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Delaware
(State or other jurisdiction of
incorporation or organization)
|
|
95-4035997
(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 March 31, 2019
|
|
|
Common stock $.20 par value
|
|
747,877,859
|
|
|
|
|
|
PAGE
|
|
|
|
|
|
Part I
|
Financial Information
|
|
||
|
|
|
|
|
|
Item 1.
|
|
||
|
|
|
|
|
|
|
|
||
|
|
|
March 31, 2019 and December 31, 2018
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Three months ended March 31, 2019, and 2018
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Three months ended March 31, 2019, and 2018
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Three months ended March 31, 2019, and 2018
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Three months ended March 31, 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
|
|
$
|
1,752
|
|
|
$
|
3,033
|
|
|
Trade receivables, net
|
|
5,310
|
|
|
4,893
|
|
|
||
Inventories
|
|
1,484
|
|
|
1,260
|
|
|
||
Other current assets
|
|
724
|
|
|
746
|
|
|
||
Total current assets
|
|
9,270
|
|
|
9,932
|
|
|
||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES
|
|
1,725
|
|
|
1,680
|
|
|
||
|
|
|
|
|
|
||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $43,913 at March 31, 2019, and $42,983 at December 31, 2018
|
|
31,900
|
|
|
31,437
|
|
|
||
|
|
|
|
|
|
||||
OPERATING LEASE ASSETS
|
|
684
|
|
|
—
|
|
|
||
|
|
|
|
|
|
||||
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET
|
|
801
|
|
|
805
|
|
|
||
|
|
|
|
|
|
||||
TOTAL ASSETS
|
|
$
|
44,380
|
|
|
$
|
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
|
|
240
|
|
|
—
|
|
|
||
Accounts payable
|
|
5,261
|
|
|
4,885
|
|
|
||
Accrued liabilities
|
|
1,920
|
|
|
2,411
|
|
|
||
Total current liabilities
|
|
7,537
|
|
|
7,412
|
|
|
||
|
|
|
|
|
|
||||
LONG-TERM DEBT, NET
|
|
10,203
|
|
|
10,201
|
|
|
||
|
|
|
|
|
|
||||
DEFERRED CREDITS AND OTHER LIABILITIES
|
|
|
|
|
|
||||
Deferred domestic and foreign income taxes, net
|
|
918
|
|
|
907
|
|
|
||
Asset retirement obligations
|
|
1,430
|
|
|
1,424
|
|
|
||
Pension and postretirement obligations
|
|
816
|
|
|
809
|
|
|
||
Environmental remediation reserves
|
|
755
|
|
|
762
|
|
|
||
Lease liabilities
|
|
465
|
|
|
—
|
|
|
||
Other
|
|
1,020
|
|
|
1,009
|
|
|
||
|
|
5,404
|
|
|
4,911
|
|
|
||
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
||||
Common stock, at par value (896,293,910 shares at March 31, 2019, and 895,115,637 shares at December 31, 2018)
|
|
179
|
|
|
179
|
|
|
||
Treasury stock (148,416,051 shares at March 31, 2019, and 145,726,051 shares at December 31, 2018)
|
|
(10,653
|
)
|
|
(10,473
|
)
|
|
||
Additional paid-in capital
|
|
8,083
|
|
|
8,046
|
|
|
||
Retained earnings
|
|
23,795
|
|
|
23,750
|
|
|
||
Accumulated other comprehensive loss
|
|
(168
|
)
|
|
(172
|
)
|
|
||
Total stockholders’ equity
|
|
21,236
|
|
|
21,330
|
|
|
||
|
|
|
|
|
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
44,380
|
|
|
$
|
43,854
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated condensed financial statements.
