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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Occidental Petroleum Corporation | NYSE:OXY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.55 | -2.34% | 64.59 | 65.99 | 63.685 | 65.68 | 8,663,223 | 00:51:27 |
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
|
|
Class
|
|
Outstanding at September 30, 2019
|
|
|
Common stock $.20 par value
|
|
893,317,470
|
|
TABLE OF CONTENTS
|
PAGE
|
||
Part I
|
Financial Information
|
|
|
|
Item 1.
|
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Note 3—The Merger
|
|
|
|
Note 4—Acquisitions, Dispositions and Other Transactions
|
|
|
|
||
|
|
||
|
|
Note 7—Derivative Instruments
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
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|
||
|
Item 2.
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
Item 3.
|
||
|
Item 4.
|
||
Part II
|
Other Information
|
|
|
|
Item 1.
|
||
|
Item 1A.
|
||
|
Item 2.
|
||
|
Item 6.
|
Item 1.
|
Financial Statements (unaudited)
|
millions
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
|
|
|
|
||||
ASSETS
|
|
|
|
|
||||
CURRENT ASSETS
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
4,840
|
|
|
$
|
3,033
|
|
Restricted cash and restricted cash equivalents
|
|
454
|
|
|
—
|
|
||
Trade receivables, net
|
|
5,854
|
|
|
4,893
|
|
||
Inventories
|
|
1,601
|
|
|
1,260
|
|
||
Assets held for sale
|
|
6,445
|
|
|
—
|
|
||
Other current assets
|
|
1,750
|
|
|
746
|
|
||
Total current assets
|
|
20,944
|
|
|
9,932
|
|
||
|
|
|
|
|
||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES ($2,261 related to WES)
|
|
3,684
|
|
|
1,680
|
|
||
|
|
|
|
|
||||
PROPERTY, PLANT AND EQUIPMENT
|
|
|
|
|
||||
Oil and Gas segment
|
|
110,668
|
|
|
58,799
|
|
||
Chemical segment
|
|
7,092
|
|
|
7,001
|
|
||
Marketing and Other Midstream segment
|
|
8,133
|
|
|
8,070
|
|
||
WES Midstream segment
|
|
9,635
|
|
|
—
|
|
||
Corporate
|
|
1,397
|
|
|
550
|
|
||
|
|
136,925
|
|
|
74,420
|
|
||
Accumulated depreciation, depletion, and amortization
|
|
(46,804
|
)
|
|
(42,983
|
)
|
||
|
|
90,121
|
|
|
31,437
|
|
||
|
|
|
|
|
||||
OPERATING LEASE ASSETS
|
|
1,078
|
|
|
—
|
|
||
|
|
|
|
|
||||
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET
|
|
1,155
|
|
|
797
|
|
||
|
|
|
|
|
||||
INTANGIBLES, NET ($2,380 related to WES)
|
|
2,387
|
|
|
8
|
|
||
|
|
|
|
|
||||
GOODWILL - WES
|
|
6,074
|
|
|
—
|
|
||
|
|
|
|
|
||||
TOTAL ASSETS
|
|
$
|
125,443
|
|
|
$
|
43,854
|
|
|
|
|
|
|
||||
Western Midstream Partners, LP (WES) is a Variable Interest Entity (VIE). See Note 1 - General. The related parenthetical references reflect amounts as of September 30, 2019.
|
||||||||
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
|
millions, except share amounts
|
|
September 30, 2019
|
|
December 31, 2018
|
|||||
|
|
|
|
|
|||||
LIABILITIES AND EQUITY
|
|
|
|
|
|||||
CURRENT LIABILITIES
|
|
|
|
|
|||||
Current maturities of long-term debt
|
|
$
|
31
|
|
|
$
|
116
|
|
|
Current operating lease liabilities
|
|
463
|
|
|
—
|
|
|||
Accounts payable
|
|
6,789
|
|
|
4,885
|
|
|||
Accrued liabilities ($315 related to WES)
|
|
5,175
|
|
|
2,411
|
|
|||
Accrued income taxes
|
|
1,036
|
|
|
—
|
|
|||
Liabilities of assets held for sale
|
|
2,203
|
|
|
—
|
|
|||
Total current liabilities
|
|
15,697
|
|
|
7,412
|
|
|||
|
|
|
|
|
|||||
LONG-TERM DEBT, NET
|
|
|
|
|
|||||
Long-term debt, net - Occidental
|
|
39,946
|
|
|
10,201
|
|
|||
Long-term debt, net - WES
|
|
7,637
|
|
|
—
|
|
|||
|
|
47,583
|
|
|
10,201
|
|
|||
|
|
|
|
|
|||||
DEFERRED CREDITS AND OTHER LIABILITIES
|
|
|
|
|
|||||
Deferred income taxes ($1,167 related to WES)
|
|
9,920
|
|
|
907
|
|
|||
Asset retirement obligations ($319 related to WES)
|
|
4,164
|
|
|
1,424
|
|
|||
Pension and postretirement obligations
|
|
1,927
|
|
|
809
|
|
|||
Environmental remediation reserves
|
|
905
|
|
|
762
|
|
|||
Operating lease liabilities
|
|
676
|
|
|
—
|
|
|||
Other
|
|
3,566
|
|
|
1,009
|
|
|||
|
|
21,158
|
|
|
4,911
|
|
|||
|
|
|
|
|
|||||
EQUITY
|
|
|
|
|
|||||
Preferred stock, at $1.00 per share par value (100,000 shares at September 30, 2019)
|
|
9,762
|
|
|
—
|
|
|||
Common stock, at $0.20 per share par value (1,043,640,621 shares at September 30, 2019, and 895,115,637 shares at December 31, 2018)
|
|
209
|
|
|
179
|
|
|||
Treasury stock (150,323,151 shares at September 30, 2019, and 145,726,051 shares at December 31, 2018)
|
|
(10,653
|
)
|
|
(10,473
|
)
|
|||
Additional paid-in capital
|
|
14,867
|
|
|
8,046
|
|
|||
Retained earnings
|
|
22,227
|
|
|
23,750
|
|
|||
Accumulated other comprehensive loss
|
|
(332
|
)
|
|
(172
|
)
|
|||
Total stockholders' equity
|
|
36,080
|
|
|
21,330
|
|
|||
|
|
|
|
|
|||||
Noncontrolling interests
|
|
4,925
|
|
|
—
|
|
|||
Total equity
|
|
41,005
|
|
|
21,330
|
|
|||
|
|
|
|
|
|||||
TOTAL LIABILITIES AND EQUITY
|
|
$
|
125,443
|
|
|
$
|
43,854
|
|
|
|
|
|
|
|
|||||
Western Midstream Partners, LP (WES) is a Variable Interest Entity (VIE). See Note 1 - General. The related parenthetical references reflect amounts as of September 30, 2019.
