$ 3,498
Other comprehensive income (loss) items:
Gains (losses) on derivatives		(8)	1	(6)	59
Pension and postretirement gains (losses)	[1]	(7)	46	(19)	39
Other		0	(1)	(1)	0
Other comprehensive income (loss), net of tax		(15)	46	(26)	98
Comprehensive income		1,125	1,421	3,172	3,596
Comprehensive income attributable to noncontrolling interest		(7)	0	(15)	0
Comprehensive income attributable to preferred and common stockholders		$ 1,118	$ 1,421	$ 3,157	$ 3,596

[1]Net of tax benefit of $1 million and tax expense of $12 million for the three months ended September 30, 2024 and 2023, respectively, and tax benefit of $6 million and tax expense of $10 million for the nine months ended September 30, 2024 and 2023, respectively.

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Pension and postretirement gains (losses), tax (benefit) expense	$ (1)	$ 12	$ (6)	$ 10

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$ 3,198	$ 3,498
Adjustments to reconcile net income to net cash provided by operating activities:
Discontinued operations, net	(182)	0
Depreciation, depletion and amortization of assets	5,394	5,142
Deferred income tax provision (benefit)	(182)	148
Asset impairments and other charges	21	209
(Gains) losses on sales of assets, net	52	(197)
Noncash charges to income and other	339	343
Changes in operating assets and liabilities:
(Increase) decrease in receivables	(532)	609
Increase in inventories	(226)	(44)
(Increase) decrease in other current assets	219	(367)
Decrease in accounts payable and accrued liabilities	(430)	(583)
Increase in current domestic and foreign income taxes	512	311
Operating cash flow from continuing operations	8,183	9,069
Operating cash flow from discontinued operations, net of taxes	(100)	0
Net cash provided by operating activities	8,083	9,069
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(5,237)	(4,726)
Change in capital accrual	(39)	(48)
Purchases of assets, businesses and equity investments, net	(9,037)	(220)
Proceeds from sales of assets and equity investments, net	1,662	405
Equity investments and other, net	(149)	(422)
Net cash used by investing activities	(12,800)	(5,011)
CASH FLOW FROM FINANCING ACTIVITIES
Draws on receivables securitization facility	0	900
Payment of receivables securitization facility	0	(900)
Proceeds from long-term debt, net	9,612	0
Payments of long-term debt, net	(4,007)	(22)
Proceeds from issuance of common stock	571	92
Redemption of preferred stock	0	(1,661)
Purchases of treasury stock	(9)	(1,611)
Cash dividends paid on common and preferred stock	(1,069)	(1,035)
Contributions from noncontrolling interest	146	0
Payment for taxes related to stock-based award settlement	(103)	(99)
Other financing, net	(95)	(99)
Net cash provided (used) by financing activities	5,046	(4,435)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	329	(377)
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	$ 1,793	$ 649

Consolidated Condensed Statem_5

Consolidated Condensed Statements of Equity - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest
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	3,498					3,498
Other comprehensive income (loss), net of tax	98						98
Dividends on common stock	(485)					(485)
Dividends on preferred stock	(567)					(567)
Preferred stock redemption - face value	(1,511)	(1,511)
Preferred stock redemption - premium	(151)					(151)
Preferred stock redemption value in excess of carrying value	0	36				(36)
Shareholder warrants exercised	57				57
Options exercised	13				13
Issuance of common stock and other, net of cancellations	76		1		75
Purchases of treasury stock	(1,801)			(1,801)
Ending balance at Sep. 30, 2023	29,312	8,287	221	(15,573)	17,326	18,758	293
Beginning balance at Jun. 30, 2023	29,111	8,621	221	(14,958)	17,218	17,762	247
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,375					1,375
Other comprehensive income (loss), net of tax	46						46
Dividends on common stock	(160)					(160)
Dividends on preferred stock	(177)					(177)
Preferred stock redemption - face value	(342)	(342)
Preferred stock redemption - premium	(34)					(34)
Preferred stock redemption value in excess of carrying value	0	8				(8)
Shareholder warrants exercised	54				54
Issuance of common stock and other, net of cancellations	54				54
Purchases of treasury stock	(615)			(615)
Ending balance at Sep. 30, 2023	29,312	8,287	221	(15,573)	17,326	18,758	293
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	3,198					3,183		15
Other comprehensive income (loss), net of tax	(26)						(26)
Dividends on common stock	(606)					(606)
Dividends on preferred stock	(509)					(509)
Shareholder warrants exercised	554		4		550
Issuance of common stock and other, net of cancellations	82		1		81
Purchases of treasury stock	(9)			(9)
Common Stock issued for CrownRock acquisition	1,755		6		1,749
Noncontrolling interest contributions, net	146							146
Ending balance, including NCI at Sep. 30, 2024	34,934	8,287	233	(15,591)	19,802	21,694	249	260
Ending balance at Sep. 30, 2024	34,674
Beginning balance, including NCI at Jun. 30, 2024	32,259	8,287	227	(15,591)	17,928	20,938	264	206
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,140					1,133		7
Other comprehensive income (loss), net of tax	(15)						(15)
Dividends on common stock	(208)					(208)
Dividends on preferred stock	(169)					(169)
Shareholder warrants exercised	67				67
Issuance of common stock and other, net of cancellations	58				58
Common Stock issued for CrownRock acquisition	1,755		6		1,749
Noncontrolling interest contributions, net	47							47
Ending balance, including NCI at Sep. 30, 2024	34,934	$ 8,287	$ 233	$ (15,591)	$ 19,802	$ 21,694	$ 249	$ 260
Ending balance at Sep. 30, 2024	$ 34,674

Consolidated Condensed Statem_6

Consolidated Condensed Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in dollars per share)	$ 0.22	$ 0.18	$ 0.66	$ 0.54
Dividends on preferred stock (in dollars per share)	$ 2,000	$ 2,000	$ 6,000	$ 6,000

GENERAL

GENERAL	9 Months Ended
GENERAL	Sep. 30, 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 has condensed or omitted, as permitted by the rules and regulations of the U.S. Securities and Exchange Commission (the SEC), 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 nine months ended September 30, 2024 and 2023 and Occidental’s financial position as of September 30, 2024 and December 31, 2023. The income and cash flows for the periods ended September 30, 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 September 30, 2024 and 2023: millions 2024 2023 Cash and cash equivalents $ 1,759 $ 611 Restricted cash and restricted cash equivalents included in other current assets 18 22 Restricted cash and restricted cash equivalents included in other long-term assets 16 16 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,793 $ 649 SUPPLEMENTAL CASH FLOW INFORMATION The following table represents U.S. federal, state and international income taxes paid, refunds received and interest paid during the nine months ended September 30, 2024 and 2023, respectively: millions 2024 2023 Income tax payments $ 812 $ 806 Income tax refunds received $ 29 $ 12 Interest paid (a) $ 897 $ 906 (a) Net of capitalized interest of $134 million and $69 million for the nine months ended September 30, 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". In August 2024, Occidental sold 19.5 million of its limited partner units for proceeds of $697 million resulting in a pre-tax gain of $489 million. As of September 30, 2024, Occidental owned all of the 2.3% non-voting general partner interest, 43.5% of the WES limited partner units, and a 2% non-voting limited partner interest in WES Operating, a subsidiary of WES. As of September 30, 2024, Occidental's combined share of net income from WES and its subsidiaries was 46.0%. 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 in Ector County, Texas. 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, 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, 2035 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	9 Months Ended
REVENUE	Sep. 30, 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 September 30, 2024, trade receivables, net of $3.9 billion represent rights to payment for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time. The following table shows a reconciliation of revenue from customers to total net sales for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, millions 2024 2023 2024 2023 Revenue from customers $ 7,020 $ 7,271 $ 20,553 $ 20,987 All other revenues (a) 153 (113) (588) 98 Net sales $ 7,173 $ 7,158 $ 19,965 $ 21,085 (a) Includes other net revenues from the midstream and marketing segment and chemical segment. 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. Midstream and marketing segment revenues are shown by the location of sale: millions United States International Eliminations Total Three months ended September 30, 2024 Oil and gas Oil $ 4,204 $ 726 $ — $ 4,930 NGL 495 97 — 592 Gas 60 91 — 151 Other 23 1 — 24 Segment total $ 4,782 $ 915 $ — $ 5,697 Chemical $ 1,171 $ 75 $ — $ 1,246 Midstream and marketing $ 186 $ 101 $ — $ 287 Eliminations $ — $ — $ (210) $ (210) Consolidated $ 6,139 $ 1,091 $ (210) $ 7,020 millions United States International Eliminations Total Three months ended September 30, 2023 Oil and gas Oil $ 3,997 $ 742 $ — $ 4,739 NGL 419 91 — 510 Gas 221 87 — 308 Other 37 — — 37 Segment total $ 4,674 $ 920 $ — $ 5,594 Chemical $ 1,234 $ 74 $ — $ 1,308 Midstream and marketing $ 563 $ 103 $ — $ 666 Eliminations $ — $ — $ (297) $ (297) Consolidated $ 6,471 $ 1,097 $ (297) $ 7,271 millions United States International Eliminations Total Nine months ended September 30, 2024 Oil and gas Oil $ 11,564 $ 2,259 $ — $ 13,823 NGL 1,314 293 — 1,607 Gas 314 269 — 583 Other 67 1 — 68 Segment total $ 13,259 $ 2,822 $ — $ 16,081 Chemical $ 3,489 $ 215 $ — $ 3,704 Midstream and marketing $ 1,118 $ 293 $ — $ 1,411 Eliminations $ — $ — $ (643) $ (643) Consolidated $ 17,866 $ 3,330 $ (643) $ 20,553 millions United States International Eliminations Total Nine months ended September 30, 2023 Oil and gas Oil $ 11,093 $ 2,255 $ — $ 13,348 NGL 1,231 266 — 1,497 Gas 737 246 — 983 Other 31 1 — 32 Segment total $ 13,092 $ 2,768 $ — $ 15,860 Chemical $ 3,834 $ 250 $ — $ 4,084 Midstream and marketing $ 1,524 $ 302 $ — $ 1,826 Eliminations $ — $ — $ (783) $ (783) Consolidated $ 18,450 $ 3,320 $ (783) $ 20,987