|
|
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
||||
REVENUES AND OTHER INCOME
|
|
|
|
|
||||
Net sales
|
|
$
|
4,004
|
|
|
$
|
3,763
|
|
Interest, dividends and other income
|
|
78
|
|
|
29
|
|
||
Gain on sale of assets, net
|
|
7
|
|
|
33
|
|
||
|
|
4,089
|
|
|
3,825
|
|
||
COSTS AND OTHER DEDUCTIONS
|
|
|
|
|
||||
Cost of sales
|
|
1,345
|
|
|
1,350
|
|
||
Purchased commodities
|
|
365
|
|
|
13
|
|
||
Selling, general and administrative expenses
|
|
140
|
|
|
130
|
|
||
Other operating and non-operating expenses
|
|
238
|
|
|
177
|
|
||
Taxes other than on income
|
|
111
|
|
|
108
|
|
||
Depreciation, depletion and amortization
|
|
973
|
|
|
921
|
|
||
Asset impairments and related items
|
|
—
|
|
|
30
|
|
||
Exploration expense
|
|
36
|
|
|
15
|
|
||
Interest and debt expense, net
|
|
98
|
|
|
97
|
|
||
|
|
3,306
|
|
|
2,841
|
|
||
|
|
|
|
|
||||
Income before income taxes and other items
|
|
783
|
|
|
984
|
|
||
Provision for domestic and foreign income taxes
|
|
(225
|
)
|
|
(339
|
)
|
||
Income from equity investments
|
|
73
|
|
|
63
|
|
||
NET INCOME
|
|
631
|
|
|
708
|
|
||
|
|
|
|
|
||||
BASIC EARNINGS PER COMMON SHARE
|
|
$
|
0.84
|
|
|
$
|
0.92
|
|
|
|
|
|
|
||||
DILUTED EARNINGS PER COMMON SHARE
|
|
$
|
0.84
|
|
|
$
|
0.92
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated condensed financial statements.
|
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
||||
Net income
|
|
$
|
631
|
|
|
$
|
708
|
|
Other comprehensive income (loss) items:
|
|
|
|
|
||||
Foreign currency translation gains
|
|
—
|
|
|
1
|
|
||
Unrealized gains (losses) on derivatives
(a)
|
|
2
|
|
|
(3
|
)
|
||
Pension and postretirement gains
(b)
|
|
2
|
|
|
4
|
|
||
Reclassification of realized losses on derivatives
(c)
|
|
—
|
|
|
2
|
|
||
Other comprehensive income, net of tax
|
|
4
|
|
|
4
|
|
||
Comprehensive income
|
|
$
|
635
|
|
|
$
|
712
|
|
(a)
|
Net of tax of
zero
and
$1
for the three months ended March 31, 2019, and 2018, respectively.
|
(b)
|
Net of tax of
$(1)
and
$(1)
for the three months ended March 31, 2019, and 2018, respectively.
|
(c)
|
Net of tax of
zero
and
$(1)
for the three months ended March 31, 2019, and 2018, respectively.
|
|
|
2019
|
|
2018
|
|
||||
|
|
|
|
|
|
||||
CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||
Net income
|
|
$
|
631
|
|
|
$
|
708
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
||||
Depreciation, depletion and amortization of assets
|
|
973
|
|
|
921
|
|
|
||
Deferred income tax provision
|
|
10
|
|
|
94
|
|
|
||
Other noncash charges (benefits) to income
|
|
225
|
|
|
(23
|
)
|
|
||
Asset impairments and related items
|
|
—
|
|
|
30
|
|
|
||
Gain on sale of assets, net
|
|
(7
|
)
|
|
(33
|
)
|
|
||
Changes in operating assets and liabilities, net
|
|
(884
|
)
|
|
(688
|
)
|
|
||
Net cash provided by operating activities
|
|
948
|
|
|
1,009
|
|
|
||
|
|
|
|
|
|
||||
CASH FLOW FROM INVESTING ACTIVITIES
|
|
|
|
|
|
||||
Capital expenditures
|
|
(1,259
|
)
|
|
(1,032
|
)
|
|
||
Change in capital accrual
|
|
(51
|
)
|
|
(45
|
)
|
|
||
Payments for purchases of assets and businesses
|
|
(69
|
)
|
|
(177
|
)
|
|
||
Sales of assets, net
|
|
16
|
|
|
275
|
|
|
||
Equity investments and other, net
|
|
(52
|
)
|
|
8
|
|
|
||
Net cash used by investing activities
|
|
(1,415
|
)
|
|
(971
|
)
|
|
||
|
|
|
|
|
|
||||
CASH FLOW FROM FINANCING ACTIVITIES
|
|
|
|
|
|
||||
Proceeds from long-term debt, net
|
|
—
|
|
|
978
|
|
|
||
Payments of long-term debt
|
|
—
|
|
|
(500
|
)
|
|
||
Proceeds from issuance of common stock
|
|
16
|
|
|
10
|
|
|
||
Purchase of treasury stock
|
|
(237
|
)
|
|
—
|
|
|
||
Cash dividends paid
|
|
(591
|
)
|
|
(592
|
)
|
|
||
Other financing, net
|
|
(2
|
)
|
|
—
|
|
|
||
Net cash used by financing activities
|
|
(814
|
)
|
|
(104
|
)
|
|
||
|
|
|
|
|
|
||||
Decrease in cash and cash equivalents
|
|
(1,281
|
)
|
|
(66
|
)
|
|
||
Cash and cash equivalents — beginning of period
|
|
3,033
|
|
|
1,672
|
|
|
||
Cash and cash equivalents — end of period
|
|
$
|
1,752
|
|
|
$
|
1,606
|
|
|
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, December 31, 2017
|
|
$
|
179
|
|
|
$
|
(9,168
|
)
|
|
$
|
7,884
|
|
|
$
|
21,935
|
|
|
$
|
(258
|
)
|
|
$
|
20,572
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