|
|||||||||
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
millions, except per-share amounts
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
REVENUES AND OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
5,687
|
|
|
$
|
5,216
|
|
|
$
|
14,111
|
|
|
$
|
13,062
|
|
Interest, dividends, and other income
|
|
56
|
|
|
34
|
|
|
175
|
|
|
101
|
|
||||
Gain on sale of assets, net
|
|
128
|
|
|
926
|
|
|
150
|
|
|
969
|
|
||||
|
|
5,871
|
|
|
6,176
|
|
|
14,436
|
|
|
14,132
|
|
||||
COSTS AND OTHER DEDUCTIONS
|
|
|
|
|
|
|
|
|
||||||||
Oil and gas operating expense
|
|
962
|
|
|
680
|
|
|
2,324
|
|
|
1,909
|
|
||||
Transportation expense
|
|
217
|
|
|
41
|
|
|
281
|
|
|
121
|
|
||||
Chemical and midstream cost of sales
|
|
741
|
|
|
722
|
|
|
2,046
|
|
|
2,128
|
|
||||
Purchased commodities
|
|
441
|
|
|
343
|
|
|
1,237
|
|
|
456
|
|
||||
Selling, general and administrative
|
|
242
|
|
|
151
|
|
|
545
|
|
|
423
|
|
||||
Other operating expense
|
|
363
|
|
|
280
|
|
|
861
|
|
|
717
|
|
||||
Taxes other than on income
|
|
198
|
|
|
110
|
|
|
432
|
|
|
333
|
|
||||
Depreciation, depletion, and amortization
|
|
1,706
|
|
|
1,023
|
|
|
3,710
|
|
|
2,891
|
|
||||
Asset impairments and other items
|
|
325
|
|
|
214
|
|
|
325
|
|
|
256
|
|
||||
Anadarko merger-related costs
|
|
924
|
|
|
—
|
|
|
974
|
|
|
—
|
|
||||
Exploration expense
|
|
63
|
|
|
24
|
|
|
134
|
|
|
60
|
|
||||
Interest and debt expense, net
|
|
381
|
|
|
96
|
|
|
632
|
|
|
290
|
|
||||
|
|
6,563
|
|
|
3,684
|
|
|
13,501
|
|
|
9,584
|
|
||||
Income (loss) before income taxes and other items
|
|
(692
|
)
|
|
2,492
|
|
|
935
|
|
|
4,548
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
OTHER ITEMS
|
|
|
|
|
|
|
|
|
||||||||
Gains (losses) on interest rate swaps and warrants, net
|
|
(33
|
)
|
|
—
|
|
|
(33
|
)
|
|
—
|
|
||||
Income from equity investments
|
|
104
|
|
|
87
|
|
|
274
|
|
|
228
|
|
||||
|
|
71
|
|
|
87
|
|
|
241
|
|
|
228
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations before income taxes
|
|
(621
|
)
|
|
2,579
|
|
|
1,176
|
|
|
4,776
|
|
||||
Income tax expense
|
|
(116
|
)
|
|
(710
|
)
|
|
(647
|
)
|
|
(1,351
|
)
|
||||
Income (loss) from continuing operations
|
|
(737
|
)
|
|
1,869
|
|
|
529
|
|
|
3,425
|
|
||||
Discontinued operations, net of tax
|
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
||||
NET INCOME (LOSS)
|
|
(752
|
)
|
|
1,869
|
|
|
514
|
|
|
3,425
|
|
||||
Less: Net income attributable to noncontrolling interests
|
|
(42
|
)
|
|
—
|
|
|
(42
|
)
|
|
—
|
|
||||
Less: Preferred stock dividends
|
|
(118
|
)
|
|
—
|
|
|
(118
|
)
|
|
—
|
|
||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
|
(912
|
)
|
|
1,869
|
|
|
354
|
|
|
3,425
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
PER COMMON SHARE
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations—basic
|
|
$
|
(1.06
|
)
|
|
$
|
2.44
|
|
|
$
|
0.47
|
|
|
$
|
4.46
|
|
Income (loss) from discontinued operations—basic
|
|
(0.02
|
)
|
|
—
|
|
|
(0.02
|
)
|
|
—
|
|
||||
Net income (loss) attributable to common stockholders—basic
|
|
$
|
(1.08
|
)
|
|
$
|
2.44
|
|
|
$
|
0.45
|
|
|
$
|
4.46
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations—diluted
|
|
$
|
(1.06
|
)
|
|
$
|
2.44
|
|
|
$
|
0.47
|
|
|
$
|
4.45
|
|
Income (loss) from discontinued operations—diluted
|
|
(0.02
|
)
|
|
—
|
|
|
(0.02
|
)
|
|
—
|
|
||||
Net income (loss) attributable to common stockholders—diluted
|
|
$
|
(1.08
|
)
|
|
$
|
2.44
|
|
|
$
|
0.45
|
|
|
$
|
4.45
|
|
|
|
|
|
|
|
|
|
|
||||||||
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
millions
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
|
$
|
(752
|
)
|
|
$
|
1,869
|
|
|
$
|
514
|
|
|
$
|
3,425
|
|
Other comprehensive income (loss) items:
|
|
|
|
|
|
|
|
|
||||||||
Losses on derivatives (a)
|
|
(114
|
)
|
|
(1
|
)
|
|
(130
|
)
|
|
(5
|
)
|
||||
Pension and postretirement (losses) gains (b)
|
|
(34
|
)
|
|
144
|
|
|
(30
|
)
|
|
153
|
|
||||
Reclassification of losses on derivatives (c)
|
|
—
|
|
|
10
|
|
|
—
|
|
|
13
|
|
||||
Other comprehensive (loss) income, net of tax
|
|
(148
|
)
|
|
153
|
|
|
(160
|
)
|
|
161
|
|
||||
Comprehensive income (loss)
|
|
(900
|
)
|
|
2,022
|
|
|
354
|
|
|
3,586
|
|
||||
Comprehensive income attributable to noncontrolling interests
|
|
(42
|
)
|
|
—
|
|
|
(42
|
)
|
|
—
|
|
||||
Comprehensive income (loss) attributable to preferred and common stockholders
|
|
$
|
(942
|
)
|
|
$
|
2,022
|
|
|
$
|
312
|
|
|
$
|
3,586
|
|
(a)
|
Net of tax of $32 million and zero for the three months ended September 30, 2019, and 2018, and $36 million and $1 million for the nine months ended September 30, 2019, and 2018, respectively.
|
(b)
|
Net of tax of $10 million and $(40) million for the three months ended September 30, 2019, and 2018, and $8 million and $(43) million for the nine months ended September 30, 2019, and 2018, respectively.
|
(c)
|
Net of tax of $(3) million for the three months ended September 30, 2018, and $(4) million for the nine months ended September 30, 2018, respectively.
|
|
|
Nine months ended September 30
|
||||||
millions
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
||||
CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
||||
Net income
|
|
$
|
514
|
|
|
$
|
3,425
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
||||
Discontinued operations, net
|
|
15
|
|
|
—
|
|
||
Depreciation, depletion and amortization of assets
|
|
3,710
|
|
|
2,891
|
|
||
Deferred income tax (benefit) provision
|
|
(1,050
|
)
|
|
550
|
|
||
Other noncash charges to income
|
|
578
|
|
|
74
|
|
||
Gain on sale of assets, net
|
|
(150
|
)
|
|
(969
|
)
|
||
Asset impairments and other items
|
|
325
|
|
|
256
|
|
||
Undistributed earnings from affiliates
|
|
(50
|
)
|
|
(16
|
)
|
||
Dry hole expenses
|
|
41
|
|
|
27
|
|
||
Changes in operating assets and liabilities, net
|
|
1,506
|
|
|
(1,069
|
)
|
||
Cash provided by operating activities - continuing operations
|
|
5,439
|
|
|
5,169
|
|
||
Cash used by operating activities - discontinued operations
|
|
(73
|
)
|
|
—
|
|
||
Net cash provided by operating activities
|
|
5,366
|
|
|
5,169
|
|
||
|
|
|
|
|
||||
CASH FLOW FROM INVESTING ACTIVITIES
|
|
|
|
|
||||
Capital expenditures
|
|
(4,184
|
)
|
|
(3,638
|
)
|
||
Change in capital accrual
|
|
(160
|
)
|
|
7
|
|
||
Proceeds from sale of assets and equity investments, net
|
|
4,809
|
|
|
2,745
|
|
||
Purchase of businesses and assets, net
|
|
(27,926
|
)
|
|
(726
|
)
|
||
Equity investments and other, net
|
|
(140
|
)
|
|
(88
|
)
|
||
Cash used by investing activities - continuing operations
|
|
(27,601
|
)
|
|
(1,700
|
)
|
||
Cash used by investing activities - discontinued operations
|
|
(125
|
)
|
|
—
|
|
||
Net cash used by investing activities
|
|
(27,726
|
)
|
|
(1,700
|
)
|
||
|
|
|
|
|
||||
CASH FLOW FROM FINANCING ACTIVITIES
|
|
|
|
|
||||
Proceeds from long-term debt, net
|
|
21,557
|
|
|
978
|
|
||
Payments of long-term debt
|
|
(4,949
|
)
|
|
(500
|
)
|
||
Proceeds from WES revolvers
|
|
1,240
|
|
|
—
|
|
||
Payment of revolvers - WES
|
|
(1,000
|
)
|
|
—
|
|
||
Proceeds from issuance of common and preferred stock
|
|
10,010
|
|
|
17
|
|
||
Purchases of treasury stock
|
|
(237
|
)
|
|
(908
|
)
|
||
Cash dividends paid to common stockholders
|
|
(1,766
|
)
|
|
(1,780
|
)
|
||
Distributions to noncontrolling interest
|
|
(127
|
)
|
|
—
|
|
||
Other financing, net
|
|
(35
|
)
|
|
6
|
|
||
Cash provided (used) by financing activities - continuing operations
|