INVENTORIES

INVENTORIES	9 Months Ended
INVENTORIES	Sep. 30, 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 September 30, 2024 and December 31, 2023, inventories consisted of the following: millions September 30, 2024 December 31, 2023 Raw materials $ 116 $ 115 Materials and supplies 1,217 988 Commodity inventory and finished goods 1,050 1,027 2,383 2,130 Revaluation to LIFO (108) (108) Total $ 2,275 $ 2,022

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
LONG-TERM DEBT	Sep. 30, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	NOTE 4 - LONG-TERM DEBT As of September 30, 2024 and December 31, 2023, Occidental’s debt consisted of the following: millions September 30, 2024 December 31, 2023 2.900% senior notes due 2024 $ — $ 654 6.950% senior notes due 2024 — 291 3.450% senior notes due 2024 — 111 3.500% senior notes due 2025 137 137 364-day term loan due 2025 (6.801% as of September 30, 2024) 300 — 5.875% senior notes due 2025 606 606 5.500% senior notes due 2025 465 465 5.550% senior notes due 2026 870 870 3.400% senior notes due 2026 284 284 Two 2,700 — 3.200% senior notes due 2026 182 182 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 5.000% senior notes due 2027 600 — 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 5.200% senior notes due 2029 1,200 — Variable rate bonds due 2030 (5.200% and 5.750% as of September 30, 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 5.375% senior notes due 2032 1,000 — 5.550% senior notes due 2034 1,200 — 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 (continued on next page) millions (continued) September 30, 2024 December 31, 2023 6.200% senior notes due 2040 737 737 4.500% senior notes due 2044 191 191 4.625% senior notes due 2045 296 296 6.600% senior notes due 2046 1,117 1,117 4.400% senior notes due 2046 424 424 4.100% senior notes due 2047 258 258 4.200% senior notes due 2048 304 304 4.400% senior notes due 2049 280 280 6.050% senior notes due 2054 1,000 — 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 $ 24,899 $ 17,955 The following table summarizes Occidental's outstanding debt, including finance lease liabilities: millions September 30, 2024 December 31, 2023 Total borrowings at face value $ 24,899 $ 17,955 Adjustments to book value: Unamortized premium, net 1,062 1,152 Debt issuance costs (111) (106) Net book value of debt $ 25,850 $ 19,001 Long-term finance leases, included in Long-term debt 651 591 Current finance leases, included in current maturities of long-term debt 134 146 Total debt and finance leases $ 26,635 $ 19,738 Less: current finance leases, included in current maturities of long-term debt (134) (146) Less: current maturities of long-term debt (1,045) (1,056) Long-term debt, net $ 25,456 $ 18,536 DEBT ACTIVITY In February 2024, Occidental entered into the Third Amended and Restated Credit Agreement for the RCF extending its maturity date to June 30, 2028. In May 2024, Occidental amended the RCF to add an additional $150 million commitment, increasing the borrowing capacity to $4.15 billion. In July 2024, Occidental amended and extended the maturity date of its existing receivables securitization facility to July 30, 2027. As of September 30, 2024, the facility had $600 million of available borrowing capacity and no drawn amounts. The facility and the RCF include pricing adjustments based on specified sustainability thresholds and targets. In connection with the CrownRock Acquisition, Occidental issued $9.7 billion in new debt in July 2024 and assumed $1.2 billion of existing CrownRock debt in August 2024. In the nine months ended September 30, 2024 , Occidental used proceeds from divestitures and cash on hand to repay $4.0 billion of debt, which included the satisfaction and discharge of the 5.000% senior notes due 2029 that were acquired with CrownRock. As of September 30, 2024, Occidental had $1.0 billion of debt maturities due in the next 12 months, excluding the current portion of finance leases. The table below summarizes Occidental's debt activity for the nine months ended September 30, 2024: millions Principal Total Debt December 31, 2023 $ 17,955 Borrowings 364-day term loan due 2025 $ 2,000 Two 2,700 5.000% senior notes due 2027 600 5.200% senior notes due 2029 1,200 5.375% senior notes due 2032 1,000 5.550% senior notes due 2034 1,200 6.050% senior notes due 2054 1,000 Total borrowings $ 9,700 Debt Assumptions related to CrownRock 5.625% senior notes due 2025 $ 868 5.000% senior notes due 2029 376 Total Debt Assumptions $ 1,244 Repayments 364-day term loan due 2025 $ (1,700) 5.625% senior notes due 2025 (868) 5.000% senior notes due 2029 (376) 6.950% senior notes due 2024 (291) 3.450% senior notes due 2024 (111) 2.900% senior notes due 2024 (654) Total Repayments $ (4,000) Total Debt September 30, 2024 $ 24,899 FAIR VALUE OF DEBT The estimated fair value of Occidental’s debt as of September 30, 2024 and December 31, 2023, substantially all of which was classified as Level 1, was $25.4 billion and $18.0 billion, respectively.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	9 Months Ended
ACQUISITIONS AND DIVESTITURES	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS AND DIVESTITURES	NOTE 5 - ACQUISITIONS AND DIVESTITURES CROWNROCK ACQUISITION In December 2023, Occidental entered into an agreement to purchase CrownRock, L.P. for total consideration of $12.4 billion, consisting of $9.4 billion of cash consideration (inclusive of certain working capital and other customary purchase price adjustments), 29.6 million shares of common stock of Occidental, and the assumption of $1.2 billion of existing debt of CrownRock. The acquisition closed August 1, 2024, adding to Occidental's oil and gas portfolio in the Permian Basin. In connection with the CrownRock Acquisition, Occidental issued $5.0 billion of senior notes, a $2.0 billion 364-day term loan, and a $2.7 billion two-year term loan. The CrownRock Acquisition qualified as a business combination and was accounted for using the acquisition method of accounting. The following table summarizes the cash and common stock components of the purchase price: in millions of dollars and shares (except per-share price) Total Cash portion of purchase price $ 9,100 Closing Adjustments Net Working Capital and Other Purchase Price Adjustments 257 Pre-closing dividends declared by Occidental $ 13 Total Cash Purchase Price $ 9,370 Total shares of Occidental common stock issued 29.6 Occidental common stock share price $ 59.38 Stock portion of purchase price $ 1,755 Total purchase price $ 11,125 The following table sets forth the preliminary allocation of the acquisition consideration. Certain data necessary to complete the purchase price allocation is not yet available, and includes, but is not limited to, final appraisals of assets acquired and liabilities assumed. Occidental will finalize the purchase price allocation during the 12-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate. in millions August 1, 2024 Fair value of assets acquired: Cash and cash equivalents $ 589 Trade receivables, net 198 Other current assets 67 Property, plant and equipment, oil and gas 11,838 Amount attributable to assets acquired $ 12,692 Fair value of liabilities acquired: Current maturities of long-term debt $ 868 Accounts payable 251 Accrued liabilities 23 Long-term debt 378 Asset retirement obligations 47 Amount attributable to liabilities acquired $ 1,567 Fair value of net assets acquired: $ 11,125 The aggregate purchase price noted above was allocated to the major categories of assets and liabilities acquired based upon their preliminary estimated fair values at the date of the acquisition. The valuation of certain assets, primarily property, was based on preliminary appraisals. Unproved oil and gas properties were valued primarily using a market approach based on comparable transactions for similar properties. Proved oil and gas properties were valued using an income approach, which are considered Level 3 fair value estimates and include significant assumptions of future production and timing of production, commodity price assumptions, and operating and capital cost estimates, discounted using an 8.5 percent weighted average cost of capital. Taxes were based on current statutory rates. Future production and timing of production is based on internal reserves estimates and internal economic models for specific proved oil and gas assets. Price assumptions were based on a combination of market information and published industry resources adjusted for historical differentials. Price assumptions ranged from approximately $75 per barrel of oil increasing to approximately $97 per barrel of oil for the 15-year period, with an unweighted arithmetic average price of $84.79 for WTI indexed assets for the same period. Natural gas prices ranged from approximately $2.80 per MCF to $5.10 per MCF for the 15-year period, with an unweighted arithmetic average price of $4.34 for NYMEX based assets for the same period. Both oil and natural gas commodity prices were held flat after 2038 and were adjusted for location and quality differentials. Operating and capital cost estimates were based on current observable costs and were further escalated 2 percent in every period. The weighted average cost of capital is calculated based on industry peers and best approximates the cost of capital an external market participant would expect to obtain. The following summarizes the unaudited pro forma condensed financial information of Occidental as if the CrownRock Acquisition had occurred on January 1, 2023: Three months ended September 30, Nine months ended September 30, millions, except per-share amounts 2024 2023 2024 2023 Revenues $ 7,367 $ 7,801 $ 21,424 $ 22,912 Net income attributable to common stockholders $ 1,075 $ 1,300 $ 3,049 $ 3,139 Net income attributable to common stockholders per share—basic $ 1.14 $ 1.41 $ 3.28 $ 3.39 Net income attributable to common stockholders per share—diluted $ 1.09 $ 1.31 $ 3.08 $ 3.14 DIVESTITURES