708
|
|
|
—
|
|
|
708
|
|
||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
||||||
Dividends on common stock, $0.77 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(594
|
)
|
|
—
|
|
|
(594
|
)
|
||||||
Issuance of common stock, net
|
|
—
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
—
|
|
|
32
|
|
||||||
Reclassification of stranded tax effects
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58
|
|
|
(58
|
)
|
|
—
|
|
||||||
Balance, March 31, 2018
|
|
$
|
179
|
|
|
$
|
(9,168
|
)
|
|
$
|
7,916
|
|
|
$
|
22,107
|
|
|
$
|
(312
|
)
|
|
$
|
20,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
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
|
|
—
|
|
|
—
|
|
|
—
|
|
|
631
|
|
|
—
|
|
|
631
|
|
||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
||||||
Dividends on common stock, $0.78 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(586
|
)
|
|
—
|
|
|
(586
|
)
|
||||||
Issuance of common stock, net
|
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
37
|
|
||||||
Purchases of treasury stock
|
|
—
|
|
|
(180
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(180
|
)
|
||||||
Balance, March 31, 2019
|
|
$
|
179
|
|
|
$
|
(10,653
|
)
|
|
$
|
8,083
|
|
|
$
|
23,795
|
|
|
$
|
(168
|
)
|
|
$
|
21,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
The accompanying notes are an integral part of these consolidated condensed financial statements.
|
For the three months ended March 31,
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
||||
Revenue from customers
|
|
$
|
3,435
|
|
|
$
|
3,694
|
|
All other revenues
(a)
|
|
569
|
|
|
69
|
|
||
Total net sales
|
|
$
|
4,004
|
|
|
$
|
3,763
|
|
For the three months ended March 31, 2019
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue by Product
|
|
United States
|
|
Middle East
|
|
Latin America
|
|
Other International
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil and Gas Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil
|
|
$
|
1,205
|
|
|
$
|
758
|
|
|
$
|
135
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,098
|
|
NGL
|
|
78
|
|
|
65
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
143
|
|
||||||
Gas
|
|
47
|
|
|
79
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
130
|
|
||||||
Other
|
|
(21
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
||||||
Segment Total
|
|
$
|
1,309
|
|
|
$
|
903
|
|
|
$
|
139
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Chemical Segment
|
|
$
|
993
|
|
|
$
|
—
|
|
|
$
|
43
|
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
1,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Midstream Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gas Processing
|
|
105
|
|
|
102
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
207
|
|
||||||
Power and Other
|
|
44
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44
|
|
||||||
Segment Total
|
|
$
|
149
|
|
|
$
|
102
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Eliminations
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(222
|
)
|
|
$
|
(222
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated
|
|
$
|
2,451
|
|
|
$
|
1,005
|
|
|
$
|
182
|
|
|
$
|
19
|
|
|
$
|
(222
|
)
|
|
$
|
3,435
|
|
For the three months ended March 31, 2018
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue by Product
|
|
United States
|
|
Middle East
|
|
Latin America
|
|
Other International
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil and Gas Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil
|
|
$
|
1,247
|
|
|
$
|
773
|
|
|
$
|
170
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,190
|
|
NGL
|
|
89
|
|
|
51
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
140
|
|
||||||
Gas
|
|
52
|
|
|
65
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
121
|
|
||||||
Other
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Segment Total
|
|
$
|
1,391
|
|
|
$
|
889
|
|
|
$
|
174
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Chemical Segment
|
|
$
|
1,049
|
|
|
$
|
—
|
|
|
$
|
52
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
1,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Midstream Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gas Processing
|
|
137
|
|
|
96