|
24,693
|
|
|
(2,187
|
)
|
||
Cash used by financing activities - discontinued operations
|
|
(1
|
)
|
|
—
|
|
||
Net cash provided by (used) by financing activities
|
|
24,692
|
|
|
(2,187
|
)
|
||
|
|
|
|
|
||||
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents
|
|
2,332
|
|
|
1,282
|
|
||
Cash and cash equivalents — beginning of period
|
|
3,033
|
|
|
1,672
|
|
||
Cash, cash equivalents, restricted cash and restricted cash equivalents
— end of period |
|
$
|
5,365
|
|
|
$
|
2,954
|
|
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
|
|
|
Total Stockholders' Equity
|
|
|
|
|
||||||||||||||||||||||||||
millions
|
|
Common Stock
|
|
Preferred Stock
|
|
Treasury Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Non-controlling Interests
|
|
Total Equity
|
||||||||||||||||
Balance at June 30, 2019
|
|
$
|
179
|
|
|
$
|
—
|
|
|
$
|
(10,653
|
)
|
|
$
|
8,157
|
|
|
$
|
23,848
|
|
|
$
|
(184
|
)
|
|
$
|
—
|
|
|
$
|
21,347
|
|
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(794
|
)
|
|
—
|
|
|
42
|
|
|
(752
|
)
|
||||||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(148
|
)
|
|
—
|
|
|
(148
|
)
|
||||||||
Dividends on common stock, $0.79 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(709
|
)
|
|
—
|
|
|
—
|
|
|
(709
|
)
|
||||||||
Dividends on preferred stock, $1,489 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(118
|
)
|
|
—
|
|
|
—
|
|
|
(118
|
)
|
||||||||
Issuance of common stock and other, net
|
|
30
|
|
|
—
|
|
|
—
|
|
|
6,710
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,740
|
|
||||||||
Issuance of preferred stock, net
|
|
—
|
|
|
9,762
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,762
|
|
||||||||
Fair value of noncontrolling interest acquired
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,875
|
|
|
4,875
|
|
||||||||
Noncontrolling interest contributions, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
||||||||
Balance at
September 30, 2019
|
|
$
|
209
|
|
|
$
|
9,762
|
|
|
$
|
(10,653
|
)
|
|
$
|
14,867
|
|
|
$
|
22,227
|
|
|
$
|
(332
|
)
|
|
$
|
4,925
|
|
|
$
|
41,005
|
|
|
|
Total Stockholders' Equity
|
|
|
|
|
||||||||||||||||||||||||||
millions
|
|
Common Stock
|
|
Preferred Stock
|
|
Treasury Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Non-controlling Interests
|
|
Total Equity
|
||||||||||||||||
Balance at June 30, 2018
|
|
$
|
179
|
|
|
$
|
—
|
|
|
$
|
(9,268
|
)
|
|
$
|
7,967
|
|
|
$
|
22,361
|
|
|
$
|
(308
|
)
|
|
$
|
—
|
|
|
$
|
20,931
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,869
|
|
|
—
|
|
|
—
|
|
|
1,869
|
|
||||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
153
|
|
|
—
|
|
|
153
|
|
||||||||
Dividends on common stock, $0.78 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(595
|
)
|
|
—
|
|
|
—
|
|
|
(595
|
)
|
||||||||
Issuance of common stock, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
||||||||
Purchases of treasury stock
|
|
—
|
|
|
—
|
|
|
(894
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(894
|
)
|
||||||||
Reclassification of stranded tax effects
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Balance at
September 30, 2018
|
|
$
|
179
|
|
|
$
|
—
|
|
|
$
|
(10,162
|
)
|
|
$
|
7,991
|
|
|
$
|
23,635
|
|
|
$
|
(155
|
)
|
|
$
|
—
|
|
|
$
|
21,488
|
|
|
|
Total Stockholders' Equity
|
|
|
|
|
||||||||||||||||||||||||||
millions
|
|
Common Stock
|
|
Preferred Stock
|
|
Treasury Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Non-controlling Interests
|
|
Total Equity
|
||||||||||||||||
Balance at
December 31, 2018
|
|
$
|
179
|
|
|
$
|
—
|
|
|
$
|
(10,473
|
)
|
|
$
|
8,046
|
|
|
$
|
23,750
|
|
|
$
|
(172
|
)
|
|
$
|
—
|
|
|
$
|
21,330
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
472
|
|
|
—
|
|
|
42
|
|
|
514
|
|
||||||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(160
|
)
|
|
—
|
|
|
(160
|
)
|
||||||||
Dividends on common stock, $2.35 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,877
|
)
|
|
—
|
|
|
—
|
|
|
(1,877
|
)
|
||||||||
Dividends on preferred stock, $1,489 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(118
|
)
|
|
—
|
|
|
—
|
|
|
(118
|
)
|
||||||||
Issuance of common stock, net
|
|
30
|
|
|
—
|
|
|
—
|
|
|
6,821
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,851
|
|
||||||||
Issuance of preferred stock
|
|
—
|
|
|
9,762
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,762
|
|
||||||||
Purchases of treasury stock
|
|
—
|
|
|
—
|
|
|
(180
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(180
|
)
|
||||||||
Fair value of noncontrolling interest acquired
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,875
|
|
|
4,875
|
|
||||||||
Noncontrolling interest contributions, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
||||||||
Balance at
September 30, 2019
|
|
$
|
209
|
|
|
$
|
9,762
|
|
|
$
|
(10,653
|
)
|
|
$
|
14,867
|
|
|
$
|
22,227
|
|
|
$
|
(332
|
)
|
|
$
|
4,925
|
|
|
$
|
41,005
|
|
|
|
Total Stockholders' Equity
|
|
|
|
|
||||||||||||||||||||||||||
millions
|
|
Common Stock
|
|
Preferred Stock
|
|
Treasury Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Non-controlling Interests
|
|
Total Equity
|
||||||||||||||||
Balance at
December 31, 2017
|
|
$
|
179
|
|
|
$
|
—
|
|
|
$
|
(9,168
|
)
|
|
$
|
7,884
|
|
|
$
|
21,935
|
|
|
$
|
(258
|
)
|
|
$
|
—
|
|
|
$
|
20,572
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,425
|
|
|
—
|
|
|
—
|
|
|
3,425
|
|
||||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
161
|
|
|
—
|
|
|
161
|
|
||||||||
Dividends on common stock, $2.32 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,783
|
)
|
|
—
|
|
|
—
|
|
|
(1,783
|
)
|
||||||||
Issuance of common stock, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
107
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
107
|
|
||||||||
Purchases of treasury stock
|
|
—
|
|
|
—
|
|
|
(994
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(994
|
)
|
||||||||
Reclassification of stranded tax effects
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58
|
|
|
(58
|
)
|
|
—
|
|
|
—
|
|
||||||||
Noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Balance at
September 30, 2018
|
|
$
|
179
|
|
|
$
|
—
|
|
|
$
|
(10,162
|
)
|
|
$
|
7,991
|
|
|
$
|
23,635
|
|
|
$
|
(155
|
)
|
|
$
|
—
|
|
|
$
|
21,488
|
|
millions
|
|
September 30, 2019
|
||
Cash and cash equivalents
|
|
$
|
4,840
|
|
Restricted cash and restricted cash equivalents
|
|
454
|
|
|
Cash and restricted cash included in assets held for sale
|
|
16
|
|
|
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net
|
|
55
|
|
|
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
|
|
$
|
5,365
|
|
millions, except per share amounts
|
|
|
||
Total shares of Anadarko common stock eligible for Merger consideration
|
|
491.6
|
|
|
Cash consideration (per share of common stock and shares underlying Anadarko stock-based awards eligible for Merger consideration)
|
|
$
|
59.00
|
|
Cash portion of Merger consideration
|
|
$
|
29,002
|
|
|
|
|
||
Total shares of Anadarko common stock and shares underlying Anadarko stock-based awards eligible for Merger consideration
|
|
492.0
|
|
|
Exchange ratio (per share of Anadarko common stock)
|
|
0.2934
|
|
|
Total shares of Occidental common stock issued to Anadarko stockholders
|
|
144
|
|
|
Average share price of Occidental common stock at August 8, 2019
|
|
$
|
46.31
|
|
Stock portion of Merger consideration
|
|
$
|
6,684
|
|
Total Merger consideration
|
|
$
|
35,686
|
|
millions
|
|
As of August 8, 2019
|
||