DERIVATIVES

DERIVATIVES	9 Months Ended
DERIVATIVES	Sep. 30, 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 was insignificant for all periods presented. As of September 30, 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 September 30, 2024, the weighted-average settlement price of these forward contracts was $74.07 per barrel and $2.69 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) September 30, 2024 December 31, 2023 Oil commodity contracts Volume (MMbbl) (56) (20) Natural gas commodity contracts Volume (Bcf) (260) (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 September 30, 2024 Marketing Derivatives Other current assets $ 1,271 $ 151 $ — $ (1,253) $ 169 Other long-term assets 34 1 — (30) 5 Accrued liabilities (1,178) (98) — 1,253 (23) Deferred credits and other liabilities - other (30) — — 30 — 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 $94 million of collateral received from brokers against derivative assets and $9 million of collateral deposited with brokers against derivatives liabilities as of September 30, 2024. As of December 31, 2023, Occidental netted $42 million of collateral received from brokers against derivative assets and no collateral deposited with brokers against derivative liabilities. GAINS AND LOSSES ON DERIVATIVES The following table presents gains and (losses) related to Occidental's derivative instruments and the location on the Consolidated Condensed Statements of Operations. millions Three months ended September 30, Nine months ended September 30, Income Statement Classification 2024 2023 2024 2023 Marketing Derivatives (included in Net sales) $ 86 $ (189) $ (210) $ (331) CREDIT RISK The majority of Occidental’s credit risk is related to the physical delivery of energy commodities to its counterparties 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	9 Months Ended
INCOME TAXES	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 7 - INCOME TAXES The following table summarizes components of income tax expense: Three months ended September 30, Nine months ended September 30, millions 2024 2023 2024 2023 Income before income taxes $ 1,594 $ 1,809 $ 4,239 $ 4,870 Current Federal (286) (243) (832) (689) State and Local (19) (21) (43) (53) Foreign (196) (120) (530) (482) Total current tax expense $ (501) $ (384) $ (1,405) $ (1,224) Deferred Federal 54 (56) 177 (75) State and Local (3) (2) (2) (8) Foreign (4) 8 7 (65) Total deferred tax benefit (expense) $ 47 $ (50) $ 182 $ (148) Total income tax expense $ (454) $ (434) $ (1,223) $ (1,372) Income from continuing operations $ 1,140 $ 1,375 $ 3,016 $ 3,498 Worldwide effective tax rate 28 % 24% 29 % 28% The worldwide effective tax rates for the periods presented in the table above were 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 material adverse impact on our results of operations, financial position or cash flows.

ENVIRONMENTAL LIABILITIES AND E

ENVIRONMENTAL LIABILITIES AND EXPENDITURES	9 Months Ended
ENVIRONMENTAL LIABILITIES AND EXPENDITURES	Sep. 30, 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, which categories may include NPL Sites. Remedial activities may include one or more of the following: investigation involving sampling, modeling, risk assessment or monitoring; clean-up measures including removal, treatment or disposal; or operation and maintenance of remedial systems. The environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, natural resource damages, punitive damages, civil penalties, injunctive relief and government oversight costs. ENVIRONMENTAL REMEDIATION As of September 30, 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 September 30, 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 $ 437 Third-Party Sites 64 212 Currently Operated Sites 12 90 Closed or Non-Operated Sites 51 239 Total 159 $ 978 As of September 30, 2024, environmental remediation liabilities of Occidental subsidiaries exceeded $10 million each at 15 of the 159 sites described above, and 92 of the sites had liabilities from $0 to $1 million each. Based on current estimates, Occidental expects its subsidiaries to expend funds corresponding to approximately 40% of the period-end remediation balance over the next three Occidental believes its range of reasonably possible additional losses of its subsidiaries beyond those amounts currently recorded for environmental remediation for the 159 environmental sites in the table above could be up to $2.7 billion. The status of Occidental's involvement with the sites and related significant assumptions have 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. In 2023, OxyChem recovered the majority of 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. In September 2024, the EPA proposed a final remedy for OU1 for public comment. 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. In May 2024, the EPA approved OxyChem's remedial design for OU2. In June 2024, the EPA notified OxyChem that the work required by the AOC has been fully performed in accordance with its terms. In 2016, 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. 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 listed site comprises several existing NPL sites along a portion of that river that flows into OU3. In January 2024, the 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. Because OxyChem is incurring costs to implement the OU4 UAO, and the EPA is proposing to bar OxyChem's contribution claims against various parties as part of the Alden Leeds litigation described below, 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 with no requirement that the settling parties perform remediation work. OxyChem believes the proposed settlement is based on an unauthorized, flawed and disproportionate allocation of responsibility and would inappropriately release settling companies from liability to the United States for remediation costs in DASS OU2 and OU4. OxyChem also believes it would 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, followed by 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 this 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 in April 2024, to which other parties filed replies 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 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	9 Months Ended
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	Sep. 30, 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 September 30, 2024 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 As previously disclosed, in April 2024, Andes and the Occidental entities named in the pending actions related to the Andes Arbitration 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, which was included in operating cash flows from 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. 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 post-trial briefs throughout 2023 and 2024. Closing arguments were held in 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 September 30, 2024, Occidental would be required to repay approximately $1.4 billion in federal taxes, $28 million in state taxes and accrued interest of $722 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 September 30, 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	9 Months Ended
EARNINGS PER SHARE AND EQUITY	Sep. 30, 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 September 30, Nine months ended September 30, millions except per-share amounts 2024 2023 2024 2023 Income from continuing operations $ 1,140 $ 1,375 $ 3,016 $ 3,498 Discontinued operations, net of taxes (a) — — 182 — Net income $ 1,140 $ 1,375 $ 3,198 $ 3,498 Less: Income attributable to noncontrolling interest (7) — (15) — Less: Preferred stock dividends and redemption premiums (169) (219) (509) (754) Net income attributable to common stock $ 964 $ 1,156 $ 2,674 $ 2,744 Less: Net income allocated to participating securities (5) (7) (15) (17) Net income, net of participating securities $ 959 $ 1,149 $ 2,659 $ 2,727 Weighted-average number of basic shares 927.5 884.0 902.1 891.9 Basic income per common share $ 1.03 $ 1.30 $ 2.95 $ 3.06 Net income attributable to common stock $ 964 $ 1,156 $ 2,674 $ 2,744 Less: Net income allocated to participating securities (4) (6) (14) (16) Net income, net of participating securities $ 960 $ 1,150 $ 2,660 $ 2,728 Weighted-average number of basic shares 927.5 884.0 902.1 891.9 Dilutive securities 48.2 74.2 59.3 72.5 Dilutive effect of potentially dilutive securities 975.7 958.2 961.4 964.4 Diluted income per common share $ 0.98 $ 1.20 $ 2.77 $ 2.83 (a) See Note 9 - Lawsuits, Claims, Commitments and Contingencies . For the three months ended September 30, 2024 warrants for 83.9 million shares of Occidental common stock were excluded from diluted shares as their effect would have been anti-dilutive. For the three and nine months ended September 30, 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) CrownRock Acquisition Other (b) Treasury Stock Purchases (c) Common Stock Outstanding (d) December 31, 2023 879,463,103 First Quarter 2024 3,277,628 — 3,978,999 — 886,719,730 Second Quarter 2024 18,875,864 — 94,789 (130,424) 905,559,959 Third Quarter 2024 3,032,136 29,560,619 21,504 — 938,174,218 Total 25,185,628 29,560,619 4,095,292 (130,424) 938,174,218 (a) $554 million of cash was received in the first nine months of 2024 from 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) Included purchases of shares from the trustee of Occidental's defined contribution savings plan that are not part of publicly announced plans or programs. (d) As of September 30, 2024, Occidental had 74.3 million outstanding warrants with a strike of $22.00 per share and 83.9 million of Berkshire warrants with a strike of $59.62 per share.