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
233
|
|
||||||
Pipelines
|
|
94
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
94
|
|
||||||
Power and Other
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
||||||
Segment Total
|
|
$
|
256
|
|
|
$
|
96
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Eliminations
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(234
|
)
|
|
$
|
(234
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated
|
|
$
|
2,696
|
|
|
$
|
985
|
|
|
$
|
226
|
|
|
$
|
21
|
|
|
$
|
(234
|
)
|
|
$
|
3,694
|
|
|
|
2019
|
|
2018
|
|
||||
|
|
|
|
|
|
||||
Raw materials
|
|
$
|
71
|
|
|
$
|
74
|
|
|
Materials and supplies
|
|
470
|
|
|
445
|
|
|
||
Finished goods
|
|
990
|
|
|
788
|
|
|
||
|
|
1,531
|
|
|
1,307
|
|
|
||
Revaluation to LIFO
|
|
(47
|
)
|
|
(47
|
)
|
|
||
Total
|
|
$
|
1,484
|
|
|
$
|
1,260
|
|
|
|
|
Number of Sites
|
|
Reserve Balance
(in millions) |
|
|||
|
|
|
|
|
|
|||
NPL sites
|
|
35
|
|
|
$
|
458
|
|
|
Third-party sites
|
|
68
|
|
|
170
|
|
|
|
Occidental-operated sites
|
|
14
|
|
|
114
|
|
|
|
Closed or non-operated Occidental sites
|
|
29
|
|
|
133
|
|
|
|
Total
|
|
146
|
|
|
$
|
875
|
|
|
Three months ended March 31
|
|
2019
|
|
2018
|
||||||||||||
Net Periodic Benefit Costs
|
|
Pension Benefit
|
|
Postretirement Benefit
|
|
Pension Benefit
|
|
Postretirement Benefit
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
1
|
|
|
$
|
6
|
|
|
$
|
2
|
|
|
$
|
6
|
|
Interest cost
|
|
4
|
|
|
8
|
|
|
4
|
|
|
9
|
|
||||
Expected return on plan assets
|
|
(5
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
||||
Recognized actuarial loss
|
|
2
|
|
|
2
|
|
|
1
|
|
|
4
|
|
||||
Recognized prior service cost
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
2
|
|
|
$
|
14
|
|
|
$
|
1
|
|
|
$
|
19
|
|
Fair Value Measurements at March 31, 2019:
|
|
|
|
|
|
|
||||||||||||||||
Embedded derivatives
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting and
Collateral |
|
Total Fair
Value |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accrued liabilities
|
|
$
|
—
|
|
|
$
|
38
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
38
|
|
||
Deferred credits and other liabilities - other
|
|
$
|
—
|
|
|
$
|
74
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
74
|
|
||
|
|
|
|
|
|
|
||||||||||||||||
Fair Value Measurements at December 31, 2018:
|
|
|
|
|
|
|
||||||||||||||||
Embedded derivatives
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting and
Collateral |
|
Total Fair
Value |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accrued liabilities
|
|
$
|
—
|
|
|
$
|
66
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
66
|
|
||
Deferred credits and other liabilities - other
|
|
$
|
—
|
|
|
$
|
116
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
116
|
|
(in millions, except Long/(Short) volumes)
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
||||
Unrealized gain (loss) on derivatives not designated as hedges
|
|
|
|
|
||||
Crude Oil Commodity Contracts
|
|
$
|
(63
|
)
|
|
$
|
184
|
|
Natural Gas Commodity Contracts
|
|
$
|
3
|
|
|
$
|
5
|
|
Outstanding net volumes on derivatives not designated as hedges
|
|
|
|
|
||||
Crude Oil Commodity Contracts
|
|
|
|
|
||||
Volume (MMBL)
|
|
56
|
|
|
61
|
|
||
Natural Gas Commodity Contracts
|
|
|
|
|
||||
Volume (Bcf)
|
|
(162
|
)
|
|
(142
|
)
|
As of March 31, 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
|
|
1,077
|
|
|
48
|
|
|
—
|
|
|
(1,099
|
)
|
|
26
|
|
|
Long-term receivables and other assets, net
|
|
19
|
|
|
8
|
|
|
—
|
|
|
(19
|
)
|
|
8
|
|
||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivatives not designated as hedges
(a)
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commodity Contracts
|
Accrued liabilities
|
|
1,136
|
|
|
54
|
|
|
—
|
|
|
(1,099
|
)
|
|
91
|
|
|
Deferred credits and other liabilities - other
|
|
20
|
|
|
2
|
|
|
—
|
|
|
(19
|
)
|
|
3
|
|
(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 March 31, 2019,
no
collateral received has been netted against derivative assets and collateral paid of $
66 million
has been netted against derivative liabilities. Occidental had $
94 million
of initial margin deposited with brokers as of March 31, 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.