Fair value of assets acquired:
|
|
|
||
Current assets
|
|
$
|
3,590
|
|
Anadarko's Africa Assets held for sale
|
|
10,746
|
|
|
Investments in unconsolidated entities
|
|
2,430
|
|
|
Property, plant and equipment, net - Anadarko
|
|
48,771
|
|
|
Property, plant and equipment, net - WES Midstream
|
|
9,475
|
|
|
Other assets
|
|
797
|
|
|
Intangible assets - WES Midstream
|
|
2,400
|
|
|
Amount attributable to assets acquired
|
|
$
|
78,209
|
|
|
|
|
||
Fair value of liabilities assumed:
|
|
|
||
Current liabilities
|
|
$
|
3,677
|
|
Liabilities of Anadarko's Africa Assets held for sale
|
|
2,329
|
|
|
Long-term debt - Anadarko
|
|
12,829
|
|
|
Long-term debt - WES Midstream
|
|
7,407
|
|
|
Deferred income taxes
|
|
10,040
|
|
|
Asset retirement obligations
|
|
2,728
|
|
|
Pension and post retirement obligations
|
|
1,125
|
|
|
Non-current derivative liabilities
|
|
1,279
|
|
|
Other long-term liabilities
|
|
2,308
|
|
|
Amount attributable to liabilities assumed
|
|
$
|
43,722
|
|
|
|
|
||
Net assets
|
|
$
|
34,487
|
|
Less: Fair value of noncontrolling interests in WES Midstream
|
|
4,875
|
|
|
Fair value of net assets acquired
|
|
29,612
|
|
|
Goodwill - WES Midstream
|
|
6,074
|
|
|
Total Merger consideration
|
|
$
|
35,686
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
millions, except per-share amounts
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
7,335
|
|
|
$
|
8,913
|
|
|
$
|
22,419
|
|
|
$
|
23,095
|
|
Net income (loss) attributable to common stockholders
|
|
$
|
(427
|
)
|
|
$
|
2,060
|
|
|
$
|
475
|
|
|
$
|
3,405
|
|
Net income (loss) attributable to common stockholders per share—basic
|
|
$
|
(0.50
|
)
|
|
$
|
2.27
|
|
|
$
|
0.51
|
|
|
$
|
3.74
|
|
Net income (loss) attributable to common stockholders per share—diluted
|
|
$
|
(0.50
|
)
|
|
$
|
2.26
|
|
|
$
|
0.50
|
|
|
$
|
3.73
|
|
|
|
|
|
|
|
|
|
|
millions
|
|
Three months ended September 30, 2019
|
|
Nine months ended September 30, 2019
|
||||
Employee severance and related cost
|
|
$
|
459
|
|
|
$
|
459
|
|
Licensing fees for critical seismic data
|
|
329
|
|
|
354
|
|
||
Bank, legal and consulting fees
|
|
136
|
|
|
161
|
|
||
Total
|
|
$
|
924
|
|
|
$
|
974
|
|
|
|
|
|
|
millions
|
|
2019
|
||
|
|
|
||
REVENUES AND OTHER INCOME
|
|
|
||
Net sales
|
|
$
|
228
|
|
|
|
|
|
|
COSTS AND OTHER DEDUCTIONS
|
|
|
||
Oil and gas operating expense
|
|
$
|
32
|
|
Transportation and marketing expense
|
|
4
|
|
|
Taxes other than on income
|
|
46
|
|
|
Fair value adjustment on assets held for sale
|
|
65
|
|
|
Selling, general and administrative
|
|
8
|
|
|
Other
|
|
4
|
|
|
|
|
$
|
159
|
|
|
|
|
||
Income before income taxes
|
|
$
|
69
|
|
Income tax expense
|
|
(84
|
)
|
|
Discontinued operations, net of tax
|
|
$
|
(15
|
)
|
|
|
|
||
|
millions
|
|
September 30, 2019
|
||
|
|
|
||
Cash and cash equivalents
|
|
$
|
16
|
|
Inventories
|
|
207
|
|
|
Other current assets
|
|
110
|
|
|
Property, plant and equipment, net
|
|
5,863
|
|
|
Operating lease assets
|
|
29
|
|
|
Long-term receivables and other assets, net
|
|
220
|
|
|
Assets held for sale
|
|
$
|
6,445
|
|
|
|
|
||
Current maturities of debt - finance leases
|
|
13
|
|
|
Current operating lease liabilities
|
|
11
|
|
|
Accounts payable
|
|
217
|
|
|
Accrued liabilities
|
|
152
|
|
|
Long-term debt, net - finance leases
|
|
187
|
|
|
Deferred income taxes
|
|
1,281
|
|
|
Asset retirement obligations
|
|
142
|
|
|
Other
|
|
200
|
|
|
Liabilities of assets held for sale
|
|
$
|
2,203
|
|
|
|
|
||
Net assets held for sale
|
|
$
|
4,242
|
|
|
|
|
millions
|
|
United States
|
|
Middle East
|
|
Latin America
|
|
Other International
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three months ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil and Gas
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil
|
|
$
|
2,453
|
|
|
$
|
683
|
|
|
$
|
177
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,313
|
|
NGL
|
|
177
|
|
|
63
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
240
|
|
||||||
Gas
|
|
125
|
|
|
78
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
208
|
|
||||||
Other
|
|
(18
|
)
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
||||||
Segment total
|
|
$
|
2,737
|
|
|
$
|
827
|
|
|
$
|
182
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Chemical
|
|
$
|
1,009
|
|
|
$
|
—
|
|
|
$
|
36
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
1,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Marketing and Other Midstream
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gas processing
|
|
93
|
|
|
81
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
174
|
|
||||||
Power and other
|
|
198
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
235
|
|
||||||
Segment total
|
|
$
|
291
|
|
|
$
|
81
|
|
|
$
|
—
|
|
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
WES Midstream
|
|
$
|
383
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Eliminations
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(368
|
)
|
|
$
|
(368
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated
|
|
$
|
4,420
|
|
|
$
|
908
|
|
|
$
|
218
|
|
|
$
|
53
|
|
|
$
|
(368
|
)
|
|
$
|
5,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
millions
|
|
United States
|
|
Middle East
|
|
Latin America
|
|
Other International
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three months ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil and Gas
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil
|
|
$
|
1,326
|
|
|
$
|
1,016
|
|
|
$
|
197
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,539
|
|
NGL
|
|
139
|
|
|
77
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
216
|
|
||||||
Gas
|
|
47
|
|
|
80
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
132
|
|
||||||
Other
|
|
3
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||
Segment total
|
|
$
|
1,515
|
|
|
$
|
1,173
|
|
|
$
|
201
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Chemical
|
|
$
|
1,112
|
|
|
$
|
—
|
|
|
$
|
51
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
1,184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Marketing and Other Midstream
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gas processing
|
|
148
|
|
|
108
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
256
|
|
||||||
Pipelines
|
|
115
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
115
|
|
||||||
Power and other
|
|
38
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38
|
|
||||||
Segment total
|
|
$
|
301
|
|
|
$
|
108
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Eliminations
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(225
|
)
|
|
$
|
(225
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated
|
|
$
|
2,928
|
|
|
$
|
1,281
|
|
|
$
|
252
|
|
|
$
|
21
|
|
|
$
|
(225
|
)
|
|
$
|
4,257
|
|
millions
|
|
United States
|
|
Middle East
|
|
Latin America
|
|
Other International
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nine months ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil and Gas
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil
|
|
$
|
5,105
|
|
|
$
|
2,266
|
|
|
$
|
524
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,895
|
|
NGL
|
|
339
|
|
|
196
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
535
|
|
||||||
Gas
|
|
180
|
|
|
233
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
427
|
|
||||||
Other
|
|
(40
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
||||||
Segment total
|
|
$
|
5,584
|
|
|
$
|
2,693
|
|
|
$
|
538