SEGMENTS

SEGMENTS	9 Months Ended
SEGMENTS	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENTS	NOTE 11 - SEGMENTS Occidental conducts its operations through three segments: oil and gas, chemical and 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 September 30, 2024 Net sales $ 5,697 $ 1,246 $ 440 $ (210) $ 7,173 Income (loss) before income taxes $ 1,165 $ 304 $ 631 $ (506) $ 1,594 Income tax expense — — — (454) (454) Income (loss) from continuing operations $ 1,165 $ 304 $ 631 $ (960) $ 1,140 Three months ended September 30, 2023 Net sales $ 5,594 $ 1,309 $ 552 $ (297) $ 7,158 Income (loss) before income taxes $ 1,969 $ 373 $ (130) $ (403) $ 1,809 Income tax expense — — — (434) (434) Income (loss) from continuing operations $ 1,969 $ 373 $ (130) $ (837) $ 1,375 millions Oil and gas (a) Chemical Midstream and marketing (b) Corporate and eliminations (c) Total Nine months ended September 30, 2024 Net sales $ 16,081 $ 3,706 $ 821 $ (643) $ 19,965 Income (loss) before income taxes $ 4,042 $ 854 $ 714 $ (1,371) $ 4,239 Income tax expense — — — (1,223) (1,223) Income (loss) from continuing operations $ 4,042 $ 854 $ 714 $ (2,594) $ 3,016 Nine months ended September 30, 2023 Net sales $ 15,860 $ 4,089 $ 1,919 $ (783) $ 21,085 Income (loss) before income taxes $ 4,668 $ 1,281 $ (158) $ (921) $ 4,870 Income tax expense — — — (1,372) (1,372) Income (loss) from continuing operations $ 4,668 $ 1,281 $ (158) $ (2,293) $ 3,498 (a) The three and nine months ended September 30, 2024 included $572 million of losses primarily related to the sale of non-core onshore U.S. assets . The nine months ended September 30, 2024 also included a $54 million international legal settlement provision. The three and nine months ended September 30, 2023 included the sale of certain properties in the Permian Basin for a net gain of $142 million. The nine months ended September 30, 2023 also included a $180 million impairment related to undeveloped acreage in the Powder River Basin, a $29 million impairment related to an equity method investment in the Black Butte Coal Company and a $26 million litigation settlement gain. (b) The three months ended September 30, 2024 included a $489 million gain on the sale of 19.5 million limited partner units in WES, a $21 million impairment charge on non-core gas processing assets, and $142 million of net derivative gains. The nine months ended September 30, 2024 included a $489 million gain on the sale of 19.5 million limited partner units in WES and a $21 million impairment charge on non-core gas processing assets, $56 million of net derivative gains, $158 million of income from equity investments related to Occidental's share of WES's gains on asset divestitures and a $27 million fair value gain on the TerraLithium equity investment. The three and nine months ended September 30, 2023 included $81 million and $41 million of net derivative losses, respectively, and $34 million and $60 million of asset impairments and other charges, respectively, and a $51 million gain on the sale of 5.1 million limited partner units in WES. (c) The three and nine months ended September 30, 2024 included $56 million and $141 million of CrownRock Acquisition-related costs, respectively. The nine months ended September 30, 2023 included a $65 million deferred tax charge related to the Algeria contract renewal and a $260 million gain related to a Maxus environmental reserve adjustment.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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)	9 Months Ended
GENERAL (Policies)	Sep. 30, 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 in Ector County, Texas. 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, 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, 2035 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)	9 Months Ended
GENERAL (Tables)	Sep. 30, 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 September 30, 2024 and 2023: millions 2024 2023 Cash and cash equivalents $ 1,759 $ 611 Restricted cash and restricted cash equivalents included in other current assets 18 22 Restricted cash and restricted cash equivalents included in other long-term assets 16 16 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,793 $ 649
Schedule of Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Consolidated Condensed Statements of Cash Flows as of September 30, 2024 and 2023: millions 2024 2023 Cash and cash equivalents $ 1,759 $ 611 Restricted cash and restricted cash equivalents included in other current assets 18 22 Restricted cash and restricted cash equivalents included in other long-term assets 16 16 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,793 $ 649
Schedule of Supplemental Cash Flows	The following table represents U.S. federal, state and international income taxes paid, refunds received and interest paid during the nine months ended September 30, 2024 and 2023, respectively: millions 2024 2023 Income tax payments $ 812 $ 806 Income tax refunds received $ 29 $ 12 Interest paid (a) $ 897 $ 906 (a) Net of capitalized interest of $134 million and $69 million for the nine months ended September 30, 2024 and 2023, respectively.

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
REVENUE (Tables)	Sep. 30, 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 and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, millions 2024 2023 2024 2023 Revenue from customers $ 7,020 $ 7,271 $ 20,553 $ 20,987 All other revenues (a) 153 (113) (588) 98 Net sales $ 7,173 $ 7,158 $ 19,965 $ 21,085 (a) Includes other net revenues from the midstream and marketing segment and chemical segment.
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. Midstream and marketing segment revenues are shown by the location of sale: millions United States International Eliminations Total Three months ended September 30, 2024 Oil and gas Oil $ 4,204 $ 726 $ — $ 4,930 NGL 495 97 — 592 Gas 60 91 — 151 Other 23 1 — 24 Segment total $ 4,782 $ 915 $ — $ 5,697 Chemical $ 1,171 $ 75 $ — $ 1,246 Midstream and marketing $ 186 $ 101 $ — $ 287 Eliminations $ — $ — $ (210) $ (210) Consolidated $ 6,139 $ 1,091 $ (210) $ 7,020 millions United States International Eliminations Total Three months ended September 30, 2023 Oil and gas Oil $ 3,997 $ 742 $ — $ 4,739 NGL 419 91 — 510 Gas 221 87 — 308 Other 37 — — 37 Segment total $ 4,674 $ 920 $ — $ 5,594 Chemical $ 1,234 $ 74 $ — $ 1,308 Midstream and marketing $ 563 $ 103 $ — $ 666 Eliminations $ — $ — $ (297) $ (297) Consolidated $ 6,471 $ 1,097 $ (297) $ 7,271 millions United States International Eliminations Total Nine months ended September 30, 2024 Oil and gas Oil $ 11,564 $ 2,259 $ — $ 13,823 NGL 1,314 293 — 1,607 Gas 314 269 — 583 Other 67 1 — 68 Segment total $ 13,259 $ 2,822 $ — $ 16,081 Chemical $ 3,489 $ 215 $ — $ 3,704 Midstream and marketing $ 1,118 $ 293 $ — $ 1,411 Eliminations $ — $ — $ (643) $ (643) Consolidated $ 17,866 $ 3,330 $ (643) $ 20,553 millions United States International Eliminations Total Nine months ended September 30, 2023 Oil and gas Oil $ 11,093 $ 2,255 $ — $ 13,348 NGL 1,231 266 — 1,497 Gas 737 246 — 983 Other 31 1 — 32 Segment total $ 13,092 $ 2,768 $ — $ 15,860 Chemical $ 3,834 $ 250 $ — $ 4,084 Midstream and marketing $ 1,524 $ 302 $ — $ 1,826 Eliminations $ — $ — $ (783) $ (783) Consolidated $ 18,450 $ 3,320 $ (783) $ 20,987

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
INVENTORIES (Tables)	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	As of September 30, 2024 and December 31, 2023, inventories consisted of the following: millions September 30, 2024 December 31, 2023 Raw materials $ 116 $ 115 Materials and supplies 1,217 988 Commodity inventory and finished goods 1,050 1,027 2,383 2,130 Revaluation to LIFO (108) (108) Total $ 2,275 $ 2,022

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
LONG-TERM DEBT (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	As of September 30, 2024 and December 31, 2023, Occidental’s debt consisted of the following: millions September 30, 2024 December 31, 2023 2.900% senior notes due 2024 $ — $ 654 6.950% senior notes due 2024 — 291 3.450% senior notes due 2024 — 111 3.500% senior notes due 2025 137 137 364-day term loan due 2025 (6.801% as of September 30, 2024) 300 — 5.875% senior notes due 2025 606 606 5.500% senior notes due 2025 465 465 5.550% senior notes due 2026 870 870 3.400% senior notes due 2026 284 284 Two 2,700 — 3.200% senior notes due 2026 182 182 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 5.000% senior notes due 2027 600 — 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 5.200% senior notes due 2029 1,200 — Variable rate bonds due 2030 (5.200% and 5.750% as of September 30, 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 5.375% senior notes due 2032 1,000 — 5.550% senior notes due 2034 1,200 — 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 (continued on next page) millions (continued) September 30, 2024 December 31, 2023 6.200% senior notes due 2040 737 737 4.500% senior notes due 2044 191 191 4.625% senior notes due 2045 296 296 6.600% senior notes due 2046 1,117 1,117 4.400% senior notes due 2046 424 424 4.100% senior notes due 2047 258 258 4.200% senior notes due 2048 304 304 4.400% senior notes due 2049 280 280 6.050% senior notes due 2054 1,000 — 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 $ 24,899 $ 17,955 The following table summarizes Occidental's outstanding debt, including finance lease liabilities: millions September 30, 2024 December 31, 2023 Total borrowings at face value $ 24,899 $ 17,955 Adjustments to book value: Unamortized premium, net 1,062 1,152 Debt issuance costs (111) (106) Net book value of debt $ 25,850 $ 19,001 Long-term finance leases, included in Long-term debt 651 591 Current finance leases, included in current maturities of long-term debt 134 146 Total debt and finance leases $ 26,635 $ 19,738 Less: current finance leases, included in current maturities of long-term debt (134) (146) Less: current maturities of long-term debt (1,045) (1,056) Long-term debt, net $ 25,456 $ 18,536 The table below summarizes Occidental's debt activity for the nine months ended September 30, 2024: millions Principal Total Debt December 31, 2023 $ 17,955 Borrowings 364-day term loan due 2025 $ 2,000 Two 2,700 5.000% senior notes due 2027 600 5.200% senior notes due 2029 1,200 5.375% senior notes due 2032 1,000 5.550% senior notes due 2034 1,200 6.050% senior notes due 2054 1,000 Total borrowings $ 9,700 Debt Assumptions related to CrownRock 5.625% senior notes due 2025 $ 868 5.000% senior notes due 2029 376 Total Debt Assumptions $ 1,244 Repayments 364-day term loan due 2025 $ (1,700) 5.625% senior notes due 2025 (868) 5.000% senior notes due 2029 (376) 6.950% senior notes due 2024 (291) 3.450% senior notes due 2024 (111) 2.900% senior notes due 2024 (654) Total Repayments $ (4,000) Total Debt September 30, 2024 $ 24,899