|
As of December 31, 2018
|
|
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
|
|
2,531
|
|
|
110
|
|
|
—
|
|
|
(2,392
|
)
|
|
249
|
|
|
Long-term receivables and other assets, net
|
|
5
|
|
|
9
|
|
|
—
|
|
|
(6
|
)
|
|
8
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cash-flow hedges
(a)
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commodity contracts
|
|
Accrued liabilities
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivatives not designated as hedges
(a)
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commodity contracts
|
|
Accrued liabilities
|
|
2,357
|
|
|
101
|
|
|
—
|
|
|
(2,392
|
)
|
|
66
|
|
|
Deferred credits and other liabilities - other
|
|
6
|
|
|
2
|
|
|
—
|
|
|
(6
|
)
|
|
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 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.
|
|
|
Oil
|
|
|
|
Midstream
|
|
Corporate
|
|
|
||||||||||
|
|
and
|
|
|
|
and
|
|
and
|
|
|
||||||||||
|
|
Gas
|
|
Chemical
|
|
Marketing
|
|
Eliminations
|
|
Total
|
||||||||||
Three months ended March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
2,351
|
|
|
$
|
1,059
|
|
|
$
|
816
|
|
|
$
|
(222
|
)
|
|
$
|
4,004
|
|
Pre-tax operating profit (loss)
|
|
$
|
484
|
|
|
$
|
265
|
|
|
$
|
279
|
|
|
$
|
(172
|
)
|
(a)
|
$
|
856
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(225
|
)
|
(b)
|
(225
|
)
|
|||||
Net income (loss)
|
|
$
|
484
|
|
|
$
|
265
|
|
|
$
|
279
|
|
|
$
|
(397
|
)
|
|
$
|
631
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
2,454
|
|
|
$
|
1,154
|
|
|
$
|
389
|
|
|
$
|
(234
|
)
|
|
$
|
3,763
|
|
Pre-tax operating profit (loss)
|
|
$
|
750
|
|
|
$
|
298
|
|
|
$
|
179
|
|
|
$
|
(180
|
)
|
(a)
|
$
|
1,047
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(339
|
)
|
(b)
|
(339
|
)
|
|||||
Net income (loss)
|
|
$
|
750
|
|
|
$
|
298
|
|
|
$
|
179
|
|
|
$
|
(519
|
)
|
|
$
|
708
|
|
|
|
2019
|
|
2018
|
||||
Basic EPS
|
|
|
|
|
||||
Net Income
|
|
$
|
631
|
|
|
$
|
708
|
|
Less: Net income allocated to participating securities
|
|
(3
|
)
|
|
(3
|
)
|
||
Net Income, net of participating securities
|
|
628
|
|
|
705
|
|
||
|
|
|
|
|
||||
Weighted average number of basic shares
|
|
748.9
|
|
|
765.6
|
|
||
Basic EPS
|
|
$
|
0.84
|
|
|
$
|
0.92
|
|
Diluted EPS
|
|
|
|
|
||||
Net income, net of participating securities
|
|
$
|
628
|
|
|
$
|
705
|
|
Weighted average number of basic shares
|
|
748.9
|
|
|
765.6
|
|
||
Dilutive effect of potentially dilutive securities
|
|
1.6
|
|
|
1.4
|
|
||
Total diluted weighted average common shares
|
|
750.5
|
|
|
767.0
|
|
||
Diluted EPS
|
|
$
|
0.84
|
|
|
$
|
0.92
|
|
•
|
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 twelve months or less from lease commencement date are considered short-term leases and not recorded on the 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
|
|
$
|
684
|
|
Finance
|
|
Property, plant, and equipment, net
|
|
23