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Chemical
|
|
$
|
2,937
|
|
|
$
|
—
|
|
|
$
|
119
|
|
|
$
|
53
|
|
|
$
|
—
|
|
|
$
|
3,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Marketing and Other Midstream
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gas processing
|
|
302
|
|
|
272
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
574
|
|
||||||
Power and other
|
|
274
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
311
|
|
||||||
Segment total
|
|
$
|
576
|
|
|
$
|
272
|
|
|
$
|
—
|
|
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
WES Midstream
|
|
$
|
383
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Eliminations
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(795
|
)
|
|
$
|
(795
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated
|
|
$
|
9,480
|
|
|
$
|
2,965
|
|
|
$
|
657
|
|
|
$
|
90
|
|
|
$
|
(795
|
)
|
|
$
|
12,397
|
|
millions
|
|
United States
|
|
Middle East
|
|
Latin America
|
|
Other International
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nine months ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil and Gas
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil
|
|
$
|
3,907
|
|
|
$
|
2,507
|
|
|
$
|
547
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,961
|
|
NGL
|
|
339
|
|
|
192
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
531
|
|
||||||
Gas
|
|
141
|
|
|
218
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
371
|
|
||||||
Other
|
|
10
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
||||||
Segment total
|
|
$
|
4,397
|
|
|
$
|
2,918
|
|
|
$
|
559
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Chemical
|
|
$
|
3,294
|
|
|
$
|
—
|
|
|
$
|
154
|
|
|
$
|
59
|
|
|
$
|
—
|
|
|
$
|
3,507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Marketing and Other Midstream
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gas processing
|
|
416
|
|
|
308
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
724
|
|
||||||
Pipelines
|
|
310
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
310
|
|
||||||
Power and other
|
|
84
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84
|
|
||||||
Segment total
|
|
$
|
810
|
|
|
$
|
308
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Eliminations
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(686
|
)
|
|
$
|
(686
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated
|
|
$
|
8,501
|
|
|
$
|
3,226
|
|
|
$
|
713
|
|
|
$
|
59
|
|
|
$
|
(686
|
)
|
|
$
|
11,813
|
|
millions
|
|
|
||
Balance at December 31, 2018
|
|
$
|
—
|
|
Increase due to contract liabilities acquired with Anadarko
|
|
154
|
|
|
Increase due to cash received, excluding revenues recognized in the period
|
|
9
|
|
|
Decrease due to revenue recognized
|
|
(13
|
)
|
|
Balance at September 30, 2019
|
|
$
|
150
|
|
millions
|
|
Oil and Gas
|
|
WES Midstream
|
|
Eliminations
|
|
Total
|
||||||||
Remainder of 2019
|
|
$
|
26
|
|
|
$
|
193
|
|
|
$
|
(127
|
)
|
|
$
|
92
|
|
2020
|
|
103
|
|
|
863
|
|
|
(589
|
)
|
|
377
|
|
||||
2021
|
|
103
|
|
|
912
|
|
|
(645
|
)
|
|
370
|
|
||||
2022
|
|
7
|
|
|
963
|
|
|
(703
|
)
|
|
267
|
|
||||
2023
|
|
7
|
|
|
915
|
|
|
(690
|
)
|
|
232
|
|
||||
Thereafter
|
|
60
|
|
|
4,399
|
|
|
(3,768
|
)
|
|
691
|
|
||||
Total
|
|
$
|
306
|
|
|
$
|
8,245
|
|
|
$
|
(6,522
|
)
|
|
$
|
2,029
|
|
millions
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
|
|
|
|
||||
Raw materials
|
|
$
|
67
|
|
|
$
|
74
|
|
Materials and supplies
|
|
916
|
|
|
445
|
|
||
Commodity inventory and finished goods
|
|
665
|
|
|
788
|
|
||
|
|
1,648
|
|
|
1,307
|
|
||
Revaluation to LIFO
|
|
(47
|
)
|
|
(47
|
)
|
||
Total
|
|
$
|
1,601
|
|
|
$
|
1,260
|
|
Collars and Calls, not designated as hedges
|
|
|
|||||
2019 Settlement
|
|
|
|
||||
Three-way collars (Oil MMBL)
|
|
|
8.0
|
|
|||
|
Average price per barrel (NYMEX/Brent oil pricing)
|
|
|
|
|||
|
|
Ceiling sold price (call)
|
|
|
$
|
72.98
|
|
|
|
Floor purchased price (put)
|
|
|
$
|
56.72
|
|
|
|
Floor sold price (put)
|
|
|
$
|
46.72
|
|
|
|
|
|
|
|
||
2020 Settlement
|
|
|
|
||||
Three-way collars (Oil MMBL)
|
|
|
109.8
|
|
|||
|
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 MMBL)
|
|
|
109.5
|
|
|||
|
Average price per barrel (Brent oil pricing)
|
|
|
|
|||
|
|
Ceiling sold price (call)
|
|
|
$
|
74.09
|
|
millions except percentages
|
|
|
|
Mandatory
|
|
Weighted-Average
|
||||
Notional Principal Amount
|
|
Reference Period
|
|
Termination Date
|
|
Interest Rate
|
||||
$
|
125
|
|
|
|
September 2016 - 2046
|
|
October 2019
|
|
6.782
|
%
|
$
|
550
|
|
|
|
September 2016 - 2046
|
|
September 2020
|
|
6.418
|
%
|
$
|
125
|
|
|
|
September 2016 - 2046
|
|
September 2022
|
|
6.835
|
%
|
$
|
100
|
|
|
|
September 2017 - 2047
|
|
September 2020
|
|
6.891
|
%
|
$
|
250
|
|
|
|
September 2017 - 2047
|
|
September 2021
|
|
6.570
|
%
|
$
|
450
|
|
|
|
September 2017 - 2047
|
|
September 2023
|
|
6.445
|
%
|
millions except percentages
|
|
|
|
Mandatory
|
|
Weighted-Average
|
||||
Notional Principal Amount
|
|
Reference Period
|
|
Termination Date
|
|
Interest Rate
|
||||
$
|
375
|
|
|
|
December 2019 - 2024
|
|
December 2019
|
|
2.662
|
%
|
$
|
375
|
|
|
|
December 2019 - 2029
|
|
December 2019
|
|
2.802
|
%
|
$
|
375
|
|
|
|
December 2019 - 2049
|
|
December 2019
|
|
2.885
|
%
|
|
|
2019
|
|
2018
|
||
|
|
|
|
|
||
Crude Oil Commodity Contracts
|
|
|
|
|
||
Volume (MMBL)
|
|
36
|
|
|
61
|
|
Natural Gas Commodity Contracts
|
|
|
|
|
||
Volume (Bcf)
|
|
(128
|
)
|
|
(142
|
)
|
Balance Sheet Classification
|
|
Fair-Value Measurements Using
|
|
Netting (a)
|
|
Total Fair Value
|
||||||||||||||
millions
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Oil Collars and Calls
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other current assets
|
|
$
|
—
|
|
|
$
|
217
|
|
|
$
|
—
|
|
|
$
|
(4
|
)
|
|
$
|
213
|
|
Accrued liabilities
|
|
—
|
|
|
3
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|||||
Deferred credits and other liabilities - other
|
|
—
|
|
|
97
|
|
|
—
|
|
|
—
|
|
|
97
|
|
|||||
Marketing Derivatives
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other current assets
|
|
838
|
|
|
97
|
|
|
—
|
|
|
(861
|
)
|
|
74
|
|
|||||
Long-term receivables and other assets, net
|
|
70
|
|
|
12
|
|
|
—
|
|
|
(70
|
)
|
|
12
|
|
|||||
Accrued liabilities
|
|
827
|
|
|
45
|
|
|
—
|
|
|
(861
|
)
|
|
11
|
|
|||||
Deferred credits and other liabilities - other
|
|
71
|
|
|
1
|
|
|
—
|
|
|
(70
|
)
|
|
2
|
|
|||||
Interest Rate Swaps (excluding WES)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other current assets
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|||||
Long-term receivables and other assets, net
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|||||
Accrued liabilities
|
|
—
|
|
|
882
|
|
|
—
|
|
|
—
|
|
|
882
|
|
|||||
Deferred credits and other liabilities - other
|
|
—
|
|
|
879
|
|
|
—
|
|
|
—
|
|
|
879
|
|
|||||
WES Interest Rate Swaps
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accrued liabilities
|
|
—
|
|
|
171
|
|
|
—
|
|
|
—
|
|
|
171
|
|
|||||
Warrant
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deferred credits and other liabilities - other
|
|
—
|
|
|
168
|
|
|
—
|
|
|
—
|
|
|
168
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Marketing Derivatives
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other current assets
|
|
$
|
2,531
|
|
|
$
|
110
|
|
|
$
|
—
|
|
|
$
|
(2,392
|
)
|
|
$
|
249
|
|
Long-term receivables and other assets, net
|
|
5
|
|
|
9
|
|
|
—
|
|
