Delaware
|
|
95-4035997
|
||
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
||
5 Greenway Plaza, Suite 110
|
||||
|
Houston,
|
Texas
|
77046
|
|
(Address of principal executive offices) (Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $0.20 par value
|
OXY
|
New York Stock Exchange
|
9 ¼% Senior Debentures due 2019
|
OXY 19A
|
New York Stock Exchange
|
|
Class
|
|
Outstanding at July 11, 2019
|
|
|
Common stock $0.20 par value
|
|
748,348,543
|
|
|
|
|
|
PAGE
|
|
|
|
|
|
Part I
|
Financial Information
|
|
||
|
|
|
|
|
|
Item 1.
|
|
||
|
|
|
|
|
|
|
|
||
|
|
|
June 30, 2019 and December 31, 2018
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Three months and six months ended June 30, 2019, and 2018
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Three months and six months ended June 30, 2019, and 2018
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Six months ended June 30, 2019, and 2018
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Three months and six months ended June 30, 2019, and 2018
|
7
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Item 2.
|
|
||
|
|
|
||
|
|
|
|
|
|
Item 3.
|
|||
|
|
|
|
|
|
Item 4.
|
|||
|
|
|
|
|
Part II
|
Other Information
|
|
||
|
|
|
|
|
|
Item 1.
|
|||
|
|
|
|
|
|
Item 1A.
|
|||
|
|
|
|
|
|
Item 2.
|
|||
|
|
|
|
|
|
Item 6.
|
Item 1.
|
Financial Statements (unaudited)
|
|
|
2019
|
|
2018
|
|
||||
|
|
|
|
|
|
||||
ASSETS
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
CURRENT ASSETS
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
1,751
|
|
|
$
|
3,033
|
|
|
Trade receivables, net
|
|
5,273
|
|
|
4,893
|
|
|
||
Inventories
|
|
1,582
|
|
|
1,260
|
|
|
||
Other current assets
|
|
819
|
|
|
746
|
|
|
||
Total current assets
|
|
9,425
|
|
|
9,932
|
|
|
||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES
|
|
1,777
|
|
|
1,680
|
|
|
||
|
|
|
|
|
|
||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $44,889 at June 30, 2019 and $42,983 at December 31, 2018
|
|
32,115
|
|
|
31,437
|
|
|
||
|
|
|
|
|
|
||||
OPERATING LEASE ASSETS, NET
|
|
681
|
|
|
—
|
|
|
||
|
|
|
|
|
|
||||
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET
|
|
772
|
|
|
805
|
|
|
||
|
|
|
|
|
|
||||
TOTAL ASSETS
|
|
$
|
44,770
|
|
|
$
|
43,854
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated condensed financial statements.
|
|
|
|
2019
|
|
2018
|
|
||||
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
116
|
|
|
$
|
116
|
|
|
Current lease liabilities
|
|
252
|
|
|
—
|
|
|
||
Accounts payable
|
|
5,445
|
|
|
4,885
|
|
|
||
Accrued liabilities
|
|
2,067
|
|
|
2,411
|
|
|
||
Total current liabilities
|
|
7,880
|
|
|
7,412
|
|
|
||
|
|
|
|
|
|
||||
LONG-TERM DEBT, NET
|
|
10,155
|
|
|
10,201
|
|
|
||
|
|
|
|
|
|
||||
DEFERRED CREDITS AND OTHER LIABILITIES
|
|
|
|
|
|
||||
Deferred domestic and foreign income taxes, net
|
|
950
|
|
|
907
|
|
|
||
Asset retirement obligations
|
|
1,433
|
|
|
1,424
|
|
|
||
Pension and postretirement obligations
|
|
819
|
|
|
809
|
|
|
||
Environmental remediation reserves
|
|
764
|
|
|
762
|
|
|
||
Lease liabilities
|
|
445
|
|
|
—
|
|
|
||
Other
|
|
977
|
|
|
1,009
|
|
|
||
|
|
5,388
|
|
|
4,911
|
|
|
||
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
||||
Common stock, at par value (896,720,621 shares at June 30, 2019, and 895,115,637 shares at December 31, 2018)
|
|
179
|
|
|
179
|
|
|
||
Treasury stock (148,416,051 shares at June 30, 2019, and 145,726,051 shares at December 31, 2018)
|
|
(10,653
|
)
|
|
(10,473
|
)
|
|
||
Additional paid-in capital
|
|
8,157
|
|
|
8,046
|
|
|
||
Retained earnings
|
|
23,848
|
|
|
23,750
|
|
|
||
Accumulated other comprehensive loss
|
|
(184
|
)
|
|
(172
|
)
|
|
||
Total stockholders’ equity
|
|
21,347
|
|
|
21,330
|
|
|
||
|
|
|
|
|
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
44,770
|
|
|
$
|
43,854
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated condensed financial statements.