|
|
|
Total leased assets
|
|
|
|
$
|
707
|
|
|
|
|
|
|
||
Liabilities:
|
|
|
|
|
||
Current
|
|
|
|
|
||
Operating
|
|
Current lease liabilities
|
|
$
|
229
|
|
Finance
|
|
Current lease liabilities
|
|
11
|
|
|
Non-current
|
|
|
|
|
||
Operating
|
|
Deferred credits and other liabilities - Lease liabilities
|
|
453
|
|
|
Finance
|
|
Deferred credits and other liabilities - Lease liabilities
|
|
12
|
|
|
Total lease liabilities
|
|
|
|
$
|
705
|
|
|
|
Operating
|
|
Finance
|
|
|
||||||
|
|
Leases
(a)
|
|
Leases
(b)
|
|
Total
|
||||||
Remainder of 2019
|
|
$
|
166
|
|
|
$
|
9
|
|
|
$
|
175
|
|
2020
|
|
167
|
|
|
12
|
|
|
179
|
|
|||
2021
|
|
110
|
|
|
1
|
|
|
111
|
|
|||
2022
|
|
78
|
|
|
1
|
|
|
79
|
|
|||
2023
|
|
53
|
|
|
1
|
|
|
54
|
|
|||
Thereafter
|
|
170
|
|
|
—
|
|
|
170
|
|
|||
Total lease payments
|
|
744
|
|
|
24
|
|
|
768
|
|
|||
Less: Interest
|
|
(62
|
)
|
|
(1
|
)
|
|
(63
|
)
|
|||
Present value of lease liabilities
|
|
$
|
682
|
|
|
$
|
23
|
|
|
$
|
705
|
|
|
|
Amount
|
||
2019
|
|
$
|
186
|
|
2020
|
|
147
|
|
|
2021
|
|
96
|
|
|
2022
|
|
68
|
|
|
2023
|
|
49
|
|
|
Thereafter
|
|
158
|
|
|
Total minimum lease payments
|
|
$
|
704
|
|
Lease cost classification
(a,b)
|
|
|
||
Property, plant and equipment, net
|
|
$
|
91
|
|
Cost of sales
|
|
77
|
|
|
Selling, general and administrative expenses
|
|
16
|
|
|
|
|
|
||
Total
|
|
$
|
184
|
|
|
|
|
||
Cash paid on operating leases
(b)
|
|
|
||
Cash flow from operating activities
|
|
$
|
48
|
|
Cash flow from investing activities
|
|
$
|
19
|
|
|
|
Three months ended March 31
|
||||||
|
|
2019
|
|
2018
|
||||
Net Sales
(a)
|
|
|
|
|
||||
Oil and Gas
|
|
$
|
2,351
|
|
|
$
|
2,454
|
|
Chemical
|
|
1,059
|
|
|
1,154
|
|
||
Midstream and Marketing
|
|
816
|
|
|
389
|
|
||
Eliminations
|
|
(222
|
)
|
|
(234
|
)
|
||
|
|
$
|
4,004
|
|
|
$
|
3,763
|
|
Segment Results
|
|
|
|
|
||||
Oil and Gas
|
|
$
|
484
|
|
|
$
|
750
|
|
Chemical
|
|
265
|
|
|
298
|
|
||
Midstream and Marketing
|
|
279
|
|
|
179
|
|
||
|
|
1,028
|
|
|
1,227
|
|
||
Unallocated Corporate Items
|
|
|
|
|
||||
Interest expense, net
|
|
(83
|
)
|
|
(92
|
)
|
||
Income tax provision
|
|
(225
|
)
|
|
(339
|
)
|
||
Other expense, net
|
|
(89
|
)
|
|
(88
|
)
|
||
Net Income
|
|
$
|
631
|
|
|
$
|
708
|
|
|
|
Three months ended March 31
|
||||||
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
||||
Pre-tax Income
|
|
$
|
856
|
|
|
$
|
1,047
|
|
Income tax provision
|
|
|
|
|
||||
Federal and state
|
|
74
|
|
|
95
|
|
||
Foreign
|
|
151
|
|
|
244
|
|
||
Total
|
|
225
|
|
|
339
|
|
||
Net Income
|
|
$
|
631
|
|
|
$
|
708
|
|
Worldwide effective tax rate
|
|
26
|
%
|
|
32
|
%
|
|
|
Three months ended March 31
|
||||
Production Volumes per Day
|
|
2019
|
|
2018
|
||
Oil (MBBL)
|
|
|
|
|
||
United States
|
|
277
|
|
|
228
|
|
Middle East
|
|
140
|
|
|
139
|
|
Latin America
|
|
32
|
|
|
32
|
|
NGL (MBBL)
|
|
|
|
|
||
United States