|
(6
|
)
|
|
8
|
|
|||||
Accrued liabilities
|
|
2,357
|
|
|
101
|
|
|
—
|
|
|
(2,392
|
)
|
|
66
|
|
|||||
Deferred credits and other liabilities - other
|
|
6
|
|
|
2
|
|
|
—
|
|
|
(6
|
)
|
|
2
|
|
(a)
|
These amounts do not include collateral.
|
Income Statement Classification
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
millions
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Oil Collars and Calls
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
75
|
|
|
$
|
—
|
|
|
$
|
75
|
|
|
$
|
—
|
|
Marketing Derivatives
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
91
|
|
|
36
|
|
|
(119
|
)
|
|
8
|
|
||||
Interest Rate Swaps (Excluding WES)
|
|
|
|
|
|
|
|
|
||||||||
Losses on interest rate swaps and warrants, net
|
|
(45
|
)
|
|
—
|
|
|
(45
|
)
|
|
—
|
|
||||
Interest Rate Swaps (WES)
|
|
|
|
|
|
|
|
|
||||||||
Losses on interest rate swaps and warrants, net
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
||||
Warrants
|
|
|
|
|
|
|
|
|
||||||||
Gains on interest rate swaps and warrants, net
|
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
millions
|
|
Fair-Value Measurements Using
|
|
|
|
|
||||||||||||||||
Embedded derivatives
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting and
Collateral |
|
Total Fair
Value |
||||||||||||
As of September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accrued liabilities
|
|
$
|
—
|
|
|
$
|
54
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
54
|
|
||
Deferred credits and other liabilities - other
|
|
—
|
|
|
73
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|||||||
|
|
|
|
|
|
|
||||||||||||||||
As of December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accrued liabilities
|
|
$
|
—
|
|
|
$
|
66
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
66
|
|
||
Deferred credits and other liabilities - other
|
|
—
|
|
|
116
|
|
|
—
|
|
|
—
|
|
|
116
|
|
millions
|
|
Balance at
September 30, 2019
|
||
Occidental
|
|
|
||
4.850% senior notes due 2021
|
|
$
|
677
|
|
2.600% senior notes due 2021
|
|
1,500
|
|
|
4.100% senior notes due 2021
|
|
1,249
|
|
|
Variable rate bonds due 2021 (3.137% as of September 30, 2019)
|
|
500
|
|
|
Variable rate bonds due 2021 (3.437% as of September 30, 2019)
|
|
500
|
|
|
2-year variable rate Term Loan due 2021 (3.417% as of September 30, 2019)
|
|
3,966
|
|
|
2.700% senior notes due 2022
|
|
2,000
|
|
|
3.125% senior notes due 2022
|
|
814
|
|
|
2.600% senior notes due 2022
|
|
400
|
|
|
Variable rate bonds due 2022 (3.637% as of September 30, 2019)
|
|
1,500
|
|
|
2.700% senior notes due 2023
|
|
1,191
|
|
|
8.750% medium-term notes due 2023
|
|
22
|
|
|
2.900% senior notes due 2024
|
|
3,000
|
|
|
6.950% senior notes due 2024
|
|
650
|
|
|
3.450% senior notes due 2024
|
|
248
|
|
|
3.500% senior notes due 2025
|
|
750
|
|
|
5.550% senior notes due 2026
|
|
1,100
|
|
|
3.200% senior notes due 2026
|
|
1,000
|
|
|
3.400% senior notes due 2026
|
|
1,150
|
|
|
7.500% debentures due 2026
|
|
112
|
|
|
3.000% senior notes due 2027
|
|
750
|
|
|
7.125% debentures due 2027
|
|
150
|
|
|
7.000% debentures due 2027
|
|
48
|
|
|
6.625% debentures due 2028
|
|
14
|
|
|
7.150% debentures due 2028
|
|
235
|
|
|
7.200% senior debentures due 2028
|
|
82
|
|
|
7.200% debentures due 2029
|
|
135
|
|
|
7.950% debentures due 2029
|
|
116
|
|
|
8.450% senior debentures due 2029
|
|
116
|
|
|
3.500 senior notes due 2029
|
|
1,500
|
|
|
Variable rate bonds due 2030 (1.785% as of September 30, 2019)
|
|
68
|
|
|
7.500% senior notes due 2031
|
|
900
|
|
|
7.875% senior notes due 2031
|
|
500
|
|
|
6.450% senior notes due 2036
|
|
1,750
|
|
|
Zero Coupon senior notes due 2036
|
|
2,271
|
|
|
4.300% senior notes due 2039
|
|
750
|
|
|
7.950% senior notes due 2039
|
|
325
|
|
|
6.200% senior notes due 2040
|
|
750
|
|
|
4.500% senior notes due 2044
|
|
625
|
|
|
4.625% senior notes due 2045
|
|
750
|
|
|
6.600% senior notes due 2046
|
|
1,100
|
|
|
4.400% senior notes due 2046
|
|
1,200
|
|
|
4.100% senior notes due 2047
|
|
750
|
|
|
4.200% senior notes due 2048
|
|
1,000
|
|
|
4.400% senior notes due 2049
|
|
750
|
|
|
7.730% debentures due 2096
|
|
60
|
|
|
7.500% debentures due 2096
|
|
78
|
|
|
7.250% debentures due 2096
|
|
49
|
|
|
Total borrowings at face value (a)
|
|
39,151
|
|
|
Adjustments to book value:
|
|
|
||
Unamortized premium, net
|
|
859
|
|
|
Debt issuance costs
|
|
(133
|
)
|
|
Long-term finance leases
|
|
69
|
|
|
Long-term Debt, net - Occidental
|
|
$
|
39,946
|
|
(a) Total borrowings at face value also includes a $310 thousand 7.25% senior note due 2025
|
millions
|
|
Balance at
September 30, 2019
|
||
WES
|
|
|
||
5.375% senior notes due 2021
|
|
$
|
500
|
|
4.000% senior notes due 2022
|
|
670
|
|
|
3.950% senior notes due 2025
|
|
500
|
|
|
4.650% senior notes due 2026
|
|
500
|
|
|
4.500% senior notes due 2028
|
|
400
|
|
|
4.750% senior notes due 2028
|
|
400
|
|
|
5.450% senior notes due 2044
|
|
600
|
|
|
5.300% senior notes due 2048
|
|
700
|
|
|
5.500% senior notes due 2048
|
|
350
|
|
|
WES Term Loan Facility (3.420% as of September 30, 2019)
|
|
3,000
|
|
|
WES revolving credit facility (3.340% as of September 30,2019)
|
|
160
|
|
|
Total borrowings at face value
|
|
$
|
7,780
|
|
Adjustments to book value:
|
|
|
||
Unamortized discount net
|
|
(135
|
)
|
|
Debt issuance costs
|
|
(8
|
)
|
|
Long-term Debt, net - WES
|
|
$
|
7,637
|
|
|
|
|
||
Occidental Consolidated
|
|
|
||
Total borrowings at face value
|
|
$
|
46,931
|
|
|
|
|
||
Adjustments to book value:
|
|
|
||
Unamortized premium, net
|
|
724
|
|
|
Debt issuance costs
|
|
(141
|
)
|
|
Long-term finance leases
|
|
69
|
|
|
Total Occidental Consolidated Long-term Debt
|
|
$
|
47,583
|
|
millions
|
|
Balance at
December 31, 2018
|
||
Occidental
|
|
|
||
9.250% senior debentures due 2019
|
|
$
|
116
|
|
4.100% senior notes due 2021
|
|
1,249
|
|
|
3.125% senior notes due 2022
|
|
813
|
|
|
2.600% senior notes due 2022
|
|
400
|
|
|
2.700% senior notes due 2023
|
|
1,191
|
|
|
8.750% medium-term notes due 2023
|
|
22
|
|
|
3.500% senior notes due 2025
|
|
750
|
|
|
3.400% senior notes due 2026
|
|
1,150
|
|
|
3.000% senior notes due 2027
|
|
750
|
|
|
7.200% senior debentures due 2028
|
|
82
|
|
|
8.450% senior debentures due 2029
|
|
116
|
|
|
4.625% senior notes due 2045
|
|
750
|
|
|
4.400% senior notes due 2046
|
|
1,200
|
|
|
4.100% senior notes due 2047
|
|
750
|
|
|
4.200% senior notes due 2048
|
|
1,000
|
|
|
Variable rate bonds due 2030 (1.9% as of December 31, 2018)
|
|
68
|
|
|
|
|
10,407
|
|
|
Adjustments to book value:
|
|
|
||
Unamortized discount, net
|
|
(36
|
)
|
|
Debt issuance costs
|
|
(54
|
)
|
|
Current maturities
|
|
(116
|
)
|
|
Total Occidental Consolidated Long-term Debt
|
|
$
|
10,201
|
|
•
|
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 long-term drilling rig contracts, 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.
|
millions
|
|
Operating Leases
|
|
Finance Leases
|
|
Total
|
||||||
Remainder of 2019
|
|
$
|
90
|
|
|
$
|
7
|
|
|
$
|
97
|
|
2020
|
|
172
|
|
|
25
|
|
|
197
|
|
|||
2021
|
|
64
|
|
|
15
|
|
|
79
|
|
|||
2022
|
|
42
|
|
|
12
|
|
|
54
|
|
|||
2023
|
|
28
|
|
|
7
|
|
|
35
|
|
|||
Thereafter
|
|
136
|
|
|
42
|
|
|
178
|
|
|||
Total lease payments
|
|
532
|
|
|
108
|
|
|
640
|
|
|||
Less: Interest
|
|
(44
|
)
|
|
(22
|
)
|
|
(66
|
)
|
|||
Total lease liabilities
|
|
$
|
488
|
|
|
$
|
86
|
|
|
$
|
574
|
|
millions
|
|
Balance sheet location
|
|
2019
|
||
Assets:
|
|
|
|