|
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
REVENUES AND OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
4,420
|
|
|
$
|
4,083
|
|
|
$
|
8,424
|
|
|
$
|
7,846
|
|
Interest, dividends and other income
|
|
41
|
|
|
38
|
|
|
119
|
|
|
67
|
|
||||
Gain on sale of assets, net
|
|
15
|
|
|
10
|
|
|
22
|
|
|
43
|
|
||||
|
|
4,476
|
|
|
4,131
|
|
|
8,565
|
|
|
7,956
|
|
||||
COSTS AND OTHER DEDUCTIONS
|
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
|
1,386
|
|
|
1,365
|
|
|
2,731
|
|
|
2,715
|
|
||||
Purchased commodities
|
|
431
|
|
|
100
|
|
|
796
|
|
|
113
|
|
||||
Selling, general and administrative expenses
|
|
163
|
|
|
142
|
|
|
303
|
|
|
272
|
|
||||
Other operating and non-operating expenses
|
|
260
|
|
|
260
|
|
|
498
|
|
|
437
|
|
||||
Taxes other than on income
|
|
123
|
|
|
115
|
|
|
234
|
|
|
223
|
|
||||
Depreciation, depletion and amortization
|
|
1,031
|
|
|
947
|
|
|
2,004
|
|
|
1,868
|
|
||||
Asset impairments and related items
|
|
—
|
|
|
12
|
|
|
—
|
|
|
42
|
|
||||
Anadarko transaction-related costs
|
|
50
|
|
|
—
|
|
|
50
|
|
|
—
|
|
||||
Exploration expense
|
|
35
|
|
|
21
|
|
|
71
|
|
|
36
|
|
||||
Interest and debt expense, net
|
|
153
|
|
|
97
|
|
|
251
|
|
|
194
|
|
||||
|
|
3,632
|
|
|
3,059
|
|
|
6,938
|
|
|
5,900
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes and other items
|
|
844
|
|
|
1,072
|
|
|
1,627
|
|
|
2,056
|
|
||||
Provision for domestic and foreign income taxes
|
|
(306
|
)
|
|
(302
|
)
|
|
(531
|
)
|
|
(641
|
)
|
||||
Income from equity investments
|
|
97
|
|
|
78
|
|
|
170
|
|
|
141
|
|
||||
NET INCOME
|
|
$
|
635
|
|
|
$
|
848
|
|
|
$
|
1,266
|
|
|
$
|
1,556
|
|
|
|
|
|
|
|
|
|
|
||||||||
BASIC EARNINGS PER COMMON SHARE
|
|
$
|
0.84
|
|
|
$
|
1.10
|
|
|
$
|
1.68
|
|
|
$
|
2.02
|
|
|
|
|
|
|
|
|
|
|
||||||||
DILUTED EARNINGS PER COMMON SHARE
|
|
$
|
0.84
|
|
|
$
|
1.10
|
|
|
$
|
1.68
|
|
|
$
|
2.02
|
|
|
|
|
|
|
|
|
|
|
||||||||
The accompanying notes are an integral part of these consolidated condensed financial statements.
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
635
|
|
|
$
|
848
|
|
|
$
|
1,266
|
|
|
$
|
1,556
|
|
Other comprehensive income (loss) items:
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation losses
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Unrealized losses on derivatives (a)
|
|
(18
|
)
|
|
(1
|
)
|
|
(16
|
)
|
|
(4
|
)
|
||||
Pension and postretirement gains (b)
|
|
2
|
|
|
5
|
|
|
4
|
|
|
9
|
|
||||
Reclassification of realized losses on derivatives (c)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
3
|
|
||||
Other comprehensive income (loss), net of tax
|
|
(16
|
)
|
|
4
|
|
|
(12
|
)
|
|
8
|
|
||||
Comprehensive income
|
|
$
|
619
|
|
|
$
|
852
|
|
|
$
|
1,254
|
|
|
$
|
1,564
|
|
(a)
|
Net of tax of $5 and zero for the three months ended June 30, 2019, and 2018, and $5 and $1 for the six months ended June 30, 2019, and 2018, respectively.
|
(b)
|
Net of tax of zero and $(2) for the three months ended June 30, 2019, and 2018, and $(1) and $(3) for the six months ended June 30, 2019, and 2018, respectively.
|
(c)
|
Net of tax of zero for the three and six months ended June 30, 2019, and zero and $(1) for the three and six months ended June 30, 2018, respectively.
|
|
|
2019
|
|
2018
|
|
||||
|
|
|
|
|
|
||||
CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||
Net income
|
|
$
|
1,266
|
|
|
$
|
1,556
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
||||
Depreciation, depletion and amortization of assets
|
|
2,004
|
|
|
1,868
|
|
|
||
Deferred income tax provision
|
|
47
|
|
|
171
|
|
|
||
Other noncash charges to income
|
|
351
|
|
|
96
|
|
|
||
Asset impairments and related items
|
|
—
|
|
|
42
|
|
|
||
Gain on sale of assets, net
|
|
(22
|
)
|
|
(43
|
)
|
|
||
Undistributed earnings from equity investments
|
|
(64
|
)
|
|
(20
|
)
|
|
||
Dry hole expenses
|
|
21
|
|
|
15
|
|
|
||
Changes in operating assets and liabilities, net
|
|
(642
|
)
|
|
(920
|
)
|
|
||
Net cash provided by operating activities
|
|
2,961
|
|
|
2,765
|
|
|
||
|
|
|
|
|
|
||||
CASH FLOW FROM INVESTING ACTIVITIES
|
|
|
|
|
|
||||
Capital expenditures
|
|
(2,470
|
)
|
|
(2,319
|
)
|
|
||
Change in capital accrual
|
|
(108
|
)
|
|
(6
|
)
|
|
||
Payments for purchases of assets and businesses
|
|
(76
|
)
|
|
(242
|
)
|
|
||
Sales of assets, net
|
|
32
|
|
|
330
|
|
|
||
Equity investments and other, net
|
|
(81
|
)
|
|
(49
|
)
|
|
||
Net cash used by investing activities
|
|
(2,703
|
)
|
|
(2,286
|
)
|
|
||
|
|
|
|
|
|
||||
CASH FLOW FROM FINANCING ACTIVITIES
|
|
|
|
|
|
||||
Proceeds from long-term debt, net of issuance costs
|
|
(108
|
)
|
|
978
|
|
|
||
Payments of long-term debt
|
|
—
|
|
|
(500
|
)
|
|
||
Preferred stock issuance costs
|
|
(50
|
)
|
|
—
|
|
|
||
Proceeds from issuance of common stock
|
|
37
|
|
|
13
|
|
|
||
Purchase of treasury stock
|
|
(237
|
)
|
|
(97
|
)
|
|
||
Cash dividends paid
|
|
(1,178
|
)
|
|
(1,185
|
)
|
|
||
Other financing, net
|
|
(4
|
)
|
|
2
|
|
|
||
Net cash used by financing activities
|
|
(1,540
|
)
|
|
(789
|
)
|
|
||
|
|
|
|
|
|
||||
Decrease in cash and cash equivalents
|
|
(1,282
|
)
|
|
(310
|
)
|
|
||
Cash and cash equivalents — beginning of period
|
|
3,033
|
|
|
1,672
|
|
|
||
Cash and cash equivalents — end of period
|
|
$
|
1,751
|
|
|
$
|
1,362
|
|
|
The accompanying notes are an integral part of these consolidated condensed financial statements.