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	9 Months Ended
ACQUISITIONS AND DIVESTITURES (Tables)	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Purchase Consideration	The following table summarizes the cash and common stock components of the purchase price: in millions of dollars and shares (except per-share price) Total Cash portion of purchase price $ 9,100 Closing Adjustments Net Working Capital and Other Purchase Price Adjustments 257 Pre-closing dividends declared by Occidental $ 13 Total Cash Purchase Price $ 9,370 Total shares of Occidental common stock issued 29.6 Occidental common stock share price $ 59.38 Stock portion of purchase price $ 1,755 Total purchase price $ 11,125
Schedule of Preliminary Purchase Price Allocation	The following table sets forth the preliminary allocation of the acquisition consideration. Certain data necessary to complete the purchase price allocation is not yet available, and includes, but is not limited to, final appraisals of assets acquired and liabilities assumed. Occidental will finalize the purchase price allocation during the 12-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate. in millions August 1, 2024 Fair value of assets acquired: Cash and cash equivalents $ 589 Trade receivables, net 198 Other current assets 67 Property, plant and equipment, oil and gas 11,838 Amount attributable to assets acquired $ 12,692 Fair value of liabilities acquired: Current maturities of long-term debt $ 868 Accounts payable 251 Accrued liabilities 23 Long-term debt 378 Asset retirement obligations 47 Amount attributable to liabilities acquired $ 1,567 Fair value of net assets acquired: $ 11,125
Schedule of Pro Forma Information	The following summarizes the unaudited pro forma condensed financial information of Occidental as if the CrownRock Acquisition had occurred on January 1, 2023: Three months ended September 30, Nine months ended September 30, millions, except per-share amounts 2024 2023 2024 2023 Revenues $ 7,367 $ 7,801 $ 21,424 $ 22,912 Net income attributable to common stockholders $ 1,075 $ 1,300 $ 3,049 $ 3,139 Net income attributable to common stockholders per share—basic $ 1.14 $ 1.41 $ 3.28 $ 3.39 Net income attributable to common stockholders per share—diluted $ 1.09 $ 1.31 $ 3.08 $ 3.14

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
DERIVATIVES (Tables)	Sep. 30, 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) September 30, 2024 December 31, 2023 Oil commodity contracts Volume (MMbbl) (56) (20) Natural gas commodity contracts Volume (Bcf) (260) (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 September 30, 2024 Marketing Derivatives Other current assets $ 1,271 $ 151 $ — $ (1,253) $ 169 Other long-term assets 34 1 — (30) 5 Accrued liabilities (1,178) (98) — 1,253 (23) Deferred credits and other liabilities - other (30) — — 30 — 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 $94 million of collateral received from brokers against derivative assets and $9 million of collateral deposited with brokers against derivatives liabilities as of September 30, 2024. As of December 31, 2023, Occidental netted $42 million of collateral received from brokers against derivative assets and no collateral deposited with brokers against derivative liabilities.
Schedule of Losses on Derivatives	The following table presents gains and (losses) related to Occidental's derivative instruments and the location on the Consolidated Condensed Statements of Operations. millions Three months ended September 30, Nine months ended September 30, Income Statement Classification 2024 2023 2024 2023 Marketing Derivatives (included in Net sales) $ 86 $ (189) $ (210) $ (331)

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
INCOME TAXES (Tables)	Sep. 30, 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 September 30, Nine months ended September 30, millions 2024 2023 2024 2023 Income before income taxes $ 1,594 $ 1,809 $ 4,239 $ 4,870 Current Federal (286) (243) (832) (689) State and Local (19) (21) (43) (53) Foreign (196) (120) (530) (482) Total current tax expense $ (501) $ (384) $ (1,405) $ (1,224) Deferred Federal 54 (56) 177 (75) State and Local (3) (2) (2) (8) Foreign (4) 8 7 (65) Total deferred tax benefit (expense) $ 47 $ (50) $ 182 $ (148) Total income tax expense $ (454) $ (434) $ (1,223) $ (1,372) Income from continuing operations $ 1,140 $ 1,375 $ 3,016 $ 3,498 Worldwide effective tax rate 28 % 24% 29 % 28%

ENVIRONMENTAL LIABILITIES AND_2

ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Tables)	9 Months Ended
ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Tables)	Sep. 30, 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 September 30, 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 $ 437 Third-Party Sites 64 212 Currently Operated Sites 12 90 Closed or Non-Operated Sites 51 239 Total 159 $ 978

EARNINGS PER SHARE AND EQUITY (

EARNINGS PER SHARE AND EQUITY (Tables)	9 Months Ended
EARNINGS PER SHARE AND EQUITY (Tables)	Sep. 30, 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 September 30, Nine months ended September 30, millions except per-share amounts 2024 2023 2024 2023 Income from continuing operations $ 1,140 $ 1,375 $ 3,016 $ 3,498 Discontinued operations, net of taxes (a) — — 182 — Net income $ 1,140 $ 1,375 $ 3,198 $ 3,498 Less: Income attributable to noncontrolling interest (7) — (15) — Less: Preferred stock dividends and redemption premiums (169) (219) (509) (754) Net income attributable to common stock $ 964 $ 1,156 $ 2,674 $ 2,744 Less: Net income allocated to participating securities (5) (7) (15) (17) Net income, net of participating securities $ 959 $ 1,149 $ 2,659 $ 2,727 Weighted-average number of basic shares 927.5 884.0 902.1 891.9 Basic income per common share $ 1.03 $ 1.30 $ 2.95 $ 3.06 Net income attributable to common stock $ 964 $ 1,156 $ 2,674 $ 2,744 Less: Net income allocated to participating securities (4) (6) (14) (16) Net income, net of participating securities $ 960 $ 1,150 $ 2,660 $ 2,728 Weighted-average number of basic shares 927.5 884.0 902.1 891.9 Dilutive securities 48.2 74.2 59.3 72.5 Dilutive effect of potentially dilutive securities 975.7 958.2 961.4 964.4 Diluted income per common share $ 0.98 $ 1.20 $ 2.77 $ 2.83 (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) CrownRock Acquisition Other (b) Treasury Stock Purchases (c) Common Stock Outstanding (d) December 31, 2023 879,463,103 First Quarter 2024 3,277,628 — 3,978,999 — 886,719,730 Second Quarter 2024 18,875,864 — 94,789 (130,424) 905,559,959 Third Quarter 2024 3,032,136 29,560,619 21,504 — 938,174,218 Total 25,185,628 29,560,619 4,095,292 (130,424) 938,174,218 (a) $554 million of cash was received in the first nine months of 2024 from 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) Included purchases of shares from the trustee of Occidental's defined contribution savings plan that are not part of publicly announced plans or programs. (d) As of September 30, 2024, Occidental had 74.3 million outstanding warrants with a strike of $22.00 per share and 83.9 million of Berkshire warrants with a strike of $59.62 per share.