|
||
Operating
|
|
Operating lease assets
|
|
$
|
1,078
|
|
Finance
|
|
Property, plant and equipment
|
|
97
|
|
|
Total lease assets
|
|
|
|
$
|
1,175
|
|
|
|
|
|
|
||
Liabilities:
|
|
|
|
|
||
Current
|
|
|
|
|
||
Operating
|
|
Current operating lease liabilities
|
|
$
|
463
|
|
Finance
|
|
Current maturities of long-term debt
|
|
31
|
|
|
Non-current
|
|
|
|
|
||
Operating
|
|
Deferred credits and other liabilities - Operating lease liabilities
|
|
676
|
|
|
Finance
|
|
Long-term debt, net - Occidental
|
|
69
|
|
|
Total lease liabilities
|
|
|
|
$
|
1,239
|
|
|
|
Operating
|
|
Finance
|
|
|
||||||
millions
|
|
Leases (a)
|
|
Leases (b)
|
|
Total
|
||||||
Remainder of 2019
|
|
$
|
119
|
|
|
$
|
8
|
|
|
$
|
127
|
|
2020
|
|
390
|
|
|
38
|
|
|
428
|
|
|||
2021
|
|
197
|
|
|
15
|
|
|
212
|
|
|||
2022
|
|
129
|
|
|
12
|
|
|
141
|
|
|||
2023
|
|
94
|
|
|
7
|
|
|
101
|
|
|||
Thereafter
|
|
311
|
|
|
42
|
|
|
353
|
|
|||
Total lease payments
|
|
1,240
|
|
|
122
|
|
|
1,362
|
|
|||
Less: Interest
|
|
(101
|
)
|
|
(22
|
)
|
|
(123
|
)
|
|||
Total lease liabilities
|
|
$
|
1,139
|
|
|
$
|
100
|
|
|
$
|
1,239
|
|
|
|
Operating
|
||
millions
|
|
Leases
|
||
2019
|
|
$
|
186
|
|
2020
|
|
147
|
|
|
2021
|
|
96
|
|
|
2022
|
|
68
|
|
|
2023
|
|
49
|
|
|
Thereafter
|
|
158
|
|
|
Total minimum lease payments(a)
|
|
$
|
704
|
|
millions
|
|
Nine months ended September 30, 2019
|
||
Operating cash flows
|
|
$
|
162
|
|
Investing cash flows
|
|
83
|
|
|
Financing cash flows
|
|
11
|
|
|
|
Number of Sites
|
|
Reserve Balance
(millions) |
|||
|
|
|
|
|
|||
NPL sites
|
|
34
|
|
|
$
|
452
|
|
Third-party sites
|
|
66
|
|
|
223
|
|
|
Occidental-operated sites
|
|
14
|
|
|
110
|
|
|
Closed or non-operated Occidental sites
|
|
29
|
|
|
127
|
|
|
Environmental sites assumed from the Merger
|
|
42
|
|
|
142
|
|
|
Total
|
|
185
|
|
|
$
|
1,054
|
|
shares in thousands
|
|
Common Stock
|
|
Balance at December 31, 2018
|
|
895,116
|
|
Issued in the ordinary course
|
|
2,394
|
|
Issued as part of the Merger (a)
|
|
146,131
|
|
Balance at September 30, 2019
|
|
1,043,641
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
millions except per-share amounts
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to common stockholders
|
|
$
|
(912
|
)
|
|
$
|
1,869
|
|
|
$
|
354
|
|
|
$
|
3,425
|
|
Less: Net income allocated to participating securities
|
|
—
|
|
|
8
|
|
|
1
|
|
|
16
|
|
||||
Net income (loss), net of participating securities
|
|
$
|
(912
|
)
|
|
$
|
1,861
|
|
|
$
|
353
|
|
|
$
|
3,409
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of basic shares
|
|
845.7
|
|
|
761.7
|
|
|
781.1
|
|
|
764.3
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to common stockholders per share—basic
|
|
$
|
(1.08
|
)
|
|
$
|
2.44
|
|
|
$
|
0.45
|
|
|
$
|
4.46
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss), net of participating securities
|
|
$
|
(912
|
)
|
|
$
|
1,861
|
|
|
$
|
353
|
|
|
$
|
3,409
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of basic shares
|
|
845.7
|
|
|
761.7
|
|
|
781.1
|
|
|
764.3
|
|
||||
Dilutive securities
|
|
—
|
|
|
1.6
|
|
|
1.1
|
|
|
1.5
|
|
||||
Total diluted weighted-average common shares
|
|
845.7
|
|
|
763.3
|
|
|
782.2
|
|
|
765.8
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to common stockholders per share—diluted
|
|
$
|
(1.08
|
)
|
|
$
|
2.44
|
|
|
$
|
0.45
|
|
|
$
|
4.45
|
|
millions
|
|
Gains and (losses) on derivatives
|
|
Pension and postretirement benefit plans
|
|
Foreign currency translation adjustments
|
|
Total
|
||||||||
Balance at December 31, 2018
|
|
$
|
5
|
|
|
$
|
(170
|
)
|
|
$
|
(7
|
)
|
|
$
|
(172
|
)
|
Other comprehensive loss, before reclassifications
|
|
(130
|
)
|
|
(30
|
)
|
|
—
|
|
|
(160
|
)
|
||||
Balance at September 30, 2019
|
|
$
|
(125
|
)
|
|
$
|
(200
|
)
|
|
$
|
(7
|
)
|
|
$
|
(332
|
)
|
millions
|
|
Oil
and
Gas
|
|
Chemical
|
|
Marketing and Other Midstream
|
|
WES Midstream (a)
|
|
Corporate and Eliminations
|
|
Total
|
||||||||||||
Three months ended
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net sales
|
|
$
|
3,821
|
|
|
$
|
1,071
|
|
|
$
|
780
|
|
|
$
|
383
|
|
|
$
|
(368
|
)
|
|
$
|
5,687
|
|
Income (loss) from continuing operations before income taxes
|
|
$
|
221
|
|
|
$
|
207
|
|
|
$
|
266
|
|
|
$
|
134
|
|
|
$
|
(1,449
|
)
|
(b)
|
$
|
(621
|
)
|
Income tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(116
|
)
|
|
(116
|
)
|
||||||
Income (loss) from continuing operations
|
|
$
|
221
|
|
|
$
|
207
|
|
|
$
|
266
|
|
|
$
|
134
|
|
|
$
|
(1,565
|
)
|
|
$
|
(737
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three months ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net sales
|
|
$
|
2,889
|
|
|
$
|
1,185
|
|
|
$
|
1,367
|
|
|
$
|
—
|
|
|
$
|
(225
|
)
|
|
$
|
5,216
|
|
Income (loss) from continuing operations before income taxes
|
|
$
|
767
|
|
|
$
|
321
|
|
|
$
|
1,698
|
|
|
$
|
—
|
|
|
$
|
(207
|
)
|
|
$
|
2,579
|
|
Income tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(710
|
)
|
|
(710
|
)
|
||||||
Income (loss) from continuing operations
|
|
$
|
767
|
|
|
$
|
321
|
|
|
$
|
1,698
|
|
|
$
|
—
|
|
|
$
|
(917
|
)
|
|
$
|
1,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nine months ended
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net sales
|
|
$
|
8,890
|
|
|
$
|
3,128
|
|
|
$
|
2,505
|
|
|
$
|
383
|
|
|
$
|
(795
|
)
|
|
$
|
14,111
|
|
Income (loss) from continuing operations before income taxes
|
|
$
|
1,431
|
|
|
$
|
680
|
|
|
$
|
876
|
|
|
$
|
134
|
|
|
$
|
(1,945
|
)
|
(b)
|
$
|
1,176
|
|
Income tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
(647
|
)
|
|
(647
|
)
|
||||||
Income (loss) from continuing operations
|
|
$
|
1,431
|
|
|
$
|
680
|
|
|
$
|
876
|
|
|
$
|
134
|
|
|
$
|
(2,592
|
)
|
|
$
|
529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nine months ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net sales
|
|
$
|
7,874
|
|
|
$
|
3,515
|
|
|
$
|
2,359
|
|
|
$
|
—
|
|
|
$
|
(686
|
)
|
|
$
|
13,062
|
|
Income (loss) from continuing operations before income taxes
|
|
$
|
2,297
|
|
|
$
|
936
|
|
|
$
|
2,127
|
|
|
$
|
—
|
|
|
$
|
(584
|
)
|
|
$
|
4,776
|
|
Income tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
(1,351
|
)
|
|
(1,351
|
)
|
||||||
Income (loss) from continuing operations
|
|
$
|
2,297
|
|
|
$
|
936
|
|
|
$
|
2,127
|
|
|
$
|
—
|
|
|
$
|
(1,935
|
)
|
|
$
|
3,425
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
millions
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales (a)
|
|
|
|
|
|
|
|
|
||||||||
Oil and Gas
|
|
$
|
3,821
|
|
|
$
|
2,889
|
|
|
$
|
8,890
|
|
|
$
|
7,874
|
|
Chemical
|
|
1,071
|
|
|
1,185
|
|
|
3,128
|
|
|
3,515
|
|
||||
Marketing and Other Midstream
|
|
780
|
|
|
1,367
|
|
|
2,505
|
|
|
2,359
|
|
||||
WES Midstream (b)
|
|
383
|
|
|
—
|
|
|
383
|
|
|
—
|
|
||||
Eliminations
|
|
(368
|
)
|
|
(225
|
)
|
|
(795
|
)
|
|
(686
|
)
|
||||
|
|
$
|
5,687
|
|
|
$
|
5,216
|
|
|
$
|
14,111
|
|
|
$
|
13,062
|
|
Income from continuing operations
|
|
|
|
|
|
|
|
|
||||||||
Oil and Gas
|
|
$
|
221
|
|
|
$
|
767
|
|
|
$
|
1,431
|
|
|
$
|
2,297
|
|
Chemical
|
|
207
|
|
|
321
|
|
|
680
|
|
|
936
|
|
||||
Marketing and Other Midstream
|
|
266
|
|
|
1,698
|
|
|
876
|
|
|
2,127
|
|
||||
WES Midstream (b)
|
|
134
|
|
|
—
|
|
|
134
|
|
|
—
|
|
||||
|
|
$
|
828
|
|
|
$
|
2,786
|
|
|
$
|
3,121
|
|
|
$
|
5,360
|
|
Unallocated corporate items
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
|
(360
|
)
|
|
(92
|
)
|
|
(586
|
)
|
|
(275
|
)
|
||||