|
|
|
|
Common Stock
|
|
Treasury Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive loss
|
|
Total Equity
|
||||||||||||
Balance, March 31, 2018
|
|
$
|
179
|
|
|
$
|
(9,168
|
)
|
|
$
|
7,916
|
|
|
$
|
22,107
|
|
|
$
|
(312
|
)
|
|
$
|
20,722
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
848
|
|
|
—
|
|
|
848
|
|
||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
||||||
Dividends on common stock, $0.77 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(594
|
)
|
|
—
|
|
|
(594
|
)
|
||||||
Issuance of common stock, net
|
|
—
|
|
|
—
|
|
|
51
|
|
|
—
|
|
|
—
|
|
|
51
|
|
||||||
Purchases of treasury stock
|
|
—
|
|
|
(100
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100
|
)
|
||||||
Balance, June 30, 2018
|
|
$
|
179
|
|
|
$
|
(9,268
|
)
|
|
$
|
7,967
|
|
|
$
|
22,361
|
|
|
$
|
(308
|
)
|
|
$
|
20,931
|
|
|
|
Common Stock
|
|
Treasury Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive loss
|
|
Total Equity
|
||||||||||||
Balance, March 31, 2019
|
|
$
|
179
|
|
|
$
|
(10,653
|
)
|
|
$
|
8,083
|
|
|
$
|
23,795
|
|
|
$
|
(168
|
)
|
|
$
|
21,236
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
635
|
|
|
—
|
|
|
635
|
|
||||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
(16
|
)
|
||||||
Dividends on common stock, $0.78 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(582
|
)
|
|
—
|
|
|
(582
|
)
|
||||||
Issuance of common stock, net
|
|
—
|
|
|
—
|
|
|
74
|
|
|
—
|
|
|
—
|
|
|
74
|
|
||||||
Balance, June 30, 2019
|
|
$
|
179
|
|
|
$
|
(10,653
|
)
|
|
$
|
8,157
|
|
|
$
|
23,848
|
|
|
$
|
(184
|
)
|
|
$
|
21,347
|
|
|
|
Common Stock
|
|
Treasury Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive loss
|
|
Total Equity
|
||||||||||||
Balance, December 31, 2017
|
|
$
|
179
|
|
|
$
|
(9,168
|
)
|
|
$
|
7,884
|
|
|
$
|
21,935
|
|
|
$
|
(258
|
)
|
|
$
|
20,572
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,556
|
|
|
—
|
|
|
1,556
|
|
||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
||||||
Dividends on common stock, $1.54 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,188
|
)
|
|
—
|
|
|
(1,188
|
)
|
||||||
Issuance of common stock, net
|
|
—
|
|
|
—
|
|
|
83
|
|
|
—
|
|
|
—
|
|
|
83
|
|
||||||
Purchases of treasury stock
|
|
—
|
|
|
(100
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100
|
)
|
||||||
Reclassification of stranded tax effects
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58
|
|
|
(58
|
)
|
|
—
|
|
||||||
Balance, June 30, 2018
|
|
$
|
179
|
|
|
$
|
(9,268
|
)
|
|
$
|
7,967
|
|
|
$
|
22,361
|
|
|
$
|
(308
|
)
|
|
$
|
20,931
|
|
|
|
Common Stock
|
|
Treasury Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive loss
|
|
Total Equity
|
||||||||||||
Balance, December 31, 2018
|
|
$
|
179
|
|
|
$
|
(10,473
|
)
|
|
$
|
8,046
|
|
|
$
|
23,750
|
|
|
$
|
(172
|
)
|
|
$
|
21,330
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,266
|
|
|
—
|
|
|
1,266
|
|
||||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(12
|
)
|
||||||
Dividends on common stock, $1.56 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,168
|
)
|
|
—
|
|
|
(1,168
|
)
|
||||||
Issuance of common stock, net
|
|
—
|
|
|
—
|
|
|
111
|
|
|
—
|
|
|
—
|
|
|
111
|
|
||||||
Purchases of treasury stock
|
|
—
|
|
|
(180
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(180
|
)
|
||||||
Balance, June 30, 2019
|
|
$
|
179
|
|
|
$
|
(10,653
|
)
|
|
$
|
8,157
|
|
|
$
|
23,848
|
|
|
$
|
(184
|
)
|
|
$
|
21,347
|
|
|
|
For the three months ended June 30,
|
|
For the six months ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenue from customers
|
|
$
|
3,731
|
|
|
$
|
3,831
|
|
|
$
|
7,166
|
|
|
$
|
7,556
|
|
All other revenues (a)
|
|
689
|
|
|
252
|
|
|
1,258
|
|
|
290
|
|
||||
Total net sales
|
|
$
|
4,420
|
|
|
$
|
4,083
|
|
|
$
|
8,424
|
|
|
$
|
7,846
|
|
|
|
2019
|
|
2018