|
|
79
|
|
|
59
|
|
Middle East
|
|
34
|
|
|
26
|
|
Natural Gas (MMCF)
|
|
|
|
|
||
United States
|
|
389
|
|
|
294
|
|
Middle East
|
|
544
|
|
|
449
|
|
Latin America
|
|
7
|
|
|
6
|
|
Total Production Volumes (MBOE)
(a)
|
|
719
|
|
|
609
|
|
|
|
Three months ended March 31
|
||||
Sales Volumes per Day
|
|
2019
|
|
2018
|
||
Oil (MBBL)
|
|
|
|
|
||
United States
|
|
277
|
|
|
228
|
|
Middle East
|
|
139
|
|
|
140
|
|
Latin America
|
|
27
|
|
|
32
|
|
NGL (MBBL)
|
|
|
|
|
||
United States
|
|
79
|
|
|
59
|
|
Middle East
|
|
34
|
|
|
26
|
|
Natural Gas (MMCF)
|
|
|
|
|
||
United States
|
|
389
|
|
|
294
|
|
Middle East
|
|
544
|
|
|
450
|
|
Latin America
|
|
6
|
|
|
6
|
|
Total Sales Volumes (MBOE)
(a)
|
|
713
|
|
|
610
|
|
|
|
Three months ended March 31
|
||||||
Average Realized Prices
|
|
2019
|
|
2018
|
||||
Oil ($/BBL)
|
|
|
|
|
||||
United States
|
|
$
|
48.38
|
|
|
$
|
61.03
|
|
Middle East
|
|
$
|
60.50
|
|
|
$
|
61.45
|
|
Latin America
|
|
$
|
55.52
|
|
|
$
|
59.24
|
|
Total Worldwide
|
|
$
|
52.62
|
|
|
$
|
61.04
|
|
NGL ($/BBL)
|
|
|
|
|
||||
United States
|
|
$
|
16.79
|
|
|
$
|
26.89
|
|
Middle East
|
|
$
|
21.30
|
|
|
$
|
21.89
|
|
Total Worldwide
|
|
$
|
18.14
|
|
|
$
|
25.35
|
|
Natural Gas ($/MCF)
|
|
|
|
|
||||
United States
|
|
$
|
1.36
|
|
|
$
|
2.06
|
|
Latin America
|
|
$
|
7.37
|
|
|
$
|
5.68
|
|
Total Worldwide
|
|
$
|
1.55
|
|
|
$
|
1.82
|
|
|
|
Three months ended March 31
|
||||||
Average Index Prices
|
|
2019
|
|
2018
|
||||
WTI oil ($/BBL)
|
|
$
|
54.90
|
|
|
$
|
62.87
|
|
Brent oil ($/BBL)
|
|
$
|
63.90
|
|
|
$
|
67.18
|
|
NYMEX gas ($/MCF)
|
|
$
|
3.24
|
|
|
$
|
2.87
|
|
Average Realized Prices as Percentage of Average Index Prices
|
|
Three months ended March 31
|
||||
|
2019
|
|
2018
|
|||
Worldwide oil as a percentage of average WTI
|
|
96
|
%
|
|
97
|
%
|
Worldwide oil as a percentage of average Brent
|
|
82
|
%
|
|
91
|
%
|
Worldwide NGL as a percentage of average WTI
|
|
33
|
%
|
|
40
|
%
|
Domestic natural gas as a percentage of average NYMEX
|
|
42
|
%
|
|
72
|
%
|
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)
|
|||||
|
|
|
|
|
|
|
|
|
|||||
January 1 - 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
February 1 - 28, 2019
|
|
2,690,000
|
|
|
$
|
66.94
|
|
|
2,690,000
|
|
|
|
|
March 1 - 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
First Quarter 2019
|
|
2,690,000
|
|
|
$
|
66.94
|
|
|
2,690,000
|
|
|
|
|
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 March 31, 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.
|
10.1
#
*
|
|
|
|
10.2
#
|
|
|
|
10.3
#
|
|
|
|
31.1*
|
|
|
|
31.2*
|
|
|
|
32.1**
|
|
|
|
101.INS*
|
XBRL Instance 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
|
May 6, 2019
|
/s/ Jennifer M. Kirk
|
|
|
|
Jennifer M. Kirk
|
|
|
|
Vice President, Controller and
|
|
|
|
Principal Accounting Officer
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|