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
SEGMENTS (Tables)	Sep. 30, 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 September 30, 2024 Net sales $ 5,697 $ 1,246 $ 440 $ (210) $ 7,173 Income (loss) before income taxes $ 1,165 $ 304 $ 631 $ (506) $ 1,594 Income tax expense — — — (454) (454) Income (loss) from continuing operations $ 1,165 $ 304 $ 631 $ (960) $ 1,140 Three months ended September 30, 2023 Net sales $ 5,594 $ 1,309 $ 552 $ (297) $ 7,158 Income (loss) before income taxes $ 1,969 $ 373 $ (130) $ (403) $ 1,809 Income tax expense — — — (434) (434) Income (loss) from continuing operations $ 1,969 $ 373 $ (130) $ (837) $ 1,375 millions Oil and gas (a) Chemical Midstream and marketing (b) Corporate and eliminations (c) Total Nine months ended September 30, 2024 Net sales $ 16,081 $ 3,706 $ 821 $ (643) $ 19,965 Income (loss) before income taxes $ 4,042 $ 854 $ 714 $ (1,371) $ 4,239 Income tax expense — — — (1,223) (1,223) Income (loss) from continuing operations $ 4,042 $ 854 $ 714 $ (2,594) $ 3,016 Nine months ended September 30, 2023 Net sales $ 15,860 $ 4,089 $ 1,919 $ (783) $ 21,085 Income (loss) before income taxes $ 4,668 $ 1,281 $ (158) $ (921) $ 4,870 Income tax expense — — — (1,372) (1,372) Income (loss) from continuing operations $ 4,668 $ 1,281 $ (158) $ (2,293) $ 3,498 (a) The three and nine months ended September 30, 2024 included $572 million of losses primarily related to the sale of non-core onshore U.S. assets . The nine months ended September 30, 2024 also included a $54 million international legal settlement provision. The three and nine months ended September 30, 2023 included the sale of certain properties in the Permian Basin for a net gain of $142 million. The nine months ended September 30, 2023 also included a $180 million impairment related to undeveloped acreage in the Powder River Basin, a $29 million impairment related to an equity method investment in the Black Butte Coal Company and a $26 million litigation settlement gain. (b) The three months ended September 30, 2024 included a $489 million gain on the sale of 19.5 million limited partner units in WES, a $21 million impairment charge on non-core gas processing assets, and $142 million of net derivative gains. The nine months ended September 30, 2024 included a $489 million gain on the sale of 19.5 million limited partner units in WES and a $21 million impairment charge on non-core gas processing assets, $56 million of net derivative gains, $158 million of income from equity investments related to Occidental's share of WES's gains on asset divestitures and a $27 million fair value gain on the TerraLithium equity investment. The three and nine months ended September 30, 2023 included $81 million and $41 million of net derivative losses, respectively, and $34 million and $60 million of asset impairments and other charges, respectively, and a $51 million gain on the sale of 5.1 million limited partner units in WES. (c) The three and nine months ended September 30, 2024 included $56 million and $141 million of CrownRock Acquisition-related costs, respectively. The nine months ended September 30, 2023 included a $65 million deferred tax charge related to the Algeria contract renewal and a $260 million gain related to a Maxus environmental reserve adjustment.

GENERAL - Schedule of Restricti

GENERAL - Schedule of Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,759	$ 1,426	$ 611
Restricted cash and restricted cash equivalents included in other current assets	18		22
Restricted cash and restricted cash equivalents included in other long-term assets	16		16
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 1,793	$ 1,464	$ 649	$ 1,026

GENERAL - Schedule of Supplemen

GENERAL - Schedule of Supplemental Cash Flows (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
SUPPLEMENTAL CASH FLOW INFORMATION
Income tax payments	$ 812	$ 806
Income tax refunds received	29	12
Interest paid	897	906
Capitalized interest	$ 134	$ 69

GENERAL - Narrative (Details)

GENERAL - Narrative (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	9 Months Ended
	Aug. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity, Primary Beneficiary
Summary of Significant Accounting Policies [Line Items]
Construction in progress		$ 672
BlackRock, Inc.
Summary of Significant Accounting Policies [Line Items]
Equity method investment commitments			$ 550
WES Midstream
Summary of Significant Accounting Policies [Line Items]
Number of limited partner units sold (in shares)	19.5
Proceeds from sale of limited partner units	$ 697
Gain on sale	$ 489
Limited partner interest		43.50%
Non-voting limited partner interest		2%
Effective economic interest		46%
WES Midstream \| WES Midstream
Summary of Significant Accounting Policies [Line Items]
Non-voting general partner interest		2.30%

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, after allowance for credit loss, current	$ 3,924	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from customers	$ 7,020	$ 7,271	$ 20,553	$ 20,987
All other revenues	153	(113)	(588)	98
Net sales	$ 7,173	$ 7,158	$ 19,965	$ 21,085

REVENUE - Schedule of Revenue f

REVENUE - Schedule of Revenue from Customers by Segment, Product, and Geographical Area (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of revenue
Revenue from customers	$ 7,020	$ 7,271	$ 20,553	$ 20,987
United States
Disaggregation of revenue
Revenue from customers			17,866	18,450
International
Disaggregation of revenue
Revenue from customers			3,330	3,320
Operating segments
Disaggregation of revenue
Revenue from customers	7,020	7,271
Operating segments \| United States
Disaggregation of revenue
Revenue from customers	6,139	6,471
Operating segments \| International
Disaggregation of revenue
Revenue from customers	1,091	1,097
Eliminations
Disaggregation of revenue
Revenue from customers	(210)	(297)	(643)	(783)
Eliminations \| United States
Disaggregation of revenue
Revenue from customers	0	0	0	0
Eliminations \| International
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Operating segments
Disaggregation of revenue
Revenue from customers	5,697	5,594	16,081	15,860
Oil and gas \| Operating segments \| Oil
Disaggregation of revenue
Revenue from customers	4,930	4,739	13,823	13,348
Oil and gas \| Operating segments \| NGL
Disaggregation of revenue
Revenue from customers	592	510	1,607	1,497
Oil and gas \| Operating segments \| Gas
Disaggregation of revenue
Revenue from customers	151	308	583	983
Oil and gas \| Operating segments \| Other
Disaggregation of revenue
Revenue from customers	24	37	68	32
Oil and gas \| Operating segments \| United States
Disaggregation of revenue
Revenue from customers	4,782	4,674	13,259	13,092
Oil and gas \| Operating segments \| United States \| Oil
Disaggregation of revenue
Revenue from customers	4,204	3,997	11,564	11,093
Oil and gas \| Operating segments \| United States \| NGL
Disaggregation of revenue
Revenue from customers	495	419	1,314	1,231
Oil and gas \| Operating segments \| United States \| Gas
Disaggregation of revenue
Revenue from customers	60	221	314	737
Oil and gas \| Operating segments \| United States \| Other
Disaggregation of revenue
Revenue from customers	23	37	67	31
Oil and gas \| Operating segments \| International
Disaggregation of revenue
Revenue from customers	915	920	2,822	2,768
Oil and gas \| Operating segments \| International \| Oil
Disaggregation of revenue
Revenue from customers	726	742	2,259	2,255
Oil and gas \| Operating segments \| International \| NGL
Disaggregation of revenue
Revenue from customers	97	91	293	266
Oil and gas \| Operating segments \| International \| Gas
Disaggregation of revenue
Revenue from customers	91	87	269	246
Oil and gas \| Operating segments \| International \| Other
Disaggregation of revenue
Revenue from customers	1	0	1	1
Oil and gas \| Eliminations
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Eliminations \| Oil
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Eliminations \| NGL
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Eliminations \| Gas
Disaggregation of revenue
Revenue from customers	0	0	0	0
Oil and gas \| Eliminations \| Other
Disaggregation of revenue
Revenue from customers	0	0	0	0
Chemical \| Operating segments
Disaggregation of revenue
Revenue from customers	1,246	1,308	3,704	4,084
Chemical \| Operating segments \| United States
Disaggregation of revenue
Revenue from customers	1,171	1,234	3,489	3,834
Chemical \| Operating segments \| International
Disaggregation of revenue
Revenue from customers	75	74	215	250
Chemical \| Eliminations
Disaggregation of revenue
Revenue from customers	0	0	0	0
Midstream and marketing \| Operating segments
Disaggregation of revenue
Revenue from customers	287	666	1,411	1,826
Midstream and marketing \| Operating segments \| United States
Disaggregation of revenue
Revenue from customers	186	563	1,118	1,524
Midstream and marketing \| Operating segments \| International
Disaggregation of revenue
Revenue from customers	101	103	293	302
Midstream and marketing \| Eliminations
Disaggregation of revenue
Revenue from customers	$ 0	$ 0	$ 0	$ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 116	$ 115
Materials and supplies	1,217	988
Commodity inventory and finished goods	1,050	1,027
Total	2,383	2,130
Revaluation to LIFO	(108)	(108)
Total	$ 2,275	$ 2,022

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Long-term Debt
Long-term debt, gross	$ 24,899	$ 17,955
Unamortized premium, net	1,062	1,152
Debt issuance costs	(111)	(106)
Net book value of debt	25,850	19,001
Long-term finance leases, included in Long-term debt	651	591
Current finance leases, included in current maturities of long-term debt	134	146
Total debt and finance leases	26,635	19,738
Less: current finance leases, included in current maturities of long-term debt	(134)	(146)
Less: current maturities of long-term debt	(1,045)	(1,056)
Long-term debt, net	$ 25,456	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	$ 0	654
6.950% senior notes due 2024 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	6.95%
Long-term debt, gross	$ 0	291
3.450% senior notes due 2024 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	3.45%
Long-term debt, gross	$ 0	111
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
364-day term loan due 2025 (6.801% as of September 30, 2024) \| Secured Debt
Long-term Debt
Debt instrument interest rate stated percentage	6.801%
Debt term	364 days
Long-term debt, gross	$ 300	0
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
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
3.400% senior notes due 2026 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	3.40%
Long-term debt, gross	$ 284	284
Two-year term loan due 2026 (6.926% as of September 30, 2024) \| Secured Debt
Long-term Debt
Debt instrument interest rate stated percentage	6.926%
Debt term	2 years
Long-term debt, gross	$ 2,700	0
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
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
5.000% senior notes due 2027 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	5%
Long-term debt, gross	$ 600	0
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
5.200% senior notes due 2029 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	5.20%
Long-term debt, gross	$ 1,200	$ 0
Variable rate bonds due 2030 (5.200% and 5.750% as of September 30, 2024 and December 31, 2023, respectively) \| Variable Rate Bonds
Long-term Debt
Debt instrument, variable rate	5.20%	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
5.375% senior notes due 2032 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	5.375%
Long-term debt, gross	$ 1,000	0
5.550% senior notes due 2034 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	5.55%
Long-term debt, gross	$ 1,200	0
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
6.050% senior notes due 2054 \| Senior Notes
Long-term Debt
Debt instrument interest rate stated percentage	6.05%
Long-term debt, gross	$ 1,000	0
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 ($)	1 Months Ended		9 Months Ended
LONG-TERM DEBT - Narrative (Details) - USD ($)	Aug. 31, 2024	May 31, 2024	Sep. 30, 2024	Jul. 31, 2024	Dec. 31, 2023
Long-term Debt
Repayments			$ (4,000,000,000)
Long-term debt, gross			1,000,000,000
Level 1 \| Estimate of Fair Value Measurement
Long-term Debt
Fair value of long-term debt			$ 25,400,000,000		$ 18,000,000,000
Crownrock L.P.
Long-term Debt
Debt issuance, face amount				$ 9,700,000,000
Debt assumed	$ 1,200,000,000
Senior Notes \| 5.200% senior notes due 2029
Long-term Debt
Interest rate			5.20%
Senior Notes \| Crownrock L.P. \| 5.200% senior notes due 2029
Long-term Debt
Interest rate			5%
Revolving Credit Facility \| Line of Credit
Long-term Debt
Available borrowing capacity		$ 150,000,000
Line of credit facility, maximum borrowing capacity		$ 4,150,000,000
Available borrowing capacity			$ 600,000,000
Drawn amounts			$ 0