Income tax expense
|
|
(116
|
)
|
|
(710
|
)
|
|
(647
|
)
|
|
(1,351
|
)
|
||||
Other items, net (c)
|
|
(1,089
|
)
|
|
(115
|
)
|
|
(1,359
|
)
|
|
(309
|
)
|
||||
Income (loss) from continuing operations
|
|
$
|
(737
|
)
|
|
$
|
1,869
|
|
|
$
|
529
|
|
|
$
|
3,425
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
millions
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Oil and Gas
|
|
|
|
|
|
|
|
|
||||||||
Asset impairments - domestic
|
|
$
|
(285
|
)
|
|
$
|
—
|
|
|
$
|
(285
|
)
|
|
$
|
—
|
|
Asset impairments - international
|
|
(40
|
)
|
|
(196
|
)
|
|
(40
|
)
|
|
(196
|
)
|
||||
Oil collars gains
|
|
75
|
|
|
—
|
|
|
75
|
|
|
—
|
|
||||
Total oil and gas
|
|
$
|
(250
|
)
|
|
$
|
(196
|
)
|
|
$
|
(250
|
)
|
|
$
|
(196
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Marketing and Other Midstream
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Asset and equity investment sales gains
|
|
$
|
111
|
|
|
$
|
902
|
|
|
$
|
111
|
|
|
$
|
902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Anadarko merger-related costs
|
|
$
|
(924
|
)
|
|
$
|
—
|
|
|
$
|
(974
|
)
|
|
$
|
—
|
|
Bridge loan financing fees
|
|
(65
|
)
|
|
—
|
|
|
(122
|
)
|
|
—
|
|
||||
Merger-related pension and other termination benefits
|
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
||||
Gains (losses) on interest rate swaps and warrants, net
|
|
(33
|
)
|
|
—
|
|
|
(33
|
)
|
|
—
|
|
||||
Total Corporate
|
|
$
|
(1,002
|
)
|
|
$
|
—
|
|
|
$
|
(1,109
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Tax effect of items affecting comparability
|
|
151
|
|
|
(197
|
)
|
|
164
|
|
|
(197
|
)
|
||||
Income from continuing operations
|
|
(990
|
)
|
|
509
|
|
|
(1,084
|
)
|
|
509
|
|
||||
Discontinued operations
|
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
||||
Total
|
|
$
|
(1,005
|
)
|
|
$
|
509
|
|
|
$
|
(1,099
|
)
|
|
$
|
509
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
millions, except percentages
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations before income taxes
|
|
$
|
(621
|
)
|
|
$
|
2,579
|
|
|
$
|
1,176
|
|
|
$
|
4,776
|
|
Income tax (expense) benefit
|
|
|
|
|
|
|
|
|
||||||||
Federal and state
|
|
181
|
|
|
(362
|
)
|
|
69
|
|
|
(533
|
)
|
||||
Foreign
|
|
(297
|
)
|
|
(348
|
)
|
|
(716
|
)
|
|
(818
|
)
|
||||
Total income tax expense
|
|
(116
|
)
|
|
(710
|
)
|
|
(647
|
)
|
|
(1,351
|
)
|
||||
Income (loss) from continuing operations
|
|
$
|
(737
|
)
|
|
$
|
1,869
|
|
|
$
|
529
|
|
|
$
|
3,425
|
|
Worldwide effective tax rate
|
|
(19
|
)%
|
|
28
|
%
|
|
55
|
%
|
|
28
|
%
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
|
|
|
|
||||
Sales Volumes per Day
|
|
|
|
|
|
|
|
|
||||
Oil (MBBL)
|
|
|
|
|
|
|
|
|
||||
United States
|
|
486
|
|
|
256
|
|
|
351
|
|
|
241
|
|
Middle East
|
|
120
|
|
|
154
|
|
|
133
|
|
|
138
|
|
Latin America
|
|
35
|
|
|
31
|
|
|
33
|
|
|
31
|
|
NGL (MBBL)
|
|
|
|
|
|
|
|
|
||||
United States
|
|
168
|
|
|
73
|
|
|
112
|
|
|
65
|
|
Middle East
|
|
33
|
|
|
34
|
|
|
33
|
|
|
30
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
||||
United States
|
|
1,085
|
|
|
332
|
|
|
633
|
|
|
315
|
|
Middle East
|
|
550
|
|
|
552
|
|
|
540
|
|
|
504
|
|
Latin America
|
|
8
|
|
|
6
|
|
|
7
|
|
|
6
|
|
Total Continuing Operations Volumes (MBOE) (a)
|
|
1,116
|
|
|
696
|
|
|
859
|
|
|
643
|
|
Discontinued Operations - Africa
|
|
41
|
|
|
—
|
|
|
14
|
|
|
—
|
|
Total Sales Volumes (MBOE) (a)
|
|
1,157
|
|
|
696
|
|
|
873
|
|
|
643
|
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Average Realized Prices
|
|
|
|
|
|
|
|
|
||||||||
Oil ($/BBL)
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
54.90
|
|
|
$
|
56.36
|
|
|
$
|
53.27
|
|
|
$
|
59.38
|
|
Middle East
|
|
$
|
62.17
|
|
|
$
|
71.71
|
|
|
$
|
62.86
|
|
|
$
|
66.80
|
|
Latin America
|
|
$
|
54.98
|
|
|
$
|
69.94
|
|
|
$
|
58.00
|
|
|
$
|
64.90
|
|
Total Worldwide
|
|
$
|
56.26
|
|
|
$
|
62.67
|
|
|
$
|
56.02
|
|
|
$
|
62.29
|
|
NGL ($/BBL)
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
13.91
|
|
|
$
|
31.82
|
|
|
$
|
15.20
|
|
|
$
|
29.38
|
|
Middle East
|
|
$
|
20.22
|
|
|
$
|
24.66
|
|
|
$
|
21.33
|
|
|
$
|
23.50
|
|
Total Worldwide
|
|
$
|
14.96
|
|
|
$
|
29.55
|
|
|
$
|
16.62
|
|
|
$
|
27.54
|
|
Natural Gas ($/MCF)
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
1.25
|
|
|
$
|
1.58
|
|
|
$
|
1.05
|
|
|
$
|
1.70
|
|
Latin America
|
|
$
|
7.05
|
|
|
$
|
6.74
|
|
|
$
|
7.14
|
|
|
$
|
6.16
|
|
Total Worldwide
|
|
$
|
1.38
|
|
|
$
|
1.62
|
|
|
$
|
1.33
|
|
|
$
|
1.67
|
|
|
|
|
|
|
|
|
|
|
||||||||
Average Index Prices
|
|
|
|
|
|
|
|
|
||||||||
WTI oil ($/BBL)
|
|
$
|
56.45
|
|
|
$
|
69.50
|
|
|
$
|
57.06
|
|
|
$
|
66.75
|
|
Brent oil ($/BBL)
|
|
$
|
62.01
|
|
|
$
|
75.97
|
|
|
$
|
64.74
|
|
|
$
|
72.68
|
|
NYMEX gas ($/MCF)
|
|
$
|
2.27
|
|
|
$
|
2.88
|
|
|
$
|
2.72
|
|
|
$
|
2.83
|
|
|
|
|
|
|
|
|
|
|
||||||||
Average Realized Prices as Percentage of Average Index Prices
|
|
|
|
|
|
|
|
|
||||||||
Worldwide oil as a percentage of average WTI
|
|
100
|
%
|
|
90
|
%
|
|
98
|
%
|
|
93
|
%
|
||||
Worldwide oil as a percentage of average Brent
|
|
91
|
%
|
|
82
|
%
|
|
87
|
%
|
|
86
|
%
|
||||
Worldwide NGL as a percentage of average WTI
|
|
27
|
%
|
|
43
|
%
|
|
29
|
%
|
|
41
|
%
|
||||
Domestic natural gas as a percentage of average NYMEX
|
|
55
|
%
|
|
55
|
%
|
|
39
|
%
|
|
60
|
%
|
millions (except for percentages)
|
|
|
|
|
Percent change in commodity prices
|
|
Resulting Net Fair Value position-asset (liability)
|
|
Change to Fair Value from September 30, 2019 position
|
+ 5%
|
|
$(91)
|
|
$(186)
|
- 5%
|
|
$261
|
|
$166
|
+ 10%
|
|
$(300)
|
|
$(395)
|
-10%
|
|
$410
|
|
$315
|
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
|
|
|
|
|
Second Quarter 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
Third Quarter 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
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 in the third quarter.
|
(b)
|
Represents the total number of shares remaining at September 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
|
|
|
|
4.1
|
|
|
|
4.2
|
|
|
|
4.3
|
|
|
|
4.4
|
|
|
|
4.5
|
|
|
|
4.6
|
|
|
|
4.7
|
|
|
|
4.8
|
|
|
|
4.9
|
|
|
|
4.10
|
|
|
|
4.11
|
|
|
|
4.12
|
|
|
|
4.13
|
|
|
|
4.14
|
|
|
|
4.15
|
|
|
|
4.16
|
|
|
|
4.17
|
|
|
|
4.18
|
|
|
|
4.19
|
|
|
|
4.20
|
|
|
|
4.21
|
|
|
|
4.22
|
|
|
|
4.23
|
|
|
|
4.24
|
|
|
|
4.25
|
|
|
|
4.26
|
|
|
|
4.27
|
|
|
|
4.28
|
|
|
|
4.29
|
|
|
|
4.30
|
|
|
|
4.31
|
|
|
|
4.32
|
|
|
|
4.33
|
|
|
|
4.34
|
|
|
|
4.35
|
|
|
|
4.36
|
|
|
|
4.37
|
|
|
|
4.38
|
|
|
|
4.39
|
|
|
|
4.40
|
|
|
|
4.41
|
|
|
|
4.42
|
|
|
|
10.1
|
|
|
|
10.2
|
|
|
|
10.3#
|
|
|
|
10.4#*
|
|
|
|
10.5#*
|
|
|
|
10.6#
|
|
|
|
10.7#*
|
|
|
|
10.8#*
|
|
|
|
10.9#*
|
|
|
|
31.1*
|
|
|
|
31.2*
|
|
|
|
32.1**
|
|
|
|
101.INS*
|
Inline XBRL Instance Document.
|
|
|
101.SCH*
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
|
101.CAL*
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
101.LAB*
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
101.PRE*
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
101.DEF*
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
104*
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
|
|
OCCIDENTAL PETROLEUM CORPORATION
|
|
November 4, 2019
|
/s/ Christopher O. Champion
|
|
|
Christopher O. Champion
|
|
|
Vice President, Chief Accounting Officer and
|
|
|
Controller
|
|
1 Year Occidental Petroleum Chart |
1 Month Occidental Petroleum Chart |
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