|
|
||||
|
|
|
|
|
|
||||
Raw materials
|
|
$
|
68
|
|
|
$
|
74
|
|
|
Materials and supplies
|
|
531
|
|
|
445
|
|
|
||
Finished goods
|
|
1,030
|
|
|
788
|
|
|
||
|
|
1,629
|
|
|
1,307
|
|
|
||
Revaluation to LIFO
|
|
(47
|
)
|
|
(47
|
)
|
|
||
Total
|
|
$
|
1,582
|
|
|
$
|
1,260
|
|
|
|
|
Number of Sites
|
|
Reserve Balance
(in millions) |
|
|||
|
|
|
|
|
|
|||
NPL sites
|
|
35
|
|
|
$
|
452
|
|
|
Third-party sites
|
|
68
|
|
|
190
|
|
|
|
Occidental-operated sites
|
|
14
|
|
|
112
|
|
|
|
Closed or non-operated Occidental sites
|
|
29
|
|
|
130
|
|
|
|
Total
|
|
146
|
|
|
$
|
884
|
|
|
Three months ended June 30
|
|
2019
|
|
2018
|
||||||||||||
Net Periodic Benefit Costs
|
|
Pension Benefit
|
|
Postretirement Benefit
|
|
Pension Benefit
|
|
Postretirement Benefit
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
1
|
|
|
$
|
5
|
|
|
$
|
2
|
|
|
$
|
6
|
|
Interest cost
|
|
3
|
|
|
10
|
|
|
4
|
|
|
9
|
|
||||
Expected return on plan assets
|
|
(5
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
||||
Recognized actuarial loss
|
|
3
|
|
|
2
|
|
|
1
|
|
|
6
|
|
||||
Recognized prior service cost
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
2
|
|
|
$
|
15
|
|
|
$
|
1
|
|
|
$
|
21
|
|
Six months ended June 30
|
|
2019
|
|
2018
|
||||||||||||
Net Periodic Benefit Costs
|
|
Pension Benefit
|
|
Postretirement Benefit
|
|
Pension Benefit
|
|
Postretirement Benefit
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
2
|
|
|
$
|
11
|
|
|
$
|
4
|
|
|
$
|
12
|
|
Interest cost
|
|
7
|
|
|
18
|
|
|
8
|
|
|
18
|
|
||||
Expected return on plan assets
|
|
(10
|
)
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
||||
Recognized actuarial loss
|
|
5
|
|
|
4
|
|
|
2
|
|
|
10
|
|
||||
Recognized prior service cost
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
4
|
|
|
$
|
29
|
|
|
$
|
2
|
|
|
$
|
40
|
|
Treasury tenor
|
|
Notional value
|
|
Weighted Average Fixed Rate
|
|
Expiration Date
|
|
Unrealized loss included in other comprehensive income
|
|
Liability (a)
|
|||||||
10-year
|
|
$
|
750
|
|
|
2.11
|
%
|
|
September 30, 2019
|
|
$
|
7
|
|
|
$
|
7
|
|
30-year
|
|
$
|
750
|
|
|
2.59
|
%
|
|
September 30, 2019
|
|
$
|
11
|
|
|
$
|
11
|
|
(in millions, except Long/(Short) volumes)
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
||||
Unrealized gain (loss) on derivatives not designated as hedges
|
|
|
|
|
||||
Crude Oil Commodity Contracts
|
|
$
|
(24
|
)
|
|
$
|
184
|
|
Natural Gas Commodity Contracts
|
|
$
|
5
|
|
|
$
|
5
|
|
Outstanding net volumes on derivatives not designated as hedges
|
|
|
|
|
||||
Crude Oil Commodity Contracts
|
|
|
|
|
||||
Volume (MMBL)
|
|
54
|
|
|
61
|
|
||
Natural Gas Commodity Contracts
|
|
|
|
|
||||
Volume (Bcf)
|
|
(155
|
)
|
|
(142
|
)
|
As of June 30, 2019
|
|
Fair Value Measurements Using
|
|
Netting (b)
|
|
Total Fair Value
|
||||||||||||||||
(in millions)
|
|
Balance Sheet Location
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives not designated as hedges (a)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity Contracts
|
|
Other current assets
|
|
$
|
1,053
|
|
|
$
|
85
|
|
|
$
|
—
|
|
|
$
|
(1,105
|
)
|
|
$
|
33
|
|
|
Long-term receivables and other assets, net
|
|
$
|
24
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
(24
|
)
|
|
$
|
10
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives not designated as hedges (a)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity Contracts
|
|
Accrued liabilities
|
|
$
|
1,076
|
|
|
$
|
89
|
|
|
$
|
—
|
|
|
$
|
(1,105
|
)
|
|
$
|
60
|
|
|
Deferred credits and other liabilities - other
|
|
$
|
25
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
(24
|
)
|
|
$
|
2
|
|
(a)
|
Fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements, and presented on a net basis in the consolidated condensed balance sheets.