LONG-TERM DEBT - Debt Activity

LONG-TERM DEBT - Debt Activity (Details) $ in Millions	9 Months Ended
LONG-TERM DEBT - Debt Activity (Details) $ in Millions	Sep. 30, 2024 USD ($)
Debt Instrument, Increase (Decrease) [Roll Forward]
Beginning balance	$ 17,955
Borrowings	9,700
Debt Assumptions related to CrownRock	1,244
Repayments	(4,000)
Ending balance	24,899
364-day term loan due 2025 \| Secured Debt
Debt Instrument, Increase (Decrease) [Roll Forward]
Borrowings	2,000
Repayments	$ (1,700)
Debt term	364 days
Interest rate	6.801%
Two-year term loan due 2026 \| Secured Debt
Debt Instrument, Increase (Decrease) [Roll Forward]
Borrowings	$ 2,700
Debt term	2 years
Interest rate	6.926%
5.000% senior notes due 2027 \| Senior Notes
Debt Instrument, Increase (Decrease) [Roll Forward]
Borrowings	$ 600
Interest rate	5%
5.200% senior notes due 2029 \| Senior Notes
Debt Instrument, Increase (Decrease) [Roll Forward]
Borrowings	$ 1,200
Interest rate	5.20%
5.375% senior notes due 2032 \| Senior Notes
Debt Instrument, Increase (Decrease) [Roll Forward]
Borrowings	$ 1,000
Interest rate	5.375%
5.550% senior notes due 2034 \| Senior Notes
Debt Instrument, Increase (Decrease) [Roll Forward]
Borrowings	$ 1,200
Interest rate	5.55%
6.050% senior notes due 2054 \| Senior Notes
Debt Instrument, Increase (Decrease) [Roll Forward]
Borrowings	$ 1,000
Interest rate	6.05%
5.625% senior notes due 2025 \| Senior Notes
Debt Instrument, Increase (Decrease) [Roll Forward]
Debt Assumptions related to CrownRock	$ 868
Repayments	$ (868)
Interest rate	5.625%
5.000% senior notes due 2029 \| Senior Notes
Debt Instrument, Increase (Decrease) [Roll Forward]
Debt Assumptions related to CrownRock	$ 376
Repayments	$ (376)
Interest rate	5%
6.950% senior notes due 2024 \| Senior Notes
Debt Instrument, Increase (Decrease) [Roll Forward]
Repayments	$ (291)
Interest rate	6.95%
3.450% senior notes due 2024 \| Senior Notes
Debt Instrument, Increase (Decrease) [Roll Forward]
Repayments	$ (111)
Interest rate	3.45%
2.900% senior notes due 2024 \| Senior Notes
Debt Instrument, Increase (Decrease) [Roll Forward]
Repayments	$ (654)
Interest rate	2.90%

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Narrative (Details) shares in Millions		1 Months Ended		3 Months Ended	9 Months Ended
	Aug. 01, 2024 USD ($)	Aug. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jul. 31, 2024 USD ($)
Business Acquisition [Line Items]
Weighted average cost capital percentage					8.50%
Oil and gas, proved reserve, period					15 years
Unweighted arithmetic average price					84.79
Natural gas, period					15 years
Unweighted arithmetic average price (per unit)					4.34
Operating and capital costs percentage				2%	2%
WES Midstream
Business Acquisition [Line Items]
Number of limited partner units sold (in shares) \| shares		19.5
Proceeds from sale of limited partner units		$ 697,000,000
Gain on sale		$ 489,000,000
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Powder River Basic And Delaware Basin Assets
Business Acquisition [Line Items]
Net proceeds from sale				$ 779,000,000
Loss on sale of business				479,000,000
364-day term loan due 2025 \| Secured Debt
Business Acquisition [Line Items]
Debt term					364 days
Two-year term loan due 2026 \| Secured Debt
Business Acquisition [Line Items]
Debt term					2 years
Low end of range
Business Acquisition [Line Items]
Oil and gas, quantity energy (in dollars per barrel of oil)				$ 75	$ 75
Natural gas prices (in dollars per MCF)				2.80	2.80
High end of range
Business Acquisition [Line Items]
Oil and gas, quantity energy (in dollars per barrel of oil)				$ 97	$ 97
Natural gas prices (in dollars per MCF)				5.10	5.10
Crownrock L.P.
Business Acquisition [Line Items]
Consideration upon approval			$ 12,400,000,000
Issuance of shares upon approval (in shares) \| shares			29.6
Debt issuance, face amount						$ 9,700,000,000
Crownrock L.P. \| Existing Debt
Business Acquisition [Line Items]
Issuance of debt upon approval			$ 1,200,000,000
Crownrock L.P. \| Unsecured Senior Notes \| Senior Notes
Business Acquisition [Line Items]
Debt issuance, face amount	$ 5,000,000,000
Crownrock L.P. \| 364-day term loan due 2025 \| Secured Debt
Business Acquisition [Line Items]
Debt issuance, face amount	$ 2,000,000,000
Debt term	364 days
Crownrock L.P. \| Two-year term loan due 2026 \| Secured Debt
Business Acquisition [Line Items]
Debt issuance, face amount	$ 2,700,000,000
Debt term	2 years
Crownrock L.P. \| High end of range \| New Debt
Business Acquisition [Line Items]
Issuance of debt upon approval			$ 9,400,000,000

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES - Schedule of Purchase Consideration (Details) - Crownrock L.P. $ / shares in Units, shares in Millions, $ in Millions	Aug. 01, 2024 USD ($) $ / shares shares
Business Acquisition [Line Items]
Cash portion of purchase price	$ 9,100
Net Working Capital and Other Purchase Price Adjustments	257
Pre-closing dividends declared by Occidental	13
Total Cash Purchase Price	$ 9,370
Total shares of Occidental common stock issued (in shares) \| shares	29.6
Occidental common stock share price (in dollars per share) \| $ / shares	$ 59.38
Stock portion of purchase price	$ 1,755
Total purchase price	$ 11,125

ACQUISITIONS AND DIVESTITURES_3

ACQUISITIONS AND DIVESTITURES - Schedule of Preliminary Purchase Price Allocation (Details) - Crownrock L.P. $ in Millions	Aug. 01, 2024 USD ($)
Fair value of assets acquired:
Cash and cash equivalents	$ 589
Trade receivables, net	198
Other current assets	67
Property, plant and equipment, oil and gas	11,838
Amount attributable to assets acquired	12,692
Fair value of liabilities acquired:
Current maturities of long-term debt	868
Accounts payable	251
Accrued liabilities	23
Long-term debt	378
Asset retirement obligations	47
Amount attributable to liabilities acquired	1,567
Fair value of net assets acquired:	$ 11,125

ACQUISITIONS AND DIVESTITURES_4

ACQUISITIONS AND DIVESTITURES - Schedule of Proforma Condensed Financial Information (Details) - Crownrock L.P. - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Revenues	$ 7,367	$ 7,801	$ 21,424	$ 22,912
Net income attributable to common stockholders	$ 1,075	$ 1,300	$ 3,049	$ 3,139
Net income (loss) attributable to common stockholders per share—basic (in dollars per share)	$ 1.14	$ 1.41	$ 3.28	$ 3.39
Net income (loss) attributable to common stockholders per share—diluted (in dollars per share)	$ 1.09	$ 1.31	$ 3.08	$ 3.14

DERIVATIVES - Marketing Derivat

DERIVATIVES - Marketing Derivatives (Details)	9 Months Ended				12 Months Ended
DERIVATIVES - Marketing Derivatives (Details)	Sep. 30, 2024 $ / bbl	Sep. 30, 2024 $ / MMcf	Sep. 30, 2024 MMBbls	Sep. 30, 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)	74.07	2.69			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			(56)				(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				(260)				(113)