|
(b)
|
These amounts do not include collateral. As of June 30, 2019, no collateral received has been netted against derivative assets and collateral paid of $19 million has been netted against derivative liabilities. Occidental had $43 million of initial margin deposited with brokers as of June 30, 2019. Initial margin is included in other current assets in the consolidated condensed balance sheets and has not been reflected in these derivative fair-value tables.
|
(a)
|
Fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements and presented on a net basis in the consolidated condensed balance sheets.
|
(b)
|
These amounts do not include collateral. As of December 31, 2018, $45 million collateral received has been netted against derivative assets and collateral paid of $1 million has been netted against derivative liabilities. Occidental had $178 million of initial margin deposited with brokers as of December 31, 2018. Initial margin is included in other current assets in the consolidated condensed balance sheets and has not been reflected in these derivative fair-value tables.
|
Summary July 2019 derivative instruments
|
|
|
|||||
2020 Settlement
|
|
|
|
||||
Three-way collars (Oil MBBL/day)
|
|
|
300
|
|
|||
|
Average price per barrel (Brent oil pricing)
|
|
|
|
|||
|
|
Ceiling sold price (call)
|
|
|
$
|
74.09
|
|
|
|
Floor purchased price (put)
|
|
|
$
|
55.00
|
|
|
|
Floor sold price (put)
|
|
|
$
|
45.00
|
|
|
|
|
|
|
|
||
2021 Settlement
|
|
|
|
||||
Call Options sold (Oil MBBL/day)
|
|
|
300
|
|
|||
|
Average price per barrel (Brent oil pricing)
|
|
|
|
|||
|
|
Ceiling sold price (call)
|
|
|
$
|
74.09
|
|
|
|
|
|
|
|
|
|
Oil
|
|
|
|
Midstream
|
|
Corporate
|
|
|
||||||||||
|
|
and
|
|
|
|
and
|
|
and
|
|
|
||||||||||
|
|
Gas
|
|
Chemical
|
|
Marketing
|
|
Eliminations
|
|
Total
|
||||||||||
Three months ended June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
2,718
|
|
|
$
|
998
|
|
|
$
|
909
|
|
|
$
|
(205
|
)
|
|
$
|
4,420
|
|
Pre-tax operating profit (loss)
|
|
$
|
726
|
|
|
$
|
208
|
|
|
$
|
331
|
|
|
$
|
(324
|
)
|
(a,b)
|
$
|
941
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(306
|
)
|
(c)
|
(306
|
)
|
|||||
Net income (loss)
|
|
$
|
726
|
|
|
$
|
208
|
|
|
$
|
331
|
|
|
$
|
(630
|
)
|
|
$
|
635
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
2,531
|
|
|
$
|
1,176
|
|
|
$
|
603
|
|
|
$
|
(227
|
)
|
|
$
|
4,083
|
|
Pre-tax operating profit (loss)
|
|
$
|
780
|
|
|
$
|
317
|
|
|
$
|
250
|
|
|
$
|
(197
|
)
|
(a)
|
$
|
1,150
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(302
|
)
|
(c)
|
(302
|
)
|
|||||
Net income (loss)
|
|
$
|
780
|
|
|
$
|
317
|
|
|
$
|
250
|
|
|
$
|
(499
|
)
|
|
$
|
848
|
|
|
|
Oil
|
|
|
|
Midstream
|
|
Corporate
|
|
|
||||||||||
|
|
and
|
|
|
|
and
|
|
and
|
|
|
||||||||||
|
|
Gas
|
|
Chemical
|
|
Marketing
|
|
Eliminations
|
|
Total
|
||||||||||
Six months ended June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
5,069
|
|
|
$
|
2,057
|
|
|
$
|
1,725
|
|
|
$
|
(427
|
)
|
|
$
|
8,424
|
|
Pre-tax operating profit (loss)
|
|
$
|
1,210
|
|
|
$
|
473
|
|
|
$
|
610
|
|
|
$
|
(496
|
)
|
(a,b)
|
$
|
1,797
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(531
|
)
|
(c)
|
(531
|
)
|
|||||
Net income (loss)
|
|
$
|
1,210
|
|
|
$
|
473
|
|
|
$
|
610
|
|
|
$
|
(1,027
|
)
|
|
$
|
1,266
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Six months ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
4,985
|
|
|
$
|
2,330
|
|
|
$
|
992
|
|
|
$
|
(461
|
)
|
|
$
|
7,846
|
|
Pre-tax operating profit (loss)
|
|
$
|
1,530
|
|
|
$
|
615
|
|
|
$
|
429
|
|
|
$
|
(377
|
)
|
(a)
|
$
|
2,197
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(641
|
)
|
(c)
|
(641
|
)
|
|||||
Net income (loss)
|
|
$
|
1,530
|
|
|
$
|
615
|
|
|
$
|
429
|
|
|
$
|
(1,018
|
)
|
|
$
|
1,556
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||||||
|
|
|
||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Basic EPS
|
|
|
|
|
|
|
|
|
||||||||
Net Income
|
|
$
|
635
|
|
|
$
|
848
|
|
|
$
|
1,266
|
|
|
$
|
1,556
|
|
Less: Net income allocated to participating securities
|
|
(3
|
)
|
|
(5
|
)
|
|
(6
|
)
|
|
(8
|
)
|
||||
Net Income, net of participating securities
|
|
632
|
|
|
843
|
|
|
1,260
|
|
|
1,548
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of basic shares
|
|
748.3
|
|
|
765.7
|
|
|
748.7
|
|
|
765.7
|
|
||||
Basic EPS
|
|
$
|
0.84
|
|
|
$
|
1.10
|
|
|
$
|
1.68
|
|
|
$
|
2.02
|
|
Diluted EPS
|
|
|
|
|
|
|
|
|
||||||||
Net income, net of participating securities
|
|
$
|
632
|
|
|
$
|
843
|
|
|
$
|
1,260
|
|
|
$
|
1,548
|
|
Weighted average number of basic shares
|
|
748.3
|
|
|
765.7
|
|
|
748.7
|
|
|
765.7
|
|
||||
Dilutive effect of potentially dilutive securities
|
|
1.2
|
|
|
1.7
|
|
|
1.3
|
|
|
1.5
|
|
||||
Total diluted weighted average common shares
|
|
749.5
|
|
|
767.4
|
|
|
750.0
|
|
|
767.2
|
|
||||
Diluted EPS
|
|
$
|
0.84
|
|
|
$
|
1.10
|
|
|
$
|
1.68
|
|
|
$
|
2.02
|
|
•
|
Leases that commenced before the effective date carried forward their historical lease classification.
|
•
|
Existing or expired land easements as of December 31, 2018 were not reassessed to determine whether or not they contained a lease.
|
•
|
Leases with a lease term of 12 months or less from lease commencement date are considered short-term leases and not recorded on the consolidated condensed balance sheet; however, the lease expenditures recognized are captured and reported as incurred.
|
•
|
For asset classes, except long-term drilling rigs, Occidental elected to account for the lease and non-lease components as a single lease component as the non-lease portions were not significant to separate in determining the lease liability. For drilling rigs considered long-term in nature, Occidental bifurcated the lease and non-lease components using relative fair value as a stand-alone selling price between the asset rental and the services obtained.
|
|
|
Balance sheet location
|
|
2019
|
||
Assets:
|
|
|
|
|
||
Operating
|
|
Operating lease assets, net
|
|
$
|
681
|
|
Finance
|
|
Property, plant, and equipment, net
|
|
19
|
|
|
Total lease assets
|
|
|
|
$
|
700
|
|
|
|
|
|
|
||
Liabilities:
|
|
|
|
|
||
Current
|
|
|
|
|
||
Operating
|
|
Current lease liabilities
|
|
$
|
242
|
|
Finance
|
|
Current lease liabilities
|
|
10
|
|
|
Non-current
|
|
|
|
|
||
Operating
|
|
Deferred credits and other liabilities - Lease liabilities
|
|
437
|
|
|
Finance
|
|
Deferred credits and other liabilities - Lease liabilities
|
|
8
|
|
|
Total lease liabilities
|
|
|
|
$
|
697
|
|
|
|
Operating
|
|
Finance
|
|
|
||||||
|
|
Leases (a)
|
|
Leases (b)
|
|
Total
|
||||||
Remainder of 2019
|
|
$
|
122
|
|
|
$
|
6
|
|
|
$
|
128
|
|
2020
|
|
190
|
|
|
12
|
|
|
202
|
|
|||
2021
|
|
116
|
|
|
1
|
|
|
117
|
|
|||
2022
|
|
81
|
|
|
—
|
|
|
81
|
|
|||
2023
|
|
61
|
|
|
—
|
|
|
61
|
|
|||
Thereafter
|
|
170
|
|
|
—
|
|
|
170
|
|
|||
Total lease payments
|
|
740
|
|
|
19
|
|
|
759
|
|
|||
Less: Interest
|
|
(61
|
)
|
|
(1
|
)
|
|
(62
|
)
|
|||
Present value of lease liabilities
|
|
$
|
679
|
|
|
$
|
18
|
|
|
$
|
697
|
|
(a)
|
The weighted average remaining lease term is 5.5 years and the weighted average discount rate is 3.03%.
|
(b)
|
The weighted average remaining lease term is 1.8 years and the weighted average discount rate is 2.93%.
|
|
|
Amount
|
||
2019
|
|
$
|
186
|
|
2020
|
|
147
|
|
|
2021
|
|
96
|
|
|
2022
|
|
68
|
|
|
2023
|
|
49
|
|
|
Thereafter
|
|
158
|
|
|
Total minimum lease payments
|
|
$
|
704
|
|
Lease cost classification(a,b)
|
|
Three months ended June 30, 2019
|
|
Six months ended June 30, 2019
|
||||
Property, plant and equipment, net
|
|
$
|
91
|
|
|
$
|
182
|
|
Cost of sales
|
|
61
|
|
|
138
|
|
||
Selling, general and administrative expenses
|
|
19
|
|
|
35
|
|
||
|
|
|
|
|
||||
Total
|
|
$
|
171
|
|
|
$
|
355
|
|
(a)
|
Includes short-term lease costs of $70 million and variable lease costs of $29 million for the three months ended June 30, 2019. Includes short-term lease costs of $156 million and variable lease costs of $60 million for the six months ended June 30, 2019.
|
(b)
|
Amounts reflected are gross before joint interest recoveries.
|
Cash paid on operating leases(a)
|
|
Six months ended June 30, 2019
|
||
Cash flow from operating activities
|
|
$
|
95
|
|
Cash flow from investing activities
|
|
$
|
44
|
|
(a)
|
Amounts reflected are gross before joint interest recoveries.