DERIVATIVES - Schedule of Fair

DERIVATIVES - Schedule of Fair Value Derivatives (Details) - Marketing Derivatives - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Gross and net fair values of outstanding derivatives
Collateral received netted against derivative assets	$ 94	$ 42
Collateral paid netted against derivative liabilities	9	0
Other current assets
Gross and net fair values of outstanding derivatives
Netting, asset	(1,253)	(1,009)
Total net fair value, asset	169	99
Other long-term assets
Gross and net fair values of outstanding derivatives
Netting, asset	(30)	(43)
Total net fair value, asset	5	5
Accrued liabilities
Gross and net fair values of outstanding derivatives
Netting and collateral, liability	1,253	1,009
Total net fair value, liability	(23)	(22)
Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives
Netting and collateral, liability	30	43
Total net fair value, liability	0	(6)
Level 1 \| Other current assets
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	1,271	1,008
Level 1 \| Other long-term assets
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	34	47
Level 1 \| Accrued liabilities
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	(1,178)	(967)
Level 1 \| Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	(30)	(43)
Level 2 \| Other current assets
Gross and net fair values of outstanding derivatives
Commodity contract derivative asset, gross	151	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	(98)	(64)
Level 2 \| Deferred credits and other liabilities - other
Gross and net fair values of outstanding derivatives
Commodity contract derivative liability, gross	0	(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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Marketing Derivatives \| Net sales (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives	$ 86	$ (189)	$ (210)	$ (331)

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 1,594	$ 1,809	$ 4,239	$ 4,870
Current
Federal	(286)	(243)	(832)	(689)
State and Local	(19)	(21)	(43)	(53)
Foreign	(196)	(120)	(530)	(482)
Total current tax expense	(501)	(384)	(1,405)	(1,224)
Deferred
Federal	54	(56)	177	(75)
State and Local	(3)	(2)	(2)	(8)
Foreign	(4)	8	7	(65)
Total deferred tax benefit (expense)	47	(50)	182	(148)
Total income tax expense	(454)	(434)	(1,223)	(1,372)
Income from continuing operations	$ 1,140	$ 1,375	$ 3,016	$ 3,498
Worldwide effective tax rate	28%	24%	29%	28%

ENVIRONMENTAL LIABILITIES AND_3

ENVIRONMENTAL LIABILITIES AND EXPENDITURES (Details) $ in Millions	1 Months Ended						3 Months Ended	9 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	Sep. 30, 2016 party	Sep. 30, 2024 USD ($) site unit category party	Dec. 31, 2023 USD ($)
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								$ 847	$ 889
Remediation balance								978
Environmental reserves, exceeding $ ten million, threshold value								$ 10
Environmental reserves, exceeding $ ten million, threshold value, number of sites \| site								15
Environmental reserves, range between zero to $ one million site category, number of sites \| site								92
Percent of reserve to be funded over the next three to four years								40%
Period of expending remaining environmental reserves (or more)								10 years
Environmental remediation additional loss range								$ 2,700
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 \| category								3
NPL Sites
Environmental remediation reserves
Number of sites \| site								32
Remediation balance								$ 437
Third-Party Sites
Environmental remediation reserves
Number of sites \| site								64
Remediation balance								$ 212
Currently Operated Sites
Environmental remediation reserves
Number of sites \| site								12
Remediation balance								$ 90
Closed or Non-Operated Sites
Environmental remediation reserves
Number of sites \| site								51
Remediation balance								$ 239
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		9 Months Ended		12 Months Ended
	Apr. 05, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2016	Dec. 31, 2015
Lawsuits, commitments and contingencies
Tentative cash tax refund		$ 29	$ 12
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		722
Arbitration filed by Andes Petroleum Ecuador Ltd
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic earnings (loss) per common share
Income from continuing operations	$ 1,140	$ 1,375	$ 3,016	$ 3,498
Discontinued operations, net of taxes	0	0	182	0
NET INCOME	1,140	1,375	3,198	3,498
Less: Net income attributable to noncontrolling interest	(7)	0	(15)	0
Less: Preferred stock dividends and redemption premiums	(169)	(219)	(509)	(754)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	964	1,156	2,674	2,744
Less: Net income allocated to participating securities	(5)	(7)	(15)	(17)
Net income, net of participating securities	$ 959	$ 1,149	$ 2,659	$ 2,727
Weighted-average number of basic shares (in shares)	927.5	884	902.1	891.9
Basic income per common share (in dollars per share)	$ 1.03	$ 1.30	$ 2.95	$ 3.06
Less: Net income allocated to participating securities	$ (4)	$ (6)	$ (14)	$ (16)
Net income, net of participating securities	$ 960	$ 1,150	$ 2,660	$ 2,728
Dilutive securities (in shares)	48.2	74.2	59.3	72.5
Dilutive effect of potentially dilutive securities (in shares)	975.7	958.2	961.4	964.4
Diluted income per common share (in dollars per share)	$ 0.98	$ 1.20	$ 2.77	$ 2.83

EARNINGS PER SHARE AND EQUITY_2

EARNINGS PER SHARE AND EQUITY - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023
Warrant
Class of Stock [Line Items]
Berkshire warrants, common stock warrants, and options excluded from diluted shares (in shares)	83,900,000	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			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Exercise of warrants (in shares)	3,032,136	18,875,864	3,277,628	25,185,628
CrownRock Acquisition (in shares)	29,560,619	0	0	29,560,619
Other (in shares)	21,504	94,789	3,978,999	4,095,292
Treasury Stock Purchases (in shares)	0	(130,424)	0	(130,424)
Common stock, outstanding (in shares)	938,174,218	905,559,959	886,719,730	938,174,218	879,463,103
Amount from exercise of warrants				$ 554
Strike Price One
Class of Stock [Line Items]
Outstanding warrants (in shares)	74,300,000			74,300,000
Exercise price of warrant (in dollars per share)	$ 22			$ 22
Strike Price Two
Class of Stock [Line Items]
Outstanding warrants (in shares)	83,900,000			83,900,000
Exercise price of warrant (in dollars per share)	$ 59.62			$ 59.62

SEGMENTS - Schedule of Industry

SEGMENTS - Schedule of Industry Segments and Eliminations (Details) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2024 USD ($) shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) segment shares	Sep. 30, 2023 USD ($) shares
Segment Information
Number of operating segments \| segment				3
Net sales		$ 7,173	$ 7,158	$ 19,965	$ 21,085
Income (loss) before income taxes		1,594	1,809	4,239	4,870
Income tax expense		(454)	(434)	(1,223)	(1,372)
Income from continuing operations		1,140	1,375	3,016	3,498
Gain on disposition of assets		(79)	192	(52)	197
Income from equity investments and other		166	106	709	391
Acquisition-related costs		49	0	75	0
Deferred Income Tax Charge
Segment Information
Deferred tax charges, contract renewal					65
WES Midstream
Segment Information
Gain on sale	$ 489
Number of limited partner units sold (in shares) \| shares	19.5
Oil and gas \| Black Butte Coal
Segment Information
Impairment of equity method investment					29
Oil and gas \| Land
Segment Information
Impairment and related charges					180
Midstream and marketing
Segment Information
Net derivative gain (loss)			(81)		(41)
Midstream and marketing \| WES Midstream
Segment Information
Impairment and related charges		21		21
Gain on sale		$ 489		$ 489
Number of limited partner units sold (in shares) \| shares		19.5		19.5
Net derivative gain (loss)		$ 142		$ 56
Income from equity investments and other				158
Midstream and marketing \| TerraLithium
Segment Information
Fair value gain				27
Operating segments \| Oil and gas
Segment Information
Net sales		5,697	5,594	16,081	15,860
Income (loss) before income taxes		1,165	1,969	4,042	4,668
Income tax expense		0	0	0	0
Income from continuing operations		1,165	1,969	4,042	4,668
Loss on sale of business		572		572
Legal settlement expense				54
Gains related to legal settlements					26
Operating segments \| Oil and gas \| Permian Basin \| Disposed of by Sale, Not Discontinued Operations
Segment Information
Gain on disposition of assets			142		142
Operating segments \| Chemical
Segment Information
Net sales		1,246	1,309	3,706	4,089
Income (loss) before income taxes		304	373	854	1,281
Income tax expense		0	0	0	0
Income from continuing operations		304	373	854	1,281
Operating segments \| Midstream and marketing
Segment Information
Net sales		440	552	821	1,919
Income (loss) before income taxes		631	(130)	714	(158)
Income tax expense		0	0	0	0
Income from continuing operations		631	(130)	714	(158)
Operating segments \| Midstream and marketing \| WES Midstream \| Disposed of by Sale, Not Discontinued Operations
Segment Information
Impairment and related charges			34		60
Gain on sale			$ 51		$ 51
Number of limited partner units sold (in shares) \| shares			5.1		5.1
Corporate and eliminations
Segment Information
Net sales		(210)	$ (297)	(643)	$ (783)
Income (loss) before income taxes		(506)	(403)	(1,371)	(921)
Income tax expense		(454)	(434)	(1,223)	(1,372)
Income from continuing operations		(960)	$ (837)	(2,594)	(2,293)
Corporate and eliminations \| Maxus Filed Bankruptcy
Segment Information
Gains related to legal settlements					$ 260
Corporate and eliminations \| CrownRock Acquisition
Segment Information
Acquisition-related costs		$ 56		$ 141