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net Sales (a)
|
|
|
|
|
|
|
|
|
||||||||
Oil and Gas
|
|
$
|
2,718
|
|
|
$
|
2,531
|
|
|
$
|
5,069
|
|
|
$
|
4,985
|
|
Chemical
|
|
998
|
|
|
1,176
|
|
|
2,057
|
|
|
2,330
|
|
||||
Midstream and Marketing
|
|
909
|
|
|
603
|
|
|
1,725
|
|
|
992
|
|
||||
Eliminations
|
|
(205
|
)
|
|
(227
|
)
|
|
(427
|
)
|
|
(461
|
)
|
||||
|
|
$
|
4,420
|
|
|
$
|
4,083
|
|
|
$
|
8,424
|
|
|
$
|
7,846
|
|
Segment Results
|
|
|
|
|
|
|
|
|
||||||||
Oil and Gas
|
|
$
|
726
|
|
|
$
|
780
|
|
|
$
|
1,210
|
|
|
$
|
1,530
|
|
Chemical
|
|
208
|
|
|
317
|
|
|
473
|
|
|
615
|
|
||||
Midstream and Marketing
|
|
331
|
|
|
250
|
|
|
610
|
|
|
429
|
|
||||
|
|
1,265
|
|
|
1,347
|
|
|
2,293
|
|
|
2,574
|
|
||||
Unallocated Corporate Items
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
|
(143
|
)
|
|
(91
|
)
|
|
(226
|
)
|
|
(183
|
)
|
||||
Income tax provision
|
|
(306
|
)
|
|
(302
|
)
|
|
(531
|
)
|
|
(641
|
)
|
||||
Other expense, net
|
|
(181
|
)
|
|
(106
|
)
|
|
(270
|
)
|
|
(194
|
)
|
||||
Net Income
|
|
$
|
635
|
|
|
$
|
848
|
|
|
$
|
1,266
|
|
|
$
|
1,556
|
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Corporate
|
|
|
|
|
|
|
|
|
||||||||
Anadarko acquisition transaction costs(a)
|
|
$
|
107
|
|
|
$
|
—
|
|
|
$
|
107
|
|
|
$
|
—
|
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Pre-tax Income
|
|
$
|
941
|
|
|
$
|
1,150
|
|
|
$
|
1,797
|
|
|
$
|
2,197
|
|
Income tax provision
|
|
|
|
|
|
|
|
|
||||||||
Federal and state
|
|
(38
|
)
|
|
(76
|
)
|
|
(112
|
)
|
|
(171
|
)
|
||||
Foreign
|
|
(268
|
)
|
|
(226
|
)
|
|
(419
|
)
|
|
(470
|
)
|
||||
Total
|
|
(306
|
)
|
|
(302
|
)
|
|
(531
|
)
|
|
(641
|
)
|
||||
Net Income
|
|
$
|
635
|
|
|
$
|
848
|
|
|
$
|
1,266
|
|
|
$
|
1,556
|
|
Worldwide effective tax rate
|
|
33
|
%
|
|
26
|
%
|
|
30
|
%
|
|
29
|
%
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||
Production Volumes per Day
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Oil (MBBL)
|
|
|
|
|
|
|
|
|
||||
United States
|
|
289
|
|
|
240
|
|
|
283
|
|
|
234
|
|
Middle East
|
|
138
|
|
|
135
|
|
|
139
|
|
|
138
|
|
Latin America
|
|
34
|
|
|
31
|
|
|
33
|
|
|
31
|
|
NGL (MBBL)
|
|
|
|
|
|
|
|
|
||||
United States
|
|
87
|
|
|
65
|
|
|
83
|
|
|
62
|
|
Middle East
|
|
34
|
|
|
30
|
|
|
34
|
|
|
27
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
||||
United States
|
|
419
|
|
|
316
|
|
|
405
|
|
|
305
|
|
Middle East
|
|
528
|
|
|
506
|
|
|
536
|
|
|
478
|
|
Latin America
|
|
7
|
|
|
6
|
|
|
7
|
|
|
6
|
|
Total Production Volumes (MBOE) (a)
|
|
741
|
|
|
639
|
|
|
730
|
|
|
624
|
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||
Sales Volumes per Day
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Oil (MBBL)
|
|
|
|
|
|
|
|
|
||||
United States
|
|
289
|
|
|
240
|
|
|
283
|
|
|
234
|
|
Middle East
|
|
138
|
|
|
119
|
|
|
138
|
|
|
130
|
|
Latin America
|
|
37
|
|
|
30
|
|
|
32
|
|
|
31
|
|
NGL (MBBL)
|
|
|
|
|
|
|
|
|
||||
United States
|
|
87
|
|
|
65
|
|
|
83
|
|
|
62
|
|
Middle East
|
|
34
|
|
|
30
|
|
|
34
|
|
|
27
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
||||
United States
|
|
419
|
|
|
316
|
|
|
405
|
|
|
305
|
|
Middle East
|
|
528
|
|
|
506
|
|
|
536
|
|
|
480
|
|
Latin America
|
|
6
|
|
|
6
|
|
|
6
|
|
|
6
|
|
Total Sales Volumes (MBOE) (a)
|
|
744
|
|
|
622
|
|
|
728
|
|
|
616
|
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||||||
Average Realized Prices
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Oil ($/BBL)
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
55.14
|
|
|
$
|
61.08
|
|
|
$
|
51.85
|
|
|
$
|
61.06
|
|
Middle East
|
|
$
|
65.83
|
|
|
$
|
66.59
|
|
|
$
|
63.16
|
|
|
$
|
63.83
|
|
Latin America
|
|
$
|
62.66
|
|
|
$
|
65.66
|
|
|
$
|
59.67
|
|
|
$
|
62.38
|
|
Total Worldwide
|
|
$
|
58.91
|
|
|
$
|
63.12
|
|
|
$
|
55.86
|
|
|
$
|
62.07
|
|
NGL ($/BBL)
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
16.28
|
|
|
$
|
28.87
|
|
|
$
|
16.52
|
|
|
$
|
27.93
|
|
Middle East
|
|
$
|
22.50
|
|
|
$
|
23.58
|
|
|
$
|
21.89
|
|
|
$
|
22.79
|
|
Total Worldwide
|
|
$
|
18.00
|
|
|
$
|
27.21
|
|
|
$
|
18.07
|
|
|
$
|
26.34
|
|
Natural Gas ($/MCF)
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
0.23
|
|
|
$
|
1.49
|
|
|
$
|
0.77
|
|
|
$
|
1.76
|
|
Latin America
|
|
$
|
7.01
|
|
|
$
|
6.07
|
|
|
$
|
7.19
|
|
|
$
|
5.87
|
|
Total Worldwide
|
|
$
|
1.03
|
|
|
$
|
1.58
|
|
|
$
|
1.28
|
|
|
$
|
1.69
|
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||||||
Average Index Prices
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
WTI oil ($/BBL)
|
|
$
|
59.82
|
|
|
$
|
67.88
|
|
|
$
|
57.36
|
|
|
$
|
65.37
|
|
Brent oil ($/BBL)
|
|
$
|
68.32
|
|
|
$
|
74.90
|
|
|
$
|
66.11
|
|
|
$
|
71.04
|
|
NYMEX gas ($/MCF)
|
|
$
|
2.67
|
|
|
$
|
2.75
|
|
|
$
|
2.95
|
|
|
$
|
2.81
|
|
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||
Average Realized Prices as Percentage of Average Index Prices
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Worldwide oil as a percentage of average WTI
|
|
98
|
%
|
|
93
|
%
|
|
97
|
%
|
|
95
|
%
|
Worldwide oil as a percentage of average Brent
|
|
86
|
%
|
|
84
|
%
|
|
84
|
%
|
|
87
|
%
|
Worldwide NGL as a percentage of average WTI
|
|
30
|
%
|
|
40
|
%
|
|
32
|
%
|
|
40
|
%
|
Domestic natural gas as a percentage of average NYMEX
|
|
9
|
%
|
|
54
|
%
|
|
26
|
%
|
|
63
|
%
|
•
|
Occidental's production is less than the notional volume;
|
•
|
the counterparties to Occidental's hedging or other price risk management contracts fail to perform under those arrangements; and
|
•
|
a sudden unexpected event materially impacts oil, natural gas, or NGL prices.
|
Period
|
|
Total Number
of Shares Purchased (a)
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs (b)
|
|||||
|
|
|
|
|
|
|
|
|
|||||
First Quarter 2019
|
|
2,690,000
|
|
|
$
|
66.94
|
|
|
2,690,000
|
|
|
|
|
April 1 - 30, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
May 1 - 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
June 1 - 30, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
Second Quarter 2019
|
|
—
|
|
|
$
|
66.94
|
|
|
—
|
|
|
|
|
Total
|
|
2,690,000
|
|
|
$
|
66.94
|
|
|
2,690,000
|
|
|
44,206,787
|
|
(a)
|
There were no purchases from the trustee of Occidental's defined contribution savings plan.
|
(b)
|
Represents the total number of shares remaining at June 30, 2019, under Occidental's share repurchase program of 185 million shares. The program was initially announced in 2005. The program does not obligate Occidental to acquire any specific number of shares and may be discontinued at any time.
|
2.1*
|
|
|
|
3.1*
|
|
|
|
10.1*
|
|
|
|
10.2*
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1**
|
|
|
|
101.INS
|
XBRL Instance Document The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
OCCIDENTAL PETROLEUM CORPORATION
|
|
DATE
|
July 31, 2019
|
/s/ Jennifer M. Kirk
|
|
|
|
Jennifer M. Kirk
|
|
|
|
Vice President, Controller and
|
|
|
|
Principal Accounting Officer
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Occidental Petroleum Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
/s/ Vicki Hollub
|
|
|
Vicki Hollub
|
|
|
President and Chief Executive Officer
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Occidental Petroleum Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
/s/ Cedric W. Burgher
|
|
|
Cedric W. Burgher
|
|
|
Senior Vice President and Chief Financial Officer
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Vicki Hollub
|
|
|
Name:
|
Vicki Hollub
|
|
Title:
|
President and Chief Executive Officer
|
|
Date:
|
July 31, 2019
|
|
/s/ Cedric W. Burgher
|
|
|
Name:
|
Cedric W. Burgher
|
|
Title:
|
Senior Vice President and Chief Financial Officer
|
|
Date:
|
July 31, 2019
|
|